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 Feb 2023 and based on a sample of 100 ASX metals & mining

Company NameTickerExchange TickerSector Sub sectorMCAP A$ (m)ACF ESG ScoreNotes
Anglogold AshantiAGGASXMining Metals 10,481 4Scope 1, 2
Iluka ResourcesILUASXMining Metals 3,710 4Scope 1, 2
Liontown Resources LTRASXMining Metals 2,590 3
Sims SGMASXMining Metals 2,540 4Scope 1, 2
Champion IronCIAASXMining Metals 2,350 4Scope 1, 2
Nickel Mines NICASXMining Metals 2,290 3
Coronado Global Resources CRNASXMining Metals 2,270 3
Zimplats HoldingsZIMASXMining Metals 2,220 3
Chalice Mining CHNASXMining Metals 2,140 3
Deterra Royalties DRRASXMining Metals 1,930 3
Perseus MiningPRUASXMining Metals 1,710 4Scope 1, 2, 3
Vulcan Energy Resources VULASXMining Metals 1,590 4Scope 1, 2
Regis ResourcesRRLASXMining Metals 1,530 4Scope 1, 2
De Grey Mining DEGASXMining Metals 1,230 3
ioneer INRASXMining Metals 1,230 3
Silver Lake ResourcesSLRASXMining Metals 1,230 1
AVZ Minerals AVZASXMining Metals 1,090 1
Gold Road ResourcesGORASXMining Metals 1,090 4Scope 1, 2
Sayona Mining SYAASXMining Metals 1,080 1
29Metals29MASXMining Metals 1,010 3
St Barbara SBMASXMining Metals 965 4Scope 1, 2, 3
IMDEX IMDASXMining Metals 963 3
Boart LongyearBLYASXMining Metals 941 3
Sandfire Resources SFRASXMining Metals 939 4Scope 1, 2
Western Areas WSAASXMining Metals 933 4Scope 1, 2, 3
West African ResourcesWAFASXMining Metals 866 3
Capricorn Metals CMMASXMining Metals 829 1
Bellevue Gold BGLASXMining Metals 818 3
Jervois Global JRVASXMining Metals 750 4Scope 1, 2
OM HoldingsOMHASXMining Metals 716 3
Westgold Resources WGXASXMining Metals 693 4Scope 1, 2
Lake Resources LKEASXMining Metals 672 3
Core Lithium CXOASXMining Metals 642 3
Mincor Resources NLMCRASXMining Metals 615 1
Grange Resources GRRASXMining Metals 596 3
PerentiPRNASXMining Metals 582 4Scope 1, 2
Adriatic MetalsADTASXMining Metals 576 3
5EA Advanced Materials5EAASXMining Metals 563 1
FirefinchFFXASXMining Metals 543 3
Mount Gibson IronMGXASXMining Metals 529 4Scope 1, 2
Alkane Resources ALKASXMining Metals 518 3
Syrah Resources SYRASXMining Metals 516 4Scope 1
Australian Strategic Materials ASMASXMining Metals 497 3
Red 5 REDASXMining Metals 495 3
Emerald Resources EMRASXMining Metals 495 3
Neometals NMTASXMining Metals 472 4Scope 1, 2
Resolute Mining RSGASXMining Metals 469 3
SSR Mining SSRASXMining Metals 461 4Scope 1, 2
Develop GlobalDVPASXMining Metals 439 1
Talga Group TLGASXMining Metals 434 3
Jupiter Mines JMSASXMining Metals 431 1
Brockman Mining BCKASXMining Metals 427 4Scope 2
DDH1 DDHASXMining Metals 427 3
Hastings Technology MetalsHASASXMining Metals 426 4
Panoramic Resources PANASXMining Metals 420 3
Macmahon HoldingsMAHASXMining Metals 420 4Scope 1, 2
Piedmont Lithium PLLASXMining Metals 418 3
Archer Materials AXEASXMining Metals 395 0
Andromeda Metals ADNASXMining Metals 394 3
Aurelia MetalsAMIASXMining Metals 389 3
Queensland Pacific Metals QPMASXMining Metals 359 3
Kingsgate Consolidated KCNASXMining Metals 350 3
Magnetic Resources MAUASXMining Metals 349 1
Aeris Resources AISASXMining Metals 346 4Scope 1, 2
Centaurus MetalsCTMASXMining Metals 339 3
Base Resources BSEASXMining Metals 336 3
Arafura ResourcesARUASXMining Metals 333 3
Metals X MLXASXMining Metals 327 3
Genesis Minerals GMDASXMining Metals 309 1
EcoGraf EGRASXMining Metals 304 3
Magnis Energy TechnologiesMNSASXMining Metals 302 3
Predictive Discovery PDIASXMining Metals 297 1
Pantoro PNRASXMining Metals 289 1
Challenger ExplorationCELASXMining Metals 287 3
GR Engineering ServicesGNGASXMining Metals 283 3
Poseidon NickelPOSASXMining Metals 282 3
Element 25 E25ASXMining Metals 278 3
Rumble ResourcesRTRASXMining Metals 267 1
Galan Lithium GLNASXMining Metals 265 1
Orecorp ORRASXMining Metals 258 3
Tribune Resources TBRASXMining Metals 257 1
Newfield ResourcesNWFASXMining Metals 256 3
Silver Mines SVLASXMining Metals 245 3
Vital Metals VMLASXMining Metals 242 1
Argosy MineralsAGYASXMining Metals 238 2
Lotus Resources LOTASXMining Metals 236 3
Tigers Realm CoalTIGASXMining Metals 235 3
Strandline Resources STAASXMining Metals 230 3
Moringa AcquisitionMLDASXMining Metals 229 4Scope 1, 2
BCI Minerals BCIASXMining Metals 228 3
Red Hill Iron RHIASXMining Metals 224 1
Allegiance CoalAHQASXMining Metals 222 1
Calidus Resources CAIASXMining Metals 218 3
DGO Gold DGOASXMining Metals 217 1
Northern MineralsNTUASXMining Metals 213 3
Sovereign MetalsSVMASXMining Metals 212 1
Legend MiningLEGASXMining Metals 209 3
Zeta Resources ZERASXMining Metals 207 3
Morella Corporation 1MCASXMining Metals 140 1
Ramelius Resources RMSASXMining Metals 110 4Scope 1, 2
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.

Want to know more about our products and services?

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