pgm miners- eurasia mining

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ree mining and magnet recyclying circular economy

Ionic Rare Earths Ltd (ASX:IXR) is a rare earths mining explorer (Uganda) and REO magnet recycling company (Belfast, UK). We have excluded Belfast recycling from our valuation. IXR appears significantly undervalued on an intrinsic and EV/M+I basis compared to its peers. REEs are used in permanent magnets – key components of clean energy applications. IXR’s flagship Makuutu Rare Earths project contributes to de-risking global supply chains and has ionic adsorption clay-hosted geology – similar to that found in Southern China, main global supplier of Heavy Rare Earths.….READ MORE ON IONIC RARE EARTHS INITIATION

ixr-ree mining and magnet recycling

Ionic Rare Earths Ltd (ASX:IXR) is a rare earths mining explorer (Uganda) and REO magnet recycling company (Belfast, UK). Rare earth elements primary use is in the production of permanent magnets – key components of clean energy applications (wind turbines and electric vehicles). IXR’s flagship Makuutu Rare Earths project is significant given its ionic adsorption clayhosted geology – similar to that found in projects in Southern China, main global supplier of Heavy Rare Earths. IXR currently holds 60% interest in the….READ MORE ON IONIC RARE EARTHS

REEs strategic minerals driving permanent magnet demand

Rare Earth Elements (REEs) are key to the new clean energy economy. REEs are a set of 17 elements with unique physical and chemical properties used across a range of industrial and technological applications. The largest use of REEs is the production of permanent magnets – a critical component of clean energy applications (e.g., electric vehicles and wind turbines). We expect strong demand gr% in 22-32E for magnet rare earths, including neodymium, praseodymium and dysprosium. China dominates REE mining supply, producing ~57% of the world’s REE output. Chinese REE market dominance is a global strategic concern because REEs are essential materials for….READ MORE ON RARE EARTH ELEMENTS

ACF Equity Research_Gold-Poised-to-Shine

We expect the gold price to increase in 2023 driven by rising recession expectations coupled with prospects of a weak dollar and higher inflation. Geopolitical tensions have led to risk-off sentiment supporting gold demand (safe-haven asset). In contrast, higher rates are negative for gold. Peak central bank rates expected in mid-2023 (US 4.9%, UK 4.5%, EU 3.75%), could be a key trigger for gold prices. We expect central bank interest rates to….READ MORE ON GOLD (Au) MARKET

Perpetua Resources Corp (PPTA) Update Note Filling the US Critical Minerals Supply Gap ACF Equity Research 08032023

Perpetua Resources Corp. (Nasdaq: PPTA; TSX: PPTA) is an Idaho based (Stibnite jurisdiction), gold-antimony-silver (Au-Sb-Ag) junior explorer/producer. ACF is releasing a valuation increase for PPTA based on milestones achieved since our initiation note. ACF identifies PPTA as a US national strategic asset (Sb) and best-in-class gold asset. On Dec 19, 2022 PPTA received a critical minerals award from the DoD of up to $24.8m for environmental/engineering studies to complete FEIS, RoD/permits and advance year 1 construction readiness. PPTA is an ESG leader amongst junior miners (long run lower WACC). PPTA holds a unique antimony (Sb) reserve in the US and is positioned to be….READ MORE ON PERPETUA RESOURCES

perpetua resources investment research

Perpetua Resources Corp. (Nasdaq: PPTA; TSX: PPTA) is an Idaho based (Stibnite jurisdiction), gold-antimony-silver (Au-Sb-Ag) junior explorer/producer. 3Q22A results have evidenced steady state expenses. Our analysis identifies PPTA as a US national strategic asset (Sb) and a best-in-class gold asset. On Oct 28, 2022, the SDEIS was published for a 75-day public comment period. In the SDEIS, the USFS identifies PPTA’s Stibnite Gold Project as the ‘Preferred Alternative’. PPTA is a sustainability/ESG leader amongst junior miners (long run lower WACC). PPTA holds the only economic antimony (Sb) reserve…READ MORE ON PERPETUA RESOURCES

ppta pre-presults investment research

Perpetua Resources Corp. (Nasdaq: PPTA; TSX: PPTA) is an Idaho based (Stibnite jurisdiction), gold-antimony-silver (Au-Sb-Ag) junior explorer/producer. We expect 3Q22E evidence steady state expenses. Our analysis identifies PPTA as a US national strategic asset (Sb) and a best-in-class gold asset. Since our initiation, on Oct 28, 2022, the USFS chose PPTA’s Stibnite Gold Project as the Preferred Alternative on the SDEIS. PPTA is a sustainability/ESG leader amongst junior miners (LR lower WACC) – PPTA has completed its summer 2022 water quality improvement project at Stibnite. PPTA holdsthe only economic Sb reserve in the US and is positioned to be…READ MORE ON PERPETUA RESOURCES

kibo investment research

Kibo Energy Plc (KIBO.L: AIM, dual listed JSE:KBO) has changed to a renewable, reserve energy, long duration energy storage (LDES) and biofuel
company. Using a highly conservative approach our valuation range is up ~3.0x to EV £150m or ~15x upside on the close price on a fully diluted basis. Kibo has secured reserve power (YE22E revs GBP 1.9-2.1m) and WTE electricity generation in the UK and WTE generation and utility scale LDES opportunities in Southern Africa. Kibo will dispose of its Southern Africa coal feedstock assets and aims to replace them with bioenergy feedstock for its generation assets…READ MORE ON KIBO ENERGY

Perpetua resources investment research

Perpetua Resources Corp. (Nasdaq: PPTA; TSX: PPTA) is an Idaho based (Stibnite jurisdiction), gold-antimony-silver (Au-Sb-Ag) junior explorer/producer. Our analysis identifies PPTA as a US national strategic asset (Sb) and a best-in-class gold asset. PPTA is a sustainability/ESG leader amongst junior miners (LR lower WACC) – PPTA has produced sustainability reports since 2014 and has begun a water quality improvement project at Stibnite. PPTA holds the only economic Sb reserve in the US and is positioned to be the only…READ MORE ON PERPETUA RESOURCES

AFC Equity Research Silver Market The Janus-Metal

Silver (Ag) is half store of value and half industrial metal. A hawkish Federal Reserve and spiking bond yields will create significant headwinds for the Ag price 2H22E. Any expectations for global recession, leading to an industrial cycle downturn will also push the silver price down. In 2H22E we assess that both weakening industrial activity (>50% of global silver demand) and monetary policy trends will exert downward pressure on silver’s price. Beyond YE22E the physical silver supply deficit remains a positive for the silver price. As the world transitions to greener forms of energy and transport, the commensurate increasing use of silver…READ MORE ON SILVER (Ag) MARKET

ACF Equity Research_Perpetua Resources_Core Investment Case

Perpetua Resources Corp. (Nasdaq: PPTA; TSX: PPTA) is a gold-antimony-silver deposits developer in the stable mining jurisdiction of Stibnite-Yellow Pine, Idaho. PPTA’s Stibnite open-pit gold (Au) project is one of the highestgrade US deposits Compared with the 2020 FS after-tax NPV of $1.86bn (assumptions: 5% discount rate, gold $1,850/oz) Antimony (M+I 206Mlbs) is a potentially exciting byproduct. PPTA’s MCap is at an ~90% discount to the FS suggesting a significant potential mispricing. Since our last CIC PPTA has released 1Q + 2Q highlights….READ MORE ON PERPETUA RESOURCES

rainbow rare earths investment case

Rainbow Rare Earths Ltd (LSE: RBW; OTCPK: RBWRF) is a rare earths (REE) explorer with projects in South Africa and Burundi. The flagship project, Phalaborwa, in South Africa has an inferred resource of 38.3Mt at 0.43% TREO (total rare earths oxides). Phalaborwa is largely permitted and positioned in an established mining town with existing power, rail access and availability of skilled labour. Rainbow owns 90% of the Gakara asset in Burundi, which has produced high-grade TREO concentrate of 52-56%, weighted towards NdPr (Neodymium and Praseodymium), which account for 19.5% of contained TREO and 85% of the value….READ MORE ON RAINBOW RARE EARTHS

