REG - Argo Blockchain PLC - January Operational Update

Argo BlockchainAnnouncement

08/02/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230208:nRSH2289Pa&default-theme=true

RNS Number : 2289P  Argo Blockchain PLC  08 February 2023

Press Release

8 February 2023

Argo Blockchain plc

("Argo" or "the Company")

 

January Operational Update

Argo Blockchain plc, a global leader in cryptocurrency mining (LSE: ARB;
NASDAQ: ARBK), is pleased to provide the following operational update for
January 2023.

During the month of January, Argo mined 168 Bitcoin or Bitcoin Equivalents
(together, BTC), which is an increase of 14% compared to 147 BTC mined in
December 2022. The increase in BTC mined was primarily due to fewer
curtailment hours in January compared to December, when a severe winter storm
impacted much of the United States. This was partially offset by higher
network difficulty, which on average, was 3% higher in January than in the
prior month.

As of 31 January 2023, the Company held 115 Bitcoin or Bitcoin Equivalents.

The Company's total hashrate capacity continues to be 2.5 EH/s.

Based on daily foreign exchange rates and cryptocurrency prices during the
month, mining revenue in January amounted to $3.42 million [£2.80 million*]
(December 2022 $2.49 million [£2.07 million*].

The Company continues to work closely with Galaxy Digital Holdings, Ltd. (TSX:
GLXY) as they take over operations at Helios. Due to the change in ownership
of Helios, Argo will no longer disclose mining profit on a monthly basis; it
will no longer include the non-IFRS reconciliation table in its monthly
operational updates. The Company will continue to provide these figures on a
quarterly basis and in its financial statements.

Class Action Lawsuit

The Company also wishes to address the class action lawsuit that has been
filed against the Company. The case, Murphy vs Argo Blockchain plc et al, was
filed in the Eastern District of New York on 26 January 2023. Argo has engaged
McDermott, Will, and Emery, LLP as its defence counsel. The Company refutes
all of the allegations and believes that this class action lawsuit is without
merit. Argo will vigorously defend itself against the action.

Inside Information and Forward-Looking Statements

This announcement contains inside information and includes forward-looking
statements which reflect the Company's or, as appropriate, the Directors'
current views, interpretations, beliefs or expectations with respect to the
Company's financial performance, business strategy and plans and objectives of
management 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 which include the words "remains
confident", "expects", "intends", "plans", "believes", "projects",
"anticipates", "will", "targets", "aims", "may", "would", "could", "continue",
"estimate", "future", "opportunity", "potential" or, in each case, their
negatives, and similar statements of a future or forward-looking nature
identify forward-looking statements. All forward-looking statements address
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 its transactions with Galaxy, the
Company may be unable to secure sufficient additional financing to meet its
operating needs, and the Company may not generate sufficient working capital
to fund its operations for the next twelve months as contemplated.
Forward-looking statements are not guarantees of future performance.
Accordingly, there are or will be important factors that could cause the
Company's actual results, prospects and performance to differ materially from
those indicated 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, those 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 Rules, 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 law 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 Company makes 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.

For further information please contact:

 Argo Blockchain
 Peter Wall                          ir@argoblockchain.com

 Chief Executive
 finnCap Ltd
 Corporate Finance                   +44 207 220 0500

 Jonny Franklin-Adams

 Seamus Fricker

 Joint Corporate Broker

 Sunila de Silva
 Tennyson Securities
 Joint Corporate Broker              +44 207 186 9030

 Peter Krens
 Tancredi Intelligent Communication

 UK & Europe Media Relations
 Salamander Davoudi                   argoblock@tancredigroup.com

 Emma Valgimigli

 Fabio Galloni-Roversi Monaco

 Nasser Al-Sayed

 

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.
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 (http://www.argoblockchain.com/) www.argoblockchain.com
(http://www.argoblockchain.com/) .

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDBDLLBXLLFBBX