HIGH PEAK ROYALTIES LIMITED For personal use only
31 January 2022
DECEMBER 2021 QUARTERLY REPORT
CORPORATE UPDATE
2021 AGM and Subsequent Board Composition
Messrs Geoffrey King (the Interim Chairman) and Andrew Carroll (Non-Executive Director) did not stand for re-election at the 2021 AGM and had resigned at the commencement of the Annual General Meeting.
Following the conclusion of the 2021 Annual General Meeting, Mr David Croll was appointed as interim Chairman, and Mr James Knowles and Mr Anthony Wooles were re-elected as Directors of the Company.
Capital Raising and Activities Post End of Quarter
In October, the Company announced the successful completion of a placement of $800,000 (prior to the costs of the raising) at $0.04 being 20,000,000 shares.
Of those shares 2,750,000 were subscribed for by Directors following the successful shareholder approval of the Directors' participation of the placement in the 2021 AGM. Directors' participation totalled $110,000 of the total of $800,000
Messrs Wooles, Croll and Knowles participated in the placement.
ACTIVITY AND PORTFOLIO REVIEW
High Peak Royalties is pleased to announce the December Quarter Statement of Activity and Cash Flows. HPR has a portfolio of royalties in Australia and USA as detailed on the final page of the Activities Report.
Quarterly cash receipts were $160,000 which was consistent with the prior quarter. Cash at the end of the quarter was $734,000. During the quarter, $63,000 was paid to directors of the Company in director fees, as noted in Item 6.1 of the 5B.
REVIEW OF PORTFOLIO ASSETS
USA
USA cash receipts increased marginally with $154,806 recorded for the December quarter compared to the September quarter of $149,298. There was interest paid in the period for the Macquarie Bank Financing Facility costs of $37,000 in addition to the payment of US$250,000 (AU$342,000) in principle against the facility as per the terms of its repayment schedule
At 31 December 2021 the total owing on the facility was US$1,250,000 (AU$1,722,000).
High Peak Royalties Limited (ASX: HPR) - ABN 79 118 065 704 Suite 305 Level 3, 35 Lime Street, Sydney NSW 2000 +61 (0)2 8296 0011 | www.highpeak.com.au
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Australia
HPR received payment from Origin and has been reviewing the calculation of royalties with data provided by Origin. HPR notes there is a lag in royalty payments relative to the sale of gas by Origin. Recent significant increase in commodity prices should flow to future royalty payments.
HPR continues to monitor the other permits where HPR has royalties, including those operated by Shell (formerly BG, QGC) where drilling has identified significant coal-seam methane resources. The areas adjacent to the HPR royalty areas have been developed and are producing.
Noted that as announced in the Santos (ASX.STO) September quarterly activities report, that during the quarter "Santos has executed a binding term sheet to farm- down interests in various exploration permits (EP 82, EP 105, EP 112, EP 125, EP(A) 111 and EP(A) 124)1 within the Amadeus Basin to Peak Helium (Amadeus Basin) Pty Ltd. In exchange for a confidential consideration, Peak Helium would acquire certain non-operatedinterests in the permits. The transaction would provide funding for progressing the exploration program in the Amadeus Basin, including re- drilling of the Dukas prospect to test the sub-saltplay. The transaction is subject to customary conditions and regulatory approvals."
High Peak continues to monitor its royalty portfolio and activity as announced that is relevant to the underlying permits.
RECENT ANNOUNCEMENTS
Summary of announcements during the period to release of this report:
Date | Announcement |
05/10/2021 | Application for quotation of securities - HPR |
05/10/2021 | Cleansing Statement and Settlement of Recent Capital Raising |
13/10/2021 | Change in substantial holding |
29/10/2021 | HPR September Quarterly Activities Report and Appendix 5 |
29/10/2021 | Notice of Annual General Meeting/Proxy Form |
11/11/2021 | Appendix 3Y |
30/11/2021 | Results of Meeting |
02/12/2021 | Board Composition and Appendix 3Z x2 |
03/12/2021 | Adoption of New Constitution |
30/12/2021 | Application for quotation of securities - HPR |
30/12/2021 | Cleansing Notice |
30/12/2021 | Appendix 3Y x3 |
High Peak Royalties Limited (ASX: HPR) - ABN 79 118 065 704 Suite 305 Level 3, 35 Lime Street, Sydney NSW 2000 +61 (0)2 8296 0011 | www.highpeak.com.au
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his announcement has been approved by the Board of Directors.
For enquiries please contact:
+61 2 8296 0000 Jarrod White
CHIEF FINANCIAL OFFICER | Company Secretary
ABOUT HIGH PEAK ROYALTIES LIMITED
High Peak Royalties Ltd (ASX: HPR) is building a portfolio of diversified high value resource royalties around the world. In the current climate, High Peak is looking to partner with capable operators to secure royalties over high value producing assets and leverage our capital and structuring expertise.
