Canadian Halal Investor.

TSX Shariah screener · September 2026

Is Vizsla Silver (VZLA) Halal?

FAIL

Vizsla Silver Corp. · TSX: VZLA / NYSE American: VZLA · Materials

The short answer

Vizsla Silver Corp. (TSX: VZLA; NYSE American: VZLA) is a FAIL. The income gate fails: interest and finance income of US$4,289K was about 100% of total income in the quarter ended July 31, 2026 (nil revenue; pre-production developer) - far above the ~5% ceiling. The business gate passes (silver/gold exploration and development; no prohibited activities). The debt gate passes: convertible notes of US$240.4M are about 18% of the ~US$1.33B market cap (US$3.755, September 30, 2026). The cash gate passes: US$410.9M cash and short-term investments are about 31% of market cap - just under the ceiling. It fails on the income gate alone. No Zoya, Musaffa or ShariaPortfolio coverage 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

Vizsla Silver is a junior mineral exploration and development company advancing its Panuco silver-gold project in Sinaloa, Mexico (Panuco West feasibility study: after-tax NPV of US$1.80B, 111% IRR, 17.4 million oz AgEq annual production; production targeted for late 2027). Silver and gold mining have no conventional banking, insurance, alcohol, gambling, weapons, pork or adult-entertainment activities and pass the standard business-activity screen - the same gate as this site's Franco-Nevada, Kinross, Lundin Mining and Barrick screens. (Note: the company delisted in September 2026 was Vizsla Royalties Corp. (TSX-V: VROY), a separate royalty company acquired by Elemental Royalty for ~C$239M; Vizsla Silver itself remains listed on the TSX and NYSE American.)

Gate 2 — Debt and cash: PASS / PASS

The debt component passes. At July 31, 2026 the company carried convertible notes of US$240,366K non-current (plus US$625K interest payable), from the US$300M 5.00% convertible note offering that funds Panuco development - against a market cap of about US$1.33B (US$3.755, September 30, 2026; 354,966,872 shares), or about 18% of market cap - under the ~33% ceiling. The US$41,829K derivative liability (embedded conversion option on the notes) is not interest-bearing debt and is excluded from this gate. The cash component passes: cash and cash equivalents of US$406,495K plus short-term investments of US$4,440K total US$410,935K - about 31% of market cap, just under the ~33% ceiling.

Gate 3 — Non-compliant income: FAIL

The 6-K for the quarter ended July 31, 2026 reports interest and finance income of US$4,289K - the only positive income line: US$4,289K of US$4,289K in total positive income, or about 100%, against a ~5% ceiling. As a pre-production developer Vizsla generates nil revenue while earning interest on its treasury balances (cash of US$406.5M at quarter-end), so the income gate fails on its own - the same pattern as this site's developer screens such as Skeena Resources.

Key figures used

Frequently asked questions

Is Vizsla Silver (VZLA) halal?

Our September 2026 screen gives Vizsla Silver Corp. (TSX: VZLA; NYSE American: VZLA) a FAIL. The business gate passes: silver and gold exploration and development (Panuco project, Mexico; no prohibited activities). The debt gate passes: convertible notes of US$240,366K (plus US$625K interest payable) are about 18% of the ~US$1.33B market cap (US$3.755, September 30, 2026; 354,966,872 shares) - under the ~33% ceiling. The cash gate passes: cash and short-term investments of US$410,935K are about 31% of market cap - under the ~33% ceiling. The income gate fails: interest and finance income of US$4,289K was about 100% of total income in the quarter ended July 31, 2026 (nil revenue; pre-production developer), far above the ~5% ceiling. The company fails on this gate alone. No Zoya, Musaffa or ShariaPortfolio coverage for VZLA was found. This is a rules-based screening of published figures, not a religious ruling.

Why does Vizsla Silver fail the income gate?

Vizsla Silver is a pre-production developer with nil revenue, so any treasury interest is non-compliant income against effectively zero operating income. Its 6-K for the quarter ended July 31, 2026 reports interest and finance income of US$4,289K - the only positive income line (US$4,289K of US$4,289K in total positive income, or ~100%), against a ~5% ceiling. Under AAOIFI-style screening, non-compliant income above ~5% of revenue fails the income gate; at ~100%, Vizsla fails on this gate alone. The same pattern as this site's developer screens (e.g. Skeena Resources): cash-rich developers earn interest on treasury balances while generating no revenue.

Why do Vizsla's debt and cash gates pass?

Debt: at July 31, 2026 Vizsla carried convertible notes of US$240,366K non-current (plus US$625K interest payable), from the US$300M 5.00% convertible note offering funding Panuco development. Against a market cap of about US$1.33B (US$3.755, September 30, 2026; 354,966,872 shares), debt is about 18% of market cap - under the ~33% ceiling. The US$41,829K derivative liability (embedded conversion option) is not interest-bearing debt and is excluded. Cash: cash and cash equivalents of US$406,495K plus short-term investments of US$4,440K total US$410,935K - about 31% of market cap, just under the ~33% ceiling.

Is Vizsla Silver the company that was delisted in September 2026?

No. Vizsla Silver Corp. (TSX: VZLA; NYSE American: VZLA) is still listed on both exchanges. The company that was acquired and delisted in September 2026 was Vizsla Royalties Corp. (TSX-V: VROY; OTCQX) - a separate royalty company holding 2.0-3.5% net smelter return royalties on Vizsla Silver's Panuco project, bought by Elemental Royalty Corp. for ~C$239M (C$4.13/share or 0.15 Elemental shares). Its shares were expected to be delisted from the TSX Venture Exchange on the close of business September 16, 2026. Vizsla Silver itself is unaffected as a listed issuer.

What do Zoya, Musaffa or ShariaPortfolio say about VZLA?

No Zoya rating, no Musaffa stock page and no ShariaPortfolio coverage for Vizsla Silver (VZLA) was found via web search. The figures behind this screen's result come from Vizsla Silver's official Form 6-K (quarter ended July 31, 2026), market data as of September 30, 2026, and Elemental Royalty's press release on the Vizsla Royalties acquisition.

Sources

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.