Company: ARBK
Filing Date: 2025-04-22
Form Type: 20-F/A
Source: 0001104659-25-037403
Chunk: 55

Company: Argo Blockchain Plc
Filing Date: 2025-04-22
Form: 20-F/A
Chunk 55
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 the cost of investment unless:

| ● | There has been a specific change in the circumstances which, in the Group’s opinion, has permanently impaired the value of the financial asset. The asset will be written down to the impaired value; |

| ● | There has been a significant change in the performance of the investee compared with budgets, plans or milestones; |

| ● | There has been a change in expectation that the investee’s technical product milestones will be achieved or a change in the economic environment in which the investee operates; |

| ● | There has been an equity transaction, subsequent to the Group’s investment, which crystallises a valuation for the financial asset which is different to the valuation at which the Group invested. The asset’s value will be adjusted to reflect this revised valuation; or |

| ● | An independently prepared valuation report exists for the investee within close proximity to the reporting date. |

| ● | The deferred consideration has been fair valued to the year-end date as the amount is to be paid in Argo shares. |

28.COMMITMENTS AND CONTINGENCIES The Group’s material contractual commitments relate to the hosting services agreement with Galaxy Digital Qualified Opportunity Zone Business LLC, which provides hosting, power and support services at the Helios facility. Whilst management do not envisage terminating agreements in the immediate future, it is impracticable to determine monthly commitments due to large fluctuations in power usage and variations on foreign exchange rates, and as such a commitment over the contract life has not been determined. The agreement is for services with no identifiable assets, therefore, there is no right of use asset associated with the agreement. As the company disclosed on February 8, 2023, it is currently subject to a class action lawsuit. The case, Murphy vs Argo Blockchain plc et al, was filed in the Eastern District of New York on 26 January 2023. The company refutes all of the allegations and believes that this class action lawsuit is without merit. The company is vigorously defending itself against the action. We are not currently subject to any other material pending legal proceedings or claims. The Company is also subject to other litigation matters in the ordinary course of business. Subsequent to period end, the Company settled a breach of contract claim for $ 0.5million. This was accrued in operating expenses at 31 December 2023.

F-42

ARGO BLOCKCHAIN PLC

29 .RELATED PARTY TRANSACTIONS

The compensation paid to related parties in respect of services rendered in 2023 were: