30 sep 25   argo blockchain plc - argo 2025 interim results argo blockchain plc | arb | 1.8 -0.10 (-5.3%) | mkt cap: 12.9m    rns number : 2898b argo blockchain plc 30 september 2025   press release 30 september 2025 argo blockchain plc ("argo" or "the company")   interim half year results 2025 the company announces its results for the six months ended 30 june 2025. highlights ●    revenues of $6.3 million for h1 2025 compared to $29.3 million for h1 2024, the decrease driven primarily by the refurbishment and relocation of machines in q1. the total number of bitcoin ("btc") mined during h1 2025 was 65, a decrease from h1 2024 of 442. ●    mining margin of $1.2 million or 18% for h1 2025, compared to $11.5 million or 39% for h1 2024. ●    on 30 june 2025, the company entered into and announced a restructuring support agreement ("rsa") with growler mining, llc n/k/a growler mining tuscaloosa, llc ("growler") which provides for implementation of a recapitalization of argo's financial indebtedness to be sanctioned by the high court of england and wales  under part 26a of the uk companies act 2006 "(recapitalization plan"). ●    net loss was $8.1 million for h1 2025, compared to a net loss of $38 million in h1 2024. adjusted ebitda was ($2.8) million for h1 2025 compared to $5.7 million in h1 2024. ●    the company ended june 2025 with $1.7 million of cash and 2 bitcoin equivalent. management commentary justin nolan, ceo at argo said: "lower h1 2025 results reflect the impact of machine refurbishment and relocation, but with the rsa and the recapitalization plan argo is pursuing with growler, the company expects to strengthen its foundations in order to position itself to capture future opportunities."     non-ifrs measures    the following table shows a reconciliation of mining margin percentage to gross margin, the most directly comparable ifrs measure, for the six month periods ended 30 june 2025 and 30 june 2024.   period ended period ended  30 june 2025 30 june 2024  (unaudited) (unaudited)  $'000 $'000    gross margin (356) 1,792 gross margin percentage (6%) 6% depreciation of mining equipment 1,509 9,667 change in fair value of digital currencies - 27    mining margin 1,153 11,486 mining margin percentage 18% 39%     the following table shows a reconciliation of adjusted ebitda to net (loss) / income, the most directly comparable ifrs measure, for the six-month periods ended 30 june 2025 and 30 june 2024.     period ended period ended  30 june 2025 30 june 2024  (unaudited) (unaudited)  $'000 $'000    net loss (8,128) (37,541) interest expense 2,067 4,296 income tax expense (412) 340 depreciation and amortisation 1,873 10,115 restructuring and transaction related fees 2,203 1,118 foreign exchange (609) (292) share based payment 780 3,594 impairment of property, plant and equipment 87 22,012 (gain)/loss on sale of tangible assets (649) 429 loss on assets held for sale - 1,409 impairment of intangible assets 14 226 adjusted ebitda (2,774) 5,706   for further information please contact: argo blockchain  investor relations ir@argoblockchain.com tennyson securities  corporate broker peter krens +44 207 186 9030 fortified securities  joint broker guy wheatley, cfa +44 7493 989014 guy.wheatley@fortifiedsecurities.com tancredi intelligent communication uk & europe media relations  argoblock@tancredigroup.com   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 and operations 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.       interim management report   important events   during the first six months of 2025, the company continued to focus on financial discipline, including addressing its legacy debt obligations, principally its outstanding 8.75% senior notes due 2026.   the company appointed justin nolan as chief executive officer and executive director on 22 march 2025, as announced on 24 march 2025.   on 30 june 2025, the company entered into and announced a restructuring support agreement ("rsa") with growler mining, llc n/k/a growler mining tuscaloosa, llc ("growler"), to implement a recapitalization through a restructuring plan under part 26a of the uk companies act 2006.   on 30 june 2025, the company announced matthew shaw had resigned from his position as chairman and director of the company with effect from 27 june 2025 and that maria perrella was appointed chair of the  board with immediate effect.   on 22 august 2025 the company announced that it did not make the scheduled interest payment on its outstanding bonds that was due on 31 july 2025, which was subject to a 30-day grace period ending on 30 august 2025, which has now lapsed. on 9 september 2025, the company entered into a first amended and restated rsa ("amended rsa") with growler, as announced on 10 september 2025. concurrently, the company executed a secured multi-draw term loan facility of up to us$7.5 million with growler ("loan") to provide liquidity during the recapitalization plan process. an initial draw of approximately us$3.26 million was made on 9 september 2025, with further draws available provided that the amended rsa remains in effect and customary conditions are satisfied. as of the date of this report, approximately us$4.5 million has been drawn under the loan. on 22 september 2025, the company announced that it had appointed charlotte proctor-worrall to the position of chief financial officer, effective immediately.   