Is NAK halal?
Northern Dynasty Minerals, Ltd.
Doubtful
No clear verdict is possible for Northern Dynasty Minerals, Ltd. — data is insufficient or the case is contested in fiqh. As a precaution it is NOT included in the halal list.
Checked: 15 October 2026
Exchange
AMEX
Price
0.8858
Day
-3.31%
Market cap
$502.1M
Industry
Other Industrial Metals & Mining
Sector
Basic Materials
What the company does
Northern Dynasty Minerals (Canada) owns the Pebble project in Alaska (one of the world's largest undeveloped copper-gold deposits), locked in a years-long permitting/legal fight. No revenue.
What was checked
The AAOIFI standard has four steps: business activity first, then three financial ratios. Fail one and the stock is not halal.
Business activity
No prohibited activity
Interest-bearing debt / market cap
limit 30%
Interest-bearing debt $2.44M ÷ 36-month average market cap $541.85M = 0.5%
0.5%
Pass
Cash & investments / market cap
limit 30%
Cash + interest-bearing securities $37.30M ÷ 36-month average market cap $541.85M = 6.9%
6.9%
Pass
Non-compliant income / total revenue
limit 5%
—
No data
Figures from the company's filings (2026-06-30), USD. Market cap is a 36-month average (the S&P Shariah index approach), so a one-day price move does not flip the verdict. Today's market cap: $502.14M.
For information (AAOIFI 3/1 note): cash + receivables are 44.1% of total assets (2026-06-30). AAOIFI recommends tangible assets of at least one third — this figure does not affect the verdict, and other major screeners do not apply it either.
In the lists
- In the S&P 500
- Not in the S&P 500
- Held by funds
- Not held by any tracked fund
Superinvestors
SEC 13F, 2026 Q3. Up to 45 days delayed.Held by 1 superinvestors · Average reported price: $1.92
All superinvestor portfoliosHalal stocks in the same industry
The largest halal stocks in Other Industrial Metals & Mining — for comparison.
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- Halal investingBlogAAOIFI Shariah Standard No. 21 in plain languageThe most widely used standard for halal stock screening: the two-step test, the three ratios and how it differs from other methods.
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This is neither investment advice nor a fatwa. Screening is based on public financial statements and AAOIFI standard No. 21; data may lag. For a personal decision consult your own scholar.