HIGH PEAK ROYALTIES LIMITED — Capital/Financing Update 2021

Jul 28, 2021

29 July 2021

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HPR UPDATE ON GREEN HYDROGEN PROJECT ROYALTY

Highlights:

• HPR successfully negotiates for removal of 10-year fixed term on previously announced Green Hydrogen Project Royalty;

• Confirmation that confirms that the royalty Agreement provides for a 1% royalty on both:

  • hydrogen sales; and

  • a novel catalyst for producing hydrogen via Steam Methane Reforming (“SMR”) or Steam Bio-methane Reforming (“SBMR”).

• HPR has since 5 July 2021 completed payment in finalisation of the acquisition of rights under the Agreement;

• Future regular project updates with ScimTek moving forward.

The Board of High Peak Royalties Limited (ASX: HPR ) ( Company ) is pleased to announce an update with respect to the Green Hydrogen Project Royalty as announced on 5 July 2021 where it entered into a Memorandum of Understanding for Investment and Royalty Rights (“ the Agreement ”) with ScimTek Hydrogen Pty Ltd (" ScimTek ").

Since that announcement HPR has been positively engaged with ScimTek, and has successfully negotiated with ScimTek, to remove the original 10-year limit on the 1% royalty which was announced as a key term of the original Agreement signed.

HPR is pleased to confirm that the revised final terms of the Agreement have the effect of making the royalty right a perpetual 1% royalty, and also confirms that the royalty Agreement provides for a 1% royalty on both:

• hydrogen sales; and

• a novel catalyst for producing hydrogen via Steam Methane Reforming ( “SMR” ) or Steam Bio-methane Reforming ( “SBMR” ).

ScimTek plans to investigate novel catalysts to reduce the cost of generating hydrogen, and to rapidly commercialise any superior catalyst, at the same time as progressing hydrogen generation from waste gases using existing technology and seeking technical and cost improvements.

HPR has since completed the Agreement with ScimTek and made payment.

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 0000 | www.highpeak.com.au

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Regular Updates with ScimTek

ScimTek are now providing HPR with fortnightly updates on project progress and the Company will update the market on any market sensitive developments with respect to the rights provided to the Company under the Agreement.

The latest update included discussions with universities, councils, and potential commercial partners. Potential novel catalysts will be identified and tested. Meetings with relevant government bodies have been scheduled.

For enquiries please contact:

+61 2 8296 0011

Jarrod White

Chief Financial Officer | Company Secretary

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 0000 | www.highpeak.com.au

ABOUT HIGH PEAK ROYALTIES LIMITED

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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 299PPetroleum Leases: PL29, PL38, PL39, PL52, PL57,PL95, PL169, PL170, PL293, PL294, PL295 andPL298	3.6/4.0	Santos
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) PoseidonField	0.10	Santos
EP(A)111, EP115, EP(A)120 and EP(A) 124	1.00	Central Petroleum
EP112, EP115NM and EP125	1.00	Santos
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 GulfCoast Basins)	0.20 to 0.40	Sabine Oil and Gas, PioneerNatural Resources and WagnerOil Company
United States (East Texas)	1.00	Silver Tusk and New CenturyOperating
Weeks Petroleum Royalty (Gippsland Basin) indirectinterest via 10.68% shareholding in RoyalcoResources (ASX: RCO)	0.0025	ExxonMobil
ML 04/244 and ML 04/249 Admiral Bay, CanningBasin	1.5% GOR1.5% NSR	Metalicity Ltd
Royalty over Hydrogen Sales including Catalysts	1%	ScimTek Hydrogen Pty Ltd
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 0000 | www.highpeak.com.au