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"period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlowsNetDebt_NegatedTotalLabel_00305": { "value": "55074000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NetDebt", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00163": { "value": "1.
COMPANY INFORMATION
Argo Blockchain PLC (\u201cthe company\u201d) is a public company, limited by shares, and incorporated in England and Wales. The
registered office is Eastcastle House, 27-28 Eastcastle Street, London, W1W 8DH. The company was incorporated on 5
December 2017 as GoSun Blockchain Limited and changed its name to Argo Blockchain Limited on 21 December 2017.
Also on 21 December 2017, the company re-registered as a public company, Argo Blockchain plc. Argo Blockchain plc
acquired a 100% subsidiary, Argo Innovation Labs Inc. (together \u201cthe Group\u201d), incorporated in Canada, on 12 January
2018.
On 4 March 2022 the Group acquired 100% of the share capital of DPN LLC and was merged into new US entity Argo
Innovation Facilities (US) Inc (also 100% owned by Argo Blockchain plc).
On 11 May 2022 the Group acquired 100% of the share capital of 9377-2556 Quebec Inc and 9366-5230 Quebec Inc.
These are held by Argo Innovation Labs Inc. (Canada).
On 22 November 2022, the Group formed Argo Operating US LLC and Argo Holdings US Inc.
On 21 December 2022, Argo Innovation Facilities (US) Inc became Galaxy Power LLC. On 28 December 2022, the
Group sold Galaxy Power LLC.
On 26 March 2024, the Group sold 100% of the share capital of 9366-5230 Quebec Inc.
The principal activity of the Group is Bitcoin mining.
The common shares of the Group are listed under the trading symbol ARB on the London Stock Exchange. The American
Depositary Receipt of the Group are listed under the trading symbol ARBK on Nasdaq. The Group bond is listed on the
Nasdaq Global Select Market under the trading symbol ARBKL.
The financial statements cover the year ended 31 December 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00151": { "value": "Argo Blockchain PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00155": { "value": "Argo Blockchain PLC", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00157": { "value": "Argo Blockchain PLC", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00160": { "value": "public company, limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00152": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00154": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00159": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00153": { "value": "Eastcastle House, 27-28 Eastcastle Street, London, W1W 8DH.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00161": { "value": "The company was incorporated on 5 December 2017 as GoSun Blockchain Limited and changed its name to Argo Blockchain Limited on 21 December 2017. Also on 21 December 2017, the company re-registered as a public company, Argo Blockchain plc.", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00156": { "value": "The principal activity of the Group is Bitcoin mining.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00158": { "value": "2024-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00164": { "value": "2.
BASIS OF PREPARATION
The financial statements have been prepared in accordance with UK-adopted international accounting standards and with
the requirements of the Companies Act 2006. 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.
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\u2019s accounting policies and the key sources of estimation uncertainty are disclosed in Note 6.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00166": { "value": "The financial statements have been prepared in accordance with UK-adopted international accounting standards and with
the requirements of the Companies Act 2006. 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. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00165": { "value": "2023 restatement
The Group re-evaluated the classification of its mined cryptocurrencies and determined these assets should be classified
as Intangible assets to align with the US filing presentation, previously accounted for as inventory. The impact to the balance
sheet within current assets is a change in the description of the asset from digital assets to intangible assets.
The classification impact to the income statement is twofold:
A reclassification of the change in fair value of digital assets from \u201cChange in fair value of digital assets\u201d to \u201cImpairment in
intangible fixed assets\u201d and/or \u201crealized gains/losses on intangible assets\u201d, and
A reclassification of unrealized fair value gains or losses of digital assets from \u201cChange in fair value of digital assets\u201d to
\u201cOther comprehensive income\u201d and/or realized gains/losses on intangible assets.
There was no unrealized gain or loss reclassification materially impacting the year ended 31 December 2023.
The impact to the cash flow statement is primarily a reclassification between operating cash flows and investing cash flows
in respect of proceeds from the sale of Bitcoin.
As disclosed in note 1 to the parent company financial statements, 2023 has been restated due to a misapplication of the
intra group recharges policy. This impacted the foreign currency gains and losses of the Group, whereby Loss before
taxation decreased and other comprehensive income increased by $396k, with no change to total comprehensive income
(loss).
The numerical impacts to the cash flows and income statements are summarized below.
\n \n
2023
2023
$\u2019000
Original
Movement
Restated
Net cash generated from
(used in) operating activities
3,831
(51,787)
(47,956)
Net cash (used in) generated
from investing activities
(1,062)
51,866
50,804
Loss before taxation
(35,033)
396
(34,637)
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00167": { "value": "3.
ACCOUNTING POLICIES
The principal accounting policies applied in the preparation of these consolidated financial statements are below.
Presentation Currency
The Group changed its presentational currency to US Dollars during 2023 due to the fact its revenues, direct costs,
capital expenditures and debt obligations are predominantly denominated in US Dollars.
Going Concern
The preparation of consolidated \ufb01nancial statements requires an assessment on the validity of the going concern
assumption.
The Group strengthened its balance sheet during 2024 by fully repaying the $35 million Galaxy loan ahead of schedule.
This repayment was made possible through equity raises, asset sales and cash flow from operations. However, at the
end of 2024 Galaxy informed the Group that they would no longer host the Group\u2019s mining machines at their Helios
immersion facility. This required the Group to remove approximately 23,000 mining machines from the immersion facility
and refurbish them so they could be re-hosted at air-cooled facilities. The cost of the refurbishment and the loss of mining
margin during the majority of the first quarter of 2025 added additional strain to the Group\u2019s finances. Despite the Galaxy
debt repayment during 2024 and the $8.6 million cash balance at 31 December 2024 ($2.4 million at 31 March 2025),
material uncertainties exist that may cast significant doubt regarding the Group\u2019s and Company\u2019s ability to continue as a
going concern and meet its liabilities as they come due. The significant uncertainties are:
1)
The Group has $40 million in unsecured bonds maturing in November 2026 that carry an interest rate of 8.75%,
payable quarterly ($875,000 per quarter).
2)
The Group\u2019s exposure to Bitcoin prices, power prices, and hashprice, each of which have shown volatility over recent
years, may have a significant impact on the Group\u2019s future profitability. The Group may have difficulty meeting its
liabilities if there are significant declines to the hashprice assumption or significant increases to the power price,
particularly where there is a combination of both factors.. The Directors\u2019 assessment of going concern includes
forecasted scenarios drawn up to 30 June 2026 using the Group\u2019s estimate of potential hashprices and power costs.
3)
As noted above, the refurbishment costs and loss of mining margin during the re-hosting phase in the first quarter
impacted the Group\u2019s cash balance. In addition, the sale of machines subsequent to year end has reduced the
Group\u2019s hashrate, lowering the amount of Bitcoin it will produce going forward. Depending on hashprice, the Group
may not generate operating profit and/or positive cash flow despite reducing operating expenses during the first half
of 2025.
Offsetting these negative impacts to the Group\u2019s cash flow are:
1)
The Group\u2019s cash balance of $2.4 million at 31 March 2025.
2)
The Group\u2019s ability to dispose of assets, including unhosted mining machines and the Group\u2019s data center in Baie
Comeau, Quebec. Assets were successfully sold during 2024 to repay debt.
3)
The Group\u2019s ability to equitize the unsecured bonds (through a tender or structured process).
4)
The Group\u2019s ability to generate additional funds by issuing equity for cash proceeds, as it did successfully in 2023
and 2024.
Based on information from Management, as well as independent advisors, the Directors have considered the period to 30
June 2026, as a reasonable time period given the variable outlook of cryptocurrencies, cryptocurrency mining costs,
competition and energy prices. 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 debt service requirements,
lower operating margins, and the volatile economic and industry environment, indicate the existence of material
uncertainties that cast significant doubt regarding the applicability of the going concern assumption and the auditors have
made reference to this in their audit report.
Mining Revenue Recognition
The provision of hash calculation services is an output of our ordinary activities from the Company\u2019s mining equipment.
The Company has entered into arrangements with a Mining pool and has undertaken the performance obligation of
providing computing power used for hashing calculations to the Mining pool in exchange for noncash consideration in
the form of cryptocurrency, which is variable consideration. Providing our computing power is at the Company\u2019s discretion
and our enforceable right to compensation begins when, and continues for as long as, services are provided. The
cryptocurrency earnings are calculated based on a formula which, in turn, is based on the hashrate contributed by the
Company's provided computing power used for hashing calculations allocated to the Mining pool, assessed over a 24-
hour period, and distributed daily based on the Full Pay Per Share (\u201cFPPS\u201d) methodology. The Company assesses the
estimated amount of the variable non-cash consideration to which it expects to be entitled for providing computational
power used for hashing calculations at contract inception and subsequently measures if it is highly probable that a
significant reversal in the amount of cumulative revenue recognized will not occur. The uncertainties regarding the daily
variable consideration to which the Company is entitled for providing its computational power used for hashing
calculations are no longer constrained at 23:59:59 UTC regardless of the timing of the BTC received. The amount earned
is calculated based on the Company's computing power used for hashing calculations provided to the Mining pool and
the estimated (i) block subsidies and (ii) daily average transaction fees which the Mining Pool expects to earn, less (iii)
a Mining pool discount.
1.
Block subsidies refers to the block reward that are expected to be generated on the BTC network as a whole.
The fee earned by the Company is first calculated by dividing (a) the total amount of hashrate the Company
provides to the Mining pool operator, by (b) the total BTC network\u2019s implied hashrate (as determined by the BTC
network difficulty), multiplied by (c) the total amount of block subsidies that are expected to be generated on the
BTC network as a whole.
2.
Transaction fees refer to the total fees paid by users of the network to execute transactions. The fee paid out by
the Mining pool operator to the Company is further calculated by dividing (a) the total amount of transaction fees
that are actually generated on the BTC network as a whole less the 3 largest and 3 smallest transactions per
block, by (b) the total amount of block subsidies that are actually generated on the BTC network as a whole,
multiplied by (c) the Company\u2019s fee earned as calculated in (i) above. The Company is entitled to its relative
share of consideration even if a block is not successfully added to the blockchain by the mining pool.
3.
Mining pool discount refers to the discount applied to the total FPPS payout otherwise attributed to computing
power service providers for their sale of computing power used for hashing calculations as defined in the rate
schedule of the agreement with the Mining pool operator.
The Group is entitled to the fee from the Mining Pool as calculated above regardless of the actual performance of the
Mining Pool operator. Therefore, even if the Mining Pool does not successfully add any block to the blockchain in a given
contract period, the fee remains payable by the Mining Pool to the Group. Accordingly, the Group is not sharing in the
earnings of the Mining pool operator.
The Group\u2019s agreements with the Mining pool operator provide the Mining pool operator and the Company with the
enforceable right to terminate the contract at any time without substantively compensating the other party for the
termination. Upon termination, the Mining pool operator is required to pay the Company the amount due related to
previously satisfied performance obligations. As a result, the Company has determined that the duration of the contract
is less than 24 hours and the contract is continuously renewed throughout the day. The Company has also determined
that the Mining pool operator\u2019s renewal right is not a material right as the terms, conditions, and compensation amounts
are at then-current market rates.
The cryptocurrency earned is received in full and can be paid in fractions of cryptocurrency. Revenues from providing
cryptocurrency computational power used for hashing calculations are recognized upon delivery of the service over a
24-hour period, which generally coincides with the receipt of crypto assets in exchange for the provision of computational
power used for hashing calculations and the contract inception date. The Company updates the estimated transaction
price of the non-cash consideration received at its fair market value. Management estimates fair value daily based on
the quantity of cryptocurrency received multiplied by the price quoted from Coinbase (Coingecko \u2013 2023) on the day it
was received. Management considers the prices quoted on Coinbase (Coingecko \u2013 2023) to be a level 1 input under
IFRS 13, Fair Value Measurement.
Power Credits - Power credits are credits we receive in Texas when we curtail our mining production and sell the power
back to the grid. The hosting agreement with Galaxy allows Argo to share in the proceeds from these curtailments, which
occurs when the Helios facility monetizes its fixed-price PPA during periods of high power prices. The Company records
power credits in the period they are earned provided they are estimable and recoverable.
Derivative Contracts \u2013 Hedging: In 2024, 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\u2019s 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 the potential inability of its counterparties to meet the terms of their contracts. There were no
hedging contracts in 2023.
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 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, Argo Holdings US Inc., and 9377-2556 Quebec Inc..
In the parent company financial statements, investments in subsidiaries, joint ventures and associates are accounted for
at cost less impairment.
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.
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
acquisition 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\u2019s proportionate share of the recognised amounts of acquiree\u2019s identifiable net assets.
Acquisition-related costs are expensed as incurred.
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\u2019s share of the profit or loss of the investee after the date of acquisition.
The Group\u2019s 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\u2019s 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\u2019s 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 \u2018share of profit/(loss) of associates
in the income statement.
Segmented 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 the
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 2024.
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 fixed assets
Intangible fixed assets comprise of the Group\u2019s website and digital assets that were not mined by the Group and are held
by Argo Labs (our internal team) as investments. The Group\u2019s website is recognised at cost and is amortised over its useful
life. 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 through other comprehensive income.
Argo\u2019s 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\u2019s 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\u2019 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.coinbase.com
for 2024,
www.coingecko.com,
for 2023 and
prior years, two of the leading crypto websites, as at the reporting date.
Tangible fixed assets
Tangible fixed assets are comprised 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.
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 to 4 years in the case of mining and
computer equipment and 5 years in the case of the leasehold improvements, on a straight-line basis.
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 operating expenses once the asset is brought into use.
Any land component is not depreciated.
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 7 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.
Assets Held for Resale
An asset is classified as held for sale if its carrying amount will be recovered principally through sale rather than through
continuing use, which is when the sale is highly probable, and it is available for immediate sale in its present condition
subject only to terms that are usual and customary for sales of such assets. Assets classified as held for sale are
measured at the lower of the carrying amount upon classification and the fair value less costs to sell. Assets classified
as held for sale and the associated liabilities are presented separately from other assets and liabilities in the Consolidated
Balance Sheet. Once assets are classified as held for sale, property, plant and equipment and intangible assets are no
longer subject to depreciation or amortisation.
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.
Intangible assets
Cryptocurrency mined by the Company and on hand at the end of a reporting period, is accounted for under IAS 38,
Intangible Assets, as an intangible asset with an indefinite useful life initially measured at cost, deemed to be the fair
value upon receipt as described above, and subsequently measured under the revaluation model. Under the revaluation
model, increases in the cryptocurrency\u2019s carrying amount, determined as the excess of fair value on revaluation over the
weighted average cost, are recognized in other comprehensive income, except to the extent that they reverse a
revaluation decrease previously recognized in profit or loss. Decreases are recognized in profit or loss, except to the
extent that they reverse a revaluation increase previously recognized in other comprehensive income. Once the
cryptocurrency is sold, the revaluation increase related to it is transferred from revaluation surplus to retained earnings.
The Company revalues its cryptocurrency on hand on a monthly basis and following any significant fair value fluctuations.
The fair value of cryptocurrency on hand at the end of the reporting period is calculated as the quantity of cryptocurrency
on hand multiplied by the price quoted on Coinbase.com as of the reporting date.
The Company reports cryptocurrency on hand at the end of the reporting period as intangible assets, which are classified
as current assets as the Company has determined that the cryptocurrency on hand at the end of the reporting period has
markets with sufficient liquidity to allow conversion within the Company's normal operating cycle and the Company
expects to realize the digital asset within twelve months after the reporting period.
Cryptocurrencies not mined by the Group are recorded as Intangible Fixed Assets non-current.
Cash and cash equivalents
Cash and cash equivalents are comprised of cash held at banks with high credit ratings. 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\u2019s
contractual cash flow characteristics and the Group\u2019s 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
\u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as
the SPPI test and is performed at an instrument level.
