High Peak Royalties Limited (ASX:HPR) is an Australia-based royalty company that acquires and holds diversified high-value resource royalties with exposure to projects in exploration, pre-production and producing phases, primarily in oil and gas assets; it also maintains geothermal energy interests. Founded in 2006 and headquartered in Sydney, New South Wales, the company operates through one business segment focused on royalty acquisition and two geographical segments covering Australia and the United States, with offices in Sydney and Perth. Its core portfolio includes royalties over more than 20 oil and gas permits in Australia such as PL 171 and ATP 574P (2.50% royalty operated by Queensland Gas/BG Group/Shell), ATP 299P (3.6/4.0% royalty), ML 04/244 and ML 04/249 in the Canning Basin (1.5% GOR and 1.5% NSR operated by Metalicity Ltd), and over 2,000 wells in the USA including a 1.00% royalty operated by Atlas Operating LLC; additional interests encompass a 1% royalty over hydrogen sales including catalysts with ScimTek Hydrogen Pty Ltd, plus 100% ownership of four geothermal exploration licenses and four applications covering approximately 2,767 square kilometers in South Australia through wholly owned subsidiary Torrens Energy (SA) Pty Ltd. The company generates revenue from seven royalties in its HY24 period, with potential for further income from exploration permits subject to discoveries and development. Recent developments include ongoing management of its diverse portfolio amid a strategic focus on partnering with top-tier operators in key oil and gas basins, director shareholding increases such as AEW Holdings Pty Ltd acquiring 1,510,883 shares in November 2024 to hold 10.34%, and release of the 2024 Annual Report in September 2024 alongside quarterly activities reports highlighting sustained operations without major new acquisitions or funding rounds announced in the past year.