light science technologies core investement case

Light Science Technologies Holdings Plc (LST: AIM) is an AIM-listed holding company focusing on two divisons – contract electronics manufacturing (CEM) division, and the controlled environment agriculture (CEA) division. UK Circuits and Electronics Solutions Limited (UK Circuits) operates the CEM divison, while Light Science Technologies operates the CEA division. The CEM division designs, procures and manufactures high-quality electronic products, specialising in printed circuit boards (PCBs). The CEA division provides solutions that include analysing growers’ crop requirements to provide low-energy products that monitor the environment and maintain optimal growing conditions to….READ MORE ON LIGHT SCIENCE TECHNOLOGIES

silver hammer mining investment research

Silver Hammer Mining Corp. (TSXV: HAMR; OTCQB: HAMRF) is a junior resource exploration company focused on exploring and drilling at is Idaho and Nevada silver assets. Nevada is considered one of the best mining jurisdictions globally because of its low political, environmental, and tax risks. HAMR’s portfolio consists of three historically producing high-grade mines – Silver Strand mine in Idaho, Eliza Silver project and Silverton Silver mine in Nevada. HAMR’s fourth project is the….READ MORE ON SILVER HAMMER MINING

rockmaster resources investment case

Rokmaster Resources Corp (TSXV: RKR, OTCQB: RKMSF) is an exploration stage mining company focused on precious, base and industrial mineral properties in British Columbia, Canada. The company has three projects: 1) option to acquire 100% of Revel Ridge – a flagship project with significant precious and polymetallic mineral deposits; 2) 100% interest in Duncan Zinc Property with 4.3m tons at 3.2% Zn and 3.1% Pb with potential access to medium to high grades of up to 11.4% Zn; and 3) a 55% interest in Big Copper Property. Duncan Zinc and Big are being prepared to be spun out. The preliminary economic assessment (PEA) study of Revel Ridge describes….READ MORE ON ROCKMASTER RESOURCES

foothills exploration investment case

Foothills Exploration Inc. (OTCPNK:FTXP) is a development stage oil, gas and renewables company. FTXP has an integrated energy transition strategy, which 1) fuels the needs of today via oil and gas (O&G) operations and; 2) leverages the needs of tomorrow via its planned hydrogen fuelling & EV charging and retail operations. Foothills’ principal hydrocarbon asset is located in the Wind River Basin, Wyoming, and comprises 18,887 acres of highly prospective development acreage (~21m bbl). Foothills’ New Energy Ventures division is investing in the market for hydrogen as a fuel , aiming to create….READ MORE ON FOOTHILLS EXPLORATION

royal helium investment case

Royal Helium Ltd (TSXV:RHC, OTCQB:RHCCF) is a Canada-based helium exploration company with ~1m acres of helium-rich land under lease or permit in the Saskatchewan region. Helium (He) is used in healthcare, technology, transportation, fibre optics and semiconductors because of its high thermal conductivity and non-reactive properties. Saskatchewan is a known helium producing region, with multiple wells in production and it is a strategic location for continued exploration and development. Saskatchewan has a unique geology and gas trapping structure ….READ MORE ON ROYAL HELIUM

gold springs investment case

Gold Springs Resource Corp. (TSXV: GRC; OTCQB: GRCAF) is a mineral exploration company holding 100% interest in the Gold Springs project on the Nevada-Utah border. This jurisdiction ranks high globally because of its minimal environmental, political and tax risks. It is also considered one of the most extensive gold regions with 5 Moz of Au in annual production. GRC’s project spans 8,000 ha with 33 gold targets including 4 with existing resources of 833 Koz. The remaining 29 targets have significant exploration potential and additional positive drilling data could transform GRC into a multi-million ounces gold project. ….READ MORE ON GOLD SPRINGS RESOURCES