The Group\u2019s 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:
\u2022
Financial assets at amortised cost
\u2022
Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments)
\u2022
Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon
derecognition (equity instruments)
\u2022
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\u2019s 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:
\u2022
The financial asset is held within a business model with the objective to hold financial assets in order to collect
contractual cash flows; and
\u2022
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\u2019s 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\u2019s consolidated Balance sheet) when:
\u2022
The rights to receive cash flows from the asset have expired; or
\u2022
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 \u2018pass-through\u2019 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 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\u2019s 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. 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.
The tax expense or recovery 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\u2019s 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
The costs of short-term employee benefits are recognised as a liability and an expense.
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.
Share-based payments
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.
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.
RSUs (Restricted Stock Units)
Where RSUs are granted to employees, the fair value of the RSUs at grant date is based upon the market price of the
shares underlying the awards and is charged to the Statement of Comprehensive Income over the vesting period. The
expense charged is adjusted based on actual forfeitures.
Foreign exchange
Transactions in currencies other than US dollars 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
Basic earnings per share is calculated by dividing:
\u2022
the profit attributable to owners of the company, excluding any costs of servicing equity other than ordinary
shares;
\u2022
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.
\u2022
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into
account:
\u2022
the after-income tax effect of interest and other financing costs associated with dilutive potential ordinary
shares; and
\u2022
the weighted average number of additional ordinary shares that would have been outstanding, assuming the
conversion of all dilutive potential ordinary shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00266": { "value": "Going Concern
The preparation of consolidated \ufb01nancial statements requires an assessment on the validity of the going concern
assumption.
The Group strengthened its balance sheet during 2024 by fully repaying the $35 million Galaxy loan ahead of schedule.
This repayment was made possible through equity raises, asset sales and cash flow from operations. However, at the
end of 2024 Galaxy informed the Group that they would no longer host the Group\u2019s mining machines at their Helios
immersion facility. This required the Group to remove approximately 23,000 mining machines from the immersion facility
and refurbish them so they could be re-hosted at air-cooled facilities. The cost of the refurbishment and the loss of mining
margin during the majority of the first quarter of 2025 added additional strain to the Group\u2019s finances. Despite the Galaxy
debt repayment during 2024 and the $8.6 million cash balance at 31 December 2024 ($2.4 million at 31 March 2025),
material uncertainties exist that may cast significant doubt regarding the Group\u2019s and Company\u2019s ability to continue as a
going concern and meet its liabilities as they come due. The significant uncertainties are:
1)
The Group has $40 million in unsecured bonds maturing in November 2026 that carry an interest rate of 8.75%,
payable quarterly ($875,000 per quarter).
2)
The Group\u2019s exposure to Bitcoin prices, power prices, and hashprice, each of which have shown volatility over recent
years, may have a significant impact on the Group\u2019s future profitability. The Group may have difficulty meeting its
liabilities if there are significant declines to the hashprice assumption or significant increases to the power price,
particularly where there is a combination of both factors.. The Directors\u2019 assessment of going concern includes
forecasted scenarios drawn up to 30 June 2026 using the Group\u2019s estimate of potential hashprices and power costs.
3)
As noted above, the refurbishment costs and loss of mining margin during the re-hosting phase in the first quarter
impacted the Group\u2019s cash balance. In addition, the sale of machines subsequent to year end has reduced the
Group\u2019s hashrate, lowering the amount of Bitcoin it will produce going forward. Depending on hashprice, the Group
may not generate operating profit and/or positive cash flow despite reducing operating expenses during the first half
of 2025.
Offsetting these negative impacts to the Group\u2019s cash flow are:
1)
The Group\u2019s cash balance of $2.4 million at 31 March 2025.
2)
The Group\u2019s ability to dispose of assets, including unhosted mining machines and the Group\u2019s data center in Baie
Comeau, Quebec. Assets were successfully sold during 2024 to repay debt.
3)
The Group\u2019s ability to equitize the unsecured bonds (through a tender or structured process).
4)
The Group\u2019s ability to generate additional funds by issuing equity for cash proceeds, as it did successfully in 2023
and 2024.
Based on information from Management, as well as independent advisors, the Directors have considered the period to 30
June 2026, as a reasonable time period given the variable outlook of cryptocurrencies, cryptocurrency mining costs,
competition and energy prices. 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 debt service requirements,
lower operating margins, and the volatile economic and industry environment, indicate the existence of material
uncertainties that cast significant doubt regarding the applicability of the going concern assumption and the auditors have
made reference to this in their audit report.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00267": { "value": "Going Concern
The preparation of consolidated \ufb01nancial statements requires an assessment on the validity of the going concern
assumption.
The Group strengthened its balance sheet during 2024 by fully repaying the $35 million Galaxy loan ahead of schedule.
This repayment was made possible through equity raises, asset sales and cash flow from operations. However, at the
end of 2024 Galaxy informed the Group that they would no longer host the Group\u2019s mining machines at their Helios
immersion facility. This required the Group to remove approximately 23,000 mining machines from the immersion facility
and refurbish them so they could be re-hosted at air-cooled facilities. The cost of the refurbishment and the loss of mining
margin during the majority of the first quarter of 2025 added additional strain to the Group\u2019s finances. Despite the Galaxy
debt repayment during 2024 and the $8.6 million cash balance at 31 December 2024 ($2.4 million at 31 March 2025),
material uncertainties exist that may cast significant doubt regarding the Group\u2019s and Company\u2019s ability to continue as a
going concern and meet its liabilities as they come due. The significant uncertainties are:
1)
The Group has $40 million in unsecured bonds maturing in November 2026 that carry an interest rate of 8.75%,
payable quarterly ($875,000 per quarter).
2)
The Group\u2019s exposure to Bitcoin prices, power prices, and hashprice, each of which have shown volatility over recent
years, may have a significant impact on the Group\u2019s future profitability. The Group may have difficulty meeting its
liabilities if there are significant declines to the hashprice assumption or significant increases to the power price,
particularly where there is a combination of both factors.. The Directors\u2019 assessment of going concern includes
forecasted scenarios drawn up to 30 June 2026 using the Group\u2019s estimate of potential hashprices and power costs.
3)
As noted above, the refurbishment costs and loss of mining margin during the re-hosting phase in the first quarter
impacted the Group\u2019s cash balance. In addition, the sale of machines subsequent to year end has reduced the
Group\u2019s hashrate, lowering the amount of Bitcoin it will produce going forward. Depending on hashprice, the Group
may not generate operating profit and/or positive cash flow despite reducing operating expenses during the first half
of 2025.
Offsetting these negative impacts to the Group\u2019s cash flow are:
1)
The Group\u2019s cash balance of $2.4 million at 31 March 2025.
2)
The Group\u2019s ability to dispose of assets, including unhosted mining machines and the Group\u2019s data center in Baie
Comeau, Quebec. Assets were successfully sold during 2024 to repay debt.
3)
The Group\u2019s ability to equitize the unsecured bonds (through a tender or structured process).
4)
The Group\u2019s ability to generate additional funds by issuing equity for cash proceeds, as it did successfully in 2023
and 2024.
Based on information from Management, as well as independent advisors, the Directors have considered the period to 30
June 2026, as a reasonable time period given the variable outlook of cryptocurrencies, cryptocurrency mining costs,
competition and energy prices. 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 debt service requirements,
lower operating margins, and the volatile economic and industry environment, indicate the existence of material
uncertainties that cast significant doubt regarding the applicability of the going concern assumption and the auditors have
made reference to this in their audit report.", "dimensions": { "concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00268": { "value": "Mining Revenue Recognition
The provision of hash calculation services is an output of our ordinary activities from the Company\u2019s mining equipment.
The Company has entered into arrangements with a Mining pool and has undertaken the performance obligation of
providing computing power used for hashing calculations to the Mining pool in exchange for noncash consideration in
the form of cryptocurrency, which is variable consideration. Providing our computing power is at the Company\u2019s discretion
and our enforceable right to compensation begins when, and continues for as long as, services are provided. The
cryptocurrency earnings are calculated based on a formula which, in turn, is based on the hashrate contributed by the
Company's provided computing power used for hashing calculations allocated to the Mining pool, assessed over a 24-
hour period, and distributed daily based on the Full Pay Per Share (\u201cFPPS\u201d) methodology. The Company assesses the
estimated amount of the variable non-cash consideration to which it expects to be entitled for providing computational
power used for hashing calculations at contract inception and subsequently measures if it is highly probable that a
significant reversal in the amount of cumulative revenue recognized will not occur. The uncertainties regarding the daily
variable consideration to which the Company is entitled for providing its computational power used for hashing
calculations are no longer constrained at 23:59:59 UTC regardless of the timing of the BTC received. The amount earned
is calculated based on the Company's computing power used for hashing calculations provided to the Mining pool and
the estimated (i) block subsidies and (ii) daily average transaction fees which the Mining Pool expects to earn, less (iii)
a Mining pool discount.
1.
Block subsidies refers to the block reward that are expected to be generated on the BTC network as a whole.
The fee earned by the Company is first calculated by dividing (a) the total amount of hashrate the Company
provides to the Mining pool operator, by (b) the total BTC network\u2019s implied hashrate (as determined by the BTC
network difficulty), multiplied by (c) the total amount of block subsidies that are expected to be generated on the
BTC network as a whole.
2.
Transaction fees refer to the total fees paid by users of the network to execute transactions. The fee paid out by
the Mining pool operator to the Company is further calculated by dividing (a) the total amount of transaction fees
that are actually generated on the BTC network as a whole less the 3 largest and 3 smallest transactions per
block, by (b) the total amount of block subsidies that are actually generated on the BTC network as a whole,
multiplied by (c) the Company\u2019s fee earned as calculated in (i) above. The Company is entitled to its relative
share of consideration even if a block is not successfully added to the blockchain by the mining pool.
3.
Mining pool discount refers to the discount applied to the total FPPS payout otherwise attributed to computing
power service providers for their sale of computing power used for hashing calculations as defined in the rate
schedule of the agreement with the Mining pool operator.
The Group is entitled to the fee from the Mining Pool as calculated above regardless of the actual performance of the
Mining Pool operator. Therefore, even if the Mining Pool does not successfully add any block to the blockchain in a given
contract period, the fee remains payable by the Mining Pool to the Group. Accordingly, the Group is not sharing in the
earnings of the Mining pool operator.
The Group\u2019s agreements with the Mining pool operator provide the Mining pool operator and the Company with the
enforceable right to terminate the contract at any time without substantively compensating the other party for the
termination. Upon termination, the Mining pool operator is required to pay the Company the amount due related to
previously satisfied performance obligations. As a result, the Company has determined that the duration of the contract
is less than 24 hours and the contract is continuously renewed throughout the day. The Company has also determined
that the Mining pool operator\u2019s renewal right is not a material right as the terms, conditions, and compensation amounts
are at then-current market rates.
The cryptocurrency earned is received in full and can be paid in fractions of cryptocurrency. Revenues from providing
cryptocurrency computational power used for hashing calculations are recognized upon delivery of the service over a
24-hour period, which generally coincides with the receipt of crypto assets in exchange for the provision of computational
power used for hashing calculations and the contract inception date. The Company updates the estimated transaction
price of the non-cash consideration received at its fair market value. Management estimates fair value daily based on
the quantity of cryptocurrency received multiplied by the price quoted from Coinbase (Coingecko \u2013 2023) on the day it
was received. Management considers the prices quoted on Coinbase (Coingecko \u2013 2023) to be a level 1 input under
IFRS 13, Fair Value Measurement.
Power Credits - Power credits are credits we receive in Texas when we curtail our mining production and sell the power
back to the grid. The hosting agreement with Galaxy allows Argo to share in the proceeds from these curtailments, which
occurs when the Helios facility monetizes its fixed-price PPA during periods of high power prices. The Company records
power credits in the period they are earned provided they are estimable and recoverable.
Derivative Contracts \u2013 Hedging: In 2024, 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\u2019s 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 the potential inability of its counterparties to meet the terms of their contracts. There were no
hedging contracts in 2023.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00271": { "value": "Derivative Contracts \u2013 Hedging: In 2024, 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\u2019s 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 the potential inability of its counterparties to meet the terms of their contracts. There were no
hedging contracts in 2023.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00270": { "value": "Derivative Contracts \u2013 Hedging: In 2024, 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\u2019s 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 the potential inability of its counterparties to meet the terms of their contracts. There were no
hedging contracts in 2023.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00269": { "value": "Derivative Contracts \u2013 Hedging: In 2024, 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\u2019s 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 the potential inability of its counterparties to meet the terms of their contracts. There were no
hedging contracts in 2023.Liquidity risk
Liquidity risk arises from the Group\u2019s 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\u2019s 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\u2019s 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.
\n \n
Less than 1
Between 1
Between 2
Over 5 years
year
and 2 years
and 5 years
At 31 December 2024 ($\u2019000)
Loans
439
418
-
-
Issued debt \u2013 bonds
-
-
39,304
-
At December 2023 ($\u2019000)
Loans
14,320
9,830
197
-
Issued debt \u2013 bonds
-
-
38,170
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00272": { "value": "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 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, Argo Holdings US Inc., and 9377-2556 Quebec Inc..
In the parent company financial statements, investments in subsidiaries, joint ventures and associates are accounted for
at cost less impairment.
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.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on
consolidation.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00273": { "value": "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 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00328": { "value": "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
acquisition 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\u2019s proportionate share of the recognised amounts of acquiree\u2019s identifiable net assets.
Acquisition-related costs are expensed as incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00335": { "value": "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
acquisition 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\u2019s proportionate share of the recognised amounts of acquiree\u2019s identifiable net assets.
Acquisition-related costs are expensed as incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00329": { "value": "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\u2019s share of the profit or loss of the investee after the date of acquisition.
The Group\u2019s 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\u2019s 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\u2019s 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 \u2018share of profit/(loss) of associates
in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00330": { "value": "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\u2019s share of the profit or loss of the investee after the date of acquisition.
The Group\u2019s 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\u2019s 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\u2019s 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 \u2018share of profit/(loss) of associates
in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00331": { "value": "Segmented 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 the
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 2024.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00332": { "value": "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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00350": { "value": "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.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\u2019s 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00334": { "value": "Intangible fixed assets
Intangible fixed assets comprise of the Group\u2019s website and digital assets that were not mined by the Group and are held
by Argo Labs (our internal team) as investments. The Group\u2019s website is recognised at cost and is amortised over its useful
life. 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 through other comprehensive income.
Argo\u2019s 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\u2019s 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\u2019 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.coinbase.com
for 2024,
www.coingecko.com,
for 2023 and
prior years, two of the leading crypto websites, as at the reporting date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00333": { "value": "Intangible fixed assets
Intangible fixed assets comprise of the Group\u2019s website and digital assets that were not mined by the Group and are held
by Argo Labs (our internal team) as investments. The Group\u2019s website is recognised at cost and is amortised over its useful
life. 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 through other comprehensive income.
Argo\u2019s 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\u2019s 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\u2019 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.coinbase.com
for 2024,
www.coingecko.com,
for 2023 and
prior years, two of the leading crypto websites, as at the reporting date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00336": { "value": "Tangible fixed assets
Tangible fixed assets are comprised 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.
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 to 4 years in the case of mining and
computer equipment and 5 years in the case of the leasehold improvements, on a straight-line basis.
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 operating expenses once the asset is brought into use.
Any land component is not depreciated.
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 7 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00338": { "value": "Tangible fixed assets are comprised 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00337": { "value": "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.
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 to 4 years in the case of mining and
computer equipment and 5 years in the case of the leasehold improvements, on a straight-line basis.
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 operating expenses once the asset is brought into use.
Any land component is not depreciated.
