UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
FORM 6-K
_____________________
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of January, 2024
Commission File Number: 001-40816
_____________________
Argo Blockchain plc
(Translation of registrant’s name into English)
_____________________
Eastcastle House
27/28 Eastcastle Street
London W1W 8DH
England
(Address of principal executive office)
_____________________
Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form
20-F ☒ Form 40-F
☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): ☐
EXHIBIT INDEX
|
Exhibit
No.
1
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Description
December
Update/Management Change/Share Allotment dated 08 January
2024
|
Press Release
8 January 2024
Argo Blockchain plc
("Argo" or "the Company")
December Operational Update
Change in Company Management
Share Allotment
Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:
ARB; NASDAQ: ARBK), is pleased to provide the following operational
update for December 2023.
During the month of December, the Company mined 155 Bitcoin, or 5.0
Bitcoin per day. This is a 4% increase in daily Bitcoin production
compared to the prior month, driven by increased transaction fees
on the network, greater operational efficiency and offset by an
increase in network difficulty.
Mining revenue in December 2023 amounted to $6.6 million, an
increase of 25% compared to the prior month (November 2023: $5.3
million) and the highest revenue month of 2023. December was the
fourth consecutive month where revenue grew by more than 18% month
over month and daily Bitcoin production increased month over
month.
As of 31 December 2023, the Company held 9 Bitcoin on its balance
sheet and other digital assets worth the equivalent of 18
Bitcoin.
|
Month
|
Bitcoin Mined
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Unaudited Mining Revenue, excluding
power credits ($USD in millions)(1)
|
|
January 2023
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168
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$3.4
|
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February 2023
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162
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$3.8
|
|
March 2023
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161
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$4.1
|
|
April 2023
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144
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$4.2
|
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May 2023
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173
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$4.7
|
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June 2023
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139
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$3.8
|
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July 2023
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129
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$3.9
|
|
August 2023
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105
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$2.9
|
|
September 2023
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136
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$3.6
|
|
October 2023
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143
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$4.3
|
|
November 2023
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145
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$5.3
|
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December 2023
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155
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$6.6
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(1) The
Company accrued power credits of $0.2 million, $1.3 million, and
$4.4 million in Q1 2023, Q2 2023, and Q3 2023, respectively. The
preliminary and unaudited estimate for Q4 2023 power credits is in
the range of $0.5 to $1 million.
Management Commentary
Argo's Chief Executive, Thomas Chippas, said, "I am delighted to
close out 2023 with our strong performance both in December and in
the full fourth quarter. During the fourth quarter, our daily
production was 4.8 Bitcoin per day, which was a 20% increase from
the prior quarter. This is despite a 19% increase in monthly
average network difficulty in the fourth quarter compared to the
prior quarter."
Grant of Equity Awards
On 5 December 2023, the Company granted 1,379,727 Restricted Stock
Units ("RSUs") in accordance with the 2022 Equity Incentive Plan
approved by shareholders at the Company's 2022 Annual General
Meeting. The RSUs vest over a three-year period, with first vesting
occurring six months from the date of grant (at which point 6/36ths
vest) and, thereafter, the RSUs vest at a rate of 3/36th per
quarter for the remainder of the vesting period subject to the
continued employment of the grantee.
Change to Company Management and Share Allotment
Effective 5 January 2024, Seif El-Bakly stepped down from his
position as Chief Operating Officer to pursue other opportunities.
The Company thanks Mr. El-Bakly for leading Argo as Interim CEO
from February to November 2023, and it wishes him well. The
operations team has been reporting to the Chief Strategy Officer
Sebastien Chalus since February 2023, and Mr. Chalus will continue
to oversee all operations going forward.
As part of Mr. El-Bakly's separation agreement, his previously
awarded Performance Share Units ("PSUs") will vest effective 5
January 2024. To effectuate this vesting, the Company has issued
1,973,892 new ordinary shares of £0.001 each in the
capital of the Company ("PSU Shares").
The new PSU Shares will rank pari passu with the existing Ordinary
Shares in issue and application will be made for the new Ordinary
Shares to be admitted to the Official List and to trading on the
Main Market of the London Stock Exchange PLC ("PSU Admission"). PSU
Admission is expected to occur, and dealings in the new Ordinary
Shares commence, on 11 January 2024.
Total Voting Rights
Following the PSU Admission, the Company will have a total of
538,937,363 Ordinary Shares in issue. No Ordinary Shares are held
in treasury. The above figure may be used by the Company's
shareholders as the denominator for the calculations by which they
can determine whether they are required to notify their interest
in, or a change of their interest in, the Company under the FCA
Disclosure Guidance and Transparency Rules.
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
For further information please contact:
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Argo Blockchain
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Investor Relations
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ir@argoblockchain.com
|
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Tennyson Securities
|
|
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Corporate
Broker
Peter Krens
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+44 207 186 9030
|
|
Fortified Securities
|
|
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Joint
Broker
Guy Wheatley, CFA
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+44 7493 989014
guy.wheatley@fortifiedsecurities.com
|
|
Tancredi Intelligent Communication
UK
& Europe Media Relations
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argoblock@tancredigroup.com
|
About Argo:
Argo Blockchain plc is a dual-listed (LSE: ARB; NASDAQ: ARBK)
blockchain technology company focused on large-scale cryptocurrency
mining. With mining facilities in Quebec, mining operations in
Texas, and offices in the US, Canada, and the UK, Argo's global,
sustainable operations are predominantly powered by renewable
energy. In 2021, Argo became the first climate positive
cryptocurrency mining company, and a signatory to the Crypto
Climate Accord. For more information, visit www.argoblockchain.com.
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
|
Date:
08 January, 2024
|
ARGO BLOCKCHAIN PLC
By:
/s/ Jim
MacCallum
Name:
Jim MacCallum
Title:
Chief Financial Officer
|
Argo Blockchain (NASDAQ:ARBK)
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