ASX ESG Rating

ASX ESG Rating


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ESG reporting is a discipline that improves your company’s valuation and provides greater access to capital. Credible metrics play an important role in both informal and formal investor filtering processes.

ACF has created its own ESG rating system for small and mid-cap mining companies on the ASX because 1) the industry is highly scrutinised in relation to sustainability and its carbon footprint, and 2) mining is the largest contributor to the Australian economy (10.4% of GDP, 2019-2020A). The junior mining sector, in particular, is in constant need of capital by definition. We have created a simple ACF Equity Research best-in-class initial ESG filter to help showcase what the Australian mining sector is doing to begin to show it understands the challenge and opportunity.

Emission scopes are highlighted because they measure a company’s entire carbon footprint across the value chain. While it is not mandatory to report on all three scopes, doing so provides the company with an understanding of the full GHG impact of its operations and enables it to adapt accordingly to reduce its footprint. Scope reporting also shows investors that a company is willing to be fully transparent and is taking accountability for the impact of its business activities on the environment.

ACF Finalist in the ESG Investing Awards 2023
ESG sustainability report 2023

ACF Equity Research’s ESG / Sustainability Report for ASX small and mid-cap miners is designed to help investors make fast simple initial filtering decisions. For firms it helps them identify investor messaging opportunities and support their ESG / Sustainability investor strategy. Stock price and index performance data shows that companies with ESG metrics outperform the major indices….READ THE ESG SUSTAINABILITY REPORT HERE

Definitions of emission scopes

Scope 1 – Direct emissions from the company (e.g. transportation, industrial processes, on-site manufacturing

Scope 2 – Indirect emissions from the company (e.g. emissions produced from purchased electricity, steam, heating, cooling)

Scope 3 – Indirect emissions from the value chain of the company (e.g. upstream and downstream)


