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SSH GROUP LTD — Interim / Quarterly Report 2026
Oct 29, 2025
65863_rns_2025-10-29_27b832ad-9d34-43f9-b146-01752d221f25.pdf
Interim / Quarterly Report
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Quarterly Activities Report and Appendix 4C
Quarterly Activities Report and Appendix 4C 30/10/2025
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SSH Group Ltd ACN 140 110 130
Quarterly Activities Report and Appendix 4C
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Rolling 12mths Operating
Cash Balance
Customer Cash Receipts Cash Flow
$43.2m Positive $4.1m
12 months to 30 Sept 2025. For 10 consecutive qtrs. As of 30 Sept 2025.
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HIGHLIGHTS
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$2.53 million strategic placement from Hong Kong Xinhai Mining Services Limited and its Australian arm Australia Xinhai Mining Services Pty Ltd (“Xinhai”) subsequent to the end of the quarter.
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$2.75 million placement completed in August 2025 with institutional and sophisticated investors, including a senior mining and civil sector executive as a cornerstone investor, and SSHO options successfully quoted on the ASX.
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Revenue growth of 17% compared to the prior corresponding period (“PCP”), reflecting strong performance across SSH Mining and KMH divisions.
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Mt Fisher Gold Project: Site works commenced on historic stockpiles and tailings with drilling and metallurgical test work underway.
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Wagtail Gold Deposit: Profit Share Mining Agreement executed with High-Tech Metals (ASX: HTM), granting SSH a 25% share of net project profits.
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Operational expansion: SSH Mining actively tendering for multiple surface and underground projects across WA.
SSH Group Ltd (ASX:SSH) ( Company , SSH or Group ) is pleased to release its September 2025 Quarterly Activities Report and Appendix 4C. Financial results released within this document are from unaudited management accounts.
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Quarterly Activities Report and Appendix 4C 30/10/2025
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OPERATIONAL HIGHLIGHTS
SSH Mining continued to advance its operational activities throughout the quarter, solidifying its position as an emerging mining services contractor with direct exposure to gold production.
A key milestone was achieved with the commencement of site preparation works at the Mt Fisher Gold Project for High-Tech Metals Ltd (ASX: HTM). SSH mobilised its in-house operations team to conduct dozer works across historic stockpiles and tailings, supporting an integrated drilling and metallurgical test work program designed to validate historical recoveries and confirm processing pathways for rehandled material.
Following this, SSH executed a Profit Share Mining Agreement with HTM for the Wagtail Deposit, under which SSH funds pre-feasibility and drilling works through to Final Investment Decision. If mining proceeds, SSH will deliver all mining services under a cost-plus 10% contract and receive 25% of net project profits (refer ASX announcement on 1 September 2025).
FINANCIAL HIGHLIGHTS
SSH delivered continued financial growth and discipline throughout the quarter.
The Group recorded unaudited revenue growth of 17% compared to the PCP, reflecting the sustained momentum of its vertically integrated operations.
On 7 August 2025, SSH successfully completed a $2.75 million equity placement, first announced in June 2025, and finalised the quotation of SSHO options on the ASX. The raise was well supported by institutional and sophisticated investors, providing additional capital to accelerate growth across SSH’s operating divisions, support project mobilisation and execution, pursue strategic opportunities and strengthen working capital.
SSH continues to maintain positive underlying operating cash flow, underpinned by stable performance across its Mining, Equipment and Workforce divisions.
Net cash inflows from financing activities reflected the proceeds of the placement, offset by ongoing investment into project development and equipment deployment.
The Group remains focused on disciplined capital management, maintaining a robust balance sheet while positioning for strategic growth opportunities across FY26.
SUBSEQUENT EVENTS
Subsequent to the end of the quarter, on 22 October 2025, SSH announced a $2.53 million strategic placement secured through a firm commitment from Xinhai at $0.15 per share. Upon completion, the placement will result in Xinhai holding approximately a 15.5% equity interest in SSH and Xinhai nominating Mr Zhang Zhongyi to the SSH Board. In addition, SSH will issue free-attaching options to Xinhai (and/or its nominee) on a 1:2 basis, subject to shareholder approval.
This partnership aligns SSH’s “Hire | Mine | Own” model with Xinhai’s global EPC + M + O (Engineering, Procurement, Construction, Management and Operation) framework.
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Quarterly Activities Report and Appendix 4C 30/10/2025
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The alliance significantly enhances SSH’s technical depth and access to international mining and processing expertise, marking a transformational milestone as the Company strengthens its balance sheet and deploys growth capital to accelerate operations across its SSH Mining and KMH divisions, advance project opportunities and expand its capacity to deliver large-scale, vertically integrated resource projects across Australia.
