Company: ARBK
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001104659-25-049311
Chunk: 31

Company: Argo Blockchain Plc
Filing Date: 2025-05-15
Form: 20-F
Item: Item 4A
Chunk 31
---
 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:

                                                 YEAR ENDED DECEMBER 31                              
                                                                   2024          2023          2022  
 ─────────────────────────────────────────────────────────────────────────────────────────────────────
  Bitcoin Mined (number of Bitcoin)                                 755         1,760         2,156  
  Total Cost of Bitcoin Mined ($000s)                            45,560        47,457        47,228  
  Average Total Cost Per Bitcoin Mined ($)                       60,372        26,964        21,905  
  Depreciation of mining equipment ($000s)                     (14,171)      (18,656)      (20,469)  
  Direct Cost of Bitcoin Mined ($000s)                           31,389        28,801        26,759  
  Average Direct Cost Per Bitcoin Mined ($)                      41,594        16,364        12,411  

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.

Table of Contents

Adjusted EBITDA

Adjusted EBITDA provides this same indicator of Argo’s EBITDA from operations but additionally excludes any unrealized foreign exchange gains or losses, stock-based compensation charges, restructuring charges, and other one-time impairments and costs that are not expected to be repeated in order to provide greater insight into the cash flow being produced from our operating business, without the influence of extraneous events.

EBITDA and Adjusted EBITDA are supplemental measures of our performance that are not required by, or presented in accordance with, IFRS. This measure should not be considered as an alternative to operating income/(loss) determined in accordance with IFRS. The table below reconciles Adjusted EBITDA to net income/(loss), the most directly comparable IFRS measure:

                                                          YEAR ENDED DECEMBER 31,                               
                                                                             2024          2023           2022  
 ─────────────────────────────────────────────────────────────────────────────────────────────────