REG - Argo Blockchain PLC - Baie Comeau and Helios Updates

Argo BlockchainAnnouncement

07/11/2024 16:00

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RNS Number : 4206L  Argo Blockchain PLC  07 November 2024

Press Release

7 November 2024

Argo Blockchain plc

("Argo" or "the Company")

Baie Comeau, High Performance Computing and Helios Updates

Argo Blockchain plc, a global leader in cryptocurrency mining (LSE: ARB;
NASDAQ: ARBK), is pleased to provide the following update:

Baie-Comeau and High Performance Computing (HPC)

Argo has entered into a non-binding letter of intent ("LOI") with BE Global
Development Limited ("BE"), a specialist in HPC solutions, to explore a
significant expansion at the Company's owned and operated Baie-Comeau
facility. This proposed expansion would involve deploying advanced HPC
infrastructure, which would diversify Argo's capabilities beyond Bitcoin
mining into high-performance computing, positioning the Company to serve
broader computing applications in data processing, AI, and other
computationally intensive tasks.

 

The potential HPC expansion reflects Argo's commitment to leveraging its
infrastructure, driving innovation and exploring strategic growth
opportunities in emerging computational markets. The HPC expansion will
require the Company to incur capital expenditure at its Baie Comeau site,
which is anticipated to be met by additional financing, certain aspects of
which may be subject to shareholder approval. The Company will keep
shareholders informed as due diligence and financing discussions progress.

 

Thomas Chippas, Argo's Chief Executive Officer, said: "We are pleased to
explore new possibilities for our North American operations with BE. This
potential move into high-performance computing underscores our strategic focus
on diversifying Argo's capabilities and positioning the company at the
forefront of innovative computational markets, reinforcing our commitment to
sustained growth and technological leadership."

Helios

Despite ongoing discussions with Galaxy to renew the Company's current hosting
agreement at Helios, the Company was informed yesterday by Galaxy that it did
not intend to renew the contract beyond the current end date of 28 December
2024. Galaxy has today also announced a non-binding term sheet to host HPC at
its Helios facility utilising the space and power currently dedicated to
cryptoasset mining. The Company is considering its options for its mining
fleet, which stands at 23,000 S19j Pros, hosted at the Helios facility.

This announcement contains inside information.

For further information please contact:

 Argo Blockchain
 Investor Relations                  ir@argoblockchain.com (mailto:ir@argoblockchain.com)
 Tennyson Securities
 Corporate Broker                    +44 207 186 9030

 Peter Krens
 Fortified Securities
 Joint Broker                        +44 7493 989014

 Guy Wheatley, CFA                   guy.wheatley@fortifiedsecurities.com
 Tancredi Intelligent Communication   argoblock@tancredigroup.com

 UK & Europe Media Relations

 

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 predominantly
powered by renewable energy. In 2021, Argo became the first climate positive
cryptocurrency mining company, and a signatory to the Crypto Climate Accord.
For more information, visit (http://www.argoblockchain.com/)
www.argoblockchain.com (http://www.argoblockchain.com/) .

 

 

 

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