#1argo We power the world's most innovative and sustainable blockchain infrastructure ARGO BLOCKCHAIN Investor Presentation June 2022 argoblockchain.com NASDAQ: ARBK; LSE: ARB#2LEGAL DISCLAIMERS Forward Looking Statements This presentation contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding the build-out and expected completion of our Helios mining facility in Texas. Forward-looking statements can be identified by words like "may," "will," "likely," "should," "expect," "anticipate," "future," "plan," "believe," "intend," "goal," "seek," "estimate," "project," "continue" and similar expressions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, the principal risks and uncertainties listed in our risk factors set forth in our filings with the Securities and Exchange Commission (the SEC). 2 Non-IFRS Measures This presentation contains references to certain non-IFRS measures including EBITDA, EBITDA margin and mining margin, each of which are not recognized under International Financial Reporting Standards ("IFRS"). Our management team uses these non-IFRS financial measures to evaluate our profitability and efficiency, to compare operating results to prior periods, and to measure and allocate financial resources internally. The Company believes that these non-IFRS financial measures may be helpful to investors because they provide consistency and comparability with past financial performance and may assist in comparisons with other companies, some of which use similar non-IFRS financial information to supplement their IFRS results. The non-IFRS financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with IFRS, and may be different from similarly titled non-IFRS measures used by other companies. EBITDA, EBITDA margin and mining margin each have limitations as analytical tools, and you should not consider any of these measures either in isolation or as a substitute for other methods of analyzing the results as reported under IFRS. Exchange Rates For the convenience of the reader, in this presentation, unless otherwise indicated, translations from pound sterling into U.S. dollars were made at the rate of £1.00 to $1.31. Such U.S. dollar amounts are not necessarily indicative of the amounts of U.S. dollars that could actually have been purchased upon exchange of pound sterling at the dates indicated or any other date. argo#3Argo at-a-glance Industry-leading cryptocurrency miner with a focus on sustainability 4 3.6 EH/s Mining capacity (SHA-256)¹ 100% Carbon neutral4 44,000+ Mining machines in Canada & US¹ 76% Mining margin (industry leading) 2,3 2,379 HODL of Bitcoin and Bitcoin Equivalents5 ~10% HODL Allocation to Argo Labs for non-mining activities TEXAS Lubbock Helios Dallas Houston Baie Comeau Argo Facilities 1. Existing mining machines as of May 31, 2022 (1.9 EH/s on 27,000+ machines) and contracted purchases from Bitmain (1.7 EH/s on 17,000 machines). 2. Please see Appendix for reconciliation for non-IFRS measures to IFRS. 3. Argo mining margin defined as: (cryptocurrency mining revenue - direct costs) / cryptocurrency mining revenue. For Q1 2022. 4. Includes carbon credits 5. As of May 31, 2022 and includes 187 BTC equivalents 3 Mirabel Montreal QUEBEC argo#4Argo is one of the most efficient, sustainable, and forward-thinking miners in the world intel Mining at scale with low cost power - up to 800 MW in Texas Supply agreement with Intel for next-generation ASIC chips Climate positive with focus on sustainability 4 argo#5Track Record of Execution Significant scaling since inception and clear visibility to continued growth Texas facility online in May 2022 ~5,5 EH/s¹ Company Founded Listed on LSE as a Mining-as-a-Service ("Maas") company B $3,687 0.8 EH/s Pivoted from Maas to mining for own account & began fleet accumulation B $7,167 0.2 EH/s Diversified into digital blockchain infrastructure B $29,023 0.6 EH/s Dec 2018 Dec 2019 Note: BTC Prices represent year-end figures at close. Dec 2020 5 Acquired 160 acres to build 200 MW facility in Texas, as well as two Quebec data centers' $46,320 1.6 EH/s Dec 2021 1. Anticipated incremental hashrate from Intel ASIC machines is based on assumptions for procurement using current production forecasts. The projected timeline could vary due to several factors including supply chain issues, regulatory issues, available capital, and the price of Bitcoin. Dec 2022E argo#6Access to Low Cost and Renewable Power Solidifying Quebec While Expanding to Texas Quebec Attractiveness Hydro Québec QH E West Texas Renewable Energy ercot XX ▸ Clean, cheap hydroelectricity ▸ Large clean energy surplus ➤ Low cost (~4 cents / kWh) Largest wind generator with low electricity rates ▸ Significant excess / unused capacity ▸ Attractive incentives ▸ Lower cost (~2 cents / kWh) 6 argo#7Helios: Flagship Mining Facility in West Texas Mining operations commenced on May 5th 126,00 square foot data center in Dickens County, TX Approved for 800 MW of power from neighboring substation Installation of miners will continue through Q4 2022 Phase 1 (200 MW) expected to be fully online by Q4 2022 ~40 full time jobs at the site and in community 7 argo#8Largest Deployment of Immersion Cooling for Bitcoin Mining 8 Ideal technology for Texas Panhandle conditions ▸ Proprietary system design Fabricated in US by global manufacturer Uplift in hashrate and longer machine life argo#9Blockscale ASIC Supply Agreement with Intel Corporation intel. Intel Launches New Intel Blockscale Technology for Energy-Efficient Blockchain Hashing intel "Argo Blockchain...will be among the first customers to work with the Intel Blockscale ASIC." Diversifies ASIC supply chain to include top US semiconductor manufacturer ▸ Argo has rights to pro-rata share of production ▸ Cost per terahash is expected to be significantly lower than existing options ▸ Opportunity to significantly increase hashrate at competitive margins ePIC Blockchain Technologies is helping with the design and will be manufacturing custom mining machines to utilize the Intel ASICS Source: Intel Corporation website 9 argo#102022: A Look Ahead at Helios Phase 1 (200 MW) Construction - Helios Building Construction - Electric Substation Demand response program registration Installation of immersion equipment Q1 2022 Q2 2022 Jan Feb Mar Apr May Jun Jul Installation of Core Scientific "swap machines" Installation of Bitmain order Energization Design phase for Intel ASIC-based machines Deployment of Intel ASIC-based machines¹ 1. Deployment of Intel ASIC-based machines is based on assumptions for procurement using current production forecasts. The projected timeline could vary due to several factors including supply chain issues, regulatory issues, available capital, and the price of Bitcoin. Q3 2022 Aug Sep Q4 2022 Oct Nov Dec 10 argo#112022: Total Hashrate Capacity Existing fleet Bitmain S19J Pros¹ 5.5 EH/s 1.8 EH/s Intel ASIC machines in development² 3.3 EH/s 1.6 EH/S | 1.7 EH/s 2.0 EH/s - 2.2 EH/s 0.6 EH/s 1.6 EH/s 1.6 EH/s 1.6 EH/S 1.6 EH/S Q1 2022 Q2 2022E 1. Hashrate does not include potential uplift attributable to immersion cooling 2. Incremental hashrate from Intel ASIC machines is based on assumptions for procurement using current production forecasts. The projected timeline could vary due to several factors including supply chain issues, regulatory issues, available capital, and the price of Bitcoin. 11 Q3 2022E Q4 2022E argo#12Poised for exponential hashrate growth Up to 600 MW of additional power capacity at Helios ▸ ASIC chip supply agreement with Intel ▸ Relationship with third party to manufacture custom mining rigs utilizing Intel chips Runway to grow hashrate to ~20 EH/s over the next few years 1.6 EH/s 0.6 EH/s 0.2 EH/S 2019 2020 2021 Phase 1 of Helios expected to be online 5.5 EH/s ~20 EH/s¹ 2022E 2024E 1. Argo does not have firm commitments from chip suppliers or mining machine manufacturers, nor the necessary infrastructure necessary to deploy projected mining capacity at present. The projected timelines, or Argo's ability to achieve projected mining capacity at all, may change due to factors outside our control, including due to supply chain interruptions; cost and availability of mining equipment; counterparty delay or non-performance; regulatory factors; the value of Bitcoin; and/or access to additional capital on competitive terms. See the Legal Disclaimers on Slide 2. 12 argo#13Financing Argo's Growth in 2022 Helios Phase 1 ▸ Commenced mining operations in May 2022 -$50 million additional capital required to complete infrastructure & machine purchases Bitcoin Potential sources of growth capital1: Debt ▸ Debt: Opportunistic and flexible financing options Bitcoin: Sell a portion of monthly Bitcoin production ▸ Equity: None currently anticipated in 2022 Illustrative Funding Split 13 1.This represents current plans, but we may need to seek alternative sources of capital, including equity, depending on market conditions and other factors. argo#14Machine Financing Agreement with NYDIG Non-dilutive source of growth capital Announced on May 4, 2022 ▸ Aggregate principal amount up to $70.6 million, funded in tranches Interest rate of 12% per year Secured by certain S19J Pro machines at Helios Proceeds will be used to continue fitting out Phase 1 of Helios Funding Schedule ($ million) $70.6 $19.1 $43.3 $53.5 14 14 April May June July argo#15Argo's Commitment to Sustainability Mining with carbon-neutral energy Quebec facilities powered by hydro electricity Helios facility in Texas is in West Load Zone - high amount of wind power generation Helios will help to stabilize the Texas electric grid ▸ Local, flexible demand in a region with excess renewable generation Facility can rapidly reduce electricity usage during peak demand Promotes expansion of more renewable energy in Texas Argo is the first bitcoin miner to publish a climate strategy Climate positive in 2020 and 21 after purchasing RECS and VERS in excess of Scope 2 & 3 GHG emissions Established Terra Pool as the first mining pool powered by clean energy TERRA POOL ACCORD CRYPTO CLIMATE CLIMATE NEUTRAL NOW || Bitcoin Mining Council 15 argo#16Recent Social & Governance Initiatives Helios is bringing benefits to Dickens County 130 construction jobs; ~40 full time jobs for Phase 1 ▸ Refurbishing community swimming pool Strengthened Board of Directors with new members ▸ Raghav Chopra: Strong background in capital markets and investing, with experience at AllianceBernstein, The Carlyle Group, and Goldman Sachs ▸ Sarah Gow: Strong background in investing and asset management operations with experience at Citigroup, HSBC, and TrinityCapM Maria Perrella: Strong background in capital markets, M&A, and strategic corporate finance with experience as the Chief Financial Officer at MDA and ATS Automation (TSX: ATA) 16 argo#17Argo Labs: In-House Innovation Arm Five person team led by Sebastien Chalus (Chief Strategy Officer) ▸ Participate in disruptive sectors of the broader blockchain and Web 3.0 ecosystem Increase shareholder value through strategic diversification and network participation ooo ooo Infrastructure Support Staking and Validators and Bonding Nodes Early Stage Decentralized Metaverse and Prospects Finance NFTS Network Participation Strategic Diversification argo labs Currently managing ~9% of Argo's digital asset holdings (187 BTC & BTC Equivalents) 17 argo#18Track Record of Growth Revenue & Adj. EBITDA ($millions)¹ $100.1 $1.1 FY 2018 350 % CAGR $11.6 $1.4 FY 2019 $25.6 ($5.2) 18 1. Please see Appendix for reconciliation of non-IFRS measures to IFRS. $7.9 FY 2020 $72.4 200MW of additional capacity in 2022 will drive top line growth FY 2021 Revenue Adj. EBITDA argo#19Industry Leading Profitability Margins Mining Margin (Q1 2022) 1,2,3 argo 76% Peer Average 73% B MARATHON DIGITAL HOLDINGS RIOT HUT 8 Bitfarms 291% revenue growth from 2020 to 2021 Low power costs protect margins amidst BTC volatility ▸ Optimize capex and minimize depreciation through strategic sourcing. ➤ ROI discipline / tight payback periods on acquired machines 1. Data derived from public filings. 2. See appendix for reconciliation for non-IFRS measures. 3. Argo mining margin defined as: (cryptocurrency mining revenue - direct costs) / cryptocurrency mining revenue. 19 argo#20Argo is one of the most efficient, sustainable, and forward-thinking miners in the world Helios and Intel chip supply agreement are near-term catalysts for growth Leader in sustainable mining at scale ▸ Best in class mining margins Exceptional team of crypto natives, with track record of execution intel 20 20 EDI argo#2199% Appendix 21#22Income Statement (000s unless otherwise stated) Revenues Direct costs Depreciation of mining equipment Change in fair value of digital currencies Realized gain on sale of digital currencies Gross Profit Three months ended March 31, 2022¹ $ £ Three months ended March 31, 2021¹ $ £ $19,515 £14,862 $17,836 £13,583 (4,596) (3,500) (2,562) (1,951) (6,961) (5,301) (2,869) (2,185) (6,080) (4,630) 13,248 10,090 41 30 $1,919 £1,461 1,472 $27,125 1,121 £20,657 10% 10% 152% 152% Gross Margin Operating costs and expenses Consulting fees ($208) (£159) ($467) (£356) Professional fees General and administrative Share based payment Foreign exchange Operating profit Other income/(expense) (1,262) (961) (259) (197) (2,908) (2,215) (633) (482) (1,423) (1,084) (123) (94) 5,705 4,346 (54) (41) $1,823 £1,388 $25,589 £19,488 Interest expense (2,442) (£1,860) ($289) (£221) Loss on sale of investment (174) Revaluation of contingent consideration 2,742 (132) 2,088 Total other income/(expense) $126 £96 ($289) (£221) Income tax recovery/(expense) 117 89 Net income² $2,066 £1,573 $25,300 £19,267 Other comprehensive income, net of tax Total comprehensive income (17,170) (13,076) ($15,104) (£11,503) $25,300 £19,267 22 1. Figures translated at a USD/GBP rate of 1.3131. 2. Net income = Profit after taxation. argo#23Balance Sheet (000s unless otherwise stated) As of March 31, 2022(1) $ £ As of December 31, 2021 (1) $ Current Assets Digital assets Cash & cash equivalents $104,835 £79,839 $106,044 11,904 Trade & other receivables 111,500 Total Current Assets $228,239 9,066 84,914 £173,819 15,498 83,196 $204,738 Property, plant, & equipment $156,765 £119,386 Other non-current assets 30,637 23,332 Total Assets $415,641 £316,537 $146,546 26,491 $377,775 Current Liabilities £ £80,759 11,803 63,359 £155,921 £111,604 20,174 £287,699 Trade & other payables Short term debt Variable consideration Other current liabilities $18,122 £13,803 $20,018 £15,245 58,618 44,641 30,715 23,391 7,856 5,983 10,598 8,071 10,837 8,252 10,467 7,972 Total Current Liabilities $95,433 £72,679 $71,798 £54,679 Long term debt 58,510 44,559 39,786 Other non-current liabilities 1,217 927 Total Liabilities $155,160 £118,165 1,196 $112,780 30,299 911 £85,889 Total Equity Total Liabilities & Equity 260,481 $415,641 198,372 264,995 £316,537 $377,775 201,810 £287,699 1. Figures translated at a USD/GBP rate of 1.3131. 23 argo#24Appendix: Non-IFRS Reconciliations The following table shows a reconciliation of Bitcoin and Bitcoin Equivalent Mining Margin to gross margin, the most directly comparable IFRS measure, for the three months ended March 31, 2022 and the three months ended March 31, 2021. (000s unless otherwise stated) Gross profit Gross margin Depreciation of mining equipment Change in fair value of digital currencies Realized gain on sale of digital currencies Cryptocurrency management fees Three months ended March 31, 2022 (1) $ £ Three months ended March 31, 2021(¹) $ £ $1,919 £1,461 10% 10% $27,125 152% £20,658 152% 6,961 5,301 2,869 2,185 6,080 4,630 (13,248) (10,090) (41) (30) (1,472) (1,121) (434) (330) £11,362 76% $14,840 83% £11,302 83% Mining profit Bitcoin and Bitcoin Equivalent Mining Margin $14,919 76% The following table shows a reconciliation of Adjusted EBITDA to net income, the most directly comparable IFRS measure, for the three months ended March 31, 2022 and the three months ended March 31, 2021. (000s unless otherwise stated) Three months ended March 31, 2022 (1) $ £ Three months ended March 31, 2021(1) $ £ Income tax expense Net income² Interest expense Depreciation/amortization Share based payment $2,066 £1,573 2,442 1,860 (117) (89) 7,166 5,457 1,423 1,084 $25,300 289 2,914 123 £19,267 220 2,219 94 Change in fair value of digital currencies Adjusted EBITDA 6,080 4,630 $19,060 £14,515 (13,248) $15,378 (10,090) £11,710 24 1. Figures translated at a USD/GBP rate of 1.3131. 2. Net income = Profit after taxation argo#25Historical KPIs Bitcoin and Bitcoin Equivalent on Balance Sheet Mining Margin¹² 91% BTC as % of Total 2,595 85% 33% 216 193 FY 2019 FY 2020 FY 2021 Adj. EBITDA Margin² 31% 12% 60% 41% 84% FY 2019 FY 2020 FY 2021 Adj. EBITDA($mm)² 72% $7.9 $1.4 S72.4 FY 2019 FY 2020 FY 2021 25 FY 2019 FY 2020 FY 2021 1. Argo mining margin defined as: (cryptocurrency mining revenue - direct costs) / cryptocurrency mining revenue. 2. See appendix for reconciliation for non-IFRS measures. argo#262020 GHG Report Results 01 More of Argo's energy usage comes from clean power than other sources. Argo does not produce Scope 1 emissions. 02 Most of Argo's GHG emissions (82%) come from Scope 2 (electricity use). 03 Scope 3 GHG emissions come mostly from fuel and energy related activities and upstream transmission and distribution (T&D) losses. 26 argo#27How Bitcoin is Mined ☑ (1 2 Bitcoin transactions are pooled together in a "block". Once a block is formed, miners compete to solve it. 3 P B (4 Transactions are "verified" by the network. Verified transaction block is attached to a chain. Currently, the reward is 6.25 BTC per block solved. 27 (5) For solving the block, miners are rewarded with bitcoin. argo#28Business Model in Bitcoin Mining Power Source Electricity Electricity Cost Mining Equipment Bitcoin Mining Considerations Revenue consists of block reward plus a transaction fee Costs include electricity and purchases of miners On average, a block is solved every 10 minutes 28 Computing Power B B Transaction Fees Bitcoin Reward B Bitcoin Network argo#29Calculating Gross Mining Profitability The Model Is Formulaic Mining Revenue Annual Gross Mining Profitability = [C Argo's Hash Rate 6.25 x 52,560 Blocks / year x Block Network Hash Rate Reward .)·(: Transaction x BTC Price Fees Number of Bitcoin Mined Bitcoin Mining Considerations Revenue consists of block reward plus a transaction fee Reward is dependent upon the difficulty set by the network hash rate versus Argo's hash rate Number of block rewards is fixed Key costs of mining include purchases of miners and costs to run miners, primarily electricity 29 Mining Expense D&A of Miners )·( 1)·( Cost of Electricity Direct Data Center Costs Text in Blue are Factors Argo Controls argo#30argo We power the world's most innovative and sustainable blockchain infrastructure. argoblockchain.com 30