TSX Shariah screener · October 2026

Is Talon Metals Corp. (TLO) Halal?

PASS

Talon Metals Corp. · TSX: TLO · Materials

The short answer

Talon Metals Corp. (TSX: TLO) is a PASS in our October 2026 screen. All three gates pass: the business gate (base-metals miner/developer — Eagle nickel-copper mine in Michigan, Tamarack project in Minnesota), the debt gate (no disclosed borrowings; total liabilities US$151.4M at June 30, 2026 ≈ 14% of ~C$1.51B market cap as an upper bound) and the income gate (US$280k H1 2026 interest income ≈ 0.3% of US$98.5M revenue).

Gate 1 — Business activity: PASS

Talon is a base-metals miner and developer. It owns the producing Eagle nickel-copper mine and the Humboldt Mill in Michigan (acquired from Lundin Mining, closed January 9, 2026, paid in shares plus a $1.00/tonne production-payment royalty capped at $20M on non-Eagle ore), is developing the Tamarack nickel-copper-cobalt project in Minnesota, and is exploring ~400,000 acres in Michigan's Upper Peninsula. Q2 2026 revenue split: nickel 53%, copper 42%, other 5%. No alcohol, pork, gambling, conventional finance, tobacco, cannabis or weapons lines. Facts only.

Gate 2 — Debt and cash: PASS

The MD&A discloses no loans, borrowings or credit facilities — the Eagle acquisition was paid in equity — so interest-bearing debt is a subset of total liabilities of US$151.369M at June 30, 2026 (Q2 2026 MD&A). Treating all liabilities as debt (upper bound): approximately C$215.5M at USD/CAD 1.42335 (xe.com, Sep 30, 2026) vs a ~C$1.51B market cap (C$9.30, Sep 25, 2026; 161,966,198 shares) — about 14.3%, under the ~33% ceiling, so the debt gate PASSES. Cash was US$46.6M at June 30, 2026. Facts only.

Gate 3 — Non-compliant income: PASS

H1 2026 interest income was US$280k (Q2 US$167k + Q1 US$113k; interest on cash equivalents, T-bills and term deposits) vs H1 2026 revenue of US$98.470M — about 0.3%, under the ~5% ceiling, so the income gate PASSES. Facts only.

Key figures used

Total liabilities US$151.4M at Jun 30, 2026; no loans/borrowings disclosed (Eagle acquisition paid in equity) → interest-bearing debt is a subset; upper-bound debt/market-cap ≈ 14%.
Market cap ~C$1.51B (C$9.30, Sep 25, 2026; 161,966,198 shares).
H1 2026: interest income US$280k vs revenue US$98.470M = ~0.3%.
Q2 2026: revenue US$51.5M (nickel 53%, copper 42%), net income US$3.2M, EBITDA US$11.4M; cash US$46.6M.
No Zoya, Musaffa or ShariaPortfolio rating found for TLO.

Frequently asked questions

Is Talon Metals (TLO) halal?

Our October 2026 screen gives Talon Metals (TLO) a PASS. All three gates pass: base-metals mining is a permissible business, debt is ~14% of market cap (upper bound), and interest income is ~0.3% of revenue.

What does Talon Metals do?

Base-metals mining and development: the producing Eagle nickel-copper mine and Humboldt Mill in Michigan, the Tamarack nickel-copper-cobalt project in Minnesota, and ~400,000 acres of exploration ground in Michigan's Upper Peninsula. Q2 2026 revenue was 53% nickel and 42% copper.

How does Talon pass the debt gate with US$151M of liabilities?

The MD&A discloses no loans, borrowings or credit facilities — the Eagle acquisition was paid in equity. Interest-bearing debt is therefore only a subset of the US$151.4M total liabilities. Even treating all liabilities as debt, the ratio is ~14% of the ~C$1.51B market cap, under the ~33% ceiling.

What about its interest income?

US$280k in H1 2026 (interest on cash equivalents, T-bills and term deposits) vs US$98.470M revenue = ~0.3%, under the ~5% ceiling.

Where can I find more materials stock screeners?

See our full list of stock screeners at halal-stock-verdicts.html, which covers every company screened so far.

Sources

Screened 2026-10-01 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.