Company: ARBK
Filing Date: 2025-04-22
Form Type: 20-F/A
Source: 0001104659-25-037403
Chunk: 8

Company: Argo Blockchain Plc
Filing Date: 2025-04-22
Form: 20-F/A
Chunk 8
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IFRS measures are utilized by analysts in the cryptocurrency mining industry to compare results across peer companies, and accordingly we believe that excluding the depreciation of mining equipment from Average Direct Cost per Bitcoin Mined is appropriate to facilitate accurate comparisons to the financial performance of other industry participants. Average Direct Cost per Bitcoin Mined is a supplemental measure of our performance that is not required by, or presented in accordance with, IFRS. This measure should not be considered as an alternative to IFRS measures. The table below reconciles Average Direct Cost Per Bitcoin Mined to Average Total Cost Per Bitcoin Mined, the most directly comparable IFRS measure:

| ​                                         
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 ​                                         | ​ 
 ​ |                      ​ 
 YEAR ENDED DECEMBER 31 
                   2023 | ​ |       ​ 
    2022 | ​ |       ​ 
    2021 |
|:------------------------------------------|:--|-----------------------:|:--|--------:|:--|--------:|
| Bitcoin Mined (number of Bitcoin)         |   |                  1,760 |   |   2,156 |   |   2,045 |
| Total Cost of Bitcoin Mined ($000s)       |   |                 47,457 |   |  47,228 |   |  29,524 |
| Average Total Cost Per Bitcoin Mined ($)  |   |                 26,964 |   |  21,905 |   |  14,437 |
| Depreciation of mining equipment ($000s)  |   |                -18,656 |   | -20,469 |   | -14,339 |
| Direct Cost of Bitcoin Mined ($000s)      |   |                 28,801 |   |  26,762 |   |  15,185 |
| Average Direct Cost Per Bitcoin Mined ($) |   |                 16,364 |   |  12,411 |   |   7,425 |

6

EBITDA We define EBITDA as our operating income plus depreciation and amortization. As a capital intensive business, EBITDA removes the cost of depreciation of mining equipment. This metric allows us to monitor the profitability of our underlying business on a current basis, and we believe it provides a useful metric for comparing our performance to those of similar companies. Adjusted EBITDA Adjusted EBITDA provides this same indicator of Argo ’s EBITDA from