Argo Mining Profitability and Expansion Update
Income 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.
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