*Data as of  Dec 2023 and based on a sample of 100 ASX metals & mining

Company NameTickerExchange TickerSector Sub sectorMCAP A$ (m)ACF ESG ScoreNotes
Evolution Mining LimitedEVNASXBasic MaterialsMetals 6,6144Scope 1, 2
IGO LimitedIGOASXBasic MaterialsMetals 6,0654Scope 1, 2
Lynas Rare Earths LimitedLYCASXBasic MaterialsMetals 5,9074Scope 1, 2
Allkem LimitedAKEASXBasic MaterialsMetals 5,9124Scope 1, 2, 3
Champion Iron LimitedCIAASXBasic MaterialsMetals 4,0064Scope 1, 2, 3
SSR Mining Inc.SSRASXBasic MaterialsMetals 3,4664Scope 1, 2
Stanmore Resources LimitedSMRASXBasic MaterialsMetals 3,3984Scope 1, 2
Iluka Resources LimitedILUASXBasic MaterialsMetals 2,8964Scope 1, 2
Sandfire Resources LimitedSFRASXBasic MaterialsMetals 2,9574Scope 1, 2
Sims LimitedSGMASXBasic MaterialsMetals 2,7164Scope 1, 2
Perseus Mining LimitedPRUASXBasic MaterialsMetals 2,5144Scope 1, 2
Gold Road Resources LimitedGORASXBasic MaterialsMetals 2,0274Scope 1, 2
Ramelius Resources LimitedRMSASXBasic MaterialsMetals 1,7794Scope 1, 2
Capricorn Metals LtdCMMASXBasic MaterialsMetals 1,6204Scope 1, 2
Regis Resources LimitedRRLASXBasic MaterialsMetals 1,4314Scope 1, 2
Perenti LimitedPRNASXBasic MaterialsMetals 1,0014Scope 1, 2
Westgold Resources LimitedWGXASXBasic MaterialsMetals 9954Scope 1, 2
Mount Gibson Iron LimitedMGXASXBasic MaterialsMetals 6614Scope 1, 2
Syrah Resources LimitedSYRASXBasic MaterialsMetals 4464Scope 1, 2
Macmahon Holdings LimitedMAHASXBasic MaterialsMetals 3784Scope 1, 2
Vulcan Energy Resources LimitedVULASXBasic MaterialsMetals 3674Scope 1, 2, 3
Brockman Mining LimitedBCKASXBasic MaterialsMetals 3044Scope 1, 2, 3
St Barbara LimitedSBMASXBasic MaterialsMetals 1554Scope 1, 2
Jervois Global LimitedJRVASXBasic MaterialsMetals 1194Scope 1, 2
Neometals LtdNMTASXBasic MaterialsMetals 1154Scope 1, 2
Aeris Resources LimitedAISASXBasic MaterialsMetals 934N/A
Hastings Technology Metals LimitedHASASXBasic MaterialsMetals 864Scope 1, 2
Liontown Resources LimitedLTRASXBasic MaterialsMetals 3,2333
Nickel Industries LimitedNICASXBasic MaterialsMetals 2,9793
Coronado Global Resources Inc.CRNASXBasic MaterialsMetals 2,8923
Deterra Royalties LimitedDRRASXBasic MaterialsMetals 2,6963
De Grey Mining LimitedDEGASXBasic MaterialsMetals 2,3423
Zimplats Holdings LimitedZIMASXBasic MaterialsMetals 2,3553
Bellevue Gold LimitedBGLASXBasic MaterialsMetals 1,9253
Emerald Resources NLEMRASXBasic MaterialsMetals 1,5893
Red 5 LimitedREDASXBasic MaterialsMetals 1,2643
West African Resources LimitedWAFASXBasic MaterialsMetals 9333
Adriatic Metals PLCADTASXBasic MaterialsMetals 9533
Imdex LimitedIMDASXIndustrialsMetals 9443
Resolute Mining LimitedRSGASXBasic MaterialsMetals 9153
Piedmont Lithium Inc.PLLASXBasic MaterialsMetals 7593
Chalice Mining LimitedCHNASXBasic MaterialsMetals 6323
Core Lithium LtdCXOASXBasic MaterialsMetals 5663
Grange Resources LimitedGRRASXBasic MaterialsMetals 4803
Arafura Rare Earths LimitedARUASXBasic MaterialsMetals 4333
GR Engineering Services LimitedGNGASXIndustrialsMetals 3893
Alkane Resources LimitedALKASXBasic MaterialsMetals 3773
Boart Longyear Group Ltd.BLYASXEnergyMetals 3973
Kingsgate Consolidated LimitedKCNASXBasic MaterialsMetals 3483
29Metals Limited29MASXBasic MaterialsMetals 3583
OM Holdings LimitedOMHASXBasic MaterialsMetals 3323
DDH1 LimitedDDHASXEnergyMetals 3313
BCI Minerals LimitedBCIASXBasic MaterialsMetals 3223
Talga Group LtdTLGASXBasic MaterialsMetals 3063
Metals X LimitedMLXASXBasic MaterialsMetals 2493
Silver Mines LimitedSVLASXBasic MaterialsMetals 2323
Centaurus Metals LimitedCTMASXBasic MaterialsMetals 2353
Firefinch LimitedFFXASXBasic MaterialsMetals 2373
OreCorp LimitedORRASXBasic MaterialsMetals 2353
Australian Strategic Materials LtdASMASXBasic MaterialsMetals 2173
ioneer LtdINRASXBasic MaterialsMetals 2963
Northern Minerals LimitedNTUASXBasic MaterialsMetals 2013
Aurelia Metals LimitedAMIASXBasic MaterialsMetals 1863
Lake Resources NLLKEASXBasic MaterialsMetals 1733
Zeta Resources LimitedZERASXBasic MaterialsMetals 1703
Base Resources LimitedBSEASXBasic MaterialsMetals 1403
Strandline Resources LimitedSTAASXBasic MaterialsMetals 1393
Calidus Resources LimitedCAIASXBasic MaterialsMetals 1103
Newfield Resources LimitedNWFASXBasic MaterialsMetals 903
Panoramic Resources LimitedPANASXBasic MaterialsMetals 1043
Element 25 LimitedE25ASXBasic MaterialsMetals 1043
Queensland Pacific Metals LimitedQPMASXBasic MaterialsMetals 1033
Challenger Exploration LimitedCELASXBasic MaterialsMetals 873
Tigers Realm Coal LimitedTIGASXBasic MaterialsMetals 783
Lotus Resources LimitedLOTASXBasic MaterialsMetals 4833
EcoGraf LimitedEGRASXBasic MaterialsMetals 703
Andromeda Metals LimitedADNASXBasic MaterialsMetals 653
Poseidon Nickel LimitedPOSASXBasic MaterialsMetals 593
Legend Mining LimitedLEGASXBasic MaterialsMetals 523
Argosy Minerals LimitedAGYASXBasic MaterialsMetals 1972
Magnis Energy Technologies LimitedMNSASXIndustrialsMetals 502
AVZ Minerals LimitedAVZASXBasic MaterialsMetals 2,7521
Genesis Minerals LimitedGMDASXBasic MaterialsMetals 1,9431
Silver Lake Resources LimitedSLRASXBasic MaterialsMetals 1,0331
Mincor Resources NLMCRASXBasic MaterialsMetals 7511
Develop Global LimitedDVPASXBasic MaterialsMetals 7201
Sayona Mining LimitedSYAASXBasic MaterialsMetals 5871
Predictive Discovery LimitedPDIASXBasic MaterialsMetals 4551
Jupiter Mines LimitedJMSASXBasic MaterialsMetals 3231
Red Hill Iron LimitedRHIASXBasic MaterialsMetals 3081
Pantoro LimitedPNRASXBasic MaterialsMetals 2501
Magnetic Resources NLMAUASXBasic MaterialsMetals 2541
Sovereign Metals LimitedSVMASXBasic MaterialsMetals 2421
Galan Lithium LimitedGLNASXBasic MaterialsMetals 2051
Tribune Resources LimitedTBRASXBasic MaterialsMetals 1401
Rumble Resources LimitedRTRASXBasic MaterialsMetals 561
Vital Metals LimitedVMLASXBasic MaterialsMetals 481
Morella Corporation Limited1MCASXBasic MaterialsMetals 311
Allegiance Coal LimitedAHQASXBasic MaterialsMetals 131
Archer Materials LimitedAXEASXTechnologyMetals 960
top 5 investemt research uses

