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 portfolio of diversified high-value resource royalties around the world. Torrens Energy holds geothermal energy licences and applications in South Australia.
The final tranche of the transaction was completed on December 24, 2025, with High Peak receiving the remaining 6,250,000 Northstar shares. This brings the total consideration to 12,500,000 Northstar shares and a 1.0% gross royalty over geothermal energy produced from the Torrens licences. The Department for Energy and Mining (DEM) has approved the change in control of Torrens Energy (SA) Pty Ltd, which was a condition for completion.
DEM has also approved a variation to the work programme for the geothermal energy licences, enabling feasibility studies for a 2 MW pilot-scale geothermal power demonstration project in South Australia. Northstar Energy is progressing its geothermal and clean energy development strategy. High Peak retains a meaningful economic interest through its equity holding and royalty interest.
According to High Peak Royalties Executive Chairman James Knowles, the completion of the transaction removes operational complexity from the business and generates additional royalties. Knowles also noted Northstar’s meaningful steps toward demonstrating the economic and commercial potential of non-weather-dependent, dispatchable base-load renewable energy.
