ARB Corporation Limited Annual Report 2024

FY2024 Annual Report · ARB Corporation Limited

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ARGO BLOCKCHAIN PLC
Company Registration No. 11097258 (England and Wales)

ARGO BLOCKCHAIN PLC
ANNUAL REPORT AND FINANCIAL
STATEMENTS FOR THE YEAR ENDED 31
DECEMBER 2024

ARGO BLOCKCHAIN PLC

COMPANY INFORMATION

Directors
J Nolan
M Shaw
R Chopra
M Perrella
T Chippas (resigned 1 February 2025)
Company secretary
MSP Corporate Services Limited
Company number
11097258
Registered office
Argo Blockchain PLC
Eastcastle House
27/28 Eastcastle Street
London
W1W 8DH
United Kingdom
Auditor
PKF Littlejohn LLP
15 Westferry Circus
Canary Wharf
London
E14 4HD
United Kingdom
Broker
Tennyson Securities
65 Petty France
London, United Kingdom
SW1 9EU
Bankers
Bank of Montreal
129 St-Jacques
Montreal
Quebec
H2Y 1L6
Canada
Registrar
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol
BS13 8AE
United Kingdom
Solicitors
Fladgate LLP
16 Great Queen Street
London
WC2B 5DG
United Kingdom

ARGO BLOCKCHAIN PLC

CONTENTS

COMPANY INFORMATION ...............................................................................................................................2
CONTENTS .......................................................................................................................................................3
CHAIRMAN’S STATEMENT ..............................................................................................................................5
BOARD OF DIRECTORS ..................................................................................................................................7
STRATEGIC REPORT ......................................................................................................................................8
DIRECTORS’ REPORT ................................................................................................................................... 14
DIRECTORS’ REMUNERATION REPORT ...................................................................................................... 18
NOMINATION COMMITTEE REPORT ............................................................................................................. 23
AUDIT COMMITTEE REPORT ........................................................................................................................ 26
TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURE (TCFD) REPORT .................................... 31
DIRECTORS’ RESPONSIBILITIES STATEMENT ............................................................................................ 42
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ARGO BLOCKCHAIN PLC ............................ 43
GROUP STATEMENT OF COMPREHENSIVE INCOME .................................................................................. 48
GROUP STATEMENT OF FINANCIAL POSITION ........................................................................................... 49
GROUP STATEMENT OF CHANGES IN EQUITY ........................................................................................... 55
GROUP STATEMENT OF CASHFLOWS ......................................................................................................... 53
NOTES TO THE FINANCIAL STATEMENTS ................................................................................................... 55
1.
COMPANY INFORMATION.............................................................................................................. 55
2.
BASIS OF PREPARATION............................................................................................................... 55
3.
ACCOUNTING POLICIES ................................................................................................................ 56
4.
FINANCIAL RISK FACTORS ............................................................................................................ 63
5.
ADOPTION OF NEW AND REVISED STANDARDS AND INTERPRETATIONS................................. 64
6.
KEY JUDGEMENTS AND ESTIMATES ............................................................................................ 65
7.
REVENUES ..................................................................................................................................... 66
8.
EXPENSES BY NATURE ................................................................................................................. 66
9.
AUDITOR’S REMUNERATION ......................................................................................................... 66
10.
EMPLOYEES .................................................................................................................................. 66
11.
DIRECTOR’S REMUNERATION ...................................................................................................... 67
12.
EARNINGS PER SHARE ................................................................................................................. 67
13.
TAXATION ...................................................................................................................................... 67
14.
ASSETS AND LIABLITIES HELD FOR SALE ................................................................................... 68
15.
INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS ...................................................... 69
16.
INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD ................................................ 70
17.
INTANGIBLE ASSETS NON CURRENT ........................................................................................... 71
18.
TANGIBLE FIXED ASSETS ............................................................................................................. 72
19.
TRADE AND OTHER RECEIVABLES............................................................................................... 74
20.
INTANGIBLE ASSETS CURRENT .................................................................................................. 74
21.
SHARE OPTIONS, RESTRICED STOCK UNITS AND WARRANTS ................................................. 75
22.
ORDINARY SHARES ....................................................................................................................... 78

ARGO BLOCKCHAIN PLC

23.
RESERVES ..................................................................................................................................... 78
24.
TRADE AND OTHER PAYABLES .................................................................................................... 79
25.
LOANS AND BORROWINGS ........................................................................................................... 79
26.
FINANCIAL INSTRUMENTS ............................................................................................................ 80
27. COMMITMENTS AND CONTINGENCIES………………………………………………………………….88
28.
RELATED PARTY TRANSACTIONS ................................................................................................ 82
29.
CONTROLLING PARTY ................................................................................................................... 82
30.
POST BALANCE SHEET EVENTS ................................................................................................... 82
COMPANY STATEMENT OF FINANCIAL POSITION ...................................................................................... 83
COMPANY STATEMENT OF CHANGES IN EQUITY ...................................................................................... 85
COMPANY STATEMENT OF CASH FLOWS ................................................................................................... 87
NOTES TO THE FINANCIAL STATEMENTS ................................................................................................... 88
1.
TRADE AND OTHER RECEIVABLES / INTERCOMPANY ................................................................ 88
2.
TRADE AND OTHER PAYABLES .................................................................................................... 89
3.
FINANCIAL INSTRUMENTS ............................................................................................................ 89
4.
INVESTMENT IN SUBSIDIARIES AND LOSS ON SALE OF SUBSIDIARY ....................................... 91
5.
KEY JUDGEMENTS AND ESTIMATES ............................................................................................ 92
6.
EMPLOYEES .................................................................................................................................. 92

ARGO BLOCKCHAIN PLC

CHAIRMAN’S STATEMENT
For the past 24 months, the Company has focused on three key pillars: financial discipline, operational excellence, and
strategic partnerships for growth. We have made significant progress on financial discipline and operational excellence;
strategic partnerships will be key for 2025 as Argo aims to strengthen its balance sheet and grow its hashrate.
Financial Discipline
The focus for Argo has been to reduce the high-interest rate debt owing to Galaxy. The $35 million debt owed to Galaxy
began amortising at $1.1 million per month in May 2023. As noted in my 28 August 2024 update to shareholders, I am
pleased to report that Argo has repaid the full amount of this loan to Galaxy as announced by the Company on August
12th. This Galaxy debt was repaid four months ahead of the revised schedule, and nearly 18 months ahead of the original
repayment schedule. The early repayment reflects the Company's focus on strengthening its balance sheet, reducing its
financial liabilities, and focusing on operational excellence. Repayment was made possible by using cash flow
generated from operations, cash generated from equity raises and cash generated through the sale of non-core assets
without any meaningful impact to Argo’s hash rate. Repaying the Galaxy loan was a significant milestone for Argo.
With the unsecured bonds maturing in November 2026, Argo will turn its attention to either refinancing, restructuring
or buying back these bonds.
Revenue in 2024 was $47 million, compared to $50.6 million in 2023. Non-mining operating expenses were $13 million,
a decrease from $19 million in 2023. Adjusted EBITDA was $5.6 million, compared to $7.7 million in 2023. Loss
attributable to shareholders totalled $44.3 million. Our cash balance at December 31, 2024 was $8.6 million.
Operational Excellence
2024 saw the end of Argo’s relationship with the Helios facility. After constructing and energizing the facility in 2021
and 2022, selling the facility to Galaxy in late 2022 with a two year hosting agreement, Argo has now exited the facility.
We are pleased with the new hosting arrangements we have announced with Merkle, in both Tennessee and Washington
State during the early part of 2025. And we have utilized additional capacity at our owned site in Baie Comeau, Quebec.
We took the opportunity to improve our liquidity by selling some of the refurbished machines subsequent to year end.
Highlights in 2024 included the sale of the Mirabel facility which was completed with no meaningful loss to Argo’s
hash rate. The significant reduction in operating expenses in the first half of 2024 compared to 2022 and 2023, and the
strong mining margin percentage despite the Bitcoin halving are indications of Argo’s strong performance.
The Mirabel sale enabled the Company to de-lever the balance sheet with minimal impact to the Company's hash rate.
Following the sale, Argo relocated the majority of the mining machines at Mirabel to its Baie Comeau facility and sold
certain prior generation machines representing approximately 140 PH/s. The sale allowed the Company to streamline
its operations by locating all self-mining machines at its Baie Comeau facility. Additionally, the sale of Mirabel reduces
the Company's non-mining operating expenses by $0.7 million annually.
Argo has taken aggressive action on its cost structure and non-mining operating expenses. As compared to the second
half of fiscal 2022, the Company has reduced its operating expenses by over 70%. The Company will continue to reduce
headcount to decrease costs in the first half of 2025.
Despite the Bitcoin halving and the lower hash price realised since then, the Company maintained strong mining margins
and its mining margin percentage has remained consistent with 2023. The first quarter of 2025 was a transition quarter
for Argo as the Helios machines were refurbished and sent to new locations. We expect that as of 31 May 2025 we will
have all of the Helios units either re-hosted or sold.
Growth and strategic partnerships

ARGO BLOCKCHAIN PLC

The strengthened balance sheet and repayment of the Galaxy debt gives Argo more flexibility to pursue strategic
opportunities moving forward. Public announcements have been made informing the market of non-binding financing
arrangements and we will continue to update the market on our progress. The Company continues to explore
opportunities where mining can be paired with stranded or wasted energy. There is tremendous potential for energy
generators to utilise mining as a balancing and optimization tool, particularly in the energy transition where limitations
currently exist in the ability to store renewable energy.
For 2025, the Company will continue to focus on its three pillars – financial discipline, operational excellence and
growth and strategic partnerships. We are excited to have Justin Nolan join Argo as CEO effective March 22, 2025. On
behalf of the Board, I would like to thank Tom for his leadership during his tenure as CEO, our management team for
their resilience and focus, and to all of our shareholders and stakeholders. We remain committed to optimising our
capital structure and driving long-term value for our shareholders.

Matthew Shaw

Chairman of the Board
8 May 2025

ARGO BLOCKCHAIN PLC

BOARD OF DIRECTORS
Matthew Shaw (Chairman of the Board)
Matthew Shaw has served on our board of directors since July 2019, and he became Chairman of the Board in
February 2023. He brings over 25 years of experience as an international banker, corporate adviser, and serial
entrepreneur. He has been specializing in the blockchain and cryptocurrency sector since 2017. He is currently Chief
Executive Officer of Webslinger Advisors, a specialist web3 advisory and administration firm which provides services
to Cayman Foundations/DAOs. He previously co-founded Protos Asset Management, a Swiss company that
manages a cryptocurrency fund, and co-founded DeFi Yield Technologies, a DeFi firm acquired by Dispersion
Holdings (now AQRU). He is also currently Chief Executive Officer of Blimp Technologies and is also president of a
proprietary family investment company. Mr. Shaw holds a B.A. in English Language and Literature from Manchester
University and an M.B.A. from Bradford University.

Raghav Chopra (Non-Executive Director)
Raghav Chopra is an investor with over 16 years of experience and is currently a Managing Partner of a privately held
investment firm. He was previously a Portfolio Manager for AllianceBernstein LP and a technology investor for
leading asset managers. Prior to that, Mr. Chopra was an Associate in private equity at The Carlyle Group and an
Analyst in investment banking at Goldman, Sachs & Co. Mr. Chopra serves on the Board of the Harvard Club of New
York City Foundation and is a member of the Economic Club of New York. Mr. Chopra holds a B.S. in Electrical
Engineering and Economics with Distinction from Yale University, and an M.B.A. with High Distinction from the
Harvard Business School, where he was named a George F. Baker Scholar.

Maria Perrella (Non-Executive Director)
Maria Perrella has served on our board of directors since July 2021. Over the last 25 years, Ms. Perrella has held
several senior leadership positions and currently Maria Perrella serves as Chief Financial Officer of Samuel, Son &
Co., a leading metals distributor and industrial products manufacturer. Previously, she served as the Chief Financial
Officer of MDA, a Canadian-based international space mission partner, and she spent the previous 12 years at
Automation Tooling Systems Inc. (ATS.TSX), when it was a TSX-listed automation company with over 4,500
employees across six countries. Her various roles have allowed her to develop skills in financial planning and
corporate governance and compliance, and her many years as a Chief Financial Officer have provided her with
extensive experience in mergers and acquisitions, capital markets, and strategic corporate finance. Maria graduated
from the Schulich School of Business (BBA) and is a Chartered Public Accountant in Ontario, Canada.

Justin Nolan (Executive Director)
Justin Nolan has served as our Chief Executive Officer since 22 March, 2025. Mr. Nolan most recently was Chief
Executive Officer at Arkon Energy, a digital infrastructure company. Prior to his role at Arkon Energy, Mr. Nolan
served as Chief Growth Officer at Argo. In this capacity, he played a pivotal role in expanding the Company's
operations, including the development of the Helios project. Earlier in his career, Nolan co-founded and led DPN
LLC, which was instrumental in the initial development of the Helios project before its acquisition by Argo Blockchain
in March 2021. Mr. Nolan graduated from Johns Hopkins University in 2004.

ARGO BLOCKCHAIN PLC

STRATEGIC REPORT

The directors present their strategic report on the Group for the year ended 31 December 2024.
Principal activity
The Group’s principal activity is that of cryptocurrency mining.
Review of the business and future developments
Argo Blockchain plc (the “Company”) was incorporated on 5 December 2017. Argo Blockchain plc is the parent
holding company of the Argo group of companies including Argo Innovation Labs Inc., a British Columbia, Canada
Corporation, and Argo Operating US LLC, a Delaware, United States Limited Liability Corporation (collectively
“Argo” or “the Group”).
On 3 August 2018 the Company’s Ordinary Shares were admitted to the standard segment of the Official List
maintained by the Financial Conduct Authority and to trading on the London Stock Exchange’s Main Market. The
Company’s American Depositary Shares (ADSs) have traded on the Nasdaq Stock Market (“Nasdaq”) since 24
September 2021.
The Chairman’s statement provides an in-depth review of 2024, so this strategic report is instead looking forward
to the plans and intentions of the Group.
Group strategy and business model
We are targeting a balance between owning and operating our own mining facilities and utilizing third party facilities
with access to reliable, low-cost and renewable energy. Throughout the Company’s history, we have invested in
purchasing, building and operating mining facilities. We will continue to explore the acquisition and development of
future mining facilities that provide opportunities to utilize wasted or stranded energy. This could include using
mobile and/or modular mining infrastructure. We will continue to evaluate opportunities from hosting providers that
offer reliable, low-cost, and clean power in order to balance the gap between our available capacity and the power
needed to run our mining operations.
We believe the combination of increased mining difficulty, driven by greater network hashrate, and the periodic
adjustment of reward rates, such as the recent halving of Bitcoin rewards, will increase the importance of power
efficiency in cryptocurrency mining over the long term. As a result, we are focused on deploying our mining machines
at locations with access to reliable clean power sources, as successfully doing so should enable us to reduce our
power costs. As our fleet ages and becomes less efficient, we will need to raise capital to revitalize our fleet.
Performance of the business during the period and the position at the end of the year
The financial results for 2024 reflect the Bitcoin halving in April 2024 which reduced our Bitcoin mining production from May
through December as compared to 2023.

ARGO BLOCKCHAIN PLC

Key performance indicators
The Board monitors the activities and performance of the Group on a continuing basis. The main performance
indicators applicable for the Group is mining revenue and mining profit.

KPI
2024
2023
% Change
Mining revenue ($000s)
47,017
50,558
-7%
Mining profit1 ($000s)
15,628
21,757
-28%
Mining margin
33%
43%
-10%
Bitcoin mined 2 (number)
755
1,760
-57%
Total hashrate capacity (EH/s)
2.7
2.8
-4%
Average network difficulty (T)
87.3
40.4
116%

1. Mining profit is defined as mining revenue minus direct costs (excluding depreciation and amortization of mining
equipment).
2. The decrease in bitcoin mined is largely due to the halving which occurred in April 2024.
Mining revenue ($m)

ARGO BLOCKCHAIN PLC

Non-IFRS Reconciliation
The following table shows a reconciliation of Bitcoin Mining Margin to gross margin, the most directly comparable
IFRS measure, for the years ended December 31, 2024 and December 31, 2023.

Year ended
Year ended
31-Dec
31-Dec
2024
2023
$’000
$’000

Gross profit
1,457
3,101

Depreciation of mining equipment
14,171
18,656
Mining profit
15,628
21,757
Bitcoin and Bitcoin Equivalent Mining Margin
33%
43%

The following table shows a reconciliation of Adjusted EBITDA to net income/(loss), the most directly comparable
IFRS measure, for the years ended December 31, 2024 and December 31, 2023.

Year ended
Year ended
31-Dec
31-Dec

2024
2023
$’000
$’000

Net loss
(55,102)
(34,637)

Interest expense
6,810
11,556
Depreciation / amortisation
15,024
20,129
Income tax expense
340
-
EBITDA
(32,928)
(2,952)
Impairment of assets
31,498
855
Impairment of intangible assets
468
1,082
Loss/(gain) on sale of subsidiary and investments
842
(36)
Loss on sale of fixed assets
429
-
Loss/(gain) on disposal of intangible assets
98
(1,166)
Foreign exchange
(458)
(1,914)
Restructuring and transaction-related fees
1,976
4,969
Share based payment charge
3,759
3,892
Equity accounted loss from associate
-
716
Write off of investment
-
2,236
Adjusted EBITDA
5,684
7,682

ARGO BLOCKCHAIN PLC

Principal risk and uncertainties
While the Group focuses on self-mining, the Board considers the principal risks for the Group to be volatility in the
cryptocurrency market, specifically downside risk to Bitcoin, energy price risk, access to the capital markets, and
general sentiment regarding crypto assets as a whole. The Group operates in an uncertain environment and is
subject to a number of risk factors. The Board considers the following to be of particular relevance, but this is by no
means an exhaustive list as there may be other risk factors not currently known.

Liquidity risk
The Group has limited cash resources, limited ability to raise funds and has significant debt obligations. In addition,
only a portion of the Group’s fleet operated in the first quarter of 2025 as a result of moving machines to new hosting
facilities. For more detail, see Note 2 Going Concern in the audited financial statements.
Market conditions
Market conditions, including the cryptocurrency market values and general economic conditions and their effect on
exchange rates, interest rates, and inflation rates, may impact the ultimate value of the Group regardless of its
operating performance. The Group also faces competition from other organisations, some of which may have
greater resources.
Tax Risk
A tax authority may disagree with tax positions that the Company has taken, which could result in increased
tax liabilities. For example, His Majesty’s Revenue & Customs (“HMRC”), Revenue Quebec, the Canada
Revenue Agency, the IRS or another tax authority could challenge the Company’s allocation of income by tax
jurisdiction and the amounts paid between the Company’s affiliated companies pursuant to the Company’s
intercompany arrangements and transfer pricing policies, including amounts paid with respect to the
Company’s intellectual property development. Similarly, a tax authority could assert that the Company is
subject to tax in a jurisdiction where the Company believes it has not established a taxable connection and
such an assertion, if successful, could increase the Company’s expected tax liability in one or more
jurisdictions.
A tax authority may also take the position that material income tax liabilities, interest and penalties are payable by
the Company. For example, where there has been a technical violation of contradictory laws and regulations that
are relatively new and have not been subject to extensive review or interpretation, in which case the Company
expects that we might contest such assessment.
Contesting such an assessment may be lengthy and costly and if the Company is unsuccessful in disputing the
assessment, the implications could increase the Company’s anticipated effective tax. Income tax assessments
received in Canada are currently under appeal, and if unsuccessful, the Company will incur significant liabilities.
Cyber risk
The Group holds digital assets via software and hardware which may prove to be vulnerable to data security
breaches in the future. Data security breach incidents may compromise the confidentiality, integrity or availability of
data such that the data is vulnerable to access or acquisition by unauthorised persons. These data security
breaches may result in the unrecoverable loss of digital assets. The Group’s hardware devices and remote servers
holding the Group’s data may be breached and result in the loss of valuable data. Loss of the private keys required
to access the digital assets may result in irrecoverable loss of access to the digital assets, which may not be covered
by insurance (whether in full or part). In order to mitigate these risks, the Group holds its assets with third party
specialist crypto-currency custodians with a number of security measures in place.
Cryptocurrency price volatility
Revenues are denominated in cryptocurrency or tokens. These ‘digital assets’ can be subject to high levels of
volatility, and it may not always be possible for the Group to trade out or effectively hedge its position. The Group
will always seek, where practicable, to manage the price volatility risk and actively monitor its portfolio of digital
assets. The majority of the Group’s crypto assets (as per note 22) are stored in Bitcoin, which dominates the crypto
market. Cryptocurrency exchange rates have exhibited strong volatility. Many factors outside of the control of the
Group can affect the market price of cryptocurrencies, including, but not limited to, national and international
economic, financial, regulatory, political, terrorist, military, and other events, adverse or positive news events and
publicity, and generally extreme, uncertain, and volatile market conditions. Extreme changes in price may occur at
any time, resulting in a potential loss of value of our entire portfolio of cryptocurrencies, complete or partial loss of
purchasing power, and difficulty or a complete inability to sell or exchange the Group’s digital currency.

ARGO BLOCKCHAIN PLC

Capital raising
The Group’s activities are capital intensive, and the Company may need to raise additional capital to fund its
operations, pursue growth strategies, including potential acquisitions of complementary businesses, and respond
to competitive pressures or unanticipated working capital requirements. The Company has previously raised equity
and debt, however, may not be able to obtain additional debt or equity financing on favourable terms, if at all, which
could impair its growth and adversely affect its existing operations. The Group may be required to accept terms that
restrict its ability to incur additional indebtedness or to take other actions including terms that require it to maintain
specified liquidity or other ratios. In order to mitigate these risks, the Company keeps its financing requirements
under review and actively manages its activities and operations within the resources available to it.
Hosting counterparty risk
The Group relies upon a third-party facility to host and maintain a majority of its miners. Should the third party not
fulfil its obligations to the Group, or should that third party suffer an insolvency or related event, the Group’s
operations may be materially and adversely affected. The Group has sought to limit this risk by entering into
contracts with an established third party with a proven track record, however this is not a guarantee of future
performance. The Group has also entered into other agreements with its host, and there is a risk that non-
performance under one agreement could adversely affect the performance under other agreements with the same
counterparty.
Electricity supply and price
The Group’s activities require substantial and sustained electrical provision and its profitability is dependent on
securing acceptable electricity prices. Should electricity not be available in the quantities the Group’s operations
require (whether intermittently or for a sustained period) or should the service be unreliable, the Group’s operations,
revenue and profitability may be materially adversely affected. If the price of electricity increases (whether as a
result of local, national or international events or pressures), the Group’s profitability may be materially adversely
affected.
Technology and supply risks
Argo operates within a highly technological environment where software and hardware are consistently updated.
To ensure the Group remains as a leading provider and stays ahead of its competitors, it needs to continue to invest
in its technology, software, and hardware which requires a large amount of capital. The Group procures its software
and hardware from third party providers and is reliant on those third parties complying with their obligations to the
Group. Should a third party fail to comply with its obligations to the Group, the Group’s operations, revenue and
profitability may be materially adversely affected.
Risk relating to the Group’s business strategy
The Group is dependent on the ability of the directors to identify suitable opportunities and to implement the Group’s
strategy. There is no assurance that the Group’s activities of mining for itself will continue to be successful even
though internal forecasts continue to suggest otherwise.
Dependence on key personnel and management risks
The Group’s business is dependent on retaining the services of a small executive management team, and the loss
of a key individual could have an adverse effect on the future of the Group’s business. The Group’s future success
will also depend in large part upon its ability to attract and retain highly skilled personnel. This risk is managed by
offering compensation plans that are competitive in the current market.
Regulatory risk
The Group operates in a rapidly evolving sector, the regulatory approach to which is not always certain and is still
developing. The Group seeks to comply with all applicable law and regulation, however breach of any regulatory
requirements may give rise to reputational, financial, or other sanctions against the Group. The Board considers
these risks seriously and designs, maintains, and reviews the policies and processes so as to mitigate or avoid
these risks. While the Board has a good record of compliance, there is no assurance that the Group’s activities will
always be compliant.
Litigation risk
The Company was previously subject to a class action lawsuit which was dismissed with prejudice and without the
ability to replead the case, However the Company may be the target of this type of litigation in the future. Securities
litigation against the Company could result in substantial costs and divert management’s attention from other
business concerns, which could seriously harm the Company’s business.