Expanding your investor base is hard work. We know that stress and risk is involved. Here we share 5 uses of investment research by our clients to expand investor reach and add major institutions.

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Christopher Nicholson, Managing Director, ACF Equity Research

Christopher Nicholson

Managing Director/Head of Research

I am a financial analyst, entrepreneur, professionally qualified equestrian and amateur eventer. Amongst others, I trained as a financial analyst at Global US based fund manager Legg Mason Investors and have been head of Technology and Media Equity Research at Bryan Garnier, a pan-European investment bank and brokerage.

I founded ORACA Independent Equity Research a ground breaking highly independent thinking large-cap secondary comm business and ACF Equity Research, a very high-quality independent issuer-pays small and mid-cap research business. I opened our first corporate finance business (Destrier Partners) and am approaching the launch of our first non-financial services business. In my view, I am only able to do these things because of the quality of the team I work with at ACF. For 11 years I broadcasted as an expert guest and wrote regularly in the leading pan-European and international media including Bloomberg Television, BBC Radio 4 and the Financial Times.

I studied Biochemistry at Kings followed by Economics at LSE and can conduct business in English and French, I speak German and have basic knowledge of Spanish and Italian. My free time, which I make sure I carve out, is in part each day spent on my passion – riding, competing with and caring for my horse(s).

 Mike Wort,Non-Executive Chairman, ACF Equity Research

Mike Wort

Non-Executive Chairman

I have managed over 20 IPOs in the US, UK and Europe from small to large cap, I am proud to be ACF Equity Research’s Non-Executive Chairman.

I am also Executive Chairman of Texadon Oil Plc focussed on oil & gas production in the Texas Gulf Basin and is a Non-Executive Director of UK AiM listed Diaceutics, a diagnostics commercialisation business. I am a life sciences communications expert and have a background in large and mega cap pharmaceuticals.

During my more  thann  20 IPOs and secondary raisings I have brought in well in excess of £600m.

In addition, I have co-founded a number of life science start-up companies in Europe and the USA.

I am a life science communications expert and former life sciences CEO (large to start-up). He graduated in microbiology and lectured to science undergraduates in both the UK and Nigeria. He joined the pharmaceutical industry, working in a number of senior sales, marketing and clinical roles for Glaxo, SmithKline and Wellcome in the UK and overseas.

Appointed IR Manager for Wellcome, I helped organise its global roadshow for a £2.4bn secondary offering.

I have consulted on and conducted M&A and DD in the life science sector and developed disaster recovery programmes for SME companies.

