High Peak Royalties Limited (ASX: HPR) has announced the completion of the sale of Torrens Energy (SA) Pty Ltd to Northstar Energy Limited. High Peak Royalties is focused on building a diversified portfolio of high-value resource royalties around the world. The sale includes all Geothermal Energy Licences and applications (GEL and GELA). The Department for Energy and Mining (DEM) in South Australia has approved the change in control of Torrens Energy (SA) Pty Ltd, paving the way for the transaction’s finalisation.
The completion of the transaction delivers additional equity considerations to High Peak, increasing the total consideration to 12,500,000 Northstar shares and a 1.0% gross royalty over geothermal energy produced from the Torrens GELs and GELAs. The transaction was structured in two tranches, with the final tranche completed on December 24, 2025, upon Ministerial Consent of the Change in Ownership of Torrens Energy.
The DEM has also approved a variation to the work programme, enabling feasibility studies for a 2 MW pilot-scale geothermal power demonstration project in South Australia. High Peak will retain a 1.0% gross royalty over geothermal energy produced from the Torrens GELs and GELAs. High Peak no longer holds direct ownership of the Torrens geothermal tenements but retains ongoing economic exposure through its equity holding in Northstar and its retained royalty interest.
Northstar Energy is advancing its geothermal and clean energy development strategy. The company continues to position itself as Australia’s leading developer of non-weather-dependent, dispatchable baseload renewable electricity and clean energy solutions, targeting applications where continuous power supply is required.
