Q2 2024 Argo Blockchain PLC Earnings Call

August 28, 2024

Unknown Executive: Form 20, F5 with the Securities and Exchange Commission for our four risk disclosures.

And exchange Commission for a full disclosure.

Unknown Executive: We thus today for our discussion of Q22024 results, our Thomas Chippas, Argo's Chief Executive Officer, and Jim MacCallum, Argo's Chief Financial Officer.

Unknown Executive: We thus today for our discussion of Q2 2024 results, our Thomas Chippas, Argo's Chief Executive Officer, and Jim MacCallum, Argo's Chief Financial Officer.

Thomas Cheapened: With us today for our discussion of Q2 2024, our results are Thomas Cheapened.

Argo's Chief: Argo's Chief.

Alright, Argos, Chief Executive Officer, and Jim Mccallum Harvest, Chief Financial Officer, and now I'll turn it over to Thomas for some introductory remarks.

Thomas Chippas: And now I'll turn it over to Thomas for some introductory remarks. Thanks, Markella. And thank you to everyone for joining us today. I'm excited to update you on our progress so far this quarter and over the first half of the year. Financial discipline and the leveraging operational excellence and growth continue to remain Argo's three priorities and guide us on a daily basis for the sustainable future of this company. While I concentrate on these goals, we are increasingly positioning the company to take advantage of opportunities for growth and development. Our clear objective is delivering enhanced and holder value, and I'm thrilled to continue the great work that the team has been doing and tell you more about what we have accomplished.

Thomas Chippas: And now I'll turn it over to Thomas for some introductory remarks. Thanks, Markella. And thank you to everyone for joining us today.

Thomas Cheapened: Thanks, Marcelo and thank you to everyone for joining us today I'm excited to update you on our progress so far this quarter and over the first half of the year.

Thomas Chippas: I'm excited to update you on our progress so far this quarter and over the first half of the year. Financial discipline and the leveraging operational excellence and growth continue to remain Argo's three priorities and guide us on a daily basis for the sustainable future of this company. While I concentrate on these goals, we are increasingly positioning the company to take advantage of opportunities for growth and development. Our clear objective is delivering enhanced and holder value, and I'm thrilled to continue the great work that the team has been doing and tell you more about what we have accomplished.

Thomas Cheapened: Financial discipline, and deleveraging operational excellence and growth continued to remain Argos three priorities and guide us on a daily basis for the sustainable future of this company by concentrating on these goals. We are increasingly positioning the company to take advantage of opportunities for growth and development. Our clear objective is.

Thomas Cheapened: Delivering enhanced shareholder value and I'm thrilled to continue the great work that the team has been doing and tell you more about what we have accomplished.

Thomas Chippas: First, a few comments on the macro environment. In 2nd quarter of 2024, the macroeconomic environment significantly influenced the Bitcoin mining sector. Central banks, particularly the US Federal Reserve, have, until recently, indicated a potential pause in interest rate hikes, providing some respite to risk assets like Bitcoin. The shift in policy created a more stable environment for miners is borrowing costs for infrastructure expansion and energy pricing became less volatile. Inflation pressures, although moderating in certain regions, remain a concern.

Thomas Chippas: First, a few comments on the macro environment. In 2nd quarter of 2024, the macroeconomic environment significantly influenced the Bitcoin mining sector. Central banks, particularly the US Federal Reserve, have, until recently, indicated a potential pause in interest rate hikes, providing some respite to risk assets like Bitcoin. The shift in policy created a more stable environment for miners as borrowing costs for infrastructure expansion and energy pricing became less volatile. Inflation pressures, although moderating in certain regions, remain a concern. Energy prices driven by both geopolitical instability and lingering supply chain disruptions continue to affect operational costs for Bitcoin miners.

Thomas Cheapened: First a few comments on the macro environment.

In second quarter 2020 for the macroeconomic environment significantly influenced the bitcoin mining sector central banks, particularly the U S. Federal reserve have.

