Argo Blockchain (ARBK) 20-F/A30 Apr 242022 FY Annual report (foreign) (amended)Financial data

Company Profile

Document and Entity Information

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2022 shares
Document Information [Line Items]
Document Type	20-F/A
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-40816
Entity Registrant Name	ARGO BLOCKCHAIN PLC
Entity Incorporation, State or Country Code	X0
Entity Address, Address Line One	Eastcastle House
Entity Address, Address Line Two	27/28 Eastcastle Street
Entity Address, City or Town	London
Entity Address, Postal Zip Code	W1W 8DH
Entity Address, Country	GB
Entity Common Stock, Shares Outstanding	477,825,166
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Entity Central Index Key	0001841675
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	true
Amendment Description	Amendment No.1
ICFR Auditor Attestation Flag	false
Auditor Name	PKF Littlejohn LLP
Auditor Location	London, England
Auditor Firm ID	2814
American Depository Shares [Member]
Document Information [Line Items]
Title of 12(b) Security	American Depository Shares, each representing ten ordinary shares
Trading Symbol	ARBK
Security Exchange Name	NASDAQ
Senior Notes [Member]
Document Information [Line Items]
Title of 12(b) Security	8.75% Senior Notes due 2026
Trading Symbol	ARBKL
Security Exchange Name	NASDAQ
Common stock
Document Information [Line Items]
Title of 12(b) Security	Ordinary shares, nominal value of £0.001 per share
Security Exchange Name	NASDAQ
No Trading Symbol Flag	true
Business Contact [Member]
Document Information [Line Items]
Entity Address, Address Line One	Eastcastle House
Entity Address, Address Line Two	27/28 Eastcastle Street
Entity Address, City or Town	London
Entity Address, Postal Zip Code	W1W 8DH
Entity Address, Country	GB
City Area Code	+44
Local Phone Number	20 788 400 3403
Contact Personnel Name	Jim MacCallum

GROUP STATEMENT OF FINANCIAL PO

GROUP STATEMENT OF FINANCIAL POSITION £ in Thousands	Dec. 31, 2021 GBP (£)
Non-current assets
Investments at fair value through profit or loss	£ 403
Investments accounted for using the equity method	13,817
Intangible fixed assets	5,604
Property, plant and equipment	111,604
Right of use assets	350
Total non-current assets	131,778
Current assets
Trade and other receivables	63,359
Digital assets	80,759
Cash and cash equivalents	11,803
Total current assets	155,921
Total assets	287,699
Equity
Share Capital	468
Share Premium	139,581
Share based payment reserve	1,905
Fair value reserve	414
Currency translation reserve	33
Other comprehensive income of equity accounted associates	6,571
Accumulated deficit	52,838
Total equity	201,810
Current liabilities
Trade and other payables	15,245
Contingent consideration	8,071
Loan and Borrowings	23,391
Corporation Tax	7,679
Deferred Tax	286
Lease liability	7
Total current liabilities	54,679
Non-current liabilities
Deferred tax	541
Issued debt - bond	26,908
Loans	3,391
Lease liability	370
Total liabilities	85,889
Total equity and liabilities	£ 287,699

GROUP STATEMENT OF FINANCIAL _2

GROUP STATEMENT OF FINANCIAL POSITION (Parenthetical) - GBP (£)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Condensed Balance Sheet Statements, Captions [Line Items]
Intangible fixed assets, net of accumulated amortization and impairment	£ 3,888,000	£ 571,000
Net of accumulated depreciation and impairment on property plant and equipment	82,449,000	18,802,000
Right of use assets, net of accumulated depreciation	15,000	8,000
Profit (loss)	(185,107,000)	30,765,000
Comprehensive loss	£ (190,499,000)	37,340,000
Share Capital
Condensed Balance Sheet Statements, Captions [Line Items]
Par value per share (in $ per share)	£ 0.001
Accumulated surplus / (deficit)
Condensed Balance Sheet Statements, Captions [Line Items]
Profit (loss)	£ (185,107,000)	30,765,000
Comprehensive loss	£ (185,107,000)	£ 30,765,000

GROUP STATEMENT OF COMPREHENSIV

GROUP STATEMENT OF COMPREHENSIVE INCOME - GBP (£) £ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
GROUP STATEMENT OF COMPREHENSIVE INCOME
Revenues	£ 47,363	£ 74,204	£ 18,957
Crypto asset fair value movement	(43,526)	1,191	2,070
Gross profit (loss)	(34,460)	53,646	3,921
Operating expenses	(27,534)	(8,887)	(1,991)
Gain on hedging	1,695
Share based payment charge	(4,928)	(1,938)	(331)
Operating loss	(65,227)	42,821	1,599
Direct costs	(38,183)	(22,186)	(17,106)
Loss on disposal of fixed assets	(18,779)
Realised gain/(loss) on sale of digital assets	(114)	437
Fair value revaluation of variable consideration	4,038	236
Fair value (loss)/gain of investments	(328)	183
Loss on sale of subsidiary and investment	(44,804)	(629)
Finance costs	(18,321)	(2,142)	(157)
Other income	3,012
Impairment of tangible fixed assets	(45,143)
Impairment of intangible assets	(4,168)
Equity accounted loss from associate	(4,872)	(1,198)
Loss before taxation	(194,592)	39,271	1,442
Tax Recovery	9,485	(8,506)
Loss after taxation	(185,107)	30,765	1,442
Other comprehensive income
Currency translation reserve	1,593	(410)	265
Equity accounted OCI from associate	(6,571)	6,571
Fair value reserve	(414)	414
Total other comprehensive loss	(5,392)	6,575	265
Total comprehensive loss attributable to the equity holders of the Company	£ (190,499)	£ 37,340	£ 1,707
Loss per share attributable to equity owners (cents)
Basic loss per share	£ (0.391)	£ 0.077	£ 0.005
Diluted loss per share	£ (0.391)	£ 0.074	£ 0.004

GROUP STATEMENT OF CHANGES IN E

GROUP STATEMENT OF CHANGES IN EQUITY - GBP (£) £ in Thousands	Share Capital	Share Premium	Currency translation reserve	Share based payment reserve	Fair Revaluation Reserve	Other comprehensive income of associates	Accumulated surplus / (deficit)	Total
Balance at the beginning at Dec. 31, 2019	£ 294	£ 25,252	£ 178				£ (4,986)	£ 20,738
Total comprehensive loss for the period:
Loss for the period							1,442	1,442
Other comprehensive loss			265					265
Total comprehensive loss for the period			265				1,442	1,707
Transactions with equity owners:
Share capital issued	10	1,540						1,550
Share based payment charge				£ 332				332
Cancellation of share premium		(25,252)					25,252
Share based payments lapsed/expired				(257)			257
Total transactions with equity owners	10	(23,712)		75			25,509	1,882
Balance at the end at Dec. 31, 2020	304	1,540	443	75			21,965	24,327
Total comprehensive loss for the period:
Loss for the period							30,765	30,765
Other comprehensive loss			(410)		£ 414	£ 6,571		6,575
Total comprehensive loss for the period			(410)		414	6,571	30,765	37,340
Transactions with equity owners:
Common stock issued	164	150,977						151,141
Issue costs of share premium		(12,936)						(12,936)
Share based payment charge				1,938				1,938
Share options/warrants exercised				108			(108)
Total transactions with equity owners	164	138,041		1,830			108	140,143
Balance at the end at Dec. 31, 2021	468	139,581	33	1,905	414	6,571	52,838	201,810
Total comprehensive loss for the period:
Loss for the period							(185,107)	(185,107)
Other comprehensive loss			1,593		(414)	(6,571)		(5,392)
Total comprehensive loss for the period			1,593		£ (414)	£ (6,571)	(185,107)	(190,499)
Transactions with equity owners:
Common stock issued	10	4,167						4,177
Share based payment charge				4,928				4,928
Share options/warrants exercised				32				32
Total transactions with equity owners	10	4,167		4,896				9,073
Balance at the end at Dec. 31, 2022	£ 478	£ 143,748	£ 1,626	£ 6,801			£ (132,269)	£ 20,384

GROUP STATEMENT OF CASH FLOWS

GROUP STATEMENT OF CASH FLOWS - GBP (£) £ in Thousands	12 Months Ended
GROUP STATEMENT OF CASH FLOWS - GBP (£) £ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Loss before tax	£ (194,592)	£ 39,271	£ 1,442
Adjustments for:
Depreciation/Amortisation	23,449	11,511	6,027
Foreign exchange movements	(17,250)	589	271
Loss on disposal of tangible assets	18,779		66
Finance cost	18,321	2,142	157
Loss on sale of subsidiary and investment	44,804	629
Fair value change in digital assets through profit or loss	43,640	(1,628)	(2,342)
Impairment of intangible digital assets	4,168	535
Impairment of property, plant and equipment	45,143
Investment fair value movement	328	(183)
Share of loss from associate	4,872	1,198
Non-cash settlement of management fees		(1,561)
Revaluation of contingent consideration	(4,038)	(236)
Derecognition of contingent consideration		(352)
Hedging gain	(1,695)
Share based payment expense	4,928	1,938	332
Working capital changes:
(Increase)/decrease in trade and other receivables	(15,250)	(13,628)	(90)
Increase/(decrease) in trade and other payables	(83,021)	12,289	(2,107)
Decrease/(increase) in digital assets	36,751	(80,331)	(1,236)
Net cash generated/(used in) from operating activities	(70,663)	(27,817)	2,520
Investing activities
Investment at fair value through profit or loss		(220)
Acquisition of subsidiaries, net of cash acquired		(664)
Cash disposed of on disposal of subsidiary	(1,357)
Investment in associate		(7,353)
Foreign exchange on investing activities			48
Interest received			1
Proceeds from sale of investment		772
Purchase of tangible fixed assets	(87,353)	(78,972)	(1,808)
Proceeds from disposal of tangible fixed assets	10,028		704
Purchase of digital assets		(15,009)
Proceeds from sale of digital assets	84,225	11,308
Mining equipment prepayment		(47,426)
Net cash generated from/(used in) investing activities	5,543	(137,564)	(1,055)
Financing activities
Proceeds from new loan issuance	78,418	22,239	(968)
Lease payments	(75)	(7,379)
Loan repayments		(1,196)
Interest paid	(18,321)	(122)	(157)
Proceeds from issue of loan in conjunction with the disposal of subsidiary	8,033
Proceeds from debt issue - net of issue costs		26,908
Proceeds from shares issued - net of issue costs		134,684	1,550
Net cash (used in) generated from financing activities	68,055	175,133	425
Net (decrease) increase in cash and cash equivalents	2,935	9,752	1,890
Effect of foreign exchange on cash and cash equivalents	1,924
Cash and cash equivalents at beginning of period	11,803	2,051	161
Cash and cash equivalents at end of period	£ 16,662	£ 11,803	£ 2,051

GROUP STATEMENT OF CASH FLOWS (

GROUP STATEMENT OF CASH FLOWS (Parenthetical) - GBP (£)	1 Months Ended
GROUP STATEMENT OF CASH FLOWS (Parenthetical) - GBP (£)	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
GROUP STATEMENT OF CASH FLOWS
Current loans and borrowings		£ (9,624,000)	£ (23,391,000)
Current lease liability		(4,000)	(7,000)
Issued debt		(31,356,000)	(26,908,000)
Non-current loans and borrowings		(21,492,000)	(3,391,000)
Non-current liability - lease		(448,000)	(370,000)
Cash and cash equivalents		16,662,000	11,803,000
Total net debt		(46,262,000)	(42,264,000)
Net funds/(debt)		£ (44,200,000)	£ 65,400,000
Helios facility
GROUP STATEMENT OF CASH FLOWS
Proceeds used to paydown existing debt	£ 70,764,000
Issuance of new loan	£ 25,356,000

BASIS OF PREPARATION

BASIS OF PREPARATION	12 Months Ended
BASIS OF PREPARATION	Dec. 31, 2022
BASIS OF PREPARATION
BASIS OF PREPARATION	2. The financial statements have been prepared in accordance with international financial reporting standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations issued by the International Financial Reporting Standards Interpretations Committee (“IFRIC”). The financial statements have been prepared under the historical cost convention, except for the measurement to fair value certain financial and digital assets and financial instruments as described in the accounting policies below. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest thousand GBP. Argo Innovations Labs Inc., 9377-2556 Quebec Inc, and 9366-5230 Quebec Inc.’s functional currency is Canadian Dollars; Argo Operating US LLC and Argo Holdings US Inc.’s functional currency is United States Dollars; all entries from these entities are presented in the Group’s presentational currency of Sterling. Where the subsidiaries functional currency is different from the parent, the assets and liabilities presented are translated at the closing rate as at the Statement of Financial Position date. Income and expenses are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions). Restatement of 2022 taxes The 2022 income tax accounting was completed based on preliminary information at the time of the financial statement completion. When updating the income taxes for 2023 it was determined that the 2022 estimates were inaccurate and have been restated. The impact on the 2022 financial statements are as follows: Income tax recovery increased by £9,124 from £361 to £9,485. Cumulative translation adjustment decreased by £142 from £1,735 to £1,593 Net loss decreased by £9,124 from a loss of £194,231 to a loss of £185,107. Deferred tax liability decreased by £8,782 from £8,782 to £nil. Critical accounting judgements and key sources of estimation uncertainty The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. The significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty are disclosed in Note 6.

ACCOUNTING POLICIES

ACCOUNTING POLICIES	12 Months Ended
ACCOUNTING POLICIES	Dec. 31, 2022
ACCOUNTING POLICIES
ACCOUNTING POLICIES	3. The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. Going Concern The preparation of consolidated ﬁnancial statements requires an assessment on the validity of the going concern assumption. 2022 was a challenging year for Bitcoin miners: the depressed price of Bitcoin and the elevated global hashrate caused hashprice, the primary measure of mining profitability, to reach all-time lows in Q4 2022. In addition, global events resulted in disruption to fossil fuel energy markets which resulted in a significant increase in electricity prices. The low hashprice and elevated power prices significantly reduced Argo’s profitability and its ability to generate free cash flow. During Q4 2022, the Group evaluated several strategic alternatives to restructure our balance sheet and improve our cash flow. On 28 December 2022, the Group announced a series of transactions with Galaxy Digital Holdings, Ltd. (“Galaxy”) that improved the Group’s liquidity position and enabled the Group to continue its mining operations. As part of the transactions, Argo sold the Helios facility and real property in Dickens County, Texas to Galaxy for £54 million and refinanced existing asset-backed loans via a new £29 million, three-year asset-backed loan with Galaxy. The transactions reduced total indebtedness by £34 million and allowed Argo to simplify its operating structure. While the Galaxy transactions strengthened the Group’s balance sheet, material uncertainties exist that may cast significant doubt regarding the Group’s ability to continue as a going concern and meet its liabilities as they come due. The significant uncertainties are: 1) 2) Offsetting these potential risks to the Group’s cash flow are the Group’s current cash balance, the Group’s ability to generate additional funds by issuing equity for cash proceeds and selling certain non-core Group assets. Based on information from Management, as well as independent advisors, the Directors have considered the period to 30 June 2024, as a reasonable time period given the variable outlook of cryptocurrencies and the Bitcoin halving due in May 2024. Based on the above considerations, the Board believes it is appropriate to adopt the going concern basis in the preparation of the Financial Statements. However, the Board notes that the significant debt service requirements and the volatile economic environment, indicate the existence of material uncertainties that may cast significant doubt regarding the applicability of the going concern assumption and the auditors have made reference to this in their audit report. Revenue and Other Income Recognition Mined income: The Group recognised revenue during the period in relation to mined crypto. The Group enters into contracts with the mining pool. The performance obligation is identified to be the delivery of crypto into the Group’s wallet once an algorithm has been solved. The transaction price is the fair value of crypto mined, being the fair value per the prevailing market rate for that crypto currency on the transaction date, and this is allocated to the number of crypto mined. These criteria for performance obligation are assessed to have occurred once the crypto has been received in the Group’s wallet. Mining earnings are made up of the baseline block reward and transaction fees of between 5% to 10%, however, these are bundled together in the daily deposits from mining and therefore are not capable of being analysed separately. Management fees: The Group recognised management fees on the services provided to third parties for management of mining machines on their behalf, ensuring the machines are optimised and mining as efficiently as possible. The performance obligation is identified as the services are performed, and thus revenue is recorded over time. Other Income: The Group receives credits and or coupons for the purchase and use of “Application-Specific Integrated Circuits (“ASICs”) on a periodic basis for Bitcoin Mining. These credits are provided to the Group after it purchases ASICs based on the variance between the price paid by the Group versus the reduction in ASIC prices. The credits are transferable. The Group elects to sells the credits at the market rate to willing buyers upon receipt of the credits. Other income is recognised at the date the sale is completed. Derivative Contracts – Hedging: In 2022, the Group used derivatives contracts in connection with some of its lending activities and its treasury management. Derivative contracts are susceptible to additional risks that can result in a loss of all or part of the investment. The Group’s derivative activities and exposure to derivative contracts are subject to interest rate risk, credit risk, foreign exchange risk, and macroeconomic risks. In addition, Argo is also subject to additional counterparty risks due to its potential inability of its counterparties to meet the terms of their contracts. The Group participates in both Future and Forward contracts as well as option contracts. Some of these derivatives are listed on exchange whereas some of these are traded over the counter. Direct Costs Direct costs of mining revenue are comprised of the fees paid to third parties to host, operate and maintain the mining machines, and utility costs. Where the Group transitioned to a model in which the Group owned and operated their mining facilities, costs of revenue includes direct facilities costs including utility costs, personnel costs, including compensation and benefits, associated with operating these owned mining facilities. Basis of consolidation Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. The group consists of Argo Blockchain plc and its wholly owned subsidiaries Argo Innovation Labs Inc, Argo Operating US LLC and Argo Holdings US Inc., 9366-5230 and 9377-2556 and Argo Innovation Labs Ltd. Argo Innovation Labs Ltd has been dormant since incorporation. The consolidated financial statements incorporate those of Argo Blockchain plc and all of its subsidiaries (i.e., entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. On the basis that Argo Innovation Labs Limited was dormant during the year and is immaterial to the Group, it was not included in these consolidated financial statements. All financial statements are made up to 31 December 2022. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group. All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Business Combinations The group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquire and the equity interests issued by the group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest’s proportionate share of the recognised amounts of acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously held equity interest in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognised in profit or loss. Contingent consideration is classified either as equity or as a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with changes in fair value recognised in profit or loss. Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor’s share of the profit or loss of the investee after the date of acquisition. The Group’s investment in associates includes goodwill identified on acquisition. If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income is reclassified to profit or loss where appropriate. The Group’s share of post-acquisition profit or loss is recognised in the income statement, and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the Group’s share of losses in an associate equal or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate. The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognises the amount adjacent to ‘share of profit/(loss) of associates in the income statement. Gains and losses resulting from upstream and downstream transactions between the Group and its associate are recognised in the Group’s financial statements only to the extent of unrelated investor’s interests in the associates. Unrealised losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group. Dilution gains and losses arising in investments in associates are recognised in the income statement. Segmental reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the CEO or equivalent. The directors consider that the Group has only one significant reporting segment being crypto mining which is fully earned by a Canadian and USA subsidiary for the financial year ended 31 December 2022. Loans and issued debt Loans and issued debt are recognised initially at fair value, net of transaction costs incurred. Loans and issued debt are subsequently carried at amortised cost; any difference between the proceeds and the redemption value is recognised in the income statement over the period of the borrowings, using the effective interest method. Loans and issued debt are removed from the statement of financial position when the obligation specified in the contract is discharged, cancelled or expired. Loans and borrowings and issued debt are classified as current liabilities unless the Group has an unconditional right to defer settlement of a liability for at least 12 months after the end of the reporting period. Intangible assets Intangible fixed assets comprise of the Group’s website and digital assets that were not mined by the Group and are held by Argo Labs (our internal team) as investments. The Group’s website is recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recorded within administration expenses. Digital assets recorded under IAS 38 have an indefinite useful life initially measured at cost, and subsequently measured at fair value. Argo’s primary business is focused on cryptocurrency mining. Argo Labs is an in-house innovation arm focused on identifying opportunities within the disruptive and innovative sectors of the broader cryptocurrency ecosystem. Argo Labs uses a portion of Argo’s crypto assets to deploy into various blockchain projects. Increases in the carrying amount arising on revaluation of digital assets are credited to other comprehensive income and shown as other reserves in shareholders’ equity. Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against the fair value reserve directly in equity; all other decreases are charged to the income statement. The fair value of intangible cryptocurrencies on hand at the end of the reporting period is calculated as the quantity of cryptocurrencies on hand multiplied by price quoted on www.coingecko.com, one of the leading crypto websites, as at the reporting date. Costs relating to the development of website are capitalised once all the development phase recognition criteria of IAS 38 “Intangible Assets” are met. Amortisation is charged on a straight-line basis over the estimated useful life of 5 years. The useful life represents management’s view of the expected period over which the Group will receive benefits from the Website, as well as anticipation of future events which may impact their useful life, such as changes in technology. Goodwill is initially measured at cost (being the excess of the consideration transferred and the amount recognised for non-controlling interests and any previous interest held of the net identifiable assets acquires and liabilities assumed). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the difference is recognised in profit or loss. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss. Tangible fixed assets Tangible fixed assets comprise of right of use assets, office equipment, mining and computer equipment, data centres, leasehold improvements, and electrical equipment. Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of the right of use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right of use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. Office equipment assets are measured at cost, less any accumulated depreciation and impairment losses. Office equipment is depreciated over 3 years on a straight-line basis. Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of amortisation and any impairment losses. Cost includes the original purchase price of the asset and any costs attributable to bringing the asset to its working condition for its intended use. An item of property, plant and equipment is recognised as an asset if it is probable that future economic benefits associated with the asset will flow to the entity, and the cost of the asset can be measured reliably. Data centres: Depreciation on the data centres is recognised so as to write off the cost or valuation of assets less their residual values over their estimated useful lives of 25 years on a straight-line basis from when they are brought into use. Depreciation is recorded in the Income Statement within general administrative expenses once the asset is brought into use. Any land component is not depreciated. Mining and computer equipment and leasehold improvements: Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their estimated useful lives. It is 3 Electrical equipment: Depreciation is recognised on a straight-line basis to write off the cost less their residual values over their estimated useful lives of 3 years. Management assesses the useful lives based on historical experience with similar assets as well as anticipation of future events which may impact their useful life. Impairment of non-financial assets At each reporting period end date, the Group reviews the carrying amounts of its non-financial assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group and Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Digital assets Digital assets consist of mined bitcoin, and do not qualify for recognition as cash and cash equivalents or financial assets and have an active market which provides pricing information on an ongoing basis. The Group has assessed that it acts in a capacity as a commodity broker-trader as defined in IAS 2, Inventories, in characterising its holding of Digital assets as inventory. If assets held by commodity broker-traders are principally acquired for the purpose of selling in the near future and generating a profit from fluctuations in price or broker-traders’ margin, such assets are accounted for as inventory, and changes in fair value (less costs to sell) are recognised in profit or loss. Digital assets are initially measured at fair value. Subsequently, digital assets are measured at fair value with gains and losses recognised directly in profit or loss. Although the Group mines for sale in the ordinary course of business, it looks to sell digital assets at a price that will generate the greatest realised gain and at a time when it would need to generate more fiat cash to meet working capital requirements. Thus, the Group may choose not to immediately sell its digital asset holdings after mined. Digital assets are included in current assets as management intends to dispose of them within 12 months of the end of the reporting period. Digital assets are cryptocurrencies mined by the Group. Cryptocurrencies not mined by the Group are recorded as Intangible Assets (see note 18). Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand and demand deposits with banks and other financial institutions, that are readily convertible into known amounts of cash, and which are subject to an insignificant risk of changes in value. The Group considers the credit risk on cash and cash equivalents to be limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies. Financial instruments Financial assets: Financial assets are recognised in the Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition. Financial assets are subsequently measured at amortised cost, fair value through OCI, or fair value through profit and loss. The classification of financial assets at initial recognition that are debt instruments depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. The Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. In order for a financial asset to be classified and measured at amortised cost, it needs to give rise to cash flows that are ‘solely payments of principal and interest (SPPI)’ on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Group’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Subsequent measurement: For purposes of subsequent measurement, financial assets are classified in four categories: ● Financial assets at amortised cost ● Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments) ● Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments) ● Financial assets at fair value through profit or loss Equity Instruments: The Group subsequently measures all equity investments at fair value. Dividends from such investments continue to be recognised in profit or loss as other income when the Group’s right to receive payments is established. Changes in the fair value of financial assets at FVPL are recognised in other gains/(losses) in the statement of profit or loss as applicable. Financial assets at amortised cost (debt instruments): This category is the most relevant to the Group. The Group measures financial assets at amortised cost if both of the following conditions are met: ● The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and ● The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Interest received is recognised as part of finance income in the statement of profit or loss and other comprehensive income. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Group’s financial assets at amortised cost include other receivables and cash and cash equivalents. Derecognition: A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e., removed from the Group’s consolidated Balance sheet) when: ● The rights to receive cash flows from the asset have expired; or ● The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Impairment of financial assets: The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original EIR. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. The Group recognises an allowance for ECLs for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original EIR. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For the years ended 31 December 2022 and 2021 the Group has not recognised any ECLs. For other receivables due in less than 12 months, the Group applies the simplified approach in calculating ECLs, as permitted by IFRS 9. Therefore, the Group does not track changes in credit risk, but instead, recognises a loss allowance based on the financial asset’s lifetime ECL at each reporting date. The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows and usually occurs when past due for more than one year and not subject to enforcement activity. At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. The Company has an Intercompany loan due from its 100% Canadian subsidiary for which there is no formal agreement including payment date and therefore it cannot be considered to be in breach of an agreement and accordingly the loan is not subject to adjustments and is maintained at its book value in the financial statements. Financial liabilities: Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade and other payables and loans. Subsequent measurement: The measurement of financial liabilities depends on their classification, as described below: Loans and trade and other payables: After initial recognition, interest-bearing loans and borrowings and trade and other payables are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in the statement of profit or loss and other comprehensive income when the liabilities are derecognised, as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss and other comprehensive income. This category generally applies to trade and other payables. Derecognition: A financial liability is derecognised when the associated obligation is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in profit or loss or other comprehensive income. Equity instruments: Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Leases At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of

FINANCIAL RISK FACTORS

FINANCIAL RISK FACTORS	12 Months Ended
FINANCIAL RISK FACTORS	Dec. 31, 2022
FINANCIAL RISK FACTORS
FINANCIAL RISK FACTORS	4. The Group’s activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Group’s overall risk management programme seeks to minimise potential adverse effects on the Group’s financial performance. Risk management is undertaken by the Board of Directors. Market Risk The Group is dependent on the state of the cryptocurrency market, sentiments of crypto assets as a whole, as well as general economic conditions and their effect on exchange rates, interest rates and inflation rates. During the year the Group sold its digital assets held at 31 December 2021 at a significant loss. The Group now sells its Bitcoin production as it is mined to reduce the impact of Bitcoin prices. The Group is also subject to market fluctuations in foreign exchange rates. The subsidiary (Argo Innovation Labs Inc.) is based in Canada, and transacts in CAD$, USD$ and GBP. 9377-2556 Quebec Inc. and 9366-5230 Quebec Inc. are based in Canada and transact in CAD. Argo Innovations Facilities (US) Inc., Argo Holdings US Inc. and Argo Operating US LLC are located in the United States of America and transacts in USD. The Group bond is denominated in USD. Cryptocurrency is primarily convertible into fiat through USD currency pairs and through USD denominated stable coins and is the primary method for the Group for conversion into cash. The Group maintains bank accounts in all applicable currency denominations. Foreign currency sensitivity The following tables demonstrate the sensitivity to a reasonable possible change in USD and CAD exchange rates, with all other variables held constant. The impact on the Group’s profit before tax is due to changes in the fair value of monetary assets and liabilities. Effect on profit Effect on pre- Change in USD before tax tax equity rate £’000 £’000 2022 +/-10 % +/-4,302 — 2021 +/-10 % +/-250 +/-87 Change in CAD Effect on profit Effect on pre- rate before tax tax equity £’000 £’000 2022 +/-10 % +/-1,471 — 2021 +/-10 % +/-1,611 +/-3,208 Interest rate sensitivity The following table demonstrates the sensitivity to a reasonable possible change in interest rates on the portion of the loans and borrowings affected. With other variables held constant, the impact on the Group’s profit before tax is affected through the impact on floating rate borrowings, as follows. Increase/decrease Effect on in basis points profit before tax £’000 2022 +/-180 +/-522 2021 0 % +/-0 Credit risk Credit risk arises from cash and cash equivalents as well as any outstanding receivables. Management does not expect any losses from non-performance of these receivables. The amount of exposure to any individual counter party is subject to a limit, which is assessed by the Board. The Group considers the credit risk on cash and cash equivalents to be limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies. However, the banking sector is not currently favourable toward crypto based businesses in all of the jurisdictions that the Group operates and as such the Group has opened accounts with a number of Tier 2 banks in order to mitigate the risk of an account being deactivated or closed by the bank. Management continues to assess various opportunities to partner with FDIC-insured banks and or financial institutions. The Company considers the intercompany loan to its subsidiary (Argo Innovation Labs Inc.) to be fully recoverable based on review of projected cash flows and acceptance of regular payments directly to the Company’s creditors. The carrying amount of financial assets recorded in the financial statements represent the Group’s and Company’s maximum exposure to credit risk. The Group and Company do not hold any collateral or other credit enhancements to cover this credit risk. Liquidity risk Liquidity risk arises from the Group’s management of working capital. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. Management updates cashflow projections on a regular basis and closely monitors the cryptocurrency market on a daily basis. Accordingly, the Group’s controls over expenditure are carefully managed, in order to maintain its cash reserves. The Treasury committee meets on a weekly basis to make decisions around future cashflows and working capital requirements. Decisions may include considering debt/equity options alongside selling Bitcoin. The table below analyses the Group’s non-derivative financial liabilities and net-settled derivative financial liabilities into relevant maturity groupings, based on the remaining period at the Statement of Financial Position to the contractual maturity date. Derivative financial liabilities are included in the analysis if their contractual maturities are essential for an understanding of the timing of the cash flows. The amounts disclosed in the table are the contractual undiscounted cash flows. The Group complied with all covenants during the year and through to the reporting date. Less than 1 Between 1 and Between 2 year 2 years and 5 years Over 5 years At 31 December 2022 Loans 9,624 11,314 10,178 — Lease liabilities 4 8 12 424 Issued debt - bonds — — 31,356 — At December 2021 Loans 23,901 2,188 693 — Lease liabilities 21 42 63 251 Issued debt - bonds — — 26,908 — Capital risk management The Group’s objectives when managing capital is to safeguard the Group’s ability to continue as a going concern, in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders or issue new shares. The Group carefully monitors its EBITDA vs. debt, net assets vs. debt and market capitalisation vs. debt ratios. Please see the net debt tables below the cashflows and note 27 showing the fair value hierarchy of liabilities.

ADOPTION OF NEW AND REVISED STA

ADOPTION OF NEW AND REVISED STANDARDS AND INTERPRETATIONS	12 Months Ended
ADOPTION OF NEW AND REVISED STANDARDS AND INTERPRETATIONS	Dec. 31, 2022
ADOPTION OF NEW AND REVISED STANDARDS AND INTERPRETATIONS
ADOPTION OF NEW AND REVISED STANDARDS AND INTERPRETATIONS	5. The Group has adopted all recognition, measurement and disclosure requirements of IFRS, including any new and revised standards and Interpretations of IFRS, in effect for annual periods commencing on or after 1 January 2022. The adoption of these standards and amendments did not have any material impact on the financial result or position of the Group. At the date of authorisation of these financial statements, the following Standards and Interpretation, which have not yet been applied in these financial statements, were in issue but not yet effective: Standard or Interpretation Description Effective date for annual accounting period beginning on or after IAS 1 Amendments – Presentation and Classification of Liabilities TBC IFRS 16 Amendments – Lease liability in a sale and leaseback TBC IAS 1 Amendments – Disclosure of Accounting Policies 1 January 2023 IAS 8 Amendments - Definition of Accounting Estimates 1 January 2023 IAS 12 Amendments - Deferred Tax related to Assets and Liabilities arising from a Single Transaction 1 January 2023 IAS 17 Amendments - Insurance Contracts 1 January 2023 The Group has not early adopted any of the above standards and intends to adopt them when they become effective.

KEY JUDGEMENTS AND ESTIMATES

KEY JUDGEMENTS AND ESTIMATES	12 Months Ended
KEY JUDGEMENTS AND ESTIMATES	Dec. 31, 2022
KEY JUDGEMENTS AND ESTIMATES
KEY JUDGEMENTS AND ESTIMATES	6. In the application of the Group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below. Valuation of tangible and intangible fixed assets- Notes 18 and 19 The directors considered whether any impairments were required on the value of the property, plant and equipment. In doing so they made use of forecasts of revenues and expenditure prepared by the Group and came to the conclusion that impairment of those assets were required based on current forecasts. Key assumptions include Bitcoin production, hashprice and the discount rate. The assets held within Argo Labs are classified as intangible assets. Any impairment of these assets is reflected in the income statement and any increases in fair value are reflected in the fair value reserve. Argo Labs is an in-house innovation arm focused on identifying opportunities within the disruptive and innovative sectors of the broader cryptocurrency ecosystem. Argo Labs uses a portion of Argo’s crypto assets to deploy into various blockchain projects. Stock-based compensation – Note 22 During the year (and in previous years) share based payments were made based on the fees due to certain individuals for services to be performed by them in the future. In calculating these payments, where possible the Directors consulted with professional advisers to establish the market rate for these services. In addition to this, the company has also issued warrants and options to Directors, consultants and employees which have been valued in accordance with the Black Scholes model. Significant estimation and judgement is required by the directors when using the Black Scholes method. Further details of these estimates are available in note 22. Investments accounted for using the equity method – Note 16 The Group holds significant influence over certain entities that are accounted for under the equity method of accounting. The shareholdings and nature of relationship details are in Note 16. The equity accounted loss has been calculated based on the latest management accounts made available by the investee company, which were unaudited. Contingent liabilities – Notes 13 and 28 The Group is subject to tax liabilities as assessed by the tax authorities in the jurisdictions in which it operates. The Group has recorded its tax liabilities based on the information which it has available, as described in Note 13. However, a tax authority could challenge our allocation of income and transfer pricing, or assert that we are subject to a tax in a jurisdiction where we believe we have not established a taxable connection. If successful, these challenge could increase our expected tax liability in one or more jurisdictions. The Group is also subject to a class action lawsuit as described in Note 28 and no accrual has been made as there is no basis to estimate any liability.

REVENUES

REVENUES	12 Months Ended
REVENUES	Dec. 31, 2022
REVENUES
REVENUES	7 . 2022 2021 £’000 £’000 Crypto currency mining - worldwide 47,267 70,325 Crypto currency management fees – United States 96 3,879 Total revenue 47,363 74,204 Due to the nature of Cryptocurrency mining, it is not possible to provide a geographical split of the revenue stream. Cryptocurrency mining revenues are recognised at a point in time. Cryptocurrency management fees are services recognised over time. Other Income Argo held 2,441 Bitcoin (fair valued at £80m as at 31 December 2021) on its Balance Sheet at the beginning of 2022. The Group used up to 1,504 Bitcoins as collateral with Galaxy Digital LP for a short-term payable on demand loan of USD$30 million (£22.2m) taken out on December 23, 2021. To protect its Bitcoin holdings used as collateral for the loan and reduce overall exposure, Argo took positions in the markets which resulted in a net hedge gain of £1.7m for 2022. 2022 2021 Gain on Hedging £’000 £’000 Gain on Hedging 1,695 — Total gain on hedging 1,695 —

EXPENSES BY NATURE

EXPENSES BY NATURE	12 Months Ended
EXPENSES BY NATURE	Dec. 31, 2022
EXPENSES BY NATURE
EXPENSES BY NATURE	8. 2022 2021 2020 Direct Costs £’000 £’000 £’000 Depreciation of mining hardware 16,549 11,129 5,896 Hosting and other costs 21,634 11,057 11,210 Total direct costs 38,183 22,186 17,106 2022 2021 2020 Operating costs £’000 £’000 £’000 Legal, professional, and regulatory fees 12,763 1,533 114 Salary and other employee related costs 9,610 2,662 461 Depreciation and amortisation 6,900 382 131 Insurance 6,027 1,408 117 Indirect taxes 3,684 — — Freight, postage & delivery 1,314 — — Consulting fees 828 684 690 Repairs and maintenance 863 692 75 Office general expenses 840 424 265 Travel 678 128 46 Public relations and associated activities 519 699 113 Impairment of intangible assets — 535 — Hedging costs — 326 — Carbon credits — 252 — Audit fees 310 239 135 Bank charges 240 247 — Capital loss 116 — — Research costs 91 — 20 Write off of variable contingent consideration — (352) — Settlement re Crypto mining management fees — (1,561) — Reversal of credit loss provision — — (447) Foreign exchange (gain)/loss (17,250) 589 271 Total operating costs and administrative expenses 27,534 8,887 (1,991) 2022 2021 2020 Finance Costs £’000 £’000 £'000 Interest on loans, including associated prepayment penalties 18,321 2,142 171 Total finance costs 18,321 2,142 171

AUDITOR'S REMUNERATION

AUDITOR'S REMUNERATION	12 Months Ended
AUDITOR'S REMUNERATION	Dec. 31, 2022
AUDITOR'S REMUNERATION
AUDITOR'S REMUNERATION	9. 2022 2021 2020 £’000 £’000 £’000 In relation to statutory audit services 251 170 100 Other audit assurance services 59 52 35 Total auditor’s remuneration 310 222 135

EMPLOYEES

EMPLOYEES	12 Months Ended
EMPLOYEES	Dec. 31, 2022
EMPLOYEES
EMPLOYEES	10. EMPLOYEES The average monthly number of persons (including directors) employed by the group during the period was: 2022 2021 2020 Number Number Directors and employees 82 26 6 Their aggregate remuneration comprised: 2022 2021 2020 £’000 £’000 £’000 Wages and salaries 8,934 2,286 191 Social security costs 646 199 13 Pension costs 30 25 — Share based payments 4,928 1,392 24 14,538 3,902 228 The average monthly number of persons (including directors) employed by the company during the period was: 2022 2021 2020 Number Number Number Directors and employees 6 4 1 Their aggregate remuneration comprised: 2022 2021 2020 £’000 £’000 £’000 Wages and salaries 1,072 406 135 Social security costs 44 8 18 Pension costs 12 1 — Share based payments 4,928 330 — 6,056 745 153

DIRECTOR'S REMUNERATION

DIRECTOR'S REMUNERATION	12 Months Ended
DIRECTOR'S REMUNERATION	Dec. 31, 2022
DIRECTOR'S REMUNERATION
DIRECTOR'S REMUNERATION	11. 2022 2021 2020 £’000 £’000 £’000 Directors’ remuneration for qualifying services 1,285 856 532 Senior management loss of office — 132 — Share based payments 1,522 431 20 Total remuneration for directors and key management 2,807 1,419 552 The amounts above are remunerated through both salaries (of which, some are included in 10) and through service companies (as disclosed in note 29). Further details of Directors’ remuneration are available in the Remuneration report. The highest paid director during the year earned £588k (2021: £455k).

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
EARNINGS PER SHARE	Dec. 31, 2022
EARNINGS PER SHARE
EARNINGS PER SHARE	12. The basic earnings per share is calculated by dividing the profit/(loss) attributable to equity shareholders by the weighted average number of shares in issue. The Group and Company has in issue 18,698,304 warrants and options at 31 December 2022 (2021: 17,688,897). 2022 2021 2020 Net profit/(loss) for the period attributable to ordinary equity holders from continuing operations (£’000) (185,107) 30,765 1,442 Weighted average number of ordinary shares in issue (’000) 473,930 397,513 303,436 Basic earnings (loss) per share for continuing operations (pence) (39.1) 7.7 0.5 Net profit/(loss) for the period attributable to ordinary equity holders for continuing operations (£’000) (185,107) 30,765 1,442 Diluted number of ordinary shares in issue (’000) 473,930 415,201 344,638 Diluted earnings (loss) per share for continuing operations (pence) (39.1) 7.4 0.4 The diluted loss per Ordinary Share is calculated by adjusting the weighted average number of Ordinary Shares outstanding to consider the impact of options, warrants and other dilutive securities. As the effect of potential dilutive Ordinary Shares in the current year would be anti-dilutive, they are not included in the above calculation of dilutive earnings per Ordinary Share for 2022.

TAXATION

TAXATION	12 Months Ended
TAXATION	Dec. 31, 2022
TAXATION
TAXATION	13. TAXATION 2022 2021 2020 Current tax: £’000 £’000 £’000 Current tax on(loss)/ profit for the year (9,485) 7,679 — Adjustments in respect of prior periods — — — Total current tax (9,485) 7,679 — 2022 2021 2020 Deferred tax: £’000 £’000 £’000 Origination and reversal of temporary differences — 827 — Total deferred tax liability — 827 — Total tax (credit)/charge (9,485) 8,506 — No deferred tax has been recognised on the losses brought forward and carried forward on the UK, Canada and US losses given the uncertainty on the generation of future profits. Income tax expense The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows: 2022 2021 2020 £’000 £’000 £’000 Profit (loss) before taxation (194,592) 39,271 1,442 Expected tax charge (recovery) based on a weighted average of 25% (2021 - 25% 2020 - 24% ) (UK, US and Canada) (48,648) 9,746 346 Effect of expenses not deductible in determining taxable profit 26,406 1,779 3 Capital allowances in excess of depreciation 6,848 (3,770) (101) Other tax adjustments 205 (137) (703) Other timing differences — (385) — Origination and reversal of temporary differences (827) 827 — Unutilised tax losses carried forward 6,531 445 455 Taxation charge in the financial statements (9,485) 8,506 — The group has tax losses available to be carried forward and used against trading profits arising in future periods of approximately £72,000,000 (2021 - £10,476,000). The weighted average applicable tax rate was 25% (2021: 25%). The movement in deferred income tax assets and liabilities during the year, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows: 2022 2021 Deferred tax liabilities £’000 £’000 Digital assets — 286 Gain on fair value of property acquired (see note 17) — 442 Share of other comprehensive income of associates — 99 Property, plant and equipment — — Total deferred tax — 827 Current portion — 286 Non-current — 541 A tax authority may disagree with tax positions that we have taken, which could result in increased tax liabilities. For example, Her Majesty’s Revenue & Customs (“HMRC”), the IRS or another tax authority could challenge our allocation of income by tax jurisdiction and the amounts paid between our affiliated companies pursuant to our intercompany arrangements and transfer pricing policies, including amounts paid with respect to our intellectual property development. Similarly, a tax authority could assert that we are subject to tax in a jurisdiction where we believe we have not established a taxable connection and such an assertion, if successful, could increase our expected tax liability in one or more jurisdictions.

