The founder of Mt Hope Stock Horses, Alan Wallace, was one of the original classifiers for the breed society in North and West Queensland. These classifiers travelled to Queensland cattle stations looking at horses and branding the qualifying horses with the now renowned 'A' symbol for the breed. As Alan and Penny's family of 3 children grew up the number of horses increased, and the stud expanded into a family operation. After 30 years at Mt Hope, the property was sold in January 2001. Alan and Penny now reside at Clive near Marlborough on the Isaac River. Daughter, Sue and son in law Peter Gray, continue breeding Mt Hope Stock Horses on their Central Queensland property, "The Hut" on the Bruce Highway at Marlborough.

The foundation mares used by the Mt Hope Stud, are mainly sired by Red Rock Dolphin, who is bred back to foundation sires, namely Burton Pride, Pavonion, and Riverside Elfin (Buddy), which were typically good bush horses. The broodmares are infused with the renowned bloodlines of Abbey, Doc's Boab*, Cecil Bruce, Doc's Freckles Oak*, Toomba Snip, Stanton Stud Black Breeze. Mt Hope stands two sires, Warrenbri Valentine (Warrenbri Romeo X Bawnduggie Indet), and Mt Hope's Toomba Spin ( Red Rock Dolphin X Toomba Snip).

The aims of Mt Hope Stock Horses remain the same as what they were based on originally. To breed good types of likable horses that are easy to ride mustering and quiet to handle, and that can handle cattle in the bush or in competition under any conditions. Today a horse's role is evolving and promotes campdraft, challenges, and other competitions, in its wake.