05/09/2025 - 02:00 AM Argo Blockchain plc (LSE:ARB)(NASDAQ:ARBK) announces its audited financial results for the year ended 31 December 2024. All figures comply with IFRS and are in U. S. dollars. The directors prepared the financial statements on a going concern basis; however, they highlight material uncertainties due to debt service demands, reduced operating margins, and a volatile economic and industry environment. The auditors referenced these concerns in their report, with further details in Note 3 of the financial statements. Highlights: - Bitcoin mined totaled 755 in 2024, averaging 2. 1 Bitcoin per day, down from 1, 760 (4. 8 per day) in 2023. - Revenues declined 7% to $47. 1 million (2023: $50. 6 million), primarily due to a reduced hashprice following Bitcoin’s April 2024 halving. - Mining margin decreased to 33% from 43% in 2023, mainly attributed to the halving’s impact on hashprice. - Non-mining operating costs fell by 34% compared to 2023. - Adjusted EBITDA was $5. 7 million, down from $7. 7 million in 2023. - Net loss widened to $55. 1 million, from $34. 6 million in 2023, driven mainly by a $31. 5 million asset impairment, $15. 0 million amortization, and $6. 8 million interest expense. - Interest expense reduced by 41% after fully repaying Galaxy debt during 2024. - Net debt decreased by $24. 1 million to $31. 0 million at year-end 2024 (from $55. 1 million at end 2023). - Cash balance increased to $8. 6 million at 31 December 2024 (from $7. 4 million at 2023 year-end). As of 31 March 2025, cash was $2. 4 million, reflecting machine refurbishment costs, Helios power payments, reduced mining margins, and hosting deposits. Post-period developments: - Hosting agreements signed with Merkle Standard LLC for 9, 315 miners in Memphis, Tennessee, and up to 4, 000 machines in Washington State. Around 1, 232 units deployed to Argo’s Baie Comeau facility. Approximately 8, 000 units were sold post-period (including 6, 000 sold after 31 March 2025) for around $2. 0 million.

The projected hashrate after sales is 1. 7 exahash. - In April 2025, deployment of Helios miners continued at hosting sites, mining 13 Bitcoins, with full deployment expected by the end of May 2025. CEO Justin Nolan commented: “Repaying the Galaxy debt in 2024 was a major team achievement, along with the successful refurbishment and rehosting of the Helios fleet. We remain focused on strengthening the balance sheet and exploring strategic options. ” Financial reconciliations: - Gross profit was $1. 457 million (2023: $3. 101 million). - Depreciation of mining equipment totaled $14. 171 million (2023: $18. 656 million). - Mining profit was $15. 628 million (2023: $21. 757 million). - Bitcoin and Bitcoin Equivalent Mining Margin stood at 33% (2023: 43%). The company seeks the immediate lifting of its listing suspension from the Financial Conduct Authority to enable share trading to resume. Contact Information: - Argo Blockchain Investor Relations: ir@argoblockchain. com - Tennyson Securities (Corporate Broker): Peter Krens, +44 207 186 9030 - Fortified Securities (Joint Broker): Guy Wheatley, CFA, +44 7493 989014, guy. wheatley@fortifiedsecurities. com - Tancredi Intelligent Communication (UK & Europe Media Relations): argoblock@tancredigroup. com About Argo: Argo Blockchain plc is a dual-listed blockchain technology company (LSE:ARB; NASDAQ:ARBK) focusing on large-scale cryptocurrency mining. Operating mining facilities in Quebec and offices in the US, Canada, and UK, Argo emphasizes sustainable mining powered mainly by renewable energy. In 2021, Argo became the first climate-positive cryptocurrency mining company and a signatory of the Crypto Climate Accord. More information at www. argoblockchain. com. Forward-looking statements: This announcement includes forward-looking statements involving risks and uncertainties. Actual outcomes may differ substantially due to various factors, including market conditions and risks detailed in the company’s Annual Report and Form 20-F for 2024. Investors should not place undue reliance on these statements. Full announcement available here: http://www. rns-pdf. londonstockexchange. com/rns/9888H_1-2025-5-9. pdf SOURCE: Argo Blockchain PLC View the original press release on ACCESS Newswire