Argo Blockchain PLC Announces October Operational Update

October 2022 Operational Replace

LONDON, UK / ACCESSWIRE / November 8, 2022 / Argo Blockchain plc, a world chief in cryptocurrency mining (“Argo” or “the Firm”) (LSE:ARB)(NASDAQ:ARBK), is happy to supply the next operational replace for October 2022.

Throughout the month of October, Argo mined 204 Bitcoin or Bitcoin Equivalents (collectively, BTC) in comparison with 215 BTC in September 2022. The lower in BTC mined was primarily resulting from a major improve within the Bitcoin community problem in October in comparison with September.

As beforehand introduced, the Firm bought 3,843 new-in-box Bitmain S19J Professional machines which represented the final batch of the unique Bitmain order scheduled for set up in October 2022. Consequently, the Firm’s whole hashrate capability continues to be 2.5 EH/s.

As of 31 October 2022, the Firm held 138 Bitcoin, of which 119 had been BTC Equivalents.

Based mostly on every day overseas change charges and cryptocurrency costs through the month, mining income in October amounted to £3.55 million [$4.00 million*] (September 2022 £3.78 million [$4.27 million*]).

Argo generated this revenue at a Bitcoin and Bitcoin Equal Mining Margin of 32% for the month of October (September 2022: 25%).

Moreover, the Firm repaid the $6.7 million that was beforehand excellent underneath the BTC-backed mortgage with Galaxy Digital. That is in line with the Firm’s danger administration technique and reduces steadiness sheet publicity to draw back BTC worth danger.

The Firm additionally needs to answer media studies falsely claiming that Hydro-Québec, the general public utility for energy in Quebec, has proposed to cease offering electrical energy to present mining operations. The Firm has spoken with representatives from Hydro-Québec and the Metropolis of Baie-Comeau, and is assured that its present entry to energy at its two Quebec services will proceed for the foreseeable future.

Argo is continuous to have interaction in financing discussions, as introduced on 31 October 2022, and can replace traders in the end.

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Non-IFRS Measures

Bitcoin and Bitcoin Equal Mining Margin is a monetary measure not outlined by IFRS. We consider Bitcoin and Bitcoin Equal Mining Margin has limitations as an analytical instrument. Particularly, Bitcoin and Bitcoin Equal Mining Margin excludes the depreciation of mining gear and so doesn’t replicate the total price of our mining operations, and it additionally excludes the results of fluctuations within the worth of digital currencies and realised losses on the sale of digital belongings, which have an effect on our IFRS gross revenue. This measure shouldn’t be thought of as an alternative choice to gross margin decided in accordance with IFRS, or different IFRS measures. This measure is just not essentially similar to equally titled measures utilized by different firms. In consequence, you shouldn’t contemplate this measure in isolation from, or in its place evaluation for, our gross margin as decided in accordance with IFRS.

The next desk reveals a reconciliation of gross margin to Bitcoin and Bitcoin Equal Mining Margin, probably the most instantly comparable IFRS measure, for the months of September 2022 and October 2022.

(1) Attributable to unfavourable adjustments within the truthful worth of BTC there was a loss on the change in truthful worth of digital currencies in September 2022 and October 2022.

* Greenback values translated from pound sterling into U.S. {dollars} utilizing the midday shopping for fee of the Federal Reserve Financial institution of New York as on the relevant dates

Inside Info and Ahead-Trying Statements

This announcement comprises inside data and consists of forward-looking statements which replicate the Firm’s or, as acceptable, the Administrators’ present views, interpretations, beliefs or expectations with respect to the Firm’s monetary efficiency, enterprise technique and plans and aims of administration for future operations. These statements embrace forward-looking statements each with respect to the Firm and the sector and trade by which the Firm operates. Statements which embrace the phrases “expects”, “intends”, “plans”, “believes”, “tasks”, “anticipates”, “will”, “targets”, “goals”, “might”, “would”, “may”, “proceed”, “estimate”, “future”, “alternative”, “potential” or, in every case, their negatives, and related statements of a future or forward-looking nature determine forward-looking statements. All forward-looking statements deal with issues that contain dangers and uncertainties as a result of they relate to occasions that will or might not happen sooner or later. Ahead-looking statements are usually not ensures of future efficiency. Accordingly, there are or will probably be essential components that would trigger the Firm’s precise outcomes, prospects and efficiency to vary materially from these indicated in these statements. As well as, even when the Firm’s precise outcomes, prospects and efficiency are in line with the forward-looking statements contained on this doc, these outcomes is probably not indicative of ends in subsequent durations. These forward-looking statements converse solely as of the date of this announcement. Topic to any obligations underneath the Prospectus Regulation Guidelines, the Market Abuse Regulation, the Itemizing Guidelines and the Disclosure and Transparency Guidelines and besides as required by the FCA, the London Inventory Change, the Metropolis Code or relevant legislation and rules, the Firm undertakes no obligation publicly to replace or overview any forward-looking assertion, whether or not on account of new data, future developments or in any other case. For a extra full dialogue of things that would trigger our precise outcomes to vary from these described on this announcement, please discuss with the filings that Firm makes every so often with the US Securities and Change Fee and the UK Monetary Conduct Authority, together with the part entitled “Threat Elements” within the Firm’s Registration Assertion on Type F-1.

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About Argo:

Argo Blockchain plc is a dual-listed (LSE:ARB; NASDAQ:ARBK) blockchain know-how firm targeted on large-scale cryptocurrency mining. With its flagship mining facility in Texas, and places of work within the US, Canada, and the UK, Argo’s world, sustainable operations are predominantly powered by renewable vitality. In 2021, Argo turned the primary local weather optimistic cryptocurrency mining firm, and a signatory to the Crypto Local weather Accord. Argo additionally participates in a number of Internet 3.0, DeFi and GameFi tasks by its Argo Labs division, additional contributing to its enterprise operations, in addition to the event of the cryptocurrency markets. For extra data, go to www.argoblockchain.com.

This data is offered by RNS, the information service of the London Inventory Change. RNS is authorized by the Monetary Conduct Authority to behave as a Major Info Supplier in the UK. Phrases and situations regarding the use and distribution of this data might apply. For additional data, please contact rns@lseg.com or go to www.rns.com.

SOURCE: Argo Blockchain PLC

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