CORPORATE
SSH has submitted multiple tenders for surface and underground mining contracts across Western Australia, with advanced discussions underway. The Company is also evaluating additional joint venture and profit-share opportunities to secure near-term production exposure. These initiatives reinforce SSH Mining’s evolution into a fully integrated mining services provider, aligned with SSH Group’s “Hire, Mine, Own” strategy.
The Company continues to build on its core mining and technical services while expanding its exposure to gold and base metal projects, reflecting its ongoing growth towards a diversified metals and mining group.
On 25 August 2025, Mr Bruce Lane resigned as Non-Executive Chairman after four years of service that included SSH’s successful ASX listing in 2021. The Board expressed its appreciation for his leadership and contribution to the Company’s growth and governance framework.
Ms Anna Lane concluded her two-year tenure as Interim Chief Financial Officer on 10 September 2025, following a period of strong financial leadership and corporate improvement. Under her direction, SSH achieved nine consecutive quarters of positive operating cash flow and delivered a strengthened balance sheet. Her responsibilities have since been assumed by the Managing Director and Group Financial Controller, ensuring continued financial oversight and strategic alignment.
The Company also relocated its principal place of business to its new head office at 4/175 Campbell Street, Belmont WA, reflecting SSH’s growth and operational expansion.
LOOKING AHEAD
SSH enters the December quarter with solid operational traction, a strengthened balance sheet and a robust pipeline of project opportunities.
Key priorities for Q2 FY26 include the continued advancement of the Mt Fisher and Wagtail projects toward production readiness, execution of additional Mining Services and Profit-Share Agreements, and the progression of major mining tenders currently under evaluation.
Strategically, SSH remains focused on disciplined growth across its Hire | Mine | Own pillars, capturing value through vertical integration and sustainable expansion in Western Australia’s mining sector.
ADDITIONAL INFORMATION
SSH Group provides the following additional information relating to expenditure during the quarter and since listing:
- ASX Listing Rule 4.7C.3: Expenditure incurred to related parties of the SSH and their associates during the quarter was $96,131.00.
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ASX: SSH
Quarterly Activities Report and Appendix 4C 30/10/2025
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ASX ANNOUNCEMENTS
This Quarterly Activities Report contains information reported in the following announcements released during the period and subsequent to the period:
| Date | ASX Release Title |
|---|---|
| 27th October 2025 | Notice of Annual General Meeting/ProxyForm |
| 27th October 2025 | Investor Webinar |
| 22nd October 2025 | Non-Deal Roadshow Presentation |
| 22nd October 2025 | Proposed issue of securities - SSH |
| 22nd October 2025 | Xinhai MiningServices $2.53m Strategic Placement |
| 21st October 2025 | TradingHalt |
| 13th October 2025 | Operational MiningHighlights with 17% Revenue Growth |
| 1st October 2025 | AGM Date and Director Nominations |
| 26th September 2025 | Change of Address of Principal Place of Business |
| 10th September 2025 | Interim Chief Financial Officer Completes Term |
| 10th September 2025 | Change of Director's Interest Notice x 2 |
| 10th September 2025 | Notification of cessation of securities - SSH |
| 9th September 2025 | Site Works Commence - Stockpiles & Tailings Mt Fisher Gold |
| 1st September 2025 | Profit Share MiningAgreement - Wagtail Gold Deposit |
| 1st September 2025 | HTM: HTM Secures Pathwayto Wagtail Gold Production |
| 28th August 2025 | Results Presentation 2025 |
| 28th August 2025 | Annual Report 2025 |
| 28th August 2025 | Corporate Governance Statement |
| 28th August 2025 | Appendix 4E |
| 28th August 2025 | Appendix 4G |
| 25th August 2025 | Final Director's Interest Notice |
| 25th August 2025 | Director Resignation |
| 19th August 2025 | HTM and SSH Sign MoU for 124koz Mt Fisher Gold Project |
| 11th August 2025 | Change in substantial holding |
| 7th August 2025 | Completion of Placement andQuotation of Options |
| 6th August 2025 | Notification regardingunquoted securities - SSH |
| 6th August 2025 | Change in substantial holding |
| 6th August 2025 | Change of Director's Interest Notice x 3 |
| 6th August 2025 | CleansingNotice |
| 6th August 2025 | Listingof Options - Top20 Holder and Distribution Reports |
| 6th August 2025 | Application forquotation of securities - SSH |
| 6th August 2025 | Application forquotation of securities - SSH |
| 31stJuly2025 | Results of Meeting |
| 30thJuly2025 | Update - Proposed issue of securities - SSH |
| 30thJuly2025 | QuarterlyActivities Report & Appendix 4C Cash Flow Report |
| 15thJuly2025 | Becominga substantial holder |
| 15thJuly2025 | HTM: HTM Receives MiningApproval for Mt Fisher Stockpiles |
AUTHORISATION
This release has been authorised in accordance with the Company’s published continuous disclosure policy and approved for release by the Board of SSH Group Ltd.
