BTG
B2Gold Corp.
Is BTG Halal?
Low-cost gold miner — permissible extraction.
What You Should Know
Mines in Mali, Namibia, Philippines. Its March 31, 2026 Q1 filing reports $5,964.630 million of assets, $519.887 million of debt and lease liabilities, $479.394 million of cash, $82.942 million of receivables and $1,158.655 million of quarterly gold revenue. Debt/assets is 8.72%, liquidity/assets is 8.04%, receivables-plus-cash/assets is 9.43% and disclosed interest income is 0.27% of revenue; financial screens pass while activity allocation remains qualitative. Strong free cash flow and dividend. Gold production is halal.
⚠️ Concerns
- •Jurisdiction risk
- •Mining and reclamation exposure
Current quantitative Sharia screen
Based on 6-K figures for the period ended 2026-03-31; calculated 2026-07-15.
519.887 / 5,964.63
479.394 / 5,964.63
562.336 / 5,964.63
3.092 / 1,158.655
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 8.72%, liquidity/assets is 8.04%, receivables-plus-cash/assets is 9.43% and disclosed interest income is 0.27%; examined financial ratios pass, but activity allocation remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt, liquidity and receivables-plus-cash are below the examined total-assets limits; activity allocation remains incomplete. This is not an index-membership claim.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets and identifiable conventional cash are below the examined Malaysia limits; activity allocation remains incomplete.
- Financial
- Not calculated
- Overall
- Incomplete
A properly licensed and reproducible historical market-cap series is not stored; filing-based asset ratios remain documented.
Business-activity disclosure
B2Gold operates gold mines in Africa and the Philippines. Gold extraction is retained as generally permissible, while jurisdiction, environmental obligations and non-gold by-product allocation require qualified review.
Limitation: The filing does not provide a universal prohibited-revenue numerator across metals, jurisdictions and mining contracts.
Purification
B2Gold discloses $3.092 million of interest income, but no scholar-approved purification percentage is asserted for the operating business.
Inputs, assumptions and primary sources
- Amounts are USD millions from B2Gold's March 31, 2026 Q1 financial statements filed with its Form 6-K.
- The $519.887 million debt input is the filing's March 31 total for convertible notes, revolving facility, equipment loans and lease liabilities.
- Cash and cash equivalents are $479.394 million and receivables, prepaids and other are $82.942 million. No interest-bearing securities numerator is separately identified.
- Quarterly gold revenue is $1,158.655 million and disclosed interest income is $3.092 million, or 0.27% of revenue.
- Gold mining is retained as generally permissible qualitative activity, while jurisdiction, environmental, reclamation and by-product allocation require review.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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