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    ARB   GB00BZ15CS02

ARGO BLOCKCHAIN PLC

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Argo Blockchain Provides Update on Argo Labs

01/19/2022 | 09:00am EDT

Division focused on investing in and supporting the disruptive and innovative sectors of the crypto ecosystem

Argo Blockchain Plc (LSE: ARB; NASDAQ: ARBK), (“Argo” or the “Company”), a global leader in cryptocurrency mining, is pleased to announce an update on Argo Labs, its in-house innovation arm participating in the disruptive and innovative sectors of the crypto ecosystem while supporting the decentralization of various blockchain protocols. Argo has allocated approximately 10% of the Company's crypto assets in its “HODL" to Argo Labs.

Coinciding with this update, the Company is pleased to announce the appointment of Vakeesan Mahalingam, CFA, as Head of Argo Labs.

Peter Wall, Chief Executive of Argo Blockchain, said: “Argo Blockchain has long been a supporter of the proliferation of crypto and blockchain technology – not just through mining. As blockchain technologies continue to see rising adoption rates, this extension of our business gives us an important opportunity to integrate cryptocurrencies into existing financial infrastructure, support and participate in the wider digital asset ecosystem, and continue to spur this proliferation to ultimately change our world for the better.”

Argo Labs will primarily be focused on two key areas: network participation and strategic diversification through the efficient deployment of the Company’s crypto treasury assets. Network participation consists of providing infrastructure support, running nodes and validators, and staking in innovative projects. Efficient deployment of the Company’s crypto treasury assets includes, among other things, supporting early-stage projects and participating in decentralized finance (DeFi), as well as the NFT & metaverse ecosystem, in each case in furtherance of the Company’s general business operations.

Mahalingam commented: “Our vision at Argo Labs is to support the Company’s mining efforts by engaging with the disruptive and innovative sectors of the crypto ecosystem. We are committed to growing all facets of this industry, and look forward to spearheading this effort alongside my talented colleagues.”

Mahalingam joined Argo to specifically work on this aspect of the business. He is overseeing a multi-talented, dynamic team of blockchain network experts and technologists and is actively building this division.

To learn more about Argo Labs, please visit https://youtu.be/Gaj-qHO5c_I.

About Argo

Argo Blockchain plc is a global leader in cryptocurrency mining with one of the largest and most efficient operations powered by clean energy. The Company is headquartered in London, UK and its shares are listed on the Main Market of the London Stock Exchange under the ticker: ARB and on the NASDAQ Global Select Market in the United States under the ticker: ARBK.


© Business Wire 2022
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Financials
Sales 2022 109 M 136 M 136 M
Net income 2022 21,7 M 27,2 M 27,2 M
Net Debt 2022 97,9 M 122 M 122 M
P/E ratio 2022 4,14x
Yield 2022 -
Capitalization 257 M 322 M 322 M
EV / Sales 2022 3,27x
EV / Sales 2023 1,92x
Nbr of Employees 43
Free-Float 99,1%
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Number of Analysts 1
Last Close Price 55,00 GBX
Average target price 227,85 GBX
Spread / Average Target 314%
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Managers and Directors
Peter Wall Executive Chairman & Chief Executive Officer
Alex Appleton Chief Financial Officer
Sebastien Chalus Chief Scientific Officer
Perry Hothi Chief Technology Officer
Seif El-Bakly Chief Operating Officer
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