responsibility statement    we confirm that to the best of our knowledge:    ●    the interim report has been prepared in accordance with international accounting standard 34, interim financial reporting;  ●    gives a true and fair view of the assets, liabilities, financial position and profit/loss of the group;  ●    the interim report includes a fair review of the information required by dtr 4.2.7r of the disclosure guidance and transparency rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the set of interim financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year.  ●    the interim report includes a fair review of the information required by dtr 4.2.8r of the disclosure guidance and transparency rules, being the information required on related party transactions.    the interim report was approved by the board of directors and the above responsibility statement was signed on its behalf by: maria perella chair of the board     condensed consolidated statement of comprehensive loss    period ended period ended   30 june 2025 30 june 2024   (unaudited) (unaudited)  note $'000 $'000 revenues   6,281 29,255 power and hosting costs   (5,128) (19,189) power credits   - 1,420 mining margin   1,153 11,486 depreciation - mining hardware   (1,509) (9,667) gross profit (loss)   (356) 1,792 administrative expenses   (4,128) (5,809) restructuring and transaction related fees   (2,203) (1,118) foreign exchange gain   609 292 depreciation   (364) (448) loss on hedging   - (397) share based payment expense   (780) (3,594) operating loss   (7,222) (9,282) loss on sale of assets held for sale 14 - (1,409) (loss)/gain on disposal of property, plant and equipment   649 (429) interest expense   (2,067) (4,296) other income   201 453 gain (loss) in fair value of intangible assets 9 - (27) impairment of tangible fixed assets 7 (87) (22,012) impairment of intangible assets 6 (14) (226) loss before taxation   (8,540) (37,201) tax (expense) recovery 5 412 (340) loss after taxation   (8,128) (37,541) other comprehensive loss items which may be subsequently reclassified to profit or loss:    -       currency translation reserve   (638) (404) total other comprehensive loss, net of tax   (638) (641) total comprehensive loss attributable to the equity holders of the company   (8,766) (37,945) weighted average shares outstanding 000's   717,752 575,721 basic/diluted loss per share   (0.01) (0.07)      condensed consolidated statement of financial position   as at as at   30 june 2025 31 december 2024   (unaudited) (audited)  note $'000 $'000 assets    non-current assets    investments at fair value through income or loss   300 300 intangible fixed assets non-current 6 102 176 property, plant and equipment 7 3,660 7,071 total non-current assets   4,062 7,547 current assets    trade and other receivables 8 540 2,451 prepayments   2,629 628 intangible fixed assets current 9 193 6 cash and cash equivalents   1,654 8,626 total current assets   5,016 11,711 total assets   9,078        19,258 equity and liabilities    equity    share capital 10 945 938 share premium 10 233,037 232,257 share based payment reserve   15,155 15,162 foreign currency translation reserve   (31,405) (30,766) accumulated deficit   (255,204) (247,076) total equity   (37,472) (29,485) current liabilities    trade and other payables 11 6,294 8,184 loans current 12 439 439 corporation tax 5 - 398 total current liabilities   6,732 9,439 non - current liabilities    issued debt - bond 12 39,598 39,304 loan non-current 12 219 418 total liabilities   46,550 48,743 total equity and liabilities   9,078 19,258 condensed consolidated statement of changes in equity    share capital share premium currency translation reserve share based payment reserve accumulated deficit total  $'000 $'000 $'000 $'000 $'000 $'000 balance at 1 january 2025 938 232,257 (30,766) 15,162 (247,076) (29,485) loss for the period - - - - (8,128) (8,128) other comprehensive income - - (639) - - (639) stock based compensation charge - - - 780 - 780 share rsus vested 7 780 - (787) - - balance at 30 june 2025 945 233,037 (31,405) 15,155 (255,204) (37,472)   condensed consolidated statement of changes in equity  share capital share premium currency translation reserve share based payment reserve accumulated surplus/ (deficit) total  $'000 $'000 $'000 $'000 $'000 $'000 balance at 1 january 2024 712 209,779 (30,525) 12,166 (191,174) 158 loss for the period - - - - (37,541) (37,541) other comprehensive income - - (404) - - (404) share capital