INVESTMENT IN SUBSIDIARIES AND

INVESTMENT IN SUBSIDIARIES AND LOSS ON SALE OF SUBSIDIARY	12 Months Ended
INVESTMENT IN SUBSIDIARIES AND LOSS ON SALE OF SUBSIDIARY	Dec. 31, 2022
INVESTMENT IN SUBSIDIARIES AND LOSS ON SALE OF SUBSIDIARY
INVESTMENT IN SUBSIDIARIES AND LOSS ON SALE OF SUBSIDIARY	14. Company Details of the Company’s subsidiaries at 31 December 2022 and 31 December 2021 are as follows: Country of Ownership Voting Power Nature of Name of Undertaking Incorporation Interest (%) Held (%) Business Argo Innovation Labs Inc. Canada 100 % 100 % *** Argo Innovation Labs Limited UK 100 % 100 % Dormant Argo Innovation Facilities (US) Inc. USA 100 % 100 % * 9377-2556 Quebec Inc. Canada 100 % 100 % 9366-5230 Quebec Inc. Canada 100 % 100 % Argo Holdings US Inc. USA 100 % 100 % **** Argo Operating US LLC USA 100 % 100 % * * The provision of cryptocurrency mining services The provision of cryptocurrency mining sites * Converted from the provision of cryptocurrency mining services to cost centre in 2022 **** Holding company 2022 2021 Investment in subsidiaries £’000 £’000 At 1 January 12,181 — Additions 53,494 12,181 Disposals (12,181) — At 31 December 53,494 12,181 The cost of the investment above is in respect of the DPN LLC acquisition further detail can be found in note 19. 9377-2556 Quebec Inc.and 9366-5230 Quebec Inc.are the GPUone subsidiaries acquired on 11 May 2021 with registered addresses of 8 avenue William Dobell, Baie-Comeau, Quebec G4Z 1T7 and 10205 Irene Vachon, Mirabel, Quebec J7N 3E3 respectively . More information on this acquisition can be found in note 17. Argo Holdings US Inc. was incorporated on November 22, 2022, with a registered office of 1209 Orange Street, Wilmington, Delaware, USA, 19801. The company contributed shares in Argo Innovation Facilities (US) valued at £53.5m. Argo Operations US LLC was formed on November 22, 2022, with a registered office of 1209 Orange Street, Wilmington, Delaware, USA, 19801. Argo Innovation Facilities (US) Inc was incorporated on 25 February 2021 with a registered address of 2028 East Ben White Blvd. Austin, TX 78740. This entity held the Helios facility and real property in Dickens County, Texas. On 21 December 2022, Argo Innovation Facilities (US) Inc. was converted to Galaxy Power LLC. Galaxy Power LLC was sold on 28 December 2022 pursuant to an equity purchase agreement. The proceeds received for the sale were £53.0 million against a book value £97.8 million resulting in a loss on sale for the Group of £44.8 million. The effects of the disposal of Galaxy Power LLC on the cash flows of the Group were: Group At 28 December 2022 £000 Carrying amounts of assets and liabilities as at the date of disposal: Cash and bank balances 1,357 Property, plant and equipment 104,888 Trade and other debtors 297 Total assets 106,542 Trade and other creditors 9,764 Total liabilities 9,764 Net assets disposed of 96,778 Cash flows arising from disposal: Proceeds used to paydown existing debt 70,654 Issuance of new loan (25,356) Proceeds received in cash for new loans 6,676 Total Proceeds 51,974 Net assets disposed of (as above) 96,778 Loss on disposal (44,804)

INVESTMENTS AT FAIR VALUE THROU

INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS	12 Months Ended
INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS	Dec. 31, 2022
INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS
INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS	15 . Non-current 2022 2021 Group £’000 £’000 At 1 January 403 1,393 Foreign exchange movement 20 — Additions 249 219 Fair value through profit or loss (328) 183 Disposals — (1,392) At 31 December 344 403

INVESTMENTS ACCOUNTED FOR USING

INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD	12 Months Ended
INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD	Dec. 31, 2022
INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD	16. 2022 2021 £000’s £000s Opening balance 13,817 — Acquired during the period — 8,444 Share of loss (4,872) (1,198) Share of fair value (losses)/gains on intangible assets through other comprehensive income (6,571) 6,571 Closing balance 2,374 13,817 Set out below are the associates of the Group as at 31 December 2022, which, in the opinion of the Directors, significant influence is held. The associate as listed below has share capital consisting solely of ordinary shares, which are held directly by the Group. The country of incorporation or registration is also their principal place of business. Nature of investment in associates: % of Address of the ownership Nature of Measurement Name of entity registered office interest relationship method Emergent Entertainment PLC (previously Pluto Digital plc) Hill Dickinson LLP, 8th Floor The Broadgate Tower, 20 Primrose Street, London, United Kingdom, EC2A 2EW 19.94 % Refer below Equity On 3 February 2021 Argo invested in Pluto Digital PLC (“Pluto”), a crypto venture capital and technology company. The investment was satisfied with 75,000 Polkadot with a fair value at that date of £1.1m. Further to this in a second round of funding the Group invested an additional £7.4m on 8 March 2021. In addition, Argo holds 121,666,666 warrants at a price of £0.12 each and 35,450,000 warrants at a price of £0.06 each. If Pluto was fully diluted Argo’s ownership would be 33.26% as at 31 December 2022 including the exercise of the share warrants. The warrants expired unexercised in February and March 2023. In October 2022, Pluto merged with Maze Theory to become Emergent Entertainment PLC (“Emergent”). Argo owns 19.94% (2021 – 24.65%) of the total share capital and voting rights of the business. The Group retains the right to appoint a board member from Argo on Emergent’s board based on its current ownership percentage. Emergent Entertainment PLC is a next-generation entertainment company that brings storytellers and their audiences closer together by harnessing new technologies including virtual reality, augmented reality, artificial intelligence and blockchain. Emergent Entertainment is a private company and there is no quoted market price available for its shares. There are no contingent liabilities relating to the Group’s interest in the associates. The audited financial information for the period ended 30 September 2021, together with the unaudited management accounts for the period from 1 October 2021 to 31 December 2022, have been made available by Emergent to the Group and the figures in the above represent Argo’s share of the loss for the period and movements in the fair value of net assets (net of deferred tax). Summarised financial information for associates Set out below is the preliminary, unaudited financial information for Emergent Entertainment PLC which is accounted for using the equity method. Summarised Statement of Financial Position As at As at December 31, December 31, 2022 2021 Current £000’s £000’s Cash and cash equivalents 2,964 1,759 Other current assets (excluding cash) 3,650 335 Total current assets 6,614 2,094 Trade payables 280 88 Other current liabilities 74 1,494 Total current liabilities 354 1,582 Non-current Tangible fixed assets 106 49 Investments and other non-current assets 11,596 56,000 Total non-current assets 11,702 56,049 Financial liabilities 4,809 2,807 Total non-current liabilities 4,809 2,807 Net assets 13,153 53,754 Summarised Statement of Comprehensive Income, Emergent Entertainment PLC January 12 to December 31, 2022 2021 £000’s £000’s Revenue 352 — Cost of sales (224) — Gross profit 128 — Operating costs (12,088) (7,652) Revaluation loss – digital assets (12,810) 2,394 Loss from operations (24,770) (5,258) Non-operating costs (209) — Income tax expense (recovery) 2,579 575 Post-tax loss (22,400) (4,867) Other comprehensive income (26,991) 26,991 Total comprehensive income (loss) (49,391) 21,824 The information above reflects the amounts presented in the financial information of the associate (and not Argo Blockchain Plc’s share of those amounts) adjusted for differences in accounting policies between the Group and the associate. Reconciliation of summarised financial information 2022 2021 £000’s £000’s Summarised financial information (as adjusted) Net assets, opening 56,052 — Acquired during the period — 34,228 Profit/(loss) for the period (22,400) (4,867) Other comprehensive income (26,991) 26,691 Closing net assets 6,661 56,052 Interest in associates (2022: 19.94%; 2021: 24.65%)* 2,374 13,817 Goodwill — — Carrying value 2,374 13,817 *The percentage share of the associate profit or loss for the year was calculated and recorded on a month by month basis, based on the movements in the percentage ownership, from the unaudited management accounts.

BUSINESS COMBINATION

BUSINESS COMBINATION	12 Months Ended
BUSINESS COMBINATION	Dec. 31, 2022
BUSINESS COMBINATION
BUSINESS COMBINATION	17. GPUone subsidiaries acquired from GPUone Holding Inc. On 11 May 2021, the Group acquired 100% of the share capital of GPUone 9377-2556 Quebec Inc. and GPUone 9366-5230 Quebec Inc. from its shareholder GPUone Holding Inc. for a total consideration of £5.5m; consisting of £212k The acquisition was performed to enable the Group to obtain control of its hosting facility and power costs across its facilities in Canada. From acquisition on 11 May 2021 to 31 December 2021 the GPUone subsidiaries loss amounted to £3.4m which is fully consolidated . The consideration was negotiated on an arm’s length basis and primarily on the basis of the valuation of the land and buildings being acquired. The directors attribute the consideration as fair value of the land and buildings with no goodwill being recognised as currently Argo does not anticipate hosting any third parties at these sites in the medium term. The fair values of the acquisition date assets and liabilities, together with any separately identifiable intangible assets, have been provisionally determined at 30 September 2021 because the acquisition was completed late in the period. The Group is currently obtaining the information necessary to finalise its valuation. On a £1 for £1 basis certain deposits and other receivables totalling £668k were acquired. The directors consider these amounts fully recoverable and as such these receivables have not been impaired. Liabilities assumed are incorporated at their cost. The following table summarises the consideration paid for the GPUone subsidiaries and the fair value of assets acquired and liabilities assumed at the acquisition date: Consideration £’000 Cash 213 Payment for deposits 668 Cancellation of prepayment and deposits 4,656 Total consideration 5,537 Recognised amounts of identifiable assets acquired, and liabilities assumed £’000 Cash and cash equivalents 4 Property, plant and equipment (Note 11) 10,779 Trade and other receivables 387 Trade and other payables (326) Property mortgages (5,010) Lease liability (377) Goodwill 80 Total 5,537 Fair value of assets acquired was assessed in line with independent valuations provided by CBRE of the sites. Given the continued demand for power sites and data centres in North America the Directors consider the valuations to be prudent, however they are still in line with the fair value and consideration paid for the entities, primarily (as discussed above) for Argo to gain access to the low cost of power and direct control of management of the miners at those sites. No acquisition costs have been recognised in the above calculations.

INTANGIBLE FIXED ASSETS

INTANGIBLE FIXED ASSETS	12 Months Ended
INTANGIBLE FIXED ASSETS	Dec. 31, 2022
INTANGIBLE FIXED ASSETS
INTANGIBLE FIXED ASSETS	18. Digital 2022 Goodwill assets Website Total Group £’000 £’000 £’000 £’000 Cost At 1 January 2022 80 5,303 671 6,054 Additions — 1,728 — 1,728 Disposals — (2,058) — (2,058) At 31 December 2022 80 4,973 671 5,724 Amortisation and impairment At 1 January 2022 — 121 450 571 Foreign exchange movement — (1,321) (18) (1,339) Fair value movement — 4,601 — 4,601 Amortisation charged during the period — — 147 147 At 31 December 2022 — 3,309 579 3,888 Balance At 31 December 2022 80 1,572 92 1,744 Digital 2021 Goodwill assets Website Total Group £’000 £’000 £’000 £’000 Cost At 1 January 2021 — — 671 671 Additions 80 18,216 — 18,296 Disposals — (12,792) — (12,792) At 31 December 2021 80 5,424 671 6,175 Amortisation and impairment At 1 January 2021 — — 303 303 Foreign exchange movement — — 9 9 Impairment — 535 — 535 Fair value gain (414) — (414) Amortisation charged during the period — — 138 138 At 31 December 2021 — 121 450 571 Balance At 31 December 2021 80 5,303 221 5,604 Digital assets are cryptocurrencies not mined by the Group. The Group held crypto assets during the year, which are recorded at cost on the day of acquisition. Movements in fair value between acquisition (date mined) and disposal (date sold), and the movement in fair value in crypto assets held at the year end, impairment of the intangible assets and any increase in fair value are recorded in the fair value reserve. The digital assets held below are held in Argo Labs (a division of the Group) as discussed above. The assets are all held in secure custodian wallets controlled by the Group team and not by individuals within the Argo Labs team. The assets detailed below are all accessible and liquid in nature. As at 31 December 2022 Coins / tokens Fair value Crypto asset name £’000 Token deals — 771 Ethereum - ETH 518 519 Polkadot - DOT 32,964 118 Alternative coins — 164 As at 31 December 2022 — 1,572

TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS	12 Months Ended
TANGIBLE FIXED ASSETS	Dec. 31, 2022
TANGIBLE FIXED ASSETS
TANGIBLE FIXED ASSETS	19. Mining and Assets Right of Office Computer Machine Under Data centre use Assets Equipment Equipment components Construction Improvements Data centres Equipment Total Group £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 Cost At 1 January 2022 358 49 58,499 — 61,306 85 10,466 — 130,763 Foreign exchange movement - cost 17 — 2,744 — 7,287 4 560 — 10,612 Additions 75 — 117,246 17,364 — 7 — 86 134,779 Transfers to another class - cost — — — — (68,593) — 68,593 — — Disposals — (2) (60,809) — — — (68,593) — (129,404) At 31 December 2022 450 47 117,680 17,364 — 96 11,026 86 146,749 Depreciation and impairment At 1 January 2022 8 — 18,507 — — 65 229 — 18,809 Foreign exchange movement — — 868 — — 3 11 — 882 Depreciation charged during the period 7 14 16,549 — — 19 6,846 12 23,448 Impairment in asset — — 29,797 15,121 — — 225 — 45,143 Disposals — — — — — — (5,817) — (5,817) At 31 December 2022 15 14 65,721 15,121 — 87 1,494 12 82,464 Carrying amount At 1 January 2022 350 49 39,992 — 61,306 20 10,237 — 111,954 At 31 December 2022 435 33 51,959 2,244 — 9 9,532 74 64,285 Right of use Assets Office Equipment Mining and Computer Equipment Assets Under Construction Data centre Improvements Data centres Total Group £’000 £’000 £’000 £’000 £’000 £’000 £’000 Cost At 1 January 2021 7,379 — 17,865 — 85 — 25,329 Foreign exchange movement — — (62) — — — (62) Acquisition through business combination 358 — — 12,180 — 10,466 23,004 Additions — 49 33,317 49,126 — — 82,492 Transfer to another class (7,379) — 7,379 — — — — At 31 December 2021 358 49 58,499 61,306 85 10,466 130,763 Depreciation and impairment At 1 January 2021 — — 7,443 — 48 — 7,491 Foreign exchange movement — — (65) — — — (65) Depreciation charged during the period 3,281 — 7,856 — 17 229 11,383 Transfer to another class (3,273) — 3,273 — — — — At 31 December 2021 8 — 18,507 — 65 229 18,810 Carrying amount At 1 January 2021 7,379 — 10,422 — — — 17,833 At 31 December 2021 350 49 39,992 61,306 20 10,237 111,954 All property, plant and equipment is owned by the subsidiary, Argo Innovation Labs Inc. During the year, the lease for the right of use assets was settle by purchasing the mining equipment. Book balances were transferred to mining and computer equipment. Acquisition of DPN LLC On 8 March 2021 the Group completed the acquisition of DPN LLC to acquire 160 acres (with option to purchase a further 157 acres) of land in West Texas for the construction of a 200MW mining facility for completion mid-2022. The acquisition of DPN LLC, effectively comprising the land acquisition in West Texas, has been treated as an asset acquisition in the financial statements. The consideration for the acquisition was an initial price of GBP 3.6m, satisfied by the issue and allotment to the shareholders of DPN LLC of 3,497,817 new ordinary shares in Argo, with up to a further 8.6m of shares payable if certain contractual milestones related to the facility are fulfilled. Initial issue and allotment of GBP 3.6m has been recognised based on estimated fair value of assets received at acquisition in line with IFRS 2 Share based payments. Contingent consideration balance of this business combination has been subsequently measured at fair value with changes recognised in profit and loss in line with IFRS 9. Fair value of assets acquired was assessed in line with independent valuations of site by CBRE as well as external financial due diligence and financial modelling. Financial models used historical power purchase assumptions for the area and the Company’s internal hash rate and Bitcoin pricing assumptions to help the Company evaluate the financial benefits of developing a Bitcoin mining operation on the land. Work performed by DPN LLC from August 2019, when it purchased the land, to March 2021, when it sold the land to the Company, to prepare for a Bitcoin mining operation added to the value of the land for that purpose. Consideration at 8 March 2021 £’000 Share based payment 3,521 Contingent consideration to be settled in shares 8,659 Total 12,180 Allocated as follows £’000 Tangible fixed assets (Asset under construction) 12,180 Total 12,180 Property, Plant and Equipment Impairments and Loss on Sale of Subsidiary The Group has a single line of business, crypto mining. As such, the Group has one cash generating unit (CGU). At each reporting date, the Group assesses whether there is an indication that an asset may be impaired. If an indication exists, the Group estimates an asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs of disposal and its value in use. When the carrying value of an asset or CGU exceed its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing fair value of Mining and Computer Equipment, the Group used readily available tera hash pricing ("hashprice") less a 15% discount for used equipment. In assessing value in use, the discounted estimated future cash flows over the useful life of the mining machines using a pre-tax discount rate of . As a result of the analysis, an impairment of £ In assessing the recoverable amount of the CGU, the Group calculated the discounted cash flows of the CGU using a terminal growth rate of 3% . The pre-tax discount rate used was . As a result of this analysis, an impairment of £ 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 £15 million was recorded. Loss on Sale During the year, the Group sold chips that were previously purchased. The proceeds on these chip sales were £ 10,029 and the group recorded a loss on disposal of fixed assets of £ Mining Machine Swap In March 2022, the Group entered into an agreement to exchange mining machines and terminate a hosting agreement. With the completion of Helios, the Group no longer required third party hosting services. The agreement provided the hosting provider with ownership of the Group's machines at their facilities in exchange for new mining machines for our Helios facility. The hash rate between the two groups of mining machines was similar.This transaction lacks commercial substance, therefore, IFRS 16 requires the mining machines acquired be recorded at the book value of the mining machines transferred to the hosting service provider.

TRADE AND OTHER RECEIVABLES

TRADE AND OTHER RECEIVABLES	12 Months Ended
TRADE AND OTHER RECEIVABLES	Dec. 31, 2022
TRADE AND OTHER RECEIVABLES / INTERCOMPANY
TRADE AND OTHER RECEIVABLES / INTERCOMPANY	20 . 2022 2021 £’000 £’000 Trade and other receivables — 13,194 Mining equipment prepayments 4,958 47,426 Other taxation and social security 683 2,739 Total trade and other receivables 5,641 63,359 Mining equipment prepayments consist of payments made and due on mining equipment due to arrive in 2023. Other taxation and social security consist of purchase tax recoverable in Canada. GST and QST debtors are greater than 90 days as at 31 December 2022.

DIGITAL ASSETS

DIGITAL ASSETS	12 Months Ended
DIGITAL ASSETS	Dec. 31, 2022
DIGITAL ASSETS
DIGITAL ASSETS	21 . The Group mined crypto assets during the period, which are recorded at fair value on the day of acquisition. Movements in fair value between acquisition (date mined) and disposal (date sold), and the movement in fair value in crypto assets held at the year end, are recorded in profit or loss. All of the Group’s holding in crypto currencies other than Bitcoin are now classified as intangible assets. At the period end, the Group held Bitcoin representing a fair value of £368k. The breakdown of which can be seen below: 2022 2021 Group £’000 £’000 At 1 January 80,759 4,637 Additions Crypto assets purchased and received 207 16,569 Crypto assets mined 47,267 70,325 Total additions 47,474 86,894 Disposals Transferred to/from intangible assets 330 (5,424) Crypto assets sold (84,555) (6,976) Total disposals (84,225) (12,400) Fair value movements Gain/(loss) on crypto asset sales (43,526) 437 Movements on crypto assets held at the year end (114) 1,191 Total fair value movements (43,640) 1,628 At 31 December 368 80,759 Carrying value of digital assets pledged as collateral — 49,759 As at 31 December 2022, digital assets comprised 141 Bitcoin equivalents (2021: 2,441 Bitcoin).

SHARE OPTIONS AND WARRANTS

SHARE OPTIONS AND WARRANTS	12 Months Ended
SHARE OPTIONS AND WARRANTS	Dec. 31, 2022
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS	22. The following options and warrants over Ordinary Shares have been granted by the company and are outstanding: Number of Number of options/warrants options/warrants Exercise outstanding exercisable Options/ Warrants Grant Date Expiry date Price 2022 ‘000 2022 ‘000 Warrants 15 January 2021 15 January 2031 £1.25 240 240 Warrants 19 January 2021 18 January 2026 £0.90 110 110 Warrants 19 April 2021 19 March 2024 £1.35 224 224 Warrants 17 June 2021 19 March 2024 £1.50 22 22 Options 25 July 2018 25 July 2024 £0.16 1,000 1,000 Options 17 July 2019 16 July 2025 £0.16 537 537 Options 5 February 2020 4 February 2030 £0.07 4,362 4,362 Options 3 February 2021 2 February 2031 £0.94 159 151 Options 24 June 2021 23 June 2031 £1.26 1,000 500 Options 27 June 2021 26 June 2031 £1.35 500 250 Options 1 July 2021 30 June 2031 £1.16 500 250 Options 13 July 2021 12 July 2031 £1.00 1,000 500 Options 22 September 2021 22 September 2031 £1.57 4,150 1,758 Options 23 November 2021 23 November 2031 £1.30 500 184 Options 17 December 2021 16 December 2031 £0.86 675 234 Options 19 May 2022 19 May 2032 £0.51 3,350 861 Options 27 June 2022 27 June 2032 £0.34 250 42 Warrants 31 March 2022 31 March 2027 £0.94 60 60 Warrants 31 July 2022 31 July 2027 £1.00 10 10 Warrants 31 August 2022 31 August 2027 £1.04 10 10 Warrants 31 September 2022 31 September 2027 £1.12 10 10 Warrants 31 October 2022 31 October 2027 £1.05 10 10 Warrants 31 November 2022 31 November 2027 £1.02 10 10 Warrants 31 December 2022 31 December 2027 £1.01 10 10 18,698 11,345 Number of Weighted options and average exercise warrants ‘000 price £ At 1 January 2022 17,689 0.81 Granted 5,220 0.50 Exercised (1,593) 0.07 Lapsed (2,618) 0.89 Outstanding at 31 December 2022 18,698 0.68 Exercisable at 31 December 2022 11,345 0.61 Number of Weighted options and average exercise warrants ‘000 price £ At 1 January 2021 42,202 0.13 Granted 10,698 1.63 Exercised (34,351) 0.12 Lapsed (860) 0.95 Outstanding at 31 December 2021 17,689 0.81 Exercisable at 31 December 2021 7,596 0.26 The weighted average remaining contractual life of options and warrants as at 31 December 2022 is 93 months (2021 -102 months). If the exercisable shares had been exercised on 31 December 2022 this would have represented 61% (2021 – 2%) of the enlarged share capital. At the grant date, the fair value of the options and warrants prior to the listing date was the net asset value and post listing determined using the Black-Scholes option pricing model. Volatility was calculated based on data from comparable listed technology start-up companies, with an appropriate discount applied due to being an unlisted entity at grant date. Risk free interest has been based on UK Government Gilt rates for an equivalent term. Grant date Risk Free share Exercise interest Marketability Grant date price price Volatility Life rate % discount 25 July 2018 0.08 0.16 40 % 6 years 0.01 75 % 17 July 2019 0.09 0.16 40 % 6 years 0.01 90 % 5 February 2020 0.07 0.07 40 % 6 years 0.01 0 % 3 February 2021 0.94 0.94 112 % 10 years 0.01 0 % 24 June 2021 1.26 1.26 112 % 10 years 0.01 0 % 27 June 2021 1.35 1.35 112 % 10 years 0.01 0 % 1 July 2021 1.23 1.16 112 % 10 years 0.01 0 % 13 July 2021 1.00 1.00 112 % 10 years 0.01 0 % 22 September 2021 1.57 1.57 112 % 10 years 0.01 0 % 23 November 2021 1.30 1.30 112 % 10 years 0.01 0 % 17 December 2021 0.86 0.86 112 % 10 years 0.01 0 % 19 May 2022 0.51 0.51 112 % 10 years 0.01 0 % 27 June 2022 0.34 0.34 112 % 10 years 0.01 0 %

COMMON STOCK

COMMON STOCK	12 Months Ended
COMMON STOCK	Dec. 31, 2022
ORDINARY SHARES
ORDINARY SHARES	23. As at 31 As at 31 December 2022 December 2021 £’000 £’000 Ordinary share capital Issued and fully paid 468,082,335 Ordinary Shares of £0.001 each 468 303 Issued in the period 9,742,831 Ordinary Shares of £0.001 each 10 165 Fully paid not yet issued Ordinary Shares of £0.001 each — — 477,825,166 Ordinary Shares of £0.001 each 478 468 Additional paid-in capital At beginning of the period 139,581 1,540 Cancelled during the period — — Issued in the period 4,167 150,977 Issue costs — (12,936) Fully paid not yet issued — — At the end of period 143,748 139,581

RESERVES

RESERVES	12 Months Ended
RESERVES	Dec. 31, 2022
RESERVES
RESERVES	24. The following describes the nature and purpose of each reserve: Reserve Description Common stock Represents the nominal value of equity shares Additional paid-in capital Amount subscribed for share capital in excess of nominal value Share based payment reserve Represents the fair value of options and warrants granted less amounts transferred on exercise, lapse or expiry Currency translation reserve Cumulative effects of translation of opening balances on non-monetary assets between subsidiaries functional currencies (Canadian dollars and US Dollars) and Group presentational currency (Sterling). Fair value reserve Cumulative net gains on the fair value of intangible assets Other comprehensive income of equity accounted associates The other comprehensive income of any associates is recognised in this reserve Accumulated surplus Cumulative net gains and losses and other transactions with equity holders not recognised elsewhere.