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 7 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00339": { "value": "Assets Held for Resale
An asset is classified as held for sale if its carrying amount will be recovered principally through sale rather than through
continuing use, which is when the sale is highly probable, and it is available for immediate sale in its present condition
subject only to terms that are usual and customary for sales of such assets. Assets classified as held for sale are
measured at the lower of the carrying amount upon classification and the fair value less costs to sell. Assets classified
as held for sale and the associated liabilities are presented separately from other assets and liabilities in the Consolidated
Balance Sheet. Once assets are classified as held for sale, property, plant and equipment and intangible assets are no
longer subject to depreciation or amortisation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00340": { "value": "Assets Held for Resale
An asset is classified as held for sale if its carrying amount will be recovered principally through sale rather than through
continuing use, which is when the sale is highly probable, and it is available for immediate sale in its present condition
subject only to terms that are usual and customary for sales of such assets. Assets classified as held for sale are
measured at the lower of the carrying amount upon classification and the fair value less costs to sell. Assets classified
as held for sale and the associated liabilities are presented separately from other assets and liabilities in the Consolidated
Balance Sheet. Once assets are classified as held for sale, property, plant and equipment and intangible assets are no
longer subject to depreciation or amortisation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00342": { "value": "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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00341": { "value": "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.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 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00343": { "value": "Intangible assets
Cryptocurrency mined by the Company and on hand at the end of a reporting period, is accounted for under IAS 38,
Intangible Assets, as an intangible asset with an indefinite useful life initially measured at cost, deemed to be the fair
value upon receipt as described above, and subsequently measured under the revaluation model. Under the revaluation
model, increases in the cryptocurrency\u2019s carrying amount, determined as the excess of fair value on revaluation over the
weighted average cost, are recognized in other comprehensive income, except to the extent that they reverse a
revaluation decrease previously recognized in profit or loss. Decreases are recognized in profit or loss, except to the
extent that they reverse a revaluation increase previously recognized in other comprehensive income. Once the
cryptocurrency is sold, the revaluation increase related to it is transferred from revaluation surplus to retained earnings.
The Company revalues its cryptocurrency on hand on a monthly basis and following any significant fair value fluctuations.
The fair value of cryptocurrency on hand at the end of the reporting period is calculated as the quantity of cryptocurrency
on hand multiplied by the price quoted on Coinbase.com as of the reporting date.
The Company reports cryptocurrency on hand at the end of the reporting period as intangible assets, which are classified
as current assets as the Company has determined that the cryptocurrency on hand at the end of the reporting period has
markets with sufficient liquidity to allow conversion within the Company's normal operating cycle and the Company
expects to realize the digital asset within twelve months after the reporting period.
Cryptocurrencies not mined by the Group are recorded as Intangible Fixed Assets non-current. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00344": { "value": "Cash and cash equivalents
Cash and cash equivalents are comprised of cash held at banks with high credit ratings. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00345": { "value": "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\u2019s
contractual cash flow characteristics and the Group\u2019s 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
\u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as
the SPPI test and is performed at an instrument level.
The Group\u2019s 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:
\u2022
Financial assets at amortised cost
\u2022
Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments)
\u2022
Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon
derecognition (equity instruments)
\u2022
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\u2019s 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:
\u2022
The financial asset is held within a business model with the objective to hold financial assets in order to collect
contractual cash flows; and
\u2022
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\u2019s 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\u2019s consolidated Balance sheet) when:
\u2022
The rights to receive cash flows from the asset have expired; or
\u2022
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 \u2018pass-through\u2019 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 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\u2019s 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. 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00346": { "value": "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\u2019s
contractual cash flow characteristics and the Group\u2019s 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
\u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as
the SPPI test and is performed at an instrument level.
The Group\u2019s 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:
\u2022
Financial assets at amortised cost
\u2022
Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments)
\u2022
Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon
derecognition (equity instruments)
\u2022
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\u2019s 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:
\u2022
The financial asset is held within a business model with the objective to hold financial assets in order to collect
contractual cash flows; and
\u2022
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\u2019s 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\u2019s consolidated Balance sheet) when:
\u2022
The rights to receive cash flows from the asset have expired; or
\u2022
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 \u2018pass-through\u2019 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 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00347": { "value": "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\u2019s
contractual cash flow characteristics and the Group\u2019s 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.\u2022
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\u2019s 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 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\u2019s financial liabilities include trade and other payables
and loans.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00348": { "value": "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\u2019s consolidated Balance sheet) when:
\u2022
The rights to receive cash flows from the asset have expired; or
\u2022
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 \u2018pass-through\u2019 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.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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00349": { "value": "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 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00351": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00352": { "value": "The tax expense or recovery 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\u2019s 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00353": { "value": "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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00354": { "value": "Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00355": { "value": "Share-based payments
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.
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.
RSUs (Restricted Stock Units)
Where RSUs are granted to employees, the fair value of the RSUs at grant date is based upon the market price of the
shares underlying the awards and is charged to the Statement of Comprehensive Income over the vesting period. The
expense charged is adjusted based on actual forfeitures.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00356": { "value": "Foreign exchange
Transactions in currencies other than US dollars 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00395": { "value": "Earnings per share
Basic earnings per share is calculated by dividing:
\u2022
the profit attributable to owners of the company, excluding any costs of servicing equity other than ordinary
shares;
\u2022
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.
\u2022
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into
account:
\u2022
the after-income tax effect of interest and other financing costs associated with dilutive potential ordinary
shares; and
\u2022
the weighted average number of additional ordinary shares that would have been outstanding, assuming the
conversion of all dilutive potential ordinary shares.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00168": { "value": "4.
FINANCIAL RISK FACTORS
The Group\u2019s activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Group\u2019s overall
risk management programme seeks to minimise potential adverse effects on the Group\u2019s 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 202 at a 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. is based in Canada and transacts in
CAD. 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 GBP and CAD exchange rates, with
all other variables held constant. The impact on the Group\u2019s profit before tax is due to changes in the fair value of
monetary assets and liabilities.
\n \n
Change in GBP
Effect on profit
rate
before tax
$\u2019000
2024
+/-10%
+/- 2
2023
+/-10%
+/-74
\n \n
Change in CAD
Effect on profit
rate
before tax
$\u2019000
2024
+/-10%
+/- 172
2023
+/-10%
+/-365
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\u2019s profit before tax is
affected through the impact on floating rate borrowings, as follows.
\n \n
Increase/decrease
Effect
in basis points
on profit
before
tax
$\u2019000
2024
+/-180
+/-15
2023
+/-180
+/-464
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.
The carrying amount of financial assets recorded in the financial statements represents the Group\u2019s and Company\u2019s
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\u2019s 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\u2019s 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\u2019s 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.
\n \n
Less than 1
Between 1
Between 2
Over 5 years
year
and 2 years
and 5 years
At 31 December 2024 ($\u2019000)
Loans
439
418
-
-
Issued debt \u2013 bonds
-
-
39,304
-
At December 2023 ($\u2019000)
Loans
14,320
9,830
197
-
Issued debt \u2013 bonds
-
-
38,170
-
Capital risk management
The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern,
in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital
structure.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00169": { "value": "Market Risk
The Group is dependent on the state of the cryptocurrency market, sentiments of crypto assets as a whole, as well as
general economic conditions and their effect on exchange rates, interest rates and inflation rates. During the year the
Group sold its digital assets held at 31 December 202 at a loss. The Group now sells its Bitcoin production as it is mined to
reduce the impact of Bitcoin prices.
The Group is also subject to market fluctuations in foreign exchange rates. The subsidiary (Argo Innovation Labs Inc.) is
based in Canada, and transacts in CAD$, USD$ and GBP. 9377-2556 Quebec Inc. is based in Canada and transacts in
CAD. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00170": { "value": "Foreign currency sensitivity
The following tables demonstrate the sensitivity to a reasonable possible change in GBP and CAD exchange rates, with
all other variables held constant. The impact on the Group\u2019s profit before tax is due to changes in the fair value of
monetary assets and liabilities.
\n \n
Change in GBP
Effect on profit
rate
before tax
$\u2019000
2024
+/-10%
+/- 2
2023
+/-10%
+/-74
\n \n
Change in CAD
Effect on profit
rate
before tax
$\u2019000
2024
+/-10%
+/- 172
2023
+/-10%
+/-365
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00171": { "value": "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.
The carrying amount of financial assets recorded in the financial statements represents the Group\u2019s and Company\u2019s
maximum exposure to credit risk. The Group and Company do not hold any collateral or other credit enhancements
to cover this credit risk.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00172": { "value": "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.
The carrying amount of financial assets recorded in the financial statements represents the Group\u2019s and Company\u2019s
maximum exposure to credit risk. The Group and Company do not hold any collateral or other credit enhancements
to cover this credit risk.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00173": { "value": "Liquidity risk
Liquidity risk arises from the Group\u2019s 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\u2019s 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\u2019s 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.
\n \n
Less than 1
Between 1
Between 2
Over 5 years
year
and 2 years
and 5 years
At 31 December 2024 ($\u2019000)
Loans
439
418
-
-
Issued debt \u2013 bonds
-
-
39,304
-
At December 2023 ($\u2019000)
Loans
14,320
9,830
197
-
Issued debt \u2013 bonds
-
-
38,170
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00174": { "value": "\n \n
Less than 1
Between 1
Between 2
Over 5 years
year
and 2 years
and 5 years
At 31 December 2024 ($\u2019000)
Loans
439
418
-
-
Issued debt \u2013 bonds
-
-
39,304
-
At December 2023 ($\u2019000)
Loans
14,320
9,830
197
-
Issued debt \u2013 bonds
-
-
38,170
-
18.
TANGIBLE FIXED ASSETS
\n \n
Mining
Data
Group
Machines
Centres
Equipment
Total
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Cost
At 1 January 2024
168,150
6,280
4,034
178,464
Foreign exchange movement
-
(336)
(604)
(940)
Additions
3
-
-
3
Disposal of subsidiary
-
(5,254)
-
(5,254)
Transfers between classes
1,591
-
(1,591)
-
Disposals
(1,337)
-
-
(1,337)
At 31 December 2024
168,407
690
1,839
170,936
Depreciation and impairment
At 1 January 2024
(116,992)
(1,537)
(206)
(118,735)
Foreign exchange movement
211
847
219
1,277
Depreciation charged
(14,171)
-
(738)
(14,909)
Impairment in asset
(31,498)
-
-
(31,498)
At 30 December 2024
(162,450)
(690)
(725)
(163,865)
Carrying amount
At 1 January 2024
51,158
4,743
3,828
59,729
At 31 December 2024
5,957
-
1,114
7,071
\n \n
Group
Mining Machinery
Data Centres
Equipment
Total
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Cost
At 1 January 2023
162,839
8,700
5,414
176,953
Foreign Exchange Movement
108
517
569
1,195
Additions
5,203
-
27
5,230
Transfer to Assets held for sale
-
(2,937)
(1,976)
(4,913)
At 31 December 2023
168,150
6,280
4,034
178,464
Depreciation and impairment
At 1 January 2023
(97,481)
(1,924)
(31)
(99,437)
Foreign exchange movement
-
(38)
(43)
(81)
Depreciation charged during the period
(18,656)
(359)
(1,000)
(20,015)
Impairment in asset
(855)
-
-
(855)
Transfer to Assets held for sale
-
784
868
1,652
At 31 December 2023
(116,992)
(1,537)
(206)
(118,736)
Carrying amount
At 1 January 2023
65,358
6,776
5,383
77,516
At 31 December 2023
51,158
4,743
3,828
59,728
Property, Plant and Equipment Impairments
The Group has a single line of business, crypto mining. During 2024, the Group considered that it only had one cash
generating unit (CGU) due to all mining machines being centrally managed by the Argo Blockchain Plc and all machines
operating under the same business conditions.
However, due to the uncertainty of the timing of rehosting the machines at 31 December 2024, and the performance
of the machines thereon, the Group considers its mining machines to be categorized into three CGU\u2019s being: machines
operating at the Group\u2019s owned site in Quebec, machines hosted or sold subsequent to year end, previously hosted at
the Helios facility, and machines not yet re-conditioned which were also previously hosted at the Helios facility. The
recoverable amount of each CGU has been calculated as follows:
Machines operating in Quebec \u2013 value in use.
Re-conditioned machines hosted or sold subsequent to year-end \u2013 all measured at fair value less cost of disposal,
given the uncertainty over performance and expected returns from the new hosting facilities.
Machines not yet re-conditioned - all measured at fair value less cost of disposal.
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\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset or
CGU\u2019s fair value, less costs of disposal and its value in use. When the carrying value of an asset or CGU exceeds its
recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
In assessing the fair value of Mining machines previously hosted at the Helios facility and Computer Equipment, the
Group used recent machine sales pricing and cost of refurbishment of machines from immersion cooled to air cooled.
Due to the significant deterioration in mining economics since the Bitcoin halving in April 2024, as measured by the
lower hashprice, both the fair value of mining equipment and future cash flows generated from mining equipment are
significantly reduced. In addition, the impairment to fair value less cost to sell is also driven by a lack of historical
information available for the performance of the refurbished machines in the aforementioned hosting facilities and
uncertainty of the timing of these events as at the year end. As a result of the analysis that the Group reviewed at both
30 June 2024 and 31 December 2024, a total impairment charge of $31.5 million (2023-$0.9 million) was recorded. As
the majority of the mining machines were valued at their recoverable amount a 5% change in the hashprice has a
minimal impact on the impairment. Similarly, a 1% change in the discount rate has a minimal impact on the impairment
for the machines operating in Quebec.
Mining assets with uncertain re-hosting dates and those to be sold (22,819 machines) had a value of $4.3 million as at
31 December 2024 and were valued based on their fair value in use less cost to sell. This value was based on a level
2 fair value hierarchy of actual sales realised, less cost of refurbishment.
Mining assets held at the Baie Comeau CGU (2,200 machines) had a value of $1.4 million and were valued based on
their value in use. This was based on an 18 month cash flow forecast discounted at 22.6%, the Group\u2019s estimated cost
of capital.
Subsequent to year end, the Group signed hosting agreements with Merkle Standard LLC to host 9,315 miners at
Merkle\u2019s Memphis, Tennessee location and up to 4,000 machines at its Washington State location. Approximately
1,232 units were sent to the Group\u2019s Baie Comeau facility. A further approximately 8,000 units were sold for cash
proceeds of approximately $2.0 million. The Group will continue to monitor the carrying value of its mining machines,
as the machines are installed and data is available for performance in revenue generation, which may or may not result
in a reversal in the impairment.
Impairment of Chips
In assessing the fair value of machine components, the Group used readily available chip set prices and
management\u2019s 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 $0.6 million was recorded (2023 - $0.1 million).
Sale of Mirabel Data Centre
See assets held for sale (Note 14) for details of this disposition.\n \n
Non-current liabilities
As at 31 December
As at 31 December
2024
2023
$\u2019000
$\u2019000
Issued debt \u2013 bond (a)
39,304
38,170
Galaxy loan (b)
-
9,230
Mortgage \u2013 Quebec facility (c)
-
797
Total
39,304
48,197
Current liabilities
Galaxy loan (b)
-
13,444
Mortgage- Quebec facility (c)
837
600
Other Loans
20
276
Total
857
14,320
\n \n
Group 2024
Group 2023
$\u2019000
$\u2019000
Carrying amount of financial assets
Measured at amortised cost
-
Trade and other receivables
141
1,131
-
Cash and cash equivalents
8,626
7,443
Measured at fair value through profit or loss
300
400
Total carrying amount of financial assets
9,067
8,974
Carrying amount of financial liabilities
Measured at amortised cost
-
Trade and other payables
8,184
7,501
-
Short term loans
20
280
-
Long term loans
837
25,599
-
Issued debt \u2013 bonds
39,304
38,170
carrying amount of financial liabilities
48,345
71,550
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00175": { "value": "Capital risk management
The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00176": { "value": "5.
ADOPTION OF NEW AND REVISED STANDARDS AND INTERPRETATIONS
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 2024. The adoption of
\n \n
Effective date for annual
Standard or Interpretation
Description
accounting period
beginning on or after
IFRS 18
Presentation and Disclosure in Financial Statements
1-Jan-27
Amendments to the Classification and Measurement of
IFRS 7/9
Financial Instruments.
Contracts referencing Nature-
(amendments)
dependent Electricity
1-Jan-26
IFRS 7
Disclosures - Gain or Loss on Derecognition, Credit
(amendments)
Risk,
1-Jan-26
IFRS 10
Determination of a \u2018de-facto agent;\u2019
1-Jan-26
(amendments)
IIFRS 9
Derecognition of Lease Liabilities
1-Jan-26
(amendments)", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00177": { "value": "5.
ADOPTION OF NEW AND REVISED STANDARDS AND INTERPRETATIONS
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 2024. The adoption of
\n \n
Effective date for annual
Standard or Interpretation
Description
accounting period
beginning on or after
IFRS 18
Presentation and Disclosure in Financial Statements
1-Jan-27
Amendments to the Classification and Measurement of
IFRS 7/9
Financial Instruments.
Contracts referencing Nature-
(amendments)
dependent Electricity
1-Jan-26
IFRS 7
Disclosures - Gain or Loss on Derecognition, Credit
(amendments)
Risk,
1-Jan-26
IFRS 10
Determination of a \u2018de-facto agent;\u2019
1-Jan-26
(amendments)
IIFRS 9
Derecognition of Lease Liabilities
1-Jan-26
(amendments)", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00178": { "value": "5.
ADOPTION OF NEW AND REVISED STANDARDS AND INTERPRETATIONS
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 2024. The adoption of
\n \n
Effective date for annual
Standard or Interpretation
Description
accounting period
beginning on or after
IFRS 18
Presentation and Disclosure in Financial Statements
1-Jan-27
Amendments to the Classification and Measurement of
IFRS 7/9
Financial Instruments.
Contracts referencing Nature-
(amendments)
dependent Electricity
1-Jan-26
IFRS 7
Disclosures - Gain or Loss on Derecognition, Credit
(amendments)
Risk,
1-Jan-26
IFRS 10
Determination of a \u2018de-facto agent;\u2019
1-Jan-26
(amendments)
IIFRS 9
Derecognition of Lease Liabilities
1-Jan-26
(amendments)", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00179": { "value": "5.
ADOPTION OF NEW AND REVISED STANDARDS AND INTERPRETATIONS
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 2024. The adoption of
\n \n
Effective date for annual
Standard or Interpretation
Description
accounting period
beginning on or after
IFRS 18
Presentation and Disclosure in Financial Statements
1-Jan-27
Amendments to the Classification and Measurement of
IFRS 7/9
Financial Instruments.
Contracts referencing Nature-
(amendments)
dependent Electricity
1-Jan-26
IFRS 7
Disclosures - Gain or Loss on Derecognition, Credit
(amendments)
Risk,
1-Jan-26
IFRS 10
Determination of a \u2018de-facto agent;\u2019
1-Jan-26
(amendments)
IIFRS 9
Derecognition of Lease Liabilities
1-Jan-26
(amendments)", "dimensions": { "concept": "ifrs-full:DisclosureOfFirstTimeAdoptionExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00180": { "value": "6.
KEY JUDGEMENTS AND ESTIMATES
In the application of the Group\u2019s 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 fixed assets \u2013 Note 18
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 was required based on current forecasts including costs in relation to the refurbishment
of the mining machines out of the US facility. Key assumptions include Bitcoin production, hashprice, power prices and
discount rate.
Share-based payments \u2013 Note 20
The company has issued options and warrants to Directors, consultants and employees which have been valued in
accordance with the Black Scholes model. Significant estimation and judgement is required in determining the
assumptions under the Black Scholes method. Further details of these estimates are available in note 21.
The company has issued restricted stock units (RSUs) and performance stock units (PSUs) to employees which have
been valued based on the share price on the date of the award. The RSUs vest over three years, beginning six months
after the award and then every three months thereafter. It is assumed that employees will meet each vesting period and
a related expense is recorded each month. If an employee\u2019s employment is terminated prior to a vesting date, the prior
expense for that vesting period is reversed. PSUs are amortised over the vesting period based on the most likely outcome
of the performance metrics.
Taxation and Contingent liabilities \u2013 Notes 13 and 27
The Group is subject to tax liabilities (both income and excise taxes) 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, transfer pricing and eligibility for input tax credits 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 challenges could increase our expected tax liability in one or more jurisdictions.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00181": { "value": "7.
REVENUES
Cryptocurrency mining revenues are recognised at a point in time.
Cryptocurrency management fees are services recognised over time.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00182": { "value": "7.
REVENUES
Cryptocurrency mining revenues are recognised at a point in time.
Cryptocurrency management fees are services recognised over time.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00183": { "value": "8.
EXPENSES BY NATURE
\n \n
2024
2023
Administrative expenses
$\u2019000
$\u2019000
Salary and other employee related costs
4,517
6,430
Restructuring and transaction related costs
2,363
4,969
Insurance
1,416
2,128
Depreciation and amortisation
738
1,473
Legal, professional and regulatory fees
753
1,431
Indirect taxes
962
994
Property tax
558
919
Consulting fees
276
533
Repairs and maintenance
50
455
Audit fees
326
341
Office general expenses
708
349
Public relations and associated activities
246
255
Travel
80
226
Carbon credits
-
129
Foreign exchange
(458)
(1,683)
Total administrative expenses
12,535
18,949
Finance costs \u2013 interest on borrowings and bond
6,810
11,556
Total finance costs
6,810
11,556
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00185": { "value": "8.
EXPENSES BY NATURE
\n \n
2024
2023
Administrative expenses
$\u2019000
$\u2019000
Salary and other employee related costs
4,517
6,430
Restructuring and transaction related costs
2,363
4,969
Insurance
1,416
2,128
Depreciation and amortisation
738
1,473
Legal, professional and regulatory fees
753
1,431
Indirect taxes
962
994
Property tax
558
919
Consulting fees
276
533
Repairs and maintenance
50
455
Audit fees
326
341
Office general expenses
708
349
Public relations and associated activities
246
255
Travel
80
226
Carbon credits
-
129
Foreign exchange
(458)
(1,683)
Total administrative expenses
12,535
18,949
Finance costs \u2013 interest on borrowings and bond
6,810
11,556
Total finance costs
6,810
11,556
9.
AUDITOR\u2019S REMUNERATION
\n \n
2024
2023
$\u2019000
$\u2019000
In relation to statutory audit services
326
341
Total auditor\u2019s remuneration
326
341
10.
EMPLOYEES
The average monthly number of persons (including directors) employed by the group during the period was:
\n \n
2024
2023
Number
Number
Directors and employees
25
30
\n
\n
\n\n
\n
\n
\n\n
\n
\n
The aggregate remuneration (including directors) comprised of:
\n \n
2024
2023
$\u2019000
$\u2019000
Wages and salaries
4,267
6,017
Social security costs
141
250
Pension costs
109
163
Share based payments
3,759
3,892
8,276
10,322
11.
DIRECTOR\u2019S REMUNERATION
\n \n
2024
2023
$\u2019000
$\u2019000
Director\u2019s remuneration for qualifying services
818
591
Severance
-
765
Share based payments
1,247
916
Total remuneration for directors and key management
2,065
2,272
Further details of Directors\u2019 remuneration are available in the Remuneration report and note 27.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00184": { "value": "8.
EXPENSES BY NATURE
\n \n
2024
2023
Administrative expenses
$\u2019000
$\u2019000
Salary and other employee related costs
4,517
6,430
Restructuring and transaction related costs
2,363
4,969
Insurance
1,416
2,128
Depreciation and amortisation
738
1,473
Legal, professional and regulatory fees
753
1,431
Indirect taxes
962
994
Property tax
558
919
Consulting fees
276
533
Repairs and maintenance
50
455
Audit fees
326
341
Office general expenses
708
349
Public relations and associated activities
246
255
Travel
80
226
Carbon credits
-
129
Foreign exchange
(458)
(1,683)
Total administrative expenses
12,535
18,949
Finance costs \u2013 interest on borrowings and bond
6,810
11,556
Total finance costs
6,810
11,556
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00186": { "value": "8.
EXPENSES BY NATURE
\n \n
2024
2023
Administrative expenses
$\u2019000
$\u2019000
Salary and other employee related costs
4,517
6,430
Restructuring and transaction related costs
2,363
4,969
Insurance
1,416
2,128
Depreciation and amortisation
738
1,473
Legal, professional and regulatory fees
753
1,431
Indirect taxes
962
994
Property tax
558
919
Consulting fees
276
533
Repairs and maintenance
50
455
Audit fees
326
341
Office general expenses
708
349
Public relations and associated activities
246
255
Travel
80
226
Carbon credits
-
129
Foreign exchange
(458)
(1,683)
Total administrative expenses
12,535
18,949
Finance costs \u2013 interest on borrowings and bond
6,810
11,556
Total finance costs
6,810
11,556
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00187": { "value": "\n \n
2024
2023
Administrative expenses
$\u2019000
$\u2019000
Salary and other employee related costs
4,517
6,430
Restructuring and transaction related costs
2,363
4,969
Insurance
1,416
2,128
Depreciation and amortisation
738
1,473
Legal, professional and regulatory fees
753
1,431
Indirect taxes
962
994
Property tax
558
919
Consulting fees
276
533
Repairs and maintenance
50
455
Audit fees
326
341
Office general expenses
708
349
Public relations and associated activities
246
255
Travel
80
226
Carbon credits
-
129
Foreign exchange
(458)
(1,683)
Total administrative expenses
12,535
18,949
Finance costs \u2013 interest on borrowings and bond
6,810
11,556
Total finance costs
6,810
11,556
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00188": { "value": "9.
AUDITOR\u2019S REMUNERATION
\n \n
2024
2023
$\u2019000
$\u2019000
In relation to statutory audit services
326
341
Total auditor\u2019s remuneration
326
341
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00189": { "value": "10.
EMPLOYEES
The average monthly number of persons (including directors) employed by the group during the period was:
\n \n
2024
2023
Number
Number
Directors and employees
25
30
\n
\n
\n\n
\n
\n
\n\n
\n
\n
The aggregate remuneration (including directors) comprised of:
\n \n
2024
2023
$\u2019000
$\u2019000
Wages and salaries
4,267
6,017
Social security costs
141
250
Pension costs
109
163
Share based payments
3,759
3,892
8,276
10,322
11.
DIRECTOR\u2019S REMUNERATION
\n \n
2024
2023
$\u2019000
$\u2019000
Director\u2019s remuneration for qualifying services
818
591
Severance
-
765
Share based payments
1,247
916
Total remuneration for directors and key management
2,065
2,272
Further details of Directors\u2019 remuneration are available in the Remuneration report and note 27.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00190": { "value": "10.
EMPLOYEES
The average monthly number of persons (including directors) employed by the group during the period was:
\n \n
2024
2023
Number
Number
Directors and employees
25
30
\n
\n
\n\n
\n
\n
\n\n
\n
\n
The aggregate remuneration (including directors) comprised of:
\n \n
2024
2023
$\u2019000
$\u2019000
Wages and salaries
4,267
6,017
Social security costs
141
250
Pension costs
109
163
Share based payments
3,759
3,892
8,276
10,322
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00191": { "value": "11.
DIRECTOR\u2019S REMUNERATION
\n \n
2024
2023
$\u2019000
$\u2019000
Director\u2019s remuneration for qualifying services
818
591
Severance
-
765
Share based payments
1,247
916
Total remuneration for directors and key management
2,065
2,272
Further details of Directors\u2019 remuneration are available in the Remuneration report and note 27.The compensation paid to related parties in respect of services rendered in 2024 were:
\u2022
$135,095 (2023 - $170,554) in respect of fees for Matthew Shaw (Non-executive director);
\u2022
$129,909 (2023 - $129,752) in respect of fees for Maria Perrella (Non-executive director);
\u2022
$145,562 (2023 - $135,105) in respect of fees for Raghav Chopra (Non-executive director); and
\u2022
$92,939 (2023 - $27,659) to Jim MacCallum (CFO) through JMM Consulting Inc.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00192": { "value": "12.
EARNINGS PER SHARE
The basic earnings per share are calculated by dividing the loss attributable to equity shareholders by the weighted
average number of shares in issue.
\n \n
2024
2023
Net loss for the period attributable to ordinary equity holders from continuing
operations ($\u2019000)
(55,102)
(34,637)
Weighted average number of ordinary shares in issue (\u2018000)
607,879
503,917
Basic and diluted loss per share for continuing operations (cents)
(0.09)
(0.07)
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 2024 and 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00194": { "value": "13.
TAXATION
\n \n
Current tax:
2024
2023
$\u2019000
$\u2019000
Current tax expense
340
-
Total current tax
340
-
\n \n
Deferred tax:
2024
2023
$\u2019000
$\u2019000
Origination and reversal of temporary differences
-
-
Total deferred tax liability
-
-
Total tax
340
-
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\u2019s 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:
\n \n
2024
2023
$\u2019000
$\u2019000
Profit (loss) before taxation
(54,762)
(34,637)
Expected tax charge (recovery) based on a weighted average of
25% (2023 - 25%) (UK, US and Canada)
(13,690)
(8,669)
Effect of expenses not deductible in determining taxable profit
(1,839)
851
Temporary differences
9,936
5,841
Other tax adjustments
224
18
Capital gains tax
449
-
Unutilised tax losses carried forward
5,260
1,959
Taxation charge in the financial statements
340
-
The group has tax losses available to be carried forward and used against trading profits arising in future periods of
approximately
$124,000,000
(2023 -
$136,000,000). These are subject to tax audit.
The weighted average applicable tax rate was 25% (2023: 25%).
Income tax assessments (Canada)
For the tax years 2021 and 2022, the Company has received notices of assessment totalling $CAD 12.0 million from
Canadian tax regulators denying certain tax deductions and challenging certain input tax credits. The Group, supported by
tax professionals at EY, has challenged these assessments and believes it will prevail. However, in order to challenge the
assessments, the Group was required to provide security to the regulators and the security provided was a $CAD 5.0 million
lien over its Baie Comeau facility. No provision has been made for these Canadian liabilities as the Group believes that its
assessments will be upheld and ultimately be in a refund position with the Canadian tax regulators. However, there can be
no certainty that this will be the case and an adverse outcome to the assessments will have a significant impact to the
Group\u2019s financial position.
Other tax authorities may also disagree with tax positions that we have taken, which could result in increased tax
liabilities. For example, His Majesty\u2019s Revenue & Customs (\u201cHMRC\u201d), 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00193": { "value": "13.
TAXATION
\n \n
Current tax:
2024
2023
$\u2019000
$\u2019000
Current tax expense
340
-
Total current tax
340
-
\n \n
Deferred tax:
2024
2023
$\u2019000
$\u2019000
Origination and reversal of temporary differences
-
-
Total deferred tax liability
-
-
Total tax
340
-
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\u2019s 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:
\n \n
2024
2023
$\u2019000
$\u2019000
Profit (loss) before taxation
(54,762)
(34,637)
Expected tax charge (recovery) based on a weighted average of
25% (2023 - 25%) (UK, US and Canada)
(13,690)
(8,669)
Effect of expenses not deductible in determining taxable profit
(1,839)
851
Temporary differences
9,936
5,841
Other tax adjustments
224
18
Capital gains tax
449
-
Unutilised tax losses carried forward
5,260
1,959
Taxation charge in the financial statements
340
-
The group has tax losses available to be carried forward and used against trading profits arising in future periods of
approximately
$124,000,000
(2023 -
$136,000,000). These are subject to tax audit.