issued 48 9,300 - - - 9,348 stock based compensation charge - - - 3,594 - 3,594 share options/warrants exercised 4 556 - (560) - - balance at 30 june 2024 764 202,103 (30,929) 15,200 (229,515) (24,845) condensed consolidated statement of cash flows      period ended period ended   30 june 2025 30 june 2024   (unaudited) (unaudited)  note $'000 $'000 cash flows from operating activities    loss before tax   (8,540) (37,201) adjustments for:    depreciation and amortisation   1,873 10,114 foreign exchange movements   (609) (290) finance cost   2,067 4,296 fair value change in intangible assets   - 25 digital assets earned   (6,281) (29,255) loss on disposal of assets held for sale   - 1,409 impairment of intangible digital assets   14 226 impairment of property, plant and equipment   87 22,012 power costs paid with digital assets   3,013 - interest income   - (273) loss on hedging   - 397 loss on sale of tangible assets   (649) 429 share based payment expense   780 3,594 working capital changes:    decrease/(increase) in trade and other receivables 8 17 1,341 decrease in trade and other payables 11 (1,890) (2,782) net cash flow (used in)/from operating activities   (10,119) (25,958) investing activities    proceeds from sale of digital assets   3,155 29,443 purchase of property, plant and equipment 7 (6) - proceeds from sale of property, plant and equipment   2,177 894 proceeds from sale of subsidiary and investment   - 6,119 interest received   - 273 net cash used in investing activities   5,326 36,729 financing activities    loan repayments   (199) (19,881) interest paid   (1,775) (3,362) proceeds from common stock issued - net of issue costs   - 9,349 net cash from (used in)/from financing activities   (1,974) (13,894) net decrease in cash and cash equivalents   (6,766) (3,123) effect of foreign exchange changes in cash   (206) (335) cash and cash equivalents, beginning of period   8,626 7,443 cash and cash equivalents, end of period   1,654 3,985               notes to the condensed interim consolidated financial statements 1.         company information   argo blockchain plc ("the company") is a public company, limited by shares, and incorporated in england and wales. the registered office is eastcastle house, 27/28 eatcastle street, london, england, w1w 8dh. the company was incorporated on 5 december 2017 as gosun blockchain limited.   on 21 december 2017, the company changed its name to argo blockchain limited and re-registered as a public company, argo blockchain plc. on 12 january 2018, argo blockchain plc acquired a 100% subsidiary, argo innovation labs inc. , incorporated in canada.  on 22 november 2022, the company formed argo holdings us inc., a 100% subsidiary incorporated in delaware, united states, and argo us holdings inc. formed argo us operating llc, a limited liability company incorporated in delaware, united states (together, the "group") on 21 december 2022, argo innovation facilities (us) inc became galaxy power llc. on 28 december 2022, the group sold galaxy power llc. in march 2024, the group sold 9366-5320 quebec inc.     the principal activity of the group is bitcoin mining.   the ordinary shares of the company are listed under the trading symbol arb on the london stock exchange.  the american depositary receipts of the company are listed under the trading symbol arbk on nasdaq.  the company bond is listed on the nasdaq global select market under the trading symbol arbkl.   2.         basis of preparation   the condensed consolidated interim financial statements for the six months ended 30 june 2025 have been prepared in accordance with ias 34 'interim financial reporting' and presented in us dollars which is further described in note 3. they do not include all the information required in annual financial statements in accordance with ifrs and should be read in conjunction with the consolidated financial statements for the year ended 31 december 2025, which have been prepared in accordance with uk-adopted international financial reporting standards as issued by the iasb. the report of the auditors on those financial statements was unqualified.   the financial statements have been prepared under the historical cost convention, except for the measurement to fair value certain financial and digital assets and financial instruments.   critical accounting judgements and key sources of estimation uncertainty the preparation of financial statements in conformity with ifrs requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. actual results may differ from these estimates. in preparing these condensed consolidated interim financial statements, the significant judgements made by management in applying the group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the financial statements for the year ended 31 december 2023.   