Argo Blockchain PLC announces appointment of CFO and operational update in March

Appointment of CFO and operational update in March

LONDON, UK / ACCESSWIRE / April 4, 2023 / Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:ARB)(NASDAQ:ARBK), is pleased to announce the appointment of Jim MacCallum as Chief Financial Officer. He will take up the position on 5 April 2023. Mr MacCallum is not a statutory board member of the company.

Mr. MacCallum is a certified public accountant and a chartered financial analyst, and has over thirty years of experience in various roles in finance and accounting. He currently serves as CFO of East Side Games Group Inc (XTSE: EAGR ), a publicly traded mobile gaming platform technology company based in Canada. Previously, he was Senior Vice President, Finance and Acting Chief Financial Officer at Westport Fuel Systems Inc (NASDAQ: WPRT; XTSE: WPRT), a dual public and private clean transportation technology company. He also held senior roles at Amica Mature Lifestyles, Absolute Software and Cisco Systems. Mr. MacCallum wrote articles with KPMG and completed the Advanced Management Program at Harvard Business School.

On the appointment, Mr. MacCallum said: “I am delighted to join Argo Blockchain, a dynamic and innovative company with a rich history and exciting future. I look forward to contributing to the company’s success through a strong focus on financial discipline.”

Matthew Shaw, Chairman of the Board, said: “I am delighted to welcome Jim to the Argo team as CFO. His broad experience across multiple industries and strategic thinking will help the company through its next phase of growth.”

Argo’s Interim CEO, Seif El-Bakly, said: “With over 30 years of experience, Jim brings a wealth of financial and accounting knowledge to Argo and I am delighted that he will drive our financial discipline as we seek to deliver long-term value for our shareholders.”

Operational update in March

During the month of March, Argo mined 161 Bitcoins or Bitcoin equivalents (collectively, BTC), or 5.2 BTC per day. This is a 10% decrease from the 5.7 BTC per day produced in February 2023. The primary driver of the decline in daily BTC production was the increase in network difficulties. In March, the average network difficulty was 11% higher than in February.

As of March 31, 2023, the company held 85 Bitcoin or Bitcoin equivalents.

The company’s total hash rate capacity is still 2.5 EH/s.

Based on daily exchange rates and cryptocurrency prices during the month, mining revenue in March was $4.05 million [£3.28 million] (February 2023 $3.76 million [£3.09 million]).

Inside information and forward-looking statements

This announcement contains inside information and includes forward-looking statements that reflect the Company’s current views, interpretations, beliefs or expectations with respect to the Company’s financial results, business strategy and management’s plans and objectives for future operations. These statements include forward-looking statements both with respect to the company and the sector and industry in which the company operates. Statements that include the words “remains confident”, “expects”, “intends”, “plans”, “believes”, “projects”, “anticipates”, “will”, “goals”, “goals”, “may” “would”, “could”, “continue”, “estimate”, “future”, “possibility”, “potential” or, in each case, their negative aspects, and similar statements of a future or forward-looking nature identify forward-looking statements . All forward-looking statements involve matters that involve risks and uncertainties because they relate to events that may or may not occur in the future, including the risk that the Company may receive the benefits contemplated by the transactions with Galaxy, the Company may be unable to to secure sufficient additional financing to meet its operating needs, and the Company may not generate sufficient working capital to fund its operations in the next twelve months as anticipated. Forward-looking statements are not guarantees of future performance. Consequently, there are or will be important factors that may lead to the company’s actual results, prospects and results deviating significantly from those stated in these statements. In addition, even if the Company’s actual results, prospects and performance are consistent with the forward-looking statements contained in this document, these results may not be indicative of results in subsequent periods. These forward-looking statements speak only as of the date of this announcement. Without prejudice to any obligations under the rules of the Prospectus Regulation, the Market Abuse Regulation, the Listing Rules and the Disclosure and Transparency Rules, and except as required by the FCA, the London Stock Exchange, the City Code or applicable laws and regulations, the Company undertakes no obligation publicly to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. For a more complete discussion of factors that could cause our actual results to differ from those described in this announcement, please refer to the filings that the Company files from time to time with the United States Securities and Exchange Commission and the United Kingdom Financial Conduct Authority, including the section entitled “Risk Factors” in the Company’s Registration Statement on Form F-1.

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About Argo:

Argo Blockchain plc is a dual-listed (LSE: ARB; NASDAQ: ARBK) blockchain technology company focused on large-scale cryptocurrency mining. With mining facilities in Quebec, mining operations in Texas and offices in the US, Canada and the UK, Argo’s global, sustainable operations are powered primarily by renewable energy. In 2021, Argo became the first climate positive cryptocurrency mining company, signing the Crypto Climate Accord. Argo also participates in several Web 3.0, DeFi and GameFi projects through its Argo Labs division, further contributing to its business operations as well as the development of the cryptocurrency markets. For more information, visit www.argoblockchain.com.

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SOURCE: Argo Blockchain PLC