UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C.
20549
_____________________
FORM 6-K
_____________________
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE
13a-16 OR 15d-16
UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month of April, 2022
Commission File Number: 001-40816
_____________________
Argo Blockchain plc
(Translation of
registrant’s name into English)
_____________________
9th Floor
16
Great Queen Street
London WC2B
5DG
England
(Address of
principal executive
office)
_____________________
Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒
Form
40-F ☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): ☐
EXHIBIT INDEX
Exhibit
No.
1
|
Description
March
2022 Operational Update dated 08 April 2022
|
Press Release
8 April 2022
Argo Blockchain PLC
("Argo" or "the Company")
March 2022 Operational Update
Operational
Update
Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:
ARB; NASDAQ: ARBK), is pleased to provide the following operational
update for March 2022.
During the month of March, Argo mined 163 Bitcoin or Bitcoin
Equivalent (together, BTC) compared to 135 BTC in February
2022.
Based on daily foreign exchange rates and cryptocurrency prices
during the month, mining revenue in March amounted to £5.22
million [$6.92 million*] (February 2022: £4.15 million [$5.58
million*]).
Argo generated this income at a Bitcoin and Bitcoin Equivalent
Mining Margin of approximately 74% for the month of March (February
2022: 71%).
At the end of March, the Company owned 2,700 Bitcoin, of which 259
were BTC equivalents.
Appointment of Chief Operating Officer
Argo is also pleased to announce the appointment of Seif El-Bakly
as Chief Operating Officer. Seif has over 16 years' experience in
the capital markets and trading sectors. Prior to joining Argo,
Seif founded a fintech startup and worked for TMX Group, where his
responsibilities included leading the strategy and business
management efforts for the entire Markets Business. Fluent in three
languages, Seif graduated from Concordia University's John Molson
School of Business and is a CFA Charterholder.
Update on Helios Facility
The Company is also pleased to provide the following update on the
construction of its 200MW flagship cryptocurrency mining facility,
Helios, in Dickens County, Texas. The Company has continued to make
significant progress on this stage of construction and expects
mining operations to commence at Helios in Q2 2022. Argo has
successfully installed critical equipment, including immersion
pumps, air coolers, transformers, power distribution units, and
pallet racks. Additionally, the fiber internet connection to Helios
has now been completed.
Participation in April Conferences
The Company is also pleased to announce that Chief Executive, Peter
Wall, participated in a panel discussion entitled "Mining the
Public Markets" at the Bitcoin 2022 conference in Miami on 7 April.
He will also be participating in a panel discussion entitled
"Sustainability & Energy Efficiency of Bitcoin Mining" at the
virtual Cowen Bitcoin Mining Summit on 12-13 April.
Peter Wall, Chief Executive and interim Chairman, said: "We are
delighted to welcome Seif as our Chief Operating Officer. He will
play a critical role in bolstering Argo's senior leadership team
and brings a wealth of experience in the trading and capital
markets sectors to Argo. As we approach the opening of our Helios
facility and significantly scale up our owned and operated mining
operations, Seif will be integral in driving the operational
performance of Argo."
Non-IFRS Measures
Bitcoin and Bitcoin Equivalent Mining Margin is a financial measure
not defined by IFRS. We believe Bitcoin and Bitcoin Equivalent
Mining Margin has limitations as an analytical tool. In particular,
Bitcoin and Bitcoin Equivalent Mining Margin excludes the
depreciation of mining equipment and so does not reflect the full
cost of our mining operations, and it also excludes the effects of
fluctuations in the value of digital currencies and realized losses
on the sale of digital assets, which affect our IFRS gross profit.
This measure should not be considered as an alternative to gross
margin determined in accordance with IFRS, or other IFRS measures.
This measure is not necessarily comparable to similarly titled
measures used by other companies. As a result, you should not
consider this measure in isolation from, or as a substitute
analysis for, our gross margin as determined in accordance with
IFRS.
