Argo Blockchain Plc (ARBK) Issues April 2022 Operational Update

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Argo Blockchain plc, (NASDAQ: ARBK), is pleased to provide the following operational update for April 2022.

During the month of April, Argo mined 166 Bitcoin or Bitcoin equivalent (together, BTC) compared to 163 BTC in March 2022.

Based on daily exchange rates and cryptocurrency prices during the month, mining revenue in April was €5.52 million. [$6.83 million*] (March 2022: €5.22 million [$6.92 million*]).

Argo generated this revenue with a bitcoin and bitcoin equivalent mining margin of approximately 75% for the month of April (March 2022: 74%).

At the end of April, the company had 2,682 Bitcoins, including 235 BTC equivalents.

Promoted Justin Nolan to Chief Growth Officer

The Company is also pleased to announce the promotion of Justin Nolan to Chief Growth Officer. Justin Nolan was previously co-founder and managing director of DPN LLC, which originally developed the Helios project and was acquired by the company in March 2021. Following the acquisition, Mr. Nolan joined Argo as vice president of business development, where he focused on building Helios and leading the company’s debt financing efforts. As Chief Growth Officer, he will continue to focus on long-term growth opportunities for Argo.

Peter Wall, Managing Director of Argo, said: “Following our strong 2021 results, this month shows that we are on track to strengthen our balance sheet for the year ahead. Justin Nolan was instrumental in opening our Helios factory in less than a year. His promotion to Chief Growth Officer, coupled with the rapid execution of the facility, underscores our ambition to significantly improve our scale of operations and reinforce our reputation as an industry leader.

Non-IFRS Measures

Bitcoin and Bitcoin Equivalent Mining Margin is a non-IFRS financial measure. We believe Bitcoin and Bitcoin Equivalent Mining Margin have limitations as an analytical tool. In particular, Bitcoin and Bitcoin equivalent mining margin excludes depreciation of mining equipment and therefore does not reflect the full cost of our mining operations, and it also excludes the effects of fluctuations in the value of digital currencies and losses. made on the sale of digital mining equipment. assets, which affect our IFRS gross profit. This measure should not be considered an alternative to gross margin determined in accordance with IFRS or other IFRS measures. This measure is not necessarily comparable to similarly titled measures used by other companies. Accordingly, you should not consider this measure in isolation or as an alternative analysis of our gross margin as determined in accordance with IFRS.

The following table provides a reconciliation of gross margin to Bitcoin and Bitcoin Equivalent Mining Margin, the most directly comparable IFRS measure, for the months of March 2022 and April 2022.

(1) Due to adverse changes in the fair value of Bitcoin and Bitcoin equivalents in March 2022 and April 2022, there was a loss on change in fair value of digital currencies.
* Dollar values ​​converted from British Pounds to US Dollars using the Federal Reserve Bank of New York’s noon buying rate on applicable dates.

Inside information and forward-looking statements

This announcement contains inside information and includes forward-looking statements which reflect the current opinions, interpretations, beliefs or expectations of the Company or, as applicable, of the Directors regarding the financial performance, business strategy and management plans and objectives of the Company for future operations. . These statements include forward-looking statements regarding both the Company and the sector and industry in which the Company operates. Statements that include the words “expects”, “intends”, “plans”, “believes”, “projects”, “anticipates”, “will”, “targets”, “aims”, “may “, “would”, “could”, “continue”, “estimate”, “future”, “opportunity”, “potential” or, in each case, negatives thereof, and similar statements of a future or forward-looking nature identify statements 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. Forward-looking statements are not guarantees of future performance. Accordingly, there are or there will be important factors that could cause the Company’s actual results, prospects and performance to differ materially from those set forth in such statements, and even if the Company’s actual results, prospects and performance are consistent with the forward-looking statements ives contained herein, these results may not be indicative of results for subsequent periods. These forward-looking statements speak only as of the date of this announcement. Subject to any obligations under the Prospectus Rules, the Market Abuse Rules, the Listing Rules and the Disclosure and Transparency Rules and unless required by the FCA, London Stock Exchange, City Code or applicable laws and regulations, the Company undertakes no public obligation to update or review any forward-looking statements, 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 Company’s filings from time to time with the United States Securities and Exchange Commission and the UK Financial Conduct Authority, including the section entitled “Risk Factors” in the company’s registration statement on Form F-1.

For more information, please contact:

About Argo:

Argo Blockchain plc is a global leader in cryptocurrency mining with one of the largest and most efficient operations powered by clean energy. The company is headquartered in London, United Kingdom, and its shares are listed on the main market of the London Stock Exchange under the symbol: ARB and on the Nasdaq Global Select Market in the United States under the symbol: ARBK.

This information is provided by RNS, the information service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a primary information provider in the UK. Terms and conditions relating to the use and distribution of this information may apply. For more information, please contact [email protected] or visit www.rns.com.

THE SOURCE: Argo Blockchain PLC

See the source version on accesswire.com:
https://www.accesswire.com/700566/Argo-Blockchain-PLC-Announces-April-2022-Operational-Update