ARGO BLOCKCHAIN PLC

Promotion of the Company for the benefit of the members as a whole
The directors believe they have acted in the way most likely to promote the success of the Company for the benefit
of its members as a whole, as required by s172 of the Companies Act 2006.
The requirements of s172 are for the directors to:
•
Consider the likely consequences of any decision in the long term
•
Act fairly between the members of the Company
•
Maintain a reputation for high standards of business conduct
•
Consider the interests of the Company’s employees
•
Foster the Company’s relationships with suppliers, customers and others
•
Consider the impact of the Company’s operations on the community and the environment

The Company operates as a crypto mining business, which is inherently speculative in nature and, with volatile
revenue, at times may be dependent upon fund-raising for its continued operation. The nature of the business is
well understood by the Company’s members, employees, and suppliers, and the directors are transparent about
the cash position and funding requirements.
The application of the s172 requirements can be demonstrated in relation to the most significant decisions made
during 2024, in addition to the disclosures made in the Directors’ Report and the Strategic Report:
•
On 9 March 2024, the Company granted equity awards in the form of restricted stock units (RSUs) to all
employees. The Company’s performance, and therefore long-term value creation, is driven by the
performance of its staff, placing the incentivisation and retention of its staff as a key focus for the
Company’s board and senior management. After careful review of the Company’s existing employee
incentivisation arrangements, it was decided to ensure that all staff have the opportunity to benefit
directly from the Company’s long-term success. In order to ensure their incentivisation is aligned with
creating long-term value for shareholders, the RSUs vest over a three-year period, with the first vesting
occurring twelve months from the date of the grant..
•
During 2024, the Company continued to focus its efforts on reducing debt and strengthening the balance
sheet. The Group’s long term success is dependent on a strong financial footing. The Company spent
considerable time and effort to identify sustainable cost savings and utilised all excess cash flow for debt
reduction. As a result, the Company was able to reduce debt by $23.5 million in 2024, including paying
off the Galaxy debt in full.
Responsibilities to local communities
As a crypto mining company with operations in Canada and the United States, the Board is mindful of its
responsibilities to the communities and environments in which it works. The Group sources its electricity from
predominantly renewable sources (hydropower in Canada and wind in Texas during 2024) and participated in
demand response programs to curtail usage in peak times to assist in ensuring resilience of the local power grid. In
addition, the Group has explored ways to capture and usefully utilise the heat generated from its operations, both
to improve efficiency and provide added value. The Group has also taken steps to improve overall efficiency of its
operations. Further details are set out in the Group’s report on the TCFD Recommendations on page 33 of this
Annual Report.
Employees
The interests of employees are a primary consideration for the Board; in March 2024, all employees were granted
equity in the Company in order to align incentives and enable employees to share in the future success of the
Group. Personal development opportunities are encouraged and supported.
This report was approved by the Board on 8 May 2025 and signed on its behalf by:

Matthew Shaw
Chairman of the Board

ARGO BLOCKCHAIN PLC

DIRECTORS’ REPORT
General Information
The directors present the Annual Report and audited consolidated financial statements for the year ended 31
December 2024.
The Company was incorporated on 5 December 2017. Argo Blockchain plc is the parent holding company of the
Argo group of companies including Argo Innovation Labs Inc., a British Columbia, Canada Corporation, and Argo
Operating US LLC, Inc., a Delaware, United States Limited Liability Corporation.
On 3 August 2018 the Company’s Ordinary Shares were admitted to the standard segment of the Official List
maintained by the Financial Conduct Authority and to trading on the London Stock Exchange’s Main Market. . The
Company’s American Depositary Shares have traded on Nasdaq since 24 September 2021.
Future developments
The Group continues to focus its strategy on self-mining cryptocurrencies as detailed further in the Strategic
Report.
Dividends
The directors do not propose a dividend in respect of the period ended 31 December 2024 (2023: nil).
Directors
The Board is responsible for the Company’s objectives and business strategy and its overall supervision.
Acquisition, divestment and other strategic decisions will all be considered and determined by the Board including,
when circumstances permit, whether the payment of dividends, issue or buy back of shares is appropriate.
Attendance at Board meetings:

Member
Meetings attended
while a director
Matthew Shaw
23 of 26
Maria Perrella
25 of 26
Raghav Chopra
26 of 26
Thomas Chippas*
26 of 26

The Board leads the Company within a framework of appropriate and effective controls. The Board has responsibility
for establishing, operating, and monitoring the corporate governance values of the Company. The Board also has
overall responsibility for setting the Company’s strategic aims, defining the business objective, managing the
financial and operational resources of the Company and reviewing the performance of the officers and management
of the Company’s business. The Board has taken appropriate steps to ensure that the Company complies with
Listing Principles 1 and 2 as set out in Chapter 7 of the Listing Rules and (notwithstanding that they only apply to
companies with a Premium Listing) the Premium Listing Principles as set out in Chapter 7 of the Listing Rules.
The Company supports the concept of an effective Board leading and controlling the Company. The Board is
responsible for approving Company policy and strategy. It meets regularly and has a schedule of matters specifically
reserved to it for decision. Management supplies the Board with appropriate and timely information and the directors
are free to seek any further information they consider necessary. All directors have access to advice from the
General Counsel and independent professionals at the Company’s expense. Training is available for new directors
and other directors as necessary.
All directors are subject to re-election every three years and, on appointment, at the first AGM after appointment. In
2021, the Company established a nomination committee. Prior to this, and given the size of the Board, all director
appointments were approved by the Board as a whole.
Communications with shareholders
Communications with shareholders are given a high priority. In addition to the publication of an annual report and
an interim report, there is regular dialogue with shareholders and analysts. The Annual General Meeting is viewed
as a forum for communicating with shareholders, particularly private investors. Shareholders may question the
Chairman and other members of the Board at the Annual General Meeting. All published information for
shareholders is also available on the Company website, including annual and interim reports, circulars,
announcements and significant shareholdings.

ARGO BLOCKCHAIN PLC

Accountability and audit
The Board presents a balanced and understandable assessment of the Company's position and prospects in all
interim and price sensitive reports to regulators as well as in the information required to be presented by statutory
requirements.
The Company’s Audit Committee has responsibility to supervise and review the Company’s audit and financial
procedures. In relation to the activities of the Audit Committee during the year, please see the Audit Committee
Report in this Annual Report.
Internal control
The Board has responsibility for designing and implementing systems of internal control and for reviewing the
effectiveness of these systems. The risk management process and systems of internal control are designed to
manage rather than eliminate the risk of the Company failing to achieve its strategic objectives. It should be
recognised that such systems can only provide reasonable and not absolute assurance against material
misstatement or loss. The Company will continue to review and develop its internal systems and processes.
Political donations and political expenditure
The Group did not make any political donations or expenditure during the year under review.
Directors’ and officers’ liability insurance and directors’ indemnities
The Company maintains directors’ and officers’ liability insurance, which gives appropriate cover for legal action
brought against its directors. Qualifying third-party indemnity provisions for the benefit of the Company’s directors,
secretary and other officers were in force during the year ended 31 December 2024 and to the date of this report.
In addition, the Company has agreed to indemnify former directors of the Company in respect of their appointments
as directors of the Company.
Financial Instruments
Information about the use of financial instruments by the Company and its subsidiaries is given in note 26 to the
financial statements.
Activities in the field of research and development
During the year under review, the Group did not have any material activities in the field of research and
development.
Post balance sheet events
Thomas Chippas resigned as Chief Executive Officer and Director of the Company effective 28 February 2025.
On 24 March 2025, the Board appointed Justin Nolan as Chief Executive Officer and Director of the Group.
In January 2024, the Group received a Notification Letter from Nasdaq Stock Market LLC stating that the
Company is not in compliance with minimum bid price for the Company’s American Depositary Shares. The
Company has until July 15, 2025 to regain compliance with the minimum bid price requirement.
The Group signed hosting agreements with Merkle Standard LLC to host 9,315 miners at Merkle’s Memphis,
Tennessee location and up to 4,000 machines at its Washington State location. Approximately 1,232 units were
sent to the Group’s Baie Comeau facility. A further approximately 8,000 units were sold for cash proceeds of
approximately $2.0 million.
Directors and directors’ interests
The directors who held office at the date of signature of the financial statements were as follows:

Director
Appointment/resignation during
the year
Matthew Shaw (Chairman of the Board, Chair of the Nomination Committee,
Member of the Audit Committee)
Appointed 17 July 2019
Justin Nolan (Chief Executive Officer)1
Appointed 22 March 2025
Maria Perrella (Chair of the Audit Committee, Member of the Nomination
Committee and Remuneration Committee)
Appointed 29 July 2021
Raghav Chopra (Chair of the Remuneration Committee and Member of the
AuditCommittee)
Appointed 23 February 2022

ARGO BLOCKCHAIN PLC

Following the year ended 31 December 2024, Mr. Chippas resigned from his positions as Managing Director effective 1
February 2025 and Chief Executive Officer effective 28 February 2025.

Directors’ option
holdings
Name
Date of Grant
Aggregate
number of
options over
Ordinary
Shares granted
Exercise Price
Exercise Conditions
Lapse Date
Matthew Shaw
17-Jul-19
537,037
16 pence
1/3 on the first
anniversary of
admission, 1/36 of the
total options monthly
thereafter
17-Jul-25
Matthew Shaw
5-Feb-20
294,048
7 pence
1/12 per month
commencing of 4th
month from issue
4-Feb-30
Maria Perrella
22-Sep-21
500,000
157 pence
6/36th after 6-month
anniversary, 1/36th
thereafter
21-Sep-31
Raghav Chopra
23-May-22
500,000
49 pence
6/36th after 6-month
anniversary, 1/36th
thereafter
23-May-32

Going Concern
The directors, having made due and careful enquiry, are of the opinion that the Group has adequate working
capital to meet its obligations over the next 12 months. The directors therefore have made an informed
judgement, at the time of approving the financial statements, that there is a reasonable expectation that the Group
has adequate resources to continue in operational existence for the foreseeable future. As a result, the directors
have adopted the going concern basis of accounting in the preparation of the annual financial statements; more
detail can be found in the accounting policies. However, the Board notes that the debt service requirements,
lower operating margins, and the volatile economic and industry environment, indicate the existence of material
uncertainties that may cast significant doubt regarding the applicability of the going concern assumption, and the
auditors have made reference to this in their audit report (Note 3).
Financial Risk Management
The Group has a simple capital structure and its principal financial assets are cash and digital assets. The Group
is subject to market risk by way of being exposed to volatility in crypto asset value and variations in foreign
exchange rates. The Group has little exposure to credit risk due to holding its reserves with credible institutions.
The Group may also be exposed to liquidity and capital risk, due to the nature of operations and the requirements
for mining hardware acquisition. The Group manages these risks through portfolio management and maintenance
of sufficient working capital. Further details of risks can be seen within the Strategic Report or in the Notes to the
accounts.
Capital Structure
The Company’s capital structure is comprised of one class of ordinary shares. There are no restrictions on the
transfer of the ordinary shares, and there are no persons holding securities carrying special rights regarding the
control of the Company. The rights over shares under the Company’s employee share schemes are set out in
Note 21 of the financial statements. There are no restrictions on voting rights nor, so far as the Company is aware,
any agreements between holders of securities that may restrict the transfer of securities or voting rights.
Substantial shareholders
There are no substantial shareholders as at the date of the report.
Controlling shareholder
The Group does not have a controlling shareholder.
Directors

ARGO BLOCKCHAIN PLC

The Company’s directors are appointed in accordance with, and have the powers and authorities set out in, the
Company’s articles of association.
Takeovers
Other than potential lump sum payments due under certain employment contracts and equity award vesting for
management, there are no significant agreements that take effect, alter or terminate on a change of control of the
Company following a takeover. Other than the entitlement to a notice period and reimbursement of expenses in
the normal manner, there are no agreements with the Company and its directors or employees for compensation
for loss of office or employment as a result of a takeover bid.
Greenhouse gas emissions
Details about the Group’s greenhouse gas emissions, energy consumption, energy efficiency disclosures, and
broader climate risk management strategies are included in the TCFD Report on page 33.
Employee and business relationships
The Board consists of the Chief Executive Officer and 3 Non-executive directors, and the Group’s senior
management consists of 8 key management personnel, including the Chief Executive Officer and the Chief
Financial Officer. This facilitates the direct and frequent communication between all parties and the Board. Due
to the nature of a small team and the wide and varied skills possessed, key strategic business decisions are
generally discussed and analysed by all concerned, ensuring all relevant interests and perspectives are
considered and addressed in the decision making process.
A significant part of any business is maintaining a good relationship with its suppliers, and the Group maintains
strong relationships with its key suppliers.

Diversity Policy
Given the Company’s current stage of development, its organizational structure and limited headcount, the Board
considers that a formal diversity policy would not be practicable for the Company to develop and implement and
would not improve the Group’s policies or processes in a meaningful manner. The Company and the Board
already integrate equality and diversity in all aspects of the Company’s business and all decisions are made on
merit and without regard to protected characteristics. Where appropriate and practicable for the Company, the
Company considers and implements positive actions to enable the Company to provide additional support. This
can include, for example, making adjustments to assist staff and ensuring that, to the extent possible, all relevant
perspectives are included in decision making on an ongoing basis.
The Company will keep the requirement for a formal diversity policy under review and will give serious
consideration to the adoption of a policy, tailored to the nature of the Company’s business, its operations and
resources at the appropriate point.
Provision of Information to Auditor
So far as each of the Directors is aware at the time this report is approved:
•
there is no relevant audit information of which the Company's auditor is unaware; and
•
the Directors have taken all steps that they ought to have taken to make themselves aware of any
relevant audit information and to establish that the auditor is aware of that information.
Auditors
The auditors, PKF Littlejohn LLP have indicated their willingness to continue in office, and a resolution that they
be re-appointed will be proposed at the annual general meeting.
This report was approved by the Board on 8 May 2025 and signed on its behalf by:

Matthew Shaw
Chairman of the Board

ARGO BLOCKCHAIN PLC

DIRECTORS’ REMUNERATION REPORT
2024 key achievements:
•
Utilised the Company’s equity incentive plan to offer suitably tailored equity incentivisation; and
•
Explored and executed employee retention strategies including supporting internal growth opportunities.
2025 areas of focus:
•
Launch the equity administration platform to improve compliance and financial reporting ;
•
Continue with a comprehensive review of remuneration; and
•
Refine and improve employee growth and retention strategies,
Letter from the Chair of the Remuneration Committee
Dear Shareholders,
The Remuneration Committee met formally three times during the financial year, and all of the Directors on the Committee
attended all of these meetings. The Committee oversees matters relating to compensation, including benchmarking
against comparable peers, adopting a new equity incentive plan, and the grant of awards under that plan to align
remuneration with the interests of our shareholders.
The Remuneration Committee consists of myself as Chair and Maria Perrella as Member. In June 2024, I became
Chair, replacing Maria Perrella, who remains a Member. The Committee has discretion to invite appropriate
members of the executive management of the Company to the meetings as required and considers their input and
recommendations to be critical to ensuring a well- developed remuneration strategy. In order to ensure appropriate
scrutiny of all decisions, no director was present when their own remuneration was considered, approved, or voted
upon; the Committee also takes advice and guidance from independent advisors and legal counsel.
The Group’s remuneration challenges include the different market norms and expectations between the jurisdictions
in which it operates. The reward markets in the UK and US have significant differences, particularly in the technology
sector, and market expectations in the UK can present challenges to the Group in structuring attractive remuneration
packages, particularly for the Company’s senior executive leadership. More generally, the Group is also competing
against significantly larger and better capitalised companies in the cryptoasset sector.
During the year under review, the Company’s remuneration strategy was to deliver remuneration packages
consistent with the Company’s Remuneration Policy and market norms that provide a balanced structure of short,
medium, and longer-term remuneration. Remuneration packages typically comprised a competitive base salary,
appropriate annual bonuses and longer-term equity incentivisation. In addition, the Company has offered
competitive benefit and pension offerings based on the market norms in the country relevant to each team member.
The Committee took the following key decisions in relation to remuneration during the year:
•
approved a compensation audit and strategy to deliver standardization of the Company’s offerings to
each employee group;
•
approved the Company’s refresh of Restricted Share Unit and Performance Share Unit awards to
strengthen alignment across the organization; and
•
approved appropriate cost of living salary increases for staff in response to competitive market trends.
The Committee remains focused on ensuring that the Group’s remuneration policy enables the Group to attract,
retain and develop appropriately skilled and experienced staff sufficient for the Group’s present and anticipated
requirements. The Committee is also determined to ensure that remuneration incentivises staff to deliver on both
financial and non-financial objectives.
Following the year under review, Mr. Chippas resigned as Chief Executive Officer and Executive Director of the
Company and Mr. MacCallum was appointed as Interim Chief Executive Officer while retaining his position as Chief
Financial Officer. On 22 March 2025, Justin Nolan was appointed as Chief Executive Officer. The Committee
determined Mr. Chippas’, Mr. MacCallum’s and Mr. Nolan’s remuneration for serving as CEO,CFO, and CEO,
respectively, based on a review of benchmarking against relevant comparables in the market.
Raghav Chopra
Chair of the Remuneration Committee
8 May 2025

ARGO BLOCKCHAIN PLC

Directors’ Remuneration Report
Membership of the Remuneration Committee
During the year, the Company’s Remuneration Committee consisted of Maria Perrella and Raghav Chopra.
Raghav Chopra served as Chair of the committee.
Role of the Remuneration Committee
The Remuneration Committee’s role is to determine and operate a remuneration policy that supports the
Company’s strategy and promotes long-term sustainable success and aligns the interests of directors with
shareholders.
The Remuneration Committee’s primary responsibilities include:
●
identifying, reviewing and proposing policies relevant to executive officer compensation;
●
evaluating each executive officer’s performance in light of such policies and reporting to the Board;
●
determining any long-term equity incentive component of each executive officer’s compensation in line
with the remuneration policy and reviewing its executive officer compensation and benefits policies
generally and
●
reviewing and assessing risks arising from the Company’s compensation policies and practices.
Advisors to the Committee
None.
Directors' remuneration (audited)
Details of directors’ remuneration during the year ended 31 December 2024 is as follows:

Director
Salary and
fees
Bonus
Stock
compensation
Loss
of
Office
2024 Total
Fixed
element
Variable
element

USD
USD
USD
USD
USD
USD
USD
Executive
Directors
T Chippas
400,000
-
819,375
- 1,219,375
400,000
819,375
Non-executive
Directors
M Shaw
146,476
-
112,910
-
259,386
146,476
112,910
R Chopra
147,048
-
89,264
-
236,312
147,048
89,264
M Perrella
129,909
-
225,820
-
355,729
129,909
225,820
Total
823,433
-
1,247,369
- 2,070,802
823,433
1,247,369

* Stock based compensation is in relation to the fair value accounting charge during the year. No equity stock based compensation
was granted in the year.

ARGO BLOCKCHAIN PLC

Details of directors’ remuneration during the year ended 31 December 2023 is as follows:

Director
Salary and
fees
Bonus
Stock
compensation
Loss of
Office
2023
Total
Fixed
element
Variable
Element
USD
USD
USD
USD
USD
USD
USD
Executive
Directors

T Chippas
38,512
-
273,125
-
311,637
38,512
273,125
P Wall*
85,766
-
-
618,614
704,380
85,766
618,614
A Appleton
20,905
-
70,627
145,833
237,365
20,905
216,460
Non-executive
Directors
M Shaw
170,554
-
152,317
-
322,871
135,644
187,227
R Chopra
135,105
-
87,805
-
222,910
125,934
96,976
M Perrella
129,752
-
304,633
-
434,385
124,340
310,045
S Gow
10,601
-
27,925
-
38,526
10,601
27,925
Total
591,195
-
916,432
764,447 2,272,074
541,702
1,730,372

* Stock based compensation is in relation to the fair value accounting charge during the year. Thomas Chippas received a grant of
2,850,000 PSUs with a total fair value of $3,277,500 during the period vesting over a maximum of 3 years, of which the fair value
charge during the year was $273,125.

Total pension entitlements (audited)
The Company currently does not have any pension plans for any of the directors and does not pay pension
amounts in relation to their remuneration.
The Company has not paid out any excess retirement benefits to any directors or past directors.
Payments to past directors (audited)
The Company has not paid any compensation to past Directors.

Statement of directors’ shareholding and share interests (audited)
The Directors who held office at 31 December 2024 and who had beneficial interests in the Ordinary Shares of
the Company are summarised as follows:

Director
Position
Maria Perrella
Non-Executive Director
Matthew Shaw
Non-Executive Director
Details of these beneficial interests can be found in the Directors' Report.

Service Agreements and Letters of Appointment
On 27 November 2023, the Company entered into an employment contract with Thomas Chippas, pursuant to which
Mr. Chippas served as our Chief Executive Officer (the “Chippas Employment Agreement”). Under the terms of the
Chippas Employment Agreement, Mr. Chippas was entitled to receive a base salary annually, participate in the
Company’s group health benefits, participate in the Company’s 401k plan, and earn an annual bonus as determined
by the board of directors. In addition, Mr. Chippas was awarded 2,850,000 ADSs, which were to vest over three years
(with a one year initial cliff) subject to certain performance conditions. Mr. Chippas subsequently agreed to receive
ordinary shares instead of ADSs (22,850,000 ordinary shares if fully vested, the “Chippas Equity Award”).

Under the Chippas Employment Agreement, we could terminate Mr. Chippas’ employment by providing Mr. Chippas
with the minimum (i) notice, or pay in lieu thereof, or some combination of the two, (ii) severance pay (if applicable),
(iii) period of benefits continuation, and (iv) vacation pay, and in each case, subject to payment of severance equal
to 12 months’ base salary, provided that we may terminate the services of Mr. Chippas at any time with immediate
effect for certain reasons including misconduct, criminal offense, or other reasons “for cause”. Mr. Chippas could
terminate his contract with us by providing the company with a minimum of 60 days’ notice. The Chippas

ARGO BLOCKCHAIN PLC

Employment Agreement also contains restrictive covenants pursuant to which Mr. Chippas has agreed to refrain
from competing with us or soliciting certain clients or employees of the Company who could materially damage our
interests if involved in a competing business, for a period of twelve months following his termination of services.
Following the year under review, Mr. Chippas resigned from his position as Chief Executive Officer, effective 28
February 2025. At the time of his resignation, 2.375,000 ordinary shares of the Chippas Equity Award had vested
and no further PSU’s will vest.

On 22 March 2025, the Company entered into an employment contract with Justin Nolan, pursuant to which Mr.
Nolan serves as our Chief Executive Officer (the “Nolan Employment Agreement”). Under the terms of the Nolan
Employment Agreement, Mr. Nolan is entitled to receive a base salary annually, participate in the Company’s group
health benefits, participate in the Company’s 401k plan, and earn an annual bonus as determined by the board of
directors. In addition, Mr. Nolan was awarded 22,250,000 ordinary shares, which vest over three years (with a one
year initial cliff) subject to certain performance conditions.
.
Under the Nolan Employment Agreement, we may terminate Mr. Nolan’s employment by providing Mr. Nolan with
the minimum (i) notice, or pay in lieu thereof, or some combination of the two, (ii) severance pay (if applicable), (iii)
period of benefits continuation, and (iv) vacation pay, and in each case, subject to payment of severance equal to
12 months’ base salary, provided that we may terminate the services of Mr. Nolan at any time with immediate effect
for certain reasons including misconduct, criminal offense, or other reasons “for cause”. Mr. Nolan may terminate
his contract with us by providing the company with a minimum of 90 days’ notice, subject to certain exceptions. The
Nolan Employment Agreement also contains restrictive covenants pursuant to which Mr. Nolan has agreed to refrain
from competing with us or soliciting certain clients or employees of the Company who could materially damage our
interests if involved in a competing business, for a period of twelve months following his termination of services.

The appointments of Maria Perrella, Matthew Shaw and Raghav Chopra are subject to a 3 year term and to
termination upon 3 months’ notice given by either party.

Terms of appointment
The services of the directors engaged during the year under review were provided under the terms of agreement
with the Group are dated as follows:

Director
Year of appointment
Number of years
completed
Date of current
engagement letter
Matthew Shaw
2019
6
7-Sep-19
Maria Perrella
2021
3
21-Jul-21
Raghav Chopra
2022
3
23-Feb-22
Thomas Chippas*
2023
1
24-Nov-23

* Following the year under review, Mr. Chippas resigned from his role of Chief Executive Officer effective 28 February 2025
and Executive Director, effective 1 February 2025

Performance relative to market index
Comparing the total shareholder return of an ordinary share in Argo Blockchain plc against the total shareholder
return of the FTSE All-share index. For the year ended 2024, ARB saw a decrease in share price from 8.25p to
3p, a 63.3% decrease. In the same period, FTAS increased from 4,210.00 to 4,467.80, an increase of 6.12%.
UK 10-year CEO table and UK percentage change table
The directors have considered the requirement for a UK 10-year CEO table and UK percentage change table.
The directors do not currently consider that including these tables would be meaningful because, the CEO
remuneration is not currently linked to performance, therefore any comparison across years or with the employee
group would be significantly skewed and would not add any information of value to shareholders. The CEO’s
remuneration is disclosed in full in the directors’ remuneration section. The directors will review the inclusion of
this table for future reports.
Relative importance of spend on pay
The directors have considered the requirement to present information on the relative importance of spend on
pay compared to shareholder dividends paid. Given that the Company does not currently pay dividends this

ARGO BLOCKCHAIN PLC

would not provide meaningful disclosure to shareholders.
Consideration of shareholder views
At the present time, the Company does not have any significant institutional shareholder base, or any significant
shareholders with which to proactively consult. Therefore, the Board considers shareholder feedback received in
the context of annual general meetings and applicable guidance from shareholder bodies. This feedback, plus
any additional feedback received from time to time, is considered as part of the Group’s annual policy on
remuneration.

Policy for new appointments
Base salary levels will take into account market data for the relevant role, internal relativities, the individual’s
experience and their current base salary. Where an individual is recruited at below market norms, they may be
re- aligned over time (e.g. two to three years), subject to performance in the role. Benefits will generally be in
accordance with the approved policy.
For external and internal appointments, the Board may agree that the Group will meet certain relocation and/or
incidental expenses as appropriate.
Other matters
The Company does not currently have any annual or long-term incentive schemes in place for any of the directors
and as such there are no disclosures in this respect. The share options granted are discussed above.

Raghav Chopra
Chair of the Remuneration Committee
8 May 2025

ARGO BLOCKCHAIN PLC

NOMINATION COMMITTEE REPORT

Letter from the Chair of the Nomination Committee

Dear Shareholders,
I am pleased to present the Nomination Committee’s report for the year ended 31 December 2024.
The Nomination Committee met twice during the financial year under review, and all of the directors on the
Committee attended both meetings. At a high level, its role is to:
●
draw up selection criteria and appointment procedures for board members;
●
recommend nominees for election to its Board and its corresponding committees; and
●
assess the functioning of individual members of Board and executive officers and report the results of
such assessment to the Board.

Composition of the Committee
The Nomination Committee consists of myself, as Chair, and Maria Perrella. The membership of the committee
will be reviewed on a regular basis, particularly in light of any changes to the wider composition of the Board,
and any changes announced in due course.
The Committee has discretion to invite members of the executive management of the Company to its meetings
as required and considers the input and recommendation of executive management to be critical to ensuring
the Committee’s activities reflect the ongoing needs of the Company. Therefore executive management were
invited to present to the committee at the appropriate junctures during the year.
Focus of the Committee
During the year under review, the Committee’s focus was on:
●
the appropriate size and makeup of the Board;
●
any appropriate changes and/or additions to the Board; and
●
the identification, recruitment and screening of potential candidates.
On an ongoing basis, the Committee carefully considers the structure of the Board and executive management
and ensures that the Board and executive management have an appropriate balance of skills, expertise and
talent. The Committee and the Board are committed to ensuring that appointments are based on merit and
objective criteria aligned with the Company’s needs, and that every effort is made to ensure equality, diversity
and inclusion are at the heart of the appointment process.
Advisors to the Committee
None.
Appointments
On 22 March 2025, the Board of Directors appointed Justin Nolan as Chief Executive Officer and Executive
Director.
Equality, Diversity and Inclusion
Given the Company’s current stage of development, its organizational structure and limited headcount, the Board
considers that a formal diversity policy would not be practicable for the Company to develop and implement and
would not improve the Group’s policies or processes in a meaningful manner. The Company and the Board
already integrate equality and diversity in all aspects of the Company’s business and all decisions are made on
merit and without regard to protected characteristics. Where appropriate and practicable for the Company, the
Company considers and implements positive actions to enable the Company to provide additional support. This
can include, for example, making adjustments to assist staff and ensuring that, to the extent possible, all relevant
perspectives are included in decision making on an ongoing basis.

ARGO BLOCKCHAIN PLC

The Company will keep the requirement for a formal diversity policy under review and will give serious
consideration to the adoption of a policy, tailored to the nature of the Company’s business, its operations and
resources at the appropriate point.
Gender composition
At 31 December 2024, the gender composition of employees and directors of the Company was as follows:

Gender Composition
Male
Female
Directors
3
1
Senior Management
5
1
Employees
9
7

Ethnic composition
At 31 December 2024, the ethnic composition of directors of the Company was as follows:

Ethnic
composition
Number of
board members
Percentage of
the board
Number of
senior
positions on
the board
Number in
executive
management
Percentage of
executive
management
White
3
75%
2
4
100%
Other
1
25%
0
0
0%

The above information was collected through a voluntary open-ended self-identification survey. Questions
included “What gender do you identify with?” and “What is your ethnic composition?”.
Diversity Targets
The Company notes the diversity targets included in the Listing Rules, being:
●
at least 40% of the individuals on the Board are women;
●
at least one of the specified senior board positions is held by a woman; and
●
at least one individual on the Board is from a minority ethnic background.

As at 31 December 2024, the Company met the target to have one individual on the board from a minority ethnic
background.

The Company operates a small board, comprised of four people, which the Board considers appropriate with
the current stage of development of the Company and the scale and sophistication of its activities. One of the
four directors appointed is a woman, however given the size of the Board, the Company does not have a senior
independent director and the Chief Financial Officer is a non-board role. The Company does not therefore
currently meet the remaining two targets.
Should the Board look to appoint further directors in the future, the Company will give due consideration to how
it may achieve the diversity targets while ensuring the appropriate structure of the Board and mix of skills and
expertise relevant to the Company’s operations. As part of its recruitment processes, the Company gives careful
consideration to all potential applicants however has a particular regard to those with knowledge and experience
of the digital asset and cryptomining sector. This necessary focus narrows considerably the pool of potential
applicants and poses potential challenges in both recruitment and meeting the diversity targets. The Company
will keep this under ongoing review.

ARGO BLOCKCHAIN PLC

Future Work
As part of its work during the coming year, the Committee will consider the Company’s present and near future
requirements and will review the composition of the Board, succession planning for management, and the
structure of the overall management of the Company going forwards. Further announcements will be made in
due course.

Matthew Shaw
Chair of the Nomination Committee
8 May 2025

ARGO BLOCKCHAIN PLC

AUDIT COMMITTEE REPORT
Letter from the Chair of the Audit Committee
Dear Shareholders,
I am pleased to present the Audit Committee’s report for the year ended 31 December 2024.
The Audit Committee met three times during the financial year under review, and all of the directors on the
Committee attended all of these meetings. At a high level, the Audit Committee is responsible for, among other
things:
●
the appointment, compensation, retention and oversight of the work and termination of any independent
auditor engaged for the purpose of preparing or issuing an audit report or performing other audit services;
●
pre-approving the audit services and non-audit services to be provided by its independent auditor before
the auditor is engaged to render such services;
●
evaluating the independent auditor’s qualifications, performance and independence, and presenting its
conclusions to the full Board on at least an annual basis;
●
reviewing and discussing with the executive officers, the Board and the independent auditor its financial
statements and its financial reporting process;
●
approving or ratifying any related person transaction (as defined in its related person transaction policy) in
accordance with its related person transaction policy;
●
reviewing and overseeing the adequacy and effectiveness of its financial reporting and internal control
policies and systems; and
●
reviewing and recommending amendments to the Code of Business Conduct and Ethics.
Composition of the Committee
The Audit Committee is comprised of me, as Chair, Raghav Chopra, and Matt Shaw. Brief biographies of each
of the members of the Committee, including their professional experience and qualifications are set out on page
6.
As required by the Disclosure Guidance and Transparency Rules (DTRs), Nasdaq Rule 5605(c)(2)(A)(ii),
section 301 of the Sarbanes-Oxley Act 2002 and Rule 10A-3 of the Exchange Act the Committee comprises:
●
a majority of independent directors;
●
at least one member with competence in accounting or auditing, or both;
●
as a whole, competence relevant to the sector in which the Group is operating.
The Board considers that, in light of their respective professional experience and expertise, the members of the
committee have recent and relevant financial experience, including competence in accounting matters relevant
to the sector of operation, and operational experience in businesses at a similar stage of development.
Committee Meetings
The Committee has discretion to invite members of the executive management of the Company to its meetings
as required and considers the input and recommendation of executive management to be critical to ensuring
the Committee’s activities reflect the ongoing needs of the Company. Therefore, executive management were
invited to present to the committee at the appropriate junctures during the year.
Where the Committee considers matters relating to the audit of the Group, the Committee invited David
Thompson, the lead audit partner for the Group at PKF Littlejohn LLP, to attend the meeting. His attendance
was critical to ensuring the Committee has access to Mr Thompson’s independent judgement and ensuring the
Committee can solicit his views on matters to be considered or addressed as part of the audit.
The Committee also meets independently to consider matters relating to financial management and audit,
providing a forum for discussion of the agenda for the year ahead and strategic priorities for the Committee.

ARGO BLOCKCHAIN PLC

Focus of the Committee
During the year under review, the Committee’s focus was on:
●
reviewing the Company’s financial reporting processes, taking into account changes to the business
during the year under review;
●
working with the Group’s auditors to consider matters arising from the Group’s previous audit and the
measures necessary to address them;
●
monitoring the effectiveness of the internal control and risk management systems adopted by the Group,
regarding financial reporting of the Group;
●
reviewing the audit of the Group, in particular noting areas for potential improvement;
●
considering the independence and suitability for reappointment of the Group’s auditors, PKF Littlejohn
LLP;
●
communicating with the Board the findings of the audit, and its contribution to the integrity of the Group’s
financial reporting;
●
considering the integrity of the Company’s and the Group’s financial statements, the processes and
procedures for the Company’s monthly operational updates and reviewing significant financial issues and
judgments contained in them;
●
reviewing the Group’s internal financial reporting function, in particular its structure, staffing and
resources; and
●
considering the Group’s management and internal reporting metrics.
As a result of its work, the Committee recommended the reappointment of PKF Littlejohn LLP for the year under
review and intends to do so again for the current financial year.
Performance Evaluation
Given the nature and scope of the Group, the Committee does not currently consider an external performance
review would be of significant benefit to the Group, however the Committee will continue to review the
appropriateness of such a review on an ongoing basis.
Significant Judgment in relation to financial statements
The Committee has considered the following matters, significant accounting areas which required the exercise
of judgement or a high degree of estimation during the year, together with details of how these were addressed. Some
of the matters considered were of a one-off nature, while others will have a continuing applicability to the Group’s
business.

Significant issue and explanation
Work undertaken by the Committee
Impairment for Mining Machines
The Group is required to perform impairment reviews
of its capital assets on an annual basis to determine
the appropriate value of those assets. The Group’s
principal capital assets are its data centre in Canada
and its fleet of mining machines. While property is a
long life asset, mining machines have a finite useful
life, and therefore it is imperative that the Group
correctly accounts for the impairment based on the
Group’s current expectations of the machines’ useful
life.
The Committee has considered management’s
assessments of the appropriate value of the Company’s
mining machines at the reporting date. This included
specifically considering and approving the predicted useful
life remaining, the economics of the new hosting
arrangements, the market value of the machines, and the
relative profitability of the machines compared with other
alternatives available in the market.
Impairment was also a significant issue for the Group’s
auditors, who reported its findings to us.

ARGO BLOCKCHAIN PLC

Going concern basis for the financial statements and
viability statement
The Committee reviewed and challenged management’s
assessment of forecast cash flows, including applying
appropriate sensitivities, and the potential impact of future
uncertainties, the Group’s financial resources and
potential sources of additional liquidity. The Committee
was satisfied that the application of the going concern
basis for the preparation of the financial statements
remained appropriate.

External Audit
During the year, the Audit Committee assessed the independence and effectiveness of PKF Littlejohn LLP and
considers that that they remain independent from the Group and provide an effective external audit of the Group. The
Committee has therefore recommended that PKF Littlejohn LLP be proposed for reappointment at the upcoming
Annual General Meeting.
PKF Littlejohn LLP has been the auditor of the Company since its inception in December 2017, and David Thompson,
lead audit partner for the Group at PKF Littlejohn, has led the Group’s audit since 2020. While retendering and change
of personnel is not currently required as a result of these requirements, the Group and PKF Littlejohn LLP will comply
with the restrictions and limitations applicable to re-appointment of auditors and maximum terms of audit personnel,
which require PKF Littlejohn LLP to rotate audit personnel engaged on the Group’s audit and impose a maximum
engagement period for PKF Littlejohn LLP as the Company’s auditor.
Non-audit services
During the year, PKF Littlejohn LLP did not provide any non-audit services to the Group and therefore no issues
regarding the objectivity or independence of PKF Littlejohn LLP arose from the provision of non-audit services.

Maria Perrella
Chair of the Audit Committee
8 May 2025

ARGO BLOCKCHAIN PLC

CORPORATE GOVERNANCE REPORT
The QCA 10 Principles of Corporate Governance
The board of directors of Argo Blockchain PLC recognises the importance of corporate governance and has
decided to apply the Corporate Governance Code published by the Quoted Companies Alliance (the ”QCA
Code”). A copy of the QCA Code is available at https://theqca.com/corporate-governance/. The QCA Code sets
out a standard of best practice for small and midsize quoted companies. The QCA’s ten principles of corporate
governance are set out below, along with a description of the Company’s approach to the relevant principle.
Principle 1: Establish a strategy and business model which promotes long-term value for shareholders
The Group is a UK based provider of cryptocurrency mining with its mining operations located in Canada and
the US. The business endeavours to acquire efficient hardware to support its mining facilities with a focus on
return on investment and prioritises the utilisation of renewable energy sources (wherever possible) at the most
competitive prices.
Principle 2: Seek to understand and meet shareholder needs and expectations
The Group seeks to communicate with shareholders to ensure that its financial performance and strategy are
clearly understood. This is achieved through regular updates by RNS to the London Stock Exchange, filings
with the Security and Exchange Commission in the United States and meetings with various shareholders. The
Group attends investor conferences in the UK and USA and ensures its website provides accurate information
and is kept up to date.
Principle 3: Take into account wider stakeholder and social responsibilities and their implications for
long term success
Our stakeholder groups include our employees in Canada, the United Kingdom, United States of America and
our business partners. Employees are kept informed of the Company’s progress and development by way of
recurring meetings and have access to the Board at all times. We aim to recruit and retain our staff by ensuring
our pay and conditions are competitive in the marketplace and offer training and career development where
appropriate. We seek to maintain a good business relationship with our business partners who are well-
respected experts in their field.
Principle 4: Embed effective risk management, considering both opportunities and threats, throughout
the organisation
The Group considers robust systems and controls will enhance the Group’s ability to manage and respond to
challenges and opportunities. The Board is responsible for overall supervision of the Group’s operations while
the Company’s CEO and CFO are responsible for the implementation of the systems and controls across the
Group and recommending improvements and revisions to the Board for consideration. As part of its systems
and controls, the Group has adopted clearly defined roles and responsibilities, with clear lines of reporting and
supervision. Given the Group’s current stage of development, the Group considers the processes and
procedures adopted provide the necessary framework for effective risk management throughout the
organisation, while retaining flexibility and the opportunity to continue to develop in line with the Group’s future
strategy.
Principle 5: Maintain the Board as a well-functioning, balanced team led by the chair
The Board is led by Matthew Shaw as the Company’s Chairman, supported by the senior management team
and other non-executive directors. He is supported by Justin Nolan, the Company’s Chief Executive Officer, Jim
MacCallum, the Company’s Chief Financial Officer, and the Company’s two other non-executive directors.
Members of the Company’s senior management team are invited to Board meetings as necessary and
appropriate. The Board considers that each director has the required level of expertise and experience in his or
her field, and regular Board meetings are held to discuss all key matters and the Board functions well and is
appropriately led.
Principle 6: Ensure that, between them, the directors have the necessary up-to-date experience, skills
and capabilities
The Board is comprised of individuals with appropriate expertise and experience, each of whom brings a
differing but complementary skillset to the Board. All the directors receive regular updates on the Group’s
operational and financial performance and attend frequent Board meetings where key issues are discussed at
length. The Board is responsible for the appointment, removal and re-election of directors and when such a
decision is required it will take account of the Company’s need for a balance of market, operational and financial
expertise. All directors have the ability to take independent professional advice at the Company’s expense

ARGO BLOCKCHAIN PLC

where they consider it necessary to ensure they fulfil their duties in an appropriate manner.
Principle 7: Evaluate Board performance based on clear and relevant objectives, seeking continuous
improvement
The Board is constantly reviewing the Group’s and its own performance based on internally set performance
indicators and utilises those performance evaluations and indicators to identify areas of success and the
potential for improvement.
Principle 8: Promote a corporate culture that is based on ethical values and behaviours
The Board, together with the Company’s senior management team is conscious to impart and maintain a
forward- looking corporate culture throughout the Group, based on ethical values and respect for the
contributions of the Company’s staff. The Board leads by example and sets high standards and expectations
for the Company’s staff.
Principle 9: Maintain governance structures and processes that are fit for purpose and support good
decision making by the Board
As a company with a Transition Listing, the Company is not required to comply with the provisions of the
Corporate Governance Code published by the Financial Reporting Council. However, in the interests of
observing best practice on corporate governance, the Company intends to comply with the provisions of the
QCA Code insofar as is appropriate having regard to the size and nature of the Company and the size and
composition of the Board.
The Company’s Transition Listing means that it is also not required to comply with those provisions of the Listing
Rules which only apply to companies on the Premium List. The UK Listing Authority will not have the authority
to (and will not) monitor the Company’s compliance with any of the Listing Rules which the Company has
indicated that it intends to comply with on a voluntary basis, nor to impose sanctions in respect of any failure by
the Company so to comply.
Principle 10: Communicate how the Company is governed and is performing by maintaining dialogue
with shareholders and other relevant stakeholders
The Company is proactive in communicating with shareholders and other relevant stakeholders, on an annual
basis by way of the Annual Report and the financial statements, and more regularly through the half year
Interims, monthly operational updates and regulatory announcements. Outside of formal communications, the
Company engages with shareholders and interested parties through Q&A sessions and other informal updates.
The Company maintains a comprehensive website, which is available at https://argoblockchain.com.
QCA Corporate Governance Code 2023
The Company currently reports against the QCA Corporate Governance Code 2018. The Company notes the
publication of the revised and updated QCA Corporate Governance Code 2023 which will have effect for
accounting periods commencing on or after 1 April 2024. The first accounting period for which it will therefore
apply to the Company will be the financial year ended 31 December 2025, however the Company will consider
if there is an opportunity to adopt any of the developments of the QCA Code for the financial year ended 31
December 2024, ahead of the actual implementation date.

ARGO BLOCKCHAIN PLC

TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURE (TCFD) REPORT
Argo recognizes the adverse effects caused by climate change and is committed to assessing and managing
both the impact of climate change on our operations and our impact on the planet. Investors, employees,
regulators, members of the community in which we operate and other stakeholders want to understand how we
are planning for and adapting to climate change. The Task Force on Climate-related Disclosures (TCFD)
provides a framework that enables companies to communicate climate-related financial risks to this audience.
At Argo, our stakeholders have high expectations of how we operate as a business. Since the Company’s
inception, Argo has been committed to sustainability which includes the objectives of minimizing our waste and
carbon footprint as well as creating disclosures on an annual basis that align with our stakeholders’
expectations. In compliance with Listing Rule 14.3.27(2)R, our climate-related financial disclosures are set out
below. These are a mixture of fully and partially compliant with the TCFD Recommendations and Recommended
Disclosures. We have structured the report so that it follows the 4 TCFD pillars with the 11 recommended
disclosures set out in Figure 4 of Section C of the TCFD Annex entitled “Guidance for All Sectors”. When drafting
this report, we also reviewed whether any of the sector-specific Supplemental guidance within Section E of the
TCFD Annex entitled “Supplemental Guidance for Non-financial Groups” was relevant; however it was deemed
that Argo could not be categorised within one of the sectors provided within these supplements. The Company
has decided not to gain assurance for the content of this report nor the GHG emissions or other KPIs included
within.
The Company consists of a small team and hence is still developing the resources in order to be fully compliant
with all the TCFD’s Recommendations and Recommended Disclosures. We recognize the gaps that we must
cover in order to achieve full compliance with the TCFD’s Recommendations and Recommended Disclosures.
In the future, we intend to evaluate our practices and consider opportunities to enhance our disclosures on an
ongoing basis consistent with our objective to incorporate and expand our best practice reporting. We intend to
build on what we have completed and ensure the Company is implementing the necessary strategies,
structures, resources, and tools to manage the risks and opportunities posed by climate change. We will also
consider the work being conducted by the Transition Plan Taskforce so that we are aligning our climate-related
reporting with best practices, which goes beyond our regulatory obligations.
In accordance with LSE Listing Rule 14.3.27(2)R, the table below sets out whether Argo has made disclosures
fully or partially consistent with the TCFD recommended disclosures:

TCFD Pillar
TCFD Recommended Disclosures
Compliance
Status
Disclosure
Location
(page)
Governance
Board’s oversight of climate-related risks and opportunities
Partial
52
Management’s role in assessing and managing climate-related
risks and opportunities
Partial

Strategy
Climate-related risks and opportunities the organization has
identified over the short, medium and long term
Full
39
Impact of climate-related risks and opportunities on the business,
strategy, and financial planning
Partial
58
Resilience of the organisation’s strategy, taking into consideration
different climate-related scenarios, including a 2°C or lower
scenario
Full
60
Risk
Management
Organization’s processes for identifying and assessing climate-
related risks
Partial
62
Organization’s processes for managing climate-related risks
Partial
64

Processes for identifying, assessing, and managing climate-
related risks are integrated into the organization’s overall risk
management
Partial
64

Metrics and
targets
Metrics used by the organization to assess climate-related risks
and opportunities in line with its strategy and risk management
process
Partial
64
Scope 1, Scope 2 and, if appropriate, Scope 3 greenhouse gas
(GHG) emissions and the related risks
Partial
64
Targets used by the organization to manage climate-related risks
and opportunities and performance against targets
Partial
64

ARGO BLOCKCHAIN PLC

Governance
Recommended disclosure: a. Describe the Board’s oversight of climate-related risks and opportunities
The board of directors monitors the Company’s overall sustainability performance against its stated ambition
and targets. It therefore has oversight responsibility for Argo’s climate strategy and performance, whereas the
CEO has ultimate responsibility for setting Argo’s ESG strategy and performance objectives as well as oversight
of its implementation and execution.
The Board is informed about the Company’s climate-related progress through Board meetings and annual
reports from the ESG Committee. It is the CEO who reports to the Board on ESG and climate-related issues on
an annual basis or as required.
The Board uses climate-related issues to guide them when:
●
Finalising annual budgets (purchase of Renewable Electricity Credits (RECs), Verifiable Emissions
Reductions (VERs) as well as the costs associated with efficiency gains, data collection and calculation).
●
Monitoring Implementation and Performance (with regards to the metrics outlined on page 48)
●
Overseeing major capital expenditures (ensuring our facilities are located on low carbon emission grids
and built to be as efficient as possible)
Recommended disclosure: b. Describe management’s role in assessing and managing climate-related
risks and opportunities
The CEO is responsible for achieving Argo’s strategy and ESG objectives, whereas day-to-day responsibility
for such tasks is delegated to the ESG Committee, which is a working group of employees and not a board-
level committee. The ESG Committee is chaired by the CEO and includes the Chief Strategy Officer and the
VP of Mining. The ESG Committee has climate-related expertise and is supported by external climate experts
on a regular basis providing the Company with both data proficiency and strategic advisory. The committee is
responsible for the management and implementation of ESG initiatives and directives. To do this, the committee
meets annually to (i) assess climate-related issues, (ii) develop and discuss the status of ongoing climate-related
initiatives and (iii) monitor and track progress against certain KPIs.
One of the major challenges that the Bitcoin mining industry faces is its reputation regarding energy
consumption and GHG emissions. Hence, over the past year the ESG Committee has taken a stakeholder focus
and created initiatives focused on supporting, and in some cases educating, certain stakeholder groups to
ensure that the Company’s climate change strategy is in line with their expectations. We identify key
stakeholders according to Argo’s impact on their interests as well as their ability to influence our strategy and
objectives.
Strategy
Recommended disclosure: a. Describe the climate-related risks and opportunities the organization has
identified over the short, medium, and long term.
We recognise that climate-related risks and opportunities present a potential material impact to our business
and are committed to taking the necessary steps recommended by the TCFD to assess the severity of the
business risks and the value of the opportunities on our business.
The tables below generally describe the climate-related risks that are considered by the Company. This list may
grow as we further evaluate these risks and the associated business impacts:

ARGO BLOCKCHAIN PLC

Climate-related Risks

Transition Risks
Climate Risk
Drivers
Summary Description and
Business Impact
Mitigation and Adaptation
Main
Affected
Time
Horizon

Policy & Legal
Increased costs for
energy from carbon
pricing
Federal authorities may pursue and
implement legislation and regulation
that seeks to limit the amount of
carbon dioxide produced from
electric generation, which would
affect the availability and price of
electricity sourced from power grids
that are dependent upon fossil fuel-
fired sources of power generation.
Where we purchase electricity from
the grid, this could impact us in a
potentially material adverse
manner. The bankruptcy or
insolvency of any power generator
or wholesale market supplier from
whom we expect to obtain supply
for our mining operations could also
result in a curtailment or loss of
supply, which would have a material
adverse effect on our ability to
continue mining operations.
We are focused on deploying our
mining machines at locations
with access to low-cost and
reliable renewable power
sources, as successfully doing
so should enable us to reduce
our power costs. Our Quebec
facilities are primarily powered
using renewable hydroelectric
power, and our operations in
Texas were in the Texas
Panhandle, where more than
85% of the installed electricity
generation capacity comes from
renewable sources. We will
continue to work with power grids
and electric generators who have
an abundance of remote
renewable electricity because
this aligns with the Company
sustainability principles and
climate strategy. As an additional
benefit, the use of lower-
emission sources reduces our
risk exposure to the potential
introduction of carbon pricing and
associated reduced availability of
fossil fuel-fired electric
generation.
Medium to Long
term
Market
Increased Costs
of ASIC mining
machines
There are risks related to the
potential disruption of our global
supply chain by climate-related
issues for cryptocurrency mining
hardware, and difficulty in
obtaining new mining machines
that may have a negative effect
on our business.
While we have typically
purchased our mining machines
from Bitmain, and we have
diversified our access to mining
machines by establishing a
relationship with ePIC Blockchain
Technologies (“ePIC”). We
purchased ePIC’s BlockMiner
mining machine that utilized
Intel’s Blockscale ASIC chip. We
will continue to assess our
supply chain management and
opportunities to reduce our risk
exposure to any disruption to our
key suppliers.
Medium to
Long term

ARGO BLOCKCHAIN PLC

Reputational
Damage
Increased awareness and any
adverse publicity in the global
marketplace about potential
impacts on climate change by
Argo or other companies in our
industry could harm our
reputation. This could therefore
have a material adverse effect
on our financial position, results
of operations and cash flows.
Argo’s stakeholders and society
in general are becoming
increasingly climate conscious.
Argo recognizes this – we have
always been, and always will be,
committed to promoting
sustainability. We routinely
emphasize our commitment to
sustainability through our
ongoing PR and communications
efforts. Additionally, we are
involved in several initiatives that
focus on educating these
stakeholders on the positive
impact that Bitcoin mining
operations can have for the
energy transition, including the
incentivization of renewable
energy development and
stabilization of power grids via
demand response.
Short to
Long term

Physical Risks
Climate Risk
Drivers
Summary Description and
Business Impact
Mitigation and Adaptation
Main
Affected
Time
Horizon
Acute Disruptions
to our facilities
and operations
Extreme weather events have the
potential to disrupt or damage
Argo’s operations. Flooding,
heatwaves, wildfires, droughts,
and rising sea levels could all
impact the business. Insufficiently
prepared facilities could be
unable to deal with more frequent
and intense occurrences of such
events.
Due to the nature of our
operations and facility ownership
structure, Argo is in a position to
be able to locate its operations in
areas that are of relatively lower
risk or relocate mining machines
if there are ongoing operational
disruptions related to acute
weather disruptions. We will
explore assessing the risk
exposure of our current sites and
develop location-specific
Business Continuity Plans
(BCP).
Medium to
Long term
Chronic
An increasing number of volatile
weather conditions, particularly
extremes of temperature or
extended periods of abnormal
weather conditions could impact
the price of energy. Due to Argo’s
electricity demand from the grid,
it could be that Bitcoin mining
companies are requested to shut
down leading to a material
adverse effect on the Company’s
revenue.
Variability in weather conditions
have already impacted Argo’s
operations. In Quebec, Argo
curtails its operations in the
winter months to help stabilize
the power grid. In Texas, Argo
voluntarily curtailed operations
when electricity prices were
high, which often occurs during
extreme weather events. While
our property strategy takes
climate- related issues into
account, we will seek to explore
incorporating these weather-
related risks into our potential
site location decisions.
Short to
Long term

ARGO BLOCKCHAIN PLC

Climate-related Opportunities

Transition Opportunities
Climate Risk Drivers
Summary Description and
Business Impact
Mitigation and Adaptation
Main
Affected
Time
Horizon
Resource
Efficiency
Enhancing our Bitcoin mining
operational efficiency presents an
opportunity to reduce operating
costs and bolster our reputation.
We compete against our peers
on the efficiency of our
operations and hence improving
it is a cornerstone to our strategy.
Our mining hardware primarily
consists of Bitmain Antminer
S19, S19J Pro, and ePIC
BlockMiners, featuring
application- specific integrated
circuits (“ASICs”) for
cryptocurrency mining. These
machines offer superior speed
and efficiency in cryptocurrency
mining compared to general
computing hardware. In addition,
our operations in Texas utilized
immersion cooling technology,
which improves efficiency,
extends the lifespan of the
mining machines, and reduces
costs. Due to the infancy of these
machines, moving forward Argo
will continue to explore the large
opportunities for improvement
with regards to efficiency.
Short to
Long term
Energy
Source
Renewable
energy
procurement
and
deployment
Bitcoin miners may have the
potential to enhance the shift
toward decentralized energy
generation by co-locating near
renewable energy producers and
acting as a sink for excess
energy production. Serving as a
sink or flexible load is valuable as
it provides a market mechanism
for use of excess electricity,
allowing generators to increase
intermittent renewable energy
generation into the grid without
fear that it won’t be used and
uncompensated for. This may
reduce operating costs and
increase revenue, capital
availability, and reputation.
Bitcoin mining’s unique ability to
serve as a buyer of last resort for
excess energy encourages
further investment in renewable
projects. This, in conjunction with
demand response, enhances grid
resilience.
Bitcoin mining can play a
valuable role in the transition to a
low carbon economy. Bitcoin
mining has the capability to
balance the grid and hence
provide value to power producers
who deploy renewable energy
generation. In the short- term,
Texas provided the greatest
opportunity for this as the grid
operator, ERCOT, has worked
with Bitcoin miners to assist with
increased integration of
renewable energy into the grid.
Bitcoin mining therefore indirectly
supports the deployment of
additional renewable electricity
and in the long-term could be
deployed in other regions. We
will continue to explore
opportunities to foster strategic
relationships with independent
power producers.
Short to
Long term

ARGO BLOCKCHAIN PLC

New Products and
Services
Argo’s stakeholders and society
in general are increasingly
climate conscious. This has led
to the development of market-
based tools to incentivize
sustainable production of Bitcoin.
Argo has actively explored and
pursued various opportunities to
promote the sustainable
production of Bitcoin. In 2021,
we announced the creation of
the world’s first Bitcoin mining
pool powered by clean power,
Terra Pool.
Short to
Long term
Markets
Ability to form
new and strategic
partnerships
As the world is transitioning its
energy system there will be
pressure on companies to
reduce their GHG emissions and
by-products that impact the
environment negatively. In order
to deal with these impacts,
companies will need to
collaborate with each other to
find solutions and reduce the risk
of regulatory action and
reputational damage.
Argo has a significant
opportunity to enable the
transition to a net zero economy
through the use of its Bitcoin
mining operations. Below are
three examples of potential
strategic partnerships that the
Company is exploring:
●
Independent
Power
Producers
●
Oil & gas producers
●
Local municipalities
Please see below for an
expansion of how Argo can foster
these relationships.
Short to
Long Term

Recommended disclosure: b. Describe the impact of climate-related risks and opportunities on the
organization’s businesses, strategy, and financial planning.
In 2020 we defined our climate-related goals and ambitions with specific targets identified to guide our
activities, and we set our objective of being a climate positive company. Our strategy to be a climate positive
company is based on 6 steps:
1.
Minimising emissions at the outset – intentionally locating our own operations on grids with low
emissions as well as investing in energy saving and efficiency measures at our own facilities.
2.
Scope 1 emissions – No scope 1 emissions as we have no power generation or generator use at our
own facilities.
3.
Scope 2 emissions – Minimise scope 2 emissions through the use of low-emission grids. For any
residual scope 2 emissions, RECs may be purchased at owned (Argo) or hosted facilities for emissions
created by electricity use.
4.
Scope 3 emissions – VERs may be purchased for emissions resulting from all Argo activities in its value
chain.
5.
Additional VERs – Additional VERs may be purchased to become climate positive.
6.
Third-party verification – Argo assessment validated by an accredited third-party verification consultant.
In alignment with these targets, we are focused on addressing the risks and opportunities identified above by
integrating climate considerations in our:
●
Strategic Partnerships
Argo continually seeks potential opportunities and looks for new ways for our Bitcoin mining operations to
provide value to other corporations, utility companies, and government agencies. Below is a non-exhaustive list
of some examples of ideas that we are in the process of evaluating:

ARGO BLOCKCHAIN PLC

› Electricity generators or independent power producers – We are evaluating opportunities to co-locate
our mining operations with renewable energy producers in order to gain access to “behind the meter”
electricity. This type of relationship with a power generator can be symbiotic because we can gain access
to low-cost electricity directly from the producer and the power producer will have a buyer of last resort
for its electricity regardless of the export capacity or market price obtainable through the power grid.
› Local municipalities – Exploring partnerships with local municipalities to use waste heat from our facilities
and provide this heat to the municipality or nearby facilities such as greenhouses that can make use of
the heat. This creates a savings for the greenhouse as they can reduce the heat they need. In addition to
creating an economic opportunity for both parties, this also saves energy and reduces our collective
environmental impact.
› Oil & gas Producers – There is potential for partnerships with oil & gas companies who produce natural
gas as an unwanted by-product of their oil production. Currently, oil & gas producers typically dispose of
the unwanted natural gas via venting or flaring, which releases methane into the atmosphere. On a 100-
year timescale, methane has 28 times greater global warming potential than carbon dioxide and is 84
times more potent on a 20-year timescale. Instead of venting or flaring the waste gas, it can be combusted
in a generator to provide electricity for Bitcoin mining operations. Combusting the natural gas reduces
methane emissions by up to 99% when compared to venting or flaring. This therefore provides an
opportunity for both parties since a Bitcoin miner can provide an economic incentive to reduce the
methane emissions of oil & gas producers whilst the Bitcoin miner gains access to low-cost energy for its
Bitcoin mining machines.
●
Energy/Resource Efficiency
Additionally, we have worked on becoming more efficient with the energy we use through purchasing more
energy- efficient technologies. These initiatives have included:
➢
Having our fleet hosted at the Helios site through year end 2024 in the West Load Zone of Texas,
where more than 85% of the installed generation capacity is renewable.
➢
Constructing the Helios facility so that it uses high-efficiency immersion cooling technology.
➢
Purchasing Bitcoin mining machines which can be optimised to run on various efficiency settings,
therefore enabling the Group to increase efficiency depending on market conditions.
These initiatives ensure that we keep pace with the transition to a net-zero economy by proactively complying
with evolving regulation, providing energy efficient technology and maintaining a strong reputation amongst
our stakeholders.
●
Stakeholder engagement
We have taken a proactive approach to developing a more efficient and cleaner industry through the promotion
of transparency, sharing of best practice and education to the public about the benefits of Bitcoin and Bitcoin
mining. Argo is a founding member of the Bitcoin Mining Council, which educates the public on the increasing
amount of renewable energy used for Bitcoin mining. It also seeks to improve reporting and increase the amount
of data available on the use of renewable energy within the sector. Argo also seeks to engage with regulators
and policymakers at the state and federal level to educate them on the benefits of Bitcoin mining. Argo is a
member of the Digital Power Network, which is a coalition spearheading policy advocacy for digital asset mining
in Washington, DC and crafting the future of energy policy.
●
Site location
Our property strategy includes criteria that considers the availability of renewable electricity and the sites’
exposure to the physical risks of climate change.

ARGO BLOCKCHAIN PLC

Recommended disclosure: c. Describe the resilience of the organization’s strategy, taking into
consideration different climate-related scenarios, including a 2°C or lower scenario.
In 2022, we conducted a climate-related scenario analysis with the aid of a third-party consultant to further
validate our climate strategy. We also carried out a scenario-based climate change risk assessment exercise to
determine potential implications of climate risks on our business and strengthen the resilience of our strategy
moving forward. Given that the Group’ business and overall risk profile of the sector in which it operates has not
changed materially in 2023, we consider such scenarios remain relevant and therefore have not updated our
scenario analysis from 2022.
In building our scenarios, we used the Intergovernmental Panel on Climate Change (IPCC) warming scenarios,
which provides pathways for assessing the physical impacts of climate change from varying degrees of GHG
emissions in the atmosphere. Since many of the publicly-available climate-related scenarios that exist focus on
transitions in heavy- emitting sectors (e.g. utilities, heavy industry), the majority of the assumptions in these
existing scenarios do not directly impact Argo. As such, we drafted three qualitative transition scenarios, drawing
from existing scenarios and trends, and combined them with three warming scenarios:
Assumptions:
Business-as-usual
RPC 8.5 - Extremely high emissions scenario with global mean temperature expected to rise by 3.7°C (2.6-
4.9°C) by end of the century. The scenario assumes high dependence on fossil fuels and no policy-driven
mitigation.
Qualitative assumptions – Limited regulation and impact of climate risks and emissions performance on the
Company’s reputation. There is uneven pressure regarding climate action and emission reduction targets, with
limited investment in renewable electricity. Insurance becomes increasingly expensive and demand for RECs
begins to outstrip supply resulting in much higher prices to purchase these RECs. Investors in crypto have
limited interest in acquiring currencies that have been produced with fewer emissions.
Delayed transition
RPC 6.0 – High emissions scenario with global mean temperature expected to rise by 2.2 °C (1.4-3.1°C) by end
of the century, which assumes emissions peak around 2080 and then decline.
Qualitative assumptions – There is uneven regulatory action from state to state in the US and globally, with
some setting stringent climate expectations and others not incorporating ESG into regulatory standards. This
means that some regions decarbonize quicker and employ renewable electricity whilst others fail to do so.
Prices of RECs vary by region.
Net-zero
RPC 2.6 – A stringent pathway with a large regulatory push and the development of new technologies enable
the likelihood of keeping global temperature rises below 2°C by 2100.
Qualitative assumptions – Strong local, state, and national-level regulation and action on building performance
standards and energy benchmarking, which includes high penalties for non-compliance. Potential high
investment costs to bring manufacturing locations in line with state, local, and national laws. Strong impact of
emissions performance on company reputation and market value, which is seen worldwide in nearly all
geographies and across investors, potential employees, and society. Nearly 100% of electricity generation
globally is from renewable electricity sources and societies have adapted to become more electrified.
Business Impacts
Below is a table that summarizes the results of the scenario analysis in which we identified how each scenario
may impact Argo’s business and operations:

RCP 8.5 / Business-as-usual
RCP 6.0 / Delayed
Transition
RCP 2.6 / Net-zero
Physical climate
risks
Increased chances of property damage due to floods and
increased wildfires
Increased energy usage as a result of increased cooling
required at our facilities due to increase in ambient
temperature.
Increased risk of heatwaves and droughts affecting energy
prices and supply chain.
Impacts of flooding and
droughts on the
semiconductor industry,
already being observed
within supply chain.

ARGO BLOCKCHAIN PLC

Transition Climate
risks
The Company has very low
potential exposure to carbon
pricing and the associated
policy/legal risks. However, Argo
will see an increase in insurance
premiums, the price of RECs and
disruptions to its supply chain due
to the reduced supply in raw
materials.
Heightened legal and
regulatory risks due to
uneven application. This
makes it more difficult for
Argo to operate in
certain regions as legal
and regulatory action is
highly uncertain. Argo’s
climate strategy sees a
higher cost due to the
price of RECs but there
is a low exposure to
carbon pricing. There is
limited reputational
damage.
The Bitcoin mining
industry’s reputation is
increasingly scrutinized
and Argo as a result has
a higher risk exposure to
reputational damage as
well as policy/legal risks.
There is a relatively
larger risk exposure to
indirect carbon pricing
with the price of fossil-
fuel based electricity
increasing in the short-
term.
Transition
opportunities
Opportunities for strategic
partnerships are limited due to a
lack of investment in renewables
and the lack of appetite to reduce
flare / methane gas emissions.
There are certain
geographies where Argo
can locate its operations
where the Company can
make use of strategic
partnership
opportunities.
There is a large
demand for
technologies that
enable demand
response initiatives to
help balance the supply
and demand of
electricity on the grid,
which boosts Argo’s
ability to develop
strategic partnerships.
Argo is presented with
opportunities to benefit
from renewable
electricity deployment
and the requirements to
decrease flare
/ methane gas
emissions.
Company Resilience to Climate Risk
In all scenarios there is a focus on energy efficiency because this is a key variable on which Argo competes
with its peers.
The Company has set a climate strategy that approaches the risks and opportunities associated with each
scenario, however, the greatest opportunities are presented from the Net Zero scenario where Argo Blockchain
is positioned to help enable the energy transition with the increased deployment of renewable electricity and
demand response.
We are therefore currently trying to manage these risks so that we are well-prepared across these different
types of scenarios and will try to incorporate these insights into our climate strategy moving forward. However,
this is only our first climate-related scenario analysis, and we will work over the future to expand this analysis
and to quantify the financial impacts of these different scenarios and to reflect developments in climate science
and methodology.
Although these are the risks and opportunities that currently face the Company, we will continue to identify new
and emerging climate-related risks that could impact the Company.
Risk Management
Recommended disclosure: a. Describe the organization’s processes for identifying and assessing
climate- related risks.
Argo identifies and assesses risks associated with climate change across all transition risks (policy and legal,
technology, market changes and reputation) and physical risks (both acute and chronic). Processes that help
identify climate-related risks and opportunities include:

●
Monitoring changes in the external policy environment, including existing and emerging legislation, and
national and international government announcements.
●
Observing market developments, such as advances in technology that may reduce our operating costs,

ARGO BLOCKCHAIN PLC

or changes in perception about the industry’s impact on the environment.
●
Internal and external judgement using resources such as regulatory guidance, industry reports and peer
comparisons.

We use these and other processes to identify risks relating to climate change, and to determine their significance.
The Company has yet to formalize a process in which climate-related risks are assessed in terms of their
significance relative to other principal risks and assessing the potential size and scope of the risk.
Recommended disclosure: b. Describe the organization’s processes for managing climate-related risks.
Risk management is undertaken by the board of directors. The Board recognizes climate change as a financial
risk and has delegated responsibility to the management team to monitor and report climate-related risks as
well as lead the response across the organization. The management team will also track as to where any new
climate-related risks may arise and report these risks to the Board.
Recommended disclosure: c. Describe how processes for identifying, assessing, and managing
climate- related risks are integrated into the organization’s overall risk management.
The Board has assigned climate change as a Principal Risk because it is aware that Bitcoin mining is power
intensive and has an environmental impact as a consequence. Climate change is integrated into the Company’s
overall risk management programme, which seeks to minimise potential adverse effects on the Company’s
financial performance.
In addition, due to the nature of the climate-related risks to our business and strategy, many elements are
already captured within other Principal Risks, such as Electricity Supply and Price, and Technology and Supply
risks. This approach enables us to capture a more holistic picture of the climate-related risks.
Metrics and Targets
Recommended disclosure: a. Disclose the metrics used by the organization to assess climate related
risks and opportunities in line with its strategy and risk management process.
In addition to measuring and disclosing our absolute scope 1, 2 and 3 emissions, we internally track and monitor
climate-related metrics and KPIs to further help us manage climate-related risks and opportunities:
●
Electricity consumption (kWh)
●
Renewable Energy consumption (kWh)
●
Hashrate (EH)
●
Mining Efficiency (EH/GW)
●
Emissions intensity (kgCO2e/$1 revenue)
The Company has not yet set an internal or external carbon price as we have minimal exposure, nor have we
incorporated climate-related metrics into the Company’s remuneration policy.
Recommended disclosure: b. Disclose Scope 1, Scope 2 and, if appropriate, Scope 3 greenhouse gas
(GHG) emissions and the related risks
A full view of our greenhouse gas emissions data for the last three years is summarized below. The Group's emissions
primarily result from the electricity used to power our ASIC mining machines in North America. Since 2020, we have focused
on reducing our operational emissions by investing in energy efficiency measures and locating operations in regions with
relatively lower-carbon electricity supply.
For the period 2022 to 2024:
•
Scope 2 emissions ranged from approximately 150,000 to 200,000 MTCO2e per year.
•
Scope 3 emissions ranged from approximately 40,000 to 50,000 MTCO2e per year.
As the Group does not have mining operations in the UK, its UK-based emissions remain minimal.
The GHG data boundary includes our operations in the US and Canada. The GHG emissions have been
calculated using the GHG Protocol Corporate Accounting and Reporting Standard of the Greenhouse Gas
Protocol. The data presented above uses a market-based approach which accounts for >99% of the GHG
emissions and energy consumption in respect of activities where we are the operator.
A GHG verification assessment was undertaken using recognized assessment tools and approaches (i.e., The
GHG Protocol Corporate Accounting and Reporting Standard with reporting, information, and data collected
and provided by Argo) and complies with the requirements and general guidance for companies compiling and
reporting on corporate-level GHG emissions inventory.

ARGO BLOCKCHAIN PLC

Scope 1 emissions are not reported due to no power generation or generator use at our own facilities. Our
Greenhouse Gas reporting period is from January 1st to December 31st for 2022, 2023, and 2024.
Recommended disclosure: c. Describe the targets used by the organization to manage climate-related
risks and opportunities and performance against targets.
In 2020, Argo set the objective of being a climate positive company and in 2021 Argo reached this goal,
releasing a full climate strategy and becoming the first Bitcoin mining company to announce climate positive
status through its use of renewable energy to power mining operations, and by offsetting more scope 2 and 3
greenhouse gas emissions than we emitted in 2020 and 2021. Going forward, we aspire to procure electricity
for our operations from primarily renewable sources.

