TIDMARB
RNS Number : 7891L
Argo Blockchain PLC
08 September 2023
Press Release
8 September 2023
Argo Blockchain plc
("Argo" or "the Company")
August Operational Update
Argo Blockchain plc, a global leader in cryptocurrency mining
(LSE: ARB; NASDAQ: ARBK), is pleased to provide the following
operational update for August 2023.
During the month of August, the Company mined 105 Bitcoin or
Bitcoin Equivalents (together, "BTC"), or 3.4 BTC per day. The
reduction in BTC mined from July 2023 (4.6 BTC per day) is
primarily due to economic curtailment at Helios, which generated
significant power credits that the Company expects will more than
offset the foregone revenue from the curtailment. Preliminary
estimates for power credits accrued in August 2023 indicate that
the Company realized negative power costs for its Helios
operations.
Mining revenue in August amounted to $2.93 million, a decrease
of 24% compared to the prior month (July 2023: $3.87 million).
However, we expect a significantly higher mining margin percentage
in the month of August due to the estimated power credits.
As of 31 August 2023, the Company held 49 BTC.
During the month of August, the Company installed and energized
900 BlockMiner machines, representing approximately 95 PH/s, at its
Quebec facilities. This brings the Company's total hashrate
capacity to approximately 2.7 EH/s. The Company expects to receive
and deploy the remaining 728 BlockMiners in the coming months.
Participation in Upcoming Investor Conference
Members of the Company's management team will participate in the
upcoming H.C. Wainwright Global Investment Conference in New York
City on Monday, 11 September 2023.
Grant of Equity Awards
On 6 September 2023, the Company granted 2,071,076 RSUs in
aggregate to new employees hired since 1 April 2023. The RSUs vest
over a three-year period, with first vesting occurring six months
from the effective date of the grants (at which point 6/36(th) s
vest) and, thereafter, the RSUs vest at a rate of 3/36(th) per
quarter for the remainder of the vesting period subject to the
continued employment of the grantee. The RSUs were granted pursuant
to the Company's 2022 Equity Incentive Plan approved by
shareholders at the 2022 Annual General Meeting.
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
Management Commentary
Argo's interim Chief Executive Officer Seif El-Bakly said, "I am
excited about the continued deployment of our BlockMiner machines
at our Quebec facilities; their installation represents another
step in our strategy to strengthen our operations and deliver long
term value to our shareholders. Additionally, I want to emphasize
the importance of our ability to serve as a flexible load in Texas
during record-setting levels of electricity demand in August. The
curtailment of our operations at Helios helped to reduce stress on
the Texas power grid and provided significant economic benefits to
Argo. This additional source of value from economic curtailment is
especially important to our shareholders during periods of low
Bitcoin prices."
Inside Information and Forward-Looking Statements
This announcement contains inside information and includes
forward-looking statements which reflect the Company's 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 Annual Report on Form 20-F.
For further information please contact:
Argo Blockchain
Investor Relations ir@argoblockchain.com
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Tennyson Securities
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Corporate Broker
Peter Krens +44 207 186 9030
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Fortified Securities
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Joint Broker +44 7493 989014
Guy Wheatley, CFA guy.wheatley@fortifiedsecurities.com
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Tancredi Intelligent Communication
UK & Europe Media Relations
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Salamander Davoudi argoblock@tancredigroup.com
Emma Valgimigli
Fabio Galloni-Roversi Monaco
Nasser Al-Sayed
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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 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 www.argoblockchain.com
.
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