TSX Shariah screener · September 2026
Is Troilus Mining (TLG) Halal?
Troilus Mining Corp. · TSX: TLG / OTCQX: CHXMF · Materials
The short answer
Troilus Mining Corp. (TSX: TLG) is a FAIL. The income gate fails: the company is pre-revenue (nil total revenue), so Q3 FY2026 interest income of C$1,168,961 - earned on its C$114.7M cash balance - is far above the ~5% ceiling. The business gate passes: gold-copper mine development (the Troilus Project, Quebec) is a permissible business. The debt gate passes: no interest-bearing debt is outstanding at April 30, 2026 (a short-term loan was fully extinguished during the period) - about 0% of the ~C$1,066.1M market cap (C$2.005, September 30, 2026). The cash gate passes: cash and cash equivalents of C$114.7M plus C$25.5M of short-term bank investments total C$140.2M, about 13.1% of market cap - under the ~33% ceiling. No public Zoya, Musaffa or ShariaPortfolio coverage for TLG was found. As with every screener here, this is a rules-based screening of published figures, not a religious ruling - consult a qualified scholar for personal guidance.
Gate 1 — Business activity: PASS
Troilus Mining Corp., formerly Troilus Gold Corp. (renamed December 2025), is a Montreal-based mine developer redeveloping the historic Troilus gold-copper mine in northcentral Quebec. An updated NI 43-101 technical report released September 9, 2026 outlines a ~26-year open-pit mine with after-tax NPV(5%) of US$3.2B, 22% IRR and life-of-mine payable production of 5.63 million ounces of gold, 472 million pounds of copper and 10.88 million ounces of silver, at initial capital of US$1.428B. Offtake agreements are signed with Boliden and Aurubis, and a construction decision is expected by end of 2026. The company is pre-revenue (total revenue nil in FY2021-FY2025). Gold-copper mine development is a permissible business activity, so the business gate passes. Facts only, no fatwa.
Gate 2 — Debt and cash: PASS
The debt component passes. The Q3 FY2026 balance sheet (April 30, 2026) shows no interest-bearing debt - the prior short-term loan was fully extinguished during the period - so the debt-to-market-cap ratio is about 0%, under the ~33% ceiling. The cash component passes. Cash and cash equivalents of C$114,664,925 plus C$25,500,000 of short-term bank investments total C$140.2M, about 13.1% of the ~C$1,066.1M market cap (C$2.005, September 30, 2026) - under the ~33% ceiling. The cash pile was built from equity financings (share capital C$431.0M at April 30, 2026, up from C$246.8M at July 31, 2025).
Gate 3 — Non-compliant income: FAIL
The Q3 FY2026 interim statements disclose interest income of C$1,168,961 for the quarter (C$2,103,784 for the nine months) against nil total revenue - far above the ~5% ceiling. The income gate fails: as a pre-revenue developer sitting on equity-financing cash, Troilus earns interest income that alone exceeds the tolerance. This is the same kind of income-gate failure as this site's Cronos Group screen (~16.6%) and New Found Gold screen (~13.8%).
Key figures used
- Business: gold-copper mine redevelopment (Troilus Project, Quebec); pre-revenue, nil total revenue FY2021-FY2025 — PASS
- Interest-bearing debt: C$0 at April 30, 2026 (short-term loan fully extinguished during the period)
- Cash + short-term bank investments: C$114,664,925 + C$25,500,000 = C$140.2M at April 30, 2026
- Market cap: ~C$1,066.1M (C$2.005, September 30, 2026)
- Debt ÷ market cap: ~0% vs ~33% ceiling — PASS
- Cash & securities ÷ market cap: ~13.1% vs ~33% ceiling — PASS
- Interest income ÷ revenue: C$1,168,961 quarterly interest income on nil revenue — far above ~5% ceiling — FAIL
- Material context: renamed from Troilus Gold Corp. to Troilus Mining Corp. December 2025; Q3 FY2026 = nine months ended April 30, 2026 (fiscal year ends July 31); updated technical report September 9, 2026 (after-tax NPV5% US$3.2B, 22% IRR); US$850M credit-approved debt commitment from KfW IPEX-Bank and Societe Generale announced September 28, 2026 plus US$150M from Export Development Canada - not yet drawn, would change the debt picture once in place; offtake agreements with Boliden and Aurubis; construction decision expected by end of 2026; no public Zoya or Musaffa coverage found
Frequently asked questions
Is Troilus Mining (TLG) halal?