angkor resources investment case

Angkor Resources Corp (TSXV:ANK.V, OTCQB:ANKOF) is a Canadian mineral explorer with oil & gas (O&G) properties in Cambodia (present since 2012). The current portfolio includes two licenses in Andong Meas and Oyadao with multiple prospects for gold, copper, and rare earth elements (REE). Angkor is in the final stages of negotiating an O&G exploration license in Cambodia known as Block VIII in the Kampong-Som sedimentary basin. ANK.V is the only publicity-traded North American company with mineral assets in the mining friendly jurisdiction of Cambodia. Angkor is also targeting ….READ MORE ON ANGKOR RESOURCES

ionic rare earths investment case

Ionic Rare Earths Ltd (ASX:IXR) is an exploration stage rare earths mining company in Uganda. Rare earth metals primary use is in the production of permanent magnets – key components of clean energy applications (wind turbines and electric vehicles). IXR’s flagship Makuutu Rare Earths project is significant given its clay-hosted geology, which is similar to that found in projects in Southern China, main global supplier of Heavy Rare Earths. Makuutu has a current mineral resource estimate of 315 Mt @ 650 ppm Total Rare Earth Oxide (TREO). The Apr 2021 scoping study indicated ….READ MORE ON IONIC RARE EARTHS

Goldshore Resources investment research

Goldshore Resources Inc. (TSXV:GSHR; OTCQB:GSHRF) is a junior exploration and development miner focused on precious metal deposits in Canada. GSHR acquired Moss Lake Gold Project located in Ontario, from Wesdome Gold Mines for C$52m in May 2021. Wesdome Gold Mines holds a 26% equity position in Goldshore. Historical Moss Lake gold estimates for Measured and Indicated (M+I) resources are 1.47 Moz Inferred of 2.51 Moz. There is significant expansion potential. The Moss Lake Gold project lies within a highly prolific mining jurisdiction, which hosts ….READ MORE ON GOLDSHORE RESOURCES

goviex uranium investment case

GoviEx Uranium Inc. (TSXV:GXU; OTCQX:GVXXF) is a Canadian uranium (U3O8) mining exploration and development company with assets in Africa. The company’s portfolio is comprised of three projects: 1) Flagship fully minepermitted Madaouela Project in Niger – production forecast 2025E, on track to take advantage of upcoming uranium supply shortage; 2) mine-permitted Mutanga Project in Zambia – production forecast 2027E; and 3) its multielement (U, Cu, Ag & Au) Falea Project in Mali. GoviEx holds a large U3O8 resource with ….READ MORE ON GOVIEX URANIUM

e2gold investment case

E2Gold Inc. (TSXV: ETU; OTCQB: ETUGF) is a Canadian gold mining exploration company primarily focused on its flagship property, the Hawkins Gold Project (54,000 ha long) located in North-Central Ontario in the McKinnon Zone (inferred resource of 6.2Mt at 1.65g/t for 328,000 oz Au). The Company recently entered into an agreement with Golden Share Resources (TSXV: GSH) for a 100% interest in the Band-Ore property. Brand-Ore is located in Thunder Bay, Ontario and hosts two historic high-grade….READ MORE ON E2GOLD

rover metals investment case

Rover Metals Corp (TSXV: ROVR:, OTC: ROVMF) is a Canada-based exploration junior miner exploring for precious metals (i.e. gold). ROVR is advancing its 100% owned Cabin Gold Project located in the Northwest Territories (NWT). The Cabin Gold Project has an historic resource estimate of 85 Koz, at highgrades up to 15.8 g/t Au. The Phase 2 drilling program completed 3Q21A at Cabin Gold, discovered deposits with an average grade of 10 g/t Au and was considered as one of the best holes drilled by a junior miner…READ MORE ON ROVER METALS