during the 2024 audit, an error was identified in the group's 2024 interim half year results. the group had reported a gain of $3,397 on the disposal of 9366-5230 quebec inc.; however, the cost basis applied was incorrect. applying the correct cost basis, the transaction resulted in a loss of $1,409. there was no impact on cash flows. consequently, the net loss for the period ended 30 june 2024 increased by $4,807, from $32,734 to $37,541. management has evaluated the matter and concluded that the adjustment is not material and does not require restatement of prior period financial statements   3.         accounting policies   the principal accounting policies applied in the preparation of these condensed consolidated interim financial statements are consistent with those of the previous financial year, except the change in presentational currency from british pounds to us dollars and recognition of power credits within mining margin in the statement of comprehensive income.  the group changed its presentational currency to us dollars with effect from 1 january 2023 due to the fact its revenues, direct costs, capital expenditures and debt obligations are now predominantly denominated in us dollars.   in order to satisfy the requirements of ias 8 and ias 21 with respect to a change in the presentation currency, the statutory financial information as previously reported in the group's annual reports have been restated from gbp into us dollars using the procedures outlined below: ●     assets and liabilities were translated to us dollars at the closing rates of exchange at each respective balance sheet date ●     share capital, share premium and other reserves were translated at the historic rates prevailing at the dates of transactions ●     income and expenses were translated to us dollars at an average rate at each of the respective reporting years on a monthly basis. this has been deemed to be a reasonable approximation to exchange rates at the date of the transactions. ●     differences resulting from the retranslation were taken to currency translation reserve within equity ●     all exchange rates used were extracted from the group's underlying financial records   power credits: the group recognized power credits in relation to selling power back to the power grid.  the hosting facility sells some of the group's power back to the power grid when economically feasible.   going concern the preparation of these condensed consolidated interim financial statements requires an assessment of the appropriateness of the going concern basis of accounting. since year-end, the group has continued to experience liquidity pressure driven by lower operating margins, refurbishment and re-hosting costs, and the timing of cash inflows. on 30 june 2025 the company announced a proposed recapitalisation under a court-sanctioned restructuring plan pursuant to part 26a of the uk companies act 2006 (recapitalisation plan). the framework includes (i) a senior secured multi-draw term loan facility of up to us$7.5 million from growler mining tuscaloosa, llc ("growler") to provide liquidity through the recapitalisation plan process; (ii) the equitisation of the company's c.us$40 million unsecured notes; and (iii) growler contributing assets and/or exit capital in exchange for new equity, with growler expected to own at least 80% of the company post-implementation and bondholders receiving equity, with existing shareholders retaining their interests subject to substantial dilution.   subsequent to period end, on 9 september 2025 the company entered into a first amended and restated restructuring plan support agreement and executed the associated secured multi-draw term loan with growler. an initial draw of approximately us$3.26 million was made at signing; further draws are subject to customary conditions, including the amended agreement remaining in effect. the company continues to target a first court hearing in late october 2025 and, if sanctioned, an effective date in early to mid-december 2025.   with respect to the company's nasdaq listing, the company previously disclosed receipt of a delisting notice for minimum bid-price non-compliance and its intention to request a hearing; following the hearing, on 18 september 2025, argo was notified by nasdaq that the panel had granted argo's request for continued listing on the nasdaq global select market, subject to the condition that argo demonstrates compliance with all applicable listing rules on or before 14 january 2026. the panel considered argo's recapitalization process under part 26a of the uk companies act and determined that argo's continued listing request should be granted so as to allow it to complete that process.   as at 30 june 2025, the group had cash and cash equivalents of us$1,653,675. subsequent funding under the growler facility was received after the period end. the group's financial performance and liquidity remain sensitive to bitcoin price, network hashprice/difficulty and power costs; adverse movements in these variables, particularly in combination, could reduce operating cash generation.   