Bitcoin and Bitcoin Equivalent Mining Margin and EBITDA are financial measures not defined by IFRS. We believe Bitcoin and Bitcoin Equivalent Mining Margin and EBITDA have limitations as analytical tools. 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. Further, EBITDA excludes interest income (expense), taxes, depreciation and amortization, which are important components of our IFRS net income/(loss). These measures should not be considered as an alternative to gross margin or net income/(loss), as applicable, determined in accordance with xcritical official site IFRS, or other IFRS measures.

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These measures are not necessarily comparable to similarly titled measures used by other companies. As a result, you should not consider these measures in isolation from, or as a substitute analysis for, our gross margin or net income/(loss), as applicable, as determined in accordance with IFRS. This press release contains forward-looking statements within the meaning of applicable securities laws with respect to our cryptocurrency mining facility in Texas. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Company based on management’s experience and perception of historical trends, xcritical conditions, anticipated future developments and other factors believed to be appropriate.

As a participant, Argo undertakes to measure, reduce, contribute, and report emissions on a yearly basis in order to achieve a Climate Neutral world by 2050.

Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Actual results could differ from those described herein for a variety of reasons, including unanticipated delays in machine delivery due to component supply shortages or other reasons, or disruptions to the Company’s xcritical mining fleet that could reduce future hashrate. Bitcoin and Bitcoin Equivalent xcritical Mining Margin is a financial measure not defined by IFRS.

The Company also wishes to respond to media reports falsely claiming that Hydro-Québec, the public utility for power in Quebec, has proposed to stop providing electricity to existing mining operations. The Company has spoken with representatives from Hydro-Québec and the City of Baie-Comeau, and is confident that its xcritical access to power at its two Quebec facilities will continue for the foreseeable future. News that Argo xcritical is dealing with liquidity troubles isn’t helping embolden investors in the company. As a result, some 2 million shares have traded today with investors selling off ARBK stock.

1. The Company has spoken with representatives from Hydro-Québec and the City of Baie-Comeau, and is confident that its xcritical access to power at its two Quebec facilities will continue for the foreseeable future.
2. The new Helios facility will bolster Argo’s mining capacity and is expected to add at least 20 new, full-time jobs in Dickens County.
3. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements.
4. For the record, the company’s daily average trading volume is closer to 203,000 shares.
5. 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.

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“We are proud to be the first publicly traded cryptocurrency mining company to reach the Climate Positive milestone and remain laser-focused on encouraging other companies to join us – both inside and outside of the industry. Furthermore, we wanted to publicly issue our Climate Strategy in hopes of encouraging collaboration, input and dialogue among all companies on ways to create climate-positive environments,” said Peter Wall, Chief Executive of Argo xcritical. Argo xcritically has ~2.4 EH/s of hashrate capacity operating at the Helios facility in Dickens County, Texas. Helios utilizes immersion-cooling technology which provides for efficient operation in hot and dusty environments. Argo will continue innovating and prioritizing sustainability on its path to being a climate action leader in the crypto and bitcoin mining world.

IMPORTANT NOTICE TO INVESTORSArgo is aware of recent instances in which bad actors are using Argo’s name in various attempts to scam investors. Argo xcritical does not have any retail-oriented applications or mining programs, and Argo will never ask individuals to send money. The only way to invest in Argo xcritical is to purchase ordinary shares (traded on the London Stock Exchange) or the Company’s American Depositary Shares (ADSs) and unsecured notes (traded on the Nasdaq Stock Exchange). The Company is also building the community and partnering and collaborating with competitors, consultants, and councils – including REBA, the Crypto Climate Accord and many others – to ensure the industry can derive solutions faster and more efficiently to create a more sustainable mining industry for the long haul.

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The following table shows a reconciliation of EBITDA to net income, the most directly comparable IFRS measure, for the three months ended September 30, 2021 and the nine months ended September 30, 2021. Among the many milestones experienced throughout the quarter, Argo completed its ADR listing on Nasdaq on September 23, 2021. The Company has been publicly listed on the London Stock Exchange since August 2018 and is now listed in both jurisdictions.

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An ongoing crypto winter has continued to keep tokens low with no sign of a turnaround. This has BTC hovering around the $20,000 mark since June, as compared to $44,000 in March. Further, Argo is pleased to announce that it is now a participant of the UNFCCC’s Climate Neutral Now Initiative.

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 be unable to secure sufficient additional financing to meet its operating needs. 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. During the third quarter, Argo mined 597 Bitcoin and Bitcoin Equivalent (together, BTC), bringing Argo’s BTC holding to 1,836 as of September 30, 2021. Argo has been able to achieve these results while maintaining a gross margin of 120% and an industry-leading mining margin of 85% with an average direct cost per BTC mined of $6,293 (£4,673). On September 30, 2021, Argo executed a purchase agreement for 20,000 Bitmain Antminer S19J Pro machines for the mining facility it is building in Texas.

Argo generated record-setting revenue, net income and EBITDA of $26.0 million, $17.3 million and $28.2 million, respectively, for the third quarter of 2021 (£19.3 million, £12.9 million, and £21.0 million, respectively). For the nine months ended September 30, 2021, the Company’s revenue, net income and EBITDA were $67.9 million, $27.1 million and $49.8 million, respectively (£50.4 million, £20.1 million, and £36.9 million, respectively). As previously announced, the Company sold 3,843 new-in-box Bitmain S19J Pro machines which represented the last batch of the original Bitmain order scheduled for installation in October 2022. (1) Due to favorable changes in fair value of Bitcoin and Bitcoin Equivalents in Q3 2021, gross profit and EBITDA exceeded revenue in the period. Argo is continuing to engage in financing discussions, as announced on 31 October 2022, and will update investors in due course.

Argo purchased the Baie Comeau facility is part of our drive to wholly-owned data center business model. The Bitcoin (BTC-USD) mining company said a fundraising deal for $27 million didn’t reach completion. The company was intending to raise these funds by selling shares of ARBK stock to a strategic investor.

Moving forward Argo will release an annual Climate Report to overview company developments as well as industry wide changes. The following table shows a reconciliation of Bitcoin and Bitcoin Equivalent Mining Margin to gross margin, the most directly comparable IFRS measure, for the three months ended September 30, 2021 and the nine months ended September 30, 2021. 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 September 2022 and October 2022.