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Update on Proposed Recapitalization

London, United Kingdom August 22, 2025 --(PR.com)-- On 30 June 2025, Argo Blockchain plc ((LSE: ARB, NASDAQ:ARBK) announced a proposed recapitalization through a plan to be sanctioned by the High Court of England and Wales or other court in England and Wales of competent jurisdiction (“Court”) under Part 26A Companies Act 2006 (the “Plan”) in order to resolve its short and medium term capital needs.

The Company would like to provide the following updates with respect to the proposed Plan and its negotiations with Growler Mining, LLC n/k/a Growler Mining Tuscaloosa, LLC (“Growler”) regarding the senior secured multi-draw term loan Growler will provide to the Company (“Loan”):

· Negotiations of the terms of the Loan with Growler remain ongoing, and the Loan has not been executed or funded to date.

· It is expected that the first Court hearing for the Plan will take place in late October 2025 and, if subsequently sanctioned by the Court at a further Court hearing, that the effective date of the Plan will be in early- to mid-December, 2025.

· Following conversion of its Loan (if applicable) and the contribution by Growler of crypto mining and other related assets/cash funding to the Argo group in an amount to be determined, it is currently envisaged that Growler would be left with at least 80% of the issued shares of the Company (with the exact proportions to be determined by reference to the value of its Loan, the assets contributed, and the exit capital provided by Growler), that bond holders would receive equity in the recapitalized Argo group in exchange for debt, and that current equity holders would retain their existing interests (albeit subject to dilution by issuances to bondholders and Growler) in the remaining equity.

· While the parties are continuing to negotiate, there is general recognition that any agreement will include the provision of continuing value to shareholders in the form of their existing shares and, potentially, other forms of equity, sufficient to satisfy the fairness requirements under UK law (and ...