Company: ARBK
Filing Date: 2025-04-22
Form Type: 20-F/A
Source: 0001104659-25-037403
Chunk: 18

Company: Argo Blockchain Plc
Filing Date: 2025-04-22
Form: 20-F/A
Chunk 18
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 the period covered by this Annual Report, that being as at December 31, 2023. This evaluation was carried out by our Chief Executive Officer (“CEO”) and our Chief Financial Officer (“CFO”). Based upon that evaluation, our CEO and CFO concluded that the Company’s disclosure controls and procedures were effective as of December 31, 2023.

It should be noted that while our CEO and CFO believed that the Company’s disclosure controls and procedures provided a reasonable level of assurance that they are effective, they did not expect that the Company’s disclosure controls and procedures would prevent all errors and fraud. A control system, no matter how well conceived or operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met.

In connection with the preparation of this Amendment No.1, our management, including our CEO and CFO, re-evaluated the effectiveness of our disclosure controls and procedures as of December 31, 2023. This re-evaluation was conducted after the identification of a material weakness in internal control over financial reporting, as discussed below.

As a result of this reassessment, our CEO and CFO concluded that our disclosure controls and procedures were not effective as of December 31, 2023, due to the existence of a material weakness in our accounting for mined cryptocurrencies, which resulted in a restatement of prior financial statements.

Management’s Annual Report on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Exchange Act Rules 13a-15(f) and 15d-15(f) define internal control over financial reporting as a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with (a) UK-adopted International Accounting Standards; and (b) International Financial Reporting Standards (“IFRS”), including interpretations issued by the IFRS Interpretations Committee.

In connection with the preparation of the Original Filing, under the supervision and with the participation of our CEO and CFO, management assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2023. In making this assessment, management used the criteria, established in the 2013 Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based upon that assessment, at the time the Original Filing was filed, management concluded that the Company’s internal control over financial reporting was effective as of December 31, 2023. Subsequent