piedmont lithium investment case

Piedmont Lithium Inc. (NASDAQ: PLL; ASX: PLL) is an exploration stage company focused on developing and manufacturing battery quality lithium hydroxide (LiOH) for the fast-growing electric vehicle market. Lithium’s high reactivity (i.e., a lot of energy can be stored in its atomic bonds) translates into high energy density in lithium-ion batteries. The company’s flagship project, Carolina Lithium Project (est. Li2O ~44.2Mt at 1.08%), is in the TinSpodumene Belt of North Carolina, the oldest and most lithium-rich area globally. In addition,….READ PLL CORE INVESTMENT CASE

eurasia mining investment case

Eurasia Mining (EUA.L) is an AiM-quoted Russian Pd dominated PGM miner. In this first post-FSP update valuation we are yet to include the March Rosgeo JV and Rhodium (Rh) production from all but West Kytlim or Iridium (Ir) in EUA projects. Our PGM prices are extremely conservative in this update. We assume Pt 93.5%, Pd 5% and Rh 1.5% production at WK. We assess the Pd auto-catalysis market can support $500 per car vs. $250 per car pre-covid. The largest Pd consumer, China, returned to economic growth in 2Q20. EUA has de-risked its flagship world class Monchetundra asset, the sale of which alone, could be…READ MORE ON EURASIA MINING

eurasia mining investment case

Eurasia Mining (EUA.L) is an AiM-quoted Russian asset PGM producer. The West Kytlim project is revenue generating with production expected to ramp up in 2020 resulting in EUA becoming a de-risked prospect compared to its peers. However, the key asset is the M&A triggering EUA flagship palladium-driven project, Monchetundra, near to production. Could a Monchetundra sale turn a 100m MCAP AiM company into a £1.5bn exit for investors, equating to an approximate 15x rerating on the current price? There are many risks reflected in our conservative 30% risk adjusted WACC for the Monchetundra flanks project (only), lower and delayed production and Pd/Pt ratio. Risk adjusted WACC for Monchetundra Lo + WN is 12%….READ MORE ON EURASIA MINING

technological innovations

In our spotlight note for small and mid-caps we set up the natural resources market background and introduce the current and mid-term technological innovations that likely will have the greatest impact on the sector. We believe the new element in this mix is based upon the launch of up to 5 new LEO satellite constellations. We propose data can become a new revenue stream for extractives, accessible to small and mid-caps it is an opportunity to raise funds. Our favoured technologies are AI robotics, spatial data visualisation, wearable tech and IoT (connecting kit, people and vehicles and data to the net via LEOs)…READ MORE ON NEW AND EMERGING EXTRACTIVES INNOVATIONS

Uranium Drivers thematic research

Uranium’s (U3O8) main use  is as a fuel in the production  of electricity by nuclear power stations. The uranium market is complex, illiquid (thinly traded) and opaque. Directly or indirectly State-controlled producers account for up to 70% of global production and these players do not have to follow economic logic unlike the companies without State subsidy. The majority of consumption (power stations) are geographically and often politically far from the majority of production (mines). Consumption growth requires decades-long investment cyclesREAD MORE ON URANIUM MARKET

ACF Rubicon Minerals Goldshore Post Results 1Q19A

Rubicon Minerals Corp (RMX:TSX) is a high-grade gold explorer in the prolific Canadian Red Lake District. RMX reported 1Q19A results with an updated mineral resource estimate which showed a 110% increase in resources further boosting  confidence in the Phoenix Gold Project. We adjust our full year forecasts and remodelled our NAV expectations based upon the new resource estimates. The balance sheet remains strongREAD MORE ON RUBBICON MINERALS

ACF Rubicon Minerals Goldshore Initiation

Rubicon (RMX:TSX) is a Canadian high-grade gold exploration company in the prolific Red Lake District with significant infrastructure and experienced leadership. Potential economics are exceedingly strong, especially in a weak C$ environment, milling is in place, bulk underground extraction looks possible. Key milestones include a feasibility study decision 2H18, bulk sampling results improving the project’s scope and reducing costs, and further 2018E drilling and exploration updates. RMX should undergoREAD MORE ON RUBICON MINERALS

top 5 investment research tips

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