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Quarterly Activities Report and Appendix 4C 30/10/2025
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ABOUT SSH GROUP
SSH Group Ltd operates across the Mining, Civil and Construction sectors. Its model, Hire, Mine and Own, underpins its strategy as a vertically integrated, diversified metals and mining company.
FORWARD LOOKING STATEMENTS
This announcement may contain forward looking statements which involve risks, uncertainties, and unaudited metrics. Forward-looking statements are expressed in good faith and are believed to have a reasonable basis. These statements reflect current expectations, intentions or strategies regarding the future and assumptions based on currently available information. Should one or more risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this announcement.
The forward- looking statements are made as at the date of this announcement and the Company disclaims any intent or obligation to update publicly such forward looking statements, whether as the result of new information, future events, or results, or otherwise.
FURTHER DETAILS
Investor Enquiries Company Secretary [email protected] [email protected] +61 428 893 215 PO Box 189 WELSHPOOL DC 6986
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Quarterly Activities Report and Appendix 4C 30/10/2025
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Appendix 4C
QUARTERLY CASH FLOW REPORT FOR ENTITIES
Subject to Listing Rule 4.7B
Name of entity SSH Group Limited ABN Quarter ended (“current quarter”) 79 140 110 130 30 September 2025
| Consolidated statement of cash flows | Current quarter $A’000 |
Year to date (3 months) $A’000 |
|---|---|---|
| 1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for product manufacturing and operating costs advertising and marketing leased assets staff costs administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.9 Net cash from / (used in) operating activities |
13,078 (8,988) (17) (115) (1,184) (492) - - (512) - - |
13,078 (8,988) (17) (115) (1,184) (492) - - (512) - - |
| 1,770 | 1,770 |
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Quarterly Activities Report and Appendix 4C 30/10/2025
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| Consolidated statement of cash flows | Current quarter $A’000 |
Year to date (3 months) $A’000 |
|---|---|---|
| 2. Cash flows from investing activities 2.1 Payments to acquire or for: entities businesses property, plant, and equipment investments intellectual property other non-current assets 2.2 Proceeds from disposal of: entities businesses property, plant, and equipment investments intellectual property 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 activities |
- - (120) - - - - - 203 - - - - - - |
- - (120) - - - - - 203 - - - - - - |
| 83 | 83 |
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Quarterly Activities Report and Appendix 4C 30/10/2025
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| Consolidated statement of cash flows | Current quarter $A’000 |
Year to date (3 months) $A’000 |
|---|---|---|
| 3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 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 securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 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 activities |
491 0 0 0 605 (2,834) - - - |
491 0 0 0 605 (2,834) - - - |
| (1,738) | (1,738) |
| Consolidated statement of cash flows | Current quarter $A’000 |
Year to date (3 months) $A’000 |
|---|---|---|
| 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period |
3,955 1,770 83 (1,738) - |
3,955 1,770 83 (1,738) - |
| 4,070 | 4,070 |
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ASX: SSH
Quarterly Activities Report and Appendix 4C 30/10/2025
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| Consolidated statement of cash flows | Current quarter $A’000 |
Year to date (3 months) $A’000 |
|---|---|---|
| 5. Reconciliation of cash and cash equivalents at the end of the quarter to the related items in the accounts (as shown in the consolidated statement of cash flows) 5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) |
4,070 - - - |
4,070 - - - |
| 4,070 | 4,070 | |
| Consolidated statement of cash flows | Current quarter $A’000 |
|
| 6. Payments to related parties of the entity and their associates 6.1 Aggregate amount of payments to related parties and their associates included in item 11 6.2 Aggregate amount of payments to related parties and their associates included in item 2 |
96 - |
|
| Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. |
||
| 1These amounts comprise of fees paid to associated entities of the Directors of the Company during the quarter. |
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ASX: SSH
Quarterly Activities Report and Appendix 4C 30/10/2025
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| Consolidated statement of cash flows | Consolidated statement of cash flows | Consolidated statement of cash flows | Total Facility at Quarter End $A’000 Amount Drawn at Quarter End $A’000 |
Total Facility at Quarter End $A’000 Amount Drawn at Quarter End $A’000 |
Total Facility at Quarter End $A’000 Amount Drawn at Quarter End $A’000 |
Total Facility at Quarter End $A’000 Amount Drawn at Quarter End $A’000 |
|
|---|---|---|---|---|---|---|---|
| 7. 7.1 7.2 7.3 7.4 7.5 |
Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Loan and asset finance facilities Credit standby arrangements Debtor Funding Facility Total financing facilities Unused financing facilities available at quarter end |
20,647 - 9,000 |
17,889 - 4,318 |
||||
| 29,647 | 22,207 | ||||||
| 7,440 | |||||||
| 7.6 | Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. Financier Loan Balance Security Interest rates ScotPac Debtor Funding $4,317,651 GSA 30-day BBSY +4% NAB Equipment Finance $2,748,869 GSA, PPSR 6.608-8.7% De Lage Landen Equipment Finance $931,321 PPSR Fixed: Various Caterpillar Financial Services Equipment Finance $1,949,547 PPSR Fixed: 5.80% to 7.75% Toyota Financial Services Equipment Finance $5,880,584 PPSR Fixed: 3.83% - 7.17% Nissan Financial Services Equipment Finance $956,639 PPSR Fixed: 3.39% to 7.49% Daimler Financial Services Equipment Finance $4,626,196 PPSR Fixed: 6.17% - 7.79% Banjo Business loan $455,569 GSA Fixed fee: $5,499 pm Various Insurance Premium Funding $340,721 Nil Simple: 3.9% |
||||||
| Financier | Loan | Balance | Security | Interest rates | |||
| ScotPac | Debtor Funding | $4,317,651 | GSA | 30-day BBSY +4% | |||
| NAB | Equipment Finance | $2,748,869 | GSA, PPSR | 6.608-8.7% | |||
| De Lage Landen | Equipment Finance | $931,321 | PPSR | Fixed: Various | |||
| Caterpillar Financial Services |
Equipment Finance | $1,949,547 | PPSR | Fixed: 5.80% to 7.75% |
|||
| Toyota Financial Services |
Equipment Finance | $5,880,584 | PPSR | Fixed: 3.83% - 7.17% |
|||
| Nissan Financial Services |
Equipment Finance | $956,639 | PPSR | Fixed: 3.39% to 7.49% |
|||
| Daimler Financial Services |
Equipment Finance | $4,626,196 | PPSR | Fixed: 6.17% - 7.79% |
|||
| Banjo | Business loan | $455,569 | GSA | Fixed fee: $5,499 pm | |||
| Various | Insurance Premium Funding |
$340,721 | Nil | Simple: 3.9% | |||
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ASX: SSH
Quarterly Activities Report and Appendix 4C 30/10/2025
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| 8. | Estimated cash available for future operating activities | |
|---|---|---|
| 8.1 | Net cash from / (used in) operating activities(item 1.9) | 1,770 |
| 8.2 | Cash and cash equivalents at quarter end(item 4.6) | 4,070 |
| 8.3 | Unused finance facilities available at quarter end(item 7.5) | 7,440 |
| 8.4 | Total available funding(item 8.2 + item 8.3) | 11,510 |
| 8.5 | Estimated quarters of funding available (item 8.4 divided by item 8.1) |
N/A Cashflow positive |
| Note: if the entity has reported positive net operating cash flows in item 1.9, answer item 8.5 as “N/A”. | ||
| Otherwise, a figure for the estimated quarters of funding available must be included in item 8.5. | ||
| 8.6 | If item 8.5 is less than 2 quarters, please provide answers to the following questions: | |
| 8.6.1 Does the entity expect that it will continue to have the current level of net operating cash flows |
||
| for the time being and, if not, why not? | ||
| Answer N/A |
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| 8.6.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund |
||
| its operations and, if so, what are those steps and how likely does it believe that they will be successful? | ||
| Answer: N/A |
||
| 8.6.3 Does the entity expect to be able to continue its operations and to meet its business objectives |
||
| and, if so, on what basis? | ||
| Answer: N/A |
||
| Note: where item 8.5 is less than 2 quarters, all of questions 8.6.1, 8.6.2 and 8.6.3 above must be | ||
| answered. |
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Quarterly Activities Report and Appendix 4C 30/10/2025
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COMPLIANCE STATEMENT
This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
This statement gives a true and fair view of the matters disclosed.
Date: 30 October 2025 Authorised by: The SSH Group Ltd Board of Directors
NOTES
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This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.
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If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standard applies to this report.
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Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.
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If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – e.g., Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.
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If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.
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