The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with our consolidated financial statements, including the notes thereto, included in this Annual Report, as well as “Presentation of Financial and Certain Other Information,” Item 3.D. “Risk Factors” and Item 4.B. “Business Overview.” The following discussion includes certain forward-looking statements. Actual results may differ materially from those discussed in such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this Annual Report. 69 Table of Contents Overview We are a company focused on mining Bitcoin and other crypto assets. We mine using purpose-built computers (or “mining machines”) to solve complex cryptographic algorithms (or “verify” or “solve” blocks) in the blockchain in exchange for rewards and fees denominated in the native token of that blockchain network. We were founded in late 2017 and initially focused on providing our mining capacity as a service to our customers. In this initial model, customers contracted Bitcoin mining services from us for a fee, and our customers would earn the Bitcoin rewards generated from the contracted mining services directly to their cryptocurrency wallet address. Beginning in 2019, we chose to wind down our mining-as-a-service business and shifted to mining for our own account to increase our revenues and margins. In 2023, 2024 and 2025, we did not have any mining-as-a service revenue. Upon our shift to mining for our own account, we began substantially increasing our investment in mining machines, and we have our mining machines hosted in facilities operated by third parties as well as in facilities that we own and operate. As of December 31, 2023, we had approximately 2.8 exahash of mining capacity, of which approximately 0.4 exahash was located in facilities we own in Quebec, Canada, and approximately 2.4 exahash was located in hosted facilities. In 2023,2024 and 2025, our treasury management strategy was to sell our mined Bitcoin on a weekly basis in order to fund our operating expenses and for working capital needs. Cryptocurrency held in treasury is marked to market at the end of each of our financial reporting periods, with gains and losses reflected as changes in fair value of digital currencies in our income statement. As a result, our operating results and total assets vary in direct proportion to the value of the applicable cryptocurrencies we hold in a given period, and these variations may be substantial. In 2023, 2024 and 2025, we mined 1,760, 755 and 150 Bitcoin, respectively, and our total revenue was $50.6 million, $47 million, and $15.5 million, respectively. In 2023, our total comprehensive loss was $35.8 million, $55.3 million in 2024 and in 2025, our total comprehensive profit was $4.6 million primarily driven by gains arising from the December 2025 restructuring, rather than underlying operating performance. Following the completion of the UK Restructuring in December 2025 and the additional investment and ongoing financial support from our controlling shareholder, Growler, including access to a subscription facility providing potential additional funding, management believes the Company has sufficient liquidity to continue as a going concern for at least twelve months from the date of approval of these financial statements, and no material uncertainty related to going concern has been identified. While the Company has historically incurred operating losses and remains exposed to volatility in cryptocurrency markets and energy costs, the restructuring and support from its controlling shareholder have materially improved its financial position and reduced going concern uncertainty. For the year ended December 31, 2024, management identified conditions that raised substantial doubt about the Company’s ability to continue as a going concern, and our independent registered public accounting firm included an explanatory paragraph in its report in respect of that period. A. Operating Results Factors Affecting Our Results of Operations Market Value of Bitcoin and other Cryptocurrency Substantially all of our current business is focused on mining Bitcoin. Our revenue is primarily comprised of the value of Bitcoin rewards and transaction fees we earn by mining the blockchain. Our operating results and financial condition are substantially affected by fluctuations and long-term trends in the value of Bitcoin. In 2022, the rapid decline in Bitcoin and other cryptocurrency pricing materially and adversely affected our revenue, financial condition and operating results, and required us to divest a substantial portion of our Bitcoin as well as our Helios mining facility in Texas in order to meet operating expenses and avoid default under our credit facilities. In 2023, Bitcoin mining economics improved, allowing us to significantly reduce our debt, deploy additional hashrate capacity in Quebec, and strengthen our balance sheet. In 2024, Bitcoin mining economics continued the trajectory from 2023 up until the halving event in April 2024. Post April 2024, mining economics dropped to below recent all-time-lows and while it recovered slightly, it remained below the 2023 average. We carefully monitor fluctuations and longer-term trends in the value of Bitcoin, which impacts the price of machines, when planning our short- and long-term operating strategies and capital expenditures. We also regularly evaluate potential innovations in geography, physical footprint, infrastructure computing technology and similar areas to improve our operations and productivity. We believe this strategy will enable us to build value over the long term, and differentiates us from competitors whose decisions, we believe, are driven principally by short-term market dynamics and opportunities. 