The weighted average applicable tax rate was 25% (2023: 25%).
Income tax assessments (Canada)
For the tax years 2021 and 2022, the Company has received notices of assessment totalling $CAD 12.0 million from
Canadian tax regulators denying certain tax deductions and challenging certain input tax credits. The Group, supported by
tax professionals at EY, has challenged these assessments and believes it will prevail. However, in order to challenge the
assessments, the Group was required to provide security to the regulators and the security provided was a $CAD 5.0 million
lien over its Baie Comeau facility. No provision has been made for these Canadian liabilities as the Group believes that its
assessments will be upheld and ultimately be in a refund position with the Canadian tax regulators. However, there can be
no certainty that this will be the case and an adverse outcome to the assessments will have a significant impact to the
Group\u2019s financial position.
Other tax authorities may also disagree with tax positions that we have taken, which could result in increased tax
liabilities. For example, His Majesty\u2019s Revenue & Customs (\u201cHMRC\u201d), 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00195": { "value": "14.
ASSETS AND LIABLITIES HELD FOR SALE
In December 2023, the group signed an offer to purchase 9366-5230 Quebec Inc. In March 2024, a purchase and sale
agreement was signed for the sale of 9366-5230 Quebec Inc. (\u201cMirabel\u201d) and the facility was sold for proceeds of $6.1
million. As a result of the sale, the material assets and liabilities of Mirabel were reclassified to be held for sale as at
December 31, 2023, as follows:
\n \n
Non-current Assets
2023
$\u2019000
Tangible Fixed Assets
2,725
Right of use assets
536
Assets held for sale
3,261
\n \n
Non-current liabilities
2023
$\u2019000
Mortgage Payable
1,532
Lease Liability
558
Liabilities held for sale
2,090
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00196": { "value": "14.
ASSETS AND LIABLITIES HELD FOR SALE
In December 2023, the group signed an offer to purchase 9366-5230 Quebec Inc. In March 2024, a purchase and sale
agreement was signed for the sale of 9366-5230 Quebec Inc. (\u201cMirabel\u201d) and the facility was sold for proceeds of $6.1
million. As a result of the sale, the material assets and liabilities of Mirabel were reclassified to be held for sale as at
December 31, 2023, as follows:
\n \n
Non-current Assets
2023
$\u2019000
Tangible Fixed Assets
2,725
Right of use assets
536
Assets held for sale
3,261
\n \n
Non-current liabilities
2023
$\u2019000
Mortgage Payable
1,532
Lease Liability
558
Liabilities held for sale
2,090
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00197": { "value": "15.
INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS
\n \n
Non-current
2024
2023
Group
$\u2019000
$\u2019000
At 1 January
400
414
Foreign exchange movement
-
-
Additions
-
-
Fair value through profit or loss
-
-
Disposals
(100)
(14)
Closing balance
300
400
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00199": { "value": "15.
INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS
\n \n
Non-current
2024
2023
Group
$\u2019000
$\u2019000
At 1 January
400
414
Foreign exchange movement
-
-
Additions
-
-
Fair value through profit or loss
-
-
Disposals
(100)
(14)
Closing balance
300
400
17.
INTANGIBLE ASSETS NON CURRENT
\n \n
Group
Goodwill
Digital
2024
assets
Total
$\u2019000
$\u2019000
$\u2019000
Cost
At 1 January 2024
112
5,329
5,441
Foreign exchange movements
-
(60)
(60)
Digital Assets Mined
-
-
-
Disposals
(77)
(130)
(207)
At 31 December 2024
35
5,139
5,174
Amortisation and impairment
At 1 January 2024
-
4,553
4,553
Foreign exchange movement
-
(28)
(28)
Fair value movement
-
-
-
Impairment
-
473
473
Amortisation charged during the period
-
-
-
At 31 December 2024
-
4,998
4,998
Balance at 31 December 2024
35
141
176
\n \n
Group
Goodwill
Digital
Website
2023
assets
Total
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Cost
At 1 January 2023
96
5,722
873
6,691
Foreign Exchange Movements
16
334
19
369
Disposals
-
(727)
-
(727)
At 31 December 2023
112
5,329
892
6,333
Amortisation and impairment
At 1 January 2023
-
3,809
779
4,588
Foreign exchange movement
-
91
1
92
Fair value movement
-
654
-
654
Amortisation charged during the period
-
-
112
112
At 31 December 2023
-
4,553
892
5,445
Balance at 31 December 2023
112
776
-
888
Digital assets includes 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 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.
\n \n
Crypto asset name
Coins / tokens
Fair value
$\u2019000
Polkadot \u2013 DOT
182
1
Ethereum \u2013 ETH
211
1
USDC (stable coin \u2013 fixed to USD)
31,710
32
Other tokens, NFTs and other digital assets
N/A
107
As at 31 December 2024
141
\n \n
Crypto asset name
Coins / tokens
Fair value
$\u2019000
Polkadot \u2013 DOT
16,554
135
Ethereum \u2013 ETH
4
10
USDC (stable coin \u2013 fixed to USD)
31,713
55
Other tokens, NFTs and other digital assets
N/A
576
As at 31 December 2023
776
20.
INTANGIBLE ASSETS, CURRENT
The Group mined crypto assets during the period, which are recorded at fair value on the day rewards are credited to the Group\u2019s
wallets. 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.
At 31 December 2024, the Group held Bitcoin representing a fair value of $6,000 (2023 - $385,000). The movements during the
year is detailed below:
\n \n
Group
2024
2023
$\u2019000
$\u2019000
At 1 January
385
443
Foreign Exchange Movement
-
24
Crypto assets purchased and received
-
-
Crypto assets mined
47,017
50,558
Total additions
47,017
50,582
Disposals
Transferred to/from intangible assets
-
\n
\n
\n \n
Crypto assets sold
(47,302)
(51,378)
Total disposals
(47,302)
(51,378)
Fair value movements
Gain/(loss) on crypto asset sales
(94)
738
Movements on crypto assets held at the year end
-
-
Total fair value movements
(94)
738
At 31 December
6
385
\n \n
Group
2023
2022
$\u2019000
$\u2019000
At 1 January
443
108,956
Foreign Exchange Movement
24
833
Crypto assets purchased and received
-
264
Crypto assets mined
50,558
60,172
Total additions
50,582
61,269
Disposals
Transferred to/from intangible assets
420
Crypto assets sold
(51,378)
(114,646)
Total disposals
(51,378)
(114,226)
Fair value movements
Gain/(loss) on crypto asset sales
738
(55,410)
Movements on crypto assets held at the year end
-
(145)
Total fair value movements
738
(55,555)
At 31 December
385
443
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\u2019s assets that are measured at fair value at 31 December 2024 and 31
December 2023.
\n \n
Level 1
Level 2
Level 3
Total
Assets
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Financial assets at fair value through
profit or loss
-
Equity holdings
-
-
300
300
-
Digital assets
-
6
-
6
Total at 31 December 2024
-
6
300
306
\n \n
Level 1
Level 2
Level 3
Total
Assets
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Financial assets at fair value
through profit or loss
-
Equity holdings
-
-
400
400
-
Digital assets
-
385
-
385
Total at 31 December 2023
-
385
400
785
All financial assets are in listed and unlisted securities and digital assets. There were no transfers between levels during
the period.
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\u2019s 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\u2019s 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\u2019s investment, which crystallises a valuation for the
financial asset which is different to the valuation at which the Group invested. The asset\u2019s 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00200": { "value": "15.
INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS
\n \n
Non-current
2024
2023
Group
$\u2019000
$\u2019000
At 1 January
400
414
Foreign exchange movement
-
-
Additions
-
-
Fair value through profit or loss
-
-
Disposals
(100)
(14)
Closing balance
300
400
26.
FINANCIAL INSTRUMENTS
\n \n
Group 2024
Group 2023
$\u2019000
$\u2019000
Carrying amount of financial assets
Measured at amortised cost
-
Trade and other receivables
141
1,131
-
Cash and cash equivalents
8,626
7,443
Measured at fair value through profit or loss
300
400
Total carrying amount of financial assets
9,067
8,974
Carrying amount of financial liabilities
Measured at amortised cost
-
Trade and other payables
8,184
7,501
-
Short term loans
20
280
-
Long term loans
837
25,599
-
Issued debt \u2013 bonds
39,304
38,170
carrying amount of financial liabilities
48,345
71,550
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\u2019s assets that are measured at fair value at 31 December 2024 and 31
December 2023.
\n \n
Level 1
Level 2
Level 3
Total
Assets
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Financial assets at fair value through
profit or loss
-
Equity holdings
-
-
300
300
-
Digital assets
-
6
-
6
Total at 31 December 2024
-
6
300
306
\n \n
Level 1
Level 2
Level 3
Total
Assets
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Financial assets at fair value
through profit or loss
-
Equity holdings
-
-
400
400
-
Digital assets
-
385
-
385
Total at 31 December 2023
-
385
400
785
All financial assets are in listed and unlisted securities and digital assets. There were no transfers between levels during
the period.
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\u2019s 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\u2019s 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\u2019s investment, which crystallises a valuation for the
financial asset which is different to the valuation at which the Group invested. The asset\u2019s 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00201": { "value": "15.
INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS
\n \n
Non-current
2024
2023
Group
$\u2019000
$\u2019000
At 1 January
400
414
Foreign exchange movement
-
-
Additions
-
-
Fair value through profit or loss
-
-
Disposals
(100)
(14)
Closing balance
300
400
26.
FINANCIAL INSTRUMENTS
\n \n
Group 2024
Group 2023
$\u2019000
$\u2019000
Carrying amount of financial assets
Measured at amortised cost
-
Trade and other receivables
141
1,131
-
Cash and cash equivalents
8,626
7,443
Measured at fair value through profit or loss
300
400
Total carrying amount of financial assets
9,067
8,974
Carrying amount of financial liabilities
Measured at amortised cost
-
Trade and other payables
8,184
7,501
-
Short term loans
20
280
-
Long term loans
837
25,599
-
Issued debt \u2013 bonds
39,304
38,170
carrying amount of financial liabilities
48,345
71,550
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\u2019s assets that are measured at fair value at 31 December 2024 and 31
December 2023.
\n \n
Level 1
Level 2
Level 3
Total
Assets
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Financial assets at fair value through
profit or loss
-
Equity holdings
-
-
300
300
-
Digital assets
-
6
-
6
Total at 31 December 2024
-
6
300
306
\n \n
Level 1
Level 2
Level 3
Total
Assets
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Financial assets at fair value
through profit or loss
-
Equity holdings
-
-
400
400
-
Digital assets
-
385
-
385
Total at 31 December 2023
-
385
400
785
All financial assets are in listed and unlisted securities and digital assets. There were no transfers between levels during
the period.
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\u2019s 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\u2019s 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\u2019s investment, which crystallises a valuation for the
financial asset which is different to the valuation at which the Group invested. The asset\u2019s 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00198": { "value": "15.
INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS
\n \n
Non-current
2024
2023
Group
$\u2019000
$\u2019000
At 1 January
400
414
Foreign exchange movement
-
-
Additions
-
-
Fair value through profit or loss
-
-
Disposals
(100)
(14)
Closing balance
300
400
19.
TRADE AND OTHER RECEIVABLES
\n \n
Group 2024
Group 2023
$\u2019000
$\u2019000
Trade and other receivables
140
1,131
Prepayments
628
1,355
Other taxation and social security
2,311
1,349
Total trade and other receivables
3,079
3,835
Included within other taxation and social security is a provision against GST/QST/VAT receivable of $2.7 million in relation to
ongoing matters in connection with GST Notice 324 released by the Canadian Revenue Authority, and ongoing discussions with
HMRC. The Group have included the provision for prudence and upon conclusion of the matter, the Group will adjust this provision
accordingly. See Note 13 for additional details.24.
TRADE AND OTHER PAYABLES
\n \n
Group 2024
Group 2023
$\u2019000
$\u2019000
Trade payables
1,663
2,336
Accruals and other payables
3,619
7,153
Other taxation and social security
2,902
1,686
Total trade and other creditors
8,184
11,175
The directors consider that the carrying value of trade and other payables is equal to their fair value.
25.
LOANS AND BORROWINGS
\n \n
Non-current liabilities
As at 31 December
As at 31 December
2024
2023
$\u2019000
$\u2019000
Issued debt \u2013 bond (a)
39,304
38,170
Galaxy loan (b)
-
9,230
Mortgage \u2013 Quebec facility (c)
-
797
Total
39,304
48,197
Current liabilities
Galaxy loan (b)
-
13,444
Mortgage- Quebec facility (c)
837
600
Other Loans
20
276
Total
857
14,320
(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\u2019s 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. The proceeds of the loan were used, in conjunction with funds raised previously, to continue the build-out
of 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 2022 as part of the Galaxy transaction.
\n
\n
In March 2022, the Group entered into loan agreements with NYDIG ABL LLC for loans in the amounts of USD$97
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 (\u201cNew Mill\u201d). The loan was
repaid during the year as part of the Galaxy transaction.
In December 2022, the Group sold Galaxy Power LLC and entered into a loan agreement with Galaxy Digital
LLC for USD$35 million. Proceeds were used to pay off the Galaxy Digital LP, New Mill and NYDIG loans and
working capital. The Galaxy Digital LLC loan was 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 was secured by the Group\u2019s property, plant and equipment.
In August 2024, the Galaxy Digital LLC loan was paid in full.
(c)
Mortgage \u2013 Quebec Facility
The mortgage is secured against the property at Baie-Comeau and is repayable over 24 months at an interest
rate of Lender Prime + 0.5%. (5.95% as of 31 December 2024).
26.
FINANCIAL INSTRUMENTS
\n \n
Group 2024
Group 2023
$\u2019000
$\u2019000
Carrying amount of financial assets
Measured at amortised cost
-
Trade and other receivables
141
1,131
-
Cash and cash equivalents
8,626
7,443
Measured at fair value through profit or loss
300
400
Total carrying amount of financial assets
9,067
8,974
Carrying amount of financial liabilities
Measured at amortised cost
-
Trade and other payables
8,184
7,501
-
Short term loans
20
280
-
Long term loans
837
25,599
-
Issued debt \u2013 bonds
39,304
38,170
carrying amount of financial liabilities
48,345
71,550
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\u2019s assets that are measured at fair value at 31 December 2024 and 31
December 2023.
\n \n
Level 1
Level 2
Level 3
Total
Assets
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Financial assets at fair value through
profit or loss
-
Equity holdings
-
-
300
300
-
Digital assets
-
6
-
6
Total at 31 December 2024
-
6
300
306
\n \n
Level 1
Level 2
Level 3
Total
Assets
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Financial assets at fair value
through profit or loss
-
Equity holdings
-
-
400
400
-
Digital assets
-
385
-
385
Total at 31 December 2023
-
385
400
785
All financial assets are in listed and unlisted securities and digital assets. There were no transfers between levels during
the period.
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\u2019s 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\u2019s 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\u2019s investment, which crystallises a valuation for the
financial asset which is different to the valuation at which the Group invested. The asset\u2019s 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00203": { "value": "16.
INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
\n \n
2024
2023
$\u2019000
$\u2019000
Opening balance
-
2,863
Share of loss
-
(716)
Foreign exchange movement
-
89
Write off of investment
-
(2,236)
Closing balance
-
-
Nature of investment in associates:
\n \n
Name of entity
Address of the registered
% of ownership
Nature of
Measurement
office
interest
relationship
method
Emergent
Hill Dickinson LLP, 8th Floor
19.50%
Refer below
Equity
Entertainment PLC
The Broadgate Tower, 20
Previously Pluto
Primrose
Digital plc)
Street, London, United
Kingdom, EC2A 2EW
In December 2023, Emergent Entertainment Ltd (\u201cEEL\u201d) announced that they engaged an insolvency advisor to place it in
liquidation. On January 10, 2024, EEL appointed liquidators to voluntarily wind up the company. The Group has written off
the balance of the investment in 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00202": { "value": "16.
INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
\n \n
2024
2023
$\u2019000
$\u2019000
Opening balance
-
2,863
Share of loss
-
(716)
Foreign exchange movement
-
89
Write off of investment
-
(2,236)
Closing balance
-
-
Nature of investment in associates:
\n \n
Name of entity
Address of the registered
% of ownership
Nature of
Measurement
office
interest
relationship
method
Emergent
Hill Dickinson LLP, 8th Floor
19.50%
Refer below
Equity
Entertainment PLC
The Broadgate Tower, 20
Previously Pluto
Primrose
Digital plc)
Street, London, United
Kingdom, EC2A 2EW
In December 2023, Emergent Entertainment Ltd (\u201cEEL\u201d) announced that they engaged an insolvency advisor to place it in
liquidation. On January 10, 2024, EEL appointed liquidators to voluntarily wind up the company. The Group has written off
the balance of the investment in 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00204": { "value": "17.
INTANGIBLE ASSETS NON CURRENT
\n \n
Group
Goodwill
Digital
2024
assets
Total
$\u2019000
$\u2019000
$\u2019000
Cost
At 1 January 2024
112
5,329
5,441
Foreign exchange movements
-
(60)
(60)
Digital Assets Mined
-
-
-
Disposals
(77)
(130)
(207)
At 31 December 2024
35
5,139
5,174
Amortisation and impairment
At 1 January 2024
-
4,553
4,553
Foreign exchange movement
-
(28)
(28)
Fair value movement
-
-
-
Impairment
-
473
473
Amortisation charged during the period
-
-
-
At 31 December 2024
-
4,998
4,998
Balance at 31 December 2024
35
141
176
\n \n
Group
Goodwill
Digital
Website
2023
assets
Total
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Cost
At 1 January 2023
96
5,722
873
6,691
Foreign Exchange Movements
16
334
19
369
Disposals
-
(727)
-
(727)
At 31 December 2023
112
5,329
892
6,333
Amortisation and impairment
At 1 January 2023
-
3,809
779
4,588
Foreign exchange movement
-
91
1
92
Fair value movement
-
654
-
654
Amortisation charged during the period
-
-
112
112
At 31 December 2023
-
4,553
892
5,445
Balance at 31 December 2023
112
776
-
888
Digital assets includes 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 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.
\n \n
Crypto asset name
Coins / tokens
Fair value
$\u2019000
Polkadot \u2013 DOT
182
1
Ethereum \u2013 ETH
211
1
USDC (stable coin \u2013 fixed to USD)
31,710
32
Other tokens, NFTs and other digital assets
N/A
107
As at 31 December 2024
141
\n \n
Crypto asset name
Coins / tokens
Fair value
$\u2019000
Polkadot \u2013 DOT
16,554
135
Ethereum \u2013 ETH
4
10
USDC (stable coin \u2013 fixed to USD)
31,713
55
Other tokens, NFTs and other digital assets
N/A
576
As at 31 December 2023
776
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00205": { "value": "17.
INTANGIBLE ASSETS NON CURRENT
\n \n
Group
Goodwill
Digital
2024
assets
Total
$\u2019000
$\u2019000
$\u2019000
Cost
At 1 January 2024
112
5,329
5,441
Foreign exchange movements
-
(60)
(60)
Digital Assets Mined
-
-
-
Disposals
(77)
(130)
(207)
At 31 December 2024
35
5,139
5,174
Amortisation and impairment
At 1 January 2024
-
4,553
4,553
Foreign exchange movement
-
(28)
(28)
Fair value movement
-
-
-
Impairment
-
473
473
Amortisation charged during the period
-
-
-
At 31 December 2024
-
4,998
4,998
Balance at 31 December 2024
35
141
176
\n \n
Group
Goodwill
Digital
Website
2023
assets
Total
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Cost
At 1 January 2023
96
5,722
873
6,691
Foreign Exchange Movements
16
334
19
369
Disposals
-
(727)
-
(727)
At 31 December 2023
112
5,329
892
6,333
Amortisation and impairment
At 1 January 2023
-
3,809
779
4,588
Foreign exchange movement
-
91
1
92
Fair value movement
-
654
-
654
Amortisation charged during the period
-
-
112
112
At 31 December 2023
-
4,553
892
5,445
Balance at 31 December 2023
112
776
-
888
Digital assets includes 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 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.
\n \n
Crypto asset name
Coins / tokens
Fair value
$\u2019000
Polkadot \u2013 DOT
182
1
Ethereum \u2013 ETH
211
1
USDC (stable coin \u2013 fixed to USD)
31,710
32
Other tokens, NFTs and other digital assets
N/A
107
As at 31 December 2024
141
\n \n
Crypto asset name
Coins / tokens
Fair value
$\u2019000
Polkadot \u2013 DOT
16,554
135
Ethereum \u2013 ETH
4
10
USDC (stable coin \u2013 fixed to USD)
31,713
55
Other tokens, NFTs and other digital assets
N/A
576
As at 31 December 2023
776
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00208": { "value": "\n \n
Group
Goodwill
Digital
2024
assets
Total
$\u2019000
$\u2019000
$\u2019000
Cost
At 1 January 2024
112
5,329
5,441
Foreign exchange movements
-
(60)
(60)
Digital Assets Mined
-
-
-
Disposals
(77)
(130)
(207)
At 31 December 2024
35
5,139
5,174
Amortisation and impairment
At 1 January 2024
-
4,553
4,553
Foreign exchange movement
-
(28)
(28)
Fair value movement
-
-
-
Impairment
-
473
473
Amortisation charged during the period
-
-
-
At 31 December 2024
-
4,998
4,998
Balance at 31 December 2024
35
141
176
\n \n
Group
Goodwill
Digital
Website
2023
assets
Total
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Cost
At 1 January 2023
96
5,722
873
6,691
Foreign Exchange Movements
16
334
19
369
Disposals
-
(727)
-
(727)
At 31 December 2023
112
5,329
892
6,333
Amortisation and impairment
At 1 January 2023
-
3,809
779
4,588
Foreign exchange movement
-
91
1
92
Fair value movement
-
654
-
654
Amortisation charged during the period
-
-
112
112
At 31 December 2023
-
4,553
892
5,445
Balance at 31 December 2023
112
776
-
888
\n \n
Mining
Data
Group
Machines
Centres
Equipment
Total
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Cost
At 1 January 2024
168,150
6,280
4,034
178,464
Foreign exchange movement
-
(336)
(604)
(940)
Additions
3
-
-
3
Disposal of subsidiary
-
(5,254)
-
(5,254)
Transfers between classes
1,591
-
(1,591)
-
Disposals
(1,337)
-
-
(1,337)
At 31 December 2024
168,407
690
1,839
170,936
Depreciation and impairment
At 1 January 2024
(116,992)
(1,537)
(206)
(118,735)
Foreign exchange movement
211
847
219
1,277
Depreciation charged
(14,171)
-
(738)
(14,909)
Impairment in asset
(31,498)
-
-
(31,498)
At 30 December 2024
(162,450)
(690)
(725)
(163,865)
Carrying amount
At 1 January 2024
51,158
4,743
3,828
59,729
At 31 December 2024
5,957
-
1,114
7,071
\n \n
Group
Mining Machinery
Data Centres
Equipment
Total
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Cost
At 1 January 2023
162,839
8,700
5,414
176,953
Foreign Exchange Movement
108
517
569
1,195
Additions
5,203
-
27
5,230
Transfer to Assets held for sale
-
(2,937)
(1,976)
(4,913)
At 31 December 2023
168,150
6,280
4,034
178,464
Depreciation and impairment
At 1 January 2023
(97,481)
(1,924)
(31)
(99,437)
Foreign exchange movement
-
(38)
(43)
(81)
Depreciation charged during the period
(18,656)
(359)
(1,000)
(20,015)
Impairment in asset
(855)
-
-
(855)
Transfer to Assets held for sale
-
784
868
1,652
At 31 December 2023
(116,992)
(1,537)
(206)
(118,736)
Carrying amount
At 1 January 2023
65,358
6,776
5,383
77,516
At 31 December 2023
51,158
4,743
3,828
59,728
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00206": { "value": "\n \n
Group
Goodwill
Digital
2024
assets
Total
$\u2019000
$\u2019000
$\u2019000
Cost
At 1 January 2024
112
5,329
5,441
Foreign exchange movements
-
(60)
(60)
Digital Assets Mined
-
-
-
Disposals
(77)
(130)
(207)
At 31 December 2024
35
5,139
5,174
Amortisation and impairment
At 1 January 2024
-
4,553
4,553
Foreign exchange movement
-
(28)
(28)
Fair value movement
-
-
-
Impairment
-
473
473
Amortisation charged during the period
-
-
-
At 31 December 2024
-
4,998
4,998
Balance at 31 December 2024
35
141
176
\n \n
Group
Goodwill
Digital
Website
2023
assets
Total
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Cost
At 1 January 2023
96
5,722
873
6,691
Foreign Exchange Movements
16
334
19
369
Disposals
-
(727)
-
(727)
At 31 December 2023
112
5,329
892
6,333
Amortisation and impairment
At 1 January 2023
-
3,809
779
4,588
Foreign exchange movement
-
91
1
92
Fair value movement
-
654
-
654
Amortisation charged during the period
-
-
112
112
At 31 December 2023
-
4,553
892
5,445
Balance at 31 December 2023
112
776
-
888
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00207": { "value": "\n \n
Group
Goodwill
Digital
2024
assets
Total
$\u2019000
$\u2019000
$\u2019000
Cost
At 1 January 2024
112
5,329
5,441
Foreign exchange movements
-
(60)
(60)
Digital Assets Mined
-
-
-
Disposals
(77)
(130)
(207)
At 31 December 2024
35
5,139
5,174
Amortisation and impairment
At 1 January 2024
-
4,553
4,553
Foreign exchange movement
-
(28)
(28)
Fair value movement
-
-
-
Impairment
-
473
473
Amortisation charged during the period
-
-
-
At 31 December 2024
-
4,998
4,998
Balance at 31 December 2024
35
141
176
\n \n
Group
Goodwill
Digital
Website
2023
assets
Total
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Cost
At 1 January 2023
96
5,722
873
6,691
Foreign Exchange Movements
16
334
19
369
Disposals
-
(727)
-
(727)
At 31 December 2023
112
5,329
892
6,333
Amortisation and impairment
At 1 January 2023
-
3,809
779
4,588
Foreign exchange movement
-
91
1
92
Fair value movement
-
654
-
654
Amortisation charged during the period
-
-
112
112
At 31 December 2023
-
4,553
892
5,445
Balance at 31 December 2023
112
776
-
888
Digital assets includes 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 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.\n \n
Mining
Data
Group
Machines
Centres
Equipment
Total
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Cost
At 1 January 2024
168,150
6,280
4,034
178,464
Foreign exchange movement
-
(336)
(604)
(940)
Additions
3
-
-
3
Disposal of subsidiary
-
(5,254)
-
(5,254)
Transfers between classes
1,591
-
(1,591)
-
Disposals
(1,337)
-
-
(1,337)
At 31 December 2024
168,407
690
1,839
170,936
Depreciation and impairment
At 1 January 2024
(116,992)
(1,537)
(206)
(118,735)
Foreign exchange movement
211
847
219
1,277
Depreciation charged
(14,171)
-
(738)
(14,909)
Impairment in asset
(31,498)
-
-
(31,498)
At 30 December 2024
(162,450)
(690)
(725)
(163,865)
Carrying amount
At 1 January 2024
51,158
4,743
3,828
59,729
At 31 December 2024
5,957
-
1,114
7,071
\n \n
Group
Mining Machinery
Data Centres
Equipment
Total
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Cost
At 1 January 2023
162,839
8,700
5,414
176,953
Foreign Exchange Movement
108
517
569
1,195
Additions
5,203
-
27
5,230
Transfer to Assets held for sale
-
(2,937)
(1,976)
(4,913)
At 31 December 2023
168,150
6,280
4,034
178,464
Depreciation and impairment
At 1 January 2023
(97,481)
(1,924)
(31)
(99,437)
Foreign exchange movement
-
(38)
(43)
(81)
Depreciation charged during the period
(18,656)
(359)
(1,000)
(20,015)
Impairment in asset
(855)
-
-
(855)
Transfer to Assets held for sale
-
784
868
1,652
At 31 December 2023
(116,992)
(1,537)
(206)
(118,736)
Carrying amount
At 1 January 2023
65,358
6,776
5,383
77,516
At 31 December 2023
51,158
4,743
3,828
59,728
Property, Plant and Equipment Impairments
The Group has a single line of business, crypto mining. During 2024, the Group considered that it only had one cash
generating unit (CGU) due to all mining machines being centrally managed by the Argo Blockchain Plc and all machines
operating under the same business conditions.
However, due to the uncertainty of the timing of rehosting the machines at 31 December 2024, and the performance
of the machines thereon, the Group considers its mining machines to be categorized into three CGU\u2019s being: machines
operating at the Group\u2019s owned site in Quebec, machines hosted or sold subsequent to year end, previously hosted at
the Helios facility, and machines not yet re-conditioned which were also previously hosted at the Helios facility. The
recoverable amount of each CGU has been calculated as follows:
Machines operating in Quebec \u2013 value in use.
Re-conditioned machines hosted or sold subsequent to year-end \u2013 all measured at fair value less cost of disposal,
given the uncertainty over performance and expected returns from the new hosting facilities.
Machines not yet re-conditioned - all measured at fair value less cost of disposal.
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\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset or
CGU\u2019s fair value, less costs of disposal and its value in use. When the carrying value of an asset or CGU exceeds its
recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
In assessing the fair value of Mining machines previously hosted at the Helios facility and Computer Equipment, the
Group used recent machine sales pricing and cost of refurbishment of machines from immersion cooled to air cooled.
Due to the significant deterioration in mining economics since the Bitcoin halving in April 2024, as measured by the
lower hashprice, both the fair value of mining equipment and future cash flows generated from mining equipment are
significantly reduced. In addition, the impairment to fair value less cost to sell is also driven by a lack of historical
information available for the performance of the refurbished machines in the aforementioned hosting facilities and
uncertainty of the timing of these events as at the year end. As a result of the analysis that the Group reviewed at both
30 June 2024 and 31 December 2024, a total impairment charge of $31.5 million (2023-$0.9 million) was recorded. As
the majority of the mining machines were valued at their recoverable amount a 5% change in the hashprice has a
minimal impact on the impairment. Similarly, a 1% change in the discount rate has a minimal impact on the impairment
for the machines operating in Quebec.
Mining assets with uncertain re-hosting dates and those to be sold (22,819 machines) had a value of $4.3 million as at
31 December 2024 and were valued based on their fair value in use less cost to sell. This value was based on a level
2 fair value hierarchy of actual sales realised, less cost of refurbishment.
Mining assets held at the Baie Comeau CGU (2,200 machines) had a value of $1.4 million and were valued based on
their value in use. This was based on an 18 month cash flow forecast discounted at 22.6%, the Group\u2019s estimated cost
of capital.
Subsequent to year end, the Group signed hosting agreements with Merkle Standard LLC to host 9,315 miners at
Merkle\u2019s Memphis, Tennessee location and up to 4,000 machines at its Washington State location. Approximately
1,232 units were sent to the Group\u2019s Baie Comeau facility. A further approximately 8,000 units were sold for cash
proceeds of approximately $2.0 million. The Group will continue to monitor the carrying value of its mining machines,
as the machines are installed and data is available for performance in revenue generation, which may or may not result
in a reversal in the impairment.