Speaker Change: Until recently indicated a potential pause in interest rate hikes, providing some respite to risk assets like bitcoin.

Speaker Change: The shift in policy created a more stable environment for miners as borrowing costs for infrastructure expansion and energy pricing became less volatile infill.

Inflation pressures, although moderating in certain regions remain a concern.

Thomas Chippas: Energy prices driven by both geopolitical instability and lingering supply chain disruptions continue to affect operational costs for Bitcoin miners. In regions like North America and Europe where energy costs make up a substantial portion of mining expenses, miners have had to adjust their strategies to maintain profitability amidst fluctuating electricity rates. Bitcoin's post ETF surge in the first half of the year did provide short-term relief to miners. However, as market conditions corrected and the price settled, miners face narrow profit margins.

Speaker Change: Energy prices driven by both geopolitical instability and lingering supply chain disruptions continue to affect operational costs for bitcoin minus in regions like North America, and Europe, where energy cost make up a substantial portion of mining expenses miners have had to adjust their strategies to maintain profitability amidst fluctuating electricity rates.

Thomas Chippas: In regions like North America and Europe where energy costs make up a substantial portion of mining expenses, miners have had to adjust their strategies to maintain profitability amidst fluctuating electricity rates. Bitcoin's post-ETF surge in the first half of the year did provide short-term relief to miners. However, as market conditions corrected and the price settled, miners face narrow profit margins. Despite these pressures, we've observed growth and total network hash rate as the industry continues to deploy new, more efficient rates, leading to lower post-having hash prices. Network hash rate and difficulty both rebounded from the post-having drop, while hash price continued to trend lower, even hitting record lows.

Bitcoins post ETF surge in the first half of the year did provide short term relief to minors, however, as market conditions corrected and the price settled miners face narrow profit margins. Despite these pressures we've observed growth in total network cash rate as the industry continues to deploy new more efficient rigs leading to low.

Thomas Chippas: Despite these pressures, we've observed growth and total network hash rate as the industry continues to deploy new, more efficient rates, leading to lower post-having hash prices. Network hash rate and difficulty both rebounded from the post-having drop, while hash price continued to trend lower, even hitting record lows. Overall, the Q2 mining and macroeconomic conditions have introduced both opportunities and headwinds for Bitcoin miners, with energy markets and monetary policy playing critical roles in shaping the sector's trajectory for the rest of the year.

Speaker Change: Post having hash prices.

Speaker Change: Network cash rate and difficulty both rebounded from the post having dropped while hashed price continued to trend lower even hitting record lows.

Thomas Chippas: Overall, the Q2 mining and macroeconomic conditions have introduced both opportunities and headwinds for Bitcoin miners, with energy markets and monetary policy playing critical roles in shaping the sector's trajectory for the rest of the year.

Speaker Change: Overall, the Q2 mining and macro economic conditions have introduced both opportunities and headwinds for bitcoin miners with energy markets and monetary policy, playing critical roles and shaping the sector's trajectory for the rest of the year.

Thomas Chippas: Now let's turn to our key highlights for the second quarter of 2024. In Q2, we mined 188 Bitcoin, or about 2 Bitcoin per day, and traded revenue of $12.4 million, and $0.8 million in power credits from economic curtailment in Texas. Our mining profit in this quarter was $5 million, with a mining margin of 41%, and an average direct cost per Bitcoin mine of $38,989. Additionally, we reduced our debt by $7.2 million, and fully repaid galaxy during our post-quarter We ended the quarter with $4 million in cash and completed an $8.3 million equity-raised post-corder.