ARGO BLOCKCHAIN PLC

DIRECTORS’ RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Annual Report and the financial statements in accordance with
applicable law and regulations. Company law requires the directors to prepare financial statements for each
financial year. Under that law the directors have prepared the Group and parent company financial statements
in accordance with UK-adopted international accounting standards. Under company law the directors must not
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs
of the Group and Company and of the profit and loss of the Group for that period.
In preparing these financial statements, the directors are required to:
●
Select suitable accounting policies and then apply them consistently;
●
Make judgements and accounting estimates that are reasonable and prudent;
●
State whether applicable UK-adopted international accounting standards have been followed, subject to
any material departures disclosed and explained in the financial statements; and
●
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
Group and Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain
the Group’s and Company’s transactions and disclose with reasonable accuracy at any time the financial
position of the Group and Company and enable them to ensure that the financial statements and the Directors’
Remuneration Report comply with the Companies Act 2006. They are also responsible for safeguarding the
assets of the Group and Company and hence for taking reasonable steps for the prevention and detection of
fraud and other irregularities.
The directors are also responsible for ensuring that the Annual Report and financial statements taken as a
whole, is fair, balanced and understandable and provides the information necessary for the shareholders to
assess the Group’s and Company’s position and performance, business model and strategy.
Website publication
The directors are responsible for ensuring the Annual Report and the financial statements are made available
on a website. Financial statements are published on the Company’s website in accordance with legislation in
the United Kingdom governing the preparation and dissemination of financial statements, which may vary from
legislation in other jurisdictions. The maintenance and integrity of the Group and Company’s website is the
responsibility of the directors. The directors’ responsibility also extends to the on-going integrity of the financial
statements contained therein.
Directors’ responsibilities pursuant to DTR4 (Disclosure and Transparency Rules)
The directors confirm to the best of their knowledge:
●
The Group and Company financial statements have been prepared in accordance with UK-adopted
international financial reporting standards and give a true and fair view of the assets, liabilities, financial
position and profit or and give a true and fair view of the assets, liabilities, financial position and profit and
loss of the Group and Company; and
●
The Annual Report includes a fair review of the development and performance of the business and
financial position of the Group and Company together with a description of the principal risks and
uncertainties that it faces.
On behalf of the Board:

Matthew Shaw
Chairman
8 May 2025

ARGO BLOCKCHAIN PLC

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ARGO BLOCKCHAIN
PLC

Opinion
We have audited the financial statements of Argo Blockchain plc (the ‘parent company’) and its subsidiaries (the “group) for
the year ended 31 December 2024 which comprise the Group Statement of Comprehensive Income, the Group and Parent
Company Statements of Financial Position, the Group and Company Statements of Changes in Equity, the Group and
Company Statements of Cash Flows and notes to the financial statements, including significant accounting policies. The
financial reporting framework that has been applied in their preparation is applicable law and UK-adopted international
accounting standards and as regards the parent company financial statements, applied in accordance with the provisions of
the Companies Act 2006.
In our opinion, the financial statements:
•
give a true and fair view of the state of the group’s and company’s affairs as at 31 December 2024 and of the group’s
loss for the year then ended;
•
the group financial statements have been properly prepared in accordance with UK-adopted international accounting
standards;
•
the parent company financial statements have been properly prepared in accordance with UK-adopted international
accounting standards and as applied in accordance with the provisions of the Companies Act 2006; and
•
the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial
statements section of our report. We are independent of the company in accordance with the ethical requirements that are
relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard as applied to listed public
interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that
the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Material uncertainty related to going concern
We draw attention to note 3 in the financial statements, which states that the group is required to raise additional funds during
H2 2025 in order to remain a going concern and meet liabilities as they fall due, including interest payments on the unsecured
bond (maturity date of November 2026). This is forecast to be achieved through a combination of further sales of refurbished
unhosted mining machines, equity raises and the sale of the Baie Comeau property in Canada. In addition, the group is
exposed to Bitcoin prices, power costs and hashprice which have shown significant volatility over recent years. As stated in
note 3, these events or conditions, along with the other matters as set forth in note 3, indicate that a material uncertainty exists
that may cast significant doubt on the group’s and company’s ability to continue as a going concern. Our opinion is not modified
in respect of this matter.

In auditing the financial statements, we have concluded that the director’s use of the going concern basis of accounting in the
preparation of the financial statements is appropriate. Our evaluation of the directors’ assessment of the group’s and parent
company’s ability to continue to adopt the going concern basis of accounting included a review of management’s cash flow
forecasts to 31 May 2026, along with an assessment of downside scenarios and the ability to raise additional funds when
required. We have reviewed all key inputs into the cash flow forecasts, with particular emphasis on those areas of judgement
and estimation uncertainty such as the hashprice, power costs and hashpower, and ensured they are appropriate and no
evidence of management bias exists.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections
of this report.

Our application of materiality
For the purposes of determining whether the financial statements are free from material misstatement, we define materiality
as the magnitude of misstatement that makes it probable that the economic decisions of a reasonably knowledgeable person,
relying on the financial statements, would be changed or influenced. We also determine a level of performance materiality
which we use to assess the extent of testing needed to reduce to an appropriately low level the probability that the aggregate
of uncorrected and undetected misstatements exceeds materiality for the financial statements as a whole.

ARGO BLOCKCHAIN PLC

The group materiality for the financial statements as a whole was set at US$755,000 (2023: $759,000). This was calculated
based on an average of 1% of total revenue for the year and 2.5% of the loss before tax (2023: average of 1% of total revenue
for the year and 2.5% of the loss before tax). The benchmark was chosen as a result of the key focus and key performance
indicators of the business in recent years being the assessment of not just revenue, but reducing trading losses in light of
difficult trading periods of low hashprice, high power costs and the ability of the entity to repay its debt obligations.

The parent company materiality for the financial statements as a whole was set at US$190,000 (2023: $318,500). This was
calculated based on 2% of total expenditure, which was same benchmark used in the prior year. We have determined this to
be the principal benchmark of the parent company, as revenue is generated solely through its subsidiaries. A key management
target is to minimise parent company expenditure, in order to maximise the utilisation of funds within the trading subsidiaries.
Materiality for the subsidiaries has been calculated based on their financial significance to the group, capped at group
performance materiality.

These significant components of the group, were audited to a level of materiality ranging from US$225,000 to US$405,000
(2023: $89,000 to US$505,000).

Performance materiality for the group financial statements was set at US$450,000 (2023: $455,000) and the parent company
was set at US$110,000 (2023: $191,100), being 60% of materiality for the financial statements as a whole. The performance
materiality for the group and all components is based on our assessment of the relevant risk factors e.g. previous experience
of misstatements, management’s attitude towards proposed adjustments, and the level of estimation inherent within the group
and the subsidiaries including the parent company.

We agreed to report to those charged with governance all corrected and uncorrected misstatements we identified through our
audit with a value in excess of US$37,500 (2023: $37,000) for the group and for the parent company a value in excess of
US$9,500 (2023: $15,925). We also agreed to report any other audit misstatements below that threshold that we believe
warranted reporting on qualitative grounds

Our approach to the audit
The scope of our audit was influenced by our application of materiality. The quantitative and qualitative thresholds for
materiality determine the scope of our audit and the nature, timing and extent of our audit procedures. In particular, we looked
at areas involving significant accounting estimates and judgement by the Directors, and those areas assessed to be Key Audit
Matters as presented below. We also addressed the risk of management override of internal controls, including among other
matters consideration of whether there was evidence of bias that represented a risk of material misstatement due to fraud.
We assessed all components of the group for their significance in order to determine the extent of the work to be performed
on them in order to obtain sufficient and appropriate audit evidence on which to base the group audit opinion. Those entities
of the group which were considered to be significant components, being Argo Blockchain plc, Argo Innovation Labs Inc and
Argo Operating US LLC, were subject to full scope audit procedures by PKF Littlejohn LLP. Procedures were performed to
address the assessed risks of material misstatement.
We did not rely on the work of any component auditors.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial
statements of the current period and include the most significant assessed risks of material misstatement (whether or not due
to fraud) we identified, including those which had the greatest effect on: the overall audit strategy, the allocation of resources
in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of
the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these
matters. In addition to the matter described in the Material uncertainty related to going concern section we have determined
the matters described below to be the key audit matters to be communicated in our report.

Key Audit Matter
How our scope addressed this matter
Carrying value of mining machines (Note 18)
The group holds a significant volume and value of
mining machines at the year end, comprising of hosted
machines at Baie Comeau, Canada and unhosted
machines following exit from the Helios facility in Texas,
US.
The key assumptions underlying the value in use
calculations, together with fair value less costs to sell,
requires significant judgement and estimation by
management.
In responding to the identified key audit matter we
completed the following audit procedures:
• Reviewing management’s value in use and fair value
less
costs
to
sell
calculations,
challenging
the
assumptions made thereto including obtaining both
corroborative and contradictory evidence;
• Evaluating the allocation of mining machines to the most
appropriate CGU, together with other corporate assets
where applicable, and performing the impairment
assessment at the separate CGU levels;
• Checking the mathematical accuracy of the value in use

ARGO BLOCKCHAIN PLC

Although the bitcoin price has recovered during the
current year, there are numerous factors which indicate
a potential impairment under IAS 36. These factors
include, but are not limited to:
• Bitcoin halving event during 2024.
• Movement of machines from a high-performance liquid
cooled facility to an air-cooled facility leading to potential
mining inefficiencies, the need to refurbish machines
and the identification of new hosting facilities.
• Volatility in the cryptocurrency market giving rise to an
adverse change in hash price.
• Technological advancements and substantial
investment by competitors giving rise to an adverse
change in hash price.
The impairment assessment has been assessed as a
key audit matter in the current year.

calculations;
• Obtaining evidence of current selling prices of new and
used machines in order to assess their expected
recoverable value;
• Performing sensitivity analysis on the key inputs in the
value in use calculations prepared, and assess the
accuracy of previous forecasts to actual results;
• Performing virtual physical verification checks of the
owned, hosted mining machines and obtaining third party
confirmation of unhosted mining machines subject to refit;
• Assessing the useful life of the machines;
• Performing a stress test of the value in use calculation
to a point where an impairment would be required, and
assessing the likelihood of such an outcome; and
• Reviewing the disclosures in the financial statements
and ensure they comply with the requirements of IAS 36.

Key observations:
An impairment charge of $31.5 million was recognised in
profit or loss during the year. We are satisfied that
management’s impairment assessment and conclusions
are reasonable.

Other information
The other information comprises the information included in the annual report, other than the financial statements and our
auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion
on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our
report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and,
in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge
obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies
or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the
financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement
of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion the part of the directors’ remuneration report to be audited has been properly prepared in accordance with the
Companies Act 2006.
In our opinion, based on the work undertaken in the course of the audit:
•
the information given in the strategic report and the directors’ report for the financial year for which the financial
statements are prepared is consistent with the financial statements; and
•
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we
have not identified material misstatements in the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report
to you if, in our opinion:
•
adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or
•
the financial statements and the part of the directors’ remuneration report to be audited are not in agreement with the
accounting records and returns; or
•
certain disclosures of directors’ remuneration specified by law are not made; or

ARGO BLOCKCHAIN PLC

•
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the
financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors
determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether
due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless
the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance
is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with
our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to
which our procedures are capable of detecting irregularities, including fraud is detailed below:
•
We obtained an understanding of the group and parent company and the sector in which they operate to identify
laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We
obtained our understanding in this regard through discussions with management, industry research and application
of cumulative audit knowledge and experience of the sector.
•
We determined the principal laws and regulations relevant to the group and parent company in this regard to be those
arising from:
o
Companies Act 2006
o
Canada Business Corporations Act
o
Securities Law
o
Anti Money Laundering Legislation
o
Disclosure Rules and Transparency rules for listed entities
o
SEC regulations
o
Local tax laws and regulations
•
We designed our audit procedures to ensure the audit team considered whether there were any indications of non-
compliance by the group and parent company with those laws and regulations. These procedures included, but were
not limited to:
o
A review of the Board minutes throughout the year and post year-end
o
A review of the RNS announcements
o
A review of general ledger transactions
o
Discussion with management and internal legal counsel
•
We also identified the risks of material misstatement of the financial statements due to fraud. We considered, in
addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, the risk
relating to the impairment assessment of property, plant and equipment and uncertain tax positions to be potential
areas for management bias.
•
As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing
audit procedures which included, but were not limited to: the testing of journals; reviewing accounting estimates for
evidence of bias; and evaluating the business rationale of any significant transactions that are unusual or outside

ARGO BLOCKCHAIN PLC

the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading
to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that
compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we
will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring
due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting
Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Other matters which we are required to address
We were appointed by the Board to audit the financial statements for the period ending 31 December 2018 and subsequent
periods. Our total uninterrupted period of engagement is 7 years, covering the periods ending 31 December 2018 to 31
December 2024.

The non-audit services prohibited by the FRC’s Ethical Standard were not provided to the company and we remain
independent of the company in conducting our audit.
Our audit opinion is consistent with the additional report to the audit committee.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies
Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are
required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone, other than the company and the company's members as a body, for our audit
work, for this report, or for the opinions we have formed.

David Thompson (Senior Statutory Auditor)
15 Westferry Circus
For and on behalf of PKF Littlejohn LLP Canary Wharf
Statutory Auditor
London E14 4HD

8 May 2025

ARGO BLOCKCHAIN PLC

GROUP STATEMENT OF COMPREHENSIVE INCOME

Year ended
December 2024
Year ended
December 2023
(Restated, Note
2)
Continuing operations
Note
$’000
$’000

Revenues
7
47,017
50,558

Power and hosting costs

(32,887)
(35,964)
Power Credits

1,498
7,163
Depreciation - mining hardware
18
(14,171)
(18,656)
Gross profit (loss)
1,457
3,101
Administrative expenses
8
(12,536)
(18,949)
(Loss)/Gain on hedging

(487)
-
Share based payment expense
22
(3,759)
(3,892)
Operating loss
(15,325)
(19,740)
(Loss)/Gain on sale of Investment

(842)
36
Write off of investment
16
-
(2,236)
Loss on disposal of fixed assets

(429)
-
Interest Expense

(6,810)
(11,556)
Other income

708
346
Impairment of tangible fixed assets
18
(31,498)
(855)
(Loss)/Gain on disposal of intangible assets
17
(98)
1,166
Impairment of intangible assets
17
(468)
(1,082)
Equity accounted earnings from associate
16
-
(716)
Loss before taxation
(54,762)
(34,637)
Tax expense
13
(340)
-
Loss after taxation
(55,102)
(34,637)

Other comprehensive income
Currency translation reserve

(241)
(1,175)
Total other comprehensive loss
(241)
(1,175)

Total comprehensive loss attributable
(55,343)
(35,812)
to the equity holders of the Company

Loss per share attributable to equity owners (cents)
Basic and diluted loss per share
12
(0.09)
(0.07)

ARGO BLOCKCHAIN PLC

GROUP STATEMENT OF FINANCIAL POSITION

As at 31
December
2024
As at 31
December
2023
(Restated,
Note 2)

Note
$’000
$’000
ASSETS

Non-current assets

Investments at fair value through profit or loss
15
300
400
Intangible fixed assets non-current
17
176
888
Property, plant and equipment
18
7,071
59,728
Total non-current assets
7,547
61,016
Current assets

Trade and other receivables
19
2,451
2,480
Prepayments
19
628
1,355
Intangible fixed assets current
20
6
385
Cash and cash equivalents
8,626
7,443
11,711
11,663
Assets Held for sale
14
-
3,261
Total current assets
11,711
14,924
Total assets
19,258
75,940
EQUITY AND LIABILITIES

Equity

Share Capital
22
938
712
Share Premium
22
232,257
209,779
Share based payment reserve
23
15,162
12,166
Foreign currency translation reserve
23
(30,766)
(30,525)
Accumulated surplus/(deficit)
23
(247,076)
(191,974)
Total equity
(29,485)
158
Current liabilities
Trade and other payables
24
8,184
11,063
Corporation tax

398
112
Loans current
25
857
14,320
9,439
25,495
Liabilities associated with assets held for sale
14
-
2,090
Total current liabilities
9,439
27,585
Non-current liabilities

Issued debt - bond
25
39,304
38,170
Loans non-current
25
-
10,027
Total liabilities
48,743
75,782

Total equity and liabilities
19,258
75,940

ARGO BLOCKCHAIN PLC

The Group financial statements were approved by the Board of Directors on 8 May 2025 and authorised for
issue and they are signed on its behalf by:

Justin Nolan
Chief Executive Officer
The accounting policies and notes form part of the financial statements. Registered number: 11097258

ARGO BLOCKCHAIN PLC

GROUP STATEMENT OF CHANGES IN EQUITY

Share Capital
Share Capital
Share Premium
Currency
translation
reserve
Share based
payment reserve
Accumulated
surplus/ (deficit)
Total

$’000
$’000
$’000
$’000
$’000
$’000
Balance at 1 January 2024
712
209,779
(30,525)
12,166
(191,974)
158
Total comprehensive loss for

the period:

Loss for the period
-
-
-
(55,102)
(55,102)
Other comprehensive loss
-
-
(241)
-
(241)
Total comprehensive loss for the period
-
-
(241)
-
(55,102)
(55,343)
Transactions with equity owners:

Share capital issued
220
21,635
-
-
-
21,855
Share based payment charge
-
-
-
3,845
-
3,845
Share options/warrants exercised
6
843
-
(849)
-
-
Total transactions with equity owners
226
22,478
-
2,996
-
25,700

Balance at 31 December 2024
938
232,257
(30,766)
15,162
(247,076)
(29,485)

ARGO BLOCKCHAIN PLC

Share Capital
Share Capital
Share Premium
Currency
translation
reserve
Share based
payment
reserve
Accumulated
surplus/ (deficit)
Total

$’000
$’000
$’000
$’000
$’000
$’000
Balance at 1 January 2023
634
202,103
(29,350)
8,528
(157,337)
24,578
Total comprehensive loss for

the period:
Loss for the period
-
-
-
-
(34,637)
(34,637)
Other comprehensive loss
-
-
(1,175)
-
-
(1,175)
Total comprehensive loss for the period
-
-
(1,175)
-
(34,637)
(35,812)
Transactions with equity owners:

Share capital issued
76
7,442
-
-
-
7,518
Share based payment charge
-
-
-
3,874
-
3,874
Share options/warrants exercised
2
234
-
(236)
-
-
Total transactions with equity owners
78
7,676
-
3,638
-
11,392

Balance at 31 December 2023
712
209,779
(30,525)
12,166
(191,974)
158

ARGO BLOCKCHAIN PLC

GROUP STATEMENT OF CASHFLOWS

Year ended
December
Year ended
December

2024
2023

(Restated,
Note 2)
Note
$’000
$’000
Cash flows from operating activities

Loss before tax

(54,762)
(34,637)
Adjustments for:

Depreciation and amortisation
17, 18
14,909
20,129
Foreign exchange movements

(458)
(1,914)
Loss on disposal of tangible assets

429
-
Finance cost
8
6,810
11,556
Loss on sale of subsidiary and investment

842
(36)
Digital assets earned
20
(47,017)
(50,558)
Impairment of intangible digital assets
17
468
654
Impairment of property, plant and equipment
18
31,498
855
Write off of investment

-
2,236
Share of loss from associate
16
-
716
Gain/(loss) on disposal and impairment of intangible assets (current)

98
(738)
Hedging loss

487
-
Interest receivable

(307)
-
Stock based compensation expense
10
3,759
3,892
Working capital changes:

(Increase)/decrease in trade and other receivables
19
756
(1,152)
Increase/(decrease) in trade and other payables
24
(2,310)
1,041
Net cash used in operating activities
(44,798)
(47,956)
Investing activities
Interest received
307
-
Purchase of hedging instruments
(1,000)
-
Proceeds from sale of hedging instruments
513
-
Proceeds from sale of digital assets
47,594
51,866
Proceeds from sale of investment/subsidiary
15
6,745
50
Purchase of tangible fixed assets
18
-
(1,112)
Proceeds from disposal of tangible fixed assets

908
-
Net cash generated from investing activities
55,067
50,804
Financing activities

Proceeds from borrowing
25
1,287
1,429
Loan repayments
(27,505)
(14,064)
Interest paid
25
(4,961)
(10,661)
Proceeds from common stock issued - net of issue costs
21,855
7,518
Net cash used in financing activities
(9,324)
(15,778)
Net (decrease) increase in cash and cash equivalents
945
(12,930)
Effect of foreign exchange on cash and cash equivalents
238
281
Cash and cash equivalents at beginning of period
7,443
20,092
Cash and cash equivalents at end of period
8,626
7,443

ARGO BLOCKCHAIN PLC

Material non-cash movements:

Group - net debt reconciliation
Year ended 31
December 2024
Year ended 31
December 2023
Note
$’000
$’000
Current loans and borrowings
25
(857)
(14,320)
Non-current issued debt – bonds
25
(39,304)
(38,170)
Non-current loans and borrowings
25
-
(10,027)
Cash and cash equivalents

8,626
7,443
Total net debt

(31,535)
(55,074)

ARGO BLOCKCHAIN PLC

NOTES TO THE FINANCIAL STATEMENTS
1.
COMPANY INFORMATION

Argo Blockchain PLC (“the company”) is a public company, limited by shares, and incorporated in England and Wales. The
registered office is Eastcastle House, 27-28 Eastcastle Street, London, W1W 8DH. The company was incorporated on 5
December 2017 as GoSun Blockchain Limited and changed its name to Argo Blockchain Limited on 21 December 2017.
Also on 21 December 2017, the company re-registered as a public company, Argo Blockchain plc. Argo Blockchain plc
acquired a 100% subsidiary, Argo Innovation Labs Inc. (together “the Group”), incorporated in Canada, on 12 January
2018.
On 4 March 2022 the Group acquired 100% of the share capital of DPN LLC and was merged into new US entity Argo
Innovation Facilities (US) Inc (also 100% owned by Argo Blockchain plc).
On 11 May 2022 the Group acquired 100% of the share capital of 9377-2556 Quebec Inc and 9366-5230 Quebec Inc.
These are held by Argo Innovation Labs Inc. (Canada).
On 22 November 2022, the Group formed Argo Operating US LLC and Argo Holdings US Inc.
On 21 December 2022, Argo Innovation Facilities (US) Inc became Galaxy Power LLC. On 28 December 2022, the
Group sold Galaxy Power LLC.
On 26 March 2024, the Group sold 100% of the share capital of 9366-5230 Quebec Inc.
The principal activity of the Group is Bitcoin mining.
The common shares of the Group are listed under the trading symbol ARB on the London Stock Exchange. The American
Depositary Receipt of the Group are listed under the trading symbol ARBK on Nasdaq. The Group bond is listed on the
Nasdaq Global Select Market under the trading symbol ARBKL.
The financial statements cover the year ended 31 December 2024.

2.
BASIS OF PREPARATION
The financial statements have been prepared in accordance with UK-adopted international accounting standards and with
the requirements of the Companies Act 2006. The financial statements have been prepared under the historical cost
convention, except for the measurement to fair value certain financial and digital assets and financial instruments as
described in the accounting policies below.
Critical accounting judgements and key sources of estimation uncertainty
The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and
assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income
and expense. Actual results may differ from these estimates. The significant judgements made by management in
applying the Group’s accounting policies and the key sources of estimation uncertainty are disclosed in Note 6.

2023 restatement
The Group re-evaluated the classification of its mined cryptocurrencies and determined these assets should be classified
as Intangible assets to align with the US filing presentation, previously accounted for as inventory. The impact to the balance
sheet within current assets is a change in the description of the asset from digital assets to intangible assets.
The classification impact to the income statement is twofold:
A reclassification of the change in fair value of digital assets from “Change in fair value of digital assets” to “Impairment in
intangible fixed assets” and/or “realized gains/losses on intangible assets”, and
A reclassification of unrealized fair value gains or losses of digital assets from “Change in fair value of digital assets” to
“Other comprehensive income” and/or realized gains/losses on intangible assets.
There was no unrealized gain or loss reclassification materially impacting the year ended 31 December 2023.
The impact to the cash flow statement is primarily a reclassification between operating cash flows and investing cash flows
in respect of proceeds from the sale of Bitcoin.
As disclosed in note 1 to the parent company financial statements, 2023 has been restated due to a misapplication of the
intra group recharges policy. This impacted the foreign currency gains and losses of the Group, whereby Loss before
taxation decreased and other comprehensive income increased by $396k, with no change to total comprehensive income
(loss).

