Argo Blockchain PLC Announces Strategy/Corporate/Operations Update

October update

LONDON, UK / ACCESSWIRE / October 31, 2022 / Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:ARB)(NASDAQ:ARBK), makes the following announcement regarding certain strategic actions announced on October 7, 2022.

As previously disclosed, the company signed a non-binding LOI with a strategic investor to raise approximately £24 million ($27 million) via the subscription of ordinary shares. The Company no longer believes that this subscription will be completed under the previously announced terms. Argo continues to explore other funding opportunities.

The company has also taken steps to further maximize liquidity and preserve cash. The company sold 3,843 new Bitmain S19J Pro machines, representing ~384 PH/s of total hashrate capacity, for cash of ~£4.8M ($5.6M). These machines are the last batch of the original Bitmain order scheduled for installation in October 2022. As a result, the company’s total hash rate capacity remains at 2.5 EH/s.

No assurance of final agreements

While Argo explores other financing opportunities, there can be no assurance that any definitive agreements will be signed or that any transactions will be completed. Should Argo not be successful in completing additional financing, Argo will be cash-flow negative in the short term and will have to curtail or cease operations. The Company endeavors to complete such financing transactions to provide the Company with working capital sufficient for its current needs, i.e. for at least the next twelve months from the date of this announcement.

Inside information and forward-looking statements

This announcement contains inside information and includes forward-looking statements that reflect the current views, interpretations, beliefs or expectations of the Company or, as applicable, the Board of Directors 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 not be able to secure sufficient additional financing to meet its operating needs. 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. Subject to any obligations under 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 public obligation 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 its flagship mining facility 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