Company: ARBK
Filing Date: 2025-09-30
Form Type: 6-K
Source: 0001654954-25-011205
Chunk: 5

Company: Argo Blockchain Plc
Filing Date: 2025-09-30
Form: 6-K
Chunk 5
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 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