70 Table of Contents The market for cryptocurrencies is new, rapidly evolving and subject to regulatory, tax, political and market factors beyond our control. Increased hashrate in the market resulting from the deployment of new mining machines will generally lead to increases in mining difficulty, which in turn decreases our revenue and adversely affects our mining margins. Further, reward rates for cryptocurrency are subject to adjustments at predetermined intervals. For example, for Bitcoin, the reward was initially set at 50 Bitcoin rewards per block and this was cut in half to 25 on November 28, 2012 at block 210,000, again to 12.5 on July 9, 2016 at block 420,000 and again to 6.25 on May 11, 2020 at block 630,000. The most recent halving for Bitcoin occured on April 19, 2024 at block 840,000, when the reward was reduced to 3.125. These adjustments have had and will continue to have material effects on the economic viability of mining assets that are in production. These factors could lead to material adverse changes in the market for Bitcoin, which could in turn result in substantial damage to or even the failure of our business. See Item 3. D. “Risk Factors — Risks Related to Cryptocurrency Mining — The cryptocurrency for which we currently mine, Bitcoin, is subject to halving; the cryptocurrency reward for successfully uncovering a block will halve several times in the future and the cryptocurrency’s value may not adjust to compensate us for the reduction in the rewards we receive from our mining efforts.” Capacity and Efficiency of Mining Machines The cryptocurrency mining industry is currently undergoing an arms race in mining technology and increased capacity, as miners need to deploy increasingly sophisticated mining machines in ever greater quantities to remain competitive. While many of our competitors have embraced a “bigger is better” growth strategy, we believe that our commitment to mining efficiency and return on investment in mining machines will remain our competitive advantage. To maintain this competitive advantage over the long term, we must develop and maintain strong relationships across the mining machine supply chain, strategically invest in state-of-the art mining machines at attractive prices, and effectively manage our fleet as it ages along the obsolescence curve. Cost and Source of Power Mining cryptocurrency is a power-intensive process, with electrical power required both to operate the mining machines and to dissipate the significant amount of heat generated by operating the machines. We believe the combination of the increasing difficulty of successfully mining rewards, driven by greater hashrates, and the periodic adjustment of reward rates, such as the halving of Bitcoin rewards, will drive the increasing importance of power efficiency in cryptocurrency mining over the long term. Moreover, we believe that cryptocurrency miners have a social responsibility to obtain the power required for their operations from clean power sources as much as possible. However, there is no guarantee that we will be able to negotiate these power agreements on these terms, or at all, including for example, due to limitations in availability and fluctuations in the cost of electricity. See Item 3. D. “Risk Factors — Risks Related to Cryptocurrency Mining — We may not be able to secure access to electricity on a sufficiently firm and unrestricted basis or at a price that we are willing to pay” and “Risk Factors — Risks Related to Cryptocurrency Mining — We may be affected by price fluctuations in the wholesale and retail power markets.” Competition Our competitive landscape has evolved significantly as the Bitcoin network has grown in scale and complexity. The era in which individual enthusiasts or small operators could meaningfully contribute to network hashrate has effectively ended. Competition is now driven primarily by large private miners, publicly listed mining companies, and, in some jurisdictions, government-sponsored or state-aligned mining operations. These participants operate industrial-scale facilities with access to substantial capital, long-term power contracts, and increasingly sophisticated infrastructure. As the industry matures, we are observing consolidation among operators. Participants with access to capital, operational scale, and low-cost power are better positioned to remain competitive, while smaller or under-capitalized miners face increasing pressure. We expect this consolidation trend to continue as network difficulty increases and capital requirements rise. In addition, Bitcoin mining facilities are increasingly competing with alternative high-density compute uses, particularly artificial intelligence (“AI”) and high-performance computing (“HPC”) data centers. These workloads often generate higher margins than Bitcoin mining and have attracted significant investment from hyperscalers, cloud service providers, and specialized AI infrastructure companies. As a result, certain mining sites and electrical infrastructure may be repurposed or redirected toward AI/HPC applications. This dynamic may reduce the pace of Bitcoin mining capacity growth over time and accelerate consolidation among operators that can continue to mine profitably at scale. 