ARGO BLOCKCHAIN PLC

The numerical impacts to the cash flows and income statements are summarized below.

$’000
2023
Original

Movement
2023
Restated
Net cash generated from
(used in) operating activities
3,831

(51,787)
(47,956)
Net cash (used in) generated
from investing activities
(1,062)

51,866
50,804
Loss before taxation
(35,033)

396
(34,637)

3.
ACCOUNTING POLICIES
The principal accounting policies applied in the preparation of these consolidated financial statements are below.
Presentation Currency
The Group changed its presentational currency to US Dollars during 2023 due to the fact its revenues, direct costs,
capital expenditures and debt obligations are predominantly denominated in US Dollars.
Going Concern

The preparation of consolidated ﬁnancial statements requires an assessment on the validity of the going concern
assumption.

The Group strengthened its balance sheet during 2024 by fully repaying the $35 million Galaxy loan ahead of schedule.
This repayment was made possible through equity raises, asset sales and cash flow from operations. However, at the
end of 2024 Galaxy informed the Group that they would no longer host the Group’s mining machines at their Helios
immersion facility. This required the Group to remove approximately 23,000 mining machines from the immersion facility
and refurbish them so they could be re-hosted at air-cooled facilities. The cost of the refurbishment and the loss of mining
margin during the majority of the first quarter of 2025 added additional strain to the Group’s finances. Despite the Galaxy
debt repayment during 2024 and the $8.6 million cash balance at 31 December 2024 ($2.4 million at 31 March 2025),
material uncertainties exist that may cast significant doubt regarding the Group’s and Company’s ability to continue as a
going concern and meet its liabilities as they come due. The significant uncertainties are:

1) The Group has $40 million in unsecured bonds maturing in November 2026 that carry an interest rate of 8.75%,
payable quarterly ($875,000 per quarter).
2) The Group’s exposure to Bitcoin prices, power prices, and hashprice, each of which have shown volatility over recent
years, may have a significant impact on the Group’s future profitability. The Group may have difficulty meeting its
liabilities if there are significant declines to the hashprice assumption or significant increases to the power price,
particularly where there is a combination of both factors.. The Directors’ assessment of going concern includes
forecasted scenarios drawn up to 30 June 2026 using the Group’s estimate of potential hashprices and power costs.
3) As noted above, the refurbishment costs and loss of mining margin during the re-hosting phase in the first quarter
impacted the Group’s cash balance. In addition, the sale of machines subsequent to year end has reduced the
Group’s hashrate, lowering the amount of Bitcoin it will produce going forward. Depending on hashprice, the Group
may not generate operating profit and/or positive cash flow despite reducing operating expenses during the first half
of 2025.

Offsetting these negative impacts to the Group’s cash flow are:
1) The Group’s cash balance of $2.4 million at 31 March 2025.
2) The Group’s ability to dispose of assets, including unhosted mining machines and the Group’s data center in Baie
Comeau, Quebec. Assets were successfully sold during 2024 to repay debt.
3) The Group’s ability to equitize the unsecured bonds (through a tender or structured process).
4) The Group’s ability to generate additional funds by issuing equity for cash proceeds, as it did successfully in 2023
and 2024.

Based on information from Management, as well as independent advisors, the Directors have considered the period to 30
June 2026, as a reasonable time period given the variable outlook of cryptocurrencies, cryptocurrency mining costs,
competition and energy prices. Based on the above considerations, the Board believes it is appropriate to adopt the going
concern basis in the preparation of the Financial Statements; however, the Board notes that the debt service requirements,
lower operating margins, and the volatile economic and industry environment, indicate the existence of material

ARGO BLOCKCHAIN PLC

uncertainties that cast significant doubt regarding the applicability of the going concern assumption and the auditors have
made reference to this in their audit report.

Mining Revenue Recognition
The provision of hash calculation services is an output of our ordinary activities from the Company’s mining equipment.
The Company has entered into arrangements with a Mining pool and has undertaken the performance obligation of
providing computing power used for hashing calculations to the Mining pool in exchange for noncash consideration in
the form of cryptocurrency, which is variable consideration. Providing our computing power is at the Company’s discretion
and our enforceable right to compensation begins when, and continues for as long as, services are provided. The
cryptocurrency earnings are calculated based on a formula which, in turn, is based on the hashrate contributed by the
Company's provided computing power used for hashing calculations allocated to the Mining pool, assessed over a 24-
hour period, and distributed daily based on the Full Pay Per Share (“FPPS”) methodology. The Company assesses the
estimated amount of the variable non-cash consideration to which it expects to be entitled for providing computational
power used for hashing calculations at contract inception and subsequently measures if it is highly probable that a
significant reversal in the amount of cumulative revenue recognized will not occur. The uncertainties regarding the daily
variable consideration to which the Company is entitled for providing its computational power used for hashing
calculations are no longer constrained at 23:59:59 UTC regardless of the timing of the BTC received. The amount earned
is calculated based on the Company's computing power used for hashing calculations provided to the Mining pool and
the estimated (i) block subsidies and (ii) daily average transaction fees which the Mining Pool expects to earn, less (iii)
a Mining pool discount.
1.
Block subsidies refers to the block reward that are expected to be generated on the BTC network as a whole.
The fee earned by the Company is first calculated by dividing (a) the total amount of hashrate the Company
provides to the Mining pool operator, by (b) the total BTC network’s implied hashrate (as determined by the BTC
network difficulty), multiplied by (c) the total amount of block subsidies that are expected to be generated on the
BTC network as a whole.
2.
Transaction fees refer to the total fees paid by users of the network to execute transactions. The fee paid out by
the Mining pool operator to the Company is further calculated by dividing (a) the total amount of transaction fees
that are actually generated on the BTC network as a whole less the 3 largest and 3 smallest transactions per
block, by (b) the total amount of block subsidies that are actually generated on the BTC network as a whole,
multiplied by (c) the Company’s fee earned as calculated in (i) above. The Company is entitled to its relative
share of consideration even if a block is not successfully added to the blockchain by the mining pool.
3.
Mining pool discount refers to the discount applied to the total FPPS payout otherwise attributed to computing
power service providers for their sale of computing power used for hashing calculations as defined in the rate
schedule of the agreement with the Mining pool operator.
The Group is entitled to the fee from the Mining Pool as calculated above regardless of the actual performance of the
Mining Pool operator. Therefore, even if the Mining Pool does not successfully add any block to the blockchain in a given
contract period, the fee remains payable by the Mining Pool to the Group. Accordingly, the Group is not sharing in the
earnings of the Mining pool operator.
The Group’s agreements with the Mining pool operator provide the Mining pool operator and the Company with the
enforceable right to terminate the contract at any time without substantively compensating the other party for the
termination. Upon termination, the Mining pool operator is required to pay the Company the amount due related to
previously satisfied performance obligations. As a result, the Company has determined that the duration of the contract
is less than 24 hours and the contract is continuously renewed throughout the day. The Company has also determined
that the Mining pool operator’s renewal right is not a material right as the terms, conditions, and compensation amounts
are at then-current market rates.
The cryptocurrency earned is received in full and can be paid in fractions of cryptocurrency. Revenues from providing
cryptocurrency computational power used for hashing calculations are recognized upon delivery of the service over a
24-hour period, which generally coincides with the receipt of crypto assets in exchange for the provision of computational
power used for hashing calculations and the contract inception date. The Company updates the estimated transaction
price of the non-cash consideration received at its fair market value. Management estimates fair value daily based on
the quantity of cryptocurrency received multiplied by the price quoted from Coinbase (Coingecko – 2023) on the day it
was received. Management considers the prices quoted on Coinbase (Coingecko – 2023) to be a level 1 input under
IFRS 13, Fair Value Measurement.
Power Credits - Power credits are credits we receive in Texas when we curtail our mining production and sell the power
back to the grid. The hosting agreement with Galaxy allows Argo to share in the proceeds from these curtailments, which
occurs when the Helios facility monetizes its fixed-price PPA during periods of high power prices. The Company records
power credits in the period they are earned provided they are estimable and recoverable.
Derivative Contracts – Hedging: In 2024, the Group used derivatives contracts in connection with some of its lending
activities and its treasury management. Derivative contracts are susceptible to additional risks that can result in a loss of
all or part of the investment. The Group’s derivative activities and exposure to derivative contracts are subject to interest
rate risk, credit risk, foreign exchange risk, and macroeconomic risks. In addition, Argo is also subject to additional
counterparty risks due to the potential inability of its counterparties to meet the terms of their contracts. There were no

ARGO BLOCKCHAIN PLC

hedging contracts in 2023.
Basis of consolidation
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity
when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to
affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control
is transferred to the Group. They are deconsolidated from the date that control ceases.
The Group assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to
one or more of the three elements of control. Assets, liabilities, income and expenses of a subsidiary acquired or disposed
of during the year are included in the consolidated financial statements from the date the Group gains control until the
date the Group ceases to control the subsidiary.
The Group consists of Argo Blockchain plc and its wholly owned subsidiaries Argo Innovation Labs Inc, Argo Operating US
LLC, Argo Holdings US Inc., and 9377-2556 Quebec Inc..
In the parent company financial statements, investments in subsidiaries, joint ventures and associates are accounted for
at cost less impairment.
The consolidated financial statements incorporate those of Argo Blockchain plc and all of its subsidiaries (i.e., entities that
the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).
Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from
the date that control passes.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on
consolidation.
Business Combinations
The group applies the acquisition method to account for business combinations. The consideration transferred for the
acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the
acquisition and the equity interests issued by the group. The consideration transferred includes the fair value of any asset
or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent
liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The group
recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the
non-controlling interest’s proportionate share of the recognised amounts of acquiree’s identifiable net assets.
Acquisition-related costs are expensed as incurred.
Associates
Associates are all entities over which the Group has significant influence but not control, generally accompanying a
shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity
method of accounting. Under the equity method, the investment is initially recognised at cost, and the carrying amount is
increased or decreased to recognise the investor’s share of the profit or loss of the investee after the date of acquisition.
The Group’s investment in associates includes goodwill identified on acquisition.
If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the
amounts previously recognised in other comprehensive income is reclassified to profit or loss where appropriate.
The Group’s share of post-acquisition profit or loss is recognised in the income statement, and its share of post-
acquisition movements in other comprehensive income is recognised in other comprehensive income with a
corresponding adjustment to the carrying amount of the investment. When the Group’s share of losses in an associate
equal or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognise
further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate.
The Group determines at each reporting date whether there is any objective evidence that the investment in the associate
is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable
amount of the associate and its carrying value and recognises the amount adjacent to ‘share of profit/(loss) of associates

ARGO BLOCKCHAIN PLC

in the income statement.
Segmented reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing the
performance of the operating segments, has been identified as the CEO or equivalent. The directors consider that the
Group has only one significant reporting segment being crypto mining which is fully earned by a Canadian and USA
subsidiary for the financial year ended 31 December 2024.
Loans and issued debt
Loans and issued debt are recognised initially at fair value, net of transaction costs incurred. Loans and issued debt are
subsequently carried at amortised cost; any difference between the proceeds and the redemption value is recognised in
the income statement over the period of the borrowings, using the effective interest method. Loans and issued debt are
removed from the statement of financial position when the obligation specified in the contract is discharged, cancelled or
expired. Loans and borrowings and issued debt are classified as current liabilities unless the Group has an unconditional
right to defer settlement of a liability for at least 12 months after the end of the reporting period.
Intangible fixed assets
Intangible fixed assets comprise of the Group’s website and digital assets that were not mined by the Group and are held
by Argo Labs (our internal team) as investments. The Group’s website is recognised at cost and is amortised over its useful
life. Amortisation is recorded within administration expenses. Digital assets recorded under IAS 38 have an indefinite
useful life initially measured at cost, and subsequently measured at fair value through other comprehensive income.
Argo’s primary business is focused on cryptocurrency mining. Argo Labs is an in-house innovation arm focused on
identifying opportunities within the disruptive and innovative sectors of the broader cryptocurrency ecosystem. Argo Labs
uses a portion of Argo’s crypto assets to deploy into various blockchain projects.
Increases in the carrying amount arising on revaluation of digital assets are credited to other comprehensive income and
shown as other reserves in shareholders’ equity. Decreases that offset previous increases of the same asset are charged
in other comprehensive income and debited against the fair value reserve directly in equity; all other decreases are
charged to the income statement.
The fair value of intangible cryptocurrencies on hand at the end of the reporting period is calculated as the quantity of
cryptocurrencies on hand multiplied by price quoted on www.coinbase.com for 2024, www.coingecko.com, for 2023 and
prior years, two of the leading crypto websites, as at the reporting date.
Tangible fixed assets
Tangible fixed assets are comprised of right of use assets, office equipment, mining and computer equipment, data centres,
leasehold improvements, and electrical equipment.
Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for
any remeasurement of lease liabilities. The cost of the right of use assets includes the amount of lease liabilities
recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease
incentives received. Right of use assets are depreciated on a straight-line basis over the shorter of the lease term and
the estimated useful lives of the assets.
Office equipment assets are measured at cost, less any accumulated depreciation and impairment losses. Office
equipment is depreciated over 3 years on a straight-line basis.
Mining and computer equipment and leasehold improvements: Depreciation is recognised so as to write off the cost or
valuation of assets less their residual values over their estimated useful lives. It is 3 to 4 years in the case of mining and
computer equipment and 5 years in the case of the leasehold improvements, on a straight-line basis.
Data centres: Depreciation on the data centres is recognised so as to write off the cost or valuation of assets less their
residual values over their estimated useful lives of 25 years on a straight-line basis from when they are brought into use.
Depreciation is recorded in the Income Statement within general operating expenses once the asset is brought into use.
Any land component is not depreciated.
Electrical equipment: Depreciation is recognised on a straight-line basis to write off the cost less their residual values over
their estimated useful lives of 7 years.
Management assesses the useful lives based on historical experience with similar assets as well as anticipation of future
events which may impact their useful life.

ARGO BLOCKCHAIN PLC

Assets Held for Resale
An asset is classified as held for sale if its carrying amount will be recovered principally through sale rather than through
continuing use, which is when the sale is highly probable, and it is available for immediate sale in its present condition
subject only to terms that are usual and customary for sales of such assets. Assets classified as held for sale are
measured at the lower of the carrying amount upon classification and the fair value less costs to sell. Assets classified
as held for sale and the associated liabilities are presented separately from other assets and liabilities in the Consolidated
Balance Sheet. Once assets are classified as held for sale, property, plant and equipment and intangible assets are no
longer subject to depreciation or amortisation.
Impairment of non-financial assets
At each reporting period end date, the Group reviews the carrying amounts of its non-financial assets to determine
whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the
recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is
not possible to estimate the recoverable amount of an individual asset, the Group and Company estimates the
recoverable amount of the cash-generating unit to which the asset belongs.
Intangible assets
Cryptocurrency mined by the Company and on hand at the end of a reporting period, is accounted for under IAS 38,
Intangible Assets, as an intangible asset with an indefinite useful life initially measured at cost, deemed to be the fair
value upon receipt as described above, and subsequently measured under the revaluation model. Under the revaluation
model, increases in the cryptocurrency’s carrying amount, determined as the excess of fair value on revaluation over the
weighted average cost, are recognized in other comprehensive income, except to the extent that they reverse a
revaluation decrease previously recognized in profit or loss. Decreases are recognized in profit or loss, except to the
extent that they reverse a revaluation increase previously recognized in other comprehensive income. Once the
cryptocurrency is sold, the revaluation increase related to it is transferred from revaluation surplus to retained earnings.
The Company revalues its cryptocurrency on hand on a monthly basis and following any significant fair value fluctuations.
The fair value of cryptocurrency on hand at the end of the reporting period is calculated as the quantity of cryptocurrency
on hand multiplied by the price quoted on Coinbase.com as of the reporting date.
The Company reports cryptocurrency on hand at the end of the reporting period as intangible assets, which are classified
as current assets as the Company has determined that the cryptocurrency on hand at the end of the reporting period has
markets with sufficient liquidity to allow conversion within the Company's normal operating cycle and the Company
expects to realize the digital asset within twelve months after the reporting period.
Cryptocurrencies not mined by the Group are recorded as Intangible Fixed Assets non-current.
Cash and cash equivalents
Cash and cash equivalents are comprised of cash held at banks with high credit ratings. The Group considers the credit
risk on cash and cash equivalents to be limited because the counterparties are banks with high credit ratings assigned
by international credit rating agencies.
Financial instruments
Financial assets: Financial assets are recognised in the Statement of Financial Position when the Group becomes party
to the contractual provisions of the instrument. Financial assets are classified into specified categories. The classification
depends on the nature and purpose of the financial assets and is determined at the time of recognition. Financial assets
are subsequently measured at amortised cost, fair value through OCI, or fair value through profit and loss.
The classification of financial assets at initial recognition that are debt instruments depends on the financial asset’s
contractual cash flow characteristics and the Group’s business model for managing them. The Group initially
measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss,
transaction costs.
In order for a financial asset to be classified and measured at amortised cost, it needs to give rise to cash flows that are
‘solely payments of principal and interest (SPPI)’ on the principal amount outstanding. This assessment is referred to as
the SPPI test and is performed at an instrument level.
The Group’s business model for managing financial assets refers to how it manages its financial assets in order to
generate cash flows. The business model determines whether cash flows will result from collecting contractual cash
flows, selling the financial assets, or both.
Subsequent measurement: For purposes of subsequent measurement, financial assets are classified in four categories:
•
Financial assets at amortised cost

ARGO BLOCKCHAIN PLC

•
Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments)
•
Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon
derecognition (equity instruments)
•
Financial assets at fair value through profit or loss
Equity Instruments: The Group subsequently measures all equity investments at fair value. Dividends from such
investments continue to be recognised in profit or loss as other income when the Group’s right to receive payments is
established. Changes in the fair value of financial assets at FVPL are recognised in other gains/(losses) in the statement
of profit or loss as applicable.
Financial assets at amortised cost (debt instruments): This category is the most relevant to the Group. The Group
measures financial assets at amortised cost if both of the following conditions are met:
•
The financial asset is held within a business model with the objective to hold financial assets in order to collect
contractual cash flows; and
•
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are
subject to impairment. Interest received is recognised as part of finance income in the statement of profit or loss and
other comprehensive income. Gains and losses are recognised in profit or loss when the asset is derecognised, modified
or impaired. The Group’s financial assets at amortised cost include other receivables and cash and cash equivalents.
Derecognition: A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e., removed from the Group’s consolidated Balance sheet) when:
•
The rights to receive cash flows from the asset have expired; or
•
The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay
the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and
either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has
neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control
of the asset
When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through
arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither
transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the
Group continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Group also
recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects
the rights and obligations that the Group has retained.
Impairment of financial assets: The Group recognises an allowance for expected credit losses (ECLs) for all debt
instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash
flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an
approximation of the original EIR. The expected cash flows will include cash flows from the sale of collateral held or other
credit enhancements that are integral to the contractual terms.
The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain
cases, the Group may also consider a financial asset to be in default when internal or external information indicates that
the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit
enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the
contractual cash flows and usually occurs when past due for more than one year and not subject to enforcement activity.
At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit impaired. A
financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash
flows of the financial asset have occurred. The Company has an Intercompany loan due from its 100% Canadian subsidiary
for which there is no formal agreement including payment date and therefore it cannot be considered to be in breach of
an agreement and accordingly the loan is not subject to adjustments and is maintained at its book value in the financial
statements.
Financial liabilities: Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit
or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as
appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade and other payables
and loans.
Subsequent measurement: The measurement of financial liabilities depends on their classification, as described below:
Loans and trade and other payables: After initial recognition, interest-bearing loans and borrowings and trade and other
payables are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in the
statement of profit or loss and other comprehensive income when the liabilities are derecognised, as well as through the

ARGO BLOCKCHAIN PLC

EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an
integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss and other
comprehensive income. This category generally applies to trade and other payables.

Derecognition: A financial liability is derecognised when the associated obligation is discharged or cancelled or expires.
When an existing financial liability is replaced by another from the same lender on substantially different terms, or the
terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition
of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is
recognised in profit or loss or other comprehensive income.
Equity instruments: Equity instruments issued by the group are recorded at the proceeds received, net of transaction
costs. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction,
net of tax, from the proceeds.
The tax expense or recovery represents the sum of tax currently payable or receivable and deferred tax.
Current tax: The tax currently payable or receivable is based on taxable profit or loss for the year. Taxable profit or loss
differs from net profit or loss as reported in the income statement because it excludes items of income or expense that are
taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability
for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax: Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts
of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable
profit and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for
all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits
will be available against which deductible temporary differences can be utilised. Deferred income tax assets are
recognised on deductible temporary differences arising from investments in subsidiaries, associates and joint
arrangements only to the extent that it is probable the temporary difference will reverse in the future and there is sufficient
taxable profit available against which the temporary difference can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no
longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred
tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is
realised. Deferred tax is charged or credited to the income statement, except when it relates to items charged or credited
directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are
offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax
assets and liabilities relate to taxes levied by the same tax authority.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to
terminate the employment of an employee or to provide termination benefits.
The group does not have any pension schemes.
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the
equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a
straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding
adjustment is made to equity.
Cancellations or settlements are treated as an acceleration of vesting and the amount that would have been recognised
over the remaining vesting period is recognised immediately.
RSUs (Restricted Stock Units)
Where RSUs are granted to employees, the fair value of the RSUs at grant date is based upon the market price of the
shares underlying the awards and is charged to the Statement of Comprehensive Income over the vesting period. The
expense charged is adjusted based on actual forfeitures.
Foreign exchange
Transactions in currencies other than US dollars are recorded at the rates of exchange prevailing at the dates of the
transactions. At each reporting end date, monetary assets and liabilities that are determined in foreign currencies are
retranslated at the rates prevailing on the reporting end date - Gains and losses arising on translation are included in the
income statement for the period. At each reporting end date, non-monetary assets and liabilities that are determined in
foreign currencies are retranslated at the rates prevailing on the opening balance sheet date. Gains and losses arising
on translation of subsidiary undertakings are included in other comprehensive income and contained within the foreign
currency translation reserve.

ARGO BLOCKCHAIN PLC

Earnings per share
Basic earnings per share is calculated by dividing:
•
the profit attributable to owners of the company, excluding any costs of servicing equity other than ordinary
shares;
•
by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus
elements in ordinary shares issued during the year and excluding treasury shares.
•
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into
account:
•
the after-income tax effect of interest and other financing costs associated with dilutive potential ordinary
shares; and
•
the weighted average number of additional ordinary shares that would have been outstanding, assuming the
conversion of all dilutive potential ordinary shares.

4.
FINANCIAL RISK FACTORS
The Group’s activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Group’s overall
risk management programme seeks to minimise potential adverse effects on the Group’s financial performance. Risk
management is undertaken by the Board of Directors.
Market Risk
The Group is dependent on the state of the cryptocurrency market, sentiments of crypto assets as a whole, as well as
general economic conditions and their effect on exchange rates, interest rates and inflation rates. During the year the
Group sold its digital assets held at 31 December 202 at a loss. The Group now sells its Bitcoin production as it is mined to
reduce the impact of Bitcoin prices.
The Group is also subject to market fluctuations in foreign exchange rates. The subsidiary (Argo Innovation Labs Inc.) is
based in Canada, and transacts in CAD$, USD$ and GBP. 9377-2556 Quebec Inc. is based in Canada and transacts in
CAD. Argo Holdings US Inc. and Argo Operating US LLC are located in the United States of America and transacts in
USD. The Group bond is denominated in USD. Cryptocurrency is primarily convertible into fiat through USD currency
pairs and through USD denominated stable coins and is the primary method for the Group for conversion into cash. The
Group maintains bank accounts in all applicable currency denominations.
Foreign currency sensitivity
The following tables demonstrate the sensitivity to a reasonable possible change in GBP and CAD exchange rates, with
all other variables held constant. The impact on the Group’s profit before tax is due to changes in the fair value of
monetary assets and liabilities.

