Fair Pay & Worker Respect
0
As a mining and mineral processing company, Volt Resources operates in a sector with significant inherent risks regarding workplace safety and labor rights, making the value of Fair Pay & Worker Respect highly applicable to its direct operations. Volt Resources Limited (VRC.ASX) provides limited quantitative data regarding its workforce, as many of its projects (such as the Bunyu Graphite Project in Tanzania) are in development or ramp-up stages.
1
For 'labor_violation_incidents', the company is tiered at 10.
2
Multiple annual reports (2023, 2025) and admission documents confirm that the company has not been a party to any material legal proceedings, and no penalties or sanctions have been imposed by regulatory authorities regarding labor or environmental management.
3
4
5
The company has also formally adopted an ESG framework based on the World Economic Forum’s stakeholder capitalism metrics and commits to assessing modern slavery risks.
6
7
For 'collective_bargaining_share', the company is tiered at 0 (N/A).
8
While the company explicitly commits to ensuring all employees have the opportunity to join worker representation organizations, there is no evidence of an active unionized workforce or existing collective bargaining agreements at its current stage of operations.
9
10
The workforce is relatively small, with approximately 67 staff and 60 contractors planned for Stage 1 in Tanzania, and operations in Ukraine recently restarting after suspension.
11
12
Other KPIs such as 'ceo_median_pay_ratio', 'safety_incident_rate', and 'living_wage_coverage' could not be scored due to a lack of specific quantitative disclosures in the provided articles.
13
14
While executive remuneration is disclosed (e.g., CEO pay was reduced to US$18,750/month in 2025), the median employee salary is not provided to calculate a ratio.
15
16
Similarly, while the company reports no material regulatory breaches, it does not publish a specific Total Recordable Injury Frequency Rate (TRIR).
17
18
Fair Trade & Ethical Sourcing
-10
As a mining company, Volt Resources operates in a sector with high inherent risks regarding human rights and supply chain transparency, but its core business does not inherently advance or harm fair trade practices without specific evidence of its sourcing conduct. Volt Resources (VRC.ASX) is in the early stages of formalizing its ethical sourcing framework, having adopted an ESG policy based on the World Economic Forum’s stakeholder capitalism metrics in September 2022.
1
2
Regarding 'forced_child_labour_incidents', the company is tiered at -10 as it maintains a 'Zero Tolerance' policy for modern slavery and child labor, with no substantiated incidents reported in the provided evidence.
3
4
It has committed to assessing exposure to these risks within its organization and primary supply chain.
5
6
For 'ethical_clause_coverage', the company is tiered at -50.
7
Evidence indicates that the ESG policy applies to 'all suppliers and contractors' and the company expects all business partners to adhere to its standards.
8
9
It has committed to implementing mechanisms to obtain formal commitments from primary suppliers to align with these ESG requirements, though specific percentage coverage of signed contracts is not yet disclosed.
10
11
In terms of 'traceability_coverage', the company is tiered at -90.
12
Multiple articles explicitly state that the current scope of ESG management is 'limited to within site boundaries.'
13
14
While the company intends to expand this to the full supply chain as its 'ESG journey matures,' there is currently no evidence of multi-tier mapping or provenance data beyond the immediate operational sites.
15
16
Other KPIs such as 'fair_trade_cert_share', 'audit_frequency', and 'supplier_diversity_spend' were omitted due to a lack of quantitative data, although the company has stated a policy preference for local suppliers.
17
18
Honest & Fair Business
-10
The core business of mineral extraction and processing does not inherently advance or harm honest and fair business practices; performance in this area is determined by behavioral factors such as regulatory compliance, transparency, and governance, rather than the nature of the product itself. Volt Resources Limited (VRC) demonstrates a mix of standard policy adoption and significant governance challenges, particularly regarding board independence and audit integrity. Regarding regulatory and financial integrity, the company reported no material breaches of environmental regulations or ethics-related fines across the 2023-2025 reporting periods.
1
2
No financial restatements were recorded in the last five years.
3
4
However, the 2025 Annual Report included a qualified audit opinion from HLB Mann Judd.
5
This qualification stemmed from an adverse opinion issued by the auditors of the Zavalievsky Graphite (ZG) Group, a 70%-owned subsidiary and key operational asset, indicating significant issues with the reliability of financial information for that segment.
6
Governance structures are weak; as of the 2023 and 2025 reports, only one of the three board directors (33%) is considered independent.
7
8
The Chairman holds a substantial shareholding, and the Managing Director is an executive, failing to meet the majority independence threshold.