71 Table of Contents We compete with these large-scale miners and infrastructure operators for power, equipment, capital, and suitable sites. Our ability to remain competitive depends on our scale, operational efficiency, access to capital, and ability to adapt our infrastructure to evolving market conditions. Key Indicators of Performance and Financial Condition and Non-IFRS Financial Measures Key operating and financial metrics that we use, in addition to our IFRS consolidated financial statements, to assess the performance of our business are set forth below for the years ended December 31, 2025, 2024, and 2023, along with the most comparable IFRS measures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ YEAR ENDED DECEMBER 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ ​ 2023 ​ Bitcoin Mined ​ 150 ​ 755 ​ 1,760 ​ Gross Margin ​ 2 % ​ 3 % ​ 8 % Mining Profit Margin ​ 19 % ​ 33 % ​ 43 % Average Total Cost Per Bitcoin Mined $ 101,560 $ 60,372 ​ $ 26,964 ​ Average Direct Cost Per Bitcoin Mined $ 84,193 $ 41,594 ​ $ 16,364 ​ Net Income/(Loss) ($000s) ​ $ 5,084 ​ $ (55,102) ​ $ (34,637) ​ Adjusted EBITDA ($000s) ​ $ (3,638) ​ $ 5,956 ​ $ 7,682 ​ ​ Mining Profit Margin, Average Total Cost per Bitcoin Mined, Average Direct Cost Per Bitcoin Mined, EBITDA, and Adjusted EBITDA are not measures defined by IFRS. Average Total Cost Per Bitcoin Mined equals direct costs divided by total bitcoin mined. The other key measures are defined below. These measures should not be considered as an alternative to IFRS measures, and they are not necessarily comparable to similarly titled measures used by other companies. As a result, you should not consider these measures in isolation from, or as a substitute analysis for, our gross margin or net income/(loss), as applicable, as determined in accordance with IFRS. Bitcoin Mined We measure the production of our mining activities in a given period as Bitcoin Mined. In 2025 and 2024, Bitcoin Mined included rewards and transaction fees for mining Bitcoin and other cryptocurrencies. We generally exchange forms of cryptocurrency other than Bitcoin into Bitcoin in the period in which such currency is earned. We believe that the number of Bitcoin that we mine is a useful metric for investors to measure our mining activity. The reduction in Bitcoin mined from 2023 to 2024 and 2025 was primarily driven by the impact of the April 2024 halving, which reduced block rewards, together with a reduction in the number of operational mining machines during 2025. Mining Profit Margin We define Mining Profit Margin as the difference between cryptocurrency mining revenue and our direct costs (excluding depreciation of mining equipment), divided by cryptocurrency mining revenue, expressed as a percentage. Mining Profit Margin includes power credits and excludes changes in cryptocurrency. We use this measure, and believe it is meaningful to investors, because it is reflective of the return on marginal investment of mining Bitcoin. In addition, because we have generally recovered the original cost of our mining machines in advance of their thirty-six to forty-eight month accounting depreciation curve, once machines are installed and operating we internally monitor Mining Profit to obtain what we believe to be an accurate reflection of the profitability of our core mining operations. Mining Profit Margin is a supplemental measure of our performance that is not required by, or presented in accordance with, IFRS. This measure should not be considered as an alternative to gross margin determined in accordance with IFRS. The decrease in mining margin from 2023 to 2024 was driven by the halving that occurred in April 2024. The decrease in mining margin from 2024 to 2025 was driven by the halving that occurred in April 2024 and the reduction of machines. 