The company's portfolio includes:
Permit / Location | Royalty Interest (%) | Operated By |
PL 171 and ATP 574P | 2.50 | Queensland Gas/BG Group/ |
Shell | ||
ATP 299P | ||
Petroleum Leases: PL29, PL38, PL39, PL52, PL57, | 3.6/4.0 | Santos |
PL95, PL169, PL170, PL293, PL294, PL295 and | ||
PL298 | ||
Peat Gas Field (PL101) | 2.13 | Origin Energy |
Surprise Oil Field (PL6) | 1.00 | Central Petroleum |
Longtom Gas Field (VIC/L29) | 0.30 | Seven Group Holdings |
WA-90-R /WA-91-R (formerly WA-315-P) Poseidon | 0.10 | Santos |
Field | ||
EP(A)111, EP(A)120 and EP(A) 124 | 1.00 | Central Petroleum |
EP112, EP115NM and EP125 | 1.00 | Santos |
EP115 | 1.00 | Frontier Oil and Gas |
WA-482-P | 0.20 | Santos |
EP(A)155 | 2.00 | Mosman Oil and Gas |
Planet Gas USA Inc. Royalties | 3.00 | Empire Energy |
United States (East Texas, Permian and Texas Gulf | Sabine Oil and Gas, Pioneer | |
0.20 to 0.40 | Natural Resources and Wagner | |
Coast Basins) | ||
Oil Company | ||
United States (East Texas) | 1.00 | Silver Tusk and New Century |
Operating | ||
Royalty over hydrogen sales including catalysts | 1.00 | Scimtek Hydrogen Pty Ltdl |
ML 04/244 and ML 04/249 Admiral Bay, Canning | 1.5% GOR | Metalicity Ltd |
Basin | 1.5% NSR | |
Licence/Location | Ownership % | Approximate Area in km2 |
GEL 571 South Australia | 100 | 1,845.23 |
GEL 572 South Australia | 100 | 1,764.20 |
GEL 573 South Australia | 100 | 1,180.49 |
GEL 574 South Australia | 100 | 1,139.26 |
High Peak Royalties Limited (ASX: HPR) - ABN 79 118 065 704 Suite 305 Level 3, 35 Lime Street, Sydney NSW 2000 +61 (0)2 8296 0011 | www.highpeak.com.au
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Rule 5.5
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
High Peak Royalties Limited | |
ABN | Quarter ended ("current quarter") |
79 118 065 704 | 31 December 2021 |
Consolidated statement of cash flows | Current quarter | Year to date | ||
$A'000 | (6 months) | |||
$A'000 | ||||
1. | Cash flows from operating activities | |||
1.1 | Receipts from customers | 160 | 320 | |
1.2 | Payments for | |||
(a) | exploration & evaluation | 8 | - | |
(b) | development | - | - | |
(c) | production | - | - | |
(d) | staff costs | (60) | (111) | |
(e) | administration and corporate costs | (161) | (178) | |
1.3 | Dividends received (see note 3) | - | - | |
1.4 | Interest received | - | - | |
1.5 | Interest and other costs of finance paid | (37) | (66) | |
1.6 | Income taxes paid | - | - | |
1.7 | Government grants and tax incentives | - | - | |
1.8 | Other (provide details if material) | - | - | |
1.9 | Net cash from / (used in) operating | (90) | (35) | |
activities | ||||
2. | Cash flows from investing activities | |||
2.1 | Payments to acquire or for: | |||
(a) | entities | - | - | |
(b) | tenements | - | - | |
(c) | property, plant and equipment | - | - | |
(d) | exploration & evaluation | - | - | |
(e) | investments (royalties acquired) | - | (400) | |
(f) | other non-current assets | - | - |
ASX Listing Rules Appendix 5B (17/07/20) | Page 4 |
+ See chapter 19 of the ASX Listing Rules for defined terms. |
For personal use only
Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Consolidated statement of cash flows | Current quarter | Year to date | |||
$A'000 | (6 months) | ||||
$A'000 | |||||
2.2 | Proceeds from the disposal of: | ||||
(a) | entities | - | - | ||
(b) | tenements | - | - | ||
(c) property, plant and equipment | - | - | |||
(d) | investments | - | - | ||
(e) | other non-current assets | - | - | ||
2.3 | Cash flows from loans to other entities | - | - | ||
2.4 | Dividends received (see note 3) | - | - | ||
2.5 | Other (provide details if material) | - | - | ||
2.6 | Net cash from / (used in) investing | - | (400) | ||
activities |
3. Cash flows from financing activities
3.1 Proceeds from issues of equity securities
(excluding convertible debt securities) | 800 | 800 | |
3.2 | Proceeds from issue of convertible debt | - | - |
securities | |||
3.3 | Proceeds from exercise of options | - | - |
3.4 | Transaction costs related to issues of equity | (58) | (58) |
securities or convertible debt securities | |||
3.5 | Proceeds from borrowings | - | - |
3.6 | Repayment of borrowings | (342) | (342) |
3.7 | Transaction costs related to loans and | - | - |
borrowings | |||
3.8 | Dividends paid | - | - |
3.9 | Other (provide details if material) | - | - |
3.10 | Net cash from / (used in) financing | 400 | 400 |
activities |
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 | Cash and cash equivalents at beginning of | 425 | 762 |
period | |||
4.2 | Net cash from / (used in) operating | (90) | (35) |
activities (item 1.9 above) | |||
4.3 | Net cash from / (used in) investing activities | - | (400) |
(item 2.6 above) | |||
4.4 | Net cash from / (used in) financing activities | 400 | 400 |
(item 3.10 above) |
ASX Listing Rules Appendix 5B (17/07/20) | Page 5 |
+ See chapter 19 of the ASX Listing Rules for defined terms. |
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High Peak Royalties Limited published this content on 31 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 January 2022 07:38:04 UTC.