I worked with Deutsche Bank to privatise the Bulgarian pharmaceutical industry. As the CEO of Balkanpharma, I led the consolidation of the three key assets into one cohesive unit. Balkanpharma has, through a series of M&A activities, become a significant part of NYSE listed Allergan.

Formerly MD at De Facto Communications, Bell Pottinger’s healthcare offering, I recently retired from Walbrook, the UK’s most successful SME PR/IR agency.


Amalia Barnoschi, Head of Operations, ACF Equity Research

Amalia Barnoschi

Head of Operations

Joining ACF at its founding I started in financial services in 2007 on the sell-side with ORACA, a large-cap independent equity research business that changed the industry. Before financial services I was a highly successful and rapidly promoted young manager in manufacturing and have worked closely at board level for over 15 years with SMEs in the City and in other financial markets.

I co-run ACF with our MD, as Head of Operations, responsible for driving profitability and developing and designing processes and managing projects for ACF and for client partners to allow our portfolio of businesses to grow. I am bilingual English/Romanian, read Italian and am working towards my accountancy ACCA qualification with AAT.

I love to relax by making time for my favourite out-of-hours activity – photography – taking my first formal nature course in May 2018. I have a keen understanding and interest in horses, though not a rider, this is combined with a life-long love of polo.

Anne Castagnede, Head of Sales & Strategy, ACF Equity Research

Anne Castagnede

Head of Sales & Strategy

I am a sales professional with a top-tier luxury goods background. In the past 5 years I managed flagship boutiques as well as working for some of the great Haute Couture houses including Chanel and Jimmy Choo, where I established a reputation as a top performer by developing, maintaining and offering information and guidance to new and existing clients.

I have researched, recommended and implemented service opportunities as well as improvements. In the early days of my career I trained with Air France and later with Chanel. On my journey I acquired management skills from back office through to front office and have a high degree of practical IT literacy.

I know from personal experience that passion leads the way to perfection and my will to learn matched with my sales ability will result in clients being in very capable hands. My bilingual languages are French and English and I speak Spanish. Off-duty my passions are languages and art.

Renas Sidahmed, Sales & Strategy / Staff Analyst, ACF Equity Research

Renas Sidahmed

Head of ESG / Staff Analyst

I am a macro-economic and financial analyst, linguist, mathematician, professional dancer and chef. I worked for four years with the IMF, two and half years with the International Finance Corporation (IFC) and eight months with the World Bank in Washington DC.

I also wrote award winning research notes and met with senior politicians with varied global and local interests in both wealthy and less developed economies. My sector expertise includes natural resources (particularly oil & gas) healthcare, manufacturing, infrastructure and investment portfolio management.

At ACF, as part of my staff analyst role, I am also Head of ESG / Sustainability and its products and services.

Before joining ACF Equity Research, I worked with Japan’s second largest brokerage, Mitsubishi Bank, in the London office. I speak six languages including English (native), Italian, French and Arabic and obtained an MBA in Rome and a Mathematics degree from a sister Ivy League – Smith College. I joined ACF because of its entrepreneurial, female friendly City culture, overarching global values and excellent growth prospects.

Anthony Kimber

Anthony Kimber

Senior Analyst ESG / Sustainability

I have considerable experience in the wealth management and private banking industries. I am co-author of the Platforum UK Wealth Management Market Overview report, and previously was Research Director at PAM Insight, a specialist publisher for the wealth management industry. I engage in research and analysis both qualitative and quantitative and am an experienced project and business development manager. I have been commissioned by UHNWI's, companies and organisations for various bespoke projects.

I also contribute to major news and media organisations, compiling and analysing data and research for the Daily Telegraph and Evening Standard on national government and environmental issues. Prior, I contributed to the Guardian, the Spectator, BBC news and investigative programming, the Sunday Times, and the Sunday Times Rich List.

My interest in ESG and sustainability is focused on raising awareness and achieving practical and workable solutions to the climate crisis we are facing. I enjoy spending my free time with family and friends, watching cricket, theatre and film.

Anda Maria Onu, Sales & Strategy, ACF Equity Research

Anda Maria Onu

Sales & Strategy

I have strong analytical, planning and execution skills, I love working as part of a team both inside ACF and externally with our clients and prospective clients.