the directors have reviewed cash flow forecasts covering at least twelve months from the date of approval of these interim financial statements. the forecasts reflect management's estimates of bitcoin prices, network hashprice and power costs, and assume (i) continued access to the growler loan facility in line with approved budgets and (ii) timely sanction and implementation of the recapitalisation plan, including equitisation of the unsecured notes. the company previously disclosed that it did not make the scheduled 31 july 2025 interest payment on its outstanding notes (subject to a contractual grace period that ended 30 august 2025); this is intended to be addressed within the recapitalisation.   material uncertainties   notwithstanding the steps taken, the following material uncertainties exist that may cast significant doubt on the group's and company's ability to continue as a going concern and therefore, that the group and company may be unable to realise their assets and discharge their liabilities in the normal course of business:   ·    successful completion of the court process for the recapitalisation plan (including any required creditor and, where applicable, shareholder approvals, court sanction, and takeover panel consents/waivers) within the expected timeframe ·    continued availability of funding under the growler loan facility and the company's ability to satisfy associated covenants, milestones and draw conditions ·    resolution of the missed notes interest payment and the equitisation of the unsecured notes ·    volatility in bitcoin price, network hashprice and power costs and their impact on operating cash flows   conclusion   having considered the matters described above, the board believes it is appropriate to prepare these interim financial statements on a going concern basis. however, the directors note that successful execution of the recapitalisation plan and continued access to the growler loan facility, together with the inherent volatility of the group's operating environment, represent material uncertainties that may cast significant doubt on the group's and company's ability to continue as a going concern.     4.         adoption of new and revised standards and interpretations   the group has adopted all recognition, measurement and disclosure requirements of ifrs, including any new and revised standards and interpretations of ifrs, in effect for annual periods commencing on or after 1 january 2024. the adoption of these standards and amendments did not have any material impact on the financial results or position of the group. standards which are in issue but not yet effective: at the date of authorisation of these financial statements, the following standards and interpretation, which have not yet been applied in these financial statements, were in issue but not yet effective. standard or interpretation description effective date for annual accounting period beginning on or after ifrs 18 presentation and disclosure in financial statements 1 january 2027 ifrs 7/9 (amendments) amendments to the classification and measurement of financial instruments. contracts referencing nature-dependant electricity. 1 january 2026 ifrs 7 (amendments) disclosures - gain or loss on derecognition, credit risk. 1 january 2026 ifrs 10 determination of a 'de-facto' agent 1 january 2026 ifrs 9 (amendments) derecognition of lease liabilities 1 january 2026   the group has not early adopted any of the above standards and intends to adopt them when they become effective.   no deferred tax asset has been recognised in respect of tax losses carried forward on the basis that there is insufficient certainty over the level of future profits to utilise against this amount. income tax expense the tax on the group's profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows:   5.         taxation     period ended  30 june 2025 (unaudited)  period ended  30 june 2024 (unaudited)   $'000  $'000  taxation charge in the financial statements  (412) 340    period ended 30 june 2025 (unaudited) period ended 30 june 2024 (unaudited)     $'000 $'000     loss before taxation  (8,540) (37,201)   expected tax recovery based on a weighted average of 25% (2023 - 25%) (uk, us and canada)   (2,135) (9,300)     effect of expenses not deductible in determining taxable profit   (131) 6,326 temporary differences   202 3,433 other tax adjustments   (8) 191 capital gains tax unutilised (utilised) tax losses carried forward   (412) 2,072 340 (650) taxation charge in the financial statements   (412) 340   6.         intangible assets non-current   group   goodwill digital assets 2025 total     $'000 $'000 $'000 cost         at 1 january 2025  35 5,139 5,174      foreign exchange movements  - 270 270 at 30 june 2025  35 5,409 5,444      amortisation and impairment     at 1 january  - 4,998 4,998 foreign exchange movements   261 261 impairment - 83 83 at 30 june 2025  - 5,342 5,342 balance at 1 january 2025  35 141 176 balance at 30 june 2025 35 67 102   intangible digital assets are cryptocurrencies owned but not mined by the group.  