9
10
Furthermore, the company does not maintain a formal internal audit function, with the full board performing audit committee roles.
11
12
Ethical policies, including Whistleblower and Anti-Bribery and Corruption policies, are in place and available on the company website.
13
14
The board is reportedly informed of any material breaches as a standing agenda item.
15
16
While the company utilizes independent 'Competent Persons' for mineral resource verification and external auditors for financial statements, the qualified audit opinion and lack of broader third-party verification for ESG claims limit its transparency score.
17
18
The company is also involved in a significant legal dispute regarding a US$3.8 million deferred payment for the ZG acquisition, though it recently secured a favorable ruling in the Ukraine Supreme Court.
19
20
Kind to Animals
0
As a mining company, Volt Resources' operations involve land clearing and habitat disruption, which can negatively impact local wildlife; however, the core business of graphite extraction is not inherently focused on animal exploitation or welfare, making it neutral by default. Volt Resources Limited (VRC.ASX) is a graphite mining and exploration company. Based on the provided evidence, the company does not engage in animal husbandry, animal testing, or the production of animal-derived products.
1
Its core business activities—mineral extraction and processing for battery anodes—are service and industrial-oriented in a manner that makes most animal welfare KPIs (such as cruelty-free certification, cage-free sourcing, and animal testing) not applicable (Tier 0).
2
While identifies that the Zavallivske deposit in Ukraine is located within 1 km of an 'Ecologically Important Area' and notes general mining risks like soil erosion and water contamination that could impact local biodiversity, there is no specific evidence of documented wildlife mortality or direct habitat destruction caused by the company's actions.
3
Furthermore, there is no mention of specific conservation funding or strategic wildlife recovery programs.
4
Consequently, the wildlife_conservation_impact KPI is omitted due to a lack of substantive evidence of either direct harm or proactive conservation outcomes.
5
Similarly, public policy engagement mentioned in the articles relates to mineral partnerships and environmental mitigation (dust/rock), not animal welfare advocacy.
6
7
No War, No Weapons
-20
As a mining company focused on graphite for battery anodes, the company's core business is not inherently linked to the arms industry or conflict facilitation, though its operations in regions like Ukraine require monitoring for potential indirect impacts. Volt Resources Limited (VRC.ASX) is a graphite and battery materials producer.
1
Based on the provided evidence, the company has no involvement in the manufacturing of arms or defense-related contracts, resulting in a neutral score (0) for revenue_arms_contracts, dual_use_technology, and board_oversight_defense.
2
3
4
However, the company faces significant exposure to conflict-affected and high-risk areas.
5
It holds a 70% interest in the Zavalievsky Graphite business in Ukraine, where operations were suspended in February 2022 due to the Russian invasion and restarted in August 2022.
6
Despite operating in an active conflict zone, the company's 2023 Annual Report explicitly states that no formal 'war risk audit' was conducted, and there is no evidence of a conflict-zone procurement screening process or certification of conflict-free minerals (resulting in -100 for conflict_minerals_percentage and conflict_zone_procurement_percentage).
7
Regarding human rights, the company acknowledges its operations in Tanzania and Guinea (ranked in the lowest quartile of the Human Development Index) and Ukraine.
8
While the company has adopted an ESG framework aligned with the UN Sustainable Development Goals (SDGs) and mentions a commitment to assessing human rights and modern slavery risks, it lacks specific alignment with the UN Guiding Principles on Business and Human Rights (UNGP) and does not specify the frequency of human rights due diligence.
9
10
11
This leads to a tier of -80 for UNGP alignment, as implementation appears uneven or high-level without third-party verification of the framework's application across all divisions.
12
13
Planet-Friendly Business
-40
As a mining company, Volt Resources' core business involves significant land disturbance, energy-intensive extraction, and potential ecological disruption, which inherently conflicts with proactive environmental stewardship despite the end-use of their product in batteries. Volt Resources (VRC.ASX) is in the early stages of formalizing its environmental stewardship, having adopted an ESG framework based on the World Economic Forum’s stakeholder capitalism model in September 2022.
1
2
Regarding environmental compliance, the company reported zero material breaches of environmental regulations across its jurisdictions (Tanzania, Ukraine, Guinea, and Serbia) for the 2023 financial year, supporting a tier of -50 for compliance history.
3
4
For environmental impact assessments, the company has completed and received a certificate for its flagship Bunyu Graphite Project in Tanzania.
5
6
While it mentions ongoing environmental and social impact statements (ESIS) for this project, the total number of documented EIAs remains limited to major sites (Bunyu and Zavalievsky), placing it in the -90 tier.