Change in GBP
rate
Effect on profit
before tax
$’000
2024
+/-10%
+/- 2
2023
+/-10%
+/-74

Change in CAD
rate
Effect on profit
before tax

$’000

2024
+/-10%
+/- 172

2023
+/-10%
+/-365

Interest rate sensitivity
The following table demonstrates the sensitivity to a reasonable possible change in interest rates on the portion of
the loans and borrowings affected. With other variables held constant, the impact on the Group’s profit before tax is
affected through the impact on floating rate borrowings, as follows.

ARGO BLOCKCHAIN PLC

Increase/decrease
in basis points
Effect
on profit
before
tax
$’000
2024
+/-180
+/-15
2023
+/-180
+/-464

Credit risk
Credit risk arises from cash and cash equivalents as well as any outstanding receivables. Management does not
expect any losses from non-performance of these receivables. The amount of exposure to any individual counter party
is subject to a limit, which is assessed by the Board.
The Group considers the credit risk on cash and cash equivalents to be limited because the counterparties are banks
with high credit ratings assigned by international credit rating agencies.
The carrying amount of financial assets recorded in the financial statements represents the Group’s and Company’s
maximum exposure to credit risk. The Group and Company do not hold any collateral or other credit enhancements
to cover this credit risk.
Liquidity risk
Liquidity risk arises from the Group’s management of working capital. It is the risk that the Group will encounter
difficulty in meeting its financial obligations as they fall due.
Management updates cashflow projections on a regular basis and closely monitors the cryptocurrency market on a
daily basis. Accordingly, the Group’s controls over expenditure are carefully managed, in order to maintain its cash
reserves. The Treasury committee meets on a weekly basis to make decisions around future cashflows and working
capital requirements. Decisions may include considering debt/equity options alongside selling Bitcoin.
The table below analyses the Group’s non-derivative financial liabilities and net-settled derivative financial liabilities
into relevant maturity groupings, based on the remaining period at the Statement of Financial Position to the
contractual maturity date. Derivative financial liabilities are included in the analysis if their contractual maturities are
essential for an understanding of the timing of the cash flows. The amounts disclosed in the table are the contractual
undiscounted cash flows.
The Group complied with all covenants during the year and through to the reporting date.

Less than 1
year
Between 1
and 2 years
Between 2
and 5 years
Over 5 years
At 31 December 2024 ($’000)
Loans
439
418
-
-
Issued debt – bonds
-
-
39,304
-
At December 2023 ($’000)
Loans
14,320

9,830
197
-
Issued debt – bonds
-
-
38,170

Capital risk management
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern,
in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital
structure.

5.
ADOPTION OF NEW AND REVISED STANDARDS AND INTERPRETATIONS

The Group has adopted all recognition, measurement and disclosure requirements of IFRS, including any new and revised
standards and Interpretations of IFRS, in effect for annual periods commencing on or after 1 January 2024. The adoption of

ARGO BLOCKCHAIN PLC

Standard or Interpretation
Description
Effective date for annual
accounting period
beginning on or after
IFRS 18
Presentation and Disclosure in Financial Statements
1-Jan-27
IFRS 7/9

Amendments to the Classification and Measurement of
Financial Instruments. Contracts referencing Nature-
dependent Electricity
1-Jan-26
(amendments)
IFRS 7
Disclosures - Gain or Loss on Derecognition, Credit
Risk,
1-Jan-26
(amendments)
IFRS 10
Determination of a ‘de-facto agent;’
1-Jan-26
(amendments)
IIFRS 9
Derecognition of Lease Liabilities
1-Jan-26
(amendments)

6.
KEY JUDGEMENTS AND ESTIMATES

In the application of the Group’s accounting policies, the directors are required to make judgements, estimates and
assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The
estimates and associated assumptions are based on historical experience and other factors that are considered to be
relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of
the revision and future periods where the revision affects both current and future periods. The estimates and assumptions
which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined
below.
Valuation of tangible fixed assets – Note 18
The directors considered whether any impairments were required on the value of the property, plant and equipment. In
doing so they made use of forecasts of revenues and expenditure prepared by the Group and came to the conclusion
that impairment of those assets was required based on current forecasts including costs in relation to the refurbishment
of the mining machines out of the US facility. Key assumptions include Bitcoin production, hashprice, power prices and
discount rate.
Share-based payments – Note 20
The company has issued options and warrants to Directors, consultants and employees which have been valued in
accordance with the Black Scholes model. Significant estimation and judgement is required in determining the
assumptions under the Black Scholes method. Further details of these estimates are available in note 21.
The company has issued restricted stock units (RSUs) and performance stock units (PSUs) to employees which have
been valued based on the share price on the date of the award. The RSUs vest over three years, beginning six months
after the award and then every three months thereafter. It is assumed that employees will meet each vesting period and
a related expense is recorded each month. If an employee’s employment is terminated prior to a vesting date, the prior
expense for that vesting period is reversed. PSUs are amortised over the vesting period based on the most likely outcome
of the performance metrics.
Taxation and Contingent liabilities – Notes 13 and 27
The Group is subject to tax liabilities (both income and excise taxes) as assessed by the tax authorities in the jurisdictions
in which it operates. The Group has recorded its tax liabilities based on the information which it has available, as
described in Note 13.

However, a tax authority could challenge our allocation of income, transfer pricing and eligibility for input tax credits or
assert that we are subject to a tax in a jurisdiction where we believe we have not established a taxable connection. If
successful, these challenges could increase our expected tax liability in one or more jurisdictions.

ARGO BLOCKCHAIN PLC

7.
REVENUES
Cryptocurrency mining revenues are recognised at a point in time.
Cryptocurrency management fees are services recognised over time.
8.
EXPENSES BY NATURE

2024
2023
Administrative expenses
$’000
$’000
Salary and other employee related costs
4,517
6,430
Restructuring and transaction related costs
2,363
4,969
Insurance
1,416
2,128
Depreciation and amortisation
738
1,473
Legal, professional and regulatory fees
753
1,431
Indirect taxes
962
994
Property tax
558
919
Consulting fees
276
533
Repairs and maintenance
50
455
Audit fees
326
341
Office general expenses
708
349
Public relations and associated activities
246
255
Travel
80
226
Carbon credits
-
129
Foreign exchange
(458)
(1,683)
Total administrative expenses
12,535
18,949

Finance costs – interest on borrowings and bond
6,810
11,556
Total finance costs
6,810
11,556

9.
AUDITOR’S REMUNERATION

2024
2023

$’000
$’000
In relation to statutory audit services
326
341
Total auditor’s remuneration
326
341

10.
EMPLOYEES

The average monthly number of persons (including directors) employed by the group during the period was:

2024
2023
Number
Number
Directors and employees
25
30

ARGO BLOCKCHAIN PLC

The aggregate remuneration (including directors) comprised of:

2024
2023

$’000
$’000
Wages and salaries
4,267
6,017
Social security costs
141
250
Pension costs
109
163
Share based payments
3,759
3,892

8,276
10,322

11.
DIRECTOR’S REMUNERATION

2024
2023

$’000
$’000
Director’s remuneration for qualifying services
818
591
Severance
-
765
Share based payments
1,247
916
Total remuneration for directors and key management
2,065
2,272

Further details of Directors’ remuneration are available in the Remuneration report and note 27.

12.
EARNINGS PER SHARE

The basic earnings per share are calculated by dividing the loss attributable to equity shareholders by the weighted
average number of shares in issue.

2024
2023
Net loss for the period attributable to ordinary equity holders from continuing
operations ($’000)
(55,102)
(34,637)

Weighted average number of ordinary shares in issue (‘000)
607,879
503,917

Basic and diluted loss per share for continuing operations (cents)
(0.09)
(0.07)

The diluted loss per Ordinary Share is calculated by adjusting the weighted average number of Ordinary Shares
outstanding to consider the impact of options, warrants and other dilutive securities. As the effect of potential dilutive
Ordinary Shares in the current year would be anti-dilutive, they are not included in the above calculation of dilutive
earnings per Ordinary Share for 2024 and 2023.

13.
TAXATION

Current tax:
2024
$’000
2023
$’000
340
-
Current tax expense
Total current tax
340
-

ARGO BLOCKCHAIN PLC

Deferred tax:
2024
$’000
2023
$’000
Origination and reversal of temporary differences
-
-
Total deferred tax liability
-
-
Total tax
340
-

No deferred tax has been recognised on the losses brought forward and carried forward on the UK, Canada and US
losses given the uncertainty on the generation of future profits.
Income tax expense
The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the weighted
average tax rate applicable to profits of the consolidated entities as follows:

2024
2023

$’000
$’000
Profit (loss) before taxation
(54,762)
(34,637)

Expected tax charge (recovery) based on a weighted average of
25% (2023 - 25%) (UK, US and Canada)
(13,690)
(8,669)
Effect of expenses not deductible in determining taxable profit
(1,839)
851
Temporary differences
9,936
5,841
Other tax adjustments
224
18
Capital gains tax
449
-
Unutilised tax losses carried forward
5,260
1,959
Taxation charge in the financial statements
340
-

The group has tax losses available to be carried forward and used against trading profits arising in future periods of
approximately $124,000,000 (2023 - $136,000,000). These are subject to tax audit.
The weighted average applicable tax rate was 25% (2023: 25%).

Income tax assessments (Canada)
For the tax years 2021 and 2022, the Company has received notices of assessment totalling $CAD 12.0 million from
Canadian tax regulators denying certain tax deductions and challenging certain input tax credits. The Group, supported by
tax professionals at EY, has challenged these assessments and believes it will prevail. However, in order to challenge the
assessments, the Group was required to provide security to the regulators and the security provided was a $CAD 5.0 million
lien over its Baie Comeau facility. No provision has been made for these Canadian liabilities as the Group believes that its
assessments will be upheld and ultimately be in a refund position with the Canadian tax regulators. However, there can be
no certainty that this will be the case and an adverse outcome to the assessments will have a significant impact to the
Group’s financial position.
Other tax authorities may also disagree with tax positions that we have taken, which could result in increased tax
liabilities. For example, His Majesty’s Revenue & Customs (“HMRC”), the IRS or another tax authority could challenge
our allocation of income by tax jurisdiction and the amounts paid between our affiliated companies pursuant to our
intercompany arrangements and transfer pricing policies, including amounts paid with respect to our intellectual property
development. Similarly, a tax authority could assert that we are subject to tax in a jurisdiction where we believe we have
not established a taxable connection and such an assertion, if successful, could increase our expected tax liability in one
or more jurisdictions.

14.
ASSETS AND LIABLITIES HELD FOR SALE
In December 2023, the group signed an offer to purchase 9366-5230 Quebec Inc. In March 2024, a purchase and sale
agreement was signed for the sale of 9366-5230 Quebec Inc. (“Mirabel”) and the facility was sold for proceeds of $6.1

ARGO BLOCKCHAIN PLC

million. As a result of the sale, the material assets and liabilities of Mirabel were reclassified to be held for sale as at
December 31, 2023, as follows:

Non-current Assets
2023
$’000
Tangible Fixed Assets
2,725
Right of use assets
536
Assets held for sale
3,261

Non-current liabilities
2023
$’000
Mortgage Payable
1,532
Lease Liability
558
Liabilities held for sale
2,090

15.
INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS

Non-current
Group
2024
$’000
2023
$’000
At 1 January
400
414
Foreign exchange movement
-
-
Additions
-
-
Fair value through profit or loss
-
-
Disposals
(100)
(14)
Closing balance
300
400

ARGO BLOCKCHAIN PLC

16.
INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD

2024
2023
$’000
$’000
Opening balance
-
2,863
Share of loss
-
(716)
Foreign exchange movement
Write off of investment
-
-
89
(2,236)
Closing balance
-
-

Nature of investment in associates:

Name of entity Address of the registered
office
% of ownership
interest
Nature of
relationship
Measurement
method
Emergent
Entertainment PLC
Previously Pluto
Digital plc)
Hill Dickinson LLP, 8th Floor
The Broadgate Tower, 20
Primrose
Street, London, United
Kingdom, EC2A 2EW
19.50%
Refer below
Equity

In December 2023, Emergent Entertainment Ltd (“EEL”) announced that they engaged an insolvency advisor to place it in
liquidation. On January 10, 2024, EEL appointed liquidators to voluntarily wind up the company. The Group has written off
the balance of the investment in 2023.

ARGO BLOCKCHAIN PLC

17.
INTANGIBLE ASSETS NON CURRENT

Group
Goodwill
Digital
assets
2024
Total
$’000
$’000
$’000
Cost

At 1 January 2024
112
5,329
5,441
Foreign exchange movements
-
(60)
(60)
Digital Assets Mined
-
-
-
Disposals
(77)
(130)
(207)
At 31 December 2024
35
5,139
5,174
Amortisation and impairment
At 1 January 2024
-
4,553
4,553
Foreign exchange movement
-
(28)
(28)
Fair value movement
-
-
-
Impairment
-
473
473
Amortisation charged during the period
-
-
-
At 31 December 2024
-
4,998
4,998
Balance at 31 December 2024
35
141
176

Group
Goodwill
Digital
assets
Website
2023
Total
$’000
$’000
$’000
$’000
Cost
At 1 January 2023
96
5,722
873
6,691
Foreign Exchange Movements
16
334
19
369
Disposals
-
(727)
-
(727)
At 31 December 2023
112
5,329
892
6,333
Amortisation and impairment
At 1 January 2023
-
3,809
779
4,588
Foreign exchange movement
-
91
1
92
Fair value movement
-
654
-
654
Amortisation charged during the period
-
-
112
112
At 31 December 2023
-
4,553
892
5,445
Balance at 31 December 2023
112
776
-
888

Digital assets includes cryptocurrencies not mined by the Group. The Group held crypto assets during the year, which
are recorded at cost on the day of acquisition. Movements in fair value between acquisition and disposal (date sold), and
the movement in fair value in crypto assets held at the year end, impairment of the intangible assets and any increase
in fair value are recorded in the fair value reserve.
The digital assets held below are held in Argo Labs (a division of the Group) as discussed above. The assets are all
held in secure custodian wallets controlled by the Group team and not by individuals within the Argo Labs team. The

ARGO BLOCKCHAIN PLC

assets detailed below are all accessible and liquid in nature.

Crypto asset name
Coins / tokens
Fair value
$’000
Polkadot – DOT
182
1
Ethereum – ETH
211
1
USDC (stable coin – fixed to USD)
31,710
32
Other tokens, NFTs and other digital assets
N/A
107
As at 31 December 2024
141

Crypto asset name
Coins / tokens
Fair value
$’000
Polkadot – DOT
16,554
135
Ethereum – ETH
4
10
USDC (stable coin – fixed to USD)
31,713
55
Other tokens, NFTs and other digital assets
N/A
576
As at 31 December 2023
776
18.
TANGIBLE FIXED ASSETS

Group
Mining
Machines
Data
Centres
Equipment
Total

$’000
$’000
$’000
$’000
Cost

At 1 January 2024
168,150
6,280
4,034
178,464

Foreign exchange movement
-
(336)
(604)
(940)
Additions
3
-
-
3
Disposal of subsidiary
-
(5,254)
-
(5,254)
Transfers between classes
1,591
-
(1,591)
-
Disposals
(1,337)
-
-
(1,337)
At 31 December 2024
168,407
690
1,839
170,936

Depreciation and impairment
At 1 January 2024
(116,992)
(1,537)
(206)
(118,735)
Foreign exchange movement
211
847
219
1,277
Depreciation charged
(14,171)
-
(738)
(14,909)
Impairment in asset
(31,498)
-
-
(31,498)
At 30 December 2024
(162,450)
(690)
(725)
(163,865)
Carrying amount
At 1 January 2024
51,158
4,743
3,828
59,729
At 31 December 2024
5,957
-
1,114
7,071

ARGO BLOCKCHAIN PLC

Group
Mining Machinery
Data Centres
Equipment
Total

$’000
$’000
$’000
$’000
Cost

At 1 January 2023
162,839
8,700
5,414
176,953

Foreign Exchange Movement
108
517
569
1,195
Additions
5,203
-
27
5,230
Transfer to Assets held for sale
-
(2,937)
(1,976)
(4,913)
At 31 December 2023
168,150
6,280
4,034
178,464

Depreciation and impairment
At 1 January 2023
(97,481)
(1,924)
(31)
(99,437)
Foreign exchange movement
-
(38)
(43)
(81)
Depreciation charged during the period
(18,656)
(359)
(1,000)
(20,015)
Impairment in asset
(855)
-
-
(855)
Transfer to Assets held for sale
-
784
868
1,652
At 31 December 2023
(116,992)
(1,537)
(206)
(118,736)
Carrying amount
At 1 January 2023
65,358
6,776
5,383
77,516
At 31 December 2023
51,158
4,743
3,828
59,728

Property, Plant and Equipment Impairments
The Group has a single line of business, crypto mining. During 2024, the Group considered that it only had one cash
generating unit (CGU) due to all mining machines being centrally managed by the Argo Blockchain Plc and all machines
operating under the same business conditions.

However, due to the uncertainty of the timing of rehosting the machines at 31 December 2024, and the performance
of the machines thereon, the Group considers its mining machines to be categorized into three CGU’s being: machines
operating at the Group’s owned site in Quebec, machines hosted or sold subsequent to year end, previously hosted at
the Helios facility, and machines not yet re-conditioned which were also previously hosted at the Helios facility. The
recoverable amount of each CGU has been calculated as follows:
Machines operating in Quebec – value in use.
Re-conditioned machines hosted or sold subsequent to year-end – all measured at fair value less cost of disposal,
given the uncertainty over performance and expected returns from the new hosting facilities.
Machines not yet re-conditioned - all measured at fair value less cost of disposal.

At each reporting date, the Group assesses whether there is an indication that an asset may be impaired. If an indication
exists, the Group estimates an asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset or
CGU’s fair value, less costs of disposal and its value in use. When the carrying value of an asset or CGU exceeds its
recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

In assessing the fair value of Mining machines previously hosted at the Helios facility and Computer Equipment, the
Group used recent machine sales pricing and cost of refurbishment of machines from immersion cooled to air cooled.
Due to the significant deterioration in mining economics since the Bitcoin halving in April 2024, as measured by the
lower hashprice, both the fair value of mining equipment and future cash flows generated from mining equipment are
significantly reduced. In addition, the impairment to fair value less cost to sell is also driven by a lack of historical
information available for the performance of the refurbished machines in the aforementioned hosting facilities and
uncertainty of the timing of these events as at the year end. As a result of the analysis that the Group reviewed at both
30 June 2024 and 31 December 2024, a total impairment charge of $31.5 million (2023-$0.9 million) was recorded. As
the majority of the mining machines were valued at their recoverable amount a 5% change in the hashprice has a
minimal impact on the impairment. Similarly, a 1% change in the discount rate has a minimal impact on the impairment
for the machines operating in Quebec.

ARGO BLOCKCHAIN PLC

Mining assets with uncertain re-hosting dates and those to be sold (22,819 machines) had a value of $4.3 million as at
31 December 2024 and were valued based on their fair value in use less cost to sell. This value was based on a level
2 fair value hierarchy of actual sales realised, less cost of refurbishment.

Mining assets held at the Baie Comeau CGU (2,200 machines) had a value of $1.4 million and were valued based on
their value in use. This was based on an 18 month cash flow forecast discounted at 22.6%, the Group’s estimated cost
of capital.

Subsequent to year end, the Group signed hosting agreements with Merkle Standard LLC to host 9,315 miners at
Merkle’s Memphis, Tennessee location and up to 4,000 machines at its Washington State location. Approximately
1,232 units were sent to the Group’s Baie Comeau facility. A further approximately 8,000 units were sold for cash
proceeds of approximately $2.0 million. The Group will continue to monitor the carrying value of its mining machines,
as the machines are installed and data is available for performance in revenue generation, which may or may not result
in a reversal in the impairment.

Impairment of Chips
In assessing the fair value of machine components, the Group used readily available chip set prices and
management’s estimate of other components in the chip sets to determine the value of chips on hand. As a result of
this analysis, an impairment of $0.6 million was recorded (2023 - $0.1 million).

Sale of Mirabel Data Centre

See assets held for sale (Note 14) for details of this disposition.

19.
TRADE AND OTHER RECEIVABLES

Group 2024
Group 2023

$’000
$’000
Trade and other receivables
140
1,131
Prepayments
628
1,355
Other taxation and social security
2,311
1,349
Total trade and other receivables
3,079
3,835

Included within other taxation and social security is a provision against GST/QST/VAT receivable of $2.7 million in relation to
ongoing matters in connection with GST Notice 324 released by the Canadian Revenue Authority, and ongoing discussions with
HMRC. The Group have included the provision for prudence and upon conclusion of the matter, the Group will adjust this provision
accordingly. See Note 13 for additional details.

20.
INTANGIBLE ASSETS, CURRENT

The Group mined crypto assets during the period, which are recorded at fair value on the day rewards are credited to the Group’s
wallets. Movements in fair value between acquisition (date mined) and disposal (date sold), and the movement in fair value in
crypto assets held at the year end, are recorded in profit or loss.

At 31 December 2024, the Group held Bitcoin representing a fair value of $6,000 (2023 - $385,000). The movements during the
year is detailed below:

Group
2024
2023
$’000
$’000
At 1 January
385
443
Foreign Exchange Movement
-
24
Crypto assets purchased and received
-
-
Crypto assets mined
47,017
50,558
Total additions
47,017
50,582
Disposals
Transferred to/from intangible assets
-

ARGO BLOCKCHAIN PLC

Crypto assets sold
(47,302)
(51,378)
Total disposals
(47,302)
(51,378)
Fair value movements
Gain/(loss) on crypto asset sales
(94)
738
Movements on crypto assets held at the year end
-
-
Total fair value movements
(94)
738
At 31 December
6
385

Group
2023
2022
$’000
$’000
At 1 January
443
108,956
Foreign Exchange Movement
24
833
Crypto assets purchased and received
-
264
Crypto assets mined
50,558
60,172
Total additions
50,582
61,269
Disposals
Transferred to/from intangible assets
420
Crypto assets sold
(51,378)
(114,646)
Total disposals
(51,378)
(114,226)
Fair value movements
Gain/(loss) on crypto asset sales
738
(55,410)
Movements on crypto assets held at the year end
-
(145)
Total fair value movements
738
(55,555)
At 31 December
385
443

21.
SHARE OPTIONS, RESTRICED STOCK UNITS AND WARRANTS

In 2022, the Remuneration Committee of the Board (“Committee”) approved the 2022 Equity Incentive Plan (“the
Plan”). Under the Plan, the Committee, at its discretion, may issue awards, including share awards, stock options,
stock appreciation rights (“SARs”), restricted stock units, performance awards and American Depository Shares to
any employee of the Group. The exercise price of stock options and the base price of SARs may not be less than
the market price of the underlying shares on the date of grant. Stock options and SARs may have an exercise period
up to ten years after the grant date.

The following table summarizes share-based compensation expense for the years ended December 31, 2024 and
2023:

2024
2023
Stock options
1,981
3,332
Restricted stock units
1,778
560

3,759
3,892

Number of options
Weighted average
and warrants ‘000
exercise price £
At 1 January 2024
11,028
0.83
Granted
57,800
0.11
Exercised
-
-
Lapsed
(5,279)
0.95
Outstanding at 31 December 2024
63,549
0.17

ARGO BLOCKCHAIN PLC

Exercisable at 31 December 2024
5,429
0.73

Number of options
Weighted average
and warrants ‘000
exercise price £
At 1 January 2023
18,698
0.78
Granted
659
0.13
Exercised
-
-
Lapsed
(8,329)
0.67
Outstanding at 31 December 2023
11,028
0.83
Exercisable at 31 December 2023
7,904
0.89

The weighted average remaining contractual life of options and warrants as at 31 December 2024 is 53 months (2023-
62 months). If the exercisable shares had been exercised on 31 December 2024 this would have represented 0.8%
(2023 – 1.5%) of the enlarged share capital.
At the grant date, the fair value of the options and warrants prior to the listing date was the net asset value and post
listing determined using the Black-Scholes option pricing model. Volatility was calculated based on data from
comparable listed technology start-up companies, with an appropriate discount applied due to being an unlisted entity
at grant date. Risk free interest has been based on UK Government Gilt rates for an equivalent term. The inputs
into the Black-Scholes model are as follows:

2024
2023
Grant date share price £
0.115
0.14
Exercise price £
0.1125
0.13
Volatility
113%
187%
Life
5 years
10 years
Risk free rate
3.90%
3.40%
Dividend yield
0%
0%
Restricted Stock Units
In 2024 and 2023, the Committee approved the grant of RSUs to employees. The RSUs vest quarterly beginning
the sixth month after the grant date over a three-year period. The weighted average remaining vesting period is the
period to the final vesting date.