TRADE AND OTHER PAYABLES

TRADE AND OTHER PAYABLES	12 Months Ended
TRADE AND OTHER PAYABLES	Dec. 31, 2022
TRADE AND OTHER PAYABLES
TRADE AND OTHER PAYABLES	25. 2022 2021 £’000 £’000 Trade payables 2,754 10,259 Accruals and other payables 5,042 4,986 Other taxation and social security 314 — Total trade and other creditors 8,110 15,245 Within trade payables is £nil (2021: £7,194,000) for amounts due for mining equipment not yet received. The directors consider that the carrying value of trade and other payables is equal to their fair value. Contingent consideration As part of the acquisition of DPN LLC up to a further 8.6m of shares being payable if certain contractual milestones related to the facility are fulfilled (see note 19). The amount payable as contingent consideration is payable in shares and as such is revalued as at the balance sheet date and any gain or loss is recognised in profit or loss, which for the year ended 31 December 2021 amounted to £236k. In June 2022, the Company issued 8,147,831 Ordinary Shares to settle £4m in contingent consideration. The remaining contingent consideration of £4m was not earned and as a result was reversed into profit or loss.

LOANS AND BORROWINGS

LOANS AND BORROWINGS	12 Months Ended
LOANS AND BORROWINGS	Dec. 31, 2022
LOANS AND BORROWINGS
LOANS AND BORROWINGS	26. 2022 2021 Non-current liabilities £’000 £’000 Issued debt - bond (a) 31,356 26,908 Galaxy loan (b) 19,183 — Mortgages - Quebec facilities (c) 2,309 3,391 Lease liability 448 370 Total 53,296 30,669 Current liabilities Galaxy loan (b) 8,819 22,239 Mortgages- Quebec facilities (c) 805 1,152 Lease liability 4 7 Total 9,628 23,398 (a) Unsecured Bonds: In November 2021, the Group issued an unsecured 5-year bond with an interest rate of 8.75%. The bonds mature on 30 November 2026. The bonds may be redeemed for cash in whole or in part at any time at the Group’s option (i) on or after 30 November 2023 and prior to 30 November 2024, at a price equal to 102% of their principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption, (ii) on or after 30 November 30 and prior to 30 November 2025, at a price equal to 101% of their principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption, and (iii) on or after November 30, 2025 and prior to maturity, at a price equal to 100% of their principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption. The Group may redeem the bonds, in whole, but not in part, at any time at its option, at a redemption price equal to 100.5% of the principal amount plus accrued and unpaid interest to, but not including, the date of redemption, upon the occurrence of certain change of control events. The bonds are listed on the Nasdaq Global Select Market under the symbol ARBKL. (b) Galaxy and related loans On 23 December 2021 the Group entered into a loan agreement with Galaxy Digital LP for a loan of USD$30 million (£22.2m). The proceeds of the loan were used, in conjunction with funds raised previously, to continue the build-out the Texas data centre, Helios. The short-term loan was a Bitcoin collateralised loan with an interest rate of 8% per annum. This loan was repaid during the 2022 as part of the Galaxy transaction. In March 2022, the Group entered into loan agreements with NYDIG ABL LLC for loans in the amounts of USD$26.7 million for the purchase of mining machines and Helios infrastructure, respectively. The loan was repaid during the year as part of the Galaxy transaction. In May 2022, the Group entered into a loan agreement with Liberty Commercial Finance for a loan of USD$1.2 million (£1.0m) to purchase equipment. The loan is repayable over a period of 36 months with an interest rate of 11.9%. In June 2022, the loan was assigned to North Mill Equipment Finance LLC (“New Mill”). The loan was repaid during the year as part of the Galaxy transaction. In December 2022, the Group sold Galaxy Power LLC (see note 14) and entered into a loan agreement with Galaxy Digital LLC for USD$35 million (£29m). Proceeds were used to pay off the Galaxy Digital LP, New Mill and NYDIG loans and working capital. The Galaxy Digital LLC loan is payable monthly based on an amortization schedule over 32 months with an interest rate of the secured overnight financing rate by the Federal Reserve Bank of New York plus 11%. The loan is secured by the Group’s property, plant and equipment. (c) Mortgages – Quebec Facilities The mortgages are secured against the two buildings at Mirabal and Baie-Comeau and are repayable over periods from 3 months to 48 months at interest rates between 6.95% and 9.45% respectively.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	12 Months Ended
FINANCIAL INSTRUMENTS	Dec. 31, 2022
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS	27. 2022 2021 £’000 £’000 Carrying amount of financial assets Measured at amortised cost - Mining equipment prepayments 4,958 47,426 - Trade and other receivables — 13,194 - Cash and cash equivalents 16,662 11,803 Measured at fair value through profit or loss 344 403 Total carrying amount of financial assets 21,964 72,826 Carrying amount of financial liabilities Measured at amortised cost - Trade and other payables 8,310 10,259 - Short term loans 9,624 23,391 - Long term loans 21,492 3,391 - Issued debt - bonds 31,356 26,908 - Lease liabilities 452 377 Measured at fair value - Fair value of contingent consideration — 8,071 Total carrying amount of financial liabilities 71,234 72,397 Fair Value Estimation Fair value measurements are disclosed according to the following fair value measurement hierarchy: ● Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) ● Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices), or indirectly (that is, derived from prices) (Level 2) ● Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). This is the case for unlisted equity securities. The following table presents the Group’s assets and liabilities that are measured at fair value at 31 December 2022 and 31 December 2021. Level 1 Level 2 Level 3 Total Assets £’000 £’000 £’000 £’000 Financial assets at fair value through profit or loss - Equity holdings 21 — 73 94 - Digital assets — 368 — 368 Total at 31 December 2022 21 368 73 462 Liabilities Financial liabilities at fair value through profit or loss - Deferred contingent consideration — — — — Total at 31 December 2022 — — — — Level 1 Level 2 Level 3 Total Assets £’000 £’000 £’000 £’000 Financial assets at fair value through profit or loss - Equity holdings 329 — 73 402 - Digital assets — 80,759 — 80,759 Total at 31 December 2021 329 80,759 73 81,161 Liabilities Financial liabilities at fair value through profit or loss - Deferred contingent consideration — — 8,071 8,071 Total at 31 December 2021 — — 8,071 8,071 All financial assets are in listed and unlisted securities and digital assets. There were transfers between levels during the riod The Group recognises the fair value of financial assets at fair value through profit or loss relating to unlisted investments at the cost of investment unless: ● There has been a specific change in the circumstances which, in the Group’s opinion, has permanently impaired the value of the financial asset. The asset will be written down to the impaired value; ● There has been a significant change in the performance of the investee compared with budgets, plans or milestones; ● There has been a change in expectation that the investee’s technical product milestones will be achieved or a change in the economic environment in which the investee operates; ● There has been an equity transaction, subsequent to the Group’s investment, which crystallises a valuation for the financial asset which is different to the valuation at which the Group invested. The asset’s value will be adjusted to reflect this revised valuation; or ● An independently prepared valuation report exists for the investee within close proximity to the reporting date. ● The deferred consideration has been fair valued to the yearend date as the amount is to be paid in Argo shares.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2022
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	28. The Group’s material contractual commitments relate to the hosting services agreement with Galaxy Digital Qualified Opportunity Zone Business LLC, which provides hosting, power and support services at the Helios facility. Whilst management do not envisage terminating agreements in the immediate future, it is impracticable to determine monthly commitments due to large fluctuations in power usage and variations on foreign exchange rates, and as such a commitment over the contract life has not been determined. The agreement is for services with no identifiable assets, therefore, there is no right of use asset associated with the agreement. The Group has entered into an agreement for the purchase of mining machines to be delivered in 2023. A deposit of USD$3.3M (£2.7m) is on account. Payments of USD$438k (£363k) and USD$424k (£352k) will be made prior to delivery of the machines. As the company disclosed on February 8, 2023, it is currently subject to a class action lawsuit. The case, Murphy vs Argo Blockchain plc et al, was filed in the Eastern District of New York on 26 January 2023. The company refutes all of the allegations and believes that this class action lawsuit is without merit. The company is vigorously defending itself against the action. We are not currently subject to any other material pending legal proceedings or claims.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2022
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	29. Key management compensation Key management includes Directors (executive and non-executive) and senior management. The compensation paid to related parties in respect of key management for employee services during the period was made from Argo Innovation Labs Inc., amounting to: £75,955 (2021 - £36,769) paid to POMA Enterprises Limited in respect of fees of Matthew Shaw (Non-executive director); £571,931 (2021 - £566,591) due to Vernon Blockchain Inc in respect of fees of Peter Wall (CEO).Maria Perrella and Raghav Chopra (Non-executive directors) were paid £66,175 and £96,653 as at year end respectively. From Argo Blockchain PLC, Alex Appleton (CFO) through Appleton Business Advisors Limited was paid £587,960 (2021 - £308,359).Sarah Gow was paid £33,782 as at year end.

CONTROLLING PARTY

CONTROLLING PARTY	12 Months Ended
CONTROLLING PARTY	Dec. 31, 2022
CONTROLLING PARTY
CONTROLLING PARTY	30 . There is no controlling party of the Group.

POST BALANCE SHEET EVENTS

POST BALANCE SHEET EVENTS	12 Months Ended
POST BALANCE SHEET EVENTS	Dec. 31, 2022
POST BALANCE SHEET EVENTS
POST BALANCE SHEET EVENTS	31. In February 2023, Peter Wall resigned from his position as Chief Executive Officer and Interim Chairman, Sara Gow resigned from her position as non-executive director on the Board. Alex Appleton resigned from his position as Chief Financial Officer, Executive Director and Secretary of the Group. In April 2023, Jim MacCallum was appointed Chief Financial Officer of the Group.

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	12 Months Ended
ACCOUNTING POLICIES (Policies)	Dec. 31, 2022
ACCOUNTING POLICIES
Going Concern	Going Concern The preparation of consolidated ﬁnancial statements requires an assessment on the validity of the going concern assumption. 2022 was a challenging year for Bitcoin miners: the depressed price of Bitcoin and the elevated global hashrate caused hashprice, the primary measure of mining profitability, to reach all-time lows in Q4 2022. In addition, global events resulted in disruption to fossil fuel energy markets which resulted in a significant increase in electricity prices. The low hashprice and elevated power prices significantly reduced Argo’s profitability and its ability to generate free cash flow. During Q4 2022, the Group evaluated several strategic alternatives to restructure our balance sheet and improve our cash flow. On 28 December 2022, the Group announced a series of transactions with Galaxy Digital Holdings, Ltd. (“Galaxy”) that improved the Group’s liquidity position and enabled the Group to continue its mining operations. As part of the transactions, Argo sold the Helios facility and real property in Dickens County, Texas to Galaxy for £54 million and refinanced existing asset-backed loans via a new £29 million, three-year asset-backed loan with Galaxy. The transactions reduced total indebtedness by £34 million and allowed Argo to simplify its operating structure. While the Galaxy transactions strengthened the Group’s balance sheet, material uncertainties exist that may cast significant doubt regarding the Group’s ability to continue as a going concern and meet its liabilities as they come due. The significant uncertainties are: 1) 2) Offsetting these potential risks to the Group’s cash flow are the Group’s current cash balance, the Group’s ability to generate additional funds by issuing equity for cash proceeds and selling certain non-core Group assets. Based on information from Management, as well as independent advisors, the Directors have considered the period to 30 June 2024, as a reasonable time period given the variable outlook of cryptocurrencies and the Bitcoin halving due in May 2024. Based on the above considerations, the Board believes it is appropriate to adopt the going concern basis in the preparation of the Financial Statements. However, the Board notes that the significant debt service requirements and the volatile economic environment, indicate the existence of material uncertainties that may cast significant doubt regarding the applicability of the going concern assumption and the auditors have made reference to this in their audit report.
Revenue and Other Income Recognition	Revenue and Other Income Recognition Mined income: The Group recognised revenue during the period in relation to mined crypto. The Group enters into contracts with the mining pool. The performance obligation is identified to be the delivery of crypto into the Group’s wallet once an algorithm has been solved. The transaction price is the fair value of crypto mined, being the fair value per the prevailing market rate for that crypto currency on the transaction date, and this is allocated to the number of crypto mined. These criteria for performance obligation are assessed to have occurred once the crypto has been received in the Group’s wallet. Mining earnings are made up of the baseline block reward and transaction fees of between 5% to 10%, however, these are bundled together in the daily deposits from mining and therefore are not capable of being analysed separately. Management fees: The Group recognised management fees on the services provided to third parties for management of mining machines on their behalf, ensuring the machines are optimised and mining as efficiently as possible. The performance obligation is identified as the services are performed, and thus revenue is recorded over time. Other Income: The Group receives credits and or coupons for the purchase and use of “Application-Specific Integrated Circuits (“ASICs”) on a periodic basis for Bitcoin Mining. These credits are provided to the Group after it purchases ASICs based on the variance between the price paid by the Group versus the reduction in ASIC prices. The credits are transferable. The Group elects to sells the credits at the market rate to willing buyers upon receipt of the credits. Other income is recognised at the date the sale is completed. Derivative Contracts – Hedging: In 2022, the Group used derivatives contracts in connection with some of its lending activities and its treasury management. Derivative contracts are susceptible to additional risks that can result in a loss of all or part of the investment. The Group’s derivative activities and exposure to derivative contracts are subject to interest rate risk, credit risk, foreign exchange risk, and macroeconomic risks. In addition, Argo is also subject to additional counterparty risks due to its potential inability of its counterparties to meet the terms of their contracts. The Group participates in both Future and Forward contracts as well as option contracts. Some of these derivatives are listed on exchange whereas some of these are traded over the counter.
Direct Costs	Direct Costs Direct costs of mining revenue are comprised of the fees paid to third parties to host, operate and maintain the mining machines, and utility costs. Where the Group transitioned to a model in which the Group owned and operated their mining facilities, costs of revenue includes direct facilities costs including utility costs, personnel costs, including compensation and benefits, associated with operating these owned mining facilities.
Basis of consolidation	Basis of consolidation Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. The group consists of Argo Blockchain plc and its wholly owned subsidiaries Argo Innovation Labs Inc, Argo Operating US LLC and Argo Holdings US Inc., 9366-5230 and 9377-2556 and Argo Innovation Labs Ltd. Argo Innovation Labs Ltd has been dormant since incorporation. The consolidated financial statements incorporate those of Argo Blockchain plc and all of its subsidiaries (i.e., entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. On the basis that Argo Innovation Labs Limited was dormant during the year and is immaterial to the Group, it was not included in these consolidated financial statements. All financial statements are made up to 31 December 2022. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group. All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.
Business Combinations	Business Combinations The group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquire and the equity interests issued by the group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest’s proportionate share of the recognised amounts of acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously held equity interest in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognised in profit or loss. Contingent consideration is classified either as equity or as a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with changes in fair value recognised in profit or loss.
Associates	Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor’s share of the profit or loss of the investee after the date of acquisition. The Group’s investment in associates includes goodwill identified on acquisition. If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income is reclassified to profit or loss where appropriate. The Group’s share of post-acquisition profit or loss is recognised in the income statement, and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the Group’s share of losses in an associate equal or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate. The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognises the amount adjacent to ‘share of profit/(loss) of associates in the income statement. Gains and losses resulting from upstream and downstream transactions between the Group and its associate are recognised in the Group’s financial statements only to the extent of unrelated investor’s interests in the associates. Unrealised losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group. Dilution gains and losses arising in investments in associates are recognised in the income statement.
Segmental reporting	Segmental reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the CEO or equivalent. The directors consider that the Group has only one significant reporting segment being crypto mining which is fully earned by a Canadian and USA subsidiary for the financial year ended 31 December 2022.
Loans and issued debt	Loans and issued debt Loans and issued debt are recognised initially at fair value, net of transaction costs incurred. Loans and issued debt are subsequently carried at amortised cost; any difference between the proceeds and the redemption value is recognised in the income statement over the period of the borrowings, using the effective interest method. Loans and issued debt are removed from the statement of financial position when the obligation specified in the contract is discharged, cancelled or expired. Loans and borrowings and issued debt are classified as current liabilities unless the Group has an unconditional right to defer settlement of a liability for at least 12 months after the end of the reporting period.
Intangible assets	Intangible assets Intangible fixed assets comprise of the Group’s website and digital assets that were not mined by the Group and are held by Argo Labs (our internal team) as investments. The Group’s website is recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recorded within administration expenses. Digital assets recorded under IAS 38 have an indefinite useful life initially measured at cost, and subsequently measured at fair value. Argo’s primary business is focused on cryptocurrency mining. Argo Labs is an in-house innovation arm focused on identifying opportunities within the disruptive and innovative sectors of the broader cryptocurrency ecosystem. Argo Labs uses a portion of Argo’s crypto assets to deploy into various blockchain projects. Increases in the carrying amount arising on revaluation of digital assets are credited to other comprehensive income and shown as other reserves in shareholders’ equity. Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against the fair value reserve directly in equity; all other decreases are charged to the income statement. The fair value of intangible cryptocurrencies on hand at the end of the reporting period is calculated as the quantity of cryptocurrencies on hand multiplied by price quoted on www.coingecko.com, one of the leading crypto websites, as at the reporting date. Costs relating to the development of website are capitalised once all the development phase recognition criteria of IAS 38 “Intangible Assets” are met. Amortisation is charged on a straight-line basis over the estimated useful life of 5 years. The useful life represents management’s view of the expected period over which the Group will receive benefits from the Website, as well as anticipation of future events which may impact their useful life, such as changes in technology. Goodwill is initially measured at cost (being the excess of the consideration transferred and the amount recognised for non-controlling interests and any previous interest held of the net identifiable assets acquires and liabilities assumed). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the difference is recognised in profit or loss. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss.
Tangible fixed assets	Tangible fixed assets Tangible fixed assets comprise of right of use assets, office equipment, mining and computer equipment, data centres, leasehold improvements, and electrical equipment. Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of the right of use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right of use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. Office equipment assets are measured at cost, less any accumulated depreciation and impairment losses. Office equipment is depreciated over 3 years on a straight-line basis. Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of amortisation and any impairment losses. Cost includes the original purchase price of the asset and any costs attributable to bringing the asset to its working condition for its intended use. An item of property, plant and equipment is recognised as an asset if it is probable that future economic benefits associated with the asset will flow to the entity, and the cost of the asset can be measured reliably. Data centres: Depreciation on the data centres is recognised so as to write off the cost or valuation of assets less their residual values over their estimated useful lives of 25 years on a straight-line basis from when they are brought into use. Depreciation is recorded in the Income Statement within general administrative expenses once the asset is brought into use. Any land component is not depreciated. Mining and computer equipment and leasehold improvements: Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their estimated useful lives. It is 3 Electrical equipment: Depreciation is recognised on a straight-line basis to write off the cost less their residual values over their estimated useful lives of 3 years. Management assesses the useful lives based on historical experience with similar assets as well as anticipation of future events which may impact their useful life.
Impairment of non-financial assets	Impairment of non-financial assets At each reporting period end date, the Group reviews the carrying amounts of its non-financial assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group and Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Digital assets	Digital assets Digital assets consist of mined bitcoin, and do not qualify for recognition as cash and cash equivalents or financial assets and have an active market which provides pricing information on an ongoing basis. The Group has assessed that it acts in a capacity as a commodity broker-trader as defined in IAS 2, Inventories, in characterising its holding of Digital assets as inventory. If assets held by commodity broker-traders are principally acquired for the purpose of selling in the near future and generating a profit from fluctuations in price or broker-traders’ margin, such assets are accounted for as inventory, and changes in fair value (less costs to sell) are recognised in profit or loss. Digital assets are initially measured at fair value. Subsequently, digital assets are measured at fair value with gains and losses recognised directly in profit or loss. Although the Group mines for sale in the ordinary course of business, it looks to sell digital assets at a price that will generate the greatest realised gain and at a time when it would need to generate more fiat cash to meet working capital requirements. Thus, the Group may choose not to immediately sell its digital asset holdings after mined. Digital assets are included in current assets as management intends to dispose of them within 12 months of the end of the reporting period. Digital assets are cryptocurrencies mined by the Group. Cryptocurrencies not mined by the Group are recorded as Intangible Assets (see note 18).
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand and demand deposits with banks and other financial institutions, that are readily convertible into known amounts of cash, and which are subject to an insignificant risk of changes in value. The Group considers the credit risk on cash and cash equivalents to be limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies.
Financial instruments	Financial instruments Financial assets: Financial assets are recognised in the Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition. Financial assets are subsequently measured at amortised cost, fair value through OCI, or fair value through profit and loss. The classification of financial assets at initial recognition that are debt instruments depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. The Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. In order for a financial asset to be classified and measured at amortised cost, it needs to give rise to cash flows that are ‘solely payments of principal and interest (SPPI)’ on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Group’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Subsequent measurement: For purposes of subsequent measurement, financial assets are classified in four categories: ● Financial assets at amortised cost ● Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments) ● Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments) ● Financial assets at fair value through profit or loss Equity Instruments: The Group subsequently measures all equity investments at fair value. Dividends from such investments continue to be recognised in profit or loss as other income when the Group’s right to receive payments is established. Changes in the fair value of financial assets at FVPL are recognised in other gains/(losses) in the statement of profit or loss as applicable. Financial assets at amortised cost (debt instruments): This category is the most relevant to the Group. The Group measures financial assets at amortised cost if both of the following conditions are met: ● The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and ● The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Interest received is recognised as part of finance income in the statement of profit or loss and other comprehensive income. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Group’s financial assets at amortised cost include other receivables and cash and cash equivalents. Derecognition: A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e., removed from the Group’s consolidated Balance sheet) when: ● The rights to receive cash flows from the asset have expired; or ● The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Impairment of financial assets: The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original EIR. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. The Group recognises an allowance for ECLs for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original EIR. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For the years ended 31 December 2022 and 2021 the Group has not recognised any ECLs. For other receivables due in less than 12 months, the Group applies the simplified approach in calculating ECLs, as permitted by IFRS 9. Therefore, the Group does not track changes in credit risk, but instead, recognises a loss allowance based on the financial asset’s lifetime ECL at each reporting date. The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows and usually occurs when past due for more than one year and not subject to enforcement activity. At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. The Company has an Intercompany loan due from its 100% Canadian subsidiary for which there is no formal agreement including payment date and therefore it cannot be considered to be in breach of an agreement and accordingly the loan is not subject to adjustments and is maintained at its book value in the financial statements. Financial liabilities: Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade and other payables and loans. Subsequent measurement: The measurement of financial liabilities depends on their classification, as described below: Loans and trade and other payables: After initial recognition, interest-bearing loans and borrowings and trade and other payables are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in the statement of profit or loss and other comprehensive income when the liabilities are derecognised, as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss and other comprehensive income. This category generally applies to trade and other payables. Derecognition: A financial liability is derecognised when the associated obligation is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in profit or loss or other comprehensive income. Equity instruments: Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Leases	Leases At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
Taxation	Taxation The tax expense represents the sum of tax currently payable or receivable and deferred tax. Current tax: The tax currently payable or receivable is based on taxable profit or loss for the year. Taxable profit or loss differs from net profit or loss as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. Deferred tax: Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred income tax assets are recognised on deductible temporary differences arising from investments in subsidiaries, associates and joint arrangements only to the extent that it is probable the temporary difference will reverse in the future and there is sufficient taxable profit available against which the temporary difference can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised. Deferred tax is charged or credited to the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Employee benefits	Employee benefits The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of non-current assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. The group does not have any pension schemes.
Stock-based compensation	Stock-based compensation Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity. When the terms and condition of equity settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value. Cancellations or settlements are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately. As a result of the increase in share price and the impact of the estimation of share-based payments the Group has now recognised an expense for the outstanding share options and warrants.
Foreign exchange	Foreign exchange Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are determined in foreign currencies are retranslated at the rates prevailing on the reporting end date - Gains and losses arising on translation are included in the income statement for the period. At each reporting end date, non-monetary assets and liabilities that are determined in foreign currencies are retranslated at the rates prevailing on the opening balance sheet date. Gains and losses arising on translation of subsidiary undertakings are included in other comprehensive income and contained within the foreign currency translation reserve.
Earnings per share	Earnings per share Basic earnings per share is calculated by dividing: ● the profit attributable to owners of the company, excluding any costs of servicing equity other than ordinary shares; ● by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year and excluding treasury shares. Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account: ● the after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares; and ● the weighted average number of additional ordinary shares that would have been outstanding, assuming the conversion of all dilutive potential ordinary shares.