Our September 2026 screen gives Troilus Mining Corp. (TSX: TLG) a FAIL. The income gate fails: the company is pre-revenue (nil total revenue), so Q3 FY2026 interest income of C$1,168,961 - earned on its C$114.7M cash balance - is far above the ~5% ceiling. The business gate passes: gold-copper mine development (the Troilus Project in Quebec) is a permissible business. The debt gate passes: no interest-bearing debt is outstanding at April 30, 2026 (a short-term loan was fully extinguished during the period), about 0% of the ~C$1,066.1M market cap (C$2.005, September 30, 2026). The cash gate passes: cash and cash equivalents of C$114.7M plus C$25.5M of short-term bank investments total C$140.2M, about 13.1% of market cap - under the ~33% ceiling. No public Zoya, Musaffa or ShariaPortfolio coverage for TLG was found. This is a rules-based screening of published figures, not a religious ruling.
What business is Troilus Mining in?
Troilus Mining Corp., formerly Troilus Gold Corp. (renamed December 2025), is a Montreal-based mine developer redeveloping the historic Troilus gold-copper mine in northcentral Quebec, about 170 km north of Chibougamau. An updated NI 43-101 technical report released September 9, 2026 outlines a ~26-year open-pit mine with after-tax NPV(5%) of US$3.2B, 22% IRR and life-of-mine payable production of 5.63 million ounces of gold, 472 million pounds of copper and 10.88 million ounces of silver, at initial capital of US$1.428B. Offtake agreements are signed with Boliden and Aurubis, and a construction decision is expected by end of 2026. The company is pre-revenue: total revenue has been nil in each of FY2021-FY2025. It is listed on the TSX as TLG (also OTCQX: CHXMF, FSE: CM5).
Why does Troilus Mining fail the income gate?
Troilus is a pre-revenue developer: its fiscal-year revenue is nil, and the Q3 FY2026 interim statements (nine months ended April 30, 2026) report interest income of C$1,168,961 for the quarter (C$2,103,784 for the nine months) - earned on a cash and short-term-investment balance of about C$140.2M built from equity financings. Under AAOIFI-style screening, interest (riba) income above the ~5%-of-revenue tolerance fails the income gate; with revenue at nil, the C$1.17M quarterly interest income is far above the tolerance. This is the same kind of income-gate failure as this site's Cronos Group screen (~16.6%) and New Found Gold screen (~13.8%). Facts only, no fatwa.
Which gates does Troilus Mining pass?
Three gates pass. Business: gold-copper mine development is a permissible activity, so the business gate passes - the company has no revenue yet, but nothing in its operations is a prohibited activity. Debt: no interest-bearing debt is outstanding at April 30, 2026 (the prior short-term loan was fully extinguished during the period), so the debt-to-market-cap ratio is about 0% - under the ~33% ceiling. Cash: cash and cash equivalents of C$114.7M plus C$25.5M of short-term bank investments total C$140.2M, about 13.1% of the ~C$1,066.1M market cap (C$2.005, September 30, 2026) - under the ~33% ceiling. Material context: on September 28, 2026 the company announced a US$850M credit-approved debt commitment from KfW IPEX-Bank and Societe Generale toward the US$1.43B project, plus US$150M from Export Development Canada - not yet drawn, but it would materially change the debt picture once the facility is in place.
What do Zoya, Musaffa or ShariaPortfolio say about TLG?
No public Zoya rating for Troilus Mining (TLG) was found, and no Musaffa stock page for TLG was found in September 2026. ShariaPortfolio publishes no per-stock screening tool, so no coverage exists there. The per-gate figures behind this screen's result come from the company's Q3 FY2026 interim financial statements (nine months ended April 30, 2026) and market data as of September 30, 2026. Other miners on this site - Galiano Gold (PASS), Aris Mining (PASS), Endeavour Mining (PASS), New Found Gold (FAIL) and Algoma Steel (FAIL) - are screened on the same business, debt, cash and income basis.
Sources
- Troilus Mining Q3 FY2026 interim financial statements (nine months ended April 30, 2026; cash and cash equivalents C$114,664,925; short-term bank investments C$25,500,000; no interest-bearing debt; interest income C$1,168,961 for the quarter)
- Canadian Mining Journal, September 28, 2026 — US$850M credit-approved debt commitment (KfW IPEX-Bank, Societe Generale) toward US$1.43B project; US$150M from Export Development Canada
- Stockopedia — Troilus Mining income statement (total revenue nil, FY2021-FY2025; fiscal year ends July 31)
- Finnhub — Troilus Mining TLG.NE market data (TSX ~C$2.005, ~C$1,066.1M market cap, September 2026)
Screened 2026-09-30 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.