the intangible digital assets are recorded at cost on the day of acquisition. decreases in fair value are recorded in the fair value reserve in other comprehensive income, if any, then recorded in comprehensive income.  increases in fair value are recorded in comprehensive income up to prior losses recorded.  increases in fair value over cost are recorded in the fair value reserve in other comprehensive income.     the intangible digital assets held are detailed in the table below: as at 30 june 2025  coins/tokens fair value crypto asset name     $'000 polkadot - dot  16.283 16 usdc  31,710 32 other tokens  n/a 19 at 30 june 2025   67 7.         property, plant and equipment group mining and computer equipment data centres equipment total  $'000 $'000 $'000 $'000 cost     at 1 january 2025 168,407 690 1,839 170,936 foreign exchange movement - - 136 136 additions 3 - - 3 disposals (1,590) - - (1,590) at 30 june 2025 166,820 690 1,976 169,485 depreciation and impairment     at 1 january 2025 (162,450) (690) (725) (163,865) foreign exchange movement - - - - impairment in asset - - (87) (87) depreciation charged during the period (1,509) - (364) (1,873) at 30 june 2025 (163,959) (690) (1,176) (165,825) carrying amount     at 1 january 2025 5,957 - 1,114 7,071 at 30 june 2025 2,861 - 800 3,660   8.         trade and other receivables   as at 30 june 2025 (unaudited) as at                31 december 2024 (audited)   $'000 $'000 trade and other receivables 410 140 other taxation and social security 130 2,311 total trade and other receivables 540 2,451   the directors consider that the carrying amount of trade and other receivables is equal to their fair value.   9.         intangible fixed assets current group period ended 30 june 2025 (unaudited) $'000 year ended     31 december 2024 (audited) $'000 opening balance 6 385 additions     crypto assets mined 6,285 47,017 total additions 6,285 47,017 disposals     crypto assets transferred (3,013) - crypto assets sold (3,155) (47,302) total disposals (6,168) (47,302) fair value movements     gain/(loss) on crypto asset sales 70 (94) total fair value movements 70 (94) closing balance     193 6              the group mined crypto assets during the period, which are recorded at fair value on the day of acquisition. movements in fair value are recorded in change in fair value of digital currencies on the statement of comprehensive loss.   10.       ordinary shares ('000)   the group had 720,371 ordinary shares outstanding at 30 june 2025 and 714,875 at 31 december 2024. the group has in issue 63,499 warrants and options at 30 june 2025 and 63,549 at 31 december 2024. the group has in issue 27,876 restricted stock units at 30 june 2025 and 9,089 at 31 december 2024. in march 2025, the group granted 22,250 performance stock units ("psus") to the chief executive officer ("ceo").  the psus vest annually over a three-year period subject to continued employment of the ceo and satisfaction of the performance conditions.  if the performance conditions are not satisfied at particular vesting dates, but are subsequently satisfied, the relevant fraction of psus will vest.   11.       trade and other payables     as at 30 june 2025 (unaudited) as at 31 december 2024 (audited)   $'000 $'000 trade payables 1,646 1,663 accruals and other payables 4,648 3,619 other taxation and social security - 2,902 total trade and other creditors 6,294 8,184   the directors consider that the carrying value of trade and other payables is equal to their fair value.       12.       loans and borrowings        non-current liabilities as at 30 june 2025 (unaudited) $'000 as at 31 december 2024  (audited) $'000 issued debt - bond 39,598 39,304 mortgage 219 418 total 39,817 39,372   current liabilities     mortgages 439 419 other loans - 20 total 439 439        the mortgage is secured against the building at baie comeau and is repayable over periods of 18 months at an interest rate of lender prime + 0.5%.        13.       financial instruments   as at 30 june 2025 (unaudited) $'000 as at 31 december 2024 (audited) $'000 carrying amount of financial assets     measured at amortised cost       -     trade and other receivables 409 141 -     cash and cash equivalents 1,654 8,626 measured at fair value - digital assets 300 300 total carrying amount of financial assets 2,363 9,067    carrying amount of financial liabilities   measured at amortised cost   -     trade and other payables 5,403 8,184 -     short term loans - 20 -     long term loans -     issued debt - bonds 658 837 39,598 39,304 total carrying amount of financial liabilities 45,659 48,345   fair value estimation fair value measurements are disclosed according to the following fair value measurement hierarchy: -     quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1) -     inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices), or indirectly (that is, derived from prices) (level 2) -     inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3). this is the case for unlisted equity securities. the following table presents the group's assets and liabilities that are measured at fair value at 30 june 2025 and 31 december 2024.       