FINANCIAL RISK FACTORS (Tables)

FINANCIAL RISK FACTORS (Tables)	12 Months Ended
FINANCIAL RISK FACTORS (Tables)	Dec. 31, 2022
FINANCIAL RISK FACTORS
Schedule of foreign currency sensitivity	Effect on profit Effect on pre- Change in USD before tax tax equity rate £’000 £’000 2022 +/-10 % +/-4,302 — 2021 +/-10 % +/-250 +/-87 Change in CAD Effect on profit Effect on pre- rate before tax tax equity £’000 £’000 2022 +/-10 % +/-1,471 — 2021 +/-10 % +/-1,611 +/-3,208
Schedule of interest rate sensitivity	Increase/decrease Effect on in basis points profit before tax £’000 2022 +/-180 +/-522 2021 0 % +/-0
Schedule of contractual undiscounted cash flows	Less than 1 Between 1 and Between 2 year 2 years and 5 years Over 5 years At 31 December 2022 Loans 9,624 11,314 10,178 — Lease liabilities 4 8 12 424 Issued debt - bonds — — 31,356 — At December 2021 Loans 23,901 2,188 693 — Lease liabilities 21 42 63 251 Issued debt - bonds — — 26,908 —

ADOPTION OF NEW AND REVISED S_2

ADOPTION OF NEW AND REVISED STANDARDS AND INTERPRETATIONS (Tables)	12 Months Ended
	Dec. 31, 2022
ADOPTION OF NEW AND REVISED STANDARDS AND INTERPRETATIONS
Schedule of issued but not yet effective standards and interpretations	Standard or Interpretation Description Effective date for annual accounting period beginning on or after IAS 1 Amendments – Presentation and Classification of Liabilities TBC IFRS 16 Amendments – Lease liability in a sale and leaseback TBC IAS 1 Amendments – Disclosure of Accounting Policies 1 January 2023 IAS 8 Amendments - Definition of Accounting Estimates 1 January 2023 IAS 12 Amendments - Deferred Tax related to Assets and Liabilities arising from a Single Transaction 1 January 2023 IAS 17 Amendments - Insurance Contracts 1 January 2023

REVENUES (Tables)

REVENUES (Tables)	12 Months Ended
REVENUES (Tables)	Dec. 31, 2022
REVENUES
Schedule of revenues	2022 2021 £’000 £’000 Crypto currency mining - worldwide 47,267 70,325 Crypto currency management fees – United States 96 3,879 Total revenue 47,363 74,204
Schedule of total gain on hedging	2022 2021 Gain on Hedging £’000 £’000 Gain on Hedging 1,695 — Total gain on hedging 1,695 —

EXPENSES BY NATURE (Tables)

EXPENSES BY NATURE (Tables)	12 Months Ended
EXPENSES BY NATURE (Tables)	Dec. 31, 2022
EXPENSES BY NATURE
Schedule of expenses by nature	2022 2021 2020 Direct Costs £’000 £’000 £’000 Depreciation of mining hardware 16,549 11,129 5,896 Hosting and other costs 21,634 11,057 11,210 Total direct costs 38,183 22,186 17,106 2022 2021 2020 Operating costs £’000 £’000 £’000 Legal, professional, and regulatory fees 12,763 1,533 114 Salary and other employee related costs 9,610 2,662 461 Depreciation and amortisation 6,900 382 131 Insurance 6,027 1,408 117 Indirect taxes 3,684 — — Freight, postage & delivery 1,314 — — Consulting fees 828 684 690 Repairs and maintenance 863 692 75 Office general expenses 840 424 265 Travel 678 128 46 Public relations and associated activities 519 699 113 Impairment of intangible assets — 535 — Hedging costs — 326 — Carbon credits — 252 — Audit fees 310 239 135 Bank charges 240 247 — Capital loss 116 — — Research costs 91 — 20 Write off of variable contingent consideration — (352) — Settlement re Crypto mining management fees — (1,561) — Reversal of credit loss provision — — (447) Foreign exchange (gain)/loss (17,250) 589 271 Total operating costs and administrative expenses 27,534 8,887 (1,991) 2022 2021 2020 Finance Costs £’000 £’000 £'000 Interest on loans, including associated prepayment penalties 18,321 2,142 171 Total finance costs 18,321 2,142 171

AUDITOR'S REMUNERATION (Tables)

AUDITOR'S REMUNERATION (Tables)	12 Months Ended
AUDITOR'S REMUNERATION (Tables)	Dec. 31, 2022
AUDITOR'S REMUNERATION
Schedule of auditor's remuneration	2022 2021 2020 £’000 £’000 £’000 In relation to statutory audit services 251 170 100 Other audit assurance services 59 52 35 Total auditor’s remuneration 310 222 135

EMPLOYEES (Tables)

EMPLOYEES (Tables)	12 Months Ended
EMPLOYEES (Tables)	Dec. 31, 2022
Disclosure of subsidiaries [line items]
Schedule of number of employees	2022 2021 2020 Number Number Directors and employees 82 26 6
Schedule of aggregate remuneration	2022 2021 2020 £’000 £’000 £’000 Wages and salaries 8,934 2,286 191 Social security costs 646 199 13 Pension costs 30 25 — Share based payments 4,928 1,392 24 14,538 3,902 228
Parent \| Company
Disclosure of subsidiaries [line items]
Schedule of number of employees	2022 2021 2020 Number Number Number Directors and employees 6 4 1
Schedule of aggregate remuneration	2022 2021 2020 £’000 £’000 £’000 Wages and salaries 1,072 406 135 Social security costs 44 8 18 Pension costs 12 1 — Share based payments 4,928 330 — 6,056 745 153

DIRECTOR'S REMUNERATION (Tables

DIRECTOR'S REMUNERATION (Tables)	12 Months Ended
DIRECTOR'S REMUNERATION (Tables)	Dec. 31, 2022
DIRECTOR'S REMUNERATION
Schedule of total remuneration for directors and key management	2022 2021 2020 £’000 £’000 £’000 Directors’ remuneration for qualifying services 1,285 856 532 Senior management loss of office — 132 — Share based payments 1,522 431 20 Total remuneration for directors and key management 2,807 1,419 552

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
EARNINGS PER SHARE (Tables)	Dec. 31, 2022
EARNINGS PER SHARE
Schedule of earnings per share	2022 2021 2020 Net profit/(loss) for the period attributable to ordinary equity holders from continuing operations (£’000) (185,107) 30,765 1,442 Weighted average number of ordinary shares in issue (’000) 473,930 397,513 303,436 Basic earnings (loss) per share for continuing operations (pence) (39.1) 7.7 0.5 Net profit/(loss) for the period attributable to ordinary equity holders for continuing operations (£’000) (185,107) 30,765 1,442 Diluted number of ordinary shares in issue (’000) 473,930 415,201 344,638 Diluted earnings (loss) per share for continuing operations (pence) (39.1) 7.4 0.4

TAXATION (Tables)

TAXATION (Tables)	12 Months Ended
TAXATION (Tables)	Dec. 31, 2022
TAXATION
Schedule of taxes	2022 2021 2020 Current tax: £’000 £’000 £’000 Current tax on(loss)/ profit for the year (9,485) 7,679 — Adjustments in respect of prior periods — — — Total current tax (9,485) 7,679 — 2022 2021 2020 Deferred tax: £’000 £’000 £’000 Origination and reversal of temporary differences — 827 — Total deferred tax liability — 827 — Total tax (credit)/charge (9,485) 8,506 —
Schedule of taxation charge in the financial statements	2022 2021 2020 £’000 £’000 £’000 Profit (loss) before taxation (194,592) 39,271 1,442 Expected tax charge (recovery) based on a weighted average of 25% (2021 - 25% 2020 - 24% ) (UK, US and Canada) (48,648) 9,746 346 Effect of expenses not deductible in determining taxable profit 26,406 1,779 3 Capital allowances in excess of depreciation 6,848 (3,770) (101) Other tax adjustments 205 (137) (703) Other timing differences — (385) — Origination and reversal of temporary differences (827) 827 — Unutilised tax losses carried forward 6,531 445 455 Taxation charge in the financial statements (9,485) 8,506 —
Schedule of movement in deferred income tax assets and liabilities during the year	2022 2021 Deferred tax liabilities £’000 £’000 Digital assets — 286 Gain on fair value of property acquired (see note 17) — 442 Share of other comprehensive income of associates — 99 Property, plant and equipment — — Total deferred tax — 827 Current portion — 286 Non-current — 541

INVESTMENT IN SUBSIDIARIES AN_2

INVESTMENT IN SUBSIDIARIES AND LOSS ON SALE OF SUBSIDIARY (Tables)	12 Months Ended
	Dec. 31, 2022
INVESTMENT IN SUBSIDIARIES AND LOSS ON SALE OF SUBSIDIARY
Schedule of investment in subsidiaries	Details of the Company’s subsidiaries at 31 December 2022 and 31 December 2021 are as follows: Country of Ownership Voting Power Nature of Name of Undertaking Incorporation Interest (%) Held (%) Business Argo Innovation Labs Inc. Canada 100 % 100 % *** Argo Innovation Labs Limited UK 100 % 100 % Dormant Argo Innovation Facilities (US) Inc. USA 100 % 100 % * 9377-2556 Quebec Inc. Canada 100 % 100 % 9366-5230 Quebec Inc. Canada 100 % 100 % Argo Holdings US Inc. USA 100 % 100 % **** Argo Operating US LLC USA 100 % 100 % * * The provision of cryptocurrency mining services The provision of cryptocurrency mining sites * Converted from the provision of cryptocurrency mining services to cost centre in 2022 **** Holding company 2022 2021 Investment in subsidiaries £’000 £’000 At 1 January 12,181 — Additions 53,494 12,181 Disposals (12,181) — At 31 December 53,494 12,181
Schedule of effects of disposal	Group At 28 December 2022 £000 Carrying amounts of assets and liabilities as at the date of disposal: Cash and bank balances 1,357 Property, plant and equipment 104,888 Trade and other debtors 297 Total assets 106,542 Trade and other creditors 9,764 Total liabilities 9,764 Net assets disposed of 96,778 Cash flows arising from disposal: Proceeds used to paydown existing debt 70,654 Issuance of new loan (25,356) Proceeds received in cash for new loans 6,676 Total Proceeds 51,974 Net assets disposed of (as above) 96,778 Loss on disposal (44,804)

INVESTMENTS AT FAIR VALUE THR_2

INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS (Tables)	12 Months Ended
INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS (Tables)	Dec. 31, 2022
INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS
Schedule of investments at fair value through income or loss, non-current	Non-current 2022 2021 Group £’000 £’000 At 1 January 403 1,393 Foreign exchange movement 20 — Additions 249 219 Fair value through profit or loss (328) 183 Disposals — (1,392) At 31 December 344 403

INVESTMENTS ACCOUNTED FOR USI_2

INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD (Tables)	12 Months Ended
INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD (Tables)	Dec. 31, 2022
INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
Schedule of investments accounted for using the equity method	2022 2021 £000’s £000s Opening balance 13,817 — Acquired during the period — 8,444 Share of loss (4,872) (1,198) Share of fair value (losses)/gains on intangible assets through other comprehensive income (6,571) 6,571 Closing balance 2,374 13,817
Schedule of nature of investment in associates	Nature of investment in associates: % of Address of the ownership Nature of Measurement Name of entity registered office interest relationship method Emergent Entertainment PLC (previously Pluto Digital plc) Hill Dickinson LLP, 8th Floor The Broadgate Tower, 20 Primrose Street, London, United Kingdom, EC2A 2EW 19.94 % Refer below Equity
Schedule of reconciliation of summarised financial information	As at As at December 31, December 31, 2022 2021 Current £000’s £000’s Cash and cash equivalents 2,964 1,759 Other current assets (excluding cash) 3,650 335 Total current assets 6,614 2,094 Trade payables 280 88 Other current liabilities 74 1,494 Total current liabilities 354 1,582 Non-current Tangible fixed assets 106 49 Investments and other non-current assets 11,596 56,000 Total non-current assets 11,702 56,049 Financial liabilities 4,809 2,807 Total non-current liabilities 4,809 2,807 Net assets 13,153 53,754 January 12 to December 31, 2022 2021 £000’s £000’s Revenue 352 — Cost of sales (224) — Gross profit 128 — Operating costs (12,088) (7,652) Revaluation loss – digital assets (12,810) 2,394 Loss from operations (24,770) (5,258) Non-operating costs (209) — Income tax expense (recovery) 2,579 575 Post-tax loss (22,400) (4,867) Other comprehensive income (26,991) 26,991 Total comprehensive income (loss) (49,391) 21,824 2022 2021 £000’s £000’s Summarised financial information (as adjusted) Net assets, opening 56,052 — Acquired during the period — 34,228 Profit/(loss) for the period (22,400) (4,867) Other comprehensive income (26,991) 26,691 Closing net assets 6,661 56,052 Interest in associates (2022: 19.94%; 2021: 24.65%)* 2,374 13,817 Goodwill — — Carrying value 2,374 13,817 *The percentage share of the associate profit or loss for the year was calculated and recorded on a month by month basis, based on the movements in the percentage ownership, from the unaudited management accounts.

BUSINESS COMBINATION (Tables)

BUSINESS COMBINATION (Tables)	12 Months Ended
BUSINESS COMBINATION (Tables)	Dec. 31, 2022
GPU one Subsidiaries
Disclosure of detailed information about business combination [line items]
Schedule of consideration paid and the fair value of assets acquired and liabilities assumed at the acquisition date	Consideration £’000 Cash 213 Payment for deposits 668 Cancellation of prepayment and deposits 4,656 Total consideration 5,537 Recognised amounts of identifiable assets acquired, and liabilities assumed £’000 Cash and cash equivalents 4 Property, plant and equipment (Note 11) 10,779 Trade and other receivables 387 Trade and other payables (326) Property mortgages (5,010) Lease liability (377) Goodwill 80 Total 5,537

INTANGIBLE FIXED ASSETS (Tables

INTANGIBLE FIXED ASSETS (Tables)	12 Months Ended
INTANGIBLE FIXED ASSETS (Tables)	Dec. 31, 2022
INTANGIBLE FIXED ASSETS
Schedule of intangible fixed assets	Digital 2022 Goodwill assets Website Total Group £’000 £’000 £’000 £’000 Cost At 1 January 2022 80 5,303 671 6,054 Additions — 1,728 — 1,728 Disposals — (2,058) — (2,058) At 31 December 2022 80 4,973 671 5,724 Amortisation and impairment At 1 January 2022 — 121 450 571 Foreign exchange movement — (1,321) (18) (1,339) Fair value movement — 4,601 — 4,601 Amortisation charged during the period — — 147 147 At 31 December 2022 — 3,309 579 3,888 Balance At 31 December 2022 80 1,572 92 1,744 Digital 2021 Goodwill assets Website Total Group £’000 £’000 £’000 £’000 Cost At 1 January 2021 — — 671 671 Additions 80 18,216 — 18,296 Disposals — (12,792) — (12,792) At 31 December 2021 80 5,424 671 6,175 Amortisation and impairment At 1 January 2021 — — 303 303 Foreign exchange movement — — 9 9 Impairment — 535 — 535 Fair value gain (414) — (414) Amortisation charged during the period — — 138 138 At 31 December 2021 — 121 450 571 Balance At 31 December 2021 80 5,303 221 5,604
Schedule of fair value of crypto assets	As at 31 December 2022 Coins / tokens Fair value Crypto asset name £’000 Token deals — 771 Ethereum - ETH 518 519 Polkadot - DOT 32,964 118 Alternative coins — 164 As at 31 December 2022 — 1,572

TANGIBLE FIXED ASSETS (Tables)

TANGIBLE FIXED ASSETS (Tables)	12 Months Ended
TANGIBLE FIXED ASSETS (Tables)	Dec. 31, 2022
TANGIBLE FIXED ASSETS
Schedule of property plant and equipment	Mining and Assets Right of Office Computer Machine Under Data centre use Assets Equipment Equipment components Construction Improvements Data centres Equipment Total Group £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 Cost At 1 January 2022 358 49 58,499 — 61,306 85 10,466 — 130,763 Foreign exchange movement - cost 17 — 2,744 — 7,287 4 560 — 10,612 Additions 75 — 117,246 17,364 — 7 — 86 134,779 Transfers to another class - cost — — — — (68,593) — 68,593 — — Disposals — (2) (60,809) — — — (68,593) — (129,404) At 31 December 2022 450 47 117,680 17,364 — 96 11,026 86 146,749 Depreciation and impairment At 1 January 2022 8 — 18,507 — — 65 229 — 18,809 Foreign exchange movement — — 868 — — 3 11 — 882 Depreciation charged during the period 7 14 16,549 — — 19 6,846 12 23,448 Impairment in asset — — 29,797 15,121 — — 225 — 45,143 Disposals — — — — — — (5,817) — (5,817) At 31 December 2022 15 14 65,721 15,121 — 87 1,494 12 82,464 Carrying amount At 1 January 2022 350 49 39,992 — 61,306 20 10,237 — 111,954 At 31 December 2022 435 33 51,959 2,244 — 9 9,532 74 64,285 Right of use Assets Office Equipment Mining and Computer Equipment Assets Under Construction Data centre Improvements Data centres Total Group £’000 £’000 £’000 £’000 £’000 £’000 £’000 Cost At 1 January 2021 7,379 — 17,865 — 85 — 25,329 Foreign exchange movement — — (62) — — — (62) Acquisition through business combination 358 — — 12,180 — 10,466 23,004 Additions — 49 33,317 49,126 — — 82,492 Transfer to another class (7,379) — 7,379 — — — — At 31 December 2021 358 49 58,499 61,306 85 10,466 130,763 Depreciation and impairment At 1 January 2021 — — 7,443 — 48 — 7,491 Foreign exchange movement — — (65) — — — (65) Depreciation charged during the period 3,281 — 7,856 — 17 229 11,383 Transfer to another class (3,273) — 3,273 — — — — At 31 December 2021 8 — 18,507 — 65 229 18,810 Carrying amount At 1 January 2021 7,379 — 10,422 — — — 17,833 At 31 December 2021 350 49 39,992 61,306 20 10,237 111,954
DPN LLC Inc
TANGIBLE FIXED ASSETS
Schedule of asset acquisitions	Consideration at 8 March 2021 £’000 Share based payment 3,521 Contingent consideration to be settled in shares 8,659 Total 12,180 Allocated as follows £’000 Tangible fixed assets (Asset under construction) 12,180 Total 12,180

TRADE AND OTHER RECEIVABLES (Ta

TRADE AND OTHER RECEIVABLES (Tables)	12 Months Ended
TRADE AND OTHER RECEIVABLES (Tables)	Dec. 31, 2022
TRADE AND OTHER RECEIVABLES / INTERCOMPANY
Schedule of total trade and other receivables	2022 2021 £’000 £’000 Trade and other receivables — 13,194 Mining equipment prepayments 4,958 47,426 Other taxation and social security 683 2,739 Total trade and other receivables 5,641 63,359

DIGITAL ASSETS (Tables)

DIGITAL ASSETS (Tables)	12 Months Ended
DIGITAL ASSETS (Tables)	Dec. 31, 2022
DIGITAL ASSETS
Schedule of crypto assets representing a fair value	2022 2021 Group £’000 £’000 At 1 January 80,759 4,637 Additions Crypto assets purchased and received 207 16,569 Crypto assets mined 47,267 70,325 Total additions 47,474 86,894 Disposals Transferred to/from intangible assets 330 (5,424) Crypto assets sold (84,555) (6,976) Total disposals (84,225) (12,400) Fair value movements Gain/(loss) on crypto asset sales (43,526) 437 Movements on crypto assets held at the year end (114) 1,191 Total fair value movements (43,640) 1,628 At 31 December 368 80,759 Carrying value of digital assets pledged as collateral — 49,759

SHARE OPTIONS AND WARRANTS (Tab

SHARE OPTIONS AND WARRANTS (Tables)	12 Months Ended
SHARE OPTIONS AND WARRANTS (Tables)	Dec. 31, 2022
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Summary of options and warrants over ordinary shares have been granted by the company and are outstanding	Number of Number of options/warrants options/warrants Exercise outstanding exercisable Options/ Warrants Grant Date Expiry date Price 2022 ‘000 2022 ‘000 Warrants 15 January 2021 15 January 2031 £1.25 240 240 Warrants 19 January 2021 18 January 2026 £0.90 110 110 Warrants 19 April 2021 19 March 2024 £1.35 224 224 Warrants 17 June 2021 19 March 2024 £1.50 22 22 Options 25 July 2018 25 July 2024 £0.16 1,000 1,000 Options 17 July 2019 16 July 2025 £0.16 537 537 Options 5 February 2020 4 February 2030 £0.07 4,362 4,362 Options 3 February 2021 2 February 2031 £0.94 159 151 Options 24 June 2021 23 June 2031 £1.26 1,000 500 Options 27 June 2021 26 June 2031 £1.35 500 250 Options 1 July 2021 30 June 2031 £1.16 500 250 Options 13 July 2021 12 July 2031 £1.00 1,000 500 Options 22 September 2021 22 September 2031 £1.57 4,150 1,758 Options 23 November 2021 23 November 2031 £1.30 500 184 Options 17 December 2021 16 December 2031 £0.86 675 234 Options 19 May 2022 19 May 2032 £0.51 3,350 861 Options 27 June 2022 27 June 2032 £0.34 250 42 Warrants 31 March 2022 31 March 2027 £0.94 60 60 Warrants 31 July 2022 31 July 2027 £1.00 10 10 Warrants 31 August 2022 31 August 2027 £1.04 10 10 Warrants 31 September 2022 31 September 2027 £1.12 10 10 Warrants 31 October 2022 31 October 2027 £1.05 10 10 Warrants 31 November 2022 31 November 2027 £1.02 10 10 Warrants 31 December 2022 31 December 2027 £1.01 10 10 18,698 11,345 Number of Weighted options and average exercise warrants ‘000 price £ At 1 January 2022 17,689 0.81 Granted 5,220 0.50 Exercised (1,593) 0.07 Lapsed (2,618) 0.89 Outstanding at 31 December 2022 18,698 0.68 Exercisable at 31 December 2022 11,345 0.61 Number of Weighted options and average exercise warrants ‘000 price £ At 1 January 2021 42,202 0.13 Granted 10,698 1.63 Exercised (34,351) 0.12 Lapsed (860) 0.95 Outstanding at 31 December 2021 17,689 0.81 Exercisable at 31 December 2021 7,596 0.26
Summary of fair value of options and warrants determined using the black-scholes option pricing model	Grant date Risk Free share Exercise interest Marketability Grant date price price Volatility Life rate % discount 25 July 2018 0.08 0.16 40 % 6 years 0.01 75 % 17 July 2019 0.09 0.16 40 % 6 years 0.01 90 % 5 February 2020 0.07 0.07 40 % 6 years 0.01 0 % 3 February 2021 0.94 0.94 112 % 10 years 0.01 0 % 24 June 2021 1.26 1.26 112 % 10 years 0.01 0 % 27 June 2021 1.35 1.35 112 % 10 years 0.01 0 % 1 July 2021 1.23 1.16 112 % 10 years 0.01 0 % 13 July 2021 1.00 1.00 112 % 10 years 0.01 0 % 22 September 2021 1.57 1.57 112 % 10 years 0.01 0 % 23 November 2021 1.30 1.30 112 % 10 years 0.01 0 % 17 December 2021 0.86 0.86 112 % 10 years 0.01 0 % 19 May 2022 0.51 0.51 112 % 10 years 0.01 0 % 27 June 2022 0.34 0.34 112 % 10 years 0.01 0 %

COMMON STOCK (Tables)

COMMON STOCK (Tables)	12 Months Ended
COMMON STOCK (Tables)	Dec. 31, 2022
ORDINARY SHARES
Schedule of common stock	As at 31 As at 31 December 2022 December 2021 £’000 £’000 Ordinary share capital Issued and fully paid 468,082,335 Ordinary Shares of £0.001 each 468 303 Issued in the period 9,742,831 Ordinary Shares of £0.001 each 10 165 Fully paid not yet issued Ordinary Shares of £0.001 each — — 477,825,166 Ordinary Shares of £0.001 each 478 468 Additional paid-in capital At beginning of the period 139,581 1,540 Cancelled during the period — — Issued in the period 4,167 150,977 Issue costs — (12,936) Fully paid not yet issued — — At the end of period 143,748 139,581

RESERVES (Tables)

RESERVES (Tables)	12 Months Ended
RESERVES (Tables)	Dec. 31, 2022
RESERVES
Schedule of description of reserves within equity	Reserve Description Common stock Represents the nominal value of equity shares Additional paid-in capital Amount subscribed for share capital in excess of nominal value Share based payment reserve Represents the fair value of options and warrants granted less amounts transferred on exercise, lapse or expiry Currency translation reserve Cumulative effects of translation of opening balances on non-monetary assets between subsidiaries functional currencies (Canadian dollars and US Dollars) and Group presentational currency (Sterling). Fair value reserve Cumulative net gains on the fair value of intangible assets Other comprehensive income of equity accounted associates The other comprehensive income of any associates is recognised in this reserve Accumulated surplus Cumulative net gains and losses and other transactions with equity holders not recognised elsewhere.

