Argo Mining Profitability and Expansion Update

Industry 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

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