Company: ARBK
Filing Date: 2025-04-22
Form Type: 20-F/A
Source: 0001104659-25-037403
Chunk: 19

Company: Argo Blockchain Plc
Filing Date: 2025-04-22
Form: 20-F/A
Chunk 19
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 to that assessment, our management, including our CEO and CFO, conducted a re-assessment and concluded that our internal control over financial reporting was ineffective as of December 31, 2023, due to the material weakness identified below.

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Identified Material Weakness A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. During our re-assessment, we identified a material weakness in our accounting for mined cryptocurrencies. We accounted for these assets as inventory, when they should have been accounted for as intangible assets. The impact to the balance sheet is a change in the description of the asset from digital assets to intangible assets. The impact to the income statement is a reclassification of the change in fair value to impairment in intangible assets/ intangible fixed assets. The impact to the cash flow statement is reclassification between operating cash flow and investing cash flow.This accounting error resulted in a restatement of our consolidated financial statements for the fiscal years ended December 31, 2023, 2022, and 2021. The material weakness was attributable to inadequate technical review over our accounting policy for mined cryptocurrencies. As a result, we have concluded that our internal control over financial reporting and disclosure controls and procedures were not effective as of December 31, 2023. Management’s Plan to Remediate the Identified Material Weakness The above-described material weakness has been remediated as of the filing of this Amendment No. 1. Since identifying this material weakness, management, with oversight from the Audit Committee, has implemented and continues to implement enhanced internal control procedures, including:

| 1. | Enhanced Internal Review Processes |

| a. | Strengthened management-level review and oversight over accounting policies. |

| 2. | Increased IFRS Technical Training |

| a. | Provided enhanced IFRS training to our finance and accounting personnel, focusing on the classification of cash flows related to digital assets. |

| b. | Ensured that our team remains updated on IFRS guidance and evolving industry standards for digital asset accounting. |

| 3. | Formalized Controls Testing |

Attestation Report of the Registered Public Accounting Firm This Annual Report does not include an attestation report from our registered public accounting firm regarding internal control over financial reporting. Management’s report is not subject to auditor attestation, as