Impairment of Chips
In assessing the fair value of machine components, the Group used readily available chip set prices and
management\u2019s 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 $0.6 million was recorded (2023 - $0.1 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00209": { "value": "18.
TANGIBLE FIXED ASSETS
\n \n
Mining
Data
Group
Machines
Centres
Equipment
Total
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Cost
At 1 January 2024
168,150
6,280
4,034
178,464
Foreign exchange movement
-
(336)
(604)
(940)
Additions
3
-
-
3
Disposal of subsidiary
-
(5,254)
-
(5,254)
Transfers between classes
1,591
-
(1,591)
-
Disposals
(1,337)
-
-
(1,337)
At 31 December 2024
168,407
690
1,839
170,936
Depreciation and impairment
At 1 January 2024
(116,992)
(1,537)
(206)
(118,735)
Foreign exchange movement
211
847
219
1,277
Depreciation charged
(14,171)
-
(738)
(14,909)
Impairment in asset
(31,498)
-
-
(31,498)
At 30 December 2024
(162,450)
(690)
(725)
(163,865)
Carrying amount
At 1 January 2024
51,158
4,743
3,828
59,729
At 31 December 2024
5,957
-
1,114
7,071
\n \n
Group
Mining Machinery
Data Centres
Equipment
Total
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Cost
At 1 January 2023
162,839
8,700
5,414
176,953
Foreign Exchange Movement
108
517
569
1,195
Additions
5,203
-
27
5,230
Transfer to Assets held for sale
-
(2,937)
(1,976)
(4,913)
At 31 December 2023
168,150
6,280
4,034
178,464
Depreciation and impairment
At 1 January 2023
(97,481)
(1,924)
(31)
(99,437)
Foreign exchange movement
-
(38)
(43)
(81)
Depreciation charged during the period
(18,656)
(359)
(1,000)
(20,015)
Impairment in asset
(855)
-
-
(855)
Transfer to Assets held for sale
-
784
868
1,652
At 31 December 2023
(116,992)
(1,537)
(206)
(118,736)
Carrying amount
At 1 January 2023
65,358
6,776
5,383
77,516
At 31 December 2023
51,158
4,743
3,828
59,728
Property, Plant and Equipment Impairments
The Group has a single line of business, crypto mining. During 2024, the Group considered that it only had one cash
generating unit (CGU) due to all mining machines being centrally managed by the Argo Blockchain Plc and all machines
operating under the same business conditions.
However, due to the uncertainty of the timing of rehosting the machines at 31 December 2024, and the performance
of the machines thereon, the Group considers its mining machines to be categorized into three CGU\u2019s being: machines
operating at the Group\u2019s owned site in Quebec, machines hosted or sold subsequent to year end, previously hosted at
the Helios facility, and machines not yet re-conditioned which were also previously hosted at the Helios facility. The
recoverable amount of each CGU has been calculated as follows:
Machines operating in Quebec \u2013 value in use.
Re-conditioned machines hosted or sold subsequent to year-end \u2013 all measured at fair value less cost of disposal,
given the uncertainty over performance and expected returns from the new hosting facilities.
Machines not yet re-conditioned - all measured at fair value less cost of disposal.
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\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset or
CGU\u2019s fair value, less costs of disposal and its value in use. When the carrying value of an asset or CGU exceeds its
recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
In assessing the fair value of Mining machines previously hosted at the Helios facility and Computer Equipment, the
Group used recent machine sales pricing and cost of refurbishment of machines from immersion cooled to air cooled.
Due to the significant deterioration in mining economics since the Bitcoin halving in April 2024, as measured by the
lower hashprice, both the fair value of mining equipment and future cash flows generated from mining equipment are
significantly reduced. In addition, the impairment to fair value less cost to sell is also driven by a lack of historical
information available for the performance of the refurbished machines in the aforementioned hosting facilities and
uncertainty of the timing of these events as at the year end. As a result of the analysis that the Group reviewed at both
30 June 2024 and 31 December 2024, a total impairment charge of $31.5 million (2023-$0.9 million) was recorded. As
the majority of the mining machines were valued at their recoverable amount a 5% change in the hashprice has a
minimal impact on the impairment. Similarly, a 1% change in the discount rate has a minimal impact on the impairment
for the machines operating in Quebec.
Mining assets with uncertain re-hosting dates and those to be sold (22,819 machines) had a value of $4.3 million as at
31 December 2024 and were valued based on their fair value in use less cost to sell. This value was based on a level
2 fair value hierarchy of actual sales realised, less cost of refurbishment.
Mining assets held at the Baie Comeau CGU (2,200 machines) had a value of $1.4 million and were valued based on
their value in use. This was based on an 18 month cash flow forecast discounted at 22.6%, the Group\u2019s estimated cost
of capital.
Subsequent to year end, the Group signed hosting agreements with Merkle Standard LLC to host 9,315 miners at
Merkle\u2019s Memphis, Tennessee location and up to 4,000 machines at its Washington State location. Approximately
1,232 units were sent to the Group\u2019s Baie Comeau facility. A further approximately 8,000 units were sold for cash
proceeds of approximately $2.0 million. The Group will continue to monitor the carrying value of its mining machines,
as the machines are installed and data is available for performance in revenue generation, which may or may not result
in a reversal in the impairment.
Impairment of Chips
In assessing the fair value of machine components, the Group used readily available chip set prices and
management\u2019s 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 $0.6 million was recorded (2023 - $0.1 million).
Sale of Mirabel Data Centre
See assets held for sale (Note 14) for details of this disposition.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00211": { "value": "19.
TRADE AND OTHER RECEIVABLES
\n \n
Group 2024
Group 2023
$\u2019000
$\u2019000
Trade and other receivables
140
1,131
Prepayments
628
1,355
Other taxation and social security
2,311
1,349
Total trade and other receivables
3,079
3,835
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00210": { "value": "19.
TRADE AND OTHER RECEIVABLES
\n \n
Group 2024
Group 2023
$\u2019000
$\u2019000
Trade and other receivables
140
1,131
Prepayments
628
1,355
Other taxation and social security
2,311
1,349
Total trade and other receivables
3,079
3,835
Included within other taxation and social security is a provision against GST/QST/VAT receivable of $2.7 million in relation to
ongoing matters in connection with GST Notice 324 released by the Canadian Revenue Authority, and ongoing discussions with
HMRC. The Group have included the provision for prudence and upon conclusion of the matter, the Group will adjust this provision
accordingly. See Note 13 for additional details.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00213": { "value": "20.
INTANGIBLE ASSETS, CURRENT
The Group mined crypto assets during the period, which are recorded at fair value on the day rewards are credited to the Group\u2019s
wallets. 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.
At 31 December 2024, the Group held Bitcoin representing a fair value of $6,000 (2023 - $385,000). The movements during the
year is detailed below:
\n \n
Group
2024
2023
$\u2019000
$\u2019000
At 1 January
385
443
Foreign Exchange Movement
-
24
Crypto assets purchased and received
-
-
Crypto assets mined
47,017
50,558
Total additions
47,017
50,582
Disposals
Transferred to/from intangible assets
-
\n
\n
\n \n
Crypto assets sold
(47,302)
(51,378)
Total disposals
(47,302)
(51,378)
Fair value movements
Gain/(loss) on crypto asset sales
(94)
738
Movements on crypto assets held at the year end
-
-
Total fair value movements
(94)
738
At 31 December
6
385
\n \n
Group
2023
2022
$\u2019000
$\u2019000
At 1 January
443
108,956
Foreign Exchange Movement
24
833
Crypto assets purchased and received
-
264
Crypto assets mined
50,558
60,172
Total additions
50,582
61,269
Disposals
Transferred to/from intangible assets
420
Crypto assets sold
(51,378)
(114,646)
Total disposals
(51,378)
(114,226)
Fair value movements
Gain/(loss) on crypto asset sales
738
(55,410)
Movements on crypto assets held at the year end
-
(145)
Total fair value movements
738
(55,555)
At 31 December
385
443
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00212": { "value": "20.
INTANGIBLE ASSETS, CURRENT
The Group mined crypto assets during the period, which are recorded at fair value on the day rewards are credited to the Group\u2019s
wallets. 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.
At 31 December 2024, the Group held Bitcoin representing a fair value of $6,000 (2023 - $385,000). The movements during the
year is detailed below:
\n \n
Group
2024
2023
$\u2019000
$\u2019000
At 1 January
385
443
Foreign Exchange Movement
-
24
Crypto assets purchased and received
-
-
Crypto assets mined
47,017
50,558
Total additions
47,017
50,582
Disposals
Transferred to/from intangible assets
-
\n
\n
\n \n
Crypto assets sold
(47,302)
(51,378)
Total disposals
(47,302)
(51,378)
Fair value movements
Gain/(loss) on crypto asset sales
(94)
738
Movements on crypto assets held at the year end
-
-
Total fair value movements
(94)
738
At 31 December
6
385
\n \n
Group
2023
2022
$\u2019000
$\u2019000
At 1 January
443
108,956
Foreign Exchange Movement
24
833
Crypto assets purchased and received
-
264
Crypto assets mined
50,558
60,172
Total additions
50,582
61,269
Disposals
Transferred to/from intangible assets
420
Crypto assets sold
(51,378)
(114,646)
Total disposals
(51,378)
(114,226)
Fair value movements
Gain/(loss) on crypto asset sales
738
(55,410)
Movements on crypto assets held at the year end
-
(145)
Total fair value movements
738
(55,555)
At 31 December
385
443
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00215": { "value": "21.
SHARE OPTIONS, RESTRICED STOCK UNITS AND WARRANTS
In 2022, the Remuneration Committee of the Board (\u201cCommittee\u201d) approved the 2022 Equity Incentive Plan (\u201cthe
Plan\u201d). Under the Plan, the Committee, at its discretion, may issue awards, including share awards, stock options,
stock appreciation rights (\u201cSARs\u201d), restricted stock units, performance awards and American Depository Shares to
any employee of the Group. The exercise price of stock options and the base price of SARs may not be less than
the market price of the underlying shares on the date of grant. Stock options and SARs may have an exercise period
up to ten years after the grant date.
The following table summarizes share-based compensation expense for the years ended December 31, 2024 and
2023:
\n \n
2024
2023
Stock options
1,981
3,332
Restricted stock units
1,778
560
3,759
3,892
\n \n
Number of options
Weighted average
and warrants \u2018000
exercise price \u00a3
At 1 January 2024
11,028
0.83
Granted
57,800
0.11
Exercised
-
-
Lapsed
(5,279)
0.95
Outstanding at 31 December 2024
63,549
0.17
\n \n
Exercisable at 31 December 2024
5,429
0.73
\n \n
Number of options
Weighted average
and warrants \u2018000
exercise price \u00a3
At 1 January 2023
18,698
0.78
Granted
659
0.13
Exercised
-
-
Lapsed
(8,329)
0.67
Outstanding at 31 December 2023
11,028
0.83
Exercisable at 31 December 2023
7,904
0.89
The weighted average remaining contractual life of options and warrants as at 31 December 2024 is 53 months (2023-
62 months). If the exercisable shares had been exercised on 31 December 2024 this would have represented 0.8%
(2023 \u2013 1.5%) 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. The inputs
into the Black-Scholes model are as follows:
\n \n
2024
2023
Grant date share price \u00a3
0.115
0.14
Exercise price \u00a3
0.1125
0.13
Volatility
113%
187%
Life
5 years
10 years
Risk free rate
3.90%
3.40%
Dividend yield
0%
0%
Restricted Stock Units
In 2024 and 2023, the Committee approved the grant of RSUs to employees. The RSUs vest quarterly beginning
the sixth month after the grant date over a three-year period. The weighted average remaining vesting period is the
period to the final vesting date.
\n \n
2024
Number of
Weighted Average Grant Date
Weighted Average Remaining
Awards
Price \u00a3
Vesting
Period (months)
Outstanding at beginning of
period
6,999,817
0.12
Granted during the period
7,273,995
0.15
Vested during the period
(3,162,982)
0.12
Forfeited during the period
(2,021,671)
0.14
Outstanding at the end of period
9,089,159
0.13
22
\n \n
2023
\n \n
Number of
Weighted Average Grant Date
Weighted Average Remaining
Awards
Price \u00a3
Vesting
Period (months)
Outstanding at beginning of
period
-
-
Granted during the period
12,041,192
0.13
Vested during the period
(3,617,136)
0.13
Forfeited during the period
(1,424,239)
0.13
Outstanding at the end of period
6,999,817
0.12
28
Performance Stock Units (American Depository Shares)
In 2023, the Committee approved the grant of PSUs for the American Depository Shares to the CEO of the Group.
The PSUs vest annually over a three-year period. The annual vesting amount may vary from 25% - 100%. The
weighted average remaining vesting period assumes the last vesting date is the latest vesting date possible.
\n \n
2024
Number of
Weighted Average Grant Date
Weighted Average Remaining
Awards
Price \u00a3
Vesting
Period (months)
Outstanding at beginning of the
period
2,850,000
1.15
Vested during the period
(237,500)
-
Forfeited during the period
-
-
Outstanding at the end of period
2,612,500
1.15
35
The remaining PSU\u2019s were cancelled subsequent to year end with the resignation of the CEO. A new award was awarded to the
Group\u2019s new CEO.
\n \n
2023
Number of
Weighted Average Grant Date
Weighted Average Remaining
Awards
Price $
Vesting
Period (months)
Outstanding at beginning of the
period
-
-
Granted during the period
2,850,000
1.15
Vested during the period
-
-
Forfeited during the period
-
-
Outstanding at the end of the period
2,850,000
1.15
35
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00214": { "value": "21.
SHARE OPTIONS, RESTRICED STOCK UNITS AND WARRANTS
In 2022, the Remuneration Committee of the Board (\u201cCommittee\u201d) approved the 2022 Equity Incentive Plan (\u201cthe
Plan\u201d). Under the Plan, the Committee, at its discretion, may issue awards, including share awards, stock options,
stock appreciation rights (\u201cSARs\u201d), restricted stock units, performance awards and American Depository Shares to
any employee of the Group. The exercise price of stock options and the base price of SARs may not be less than
the market price of the underlying shares on the date of grant. Stock options and SARs may have an exercise period
up to ten years after the grant date.
The following table summarizes share-based compensation expense for the years ended December 31, 2024 and
2023:
\n \n
2024
2023
Stock options
1,981
3,332
Restricted stock units
1,778
560
3,759
3,892
\n \n
Number of options
Weighted average
and warrants \u2018000
exercise price \u00a3
At 1 January 2024
11,028
0.83
Granted
57,800
0.11
Exercised
-
-
Lapsed
(5,279)
0.95
Outstanding at 31 December 2024
63,549
0.17
\n \n
Exercisable at 31 December 2024
5,429
0.73
\n \n
Number of options
Weighted average
and warrants \u2018000
exercise price \u00a3
At 1 January 2023
18,698
0.78
Granted
659
0.13
Exercised
-
-
Lapsed
(8,329)
0.67
Outstanding at 31 December 2023
11,028
0.83
Exercisable at 31 December 2023
7,904
0.89
The weighted average remaining contractual life of options and warrants as at 31 December 2024 is 53 months (2023-
62 months). If the exercisable shares had been exercised on 31 December 2024 this would have represented 0.8%
(2023 \u2013 1.5%) 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. The inputs
into the Black-Scholes model are as follows:
\n \n
2024
2023
Grant date share price \u00a3
0.115
0.14
Exercise price \u00a3
0.1125
0.13
Volatility
113%
187%
Life
5 years
10 years
Risk free rate
3.90%
3.40%
Dividend yield
0%
0%
Restricted Stock Units
In 2024 and 2023, the Committee approved the grant of RSUs to employees. The RSUs vest quarterly beginning
the sixth month after the grant date over a three-year period. The weighted average remaining vesting period is the
period to the final vesting date.
\n \n
2024
Number of
Weighted Average Grant Date
Weighted Average Remaining
Awards
Price \u00a3
Vesting
Period (months)
Outstanding at beginning of
period
6,999,817
0.12
Granted during the period
7,273,995
0.15
Vested during the period
(3,162,982)
0.12
Forfeited during the period
(2,021,671)
0.14
Outstanding at the end of period
9,089,159
0.13
22
\n \n
2023
\n \n
Number of
Weighted Average Grant Date
Weighted Average Remaining
Awards
Price \u00a3
Vesting
Period (months)
Outstanding at beginning of
period
-
-
Granted during the period
12,041,192
0.13
Vested during the period
(3,617,136)
0.13
Forfeited during the period
(1,424,239)
0.13
Outstanding at the end of period
6,999,817
0.12
28
Performance Stock Units (American Depository Shares)
In 2023, the Committee approved the grant of PSUs for the American Depository Shares to the CEO of the Group.
The PSUs vest annually over a three-year period. The annual vesting amount may vary from 25% - 100%. The
weighted average remaining vesting period assumes the last vesting date is the latest vesting date possible.
\n \n
2024
Number of
Weighted Average Grant Date
Weighted Average Remaining
Awards
Price \u00a3
Vesting
Period (months)
Outstanding at beginning of the
period
2,850,000
1.15
Vested during the period
(237,500)
-
Forfeited during the period
-
-
Outstanding at the end of period
2,612,500
1.15
35
The remaining PSU\u2019s were cancelled subsequent to year end with the resignation of the CEO. A new award was awarded to the
Group\u2019s new CEO.
\n \n
2023
Number of
Weighted Average Grant Date
Weighted Average Remaining
Awards
Price $
Vesting
Period (months)
Outstanding at beginning of the
period
-
-
Granted during the period
2,850,000
1.15
Vested during the period
-
-
Forfeited during the period
-
-
Outstanding at the end of the period
2,850,000
1.15
35
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00217": { "value": "22.
ORDINARY SHARES
\n \n
As at 31 December
As at 31 December
2024
2023
$\u2019000
$\u2019000
Ordinary share capital
Issued and fully paid
536,963,471 Ordinary Shares of $0.001 each
Issued in the period
712
634
177,911,882 Ordinary Shares of $0.001 each
226
78
714,875,853 Ordinary Shares of $0.001 each
938
712
Share premium
At beginning of the period
209,779
202,103
Issued in the period
22,478
7,676
Issue costs
-
-
At the end of period
232,257
209,779
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00216": { "value": "22.
ORDINARY SHARES
\n \n
As at 31 December
As at 31 December
2024
2023
$\u2019000
$\u2019000
Ordinary share capital
Issued and fully paid
536,963,471 Ordinary Shares of $0.001 each
Issued in the period
712
634
177,911,882 Ordinary Shares of $0.001 each
226
78
714,875,853 Ordinary Shares of $0.001 each
938
712
Share premium
At beginning of the period
209,779
202,103
Issued in the period
22,478
7,676
Issue costs
-
-
At the end of period
232,257
209,779
23.
RESERVES
The following describes the nature and purpose of each reserve:
\n \n
Reserve
Description
Ordinary Shares
Represents the nominal value of equity shares
Share Premium
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
Currency translation reserve
Cumulative effects of translation of opening balances
on non-monetary assets between subsidiaries
functional currencies (Canadian dollars and Uk Sterling)
and Group presentational currency (US Dollars).
RSU/PSU reserve
Represents the fair value of restricted/performance
stock units expensed less amounts transferred on
vesting
Other comprehensive income of equity accounted
The other comprehensive income of any associates is
associates
recognised in this reserve
Cumulative net gains and losses and other transactions
Accumulated surplus
with equity holders not recognised elsewhere.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00234": { "value": "23.
RESERVES
The following describes the nature and purpose of each reserve:
\n \n
Reserve
Description
Ordinary Shares
Represents the nominal value of equity shares
Share Premium
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
Currency translation reserve
Cumulative effects of translation of opening balances
on non-monetary assets between subsidiaries
functional currencies (Canadian dollars and Uk Sterling)
and Group presentational currency (US Dollars).
RSU/PSU reserve
Represents the fair value of restricted/performance
stock units expensed less amounts transferred on
vesting
Other comprehensive income of equity accounted
The other comprehensive income of any associates is
associates
recognised in this reserve
Cumulative net gains and losses and other transactions
Accumulated surplus
with equity holders not recognised elsewhere.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00236": { "value": "24.
TRADE AND OTHER PAYABLES
\n \n
Group 2024
Group 2023
$\u2019000
$\u2019000
Trade payables
1,663
2,336
Accruals and other payables
3,619
7,153
Other taxation and social security
2,902
1,686
Total trade and other creditors
8,184
11,175
The directors consider that the carrying value of trade and other payables is equal to their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00235": { "value": "24.
TRADE AND OTHER PAYABLES
\n \n
Group 2024
Group 2023
$\u2019000
$\u2019000
Trade payables
1,663
2,336
Accruals and other payables
3,619
7,153
Other taxation and social security
2,902
1,686
Total trade and other creditors
8,184
11,175
The directors consider that the carrying value of trade and other payables is equal to their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00239": { "value": "25.
LOANS AND BORROWINGS
\n \n
Non-current liabilities
As at 31 December
As at 31 December
2024
2023
$\u2019000
$\u2019000
Issued debt \u2013 bond (a)
39,304
38,170
Galaxy loan (b)
-
9,230
Mortgage \u2013 Quebec facility (c)
-
797
Total
39,304
48,197
Current liabilities
Galaxy loan (b)
-
13,444
Mortgage- Quebec facility (c)
837
600
Other Loans
20
276
Total
857
14,320
(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\u2019s 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. The proceeds of the loan were used, in conjunction with funds raised previously, to continue the build-out
of 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 2022 as part of the Galaxy transaction.
\n
\n
In March 2022, the Group entered into loan agreements with NYDIG ABL LLC for loans in the amounts of USD$97
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 (\u201cNew Mill\u201d). The loan was
repaid during the year as part of the Galaxy transaction.
In December 2022, the Group sold Galaxy Power LLC and entered into a loan agreement with Galaxy Digital
LLC for USD$35 million. Proceeds were used to pay off the Galaxy Digital LP, New Mill and NYDIG loans and
working capital. The Galaxy Digital LLC loan was 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 was secured by the Group\u2019s property, plant and equipment.
In August 2024, the Galaxy Digital LLC loan was paid in full.
(c)
Mortgage \u2013 Quebec Facility
The mortgage is secured against the property at Baie-Comeau and is repayable over 24 months at an interest
rate of Lender Prime + 0.5%. (5.95% as of 31 December 2024).", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00240": { "value": "\n \n
Group 2024
Group 2023
$\u2019000
$\u2019000
Carrying amount of financial assets
Measured at amortised cost
-
Trade and other receivables
141
1,131
-
Cash and cash equivalents
8,626
7,443
Measured at fair value through profit or loss
300
400
Total carrying amount of financial assets
9,067
8,974
Carrying amount of financial liabilities
Measured at amortised cost
-
Trade and other payables
8,184
7,501
-
Short term loans
20
280
-
Long term loans
837
25,599
-
Issued debt \u2013 bonds
39,304
38,170
carrying amount of financial liabilities
48,345
71,550
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00238": { "value": "27.
RELATED PARTY TRANSACTIONS
A subsidiary has received tax assessments from Canadian tax authorities for value added taxes and income taxes (See
Note13).
The Company is not subject to other litigation matters in the ordinary course of business.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00237": { "value": "27.
RELATED PARTY TRANSACTIONS
A subsidiary has received tax assessments from Canadian tax authorities for value added taxes and income taxes (See
Note13).
The Company is not subject to other litigation matters in the ordinary course of business.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00241": { "value": "27.
RELATED PARTY TRANSACTIONS
A subsidiary has received tax assessments from Canadian tax authorities for value added taxes and income taxes (See
Note13).
The Company is not subject to other litigation matters in the ordinary course of business.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00242": { "value": "27.
RELATED PARTY TRANSACTIONS
A subsidiary has received tax assessments from Canadian tax authorities for value added taxes and income taxes (See
Note13).
The Company is not subject to other litigation matters in the ordinary course of business.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00261": { "value": "28.
RELATED PARTY TRANSACTIONS
The compensation paid to related parties in respect of services rendered in 2024 were:
\u2022
$135,095 (2023 - $170,554) in respect of fees for Matthew Shaw (Non-executive director);
\u2022
$129,909 (2023 - $129,752) in respect of fees for Maria Perrella (Non-executive director);
\u2022
$145,562 (2023 - $135,105) in respect of fees for Raghav Chopra (Non-executive director); and
\u2022
$92,939 (2023 - $27,659) to Jim MacCallum (CFO) through JMM Consulting Inc.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00262": { "value": "29.
CONTROLLING PARTY
There is no controlling party of the Group. ", "dimensions": { "concept": "arb:DisclosureOfControllingPartyTextBlock", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00263": { "value": "30.
POST BALANCE SHEET EVENTS
Thomas Chippas resigned as Chief Executive Officer and Director of the Company effective 28 February 2025. On 24
March 2025, the Board appointed Justin Nolan as Chief Executive Officer and Director of the Group.
In January 2025, the Group received a Notification Letter from Nasdaq Stock Market LLC stating that the Company is
not in compliance with minimum bid price for the Company\u2019s American Depositary Shares.
The Company has until
July 15, 2025 to regain compliance with the minimum bid price requirement.
The Group signed hosting agreements with Merkle Standard LLC to host 9,315 miners at Merkle\u2019s Memphis,
Tennessee location and up to 4,000 machines at its Washington State location. Approximately 2,000 units were sent
to the Group\u2019s Baie Comeau facility. A further approximately 8,000 units were sold for cash proceeds of approximately
$2.0 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00396": { "value": "COMPANY STATEMENT OF FINANCIAL POSITION \n \n
As at December
As at
As at January
31st
December 31st
1st
2024
2023
2023
Note
$\u2019000
$\u2019000
$\u2019000
ASSETS
Non-current assets
Investment at fair value through profit or loss
4
-
100
100
Investments in Associate
-
-
2,863
Investments in Subsidiary
5
11,164
43,983
65,000
Tangible Fixed Assets
131
739
2,195
Total non-current assets
11,295
44,822
70,158
Current assets
Trade and Other Receivables
2
94
521
-
Prepaids
2
488
573
1,080
Cash and cash equivalents
5
776
705
139
Intercompany
2
-
11,174
10,336
Total Current Assets
1,358
12,973
11,555
Total assets
12,653
57,795
81,713
EQUITY AND LIABILITIES
Equity
Share Capital
(938)
(712)
(634)
Share Premium
(232,257)
(209,779)
(202,103)
Share based payment reserve
(15,162)
(12,166)
(8,528)
Foreign Currency Translation Reserve
28,616
28,944
26,934
Accumulated (surplus)/deficit
252,421
178,315
146,547
Total equity
32,680
(15,398)
(37,784)
Current liabilities
Trade and other payables
3
(2,122)
(3,977)
(6,120)
Intercompany
(3,907)
-
-
Loan
-
(250)
-
Total current liabilities
(6,029)
(4,227)
(6,120)
Non-current liabilities
Issued Debt
(39,304)
(38,170)
(37,809)
Total liabilities
(45,333)
(42,397)
(43,929)
Total equity and liabilities
(12,653)
(57,795)
(81,713)
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and
related notes. The company\u2019s total comprehensive loss for the year was $17.3 million (2022: $191.1 million).
The Group financial statements were approved by the board of directors on 8 May 2025 and authorised for
issue; they are signed on its behalf by:
Justin Nolan
Chief Executive Officer
8 May 2025
The accounting policies and notes form part of the financial statements.
Registered number: 11097258
COMPANY STATEMENT OF CHANGES IN EQUITY
\n\n \n
Currency
Translation
Share based
Accumulated
Share Capital
Share Premium
Reserve
payment reserve
surplus/ (deficit)
Total
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Balance at 1 January 2024
712
209,779
(28,944)
12,166
(178,315)
15,398
Total comprehensive income for the period:
Loss for the period
-
-
-
-
(74,106)
(74,106)
Other comprehensive income
-
-
328
-
-
328
Total comprehensive income for the period
-
-
328
-
(74,106)
(73,778)
Transactions with equity owners:
Share capital issued
220
21,635
-
-
-
21,855
Share based payments charge
-
-
-
3,845
-
3,845
Share RSUs vested
6
843
-
(849)
-
-
Total transactions with equity owners
226
22,478
-
2,996
-
25,700
Balance at 31 December 2024
938
232,257
(28,616)
15,162
(252,421)
(32,680)
\n \n
Currency
Share based
Accumulated
Translation
payment
surplus/
Share Capital
Share Premium
Reserve
reserve
(deficit)
Total
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Balance at 1 January 2023
634
202,103
(26,935)
8,528
(146,794)
37,536
Total comprehensive income for the period:
Loss for the period
-
-
-
-
(31,521)
(31,521)
Other comprehensive income
-
-
(2,009)
-
-
(2,009)
Total comprehensive income for the period
-
-
(2,009)
-
(31,521)
(33,530)
Transactions with equity owners:
Share capital issued
78
7,676
-
-
-
7,754
Share based payments charge
-
-
-
3,892
-
3,892
Share RSUs vested
-
-
-
(254)
-
(254)
Total transactions with equity owners
78
7,676
-
3,638
-
11,392
Balance at 31 December 2023
712
209,779
(28,944)
12,166
(178,315)
15,398
COMPANY STATEMENT OF CASH FLOWS
\n\n \n
Year ended
Year ended
December
December
2024
2023
Note
$\u2019000
$\u2019000
Cash flows from operating activities
Loss before tax
(74,106)
(14,901)
Adjustments for:
Share of loss from associate
-
716
Loss/Gain on sale of Investment
(567)
-
Foreign exchange movements
(100)
(1,877)
Finance cost
4,094
4,888
Write off of investments
-
22,764
Intercompany provision
33,829
-
Impairment of assets
553
83
Share based payment expense
1,794
3,874
Impairment of investment
5
32,819
-
Working capital changes:
(Increase)/decrease in trade and other receivables
2
512
1,803
Increase/(decrease) in trade and other payables
3
(1,233)
(2,079)
Net cash generated from operating activities
(2,405)
15,271
Investing activities
Proceed from sale of assets
45
-
(Increase)/decrease in loan to subsidiary
(15,675)
(17,863)
Net cash used in investing activities
(15,630)
(17,863)
Financing activities
Loan proceeds
1,110
811
Repayment of loan
(1,360)
(561)
Loan repayments Interest paid
(3,534)
(4,602)
Proceeds from shares issued \u2013 net of issue costs
21,855
7,518
Net cash (used in) generated from financing activities
18,071
3,166
Net (decrease) increase in cash and cash equivalents
36
574
Effect of foreign exchange on cash and cash equivalents
35
139
Cash and cash equivalents at beginning of period
705
(8)
Cash and cash equivalents at end of period
776
705
\n \n
Year ended
Year
Company - net debt reconciliation
31 December
ended
2024
31 December
2023
$\u2019000
$\u2019000
Non-current loans and borrowings
3
(39,304)
(38,170)
Cash and cash equivalents
776
705
Total net (debt) / asset
(38,527)
(37,465)
", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00162": { "value": "The Group financial statements were approved by the board of directors on 8 May 2025 and authorised for
issue; they are signed on its behalf by:
Justin Nolan
Chief Executive Officer", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800WPCCYSDYY26J54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }