Company: ARBK
Filing Date: 2025-05-09
Form Type: 6-K
Source: 0001654954-25-005344
Chunk: 70

Company: Argo Blockchain Plc
Filing Date: 2025-05-09
Form: 6-K
Chunk 70
---
 machines were valued at their recoverable amount a 5% change in the hashprice has a minimal impact on the impairment. Similarly, a 1% change in the discount rate has a minimal impact on the impairment for the machines operating in Quebec.

Mining assets with uncertain re-hosting dates and those to be sold (22,819 machines) had a value of $4.3 million as at 31 December 2024 and were valued based on their fair value in use less cost to sell. This value was based on a level 2 fair value hierarchy of actual sales realised, less cost of refurbishment.

Mining assets held at the Baie Comeau CGU (2,200 machines) had a value of $1.4 million and were valued based on their value in use. This was based on an 18 month cash flow forecast discounted at 22.6%, the Group’s estimated cost of capital.

Subsequent to year end, 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. The Group will continue to monitor the carrying value of its mining machines, as the machines are installed and data is available for performance in revenue generation, which may or may not result in a reversal in the impairment.

Impairment of Chips

In assessing the fair value of machine components, the Group used readily available chip set prices and management’s estimate of other components in the chip sets to determine the value of chips on hand. As a result of this analysis, an impairment of $0.6 million was recorded (2023 - $0.1 million).

#### Sale of Mirabel Data Centre
See assets held for sale (Note 14) for details of this disposition.

#### 19.
TRADE AND OTHER RECEIVABLES

|                                   | Group 
  2024 | Group 2023 |
|                                   | $’000 |      $’000 |
| Trade                             
 and other receivables             |   140 |      1,131 |
| Prepayments                       |   628 |      1,355 |
| Other                             
 taxation and social security      | 2,311 |      1,349 |
| Total trade and other receivables | 3