SSH Group (ASX:SSH) has released a quarterly update for the period ended March 31, showcasing a period of debt reduction and operational momentum within its mining and exploration divisions.
The company reported rolling 12-month customer cash receipts of $48.4 million, underpinning a solid financial foundation as it scales its operations.
A primary highlight of the report is the company’s success in de-leveraging its balance sheet. SSH managed to reduce its hire purchase equipment debt by 44% compared to the prior corresponding period.
The total reduction of $6.1 million brings the remaining debt down to $13.8 million.
SSH Mining has been appointed as the mine operator at the Gold Duke Project, while drilling at the Wagtail deposit has yielded exceptional results.
The company confirmed "bonanza" gold grades reaching up to 220.8 g/t Au, suggesting high-grade continuity across the site.
With a ~3,300m drilling programme now complete, scoping studies are currently underway to fast-track the Wagtail deposit towards production.
Further strengthening its strategic position, SSH has appointed John Zhang as a non-executive director to enhance alignment with Xinhai.
At the time of reporting, SSH Group’s share price was $0.18.