UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
FORM 6-K
_____________________
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May, 2022
Commission File Number: 001-40816
_____________________
Argo Blockchain plc
(Translation of registrant’s name into English)
_____________________
9th Floor
16 Great Queen Street
London WC2B 5DG
England
(Address of principal executive office)
_____________________
Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒
Form
40-F ☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): ☐
EXHIBIT INDEX
Exhibit
No.
1
|
Description
April
2022 Operational Update dated 09 May 2022
|
Press Release
9 May 2022
Argo Blockchain PLC
("Argo" or "the Company")
April 2022 Operational Update
Operational Update
Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:
ARB; 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 foreign exchange rates and cryptocurrency prices
during the month, mining revenue in April amounted to £5.52
million [$6.83 million*] (March 2022: £5.22 million [$6.92
million*]).
Argo generated this income at 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 owned 2,682 Bitcoin, of which 235
were BTC equivalents.
Promotion of Justin Nolan to Chief Growth Officer
The Company is also pleased to announce the promotion of Justin
Nolan to the role of Chief Growth Officer. Justin Nolan was
previously the co-founder and Chief Executive of DPN LLC, which
initially developed the Helios project and was acquired by the
Company in March 2021. After the acquisition, Mr. Nolan joined Argo
as Vice President of Business Development, where he has been
focused on the build out at Helios and on 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, Chief Executive of Argo, said: "Following our stellar
2021 results, this month shows we are on course to strengthen our
track record for the year ahead. Justin Nolan has played an
integral role in making the opening of our Helios facility in less
than a year possible. His promotion to Chief Growth Officer coupled
with the facility's fast turnaround highlights our ambition to
significantly improve our scale of operations and further our
reputation as an industry leader."
Non-IFRS Measures
Bitcoin and Bitcoin Equivalent Mining Margin is a financial measure
not defined by IFRS. We believe Bitcoin and Bitcoin Equivalent
Mining Margin has limitations as an analytical tool. In particular,
Bitcoin and Bitcoin Equivalent Mining Margin excludes the
depreciation of mining equipment and so 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 realized losses
on the sale of digital assets, which affect our IFRS gross profit.
This measure should not be considered as 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. As a result, you should not
consider this measure in isolation from, or as a substitute
analysis for, our gross margin as determined in accordance with
IFRS.
The following table shows 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.
|
Month Ended 31 March 2022
|
Month Ended 30 April 2022
|
|
£
|
$
|
£
|
$
|
Gross profit/(loss)¹
|
2,453,564
|
3,313,522
|
(12,810,339)
|
(17,300,281)
|
Gross Margin
|
48%
|
48%
|
(253%)
|
(253%)
|
Depreciation of mining equipment
|
1,313,598
|
1,774,006
|
1,295,290
|
1,749,281
|
Charge in fair value of digital currencies
|
40,937
|
55,285
|
14,649,214
|
19,783,670
|
Realised loss/(gain) on sale of digital currencies
|
3,628
|
4,900
|
657,423
|
887,846
|
|
|
|
|
|
Mining Profit
|
3,811,727
|
5,147,714
|
3,791,588
|
5,120,517
|
Bitcoin and Bitcoin Equivalent Mining Margin
|
74%
|
74%
|
75%
|
75%
|
(1) Due to unfavourable 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 translated from pound sterling into U.S. dollars
using the noon buying rate of the Federal Reserve Bank of New York
as at the applicable dates.
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 "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. 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
Chief
Executive
|
via Tancredi +44 203 434 2334
|
finnCap Ltd
|
|
Corporate
Finance
Jonny Franklin-Adams
Tim Harper
Joint
Corporate Broker
Sunila de Silva
|
+44 207 220 0500
|
Tennyson Securities
|
|
Joint
Corporate Broker
Peter Krens
|
+44 207 186 9030
|
OTC Markets
|
|
Jonathan Dickson
jonathan@otcmarkets.com
|
+44 204 526 4581
+44 7731 815 896
|
Tancredi Intelligent Communication
UK
& Europe Media Relations
|
|
Emma Valgimigli
Emma Hodges
Fabio Galloni-Roversi Monaco
Nasser Al-Sayed
argoblock@tancredigroup.com
|
+44 7727 180 873
+44 7861 995 628
+44 7888 672 701
+44 7915 033 739
|
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, UK and its
shares are listed on the Main Market of the London Stock Exchange
under the ticker: ARB and on the Nasdaq Global Select Market in the
United States under the ticker: ARBK.
.
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date:
09 May, 2022
|
ARGO BLOCKCHAIN PLC
By:
Name:
Peter Wall
Title:
Chief Executive Officer
Name:
David Zapffe
Title:
General Counsel
|
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