Management
Our management team’s combined experience comprises more than 100 years of senior roles in capital markets, with specific roles in portfolio management, equity research, corporate development, investment banking, and corporate finance. We have extensive expertise in project evaluation, cleantech, energy transition and carbon market analysis, as well as carbon modelling and greenhouse gas quantification and analysis.
We have been recognized for best-in-class risk-adjusted investment returns and equity research, and our track record of successful capital allocation and risk assessment has been recognized through 13 Lipper awards and seven Brendan Wood International Top Gun awards. A strict and disciplined investment strategy is a core part of our approach.
Management
Alex Pernin
Alex Pernin is the Chief Executive Officer and a Director of Green Star Royalties and Star Royalties. Mr. Pernin was instrumental in creating the world’s first carbon credit royalties across several nature-based climate solutions. He was previously responsible for managing capital allocation and corporate development at Barrick Gold where he oversaw all major internal, joint-venture and M&A opportunities. He was involved in the US$6 billion Randgold Resources acquisition, the largest gold sector acquisition in a decade, as well as the US$5 billion Barrick Gold – Newmont Mining Nevada Joint Venture (Nevada Gold Mines). Prior to Barrick Gold, Mr. Pernin was in equity research at Canaccord Genuity where he covered junior and mid-capitalization precious metals producers as well as royalty and streaming companies. Before that, he was at Freeport-McMoRan and Northern Superior Resources in mining operations and greenfields exploration roles, respectively. Mr. Pernin is a Registered Professional Geologist in the province of Ontario and holds an Honours Bachelor of Science degree in Geology (gold medallist) and a Master of Science degree in Economic Geology, both from the University of Toronto.
Tony Lesiak
Tony Lesiak is the Executive Chairman and a Director of Star Royalties. He was formerly Senior Advisor, Investment Banking at Canaccord Genuity where he focused on the mining royalty and streaming space. He previously held the position of Managing Director and Global Head of Mining Research at Canaccord Genuity and was responsible for coverage of the Canadian large capitalization precious metal equities. Prior to rejoining Canaccord Genuity in September 2013, he was Managing Director and Senior Mining Analyst at Macquarie Capital Markets. Mr. Lesiak was a Principal and Senior Mining Analyst at Genuity Capital Markets from 2007 to 2010 and previously held senior positions in mining equity research at UBS (Toronto) and HSBC (New York and Toronto). Mr. Lesiak was a research analyst in the metals and mining sector for over 20 years. Mr. Lesiak earned a B.Sc. in Geology and an MBA from the University of Toronto Rotman School of Management and holds an International MBA specializing in Economics from Johannes Kepler University in Austria.
Kevin MacLean
Kevin MacLean is the Chief Investment Officer of Star Royalties. He has over 30 years of experience specializing in precious metals and mining investments. He was the senior portfolio manager heading the resource investment team at Sentry Investments until 2017, with peak assets under management of approximately $2-billion. Mr. MacLean received 13 Lipper awards over multiple time periods for best risk-adjusted returns in the gold mining sector and was the recipient of seven Brendan Wood International Top Gun awards for recognition of being a leading mind in the gold mining sector. Mr. MacLean is a Professional Engineer, holds a Bachelor of Applied Science (nuclear engineering) from the University of Toronto, and is a CFA charterholder.
Kenneth Ngo
Kenneth Ngo is the Chief Financial Officer and Corporate Secretary of Star Royalties. He has over 20 years of progressive finance experience across several publicly traded companies, ranging from financial reporting, financial planning and analysis, equity administration, treasury and tax. Mr. Ngo was most recently consulting at Franco-Nevada in a senior finance role, where he was responsible for financial reporting and accounting research. Prior to Franco-Nevada, he consulted for Torex Gold in a controllership function. Before that, Mr. Ngo spent two years at a start-up company as Chief Financial Officer. His previous mining finance experience includes Director of Financial Reporting at Golden Star Resources from 2013 to 2018, as well as Senior Manager of Financial Reporting at Lundin Mining from 2009 to 2013. He received his Chartered Accountant designation while working for Deloitte. Mr. Ngo holds a Bachelor of Business Administration degree from Simon Fraser University and is a Chartered Professional Accountant in Canada and in the United States.
Tanushree Bagh Mukherjee
Tanushree Bagh Mukherjee has over 16 years of climate-specific experience across compliance and voluntary carbon markets, having started from the early stages of the Clean Development Mechanism, where she developed a robust understanding of Kyoto methodologies. Prior to joining Green Star, Mrs. Bagh Mukherjee was the Director of Verified Carbon Standard Program Management at Verra, where she led a large team of carbon specialists as well as provided guidance and support to project developers and other stakeholders using Verra programs, standards, and frameworks to achieve their climate and sustainable development goals. Prior to Verra, Mrs. Bagh Mukherjee worked in progressively senior roles with several international carbon organizations including South Pole, Evolution Markets and EcoSecurities, managing global project identification and business development, methodology and project development, as well as standards, regulatory services, and co-benefits mapping support. Mrs. Bagh Mukherjee is a member of the advisory board of W+ Standard, a unique certification label that endorses projects which create increased social and economic benefits for women participating in economic development or environment projects. Mrs. Bagh Mukherjee holds a Master of Science degree in Natural Resources Management and Environmental Sciences with a major in Climate Change from TERI University.
Rina Cerrato
Rina Cerrato has nearly 20 years of technical and regulatory experience in carbon markets, including greenhouse gas quantification and analysis, and carbon markets regulatory compliance. Mrs. Cerrato has been involved in the monetization of the carbon value in emission reduction opportunities throughout her career, having screened and evaluated carbon investments since the first commitment period of the Kyoto Protocol. Prior to joining Green Star, she worked at Nuseed, supporting the commercialization of agricultural products into non-fossil-based fuels for the transportation and aviation sectors. Mrs. Cerrato is a Co-Chair of the International Emissions Trading Association's (IETA) working group on Voluntary Carbon Markets. She has also consulted for Environment and Climate Change Canada and supported innovative companies across multiple technologies through greenhouse gas quantification and carbon monetization strategies. Previously, Mrs. Cerrato was a Director at Inlandsis Fund and Senior Director at Natsource Asset Management, LLC. Mrs. Cerrato is an environmental engineer and holds a Master of Environmental Studies degree from York University.
Dmitry Kushnir
Dmitry Kushnir is the Vice President, Investor Relations and Strategy of Star Royalties. He is a Chartered Financial Analyst with over 20 years of progressively senior experience across investor relations, capital markets and business strategy. Prior to joining Star Royalties, he was with Agnico Eagle Mines for over 12 years in the roles of Director of Business Strategy and Director of Investor Relations. In these capacities, he was responsible for fostering alignment and collaboration among diverse business units through development of Agnico Eagle’s corporate strategic plan and assessing the fit of multiple corporate development opportunities. Mr. Kushnir is a polished communicator and presenter, with a passion of transforming complex concepts into understandable, presentable messaging to multiple audiences, including investors, sell-side analysts and business unit leaders. Prior to his time with Agnico Eagle, Mr. Kushnir held roles in investor relations at Sherritt International and equity research at RBC Capital Markets. He currently serves on the Ontario Executive Chapter of the Canadian Investor Relations Institute (CIRI). Mr. Kushnir holds a Bachelor of Economics degree from York University, and is a CFA charterholder.