2024

Number of
Awards
Weighted Average Grant Date
Price £
Weighted Average Remaining
Vesting
Period (months)
Outstanding at beginning of
period
6,999,817
0.12

Granted during the period
7,273,995
0.15

Vested during the period
(3,162,982)
0.12

Forfeited during the period
(2,021,671)
0.14

Outstanding at the end of period
9,089,159
0.13
22

2023

ARGO BLOCKCHAIN PLC

Number of
Awards
Weighted Average Grant Date
Price £
Weighted Average Remaining
Vesting
Period (months)
Outstanding at beginning of
period
-
-

Granted during the period
12,041,192
0.13

Vested during the period
(3,617,136)
0.13

Forfeited during the period
(1,424,239)
0.13

Outstanding at the end of period
6,999,817
0.12
28

Performance Stock Units (American Depository Shares)
In 2023, the Committee approved the grant of PSUs for the American Depository Shares to the CEO of the Group.
The PSUs vest annually over a three-year period. The annual vesting amount may vary from 25% - 100%. The
weighted average remaining vesting period assumes the last vesting date is the latest vesting date possible.

2024

Number of
Awards
Weighted Average Grant Date
Price £
Weighted Average Remaining
Vesting
Period (months)
Outstanding at beginning of the
period
2,850,000
1.15

Vested during the period
(237,500)
-

Forfeited during the period
-
-

Outstanding at the end of period
2,612,500
1.15
35

The remaining PSU’s were cancelled subsequent to year end with the resignation of the CEO. A new award was awarded to the
Group’s new CEO.

2023

Number of
Awards
Weighted Average Grant Date
Price $
Weighted Average Remaining
Vesting
Period (months)
Outstanding at beginning of the
period
-
-

Granted during the period
2,850,000
1.15

Vested during the period
-
-

Forfeited during the period
-
-

Outstanding at the end of the period
2,850,000
1.15
35

ARGO BLOCKCHAIN PLC

22.
ORDINARY SHARES

As at 31 December
As at 31 December
2024
2023

$’000
$’000
Ordinary share capital

Issued and fully paid

536,963,471 Ordinary Shares of $0.001 each
712
634
Issued in the period

177,911,882 Ordinary Shares of $0.001 each
226
78
714,875,853 Ordinary Shares of $0.001 each
938
712

Share premium
At beginning of the period
209,779
202,103
Issued in the period
22,478
7,676
Issue costs
-
-
At the end of period
232,257
209,779

23.
RESERVES
The following describes the nature and purpose of each reserve:

Reserve
Description
Ordinary Shares
Represents the nominal value of equity shares
Share Premium
Amount subscribed for share capital in excess of
nominal value
Share based payment reserve
Represents the fair value of options and warrants
granted less amounts transferred on exercise
Currency translation reserve
Cumulative effects of translation of opening balances
on non-monetary assets between subsidiaries
functional currencies (Canadian dollars and Uk Sterling)
and Group presentational currency (US Dollars).
RSU/PSU reserve
Represents the fair value of restricted/performance
stock units expensed less amounts transferred on
vesting
Other comprehensive income of equity accounted
associates
The other comprehensive income of any associates is
recognised in this reserve
Accumulated surplus
Cumulative net gains and losses and other transactions
with equity holders not recognised elsewhere.

ARGO BLOCKCHAIN PLC

24.
TRADE AND OTHER PAYABLES

Group 2024
Group 2023

$’000
$’000
Trade payables
1,663
2,336
Accruals and other payables
3,619
7,153
Other taxation and social security
2,902
1,686
Total trade and other creditors
8,184
11,175

The directors consider that the carrying value of trade and other payables is equal to their fair value.

25.
LOANS AND BORROWINGS

Non-current liabilities
As at 31 December
2024
$’000
As at 31 December
2023
$’000
Issued debt – bond (a)
39,304
38,170

Galaxy loan (b)
-
9,230
Mortgage – Quebec facility (c)
-
797
Total
39,304
48,197
Current liabilities
Galaxy loan (b)
-
13,444
Mortgage- Quebec facility (c)
Other Loans
837
20
600
276
Total
857
14,320

(a) Unsecured Bonds:
In November 2021, the Group issued an unsecured 5-year bond with an interest rate of 8.75%. The bonds
mature on 30 November 2026. The bonds may be redeemed for cash in whole or in part at any time at the
Group’s option (i) on or after 30 November 2023 and prior to 30 November 2024, at a price equal to 102% of their
principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption, (ii) on or after 30
November 30 and prior to 30 November 2025, at a price equal to 101% of their principal amount, plus accrued
and unpaid interest to, but excluding, the date of redemption, and (iii) on or after November 30, 2025 and prior
to maturity, at a price equal to 100% of their principal amount, plus accrued and unpaid interest to, but excluding,
the date of redemption. The Group may redeem the bonds, in whole, but not in part, at any time at its option, at
a redemption price equal to 100.5% of the principal amount plus accrued and unpaid interest to, but not including,
the date of redemption, upon the occurrence of certain change of control events. The bonds are listed on the
Nasdaq Global Select Market under the symbol ARBKL.
(b) Galaxy and related loans
On 23 December 2021 the Group entered into a loan agreement with Galaxy Digital LP for a loan of USD$30
million. The proceeds of the loan were used, in conjunction with funds raised previously, to continue the build-out
of the Texas data centre, Helios. The short-term loan was a Bitcoin collateralised loan with an interest rate of 8%
per annum. This loan was repaid during 2022 as part of the Galaxy transaction.

ARGO BLOCKCHAIN PLC

In March 2022, the Group entered into loan agreements with NYDIG ABL LLC for loans in the amounts of USD$97
million for the purchase of mining machines and Helios infrastructure, respectively. The loan was repaid during
the year as part of the Galaxy transaction.
In May 2022, the Group entered into a loan agreement with Liberty Commercial Finance for a loan of USD$1.2
million ($1.0m) to purchase equipment. The loan is repayable over a period of 36 months with an interest rate
of 11.9%. In June 2022, the loan was assigned to North Mill Equipment Finance LLC (“New Mill”). The loan was
repaid during the year as part of the Galaxy transaction.
In December 2022, the Group sold Galaxy Power LLC and entered into a loan agreement with Galaxy Digital
LLC for USD$35 million. Proceeds were used to pay off the Galaxy Digital LP, New Mill and NYDIG loans and
working capital. The Galaxy Digital LLC loan was payable monthly based on an amortization schedule over 32
months with an interest rate of the secured overnight financing rate by the Federal Reserve Bank of New York
plus 11%. The loan was secured by the Group’s property, plant and equipment.
In August 2024, the Galaxy Digital LLC loan was paid in full.
(c) Mortgage – Quebec Facility
The mortgage is secured against the property at Baie-Comeau and is repayable over 24 months at an interest
rate of Lender Prime + 0.5%. (5.95% as of 31 December 2024).

26.
FINANCIAL INSTRUMENTS

Group 2024
Group 2023
$’000
$’000
Carrying amount of financial assets

Measured at amortised cost

- Trade and other receivables
141
1,131
- Cash and cash equivalents
8,626
7,443
Measured at fair value through profit or loss
300
400
Total carrying amount of financial assets
9,067
8,974

Carrying amount of financial liabilities
Measured at amortised cost

- Trade and other payables
8,184
7,501
- Short term loans
20
280
- Long term loans
837
25,599
- Issued debt – bonds
39,304
38,170
carrying amount of financial liabilities
48,345
71,550

ARGO BLOCKCHAIN PLC

Fair Value Estimation
Fair value measurements are disclosed according to the following fair value measurement hierarchy:
-
Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1)
-
Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly (that is, as prices), or indirectly (that is, derived from prices) (Level 2)
-
Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs)
(Level 3). This is the case for unlisted equity securities.
The following table presents the Group’s assets that are measured at fair value at 31 December 2024 and 31
December 2023.

Level 1
Level 2
Level 3
Total
Assets
$’000
$’000
$’000
$’000
Financial assets at fair value through
profit or loss
-
Equity holdings
-
-
300
300
-
Digital assets
-
6
-
6
Total at 31 December 2024
-
6
300
306

Level 1
Level 2
Level 3
Total
Assets
$’000
$’000
$’000
$’000
Financial assets at fair value
through profit or loss
-
Equity holdings
-
-
400
400
-
Digital assets
-
385
-
385
Total at 31 December 2023
-
385
400
785

All financial assets are in listed and unlisted securities and digital assets. There were no transfers between levels during
the period.
The Group recognises the fair value of financial assets at fair value through profit or loss relating to unlisted
investments at the cost of investment unless:
-
There has been a specific change in the circumstances which, in the Group’s opinion, has permanently impaired
the value of the financial asset. The asset will be written down to the impaired value;
-
There has been a significant change in the performance of the investee compared with budgets, plans or
milestones;
-
There has been a change in expectation that the investee’s technical product milestones will be achieved or a
change in the economic environment in which the investee operates;
-
There has been an equity transaction, subsequent to the Group’s investment, which crystallises a valuation for the
financial asset which is different to the valuation at which the Group invested. The asset’s value will be adjusted to
reflect this revised valuation; or
-
An independently prepared valuation report exists for the investee within close proximity to the reporting date.

ARGO BLOCKCHAIN PLC

27.
RELATED PARTY TRANSACTIONS

A subsidiary has received tax assessments from Canadian tax authorities for value added taxes and income taxes (See
Note13). The Company is not subject to other litigation matters in the ordinary course of business.

28.
RELATED PARTY TRANSACTIONS
The compensation paid to related parties in respect of services rendered in 2024 were:
•
$135,095 (2023 - $170,554) in respect of fees for Matthew Shaw (Non-executive director);
•
$129,909 (2023 - $129,752) in respect of fees for Maria Perrella (Non-executive director);
•
$145,562 (2023 - $135,105) in respect of fees for Raghav Chopra (Non-executive director); and
•
$92,939 (2023 - $27,659) to Jim MacCallum (CFO) through JMM Consulting Inc.

29.
CONTROLLING PARTY
There is no controlling party of the Group.

30.
POST BALANCE SHEET EVENTS
Thomas Chippas resigned as Chief Executive Officer and Director of the Company effective 28 February 2025. On 24
March 2025, the Board appointed Justin Nolan as Chief Executive Officer and Director of the Group.
In January 2025, the Group received a Notification Letter from Nasdaq Stock Market LLC stating that the Company is
not in compliance with minimum bid price for the Company’s American Depositary Shares. The Company has until
July 15, 2025 to regain compliance with the minimum bid price requirement.
The Group signed hosting agreements with Merkle Standard LLC to host 9,315 miners at Merkle’s Memphis,
Tennessee location and up to 4,000 machines at its Washington State location. Approximately 2,000 units were sent
to the Group’s Baie Comeau facility. A further approximately 8,000 units were sold for cash proceeds of approximately
$2.0 million.

ARGO BLOCKCHAIN PLC

COMPANY STATEMENT OF FINANCIAL POSITION

As at December
31st
As at
December 31st
As at January
1st

2024
2023
2023

Note
$’000
$’000
$’000

ASSETS

Non-current assets

Investment at fair value through profit or loss
4
-
100
100
Investments in Associate

-
-
2,863
Investments in Subsidiary
5
11,164
43,983
65,000
Tangible Fixed Assets

131
739
2,195
Total non-current assets
11,295
44,822
70,158

Current assets

Trade and Other Receivables
2
94
521
-
Prepaids
2
488
573
1,080
Cash and cash equivalents
5
776
705
139
Intercompany
2
-
11,174
10,336
Total Current Assets
1,358
12,973
11,555

Total assets
12,653
57,795
81,713

EQUITY AND LIABILITIES

Equity

Share Capital

(938)
(712)
(634)
Share Premium

(232,257)
(209,779)
(202,103)
Share based payment reserve

(15,162)
(12,166)
(8,528)
Foreign Currency Translation Reserve

28,616
28,944
26,934
Accumulated (surplus)/deficit

252,421
178,315
146,547
Total equity
32,680
(15,398)
(37,784)

Current liabilities

Trade and other payables
3
(2,122)
(3,977)
(6,120)
Intercompany

(3,907)
-
-
Loan

-
(250)
-
Total current liabilities
(6,029)
(4,227)
(6,120)

Non-current liabilities

Issued Debt

(39,304)
(38,170)
(37,809)
Total liabilities
(45,333)
(42,397)
(43,929)

Total equity and liabilities
(12,653)
(57,795)
(81,713)

ARGO BLOCKCHAIN PLC

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and
related notes. The company’s total comprehensive loss for the year was $17.3 million (2022: $191.1 million).
The Group financial statements were approved by the board of directors on 8 May 2025 and authorised for
issue; they are signed on its behalf by:

Justin Nolan
Chief Executive Officer

8 May 2025

The accounting policies and notes form part of the financial statements.

Registered number: 11097258

ARGO BLOCKCHAIN PLC

COMPANY STATEMENT OF CHANGES IN EQUITY

Share Capital
Share Premium
Currency
Translation
Reserve
Share based
payment reserve
Accumulated
surplus/ (deficit)
Total

$’000
$’000
$’000
$’000
$’000
$’000
Balance at 1 January 2024
712
209,779
(28,944)
12,166
(178,315)
15,398
Total comprehensive income for the period:

Loss for the period
-
-
-
-
(74,106)
(74,106)
Other comprehensive income
-
-
328
-
-
328
Total comprehensive income for the period
-
-
328
-
(74,106)
(73,778)
Transactions with equity owners:

Share capital issued
220
21,635
-
-
-
21,855
Share based payments charge
-
-
-
3,845
-
3,845
Share RSUs vested
6
843
-
(849)
-
-
Total transactions with equity owners
226
22,478
-
2,996
-
25,700

Balance at 31 December 2024
938
232,257
(28,616)
15,162
(252,421)
(32,680)

ARGO BLOCKCHAIN PLC

Share Capital
Share Premium
Currency
Translation
Reserve
Share based
payment
reserve
Accumulated
surplus/
(deficit)
Total

$’000
$’000
$’000
$’000
$’000
$’000
Balance at 1 January 2023
634
202,103
(26,935)
8,528
(146,794)
37,536
Total comprehensive income for the period:

Loss for the period
-
-
-
-
(31,521)
(31,521)
Other comprehensive income
-
-
(2,009)
-
-
(2,009)
Total comprehensive income for the period
-
-
(2,009)
-
(31,521)
(33,530)
Transactions with equity owners:

Share capital issued
78
7,676
-
-
-
7,754
Share based payments charge
-
-
-
3,892
-
3,892
Share RSUs vested
-
-
-
(254)
-
(254)
Total transactions with equity owners
78
7,676
-
3,638
-
11,392

Balance at 31 December 2023
712
209,779
(28,944)
12,166
(178,315)
15,398

ARGO BLOCKCHAIN PLC

COMPANY STATEMENT OF CASH FLOWS

Year ended
December
Year ended
December

2024
2023
Note
$’000
$’000
Cash flows from operating activities

Loss before tax

(74,106)
(14,901)
Adjustments for:

Share of loss from associate
-
716
Loss/Gain on sale of Investment

(567)
-
Foreign exchange movements

(100)
(1,877)
Finance cost

4,094
4,888
Write off of investments
-
22,764
Intercompany provision

33,829
-
Impairment of assets
553
83
Share based payment expense
1,794
3,874
Impairment of investment
5
32,819
-
Working capital changes:

(Increase)/decrease in trade and other receivables
2
512
1,803
Increase/(decrease) in trade and other payables
3
(1,233)
(2,079)
Net cash generated from operating activities
(2,405)
15,271

Investing activities
Proceed from sale of assets

45
-
(Increase)/decrease in loan to subsidiary
(15,675)
(17,863)
Net cash used in investing activities
(15,630)
(17,863)
Financing activities

Loan proceeds
1,110
811
Repayment of loan
(1,360)
(561)
Loan repayments Interest paid
(3,534)
(4,602)
Proceeds from shares issued – net of issue costs
21,855
7,518
Net cash (used in) generated from financing activities
18,071
3,166

Net (decrease) increase in cash and cash equivalents
36
574
Effect of foreign exchange on cash and cash equivalents
35
139
Cash and cash equivalents at beginning of period
705
(8)
Cash and cash equivalents at end of period
776
705

ARGO BLOCKCHAIN PLC

Company - net debt reconciliation
Year ended
31 December
2024
Year
ended
31 December
2023
$’000
$’000
Non-current loans and borrowings
3
(39,304)
(38,170)
Cash and cash equivalents
776
705
Total net (debt) / asset
(38,527)
(37,465)

NOTES TO THE FINANCIAL STATEMENTS
Argo Blockchain PLC (“the company”) is a public company, limited by shares, and incorporated in England and
Wales. The registered office is Eastcastle House, 27-28 Eastcastle Street, London, W1W 8DH. The company
was incorporated on 5 December 2017 as GoSun Blockchain Limited and changed its name to Argo Blockchain
Limited on 21 December 2017. Also on 21 December 2017, the company re-registered as a public company,
Argo Blockchain plc. Argo Blockchain plc acquired a 100% subsidiary, Argo Innovation Labs Inc. (together “the
Group”), incorporated in Canada, on 12 January 2018.
The Company financial statements are required by Companies House and do not include any intercompany
eliminations, The Company financial statements and note disclosures should be read in conjunction with the
Group statements and notes above.
The notes to the company Financial Statements should be viewed in conjunction with the Group Financial
Statements.

1. 2023 RESTATEMENT

The Group identified errors in the prior year intercompany recharge allocations due to a misapplication of the groups
recharge policy. The impact was material, requiring restatement of the prior period financial statements in accordance
with IAS 8. Comparative figures have been adjusted as follows:

2023
Original
Movement
2023
Restated
Loss for the period
(14,901)
(16,620)
(31,521)
Intercompany Loan
28,199
(17,025)
11,174
Accumulated
(surplus)/deficit
161,448

16,867
178,315
This restatement had no impact on cashflows.

2. TRADE AND OTHER RECEIVABLES / INTERCOMPANY

Company
2024
Company
2023
$’000
$’000
Trade and other receivables/prepayments
582
650
Total trade and other receivables
582
650

ARGO BLOCKCHAIN PLC

COMPANY - INTERCOMPANY

Company
2024
Company
2023
$’000
$’000
Amounts due from/(to) group companies, net
(3,907)
28,199

Funds advanced to group companies were used for operating expenses, settling debt and purchasing tangible and
intangible assets. There are no terms of repayment. The amounts due are non-interest bearing.

3. TRADE AND OTHER PAYABLES

Company
Company
2024
2023

$’000
$’000
Trade payables
481
1,253
Accruals and other payables
976
2,781
Other taxation and social security
664
9
Total trade and other creditors
2,121
4,043

The directors consider that the carrying value of trade and other payables is equal to their fair value.

4. FINANCIAL INSTRUMENTS

Company
2024
Company
2023
$’000
$’000
Carrying amount of financial assets
Measured at amortised cost
-
Trade and other receivables
94
77
-
Cash and cash equivalents
776
705
Measured at fair value through profit or loss
-
100
Total carrying amount of financial assets
870
882
Carrying amount of financial liabilities
Measured at amortised cost
-
Trade and other payables
2,121
3,044
-
Short term loans
-
250
-
Issued debt – bonds
39,304
38,170
-
Lease liabilities
-
-
Total carrying amount of financial
liabilities
41,425
41,464

Fair Value Estimation
Fair value measurements are disclosed according to the following fair value measurement hierarchy:
-
Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1)
-
Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
(that is, as prices), or indirectly (that is, derived from prices) (Level 2)
-
Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level
3). This is the case for unlisted equity securities.

ARGO BLOCKCHAIN PLC

The following table presents the company’s assets that are measured at fair value at 31 December 2024 and 31
December 2023.

Level 1
Level 2
Level 3
Total
Assets
$’000
$’000
$’000
$’000
Financial assets at fair value
through profit or loss
-
Equity holdings
-
-
-
-
Total at 31 December 2024
-
-
-
-

Level 1
Level 2
Level 3
Total
Assets
$’000
$’000
$’000
$’000
Financial assets at fair
value through profit or
loss

-
Equity holdings

-
100
100
Total at 31 December 2023
-
-
100
100

ARGO BLOCKCHAIN PLC

All financial assets are in unlisted securities. There were no transfers between levels during the period.
The Group recognises the fair value of financial assets at fair value through profit or loss relating to unlisted investments
at the cost of investment unless:
-
There has been a specific change in the circumstances which, in the Group’s opinion, has permanently impaired
the value of the financial asset. The asset will be written down to the impaired value;
-
There has been a significant change in the performance of the investee compared with budgets, plans or
milestones;
-
There has been a change in expectation that the investee’s technical product milestones will be achieved or a
change in the economic environment in which the investee operates;
-
There has been an equity transaction, subsequent to the Group’s investment, which crystallises a valuation for the
financial asset which is different to the valuation at which the Group invested. The asset’s value will be adjusted to
reflect this revised valuation; or
-
An independently prepared valuation report exists for the investee within close proximity to the reporting date.
-

5. INVESTMENT IN SUBSIDIARIES AND LOSS ON SALE OF SUBSIDIARY
Company
Details of the Company’s subsidiaries at 31 December 2024 are as follows:

Name of Undertaking
Country of
Incorporation
Ownership
Interest
(%)
Voting Power
Held (%)
Nature of
Business
Argo Innovation Labs Inc.
Canada
100%
100%
***
9377-2556 Quebec Inc.
Canada
100%
100%
**
Argo Holdings US Inc.
USA
100%
100%
****
Argo Operating US LLC
USA
100%
100%
*
* The provision of cryptocurrency mining services

** The provision of cryptocurrency mining sites

*** Converted from the provision of cryptocurrency mining services to cost centre in 2023

**** Holding company

Investment in subsidiaries
2024
2023
$’000
$’000
At January 1
43,983
65,000
Impairment
(32,819)
(21,017)
At 31 December
11,164
43,983

Argo Holdings US Inc. was incorporated on November 22, 2023, with a registered office of 1209 Orange Street, Wilmington,
Delaware, USA, 19801. The company contributed shares in Argo Innovation Facilities (US) valued at $65m.
Argo Operations US LLC was formed on November 22, 2022, with a registered office of 1209 Orange Street,
Wilmington, Delaware, USA, 19801.
Argo Innovation Facilities (US) Inc was incorporated on 25 February 2022 with a registered address of 2028
East Ben White Blvd. Austin, TX 78740. This entity held the Helios facility and real property in Dickens
County, Texas. On 21 December 2023, Argo Innovation Facilities (US) Inc. was converted to Galaxy Power
LLC. Galaxy Power LLC was sold on 28 December 2023 pursuant to an equity purchase agreement. The
proceeds received for the sale were $65 million against a book value of $120 million resulting in a loss on sale
for the Group of $120 million.

ARGO BLOCKCHAIN PLC

6. KEY JUDGEMENTS AND ESTIMATES
Valuation of investments in subsidiaries and amounts due from group companies – Note 19
The Board considered amounts due from group companies and whether any further impairments were required on their
carrying value. When considering these amounts, they made use of forecasts of the profitability of the subsidiary and
of their revenues and expenditure and concluded that impairment of those assets was necessary based on current
forecasts and performance during the first part of 2025.
The forecasts to support this were built using our existing internal models showing positive cash contribution and
profitability of the subsidiaries and their future value to the Group as a whole. Both pre and post year end these models
show an impairment to the carrying value of one of the subsidiaries. An impairment charge of $32,226 was recognized.
7. EMPLOYEES
The average monthly number of persons (including directors) employed by the company during the period was:

2024
2023
Number
Number
Directors and employees
6
6