The following table shows a reconciliation of gross margin to
Bitcoin and Bitcoin Equivalent Mining Margin, the most directly
comparable IFRS measure, for the months of February 2022 and March
2022.
|
Month
Ended 28 February 2022
|
Month
Ended 31 March 2022
|
|
£
|
$
|
£
|
$
|
Gross (loss)/profit¹
|
11,383,225
|
15,372,973
|
2,453,564
|
3,313,522
|
Gross
Margin
|
276%
|
276%
|
48%
|
48%
|
Depreciation
of mining equipment
|
1,287,252
|
1,738,426
|
1,313,598
|
1,774,006
|
Charge
in fair value of digital currencies
|
(9,380,856)
|
(12,668,786)
|
40,937
|
55,285
|
Realised
loss/(gain) on sale of digital currencies
|
(377,028)
|
(509,174)
|
3,628
|
4,900
|
|
|
|
|
|
Mining Profit
|
2,912,593
|
3,933,439
|
3,811,727
|
5,147,713
|
Bitcoin
and Bitcoin Equivalent Mining Margin
|
71%
|
71%
|
74%
|
74%
|
(1) Due to favourable changes in the fair value of Bitcoin and
Bitcoin Equivalents in February 2022 there was a gain on change in
fair value of digital currencies. March 2022 resulted in a loss due
to unfavourable changes in the fair value of digital
currencies.
* Dollar values translated from pound sterling into U.S. dollars
using the noon buying rate of the Federal Reserve Bank of New York
as at the applicable dates.
Inside Information and Forward-Looking Statements
This announcement contains inside information and includes
forward-looking statements which reflect the Company's or, as
appropriate, the Directors' current views, interpretations, beliefs
or expectations with respect to the Company's financial
performance, business strategy and plans and objectives of
management for future operations. These statements include
forward-looking statements both with respect to the Company and the
sector and industry in which the Company operates. Statements which
include the words "expects", "intends", "plans", "believes",
"projects", "anticipates", "will", "targets", "aims", "may",
"would", "could", "continue", "estimate", "future", "opportunity",
"potential" or, in each case, their negatives, and similar
statements of a future or forward-looking nature identify
forward-looking statements. All forward-looking statements address
matters that involve risks and uncertainties because they relate to
events that may or may not occur in the future. Forward-looking
statements are not guarantees of future performance. Accordingly,
there are or will be important factors that could cause the
Company's actual results, prospects and performance to differ
materially from those indicated in these statements. In addition,
even if the Company's actual results, prospects and performance are
consistent with the forward-looking statements contained in this
document, those results may not be indicative of results in
subsequent periods. These forward-looking statements speak only as
of the date of this announcement. Subject to any obligations under
the Prospectus Regulation Rules, the Market Abuse Regulation, the
Listing Rules and the Disclosure and Transparency Rules and except
as required by the FCA, the London Stock Exchange, the City Code or
applicable law and regulations, the Company undertakes no
obligation publicly to update or review any forward-looking
statement, whether as a result of new information, future
developments or otherwise. For a more complete discussion of
factors that could cause our actual results to differ from those
described in this announcement, please refer to the filings that
Company makes from time to time with the United States Securities
and Exchange Commission and the United Kingdom Financial Conduct
Authority, including the section entitled "Risk Factors" in the
Company's Registration Statement on Form F-1.
For further information please contact:
Argo
Blockchain
|
|
Peter
Wall
Chief
Executive
|
via Tancredi +44 203 434 2334
|
finnCap Ltd
|
|
Corporate
Finance
Jonny Franklin-Adams
Tim Harper
Joint
Corporate Broker
Sunila
de Silva
|
+44
207 220 0500
|
Tennyson Securities
|
|
Joint
Corporate Broker
Peter Krens
|
+44
207 186 9030
|
OTC Markets
|
|
Jonathan
Dickson
jonathan@otcmarkets.com
|
+44
204 526 4581
+44
7731 815 896
|
Tancredi Intelligent Communication
UK
& Europe Media Relations
|
|
Emma Valgimigli
Emma Hodges
Fabio Galloni-Roversi Monaco
Nasser Al-Sayed
argoblock@tancredigroup.com
|
+44 7727 180 873
+44 7861 995 628
+44 7888 672 701
+44 7915 033 739
|
About Argo:
Argo Blockchain plc is a global leader in cryptocurrency mining
with one of the largest and most efficient operations powered by
clean energy. The Company is headquartered in London, UK and its
shares are listed on the Main Market of the London Stock Exchange
under the ticker: ARB and on the Nasdaq Global Select Market in the
United States under the ticker: ARBK.
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date:
08 April, 2022
|
ARGO BLOCKCHAIN PLC
By:
Name:
Peter
Wall
Title:
Chief
Executive Officer
Name:
Davis
Zaffe
Title:
General
Counsel
|