TRADE AND OTHER PAYABLES (Table

TRADE AND OTHER PAYABLES (Tables)	12 Months Ended
TRADE AND OTHER PAYABLES (Tables)	Dec. 31, 2022
TRADE AND OTHER PAYABLES
Schedule of trade payables and other payables	2022 2021 £’000 £’000 Trade payables 2,754 10,259 Accruals and other payables 5,042 4,986 Other taxation and social security 314 — Total trade and other creditors 8,110 15,245

LOANS AND BORROWINGS (Tables)

LOANS AND BORROWINGS (Tables)	12 Months Ended
LOANS AND BORROWINGS (Tables)	Dec. 31, 2022
LOANS AND BORROWINGS
Schedule of loans and borrowings	2022 2021 Non-current liabilities £’000 £’000 Issued debt - bond (a) 31,356 26,908 Galaxy loan (b) 19,183 — Mortgages - Quebec facilities (c) 2,309 3,391 Lease liability 448 370 Total 53,296 30,669 Current liabilities Galaxy loan (b) 8,819 22,239 Mortgages- Quebec facilities (c) 805 1,152 Lease liability 4 7 Total 9,628 23,398

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
FINANCIAL INSTRUMENTS (Tables)	Dec. 31, 2022
FINANCIAL INSTRUMENTS
Schedule of carrying amount of financial assets and liabilities	2022 2021 £’000 £’000 Carrying amount of financial assets Measured at amortised cost - Mining equipment prepayments 4,958 47,426 - Trade and other receivables — 13,194 - Cash and cash equivalents 16,662 11,803 Measured at fair value through profit or loss 344 403 Total carrying amount of financial assets 21,964 72,826 Carrying amount of financial liabilities Measured at amortised cost - Trade and other payables 8,310 10,259 - Short term loans 9,624 23,391 - Long term loans 21,492 3,391 - Issued debt - bonds 31,356 26,908 - Lease liabilities 452 377 Measured at fair value - Fair value of contingent consideration — 8,071 Total carrying amount of financial liabilities 71,234 72,397
Schedule of assets and liabilities that are measured at fair value	Level 1 Level 2 Level 3 Total Assets £’000 £’000 £’000 £’000 Financial assets at fair value through profit or loss - Equity holdings 21 — 73 94 - Digital assets — 368 — 368 Total at 31 December 2022 21 368 73 462 Liabilities Financial liabilities at fair value through profit or loss - Deferred contingent consideration — — — — Total at 31 December 2022 — — — — Level 1 Level 2 Level 3 Total Assets £’000 £’000 £’000 £’000 Financial assets at fair value through profit or loss - Equity holdings 329 — 73 402 - Digital assets — 80,759 — 80,759 Total at 31 December 2021 329 80,759 73 81,161 Liabilities Financial liabilities at fair value through profit or loss - Deferred contingent consideration — — 8,071 8,071 Total at 31 December 2021 — — 8,071 8,071

COMPANY INFORMATION (Details)

COMPANY INFORMATION (Details)	May 11, 2021	Mar. 04, 2021	Dec. 21, 2017
Argo innovation Labs Inc.
COMPANY INFORMATION
Percentage of equity interests acquired			100%
DPN LLC Inc
COMPANY INFORMATION
Percentage of equity interests acquired		100%
9377 2556 and 9366 5230 Quebec Inc
COMPANY INFORMATION
Percentage of equity interests acquired	100%

BASIS OF PREPARATION (Details)

BASIS OF PREPARATION (Details) - GBP (£) £ in Thousands	12 Months Ended
BASIS OF PREPARATION (Details) - GBP (£) £ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income tax expense (recovery)	£ (9,485)	£ 8,506
Currency translation reserve	1,593	(410)	£ 265
Loss for the period	(185,107)	£ 30,765	£ 1,442
Deferred tax liabilities	0
Increase (decrease) due to corrections of prior period errors
Income tax expense (recovery)	(9,124)
Currency translation reserve	(142)
Loss for the period	9,124
Deferred tax liabilities	(8,782)
Previously reported
Income tax expense (recovery)	(361)
Currency translation reserve	1,735
Loss for the period	(194,231)
Deferred tax liabilities	£ 8,782

ACCOUNTING POLICIES - (Details)

ACCOUNTING POLICIES - (Details) $ in Thousands, £ in Millions		1 Months Ended	12 Months Ended
	Dec. 28, 2022 GBP (£)	Dec. 31, 2022 GBP (£)	Dec. 31, 2022 GBP (£)	Dec. 31, 2021 item	Dec. 31, 2022 USD ($)
ACCOUNTING POLICIES
Sale value	£ 54
Amount of loan facility		£ 1.7	£ 1.7
Reduction in total indebtedness			£ 22
Number of reportable segments \| item				1
Website
ACCOUNTING POLICIES
Useful life, intangible assets other than goodwill			5 years
Bitcoin - BTC
ACCOUNTING POLICIES
Bitcoin, value held		34	£ 34
Improvements To Data Centre
ACCOUNTING POLICIES
Useful life, property, plant and equipment			5 years
Office Equipment
ACCOUNTING POLICIES
Useful life, property, plant and equipment			3 years
Data centres and assets under construction
ACCOUNTING POLICIES
Useful life, property, plant and equipment			25 years
Electrical equipment
ACCOUNTING POLICIES
Useful life, property, plant and equipment			3 years
Argo innovation Labs Inc.
ACCOUNTING POLICIES
Proportion of ownership interest in subsidiary			100%
Loan agreement with Galaxy Digital LP
ACCOUNTING POLICIES
Amount of loan facility		£ 29	£ 29		$ 35,000
Borrowings term		32 months
Loan agreement with Galaxy Digital LP \| Asset-backed loans
ACCOUNTING POLICIES
Amount of loan facility	£ 29
Borrowings term	3 years
Minimum
ACCOUNTING POLICIES
Transaction fees as a percentage of mining earnings			5%
Percentage of voting rights			20%
Minimum \| Mining And Computer Equipment
ACCOUNTING POLICIES
Useful life, property, plant and equipment			3 years
Maximum
ACCOUNTING POLICIES
Transaction fees as a percentage of mining earnings			10%
Percentage of voting rights			50%
Useful life, property, plant and equipment			4 years

FINANCIAL RISK FACTORS - Foreig

FINANCIAL RISK FACTORS - Foreign currency sensitivity (Details) - Currency risk - GBP (£) £ in Thousands	Dec. 31, 2022	Dec. 31, 2021
USD
FINANCIAL RISK FACTORS
Increase in rate	10%	10%
Decrease in rate	(10.00%)	(10.00%)
Increase in effect on profit before tax	£ 4,302	£ 250
Decrease in effect on profit before tax	(4,302)	(250)
Increase in effect on pre-tax equity		87
Decrease in effect on pre-tax equity		£ (87)
CAD
FINANCIAL RISK FACTORS
Increase in rate	10%	10%
Decrease in rate	(10.00%)	(10.00%)
Increase in effect on profit before tax	£ 1,471	£ 1,611
Decrease in effect on profit before tax	£ (1,471)	(1,611)
Increase in effect on pre-tax equity		3,208
Decrease in effect on pre-tax equity		£ (3,208)

FINANCIAL RISK FACTORS - Intere

FINANCIAL RISK FACTORS - Interest rate sensitivity (Details) - Interest risk - GBP (£) £ in Thousands	Dec. 31, 2022	Dec. 31, 2021
FINANCIAL RISK FACTORS
Increase in rate	180%	0%
Decrease in rate	180%	0%
Increase in effect on profit before tax	£ 522	£ 0
Decrease in effect on profit before tax	£ 522	£ 0

FINANCIAL RISK FACTORS - Contra

FINANCIAL RISK FACTORS - Contractual undiscounted cash flows (Details) - GBP (£) £ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Less than 1 year
Contractual undiscounted cash flows
Loans	£ 9,624	£ 23,901
Lease liabilities	4	21
Between 1 and 2 years
Contractual undiscounted cash flows
Loans	11,314	2,188
Lease liabilities	8	42
Between 2 and 5 years
Contractual undiscounted cash flows
Loans	10,178	693
Lease liabilities	12	63
Issued debt - bonds	31,356	26,908
Over 5 years
Contractual undiscounted cash flows
Lease liabilities	£ 424	£ 251

REVENUES - Narratives (Details)

REVENUES - Narratives (Details) £ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 GBP (£) item	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 GBP (£)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Amount of loan facility \| £	£ 1.7
Number of bitcoins held \| item	2,441	2,441
Number of bitcoins transferred as collateral \| item	1,504
Fair value of crypto assets \| £			£ 80
Loan Agreement
Disclosure of disaggregation of revenue from contracts with customers [line items]
Amount of loan facility		$ 30	£ 22.2

REVENUES (Details)

REVENUES (Details) - GBP (£) £ in Thousands	12 Months Ended
REVENUES (Details) - GBP (£) £ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
REVENUES
Total revenue	£ 47,363	£ 74,204	£ 18,957
United states \| Crypto currency management fees
REVENUES
Total revenue	96	3,879
Worldwide \| Crypto currency mining
REVENUES
Total revenue	£ 47,267	£ 70,325

REVENUES - Gain on Hedging (Det

REVENUES - Gain on Hedging (Details) £ in Thousands	12 Months Ended
REVENUES - Gain on Hedging (Details) £ in Thousands	Dec. 31, 2022 GBP (£)
REVENUES
Gain on hedging	£ 1,695
Total gain on hedging	£ 1,695

EXPENSES BY NATURE (Details)

EXPENSES BY NATURE (Details) - GBP (£) £ in Thousands	12 Months Ended
EXPENSES BY NATURE (Details) - GBP (£) £ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
EXPENSES BY NATURE
Depreciation of mining hardware	£ 16,549	£ 11,129	£ 5,896
Hosting and other costs	21,634	11,057	11,210
Total direct costs	38,183	22,186	17,106
Finance Costs
Interest on loans, including associated prepayment penalties	18,321	2,142	171
Total finance costs	18,321	2,142	171
Operating expenses
Salary and other employee related costs	9,610	2,662	461
Insurance	6,027	1,408	117
Depreciation and amortisation	6,900	382	131
Legal, professional and regulatory fees	12,763	1,533	114
Indirect taxes	3,684
Consulting fees	828	684	690
Repairs and maintenance	863	692	75
Audit fees	310	239	135
Office general expenses	840	424	265
Public relations and associated activities	519	699	113
Impairment of intangible assets		535
Travel	678	128	46
Hedging costs		326
Carbon credits		252
Bank charges	240	247
Freight, postage & delivery	1,314
Capital loss	116
Research costs	91		20
Write off of variable contingent consideration		(352)
Settlement re Crypto mining management fees		(1,561)
Reversal of credit loss provision			(447)
Foreign exchange loss	(17,250)	589	271
Total operating costs and administrative expenses	£ 27,534	£ 8,887	£ (1,991)

AUDITOR'S REMUNERATION (Details

AUDITOR'S REMUNERATION (Details) - GBP (£) £ in Thousands	12 Months Ended
AUDITOR'S REMUNERATION (Details) - GBP (£) £ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
AUDITOR'S REMUNERATION
In relation to statutory audit services	£ 251	£ 170	£ 100
Other audit assurance services	59	52	35
Total auditor's remuneration	£ 310	£ 222	£ 135

EMPLOYEES - Aggregate remunerat

EMPLOYEES - Aggregate remuneration comprised (Details) £ in Thousands	12 Months Ended
	Dec. 31, 2022 GBP (£) employee	Dec. 31, 2021 GBP (£) employee	Dec. 31, 2020 GBP (£) employee
EMPLOYEES
Directors and employees \| employee	82	26	6
Aggregate remuneration
Wages and salaries	£ 8,934	£ 2,286	£ 191
Social security costs	646	199	13
Pension costs	30	25
Share based payments	4,928	1,392	24
Employee benefits expense	£ 14,538	£ 3,902	£ 228
Parent \| Company
EMPLOYEES
Directors and employees \| employee	6	4	1
Aggregate remuneration
Wages and salaries	£ 1,072	£ 406	£ 135
Social security costs	44	8	18
Pension costs	12	1
Share based payments	4,928	330
Employee benefits expense	£ 6,056	£ 745	£ 153

DIRECTOR'S REMUNERATION (Detail

DIRECTOR'S REMUNERATION (Details) - GBP (£) £ in Thousands	12 Months Ended
DIRECTOR'S REMUNERATION (Details) - GBP (£) £ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
DIRECTOR'S REMUNERATION
Director's remuneration for qualifying services	£ 1,285	£ 856	£ 532
Senior management loss of office		132
Share based payments	1,522	431	20
Total remuneration for directors and key management	£ 2,807	£ 1,419	£ 552

DIRECTORS' REMUNERATION - Addit

DIRECTORS' REMUNERATION - Additional Information (Details) - GBP (£) £ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
DIRECTOR'S REMUNERATION
Expense for remuneration to highest paid individual director	£ 588	£ 455

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - GBP (£) £ / shares in Units, £ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
EARNINGS PER SHARE
Number of warrants and options outstanding	18,698,304	17,688,897
Net profit/(loss) for the period attributable to ordinary equity holders from continuing operations	£ (185,107)	£ 30,765	£ 1,442
Weighted average number of ordinary shares in issue	473,930,000	397,513,000	303,436,000
Basic loss per share for continuing operations (pence)	£ (0.391)	£ 0.077	£ 0.005
Diluted number of ordinary shares in issue	473,930,000	415,201,000	344,638,000
Diluted loss per share for continuing operations (pence)	£ (0.391)	£ 0.074	£ 0.004

TAXATION - Income tax expense (

TAXATION - Income tax expense (Details) - GBP (£)	12 Months Ended
TAXATION - Income tax expense (Details) - GBP (£)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current tax:
Current tax on(loss)/ profit for the year	£ (9,485,000)	£ 7,679,000
Total current tax	(9,485,000)	7,679,000
Deferred tax:
Origination and reversal of temporary differences		827,000
Total deferred tax liability		827,000
Total tax (credit)/charge	(9,485,000)	8,506,000
Profit (loss) before taxation	(194,592,000)	39,271,000	£ 1,442,000
Expected tax charge (recovery) based on a weighted average of 25% (2022 - 25)% (UK, US and Canada)	(48,648,000)	9,746,000	346,000
Effect of expenses not deductible in determining taxable profit	26,406,000	1,779,000	3,000
Capital allowances in excess of depreciation	6,848,000	(3,770,000)	(101,000)
Other tax adjustments	205,000	(137,000)	(703,000)
Other timing differences		(385,000)
Origination and reversal of temporary differences	(827,000)	827,000
Unutilised tax losses carried forward	6,531,000	445,000	£ 455,000
Taxation charge in the financial statements	£ (9,485,000)	£ 8,506,000
Weighted average tax rate	25%	25%
Tax losses available to be carried forward and used against trading profits arising in future periods	£ 72,000,000	£ 10,476,000
US and UK
Deferred tax:
Weighted average tax rate	25%	25%	24%

TAXATION - Deferred tax liabili

TAXATION - Deferred tax liabilities (Details) £ in Thousands	Dec. 31, 2021 GBP (£)
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total deferred tax	£ 827
Current portion	286
Non-current	541
Digital assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total deferred tax	286
Gain on fair value of property acquired
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total deferred tax	442
Share of other comprehensive income of associates
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total deferred tax	£ 99

INVESTMENT IN SUBSIDIARIES AN_3

INVESTMENT IN SUBSIDIARIES AND LOSS ON SALE OF SUBSIDIARY (Details)	12 Months Ended
	Dec. 31, 2022
Argo innovation Labs Inc.
INVESTMENT IN SUBSIDIARIES
Name of Undertaking	Argo Innovation Labs Inc.
Country of Incorporation	Canada
Ownership Interest (%)	100%
Voting Power Held (%)	100%
Argo Innovation Labs Limited
INVESTMENT IN SUBSIDIARIES
Name of Undertaking	Argo Innovation Labs Limited
Country of Incorporation	UK
Ownership Interest (%)	100%
Voting Power Held (%)	100%
Argo Innovation Facilities (US) Inc.
INVESTMENT IN SUBSIDIARIES
Name of Undertaking	Argo Innovation Facilities (US) Inc.
Country of Incorporation	USA
Ownership Interest (%)	100%
Voting Power Held (%)	100%
9377-2556 Quebec Inc.
INVESTMENT IN SUBSIDIARIES
Name of Undertaking	9377-2556 Quebec Inc.
Country of Incorporation	Canada
Ownership Interest (%)	100%
Voting Power Held (%)	100%
9366-5230 Quebec Inc.
INVESTMENT IN SUBSIDIARIES
Name of Undertaking	9366-5230 Quebec Inc.
Country of Incorporation	Canada
Ownership Interest (%)	100%
Voting Power Held (%)	100%
Argo Holdings US Inc.
INVESTMENT IN SUBSIDIARIES
Name of Undertaking	Argo Holdings US Inc.
Country of Incorporation	USA
Ownership Interest (%)	100%
Voting Power Held (%)	100%
Argo Operating US LLC
INVESTMENT IN SUBSIDIARIES
Name of Undertaking	Argo Operating US LLC
Country of Incorporation	USA
Ownership Interest (%)	100%
Voting Power Held (%)	100%

INVESTMENT IN SUBSIDIARIES AN_4

INVESTMENT IN SUBSIDIARIES AND LOSS ON SALE OF SUBSIDIARY - Additional Information (Details) - GBP (£) £ in Thousands		12 Months Ended
	Dec. 21, 2022	Dec. 31, 2022	Dec. 31, 2021
INVESTMENT IN SUBSIDIARIES
Contributed shares value		£ 53,500
Galaxy Power LLC
INVESTMENT IN SUBSIDIARIES
Proceeds from sale of subsidiary	£ 53,000
Book value of the entity	97,800
Loss on sale of subsidiary	£ 44,800
Parent \| Company
INVESTMENT IN SUBSIDIARIES
At 1 January		12,181	£ 0
Additions		53,494	12,181
Disposals		12,181
At 31 December		£ 53,494	£ 12,181

INVESTMENT IN SUBSIDIARIES AN_5

INVESTMENT IN SUBSIDIARIES AND LOSS ON SALE OF SUBSIDIARY -The effects of the disposal of Galaxy Power LLC (Details) - Galaxy Power LLC [Member] £ in Thousands	12 Months Ended
	Dec. 31, 2022 GBP (£)
Disclosure of detailed information about business combination [line items]
Cash and bank balances	£ 1,357
Property, plant and equipment	104,888
Trade and other debtors	297
Total assets	106,542
Trade and other creditors	9,764
Total liabilities	9,764
Proceeds used to paydown existing debt	70,654
Issuance of new loan	(25,356)
Proceeds received in cash for new loans	6,676
Total Proceeds	51,974
Net assets disposed of	96,778
Loss on disposal	£ (44,804)

INVESTMENTS AT FAIR VALUE THR_3

INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS (Details) - GBP (£) £ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Non-current
At 1 January	£ 403	£ 1,393
Foreign exchange movement	20
Additions	249	219
Fair value through profit and loss	(328)	183
Disposals		(1,392)
At 31 December	£ 344	£ 403

INVESTMENTS ACCOUNTED FOR USI_3

INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD (Details) - GBP (£) £ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
Opening balance	£ 13,817	£ 0
Acquired during the period		8,444
Share of loss	(4,872)	(1,198)
Share of fair value (losses)/gains on intangible assets through other comprehensive income	(6,571)	6,571
Closing balance	£ 2,374	£ 13,817

INVESTMENTS ACCOUNTED FOR USI_4

INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD - Nature of investment in associates (Details)	12 Months Ended
	Dec. 31, 2022
Emergent Entertainment PLC (Previously Pluto Digital plc)
Disclosure of associates [line items]
% of ownership interest	19.94%

INVESTMENTS ACCOUNTED FOR USI_5

INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD - Additional information (Details)			12 Months Ended
	Mar. 08, 2021 GBP (£)	Feb. 03, 2021 GBP (£) item	Dec. 31, 2022 GBP (£) £ / shares shares	Dec. 31, 2021 GBP (£)	Dec. 31, 2020 GBP (£)
INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
Investments accounted for using the equity method			£ 2,374,000	£ 13,817,000	£ 0
Warrants at price of 0.12
INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
Number of warrants hold \| shares			121,666,666
Price of warrants \| £ / shares			£ 0.12
Warrants at price of 0.06
INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
Number of warrants hold \| shares			35,450,000
Price of warrants \| £ / shares			£ 0.06
Ownership percentage on diluted basis			33.26%
Pluto Digital plc
INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
Number of Polkadots transferred \| item		75,000
Purchase of interests in investments accounted for using equity method	£ 7,400,000	£ 1,100,000
Percentage of share capital and voting rights			19.94%	24.65%
Contingent liabilities relating to the interest in associates			£ 0

INVESTMENTS ACCOUNTED FOR USI_6

INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD - Summarized Statement of Financial Position (Details) - GBP (£) £ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current
Cash and cash equivalents	£ 16,662	£ 11,803	£ 2,051	£ 161
Total current assets	22,671	155,921
Trade payables	8,110	15,245
Total current liabilities	17,738	54,679
Non-current
Tangible fixed assets	63,850	111,604	£ 17,833
Total non-current assets	68,747	131,778
Net assets	(44,200)	65,400
Emergent Entertainment PLC [Member]
Current
Cash and cash equivalents	2,964	1,759
Other current assets (excluding cash)	3,650	335
Total current assets	6,614	2,094
Trade payables	280	88
Other current liabilities (excluding trade payables)	74	1,494
Total current liabilities	354	1,582
Non-current
Tangible fixed assets	106	49
Investments and Other Non-Current Assets	11,596	56,000
Total non-current assets	11,702	56,049
Financial liabilities	4,809	2,807
Total non-current liabilities	4,809	2,807
Net assets	£ 13,153	£ 53,754

INVESTMENTS ACCOUNTED FOR USI_7

INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD - Summarised Statement of Comprehensive Income, Emergent Entertainment PLC (Details) - GBP (£) £ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Disclosure of associates [line items]
Revenues	£ 47,363	£ 74,204		£ 18,957
Cost of sales	(38,183)	(22,186)		(17,106)
Gross profit	(34,460)	53,646		3,921
Loss from operations	(194,592)	39,271		1,442
Income tax expense (recovery)	(9,485)	8,506
Other comprehensive loss	(5,392)	6,575		265
Total comprehensive loss for the period	(190,499)	£ 37,340		£ 1,707
Emergent Entertainment PLC [Member]
Disclosure of associates [line items]
Revenues	352
Cost of sales	(224)
Gross profit	128
Operating costs and expense	(12,088)		£ (7,652)
Revaluation loss - digital assets	(12,810)		2,394
Loss from operations	(24,770)		(5,258)
Non-operating costs	(209)
Income tax expense (recovery)	2,579		575
Post-tax loss	(22,400)		(4,867)
Other comprehensive loss	(26,991)		26,991
Total comprehensive loss for the period	£ (49,391)		£ 21,824

INVESTMENTS ACCOUNTED FOR USI_8

INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD - Reconciliation of summarized financial information (Details) - GBP (£) £ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of associates [line items]
Net assets at beginning of period	£ 65,400
Loss for the period	(185,107)	£ 30,765	£ 1,442
Other comprehensive loss	(5,392)	6,575	£ 265
Net assets at end of period	(44,200)	65,400
Associates [member]
Disclosure of associates [line items]
Net assets at beginning of period	56,052
Consideration transferred, acquisition-date fair value		34,228
Loss for the period	(22,400)	(4,867)
Other comprehensive loss	(26,991)	26,691
Net assets at end of period	6,661	56,052
Interest in associates (2022: 19.94%; 2021: 24.65%)*	2,374	13,817
Carrying value	£ 2,374	£ 13,817
% of ownership interest	19.94%	24.65%

BUSINESS COMBINATION - Addition

BUSINESS COMBINATION - Additional Information (Details) - GBP (£)		8 Months Ended
	May 11, 2021	Dec. 31, 2021
COMPANY INFORMATION
Goodwill recognised	£ 0
GPU one Subsidiaries
COMPANY INFORMATION
Percentage of share capital acquired	100%
Total consideration	£ 5,537,000
Cash	213,000
GPU one subsidiaries' loss since the acquisition date		£ 3,400,000
GPU one subsidiaries' revenue since the acquisition date		£ 0
Goodwill recognised	80,000
Certain deposits and other receivables recognised on a pound for pound basis, as of acquisition date	668,000
Acquisition costs, business combinations	£ 0

BUSINESS COMBINATION (Details)

BUSINESS COMBINATION (Details)	May 11, 2021 GBP (£)
Recognised amounts of identifiable assets acquired, and liabilities assumed
Goodwill	£ 0
GPU one Subsidiaries
Consideration at 11 May 2021
Cash	213,000
Payment for deposits	668,000
Cancellation of prepayment and deposits	4,656,000
Total consideration	5,537,000
Recognised amounts of identifiable assets acquired, and liabilities assumed
Cash and cash equivalents	4,000
Property, plant and equipment	10,779,000
Trade and other receivables	387,000
Trade and other payables	(326,000)
Property mortgages	(5,010,000)
Lease liability	(377,000)
Goodwill	80,000
Total	£ 5,537,000

INTANGIBLE FIXED ASSETS (Detail

INTANGIBLE FIXED ASSETS (Details) - GBP (£) £ in Thousands	12 Months Ended
INTANGIBLE FIXED ASSETS (Details) - GBP (£) £ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of changes in intangible assets other than goodwill
Intangible assets and goodwill, beginning of period	£ 5,604
Intangible assets and goodwill, end of period	1,744	£ 5,604
Goodwill
Reconciliation of changes in intangible assets other than goodwill
Intangible assets and goodwill, beginning of period	80
Intangible assets and goodwill, end of period	80	80
Digital Assets
Reconciliation of changes in intangible assets other than goodwill
Intangible assets and goodwill, beginning of period	5,303
Intangible assets and goodwill, end of period	1,572	5,303
Website
Reconciliation of changes in intangible assets other than goodwill
Intangible assets and goodwill, beginning of period	221
Intangible assets and goodwill, end of period	92	221
Cost
Reconciliation of changes in intangible assets other than goodwill
Intangible assets and goodwill, beginning of period	6,054	671
Additions	1,728	18,296
Disposals	(2,058)	(12,792)
Intangible assets and goodwill, end of period	5,724	6,054
Cost \| Goodwill
Reconciliation of changes in intangible assets other than goodwill
Intangible assets and goodwill, beginning of period	80
Additions		80
Intangible assets and goodwill, end of period	80	80
Cost \| Digital Assets
Reconciliation of changes in intangible assets other than goodwill
Intangible assets and goodwill, beginning of period	5,303
Additions	1,728	18,216
Disposals	(2,058)	(12,792)
Intangible assets and goodwill, end of period	4,973	5,303
Cost \| Website
Reconciliation of changes in intangible assets other than goodwill
Intangible assets and goodwill, beginning of period	671	671
Intangible assets and goodwill, end of period	671	671
Amortisation and impairment
Reconciliation of changes in intangible assets other than goodwill
Intangible assets and goodwill, beginning of period	(571)	(303)
Foreign Exchange movement	1,339	(9)
Impairment		(535)
Fair value movement	(4,601)	414
Amortisation charged during the period	147	138
Intangible assets and goodwill, end of period	(3,888)	(571)
Amortisation and impairment \| Digital Assets
Reconciliation of changes in intangible assets other than goodwill
Intangible assets and goodwill, beginning of period	(121)
Foreign Exchange movement	1,321
Impairment		(535)
Fair value movement	(4,601)	414
Intangible assets and goodwill, end of period	(3,309)	(121)
Amortisation and impairment \| Website
Reconciliation of changes in intangible assets other than goodwill
Intangible assets and goodwill, beginning of period	(450)	(303)
Foreign Exchange movement	18	(9)
Amortisation charged during the period	147	138
Intangible assets and goodwill, end of period	£ (579)	£ (450)

INTANGIBLE FIXED ASSETS - Movem

INTANGIBLE FIXED ASSETS - Movement in fair value in crypto assets (Details) £ in Thousands	Dec. 31, 2022 GBP (£) item	Dec. 31, 2021 GBP (£)
INTANGIBLE FIXED ASSETS
Intangible fixed assets	£ 1,744	£ 5,604
Digital Assets
INTANGIBLE FIXED ASSETS
Intangible fixed assets	£ 1,572
Polkadot - DOT
INTANGIBLE FIXED ASSETS
Coins / tokens \| item	32,964
Polkadot - DOT \| Digital Assets
INTANGIBLE FIXED ASSETS
Intangible fixed assets	£ 118
Ethereum - ETH
INTANGIBLE FIXED ASSETS
Coins / tokens \| item	518
Ethereum - ETH \| Digital Assets
INTANGIBLE FIXED ASSETS
Intangible fixed assets	£ 519
Alternative coins \| Digital Assets
INTANGIBLE FIXED ASSETS
Intangible fixed assets	164
Token deals \| Digital Assets
INTANGIBLE FIXED ASSETS
Intangible fixed assets	£ 771

TANGIBLE FIXED ASSETS (Details)

TANGIBLE FIXED ASSETS (Details) - GBP (£) £ in Thousands	12 Months Ended
TANGIBLE FIXED ASSETS (Details) - GBP (£) £ in Thousands	Dec. 31, 2022	Dec. 31, 2021
TANGIBLE FIXED ASSETS
Property, plant and equipment, beginning of period	£ 111,604	£ 17,833
Property, plant and equipment, end of period	63,850	111,604
Cost
TANGIBLE FIXED ASSETS
Property, plant and equipment, beginning of period	130,763	25,329
Foreign Exchange Movement	(10,612)	62
Acquisition through business combination		23,004
Additions	134,779	82,492
Disposals	129,404
Property, plant and equipment, end of period	146,749	130,763
Depreciation and impairment
TANGIBLE FIXED ASSETS
Property, plant and equipment, beginning of period	(18,809)	(7,491)
Foreign Exchange Movement	(882)	65
Disposals	(5,817)
Depreciation charged during the period	(23,448)	(11,383)
Impairment in asset	45,143
Property, plant and equipment, end of period	(82,464)	(18,809)
Right of use Assets
TANGIBLE FIXED ASSETS
Property, plant and equipment, beginning of period	350	7,379
Property, plant and equipment, end of period	435	350
Right of use Assets \| Cost
TANGIBLE FIXED ASSETS
Property, plant and equipment, beginning of period	358	7,379
Foreign Exchange Movement	(17)
Acquisition through business combination		358
Additions	75
Transfer to another class		7,379
Property, plant and equipment, end of period	450	358
Right of use Assets \| Depreciation and impairment
TANGIBLE FIXED ASSETS
Property, plant and equipment, beginning of period	(8)
Transfer to another class		3,273
Depreciation charged during the period	(7)	(3,281)
Property, plant and equipment, end of period	(15)	(8)
Mining Machinery
TANGIBLE FIXED ASSETS
Property, plant and equipment, end of period	2,244
Mining Machinery \| Cost
TANGIBLE FIXED ASSETS
Foreign Exchange Movement	0
Additions	17,364
Property, plant and equipment, end of period	17,364
Mining Machinery \| Depreciation and impairment
TANGIBLE FIXED ASSETS
Impairment in asset	15,121
Property, plant and equipment, end of period	(15,121)
Assets Under Construction
TANGIBLE FIXED ASSETS
Property, plant and equipment, beginning of period	61,306
Property, plant and equipment, end of period		61,306
Assets Under Construction \| Cost
TANGIBLE FIXED ASSETS
Property, plant and equipment, beginning of period	61,306
Foreign Exchange Movement	(7,287)
Acquisition through business combination		12,180
Additions		49,126
Transfer to another class	(68,593)
Property, plant and equipment, end of period	0	61,306
Equipment
TANGIBLE FIXED ASSETS
Property, plant and equipment, end of period	74
Equipment \| Cost
TANGIBLE FIXED ASSETS
Foreign Exchange Movement	0
Additions	86
Property, plant and equipment, end of period	86
Equipment \| Depreciation and impairment
TANGIBLE FIXED ASSETS
Depreciation charged during the period	(12)
Property, plant and equipment, end of period	(12)
Data Centres
TANGIBLE FIXED ASSETS
Property, plant and equipment, beginning of period	10,237
Property, plant and equipment, end of period	9,532	10,237
Data Centres \| Cost
TANGIBLE FIXED ASSETS
Property, plant and equipment, beginning of period	10,466
Foreign Exchange Movement	(560)
Acquisition through business combination		10,466
Transfer to another class	68,593
Disposals	68,593
Property, plant and equipment, end of period	11,026	10,466
Data Centres \| Depreciation and impairment
TANGIBLE FIXED ASSETS
Property, plant and equipment, beginning of period	(229)
Foreign Exchange Movement	(11)
Disposals	(5,817)
Depreciation charged during the period	(6,846)	(229)
Impairment in asset	225
Property, plant and equipment, end of period	(1,494)	(229)
Office Equipment
TANGIBLE FIXED ASSETS
Property, plant and equipment, beginning of period	49
Property, plant and equipment, end of period	33	49
Office Equipment \| Cost
TANGIBLE FIXED ASSETS
Property, plant and equipment, beginning of period	49
Foreign Exchange Movement	0
Additions		49
Disposals	2
Property, plant and equipment, end of period	47	49
Office Equipment \| Depreciation and impairment
TANGIBLE FIXED ASSETS
Depreciation charged during the period	(14)
Property, plant and equipment, end of period	(14)
Mining And Computer Equipment
TANGIBLE FIXED ASSETS
Property, plant and equipment, beginning of period	39,992	10,422
Impairment in asset	(24,000)
Property, plant and equipment, end of period	51,959	39,992
Mining And Computer Equipment \| Cost
TANGIBLE FIXED ASSETS
Property, plant and equipment, beginning of period	58,499	17,865
Foreign Exchange Movement	(2,744)	62
Additions	117,246	33,317
Transfer to another class		(7,379)
Disposals	60,809
Property, plant and equipment, end of period	117,680	58,499
Mining And Computer Equipment \| Depreciation and impairment
TANGIBLE FIXED ASSETS
Property, plant and equipment, beginning of period	(18,507)	(7,443)
Foreign Exchange Movement	(868)	65
Transfer to another class		(3,273)
Depreciation charged during the period	(16,549)	(7,856)
Impairment in asset	29,797
Property, plant and equipment, end of period	(65,721)	(18,507)
Leasehold Improvements
TANGIBLE FIXED ASSETS
Property, plant and equipment, beginning of period	20
Property, plant and equipment, end of period	9	20
Leasehold Improvements \| Cost
TANGIBLE FIXED ASSETS
Property, plant and equipment, beginning of period	85	85
Foreign Exchange Movement	(4)
Additions	7
Property, plant and equipment, end of period	96	85
Leasehold Improvements \| Depreciation and impairment
TANGIBLE FIXED ASSETS
Property, plant and equipment, beginning of period	(65)	(48)
Foreign Exchange Movement	(3)
Depreciation charged during the period	(19)	(17)
Property, plant and equipment, end of period	£ (87)	£ (65)

TANGIBLE FIXED ASSETS - Acquisi

TANGIBLE FIXED ASSETS - Acquisition of DPN LLC (Details) - DPN LLC Inc £ in Thousands, shares in Millions	Dec. 31, 2022 shares	Mar. 08, 2021 GBP (£) a EquityInstruments shares
TANGIBLE FIXED ASSETS
Area of land acquired (in acres) \| a		160
Option to purchase further land (in acres) \| a		157
Number of shares issued and allotted (in shares) \| EquityInstruments		3,497,817
Consideration transferred in shares in asset acquisition, acquisition-date fair value		£ 3,600
Share based payment		3,521
Contingent consideration to be settled in shares		8,659
Total		12,180
Tangible fixed assets (Asset under construction)		12,180
Total		£ 12,180
Maximum
TANGIBLE FIXED ASSETS
Number of shares issuable upon achievement of certain contractual milestones (in shares) \| shares	8.6	8.6

TANGIBLE FIXED ASSETS - Propert

TANGIBLE FIXED ASSETS - Property, Plant and Equipment Impairments and Loss on Sale of Subsidiary (Details) - GBP (£) £ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2020
Disclosure of detailed information about property, plant and equipment [line items]
Proceeds	£ 10,028	£ 704
Cash generating units (CGU)
Disclosure of detailed information about property, plant and equipment [line items]
Impairment	£ 15,000
Mining And Computer Equipment
Disclosure of detailed information about property, plant and equipment [line items]
Discount rate for used equipment (in %)	15%
Pre-tax discount rate (in %)	23.28%
Impairment	£ 24,000
Mining And Computer Equipment \| Cash generating units (CGU)
Disclosure of detailed information about property, plant and equipment [line items]
Pre-tax discount rate (in %)	23%
Impairment	£ 5,800
Terminal growth rate	3%
Mining And Computer Equipment \| Hashprice
Disclosure of detailed information about property, plant and equipment [line items]
Percentage of change in actuarial assumption (in %)	5%
Impact on impairment due to change in actuarial assumption	£ 6,100
Mining And Computer Equipment \| Discount rate
Disclosure of detailed information about property, plant and equipment [line items]
Percentage of change in actuarial assumption (in %)	1%
Impact on impairment due to change in actuarial assumption	£ 1,100
Chips
Disclosure of detailed information about property, plant and equipment [line items]
Proceeds	10,028
Loss on disposal of fixed assets	£ 18,779

TRADE AND OTHER RECEIVABLES (De

TRADE AND OTHER RECEIVABLES (Details) - GBP (£) £ in Thousands	Dec. 31, 2022	Dec. 31, 2021
TRADE AND OTHER RECEIVABLES / INTERCOMPANY
Trade and other receivables/prepayments		£ 13,194
Mining equipment prepayments	£ 4,958	47,426
Other taxation and social security	683	2,739
Total trade and other receivables	£ 5,641	£ 63,359

DIGITAL ASSETS (Details)

DIGITAL ASSETS (Details) - GBP (£) £ in Thousands	12 Months Ended
DIGITAL ASSETS (Details) - GBP (£) £ in Thousands	Dec. 31, 2022	Dec. 31, 2021
DIGITAL ASSETS
At 1 January	£ 80,759	£ 4,637
Additions
Crypto asset purchased and received	207	16,569
Crypto assets mined	47,267	70,325
Total additions	47,474	86,894
Disposals
Transferred to/from intangible assets	330	(5,424)
Crypto assets sold	(84,555)	(6,976)
Total disposals	(84,225)	(12,400)
Fair value movements
Gain/(loss) on crypto asset sales	(43,526)	437
Movements on crypto assets held at the year end	(114)	1,191
Total fair value movements	(43,640)	1,628
At 31 December	368	80,759
Carrying value of digital assets pledged as collateral		£ 49,759
Crypto Assets
Fair value movements
At 31 December	£ 368

DIGITAL ASSETS - Crypto assets

DIGITAL ASSETS - Crypto assets representing a fair value (Details) £ in Thousands	Dec. 31, 2022 GBP (£) item	Dec. 31, 2021 GBP (£) item	Dec. 31, 2020 GBP (£)
DIGITAL ASSETS
Fair value of crypto assets \| £	£ 368	£ 80,759	£ 4,637
Number of Bitcoins comprised \| item	2,441
Crypto Assets
DIGITAL ASSETS
Fair value of crypto assets \| £	£ 368
Bitcoin
DIGITAL ASSETS
Number of Bitcoins comprised \| item	141	2,441

SHARE OPTIONS AND WARRANTS - Op

SHARE OPTIONS AND WARRANTS - Options and warrants number and exercise price (Details) Unit_Standard_pure_1I4HcrE-WEupsJx5d4FeeA in Thousands, EquityInstruments in Thousands	12 Months Ended
	Dec. 31, 2022 £ / shares	Dec. 31, 2022 EquityInstruments	Dec. 31, 2022	Dec. 31, 2021 EquityInstruments £ / shares
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Outstanding at the beginning (in shares) \| EquityInstruments		17,689		42,202
Granted (in shares) \| EquityInstruments		5,220		10,698
Exercised (in shares) \| EquityInstruments		(1,593)		(34,351)
Lapsed (in shares) \| EquityInstruments		(2,618)		(860)
Outstanding at the end (in shares)		18,698	18,698	17,689
Exercisable at the end (in shares)		11,345	11,345	7,596
Outstanding at the beginning (in $ per share)	£ 0.81			£ 0.13
Granted (in $ per share)	0.50			1.63
Exercised (in $ per share)	0.07			0.12
Lapsed (in $ per share)	0.89			0.95
Outstanding at the end (in $ per share)	0.68			0.81
Exercisable at the end (in $ per share)	£ 0.61			£ 0.26