Thomas Chippas: Now let's turn to our key highlights for the second quarter of 2024. In Q2, we mined 188 Bitcoin, or about 2 Bitcoin per day, and traded revenue of $12.4 million, and $0.8 million in power credits from economic curtailment in Texas. Our mining profit in this quarter was $5 million, with a mining margin of 41%, and an average direct cost per Bitcoin mine of $38,989. Additionally, we reduced our debt by $7.2 million, and fully repaid Galaxy during our post-quarter. We ended the quarter with $4 million in cash and completed an $8.3 million equity-raised post-corder. Let's now move to the next slide, and Jim can discuss the comparison of our quarters of results and lend some comments on our capital structure.

Speaker Change: Now, let's turn to our key highlights for the second quarter of 2024 in.

Speaker Change: In Q2, we mined 188, bitcoin or about to bitcoin per day and generated revenue of $12 $4 million and point $8 million in power credits from economic curtailment in Texas.

Speaker Change: Our mining profit this quarter was $5 million with a large mining margin of 41% and an average direct cost per bitcoin mine of $38989. Additionally, we reduced our debt by $7 2 million and fully repaid galaxy during or post quarter period.

Speaker Change: We ended the quarter with $4 million in cash and completed an $8 $3 million equity raised post quarter.

Unknown Executive: Let's now move to the next slide and Jim can discuss the comparison of our quarters of results and lend some comments on our capital structure.

Speaker Change: Let's now move to the next slide and Jim can discuss the comparison of our quarterly results and lend some comments on our capital structure over to you Jim.

Jim MacCallum: Over to you, Jim. Thank you, Tom. Our revenue for Q2 was $12.4 million, a decrease compared to $16.8 million in Q1, 2024, and consistent with the $12.6 million achieved in Q2 2023. The main driver compared to Q1 was the Bitcoin having, which occurred in April of 2024. This resulted in 41% lower Bitcoin production. Offsetting this lower production was higher realized Bitcoin prices, resulting in an overall revenue decline in Q2 of 26% compared to Q1.

Jim MacCallum: Over to you, Jim. Thank you, Tom. Our revenue for Q2 was $12.4 million, a decrease compared to $16.8 million in Q1 2024, and consistent with the $12.6 million achieved in Q2 2023. The main driver compared to Q1 was the Bitcoin having, which occurred in April of 2024. This resulted in 41% lower bitcoin production. Offsetting this lower production was higher realized Bitcoin prices, resulting in an overall revenue decline in Q2 of 26% compared to Q1. Despite the revenue decrease, we were able to realize a higher mining margin percentage in Q2 versus Q1 as a result of lower power prices in the quarter, primarily at the Helio facility.

Jim: Thank you Tom.

Jim MacCallum: Despite the revenue decrease, we were able to realize a higher mining margin percentage in Q2 versus Q1 as a result of lower power prices in the quarter, primarily at the Helio Facility. Our mining margin was 41% in Q2 compared to 38% in Q1. Because of the lower revenue in Q2, our overall mining profit decreased from $6.4 million in Q1, 2024 to $5.1 million in Q2, 2024. We are expecting lower mining profits and a lower mining margin percentage in Q3 as a result of the lower hash price realized so far in the quarter.

Jim: Our revenue for Q2 was $12 4 million a decrease compared to $16 8 million in Q1, 2024, and consistent with the $12 6 million achieved in Q2 2023.

The main driver compared to Q1 was the big quaint, having which occurred in April 2024.

This resulted in 41% lower bitcoin production.

Jim: Offsetting this lower production was higher realized bitcoin prices, resulting in an overall revenue decline in Q2 of 26% compared to Q1.

Jim: Despite the revenue decrease we were able to realize a higher mining margin percentage in Q2 versus Q1 as a result of lower power prices in the quarter, primarily at the Helios facility.

Jim MacCallum: Our mining margin was 41% in Q2 compared to 38% in Q1. Because of the lower revenue in Q2, our overall mining profit decreased from $6.4 million in Q1, 2024 to $5.1 million in Q2, 2024. We are expecting lower mining profits and a lower mining margin percentage in Q3 as a result of the lower hash price realized so far in the quarter.

Jim: Our mining margin with 41% in Q2 compared to 38% in Q1.

Jim: Yeah.

Jim: Because of the lower revenue in Q2, our overall mining profit decreased from $6 4 million in Q1, 2024 to $5 1 million in Q2 2024.

Jim: We are expecting lower mining profits and a lower mining margin percentage in Q3.

Jim: As a result of the lower hedge prices realized so far in the quarter.

Jim: Yeah.

Jim MacCallum: Mining economics continued to be challenging for Bitcoin miners, and as a result, the company recorded a $22 million non-cash impairment charge on its mining machines. And updated is going concern disclosure in its financial statements to reflect current conditions. Our non-mining operating expense trend is lowering Q2 as compared to Q1. This 14% reduction was a result of our focus on reducing costs and streamlining operations. For the quarter, our adjusted EBITDA was $2.6 million as compared to $3.8 million in Q1, 2024, and $1.6 million in Q2 of 2023.

Jim: Mining economics continue to be challenging for big coin miners and as a result, the company recorded a 2020 $22 million noncash impairment charge and it's finding machine.

Jim: And updated as growing concern disclosure in its financial statements to reflect current conditions.

Jim: Our non mining operating expense trended lower in Q2 as compared to Q1.

Jim: The 14% reduction was a result of our focus on reducing costs and streamlining streamlining operations.

Jim: For the quarter, our adjusted EBITDA was $2 6 million as compared to $3 8 million in Q1, 2024, and $1 6 million in Q2 of 2023.

Jim MacCallum: As Tom mentioned, we ended the quarter with $4.0 million in cash, and we will dive into more detail on our galaxy debt in the following slide. Since I joined Argo in April 2023, we've had a strong focus on repaying our galaxy debt. We were proud to announce a full repayment of this $35 million loan earlier this month. This was achieved primarily through a combination of non-core assets sales, including our Mirabell site in Q1 of this year.

Jim: As Tom mentioned, we ended the quarter with $4 4 million in cash and we will dive into more detail on our galaxy that in the following slide.

Jim: Okay.

Jim MacCallum: Equity raises and cash flow from operations. Repayment of this loan reduces our interest expense and the $1.1 million of monthly amortization payments. We completed the repayment of the galaxy loan ahead of schedule and with no reduction in our overall hash rate.

Jim MacCallum: Since I joined Argo in April 2023, we've had a strong focus on repaying our galaxy debt. We were proud to announce a full repayment of this $35 million loan earlier this month. This was achieved primarily through a combination of non-core assets sales, including our Mirabell site in Q1 of this year. Equity raises and cash flow from operations. Repayment of this loan reduces our interest expense and the $1.1 million of monthly amortization payments. We completed the repayment of the galaxy loan ahead of schedule and with no reduction in our overall hash rate.

Speaker Change: Since I joined Argo in April 2023.

We've had a strong focus on repaying our galaxy debt.

Speaker Change: We were proud to announce a full repayment of the $35 million loan earlier this month.

Speaker Change: This was achieved primarily through a combination of noncore asset sales, including our Mirabel site in Q1 of this year.

Speaker Change: Equity raises and cash flow from operations.

Speaker Change: Repayment of this loan reduces our interest expense and the $1 $1 million of monthly amortization payments.

Speaker Change: We completed the repayment of the Galaxy loan ahead of schedule and with no reduction in our overall attach rate.

Thomas Chippas: I'd like to add a few comments regarding the galaxy debt as well. The focus for Argo in 2023 and the first half of 2024 has been to reduce the state obligations The $35 million debt owed to Galaxy began amortizing as Jim said at $1.1 million per month in May of 23. As Jim noted, I am pleased to report that Argo has repaid the full amount of the stolen to Galaxy as announced by the company on August 12th.

