TSX Shariah screener · October 2026
Is Versamet Royalties Corporation (VMET) Halal?
Versamet Royalties Corporation · TSX: VMET · Materials
The short answer
No — Versamet Royalties (VMET) does not pass this Shariah stock screen. Its precious-metals royalty and streaming business (streams/royalties on Eskay Creek, Greenstone, Kiaka, Rosh Pinah, Kolpa and other assets) has no prohibited lines and its interest income of US$109,000 is only ~0.23% of revenue, but drawn credit facilities of US$375.0M are about 37.9% of its ~C$1,406M market cap (108,829,507 shares at C$12.92, Oct 1, 2026; debt converted at 1.42 CAD/USD) — above the ~33% ceiling. Musaffa also classifies VMET as not halal as of October 2026; no Zoya rating or ShariaPortfolio per-ticker rating was found.
Gate 1 — Business activity: PASS
Versamet Royalties Corporation (TSX/ NASDAQ: VMET) is a precious-metals royalty and streaming company. Its portfolio holds royalties and streams on gold, silver and copper assets, including a 3.52% gold stream on Eskay Creek, a 1.26% gold stream plus a gold interest on Greenstone, a 2.7% NSR gold royalty on Kiaka, a 90% silver stream on Rosh Pinah, a 95.8% copper stream on Kolpa, a 2.7% NSR gold royalty on Toega, a 1.5% NSR gold royalty on Cuiú Cuiú, and a 1% gross revenue royalty on El Pilar. The company graduated from the TSXV to the TSX on December 10, 2025. None of the disclosed business lines — mining royalties and streams — are prohibited lines. Gate 1 passes. Facts only.
Gate 2 — Debt and cash: FAIL
Total drawn credit facilities were US$375.0M at June 30, 2026 (US$50.0M current plus US$325.0M non-current), per the Q2 2026 condensed interim financial statements — about C$532.5M at 1.42 CAD per USD (Oct 1, 2026). Against a market cap of about C$1,406M (108,829,507 shares outstanding at C$12.92, Oct 1, 2026), debt ÷ market cap is about 37.9%, above the ~33% ceiling. The company drew US$340.0M in the quarter to fund the cash portion of the Eskay Creek gold stream acquisition and repaid US$10.0M. Cash and cash equivalents of US$13.2M (≈C$18.8M, ~1.3% of market cap) are within the ~33% guideline, but the leverage is decisive. Gate 2 fails. Facts only.
Gate 3 — Non-compliant income: PASS
Interest income was US$109,000 for the six months ended June 30, 2026, per the interim condensed statements of income — about 0.23% of total revenue of US$47,701,000, far below the 5% non-compliant income limit. Gate 3 passes. Facts only.
Key figures used
- Business: precious-metals royalty & streaming — 3.52% gold stream Eskay Creek, 1.26% gold stream + gold interest Greenstone, 2.7% NSR royalty Kiaka, 90% silver stream Rosh Pinah, 95.8% copper stream Kolpa, 2.7% NSR royalty Toega, 1.5% NSR royalty Cuiú Cuiú, 1% gross revenue royalty El Pilar
- Interest-bearing debt: US$375.0M drawn credit facilities at Jun 30, 2026 (≈C$532.5M at 1.42 CAD/USD); debt ÷ market cap ≈ 37.9% — OVER the ~33% ceiling; drew US$340.0M in Q2 to fund Eskay Creek acquisition, repaid US$10.0M
- Market cap: ~C$1,406M (108,829,507 shares × C$12.92, Oct 1, 2026); cash US$13.2M (≈C$18.8M, ~1.3% of market cap)
- Interest income: US$109,000 (H1 2026) vs total revenue US$47,701,000 — ≈0.23% of revenue, far under the 5% non-compliant income limit
- Q2 2026: revenue US$23.7M (+392% YoY), net income US$4.9M, adjusted EBITDA US$18.8M; 5,255 attributable GEOs (+256%); added to MSCI Canada Small Cap Index
- Musaffa covers VMET and classifies it not halal (Oct 2026, AAOIFI) — consistent with this screen; no Zoya rating or ShariaPortfolio per-ticker rating found
Frequently asked questions
What does Versamet Royalties Corporation do?