7
8
In terms of climate targets, the company has committed to preparing inventories for Scope 1 and 2 emissions and developing reduction targets.
9
10
However, there are currently no validated science-based targets (SBTi) or specific net-zero years disclosed, resulting in a -90 tier for SBTi alignment.
11
12
Biodiversity efforts are currently limited to commitments to undertake assessments and develop management plans.
13
14
While flora and fauna surveys were conducted as part of the Bunyu ESIA, there is no evidence of active restoration or conservation programs covering significant land holdings yet, warranting a -90 tier.
15
16
Other metrics such as renewable energy use, water intensity, and waste diversion remain largely qualitative or undisclosed.
17
18
The company is exploring secondary revenue from garnet (previously waste) and considers renewable energy access as a site selection criterion for future US plants, but lacks the quantitative data required for higher tiers.
19
20
Respect for Cultures & Communities
0
As a mining company involved in graphite extraction, Volt Resources operates in a sector with high inherent risk for community displacement, land rights disputes, and environmental impacts on local populations. While the business is not inherently harmful, its operations in Tanzania and Ukraine place it directly in scope for potential community impact, requiring active management of FPIC and local stakeholder relations. Volt Resources (VRC.ASX) demonstrates a proactive approach to community relations at its flagship Bunyu Graphite Project in Tanzania, though it involves significant resettlement. Regarding community displacement, the company has documented a Resettlement Action Plan (RAP) affecting approximately 1,100 people across three villages (Utimbula, Namangale, and Namangale B).
1
The company has committed US$3.4 million for compensation, with valuation reports approved by the Government Chief Valuer.
2
3
Because these are isolated community relocations with a negotiated settlement and regulatory oversight, it is tiered at -10. Community engagement appears positive; the company held extensive workshops and meetings with local leadership and government ministers, reporting clear support for the project.
4
5
This lack of significant opposition and active engagement programs warrants a tier of 10 for protest severity. For local employment and procurement, Volt has submitted a comprehensive Local Content Plan to the Tanzanian government, targeting a workforce of approximately 70 for Stage 1 with a commitment to maximize local hire and upskill Tanzanian citizens through P5 HR Consulting.
6
7
8
This is tiered at 20. In terms of revenue sharing, while independent verification of disbursements is not yet available, the company has entered formal benefit-sharing frameworks, including the Tanzanian Government’s 16% Free Carried Interest and 3% royalties, alongside active sponsorship of local infrastructure (schools, health centers, and village offices), justifying a tier of 20.
9
10
11
Finally, the company maintains a functional grievance and engagement mechanism through a full-time Community Relations Manager and Liaison Officers, with the RAP process serving as the primary vehicle for resolving compensation-related issues, tiered at 10.
12
13
14
Zero Waste & Sustainable Products
-10
As a producer of graphite specifically for lithium-ion battery anodes, the company provides a critical material that enables the transition to energy storage and electric vehicles, which are central to circular economy and sustainable product lifecycles. Volt Resources (VRC) is in the early stages of implementing its ESG framework, which was formally adopted in September 2022.
1
2
Regarding waste reduction initiatives, the company has implemented 3-4 specific measures with measurable results: its subsidiary ZG Group constructed a garnet tailing recovery circuit to monetize by-products previously treated as waste,
3
and the Bunyu project utilizes a high-temperature purification process to avoid environmentally damaging acid leaching.
4
Additionally, the company plans to repurpose 223,000 tonnes of surficial waste material as bulk fill for construction at the Bunyu site.
5
In terms of material efficiency, the 2023 Feasibility Study update for the Bunyu project demonstrated a 11% reduction in the strip ratio (from 0.73 to 0.65), indicating improved material movement efficiency compared to previous designs.
6
Hazardous waste management is addressed through the identification of Potentially Acid Forming (PAF) materials at its mining sites.
7
The company has established management plans including base impermeability, drainage control, and capping to mitigate Acid Mine Drainage (AMD).
8
Supplier requirements are currently at a basic level; the company's ESG policy commits to implementing mechanisms to assess primary suppliers' alignment with ESG requirements, though comprehensive programs are not yet detailed.
9
10
Regarding compliance, there have been no reported waste disposal violations in the past two years, reflecting a strong compliance standing as the company progresses through its Environmental Impact Assessment (EIA) and licensing phases in Tanzania and Ukraine.
11
12
Most other circular economy and waste diversion metrics remain unrecorded as the company transitions from exploration and development into full-scale operations.
13
14