Company: ARBK
Filing Date: 2025-04-22
Form Type: 20-F/A
Source: 0001104659-25-037403
Chunk: 21

Company: Argo Blockchain Plc
Filing Date: 2025-04-22
Form: 20-F/A
Chunk 21
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|                       | ​ | /s/ Jim MacCallum              |   |
|                       | ​ | Name: Jim MacCallum            |   |
|                       | ​ | Title: Chief Financial Officer |   |
|                       | ​ |                                | ​ |
| Dated: April 22, 2025 | ​ |                                |   |

20

INDEX TO RESTATED CONSOLIDATED FINANCIAL STATEMENTS

| ​                                                                       |   | Page |
| Report of Independent Registered Public Accounting Firm (PCAOB ID 2814) | ​ | F-2  |
| Restated Consolidated Financial Statements:                             | ​ | ​    |
| Group Statement of Comprehensive Income                                 | ​ | F-5  |
| Group Statement of Financial Position                                   | ​ | F-6  |
| Group Statements of changes in Equity                                   | ​ | F-7  |
| Group Statement of Cash Flows                                           | ​ | F-8  |
| Notes to the Financial Statements.                                      | ​ | F-10 |

F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of Argo Blockchain plc

Opinion on the Financial Statements

We have audited the accompanying group statements of financial position of Argo Blockchain plc and its subsidiaries (the “Group”) as of December 31, 2023 and 2022, and the group statements of comprehensive income, group statements of cash flows and group statements of changes in equity for each of the three years ended December 31, 2023, 2022 and 2021, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years ended December 31, 2023, 2022 and 2021, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.

Going concern uncertainty

We draw attention to note 3 in the financial statements, which indicates that due to the group’s debt service obligations and the exposure to Bitcoin, power and hashprice price which have shown significant volatility over recent years, resulting in a current loss recorded for the year. In addition to this, the group needs to raise further funding during the assessment period, in order to meet liabilities