72 Table of Contents The table below reconciles Mining Profit to gross profit, the most directly comparable IFRS measure: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ YEAR ENDED DECEMBER 31 ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 (in $’000’s) ​ ​ Gross profit (loss) 287 1,457 3,101 ​ Gross margin 2 % 3 % 6 % Depreciation of mining equipment 2,605 14,171 18,656 ​ Mining Profit 2,892 15,628 21,757 ​ Mining Profit Margin 19 % 33 % 43 % ​ Average Direct Cost per Bitcoin Mined. We define the Average Direct Cost per Bitcoin Mined as the total direct costs of mining at both our owned facilities and hosted facilities (excluding depreciation of mining equipment), divided by total Bitcoin Mined over a given period. For mining at owned facilities, direct mining expenses are inclusive of power costs. For mining at hosted facilities, direct mining expenses are inclusive of the all-in hosting fee that is charged as well as any related service fees and profit share. We believe this measure is a useful complement to Mining Profit, as it reflects the average marginal direct cost of each reward earned irrespective of the value of such reward at the time it is earned. Average Direct Cost per Bitcoin Mined excludes the depreciation of mining equipment and so does not reflect the full cost of our mining operations. In addition, Average Direct Cost per Bitcoin Mined or similar non-IFRS measures are utilized by analysts in the cryptocurrency mining industry to compare results across peer companies, and accordingly we believe that excluding the depreciation of mining equipment from Average Direct Cost per Bitcoin Mined is appropriate to facilitate accurate comparisons to the financial performance of other industry participants. Average Direct Cost per Bitcoin Mined is a supplemental measure of our performance that is not required by, or presented in accordance with, IFRS. This measure should not be considered as an alternative to IFRS measures. The increase in average cost per Bitcoin mined reflects the impact of the April 2024 halving, which reduced block rewards (resulting in lower Bitcoin production for a broadly similar power cost base), the aging and reduced efficiency of our mining fleet, and the terms of a new hosting agreement with Merkle in 2025, which included a higher profit share and is reflected within cost of production. The table below reconciles Average Direct Cost Per Bitcoin Mined to Average Total Cost Per Bitcoin Mined, the most directly comparable IFRS measure: ​ ​ ​ ​ ​ ​ ​ ​ ​ YEAR ENDED DECEMBER 31 ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Bitcoin Mined (number of Bitcoin) 150 755 1,760 Total Cost of Bitcoin Mined ($000s) 15,234 45,560 47,457 Average Total Cost Per Bitcoin Mined ($) 101,560 60,372 26,964 Depreciation of mining equipment ($000s) (2,605) (14,171) (18,656) Direct Cost of Bitcoin Mined ($000s) 12,629 31,389 28,801 Average Direct Cost Per Bitcoin Mined ($) 84,193 41,594 16,364 ​ We define EBITDA as our operating income plus depreciation and amortization. As a capital-intensive business, EBITDA removes the cost of depreciation of mining equipment. This metric allows us to monitor the profitability of our underlying business on a current basis, and we believe it provides a useful metric for comparing our performance to those of similar companies. Adjusted EBITDA Adjusted EBITDA provides this same indicator of Argo’s EBITDA from operations but additionally excludes any unrealized foreign exchange gains or losses, stock-based compensation charges, restructuring charges, and other one-time impairments and costs that are not expected to be repeated in order to provide greater insight into the cash flow being produced from our operating business, without the influence of extraneous events. 73 Table of Contents EBITDA and Adjusted EBITDA are supplemental measures of our performance that are not required by, or presented in accordance with, IFRS. This measure should not be considered as an alternative to operating income/(loss) determined in accordance with IFRS. The table below reconciles Adjusted EBITDA to net income/(loss), the most directly comparable IFRS measure: ​ ​ ​ ​ ​ ​ ​ ​ ​ YEAR ENDED DECEMBER 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 (in $’000’s) ​ ​ Net income/(loss) ​ 5,084 ​ (55,102) ​ (34,637) Interest expense 4,202 6,810 11,556 Depreciation / amortization 3,146 15,024 20,129 Taxation (412) 340 — EBITDA 12,020 (32,928) (2,952) Impairment of tangible fixed assets ​ 609 ​ 31,498 ​ 855 Impairment of intangible fixed assets ​ 121 ​ 468 ​ 1,082 Gain on disposal of intangible fixed assets ​ (98) ​ 98 ​ (1,166) Gain on sale of subsidiary and investments ​ — ​ 842 ​ (36) Loss on sale of fixed assets ​ (634) ​ 429 ​ — Foreign exchange ​ — ​ (458) ​ (1,914) Restructuring and transaction-related fees ​ 3,822 ​ 1,976 ​ 4,969 Share based payment charge ​ 2,636 ​ 3,759 ​ 3,892 Equity accounted loss from associate ​ — ​ — ​ 716 Write off of investment ​ — ​ — ​ 2,236 Gain on extinguishment of debt ​ (22,414) ​ — ​ — Investment fair value movement ​ 300 ​ — ​ — Adjusted EBITDA ​ (3,638) ​ 5,684 ​ 7,682 ​ Supplemental Information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ YEAR ENDED DECEMBER 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 (in $000’s, except “per Bitcoin” figures, Bitcoin price, and deployed miners) ​ ​ ​ Number of Bitcoin Mined 150 755 1,760 ​ ​ ​ ​ ​ ​ ​ Total revenue 15,521 47,017 50,558 Non-mining revenue — — — Mining revenue 15,521 47,017 50,558 Mining revenue per Bitcoin Mined 103,473 62,303 28,726 ​ ​ ​ ​ ​ ​ ​ Average Direct Cost per Bitcoin Mined (excludes depreciation of mining machines) 84,193 41,594 16,364 Average Mining Profit per Bitcoin Mined (excludes depreciation of mining machines) 19,280 20,709 12,362 ​ ​ ​ ​ ​ ​ ​ Average Total Cost per Bitcoin Mined 101,560 60,372 26,964 Average Gross Profit Per Bitcoin Mined 1,913 1,931 1,762 ​ ​ ​ ​ ​ ​ ​ Maximum Bitcoin price during the period ($)(1) 126,279 106,074 44,202 Minimum Bitcoin price during the period ($)(1) 74,424 39,505 16,616 Time-weighted average Bitcoin price during the period ($)(2) 101,669 42,382 28,864 ​ ​ ​ ​ ​ ​ ​ Data miners deployed at the end of the period(3) 22,600 26,542 33,750 Notes (1) Source – Closing price of Bitcoin as reported on Coinbase.com (2) Calculated by taking the yearly average of the daily closing price of Bitcoin as reported on Coinbase.com (3) Includes all miners contained at our self-mined site at Baie Comeau, miners that were hosted at the Merkle sites and miners contained at our leased sites in Alabama. 