Press Release
7 November 2024
Argo Blockchain
plc
("Argo"
or "the Company")
Baie Comeau, High Performance
Computing and Helios Updates
Argo Blockchain plc, a global leader
in cryptocurrency mining (LSE: ARB; NASDAQ: ARBK), is pleased to
provide the following update:
Baie-Comeau and High Performance Computing
(HPC)
Argo has entered into a non-binding
letter of intent ("LOI") with BE Global Development Limited ("BE"),
a specialist in HPC solutions, to explore a significant expansion
at the Company's owned and operated Baie-Comeau facility. This
proposed expansion would involve deploying advanced HPC
infrastructure, which would diversify Argo's capabilities beyond
Bitcoin mining into high-performance computing, positioning the
Company to serve broader computing applications in data processing,
AI, and other computationally intensive tasks.
The potential HPC expansion reflects
Argo's commitment to leveraging its infrastructure, driving
innovation and exploring strategic growth opportunities in emerging
computational markets. The HPC expansion will require the Company
to incur capital expenditure at its Baie Comeau site, which is
anticipated to be met by additional financing, certain aspects of
which may be subject to shareholder approval. The Company will keep
shareholders informed as due diligence and financing discussions
progress.
Thomas Chippas, Argo's Chief
Executive Officer, said: "We are pleased to explore new
possibilities for our North American operations with BE. This
potential move into high-performance computing underscores our
strategic focus on diversifying Argo's capabilities and positioning
the company at the forefront of innovative computational markets,
reinforcing our commitment to sustained growth and technological
leadership."
Helios
Despite ongoing discussions with
Galaxy to renew the Company's current hosting agreement at Helios,
the Company was informed yesterday by Galaxy that it did not intend
to renew the contract beyond the current end date of 28 December
2024. Galaxy has today also announced a non-binding term sheet to
host HPC at its Helios facility utilising the space and power
currently dedicated to cryptoasset mining. The Company is
considering its options for its mining fleet, which stands at
23,000 S19j Pros, hosted at the Helios facility.
This announcement contains inside
information.
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
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Fortified Securities
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Joint Broker
Guy
Wheatley, CFA
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+44
7493 989014
guy.wheatley@fortifiedsecurities.com
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Tancredi Intelligent Communication
UK & Europe Media
Relations
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argoblock@tancredigroup.com
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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.