Star Royalties Ltd

Green Star Royalties Ltd. is a North American-based company pioneering the development of nature-based carbon credit royalties. Through a unique royalty financing model, Green Star provides capital to project developers in the carbon markets and earns long-term revenue from high-quality, predominantly removal-based carbon credits. By focusing on regenerative agriculture, improved forest management, and clean technology projects, Green Star plays a crucial role in supporting global decarbonization efforts while delivering sustainable financial returns.

The company operates in one of the world’s most secure and high-demand carbon markets—North America—ensuring minimal geopolitical risk and access to premium carbon credit pricing. With strategic partnerships, including major investments from Agnico Eagle Mines and Cenovus Energy, Green Star has positioned itself as a leader in financing scalable, high-integrity carbon offset projects.

By leveraging its expertise in carbon markets, Green Star aims to build a diversified and cash-generating portfolio of nature-based solutions. The company’s long-term vision is to accelerate the transition to a low-carbon economy by funding projects that deliver measurable environmental benefits while ensuring strong financial performance for its investors.

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Green Star Royalties offers a compelling investment opportunity as a first mover in the carbon credit royalty space. Unlike traditional carbon project developers, Green Star operates with a capital-efficient, asset-light model, earning royalties from carbon credit sales without direct operational costs. This strategy enables the company to achieve 100% operating margins on its investments while gaining exposure to the rapidly growing voluntary and compliance carbon markets.

The company’s portfolio includes a diversified mix of regenerative agriculture programs, improved forest management projects, and clean technology initiatives. Its flagship Regenerative Agriculture program is set to cover 1.3 million acres, capturing substantial carbon removal credits, while its U.S. forestry investments are already issuing credits, providing immediate cash flow. With approximately 50 investment opportunities under evaluation, Green Star is well-positioned for expansion.

Investor interest in high-quality carbon credits continues to grow, driven by corporate net-zero commitments and tightening climate regulations. With premium pricing for North American nature-based credits and strong backing from institutional partners, Green Star represents a rare opportunity to gain exposure to the lucrative and rapidly expanding carbon markets with minimal downside risk.

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Green Star Royalties is led by a seasoned team of industry experts with deep experience in carbon markets, finance, and sustainable investment. The company’s leadership brings together a combination of technical expertise in carbon credit generation, strategic capital allocation, and project development, positioning Green Star as a leader in the emerging carbon finance sector.

Tony Lesiak, BSc, MBA – Executive Chairman
A recognized leader in capital markets and corporate strategy, Tony Lesiak brings decades of experience in mining and resource investment. His background in equity research and strategic advisory roles enhances Green Star’s ability to execute high-value transactions in the carbon space.

Alex Pernin, MSc, P.Geo. – Chief Executive Officer
With extensive experience in project development and corporate growth, Alex Pernin has played a pivotal role in establishing Green Star as a pioneer in carbon credit royalties. His leadership ensures the company remains at the forefront of scalable, high-integrity carbon financing.

Kevin MacLean, P.Eng., CFA – Chief Investment Officer
A veteran portfolio manager and capital allocator, Kevin MacLean has managed over $2 billion in assets, earning multiple industry awards for delivering strong financial performance. His expertise in sustainable investment strategies is instrumental in guiding Green Star’s portfolio growth.

Ken Ngo, CPA, CA – Chief Financial Officer
With over 20 years of experience in financial reporting, capital markets, and resource sector finance, Ken Ngo oversees Green Star’s financial strategy, ensuring disciplined growth and capital efficiency.

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Green Star Royalties is executing a robust growth strategy that capitalizes on its asset-light, royalty-based business model to rapidly expand its portfolio of nature-based carbon offset investments. The company is actively evaluating approximately 50 opportunities across regenerative agriculture, improved forest management, and clean technology sectors. Its flagship regenerative agriculture program, set to cover 1.3 million acres, and its portfolio of U.S. forestry projects already issuing carbon credits, provide both immediate cash flow and long-term revenue streams.

By partnering with leading project developers such as Anew Climate and NativState, Green Star secures access to high-quality carbon credits at premium prices in one of the world’s most stable markets. The company’s disciplined approach to capital allocation and risk management enables it to achieve near 100% operating margins, while strategic backing from major institutional investors like Agnico Eagle Mines and Cenovus Energy ensures both financial strength and market credibility.

Committed to continuous innovation and expansion, Green Star Royalties actively pursues new projects and strategic partnerships to diversify its revenue base and mitigate market risks. Through its dual focus on operational excellence and sustainable environmental impact, the company is well-positioned to deliver long-term value to investors and contribute meaningfully to the global transition toward a low-carbon economy.

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Green Star Royalties is well-positioned financially, leveraging a capital-efficient model that delivers 100% operating margins on carbon credit royalties. The company benefits from strong institutional backing, including investments from Cenovus Energy (26%) and Agnico Eagle Mines (26%), validating its business model and accelerating its ability to scale.

As of Q4 2024, Green Star has a cash balance of US$9.4 million with no outstanding debt, providing a strong foundation for future investments. The company’s equity financing rounds, including a C$21.2 million strategic investment by Cenovus Energy in 2023, have enabled rapid portfolio expansion.

With a growing demand for high-quality, nature-based carbon credits, Green Star is poised for significant revenue expansion. The company remains focused on capital efficiency, risk mitigation, and strategic co-investments to further scale its portfolio and enhance shareholder value.

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Green Star Royalties Ltd. is at the forefront of the rapidly growing carbon credit market, offering a capital-efficient, high-margin approach to sustainable investing. Through its innovative royalty model, the company secures long-term revenue streams from premium nature-based carbon credits while supporting global decarbonization efforts.

With strong institutional backing, a scalable project pipeline, and a focus on high-quality carbon offsets, Green Star is well-positioned to capitalize on the increasing demand for credible, high-integrity carbon credits. Its diversified portfolio, spanning regenerative agriculture, improved forest management, and clean technology, provides both near-term cash flow and long-term growth potential.

As corporations and governments intensify their climate commitments, Green Star represents a unique investment opportunity—one that combines financial returns with tangible environmental impact. By leveraging strategic partnerships, a disciplined growth strategy, and a best-in-class management team, the company is set to become a market leader in carbon credit financing.

For investors seeking exposure to a high-growth, ESG-driven sector, Green Star Royalties offers a compelling, de-risked opportunity to participate in the future of sustainable finance.

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