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, partnering with capable operators to secure royalties over high-value producing assets. The transaction, initially detailed in March 2025, involved the sale of High Peak’s wholly-owned subsidiary, Torrens, which holds South Australian geothermal assets.
The final tranche of the transaction completed on December 24, 2025, resulting in High Peak receiving the remaining 6,250,000 Northstar shares. This brings the total consideration for the transaction to 12,500,000 Northstar shares, plus a 1.0% gross royalty over geothermal energy produced from the Torrens Geothermal Energy Licences and Applications. The Department for Energy and Mining (DEM) has approved the change in control of Torrens Energy (SA) Pty Ltd, facilitating the 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 and continues to advance its projects, including a 2 MW base-load renewable electricity generation project (Project AUSI 1) near Roma, Queensland.
High Peak Royalties Executive Chairman Mr James Knowles stated that the completion of the Torrens Energy transaction represents a significant milestone for High Peak, removing operational complexity and generating additional royalties. He expressed encouragement regarding Northstar’s progress in advancing its technology and project pipeline, aligning with High Peak’s strategy of retaining exposure to high-quality development opportunities through equity and royalty interests.
