Company: ARBK
Filing Date: 2025-05-09
Form Type: 6-K
Source: 0001654954-25-005344
Chunk: 14

Company: Argo Blockchain Plc
Filing Date: 2025-05-09
Form: 6-K
Chunk 14
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 of the Audit Committee during the year, please see the Audit Committee Report in this Annual Report.

Internal control

The Board has responsibility for designing and implementing systems of internal control and for reviewing the effectiveness of these systems. The risk management process and systems of internal control are designed to manage rather than eliminate the risk of the Company failing to achieve its strategic objectives. It should be recognised that such systems can only provide reasonable and not absolute assurance against material misstatement or loss. The Company will continue to review and develop its internal systems and processes.

Political donations and political expenditure

The Group did not make any political donations or expenditure during the year under review.

Directors’ and officers’ liability insurance and directors’ indemnities

The Company maintains directors’ and officers’ liability insurance, which gives appropriate cover for legal action brought against its directors. Qualifying third-party indemnity provisions for the benefit of the Company’s directors, secretary and other officers were in force during the year ended 31 December 2024 and to the date of this report. In addition, the Company has agreed to indemnify former directors of the Company in respect of their appointments as directors of the Company.

Financial Instruments

Information about the use of financial instruments by the Company and its subsidiaries is given in note 26 to the financial statements.

Activities in the field of research and development

During the year under review, the Group did not have any material activities in the field of research and development.

Post balance sheet events

Thomas Chippas resigned as Chief Executive Officer and Director of the Company effective 28 February 2025. On 24 March 2025, the Board appointed Justin Nolan as Chief Executive Officer and Director of the Group.

In January 2024, the Group received a Notification Letter from Nasdaq Stock Market LLC stating that the Company is not in compliance with minimum bid price for the Company’s American Depositary Shares. The Company has until July 15, 2025 to regain compliance with the minimum bid price requirement.

The Group signed hosting agreements with Merkle Standard LLC to host 9,315 miners at Merkle’s Memphis, Tennessee location and up to 4,000 machines at its Washington State location. Approximately 1,232 units were sent to the Group’s Baie Comeau facility. A further approximately 8,000 units were sold for cash proceeds of approximately $2.0 million.

Directors and directors’ interests

The directors who held office at the date of signature of the financial statements were as follows:

| Director                                                         | Appointment/resignation