#1argo We power the world's most innovative and sustainable blockchain infrastructure ARGO BLOCKCHAIN Investor Presentation September 2022 argoblockchain.com NASDAQ: ARBK; LSE: ARB#2LEGAL DISCLAIMERS Forward Looking Statements This presentation contains inside information and includes forward-looking statements which reflect the Company's or, as appropriate, the Directors' current views, interpretations, beliefs or expectations with respect to the Company's financial performance, business strategy and plans and objectives of management for future operations. These statements include forward-looking statements both with respect to the Company and the sector and industry in which the Company operates. Statements which include the words "expects", "intends", "plans", "believes", "projects", "anticipates", "will", "targets", "aims", "may", "would", "could", "continue", "estimate", "future", "opportunity", "potential" or, in each case, their negatives, and similar statements of a future or forward-looking nature identify forward-looking statements. All forward-looking statements address matters that involve risks and uncertainties because they relate to events that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. Accordingly, there are or will be important factors that could cause the Company's actual results, prospects and performance to differ materially from those indicated in these statements. In addition, even if the Company's actual results, prospects and performance are consistent with the forward-looking statements contained in this document, those results may not be indicative of results in subsequent periods. These forward-looking statements speak only as of the date of this presentation. Subject to any obligations under the Prospectus Regulation Rules, the Market Abuse Regulation, the Listing Rules and the Disclosure and Transparency Rules and except as required by the FCA, the London Stock Exchange, the City Code or applicable law and regulations, the Company undertakes no obligation publicly to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. For a more complete discussion of factors that could cause our actual results to differ from those described in this presentation, please refer to the filings that Company makes from time to time with the United States Securities and Exchange Commission and the United Kingdom Financial Conduct Authority, including the section entitled "Risk Factors" in the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2021. Non-IFRS Measures This presentation contains references to certain non-IFRS measures including Adjusted EBITDA 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. Adjusted EBITDA 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 $1.2161. 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. 2 argo#3Argo at-a-glance Industry-leading cryptocurrency miner with a focus on sustainability 3.2 EH/s Mining capacity (SHA-256)¹ 100% Carbon neutral4 TEXAS 4 220 MW Total Power Capacity (megawatts) 71% Industry leading mining margin 2,3 1,098 HODL of Bitcoin and Bitcoin Equivalents5 ~22% HODL Allocation to Argo Labs for non-mining activities Lubbock Helios Dallas Houston Baie Comeau 1. Existing mining machines as of August 31, 2022 and contracted purchases from Bitmain. 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 1H 2022. 4. Includes carbon credits 5. As of August 31, 2022 and includes 244 BTC equivalents 3 Argo Facilities Montreal Mirabel QUEBEC argo#4Track Record of Execution Significant scaling since inception and clear visibility to continued growth Texas facility online in May 2022 4.1 EH/s' Company Founded Listed on LSE as a Mining-as-a-Service ("Maas") company 0.8 PH/s Pivoted from Maas to mining for own account & began fleet accumulation 0.2 EH/s Dec 2018 Dec 2019 Diversified into digital blockchain infrastructure 0.6 EH/s Dec 2020 4 Acquired 160 acres to build 200 MW facility in Texas, as well as two Quebec data centers¹ 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. Q1 2023E argo#54 Access to Low Cost and Renewable Power Solidifying Quebec While Expanding to Texas Quebec Attractiveness Hydro Québec E ▸ Clean, cheap hydroelectricity ▸ Large clean energy surplus ➤ Low cost (~4 cents / kWh) West Texas Renewable Energy ercot XXX Largest wind generator with low electricity rates Significant excess / unused capacity ▸ Attractive incentives ➤ Lower cost (long term target ~2.5 cents/kWh) 5 argo#6Helios: Flagship Mining Facility in West Texas Mining operations commenced in May 2022 126,000 sq ft data center in Dickens County, TX 800 MW interconnection agreement from neighboring substation Installation of miners to continue through Q1 2023 ~50 full time jobs at the site and in community 6 argo#7Industrial Scale Deployment of Immersion Cooling 7 ▸ Ideal technology for Texas Panhandle conditions Proprietary system design Fabricated in US by global manufacturer Uplift in hashrate and longer machine life argo#8Blockscale ASIC Supply Agreement with Intel 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." Source: Intel Corporation website Diversifies ASIC supply chain to include top US semiconductor manufacturer ▸ Argo has rights to pro-rata share of production ▸ ePIC Blockchain Technologies is helping with the design and will be manufacturing custom mining machines to utilize the Intel ASICS 8 argo#9A Look Ahead at Helios Phase 1 (200 MW) Installation of immersion equipment Installation of Core Scientific "swap machines" Installation of Bitmain order Energization Design phase for Intel ASIC-based machines Manufacturing of Intel ASIC-based machines Deployment of Intel ASIC-based machines¹ Q2 2022 Q3 2022 Q4 2022 Q1 2023 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 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. 9 argo#10Total Hashrate Capacity Guidance Existing fleet 4.1 EH/s Bitmain S19J Pros¹ Intel ASIC machines in development² 0.9 EH/S 3.2 EH/s 2.9 EH/s 2.2 EH/s 0.7 EH/s | | 1.0 EH/s | 1.0 EH/s 2.2 EH/s 2.2 EH/s 2.2 EH/s 2.2 EH/s Q2 2022 Q3 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. 10 Q4 2022E Q1 2023E argo#11Poised for exponential hashrate growth Up to 600 MW of additional power capacity at Helios ▸ ASIC chip supply agreement with Intel Runway to grow hashrate to ~20 EH/s over the next few years 1.6 EH/s 0.2 EH/s 0.6 EH/s 2019 2020 2021 Phase 1 of Helios online 3.2 EH/s 2022E ~20 EH/s¹ 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. 11 argo#12Argo 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 ~22% of Argo's digital asset holdings (244 BTC & BTC Equivalents) 12 argo#13Argo'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 Carbon Neutral in 2020 and 21 after purchasing RECS and VERS in excess of Scope 2 & 3 GHG emissions CRYPTO CLIMATE ACCORD Bitcoin Mining Council 13 CLIMATE NEUTRAL NOW argo#14Recent Social & Governance Initiatives Helios is bringing benefits to Dickens County 130 construction jobs; ~50 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) Improved Board governance by creation of remuneration, audit, and nominating committees 14 argo#15Track 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) 15 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#16Argo 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 16 EDI argo#1799% Appendix 17#18Income Statement (000s unless otherwise stated) Revenues Direct costs Depreciation of mining equipment Three months ended June 30, 2022¹ $ $14,396 Six months ended June 30, 2022¹ £ $ £ £11,838 $32,470 £26,700 (5,307) (4,364) (9,563) (7,864) (6,750) (5,551) (13,197) (10,852) Change in fair value of digital currencies (38,179) (31,395) (43,810) (36,025) Realized gain on sale of digital currencies (7,787) (6,403) (7,749) (6,372) Gross Profit ($43,627) (£35,874) ($41,849) (£34,413) Gross Margin -303% -303% -129% -129% Operating costs and expenses Consulting fees (33) (233) (192) Professional fees General and administrative Share based payment Foreign exchange Operating profit (1,278) (1,051) (2,447) (2,012) (6,599) (5,428) (9,295) (7,642) (2,106) (1,732) (3,424) (2,816) 7,199 5,920 12,484 ($46,452) (£38,198) Other income/(expense) Interest expense (1,966) Gain on sale of investment 322 (1,617) 265 ($44,764) (4,228) 162 Fair value (loss) of investment (345) (284) (345) 10,265 (£36,810) (3,477) 133 (284) Revaluation of contingent consideration 2,371 1,950 4,910 4,038 Equity accounted loss from associate (596) (490) (596) (490) Total other income/(expense) ($214) (£176) ($97) (£80) Income tax credit 7,658 6,297 7,766 6,386 Net income² ($39,008) (£32,077) ($37,095) (£30,504) Other comprehensive income, net of tax Total comprehensive income (84) ($39,092) (69) (£32,146) (15,986) ($53,081) (13,145) (£43,649) 18 1. Figures translated at a USD/GBP rate of 1.2161. 2. Net income = Profit after taxation. argo#19Industry Leading Profitability Margins Mining Margin (1H 2022) 1,2,3 argo 71% Peer Average 61% B MARATHON DIGITAL HOLDINGS RIOT HUT 8 Bitfarms Low operating 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#20Balance Sheet (000s unless otherwise stated) As of June 30, 2022 (1) As of March 31, 2022(1) $ £ $ £ Current Assets Digital assets Cash & cash equivalents 34,162 11,200 Trade & other receivables 120,938 Total Current Assets $166,301 28,092 9,210 99,448 £136,750 97,091 79,839 11,025 9,066 103,263 84,914 $211,379 £173,819 Property, plant, & equipment 191,893 £157,795 145,184 119,386 Other non-current assets 11,091 9,120 28,374 23,332 Total Assets $369,284 £303,665 $384,937 £316,537 Current Liabilities Trade & other payables Short term debt Variable consideration Other current liabilities 21,443 54,379 17,633 44,716 $16,786 £13,803 54,287 7,276 44,641 5,983 2,979 2,450 10,035 8,252 Total Current Liabilities $78,801 £64,799 $88,384 £72,679 Long term debt 88,630 Other non-current liabilities 1,006 72,881 827 Total Liabilities $168,437 £138,507 54,188 1,127 $143,699 44,559 927 £118,165 Total Equity Total Liabilities & Equity 200,847 $369,284 165,158 £303,665 241,238 $384,937 198,372 £316,537 1. Figures translated at a USD/GBP rate of 1.2161. 20 20 argo#21Appendix: 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 June 30, 2022 and the six months ended June 30, 2022. (000s unless otherwise stated) Three months ended June 30, 2022(1) $ £ Six months ended June 30, 2022(1) $ £ Gross profit Gross margin Depreciation of mining equipment ($43,627) -303% (£35,874) ($41,849) (£34,413) -303% -129% -129% 6,750 5,551 13,197 10,852 Change in fair value of digital currencies 38,179 31,395 43,810 36,025 Realized gain on sale of digital currencies 7,787 6,403 7,749 6,372 Mining profit Bitcoin and Bitcoin Equivalent Mining Margin $9,090 63% £7,474 63% $22,906 71% £18,836 71% The following table shows a reconciliation of Adjusted EBITDA to net income, the most directly comparable IFRS measure, for the three months ended June 30, 2022 and the six months ended June 30, 2022. (000s unless otherwise stated) Three months ended June 30, 2022 (1) $ £ Six months ended June 30, 2022 (1) $ £ Net income² Interest expense Income tax expense Depreciation/amortization Share based payment ($39,008) (£32,077) ($37,095) (£30,504) 1,966 1,617 4,228 3,477 (7,658) (6,297) (7,766) (6,386) 7,614 6,261 14,250 11,718 2,106 1,732 3,424 2,816 Change in fair value of digital currencies 38,179 31,395 43,810 Adjusted EBITDA $3,199 £2,631 $20,852 36,025 £17,146 21 1. Figures translated at a USD/GBP rate of 1.2161. 2. Net income = Profit after taxation argo#222021 GHG Report Results 01 Argo intentionally locates operations on grids with low carbon emissions. Argo does not produce Scope 1 emissions. 02 Most of Argo's GHG emissions (66%) 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. 22 22 argo#23How 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. 23 23 (5) For solving the block, miners are rewarded with bitcoin. argo#24Business 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 24 24 Computing Power B B Transaction Fees Bitcoin Reward B Bitcoin Network argo#25Calculating 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 Mining Expense D&A of Miners )·( 1)·( Cost of Electricity Direct Data Center Costs Text in Blue are Factors Argo Controls 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 25 25 argo#26Key Management Peter Wall Chief Executive Officer Alex Appleton Chief Financial Officer Seb Chalus Chief Strategy Officer Perry Hothi Chief Technology Officer Seif El-Bakly Chief Operating Officer Justin Nolan Chief Growth Officer Board of Directors Peter Wall Interim Chairman Alex Appleton CFO Maria Perrella Non Exec. Director Sarah Gow 2 Non Exec. Director Davis Zapffe General Counsel Matthew Shaw Non Exec. Director Raghav Chopra Non Exec. Director#27argo We power the world's most innovative and sustainable blockchain infrastructure. argoblockchain.com 27