74 Table of Contents Components of Our Results of Operations Total revenue Our revenues primarily consist of cryptocurrency that we mine. In 2023, 2024 and 2025, we principally focused on mining Bitcoin. We participate in mining pools, with the pool’s performance obligation being the delivery of cryptocurrency into our wallet once an algorithm has been solved by the pool. Our mining revenue consists of our share of the block reward the pool earns for solving the block, and our share of transaction fees associated with the transactions comprising the block. Our share of the block reward and related transaction fees is determined by the proportion of hash power we contribute toward the pool as a whole. The block reward is pre-determined and hard coded into the protocol governing the relevant blockchain, while the transaction fees are the aggregate fees paid by parties whose transactions are included in the block. Power and hosting costs Direct costs of mining revenue are comprised of power costs and the fees we pay to third parties to host, operate and maintain our mining machines. Power credits The hosting agreement with Galaxy allowed Argo to share in the proceeds from economic curtailment, which occurs when Helios monetizes its fixed-price PPA during periods of high-power prices, following the end of the hosting agreement with Galaxy in December 2024 no power credits were recognised. Depreciation of mining equipment We capitalize the cost of our mining machines and record depreciation expense on a straight-line basis over the estimated useful life of the machines, which is generally 36 to 48 months. Operating expenses General and administrative expenses represent salary and other employee costs, restructuring costs, insurance fees, non-mining depreciation and amortization, legal and professional fees, regulatory fees, consulting fees, foreign exchange gains and losses, and other expenses. Income tax expense We are liable to pay tax in several jurisdictions, including the United Kingdom, Canada and the United States. Our effective tax rate represents the weighted average of the tax rates for which we are liable in those jurisdictions. We did not incur any income tax expense in any of the jurisdictions that we operate. 75 Table of Contents Results of Operations The following table sets forth our results of operations for the years ended December 31, 2025, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 (in $’000’s) ​ ​ ​ ​ ​ ​ Revenues 15,521 ​ 47,017 ​ 50,558 Power and hosting costs (12,629) ​ (32,887) ​ (35,964) Power credits — ​ 1,498 ​ 7,163 Depreciation of mining equipment (2,605) ​ (14,171) ​ (18,656) Gross profit (loss) 287 ​ 1,457 ​ 3,101 Operating expenses (11,050) ​ (12,536) ​ (18,949) Gain/ (Loss) on hedging — ​ (487) ​ — Share based payment charge (2,636) ​ (3,759) ​ (3,892) Operating profit (loss) ​ (13,399) ​ (15,325) ​ (19,740) Gain/(loss) on sale of investments — ​ (842) ​ 36 Write off of investment — ​ — ​ (2,236) Loss on disposal of fixed assets 634 ​ (429) ​ — Investment fair value movement ​ (300) ​ — ​ — Finance costs (4,202) ​ (6,810) ​ (11,556) Other income 157 ​ 708 ​ 346 Impairment of tangible fixed assets (609) ​ (31,498) ​ (855) Gain/ (Loss) on disposal of Intangible Assets ​ 98 ​ (98) ​ 1,166 Impairment of intangible fixed assets (121) ​ (468) ​ (1,082) Equity accounted loss from associate — ​ — ​ (716) Gain on extinguishment of debt ​ 22,414 ​ — ​ — Profit/ (Loss) before taxation ​ 4,672 ​ (54,762) ​ (34,637) Income tax expense (recovery) ​ 412 ​ (340) ​ — Gain/(Loss) after taxation 5,084 ​ (55,102) ​ (34,637) Other comprehensive income ​ ​ ​ ​ ​ ​ Currency translation reserve ​ (490) ​ (241) ​ (1,175) Total comprehensive income (loss) 4,594 ​ (55,343) ​ (35,812) ​ Comparison below of the years ended December 31, 2025 and 2024 (in ‘000’s) Total revenue Total revenue decreased by $31,496 to $15,521 for the year ended December 31, 2025 from $47,017 for the year ended December 31, 2024. This decrease was primarily driven by the most recent halving for bitcoin which occurred on April 19, 2024 at block 840,000, when the reward was reduced to 3.125. In 2025 we mined 150 bitcoin and realized $103,473 per bitcoin as compared to 755 and $62,303 in 2024, respectively. Power and hosting costs Power and hosting costs decreased by $20,258 to $12,629 for the year ended December 31, 2025 from $32,887 for the year ended December 31, 2024. This decrease in cost is attributable to further optimizing operations at the site and a reduction in the mining fleet following the sale of machines early in 2024. Power credits The hosting agreement with Galaxy allowed Argo to share in the proceeds from economic curtailment, which occurred when Helios monetized its fixed - price PPA during periods of high - power prices. During the year 2024, Argo generated approximately $1.5 million in power credits. Following the end of the Galaxy hosting agreement no credits were generated in 2025. 