I am used to working with and within senior leadership teams and understand the needs of small and medium sized companies through my current and previous professional experience, I graduated in life sciences with a specialisation in Ecology and Environmental Protection in Romania in 2007 and for my first job I worked in a laboratory carrying out chemical analysis of industrial waste-water.

I am passionate about the environment and work as a volunteer for the Sussex Wildlife Trust doing conservation work at the Old Lodge nature reserve. In my spare time I am a school governor and have been a juror at the Royal Court of Justice. My hobbies are dance, horses, swimming, opera and theatre.

Zak Mir, Technical Analyst, ACF Equity Research

Zak Mir

Technical Analyst

Zak Mir has 30 years financial markets experience and understands credible influencing across digital channels in order to drive stock liquidity. He is an accomplished author.

I am part of ACF’s advisory and execution team helping growth companies (nano, micro, small and mid-cap) maximise their profiles to achieve the optimal investment message.

Amongst others I have worked for Man Group companies, Berkeley Futures and Sucden. I have been a technical analyst, derivatives broker and Chief Market Strategist for a number of brokers in the retail space developing and optimising client trading strategies. I ran the well-attended annual Master Investor conferences and am a keynote speaker at the UK investor show. I also host the CityAM Podcast.

Analytical communications is part of my forte – I have variously been a markets columnist, editor and commentator for influential retail financial information outlets, amongst others – Investors Chronical, Yahoo! Finance, Shares Magazine, international leading long-form periodical The Spectator, CNBC and Bloomberg TV.

Away from the markets, I am a song writer and musician and have a long and patient interest in politics – areas that continue to be potential additional professional careers.
I was attracted to ACF because of the effectiveness of its high quality research and its forwarding thinking culture.

Richard Calvert, Director, Distribution & Service, ACF Equity Research

Richard Calvert

Director, Distribution & Service

I’m a Modern Marketing Strategist with a strong CXM, digital transformation and innovation background working with global blue chip clients, modern creative and media agencies and start-ups.

I put people, data, technology and brand at the heart of everything I do – always delivering highly creative and effective integrated solutions with engaged, excited teams. I believe in taking everyone from the Account Exec to the C-suite client with me on the journey.

I work with Global clients as easily as entrepreneurial start-ups across a broad range of categories from Automotive to FMCG, Financial Services and Technology. My recent focus has been on Digital integration; Relationship Marketing; Content Planning and Brand evolution.

Specialties: Strategic Planning, CXM, Digital and Business Transformation, Programmatic Marketing, Proposition Development, Content Planning, User Experience Development and Design, Mobile, Consumer Insight Development, Brand Planning and Development, Information Architecture and Design, Business Development, Digital Channel Strategy Development, Brand Development, CRM Strategy and Delivery, Business Development

Vicky Ryce, Director, Research Distribution, ACF Equity Research

Vicky Ryce

Director, Research Distribution

I am a digital communications and distribution specialist and strategist used to board level decision making. I started my career as part of the ground-breaking young cadre that for a short exciting time formed the original Text 100, and whose members have gone on to lead and influence thought in digital communications.

During my career I have worked with world leading agency Publicis and counselled the C-suite of some of the world’s biggest public companies, including Philips, Xerox and Microsoft, on how to improve their communications reach and then helping them execute. I also work with smaller and mid-sized private and public companies on the FTSE 250 and below. I am as comfortable dealing with retail reach, as with corporate and institutional capital markets distribution strategies.

I am an equestrian, proven entrepreneur and charitable volunteer and when I can cut out the time, I help young adults via the Princes Trust. I am an English and History graduate with an MA in Media and Culture. ACF Equity Research has a determined problem solving, enlightened forward-thinking capital markets culture and a global values set.

Adrian Chiappe, Editor, ACF Equity Research

Adrian Chiappe


Adrian has over 20 years investment research writing, editing and supervisory analysis experience for leading investment banks including Barclays Capital, UBS, BNP Paribas, Jefferies, S&P, Danske Bank, ABN Amro, Lombard Odier and Bear Stearns.

He has a deep understanding of his subject. Adrian has executed editing and supervisory analysis for investment banks, brokerages and fund managers. He has up-to-date knowledge of the operational and regulatory framework for international institutional equities markets. Adrian is a materials scientist and has languages