Argo Mining Profitability and Expansion Update

Appendix: 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

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