76 Table of Contents Depreciation of mining equipment Depreciation of mining equipment decreased by $11,566 to $2,605 for the year ended December 31, 2025 from $14,171 for the year ended December 31, 2024. This decrease was primarily driven by the lower book value of our machines in 2025 after sale of machines and accounting for impairments in 2024. Operating expenses Operating expenses decreased by $1,486 to $11,050 for the year ended December 31, 2025 from $12,536 for the year ended December 31, 2024. Note 8 of our consolidated financial statements details our operating expenses for 2025 and 2024. The decrease was primarily driven by a focus on reducing non-mining operating expenses; however, overall operating expenses remained broadly consistent year-on-year due to restructuring-related costs incurred during the period. Impairment of tangible fixed assets During 2025, we recorded a $609k impairment charge (2024 - $31,498) as a result of difficult mining economics subsequent to the Bitcoin halving in April 2024. Share based payments Share-based payments were $2,636 for the year ended December 31, 2025, compared to $3,759 for the year ended December 31, 2024. The year-on-year decrease reflects the reduction in workforce in 2024. Finance costs Interest expense decreased by $2,608 to $4,202 for the year ended December 31, 2025 from $6,810 for the year ended December 31, 2024. This decrease was primarily driven by the significant reduction of debt that occurred in 2024. Comparison below of the years ended December 31, 2024 and 2023 (in ‘000’s) Total revenue Total revenue decreased by $3,541 to $47,017 for the year ended December 31, 2024 from $50,558 for the year ended December 31, 2023. This decrease was driven by the most recent halving for bitcoin which occurred on April 19, 2024 at block 840,000, when the reward was reduced to 3.125 and the sale of machines early 2025. In 2024 we mined 755 bitcoin and realized $62,303 per bitcoin as compared to 1,760 and $28,726 in 2023, respectively. Power and hosting costs Power and hosting costs decreased by $3,077 to $32,887 for the year ended December 31, 2024 from $35,964 for the year ended December 31, 2023. This decrease in cost is attributable to improvements to the facility, further optimizing the operations at the site, as well as utilizing market prices over locked - in power agreements. Power credits The hosting agreement with Galaxy allowed Argo to share in the proceeds from economic curtailment, which occurred when Helios monetized its fixed - price PPA during periods of high - power prices. During the year, Argo generated approximately $1.5 million in power credits. Depreciation of mining equipment Depreciation of mining equipment decreased by $4,485 to $14,171 for the year ended December 31, 2024 from $18,656 for the year ended December 31, 2023. This decrease was primarily driven by the lower book value of our machines in 2024 after accounting for impairments in 2023. 77 Table of Contents Operating expenses Operating expenses decreased by $6,413 to $12,536 for the year ended December 31, 2024 from $18,949 for the year ended December 31, 2023. Note 8 of our consolidated financial statements details our operating expenses for 2024 and 2023. The decrease over 2024 was primarily driven by a focus on reducing non - mining operating expenses and the sale of the Mirabel facility in March 2024, which decreased the Company’s headcount. Impairment of tangible fixed assets During 2024, we recorded a $31,498 impairment charge as a result of difficult mining economics subsequent to the Bitcoin halving in April 2024. In addition, our hosting contract with Galaxy ended at the end of 2024 requiring refurbishment costs to re - host or sell the remaining mining machines. Share based payments Share based payments were $3,759 for the year ended December 31, 2024, consistent with $3,892 for the year ended December 31, 2023. Interest expense Interest expense decreased by $4,746 to $6,810 for the year ended December 31, 2024 from $11,556 for the year ended December 31, 2023. This decrease was primarily driven by the significant reduction of debt that occurred in 2023 and 2024. B. Liquidity and Capital Resources Since our inception, we have financed our operations primarily through cash generated by sales of cryptocurrency, sales of equity securities, issuing bonds and incurring debt. In 2023, Bitcoin mining economics improved, allowing us to significantly reduce our debt, deploy additional hashrate capacity in Quebec, and strengthen our balance sheet. Our primary requirements for capital are to finance working capital, capital expenditures and general corporate purposes. We believe that our sources of liquidity and capital resources will be sufficient to meet our existing business needs for at least the next 12 months from the date of this filing. This assessment is supported by the Company’s improved capital structure following the completion of the December 2025 restructuring and the availability of committed funding under the $5.0 million subscription facility with its controlling shareholder, of which $2.5 million has been drawn subsequent to year end. While the Company has historically incurred operating losses and remains exposed to volatility in Bitcoin prices, management has concluded that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the consolidated financial statements have been prepared on a going concern basis and no material uncertainty related to going concern has been identified. For the year ended December 31, 2024, management identified conditions that raised substantial doubt about the Company’s ability to continue as a going concern, and the independent registered public accounting firm included an explanatory paragraph in its report in respect of that period. From time to time, we may raise additional capital through the issuance of debt or equity securities or additional borrowings to the extent required, or to the extent that we believe such capital is available on favorable terms. Our primary sources of liquidity are our cash and cash equivalents. During the course of 2025 and 2024, our treasury management strategy was to sell our mined cryptocurrency assets on a weekly basis in order to fund our operating expenses and for working capital needs. On July 19, 2023, the Company raised $7.5 million of gross proceeds via a non-preemptive placing of 57,500,000 new ordinary shares to both institutional and retail investors in the UK. The proceeds were used for general corporate purposes and to repay a portion of the Galaxy ABS Loan. On January 8, 2024, the Company raised $9.9 million of gross proceeds via a non-preemptive placing of 38,064,000 new ordinary shares to institutional investors in the UK. The proceeds were used for general corporate purposes and to repay a portion of the Galaxy ABS Loan. 78 Table of Contents On March 26, 2024, the Company sold its data center located in Mirabel, Quebec for a total consideration of $6.1 million. The net proceeds from the transaction were used to first repay the Mirabel Facility’s outstanding mortgage of $1.4 million, with the remainder used to repay debt owed to Galaxy Digital Holdings, Ltd. On July 31, 2024, the Company raised $8.4 million of gross proceeds for 57.8 million shares and 57.8 million warrants through a private share placement with an institutional investor. On December 2, 2024 the Company raised $5.3 million of gross proceeds via a subscription of 76,900,000 of its ordinary shares by an institution. The net proceeds were used to support strategic plans and working capital needs. During 2024, the Company sold approximately 8,000 of its mining machines for proceeds of approximately $2.0 million. During 2025, the Company significantly strengthened its capital structure and liquidity position. During the period from March to June 2025, the Company sold 8,643 mining machines for total proceeds of approximately $2.4 million to support liquidity, in addition the Company completed a restructuring which resulted in the elimination of approximately $40.0 million of baby bond debt, the injection of approximately $3.5 million of new capital, and the conversion of certain liabilities into equity. Additional information can be found in note 21 to the financial statements. As at December 31, 2025, the Company’s remaining debt consists of a mortgage facility, which is expected to be fully repaid by the end of 2026, after which the Company expects to be debt free. Other liabilities of approximately $1.2 million outstanding at year end were subsequently settled through the issuance of equity. Subsequent to year end, the Company further strengthened its liquidity position by entering into a $5.0 million subscription facility with its controlling shareholder, Growler Mining Tuscaloosa LLC, of which $2.5 million has been drawn as at the date of this filing. The Company’s primary requirements for capital are to fund working capital, capital expenditures and general corporate purposes. Management believes that the Company’s current cash resources, together with expected cash flows from operations and committed funding available under the subscription facility, will be sufficient to meet its obligations and support operations for at least the next 12 months from the date of this filing. Accordingly, the consolidated financial statements have been prepared on a going concern basis and no material uncertainty related to going concern has been identified. The Company continues to actively manage its liquidity through disciplined treasury practices, including the regular monetization of mined cryptocurrency to fund operating expenses and working capital requirements. The Company may, from time to time, seek additional capital through equity or other financing arrangements to support strategic initiatives and enhance financial flexibility, subject to market conditions.The following table summarizes our