Company: ARBK
Filing Date: 2025-05-09
Form Type: 6-K
Source: 0001654954-25-005344
Chunk: 49

Company: Argo Blockchain Plc
Filing Date: 2025-05-09
Form: 6-K
Chunk 49
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There was no unrealized gain or loss reclassification materially impacting the year ended 31 December 2023.

The impact to the cash flow statement is primarily a reclassification between operating cash flows and investing cash flows in respect of proceeds from the sale of Bitcoin.

As disclosed in note 1 to the parent company financial statements, 2023 has been restated due to a misapplication of the intra group recharges policy. This impacted the foreign currency gains and losses of the Group, whereby Loss before taxation decreased and other comprehensive income increased by $396k, with no change to total comprehensive income (loss).

The numerical impacts to the cash flows and income statements are summarized below.

| $’000                                                  | 2023 Original | Movement | 2023 Restated |
| Net cash generated from (used in) operating activities |         3,831 |  -51,787 |       -47,956 |
| Net cash (used in) generated from investing activities |        -1,062 |   51,866 |        50,804 |
| Loss before taxation                                   |       -35,033 |      396 |       -34,637 |

#### 3.
ACCOUNTING POLICIES

The principal accounting policies applied in the preparation of these consolidated financial statements are below.

Presentation Currency

The Group changed its presentational currency to US Dollars during 2023 due to the fact its revenues, direct costs, capital expenditures and debt obligations are predominantly denominated in US Dollars.

Going Concern

The preparation of consolidated ﬁnancial statements requires an assessment on the validity of the going concern

assumption.

The Group strengthened its balance sheet during 2024 by fully repaying the $35 million Galaxy loan ahead of schedule. This repayment was made possible through equity raises, asset sales and cash flow from operations. However, at the end of 2024 Galaxy informed the Group that they would no longer host the Group’s mining machines at their Helios immersion facility. This required the Group to remove approximately 23,000 mining machines from the immersion facility and refurbish them so they could be re-hosted at air-cooled facilities. The cost of the refurbishment and the loss of mining margin during the majority of the first quarter of 2025 added additional strain to the Group’s finances. Despite the Galaxy debt repayment during 2024 and the $8.6 million cash balance at 31 December 2024 ($2.4 million at 31 March 2025), material uncertainties exist that may cast