SSH Group (ASX:SSH) mines a strategic edge with total contract mining acquisition

While many juniors talk up strategic growth, few manage to execute on deals that genuinely transform their operational capabilities.

SSH Group (ASX:SSH), however, appears to have done just that with the binding agreement to acquire 100% of Total Contract Mining (TCM) – a move that not only boosts its mining services arm but delivers an injection of seasoned talent to its executive bench.

Highlights

• SSH acquires Total Contract Mining for $60,000 in cash

• Sam Baker and Kevin Malaxos to join SSH leadership team

• Deal includes performance-linked equity and cash incentives

• Milestone profit target set at $4M before tax within 18 months

For SSH Group, the $60,000 acquisition may look modest on paper, but the real value lies in the human capital and operational depth the company gains.

With TCM executives Sam Baker and Kevin Malaxos joining SSH as Chief Operating Officer of Mining Services and Non-Executive Director respectively, the company is banking on experience over asset-heavy expansion.

Mr Malaxos brings more than three decades of hard rock know-how across gold, nickel, iron ore and base metals.

With stints at WMC, Byrnecut, and most recently as Operations Director at TCM, his leadership is expected to sharpen SSH’s project delivery capabilities.

Baker, meanwhile, adds 12 years of boots-on-ground experience and business acumen, drawn from tenures at mining giants including BHP and Westgold.

His dual qualifications in engineering and business are expected to provide strong commercial oversight for SSH’s growing mining division.

Managing Director Daniel Cowley-Cooper believes the acquisition is about more than just scale:

“The acquisition of Total Contract Mining represents a significant strategic step forward for SSH Group and its mining services vertical SSH Mining,” he said.
“This agreement reflects our confidence in the SSH Group and establishes a greater presence in Australia’s Mining and Civil Industries.”

What sets this deal apart is its performance-based structure. A total of 7 million performance rights – convertible into ordinary shares – will be issued to Baker, Malaxos, and two other consultants.

These will vest only if SSH Mining delivers $4 million in cumulative net profit before tax between July 2025 and December 2026. A $75,000 cash bonus is also on the table for Baker should the target be hit.

In an era when investor scrutiny around executive incentives is intense, SSH’s structure reflects a disciplined approach: reward for delivery, not potential.

The acquisition is expected to settle by 16 May 2025, subject to finalising consulting agreements with TCM personnel. The new appointees formally begin their roles from 1 July 2025.

While many companies trumpet strategic realignment, SSH is putting leadership skin in the game – and betting that performance will follow.

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