contractual obligations and other commitments (in thousands) as of December 31, 2025, and the years in which these obligations are due: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ Less than 1 Year ​ ​ ​ 1 – 3 Years (in ’000’s) ​ $ ​ $ ​ $ Mortgage ​ 438 ​ 438 ​ — ​ During the periods presented, we did not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources. Cash Flows The table below summarizes our cash flows for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 (in ’000’s) ​ ​ ​ $ ​ $ Net cash flow from / (used in) operating activities. (25,006) ​ (44,798) ​ (47,956) Net cash from/(used in) investing activities 17,773 ​ 55,067 ​ 50,804 Net cash generated from / (used in) financing activities 1,052 ​ (9,324) ​ (15,778) Net increase / (decrease) in cash and cash equivalents (6,329) ​ 902 ​ (12,930) ​ 79 Table of Contents Operating Activities Net cash used in operating activities of $25,006 in the year ended December 31, 2025 was comprised of our net profit before tax of $5,084, reduced by working capital changes, digital assets earned and a gain on extinguishment of debt. Net cash used in operating activities of $44,798 in the year ended December 31, 2024 was comprised of our net loss before tax of $54,762, reduced by working capital changes, digital assets earned and impairment of tangible fixed assets. Net cash used in operating activities of $47,956 in the year ended December 31, 2023 was comprised of our net loss before tax of $34,637 and working capital changes, reduced by non-cash addbacks for finance costs, impairments, depreciation, foreign exchange, digital assets earned and investment write offs. Investing Activities Net cash from investing activities in the year ended December 31, 2025 was $17,773, which was comprised principally of $15.6 million for the sale of intangible assets and $2.3 million for the sale of a fixed assets. Net cash from investing activities in the year ended December 31, 2024 was $55,067, which was comprised principally of $47.5 million for the sale of intangible assets and $6.9 million for the sale of a subsidiary and investment. Net cash generated from investing activities in the year ended December 31, 2023 was $50,804, which was comprised principally $51,866 for the sale of intangible assets and $1,152 for the purchase of tangible fixed assets. Financing Activities Net cash used in financing activities in the year ended December 31, 2025 was $1,052 and was comprised principally of $5.3 million proceeds from borrowing, $2.3 million of loan and interest payments and ($1.9) million of net proceeds from common stock issued. Net cash used in financing activities in the year ended December 31, 2024 was $9,324 and was comprised principally of $21.9 million of proceeds from shares issued and $30.7 million for the payment of debt and interest. Net cash used in financing activities in the year ended December 31, 2023 was $15,778, which was comprised principally of $14,064 of loan repayments and $10,661 of interest payments, partially offset by $7,518 of proceeds from shares issued. Capital Expenditures Historically, our capital expenditures have consisted primarily of purchasing mining machines and computer equipment and improvements to the mining facilities in which we operate. In addition to the acquisition of mining machines, our capital expenditures expanded to include acquiring and building mining facilities that we planned to own and operate. Our capital expenditures including mining machine prepayments, net of disposals was $1.1 million in 2023. There was no capital expenditure in 2024, $126k was spent on improvements to property in 2025. C. Research and development, patents and licenses, etc. We have developed and may continue to research and develop certain proprietary technologies for purposes of optimizing and enhancing our cryptocurrency mining operations. Research and development have not been significant components of our business and have been immaterial to our financial condition and results of operations, however such activities may become more significant in the future. 80 Table of Contents D. Trend Information Please refer to our disclosures set forth under Item 3.D “Risk Factors,” Item 4 “Information on the Company,” and elsewhere in this Item 5 “Operating and Financial Review and Prospects” for information regarding the material risks, business developments and strategies, factors, and trends that are most likely to affect our business and results of operations through 2026. E. Critical Accounting Estimates The preparation of the Company’s consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, as well as related disclosures. These estimates and underlying assumptions are based on historical experience and other factors that management believes to be reasonable under the circumstances. Although management believes its estimates to be appropriate, actual results may differ from these estimates. The Company does not consider any individual estimate to be critical in the context of its financial statements; however, estimates and assumptions are reviewed on an ongoing basis and are subject to change based on evolving market and operating conditions. ​