Versamet Royalties Corporation (TSX/ NASDAQ: VMET) is a precious-metals royalty and streaming company. Its portfolio includes a 3.52% gold stream on Eskay Creek, a 1.26% gold stream plus a gold interest on Greenstone, a 2.7% NSR gold royalty on Kiaka, a 90% silver stream on Rosh Pinah, a 95.8% copper stream on Kolpa, a 2.7% NSR gold royalty on Toega, a 1.5% NSR gold royalty on Cuiú Cuiú, and a 1% gross revenue royalty on El Pilar. It graduated from the TSXV to the TSX on December 10, 2025. None of the disclosed lines — royalty and streaming interests in precious and base metals — are prohibited lines, so the business gate passes.
Why does Versamet Royalties fail this Shariah stock screen?
Versamet's precious-metals royalty and streaming business has no prohibited lines, and its interest income is tiny, but its leverage fails the financial gate. At June 30, 2026, credit facilities drawn totalled US$375.0M (US$50.0M current plus US$325.0M non-current), about C$532.5M at the October 1, 2026 rate of 1.42 CAD per USD. Against a market cap of about C$1,406M (108,829,507 shares at C$12.92 on Oct 1, 2026), debt ÷ market cap is about 37.9% — over the ~33% ceiling used in this screen. This is a factual screen, not a religious ruling — consult a qualified scholar for personal guidance.
What is Versamet Royalties' interest-bearing debt ratio?
Versamet reported drawn credit facilities of US$375.0M at June 30, 2026 (US$50.0M current + US$325.0M non-current) in its Q2 2026 condensed interim financial statements, after drawing US$340.0M to fund the cash portion of the Eskay Creek gold stream acquisition and repaying US$10.0M in the quarter. At 1.42 CAD per USD (Oct 1, 2026), that is about C$532.5M. With 108,829,507 shares outstanding at C$12.92 (Oct 1, 2026), the market cap is about C$1,406M, so debt ÷ market cap is about 37.9% — above the ~33% ceiling. Cash of US$13.2M (≈C$18.8M, ~1.3% of market cap) is within the ~33% guideline on its own.
What is Versamet Royalties' non-compliant income ratio?
Versamet reported interest income of US$109,000 for the six months ended June 30, 2026, against total revenue of US$47,701,000 — about 0.23% of revenue, far below the 5% non-compliant income limit. The income gate passes; the failure is entirely on the debt gate.
Do Zoya, Musaffa, or ShariaPortfolio cover Versamet Royalties?
Musaffa covers Versamet Royalties Corp (VMET) and classifies it as not halal as of October 2026 under its AAOIFI methodology — consistent with the debt-gate finding on this page. No Zoya rating was found for VMET, and ShariaPortfolio (a portfolio-management firm, not a per-ticker screener) publishes no VMET rating — both honestly reported as absent, not invented.
Sources
- Versamet — Q2 2026 results press release (Aug 13, 2026): revenue US$23.7M, net income US$4.9M, adjusted EBITDA US$18.8M, 5,255 GEOs; Eskay Creek gold stream acquisition
- Versamet — Q2 2026 condensed interim financial statements (Form 6-K exhibit, Aug 13, 2026): credit facilities US$375.0M (US$50.0M current + US$325.0M non-current); cash US$13.2M; H1 revenue US$47,701,000; interest income US$109,000; 108,829,507 shares outstanding
- Versamet Q2 2026 MD&A (via 6-K): drew US$340.0M on Credit Facilities for Eskay Creek cash portion; repaid US$10.0M in quarter; revolving facility to US$250M + US$150M term loan at closing
- Versamet — TSX graduation news (Dec 8, 2025): final approval to list on TSX, trading began Dec 10, 2025, graduated from TSXV
- CurrencyPriceToday — USD/CAD 1.42 on October 1, 2026 (used to convert US$-reported debt to CAD)
- Musaffa — VMET Shariah compliance page: classified not halal as of October 2026 (AAOIFI methodology)
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.
Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).