Company: ARBK
Filing Date: 2025-04-22
Form Type: 20-F/A
Source: 0001104659-25-037403
Chunk: 27

Company: Argo Blockchain Plc
Filing Date: 2025-04-22
Form: 20-F/A
Chunk 27
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 Monetary amounts in these financial statements are rounded to the nearest thousand US dollars. Argo Blockchain PLC’s functional currency is GBP. Argo Innovations Labs Inc., 9377-2556 Quebec Inc, and 9366-5230 Quebec Inc.’s functional currency is Canadian Dollars; Argo Operating US LLC and Argo Holdings US Inc.’s functional currency is United States Dollars; all entries from these entities are presented in the Group’s presentational currency of US dollars. This change in accounting policy applied retrospectively requires a third balance sheet as at the beginning of the preceding comparative period to be reported Where the subsidiary's functional currency is different from the parent, the assets and liabilities presented are translated at the closing rate as at the Statement of Financial Position date. Income and expenses are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions). 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. The significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty are disclosed in Note 6.**

<div align='center'>F-10</div>

ARGO BLOCKCHAIN PLC

Current year restatement (2023)

Subsequent to filing the Group’s 2023 20-F, the Group determined that it incorrectly accounted for its mined cryptocurrencies. The Group accounted for these assets as inventory, when they should have been accounted for as intangible assets. The impact to the balance sheet is a change in the description of the asset from digital assets to intangible assets.

The impact to the income statement is twofold:

| 1) | A reclassification of the change in fair value of digital assets from “Change in fair value of digital assets” to “Impairment in intangible fixed assets” and/or realized gains/losses on intangible assets, and |

| 2) | A reclassification of fair value gains of digital assets from “Change in fair value of digital assets” to “Other comprehensive income” and/or realized gains/losses on intangible assets. |

While net income (loss) is improved in each year presented, there is no change to comprehensive income