level 1 level 2 level 3 total assets $'000 $'000 $'000 $'000 financial assets at fair value through profit or loss     equity holdings - - 300 300 intangible fixed assets - crypto assets - 193 - 193 total at 30 june 2025 - 193 300 493             level 1 level 2 level 3 total assets $'000 $'000 $'000 $'000 financial assets at fair value through profit or loss     equity holdings - - 300 300 intangible fixed assets - crypto assets - 6 - 6 total at 31 december 2024 - 6 300 306   all financial assets are in listed/unlisted securities and digital assets. there were no transfers between levels during the period. the group recognises the fair value of financial assets at fair value through profit or loss relating to unlisted investments at the cost of investment unless: -     there has been a specific change in the circumstances which, in the group's opinion, has permanently impaired the value of the financial asset. the asset will be written down to the impaired value; -     there has been a significant change in the performance of the investee compared with budgets, plans or milestones; -     there has been a change in expectation that the investee's technical product milestones will be achieved or a change in the economic environment in which the investee operates; -     there has been an equity transaction, subsequent to the group's investment, which crystallises a valuation for the financial asset which is different to the valuation at which the group invested. the asset's value will be adjusted to reflect this revised valuation; or -     an independently prepared valuation report exists for the investee within close proximity to the reporting date.   14.       commitments the group's material contractual commitments relate to the hosting services agreement with merkle standard llc, which provides hosting, power and support services at merkle's facilities. the agreement for the tennessee facility expires at the end of march 2026, and the agreement for the washington facility expires at the end of april 2026. it is impracticable to determine monthly commitments due to large fluctuations in power usage and as such a commitment over the contract life has not been determined. the agreement is for services with no identifiable assets, therefore, there is no right of use asset associated with the agreement.           15.       related party transactions   key management compensation - all amounts in $000's   key management includes directors (executive and non-executive) and senior management. the compensation paid to related parties in respect of key management for employee services during the period was made only from argo blockchain plc, amounting to: ●    $47 (2024 - $68) to webslinger advisors inc. in respect of fees of matthew shaw (non-executive director) ●    $73 (2024 - $63) in respect of fees for maria perrella (non-executive director) ●    $77 (2024 - $68) in respect of fees for raghav chopra (non-executive director) total director fees and remuneration, paid directly and indirectly, totalled $470 (2024: $541).    16.       subsequent events in september 2025, the group entered into a first amended and restated restructuring plan support agreement with growler mining, llc n/k/a growler mining tuscaloosa, llc  and entered into a secured multi-draw term loan facility of up to us$7.5 million with growler (to provide liquidity through the recapitalization plan process and has also entered into the security agreements. upon signing the term loan facility, the group made an initial draw of approximately us $3.26 million, with subsequent draws to be conditioned on customary closing conditions, including that the amended rsa remain in full force and effect without having been terminated by either party. in september 2025, charlotte proctor-worrall was promoted to chief financial officer. in august 2025, raghav chopra resigned as a director of the group. in july 2025, the group received a letter from nasdaq market llc ("nasdaq") notifying that the group's american depositary shares would be delisted from the nasdaq global select market.  in august 2025, the group requested for continued listing on the the nasdaq global select market.  in september 2025, nasdaq granted the group's request for continued listing on the nasdaq global select market, subject to the condition that the group demonstrates compliance with all applicable listing rules on or before 14 january 2026.     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 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Label: Gestiegen