SHARE OPTIONS AND WARRANTS - _2

SHARE OPTIONS AND WARRANTS - Options and warrants outstanding and exercisable (Details) Unit_Standard_pure_1I4HcrE-WEupsJx5d4FeeA in Thousands, EquityInstruments in Thousands	Dec. 31, 2022 £ / shares	Dec. 31, 2022 EquityInstruments	Dec. 31, 2022	Dec. 31, 2021 EquityInstruments £ / shares	Dec. 31, 2020 EquityInstruments £ / shares
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Exercise Price \| £ / shares	£ 0.68			£ 0.81	£ 0.13
Number of options/warrants outstanding		18,698	18,698	17,689	42,202
Number of options/warrants exercisable		11,345	11,345	7,596
Warrants with grant date 15 January 2021
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Exercise Price \| £ / shares	1.25
Number of options/warrants outstanding		240
Number of options/warrants exercisable		240
Warrants with grant date 19 January 2021
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Exercise Price \| £ / shares	0.90
Number of options/warrants outstanding		110
Number of options/warrants exercisable		110
Warrants with grant date 19 April 2021
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Exercise Price \| £ / shares	1.35
Number of options/warrants outstanding		224
Number of options/warrants exercisable		224
Warrants with grant date 17 June 2021
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Exercise Price \| £ / shares	1.50
Number of options/warrants outstanding		22
Number of options/warrants exercisable		22
Options with grant date 25 July 2018
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Exercise Price \| £ / shares	0.16
Number of options/warrants outstanding		1,000
Number of options/warrants exercisable		1,000
Options with grant date 17 July 2019
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Exercise Price \| £ / shares	0.16
Number of options/warrants outstanding		537
Number of options/warrants exercisable		537
Options with grant date 5 February 2020, one
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Exercise Price \| £ / shares	0.07
Number of options/warrants outstanding		4,362
Number of options/warrants exercisable		4,362
Options with grant date 3 February 2021
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Exercise Price \| £ / shares	0.94
Number of options/warrants outstanding		159
Number of options/warrants exercisable		151
Options with grant date 24 June 2021
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Exercise Price \| £ / shares	1.26
Number of options/warrants outstanding		1,000
Number of options/warrants exercisable		500
Options with grant date 27 June 2021
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Exercise Price \| £ / shares	1.35
Number of options/warrants outstanding		500
Number of options/warrants exercisable		250
Options with grant date 1 July 2021
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Exercise Price \| £ / shares	1.16
Number of options/warrants outstanding		500
Number of options/warrants exercisable		250
Options with grant date 13 July 2021
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Exercise Price \| £ / shares	1
Number of options/warrants outstanding		1,000
Number of options/warrants exercisable		500
Options with grant date 22 September 2021
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Exercise Price \| £ / shares	1.57
Number of options/warrants outstanding		4,150
Number of options/warrants exercisable		1,758
Options with grant date 23 November 2021
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Exercise Price \| £ / shares	1.30
Number of options/warrants outstanding		500
Number of options/warrants exercisable		184
Options with grant date 17 December 2021
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Exercise Price \| £ / shares	0.86
Number of options/warrants outstanding		675
Number of options/warrants exercisable		234
Options with grant date 19 May 2022
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Exercise Price \| £ / shares	0.51
Number of options/warrants outstanding		3,350
Number of options/warrants exercisable		861
Options with grant date 27 June 2022
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Exercise Price \| £ / shares	0.34
Number of options/warrants outstanding		250
Number of options/warrants exercisable		42
Options with grant date 31 March 2022
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Exercise Price \| £ / shares	0.94
Number of options/warrants outstanding		60
Number of options/warrants exercisable		60
Options with grant date 31 July 2022
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Exercise Price \| £ / shares	1
Number of options/warrants outstanding		10
Number of options/warrants exercisable		10
Options with grant date 31 August 2022
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Exercise Price \| £ / shares	1.04
Number of options/warrants outstanding		10
Number of options/warrants exercisable		10
Options with grant date 31 September 2022
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Exercise Price \| £ / shares	1.12
Number of options/warrants outstanding		10
Number of options/warrants exercisable		10
Options with grant date 31 October 2022
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Exercise Price \| £ / shares	1.05
Number of options/warrants outstanding		10
Number of options/warrants exercisable		10
Options with grant date 31 November 2022
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Exercise Price \| £ / shares	1.02
Number of options/warrants outstanding		10
Number of options/warrants exercisable		10
Options with grant date 31 December 2022
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Exercise Price \| £ / shares	£ 1.01
Number of options/warrants outstanding		10
Number of options/warrants exercisable		10

SHARE OPTIONS AND WARRANTS - Na

SHARE OPTIONS AND WARRANTS - Narratives (Details)	12 Months Ended
SHARE OPTIONS AND WARRANTS - Narratives (Details)	Dec. 31, 2022	Dec. 31, 2021
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Weighted average remaining contractual life of options and warrants (in months)	93 months	102 months
Estimated percentage of exercisable shares on enlarged share capital (in %)	61%	2%

SHARE OPTIONS AND WARRANTS - Va

SHARE OPTIONS AND WARRANTS - Valuation of options and warrants (Details)	12 Months Ended
	Dec. 31, 2022 Y £ / shares
Options with grant date 25 July 2018
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Grant date share price	£ 0.08
Exercise price	£ 0.16
Volatility	40%
Life \| Y	6
Risk Free interest rate	0.01%
Marketability discount	75%
Options with grant date 17 July 2019
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Grant date share price	£ 0.09
Exercise price	£ 0.16
Volatility	40%
Life \| Y	6
Risk Free interest rate	0.01%
Marketability discount	90%
Options with grant date 5 February 2020
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Grant date share price	£ 0.07
Exercise price	£ 0.07
Volatility	40%
Life \| Y	6
Risk Free interest rate	0.01%
Marketability discount	0%
Options with grant date 3 February 2021
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Grant date share price	£ 0.94
Exercise price	£ 0.94
Volatility	112%
Life \| Y	10
Risk Free interest rate	0.01%
Marketability discount	0%
Options with grant date 24 June 2021
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Grant date share price	£ 1.26
Exercise price	£ 1.26
Volatility	112%
Life \| Y	10,000
Risk Free interest rate	0.01%
Marketability discount	0%
Options with grant date 27 June 2021
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Grant date share price	£ 1.35
Exercise price	£ 1.35
Volatility	112%
Life \| Y	10
Risk Free interest rate	0.01%
Marketability discount	0%
Options with grant date 1 July 2021
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Grant date share price	£ 1.23
Exercise price	£ 1.16
Volatility	112%
Life \| Y	10
Risk Free interest rate	0.01%
Marketability discount	0%
Options with grant date 13 July 2021
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Grant date share price	£ 1
Exercise price	£ 1
Volatility	112%
Life \| Y	10
Risk Free interest rate	0.01%
Marketability discount	0%
Options with grant date 22 September 2021
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Grant date share price	£ 1.57
Exercise price	£ 1.57
Volatility	112%
Life \| Y	10
Risk Free interest rate	0.01%
Marketability discount	0%
Options with grant date 23 November 2021
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Grant date share price	£ 1.30
Exercise price	£ 1.30
Volatility	112%
Life \| Y	10
Risk Free interest rate	0.01%
Marketability discount	0%
Options with grant date 17 December 2021
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Grant date share price	£ 0.86
Exercise price	£ 0.86
Volatility	112%
Life \| Y	10
Risk Free interest rate	0.01%
Marketability discount	0%
Options with grant date 19 May 2022
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Grant date share price	£ 0.51
Exercise price	£ 0.51
Volatility	112%
Life \| Y	10
Risk Free interest rate	0.01%
Marketability discount	0%
Options with grant date 27 June 2022
SHARE OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS
Grant date share price	£ 0.34
Exercise price	£ 0.34
Volatility	112%
Life \| Y	10
Risk Free interest rate	0.01%
Marketability discount	0%

COMMON STOCK (Details)

COMMON STOCK (Details) - GBP (£) £ in Thousands	12 Months Ended
COMMON STOCK (Details) - GBP (£) £ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of classes of share capital [line items]
Balance at the beginning	£ 201,810	£ 24,327	£ 20,738
Issued in the period	4,177	151,141
Issue costs of share premium		(12,936)
Fully paid not yet issued			1,550
Balance at the end	20,384	201,810	24,327
Ordinary share capital
Disclosure of classes of share capital [line items]
Balance at the beginning	468	304	294
Issued in the period	10	164
Fully paid not yet issued			10
Balance at the end	478	468	304
Share Premium
Disclosure of classes of share capital [line items]
Balance at the beginning	139,581	1,540	25,252
Issued in the period	4,167	150,977
Issue costs of share premium		(12,936)
Fully paid not yet issued			1,540
Balance at the end	143,748	139,581	1,540
Ordinary Shares \| Ordinary share capital
Disclosure of classes of share capital [line items]
Balance at the beginning	468	303
Issued in the period	10	165
Balance at the end	£ 478	£ 468	£ 303

COMMON STOCK - Textual informat

COMMON STOCK - Textual information (Details) - Ordinary Shares - Ordinary share capital - £ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Number of shares issued [abstract]
Issued and fully paid (in shares)		468,082,335
Issued in the period (in shares)	9,742,831
Total number of shares issued (in shares)	477,825,166
Par value per share (in $ per share)	£ 0.001	£ 0.001

TRADE AND OTHER PAYABLES (Detai

TRADE AND OTHER PAYABLES (Details) - GBP (£) £ in Thousands	Dec. 31, 2022	Dec. 31, 2021
TRADE AND OTHER PAYABLES
Trade payables	£ 2,754	£ 10,259
Accruals and other payables	5,042	4,986
Other taxation and social security	314
Total trade and other creditors	£ 8,110	£ 15,245

TRADE AND OTHER PAYABLES - Text

TRADE AND OTHER PAYABLES - Textual information (Details) - GBP (£)	1 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2022
Trade And Other Payables
Trade payables for mining equipment not yet received		£ 7,194,000	£ 0
Variable consideration (in shares)	8,147,831
Income from reversal of unearned contingent consideration	£ 4,000,000
DPN LLC Inc
Trade And Other Payables
Gain or loss on contingent consideration		£ 236,000
Contingent consideration issued	£ 4,000,000

LOANS AND BORROWINGS (Details)

LOANS AND BORROWINGS (Details) - GBP (£) £ in Thousands	Dec. 31, 2022	Dec. 31, 2021
LOANS AND BORROWINGS
Lease liability	£ 448	£ 370
Total non-current liabilities	53,296	30,669
Current borrowings and current portion of non-current borrowings
Loan and Borrowings	9,624	23,391
Lease liability	4	7
Total current liabilities	9,628	23,398
Bond
LOANS AND BORROWINGS
Loans and borrowing	31,356	26,908
Galaxy loan
LOANS AND BORROWINGS
Loans and borrowing	19,183
Current borrowings and current portion of non-current borrowings
Loan and Borrowings	8,819	22,239
Mortgages - Quebec facilities
LOANS AND BORROWINGS
Loans and borrowing	2,309	3,391
Current borrowings and current portion of non-current borrowings
Loan and Borrowings	£ 805	£ 1,152

LOANS AND BORROWINGS - Textual

LOANS AND BORROWINGS - Textual information (Details) $ in Thousands, £ in Millions	1 Months Ended			12 Months Ended
	Dec. 31, 2022 GBP (£)	May 31, 2022 GBP (£)	Nov. 30, 2021	Dec. 31, 2022 GBP (£) building	Dec. 31, 2022 USD ($)	May 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 GBP (£)	Dec. 23, 2021 GBP (£)	Dec. 23, 2021 USD ($)
LOANS AND BORROWINGS
Amount of loan facility \| £	£ 1.7			£ 1.7
Number of buildings secured as mortgage \| building				2
Loan Agreement [Member]
LOANS AND BORROWINGS
Amount of loan facility					$ 30,000			£ 22.2
Loan agreement with Galaxy Digital LP
LOANS AND BORROWINGS
Borrowings term	32 months
Interest rate	11%			11%	11%
Amount of loan facility	£ 29			£ 29	$ 35,000
November 2021 unsecured bond 8.75%
LOANS AND BORROWINGS
Borrowings term			5 years
Interest rate			8.75%
Percentage of notional amount redeemed in case of early redemption	100.50%			100.50%	100.50%
November 2021 unsecured bond 8.75% \| Bond is redeemed between 30 November 2023 and 30 November 2024
LOANS AND BORROWINGS
Percentage of notional amount redeemed in case of early redemption	102%			102%	102%
November 2021 unsecured bond 8.75% \| Bond is redeemed between 30 November 2024 and 30 November 2025
LOANS AND BORROWINGS
Percentage of notional amount redeemed in case of early redemption	101%			101%	101%
November 2021 unsecured bond 8.75% \| Bond is redeemed between 30 November 2025 and maturity date
LOANS AND BORROWINGS
Percentage of notional amount redeemed in case of early redemption	100%			100%	100%
Galaxy loan
LOANS AND BORROWINGS
Interest rate									8%	8%
Amount of loan facility									£ 22.2	$ 30,000
Mortgages - Quebec facilities \| Minimum
LOANS AND BORROWINGS
Borrowings term				3 months
Interest rate	6.95%			6.95%	6.95%
Mortgages - Quebec facilities \| Maximum
LOANS AND BORROWINGS
Borrowings term				48 months
Interest rate	9.45%			9.45%	9.45%
Loan agreements with NYDIG ABL LLC
LOANS AND BORROWINGS
Amount of loan facility \| $							$ 26,700
Loan agreement with Liberty Commercial Finance
LOANS AND BORROWINGS
Borrowings term		36 months
Interest rate		11.90%				11.90%
Amount of loan facility		£ 1				$ 1,200

FINANCIAL INSTRUMENTS - Carryin

FINANCIAL INSTRUMENTS - Carrying amount of financial assets and liabilities (Details) - GBP (£) £ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Carrying amount of financial assets
Total carrying amount of financial assets	£ 21,964	£ 72,826
Carrying amount of financial liabilities
Total carrying amount of financial liabilities	71,234	72,397
Trade and other payables \| Measured at amortised cost
Carrying amount of financial liabilities
Total carrying amount of financial liabilities	8,310	10,259
Short term loans \| Measured at amortised cost
Carrying amount of financial liabilities
Total carrying amount of financial liabilities	9,624	23,391
Long term loans \| Measured at amortised cost
Carrying amount of financial liabilities
Total carrying amount of financial liabilities	21,492	3,391
Issued debt - bonds \| Measured at amortised cost
Carrying amount of financial liabilities
Total carrying amount of financial liabilities	31,356	26,908
Lease liabilities \| Measured at amortised cost
Carrying amount of financial liabilities
Total carrying amount of financial liabilities	452	377
Fair value of contingent consideration \| Measured at fair value
Carrying amount of financial liabilities
Total carrying amount of financial liabilities	0	8,071
Mining equipment prepayments \| Measured at amortised cost
Carrying amount of financial assets
Total carrying amount of financial assets	4,958	47,426
Trade and other receivables \| Measured at amortised cost
Carrying amount of financial assets
Total carrying amount of financial assets	0	13,194
Cash and cash equivalents \| Measured at amortised cost
Carrying amount of financial assets
Total carrying amount of financial assets	16,662	11,803
Measured at fair value through profit or loss \| Measured at fair value through profit or loss
Carrying amount of financial assets
Total carrying amount of financial assets	£ 344	£ 403

FINANCIAL INSTRUMENTS - Assets

FINANCIAL INSTRUMENTS - Assets and liabilities that are measured at fair value (Details) - GBP (£) £ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financial assets at fair value through profit or loss
Total financial assets at fair value through profit or loss	£ 462	£ 81,161
Financial assets at fair value through profit or loss
Total financial liabilities at fair value through profit or loss		8,071
Level 1
Financial assets at fair value through profit or loss
Total financial assets at fair value through profit or loss	21	329
Financial assets at fair value through profit or loss
Total financial liabilities at fair value through profit or loss	0
Level 2
Financial assets at fair value through profit or loss
Total financial assets at fair value through profit or loss	368	80,759
Financial assets at fair value through profit or loss
Total financial liabilities at fair value through profit or loss	0
Level 3
Financial assets at fair value through profit or loss
Total financial assets at fair value through profit or loss	73	73
Financial assets at fair value through profit or loss
Total financial liabilities at fair value through profit or loss		8,071
Deferred variable consideration
Financial assets at fair value through profit or loss
Total financial liabilities at fair value through profit or loss		8,071
Deferred variable consideration \| Level 1
Financial assets at fair value through profit or loss
Total financial liabilities at fair value through profit or loss	0
Deferred variable consideration \| Level 2
Financial assets at fair value through profit or loss
Total financial liabilities at fair value through profit or loss	0
Deferred variable consideration \| Level 3
Financial assets at fair value through profit or loss
Total financial liabilities at fair value through profit or loss		8,071
Equity holdings
Financial assets at fair value through profit or loss
Total financial assets at fair value through profit or loss	94	402
Equity holdings \| Level 1
Financial assets at fair value through profit or loss
Total financial assets at fair value through profit or loss	21	329
Equity holdings \| Level 2
Financial assets at fair value through profit or loss
Total financial assets at fair value through profit or loss	0
Equity holdings \| Level 3
Financial assets at fair value through profit or loss
Total financial assets at fair value through profit or loss	73	73
Digital assets
Financial assets at fair value through profit or loss
Total financial assets at fair value through profit or loss	368	80,759
Digital assets \| Level 1
Financial assets at fair value through profit or loss
Total financial assets at fair value through profit or loss	0
Digital assets \| Level 2
Financial assets at fair value through profit or loss
Total financial assets at fair value through profit or loss	£ 368	£ 80,759

FINANCIAL INSTRUMENTS - Textual

FINANCIAL INSTRUMENTS - Textual information (Details)	12 Months Ended
FINANCIAL INSTRUMENTS - Textual information (Details)	Dec. 31, 2022 GBP (£)
FINANCIAL INSTRUMENTS
Transfers out of Level 1 into Level 2 of fair value hierarchy, assets held at end of reporting period	£ 0
Transfers out of Level 2 into Level 1 of fair value hierarchy, assets held at end of reporting period	0
Transfers out of Level 1 into Level 2 of fair value hierarchy, liabilities held at end of reporting period	0
Transfers out of Level 2 into Level 1 of fair value hierarchy, liabilities held at end of reporting period	0
Transfers into Level 3 of fair value hierarchy, assets	0
Transfers out of Level 3 of fair value hierarchy, assets	0
Transfers into Level 3 of fair value hierarchy, liabilities	0
Transfers out of Level 3 of fair value hierarchy, liabilities	£ 0

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - 12 months ended Dec. 31, 2022 £ in Thousands, $ in Thousands	USD ($)	GBP (£)	GBP (£)
COMMITMENTS AND CONTINGENCIES
Deposit for purchase of mining machines	$ 3,300		£ 2,700
Payments for purchase of mining machines, one	438	£ 363
Payments for purchase of mining machines, two	$ 424	£ 352

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - GBP (£)	12 Months Ended
RELATED PARTY TRANSACTIONS (Details) - GBP (£)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
RELATED PARTY TRANSACTIONS
Key management personnel compensation paid	£ 2,807,000	£ 1,419,000	£ 552,000
Matthew Shaw
RELATED PARTY TRANSACTIONS
Key management personnel compensation paid	75,955	36,769
Alex Appleton
RELATED PARTY TRANSACTIONS
Key management personnel compensation paid	587,960	308,359
Peter Wall
RELATED PARTY TRANSACTIONS
Key management personnel compensation paid	571,931	£ 566,591
Sarah Gow
RELATED PARTY TRANSACTIONS
Amounts payable, related party	33,782
Maria Perrella and Raghav Chopra
RELATED PARTY TRANSACTIONS
Key management personnel compensation paid	66,175,000
Compensation paid to related parties in respect to key management employee services	£ 96,653,000

POST BALANCE SHEET EVENTS - Mat

POST BALANCE SHEET EVENTS - Material Assets and liabilities were reclassified to held for sale (Details) - GBP (£) £ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Non-current assets
Tangible fixed assets	£ 63,850	£ 111,604	£ 17,833
Right of use assets	435	350
Non-current liabilities
Loans	21,492	3,391
Lease liability	£ 448	£ 370

POST BALANCE SHEET EVENTS - COM

POST BALANCE SHEET EVENTS - COMPANY STATEMENT OF FINANCIAL POSITION (Details) - GBP (£) £ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Non-current assets
Investments at fair value through profit or loss	£ 344	£ 403	£ 1,393
Tangible fixed assets	63,850	111,604	17,833
Total non-current assets	68,747	131,778
Current assets
Trade and other receivables	5,641	63,359
Prepaids	4,958	47,426
Cash and cash equivalents	16,662	11,803	£ 2,051	£ 161
Total current assets	22,671	155,921
Total assets	91,418	287,699
Equity
Share Capital	(478)	(468)
Share Premium	(143,748)	(139,581)
Share based payment reserve	(6,801)	(1,905)
Foreign Currency Translation Reserve	1,626	33
Accumulated surplus/(deficit)	(132,269)	52,838
Total equity	20,384	201,810
Current liabilities
Trade and other payables	(8,110)	(15,245)
Loan	(9,624)	(23,391)
Total current liabilities	(17,738)	(54,679)
Non-current liabilities
Issued debt	(31,356)	(26,908)
Total liabilities	(71,034)	(85,889)
Total equity and liabilities	£ (91,418)	£ (287,699)

POST BALANCE SHEET EVENTS - C_2

POST BALANCE SHEET EVENTS - COMPANY STATEMENT OF CHANGES IN EQUITY (Details) - GBP (£) £ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
POST BALANCE SHEET EVENTS
Balance at the beginning	£ 201,810	£ 24,327	£ 20,738
Total comprehensive loss for the period:
Loss for the period	(185,107)	30,765	1,442
Other comprehensive loss	(5,392)	6,575	265
Comprehensive loss	(190,499)	37,340	1,707
Transactions with equity owners:
Share capital issued			1,550
Share based payment charge	4,928	1,938	332
Share options/warrants exercised	(32)
Total transactions with equity owners	9,073	140,143	1,882
Balance at the end	20,384	201,810	24,327
Common Stock
POST BALANCE SHEET EVENTS
Balance at the beginning	468	304	294
Transactions with equity owners:
Share capital issued			10
Total transactions with equity owners	10	164	10
Balance at the end	478	468	304
Share Premium
POST BALANCE SHEET EVENTS
Balance at the beginning	139,581	1,540	25,252
Transactions with equity owners:
Share capital issued			1,540
Total transactions with equity owners	4,167	138,041	(23,712)
Balance at the end	143,748	139,581	1,540
Currency translation reserve
POST BALANCE SHEET EVENTS
Balance at the beginning	33	443	178
Total comprehensive loss for the period:
Other comprehensive loss	1,593	(410)	265
Comprehensive loss	1,593	(410)	265
Transactions with equity owners:
Balance at the end	1,626	33	443
Reserve of share-based payments [member]
POST BALANCE SHEET EVENTS
Balance at the beginning	1,905	75
Transactions with equity owners:
Share based payment charge	4,928	1,938	332
Share options/warrants exercised	(32)	(108)
Total transactions with equity owners	4,896	1,830	75
Balance at the end	6,801	1,905	75
Accumulated surplus / (deficit)
POST BALANCE SHEET EVENTS
Balance at the beginning	52,838	21,965	(4,986)
Total comprehensive loss for the period:
Loss for the period	(185,107)	30,765	1,442
Comprehensive loss	(185,107)	30,765	1,442
Transactions with equity owners:
Share options/warrants exercised		108
Total transactions with equity owners		108	25,509
Balance at the end	£ (132,269)	£ 52,838	£ 21,965

POST BALANCE SHEET EVENTS - C_3

POST BALANCE SHEET EVENTS - COMPANY STATEMENT OF CASH FLOWS (Details) - GBP (£) £ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Loss before tax	£ (194,592)	£ 39,271	£ 1,442
Adjustments for:
Share of loss from associate	4,872	1,198
Foreign exchange movements	(17,250)	589	271
Share based payment expense	4,928	1,938	332
Working capital changes:
(Increase)/decrease in trade and other receivables	(15,250)	(13,628)	(90)
Increase/(decrease) in trade and other payables	(83,021)	12,289	(2,107)
Net cash generated/(used in) from operating activities	(70,663)	(27,817)	2,520
Investing activities
Net cash generated from/(used in) investing activities	5,543	(137,564)	(1,055)
Financing activities
Proceeds from debt issue - net of issue costs		26,908
Proceeds from shares issued - net of issue costs		134,684	1,550
Net cash (used in) generated from financing activities	68,055	175,133	425
Net (decrease) increase in cash and cash equivalents	2,935	9,752	1,890
Cash and cash equivalents at beginning of period	11,803	2,051	161
Cash and cash equivalents at end of period	16,662	11,803	2,051
Company - net debt reconciliation
Non-current loans and borrowings	(21,492)	(3,391)
Cash and cash equivalents	16,662	11,803	£ 2,051
Net assets	£ (44,200)	£ 65,400

POST BALANCE SHEET EVENTS (Deta

POST BALANCE SHEET EVENTS (Details) - GBP (£) £ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
POST BALANCE SHEET EVENTS
Loss for the period	£ (185,107)	£ 30,765	£ 1,442