Thomas Chippas: I'd like to add a few comments regarding the galaxy debt as well. The focus for Argo in 2023 and the first half of 2024 has been to reduce the state obligations. The $35 million debt owed to Galaxy began amortizing, as Jim said, at $1.1 million per month in May of '23. As Jim noted, I am pleased to report that Argo has repaid the full amount of the stolen to Galaxy, as announced by the company on August 12th. The Galaxy that was repaid over four months ahead of the current schedule and nearly 18 months ahead of the original repayment schedule.

Speaker Change: I'd like to add a few comments regarding the galaxy that as well.

Speaker Change: The focus for Argo in 2023 in the first half of 'twenty four has been to reduce its debt obligations and strengthen its balance sheet.

Speaker Change: The $35 million debt owed to Galaxy began amortizing as Jim said at $1 1 million per month in May of 'twenty three as Jim noted I am pleased to report that Argo has repaid the full amount of the cylinder galaxy as announced by the company on August 12.

Thomas Chippas: The Galaxy that was repaid over four months ahead of the current schedule and nearly 18 months ahead of the original repayment schedule. The early repayment reflects Argo's focus on strengthening the balance sheet, reducing our financial liabilities, and freeing up capacity to focus on operational excellence. Repainment was made possible by using cashflow generator from operations, casturator from equity raises, and cash generated through the sale of non-core assets without any meaningful impact to Argo's hash rate.

Speaker Change: The galaxy that was repaid over four months ahead of the current schedule and nearly 18 months ahead of the original repayment schedule.

Thomas Chippas: The early repayment reflects Argo's focus on strengthening the balance sheet, reducing our financial liabilities, and freeing up capacity to focus on operational excellence. Repayment was made possible by using cashflow generator from operations, casturator from equity raises, and cash generated through the sale of non-core assets without any meaningful impact to Argo's hash rate. Repayment to Galaxy loan is a significant milestone for Argo, and I cannot emphasize enough how well the Argo team executed this feat. My thanks for all the efforts, and I couldn't be more pleased with the outcome.

Speaker Change: The early repayment reflects Argos focus on strengthening the balance sheet, reducing our financial liabilities and freeing up capacity to focus on operational excellence.

The repayment was made possible by using cash flow generated from operations cash generator from equity raises and cash generated through the sale of noncore assets without any meaningful impact to Argos hash rate.

Thomas Chippas: Repainment to Galaxy loan is a significant milestone for Argo, and I cannot emphasize enough how well the Argo team executed this feat. My thanks for all the efforts, and I couldn't be more pleased with the outcome.

Repaying the Galaxy alone is a significant milestone for Argo and I cannot emphasize enough how well the arco team executed this feat and my thanks for all their efforts and I couldnt be more pleased with the outcome.

Jim MacCallum: Back to Jim. Thanks, Jeff. Our cash balance set end of Q2 2024 with $4 million. This was supplemented by the $8.3 million equity raises in July of 2024, a large portion of which went to repay the Galaxy loan. Remaining debt obligations for Argo include the $40 million baby bonds, which mature in November, 2026, and a $1 million mortgage on our Bay Como facility.

Jim MacCallum: Back to Jim. Thanks, Jeff. Our cash balance set end of Q2 2024 with $4 million. This was supplemented by the $8.3 million equity raises in July of 2024, a large portion of which went to repay the Galaxy loan. Remaining debt obligations for Argo include the $40 million baby bonds, which mature in November 2026, and a $1 million mortgage on our Bay Como facility.

Jim: Back to you Jim.

Jim: Thanks, John.

Jim: Our cash balance at end of Q2 2024 with $4 million. This was supplemented by the $8 $3 million equity raise in July of 2020 for a large portion of which went to repay the galaxy loan.

Speaker Change: Remaining debt obligations for Argo include the $40 million of baby bonds, which mature in November 2026, and a $1 million mortgage on our <unk> facility.

Jim MacCallum: With the Galaxy debt behind us, we have a number of growth opportunities that we can turn our attention to. As discussed on our Q1 call, the sale of the Mirabell facility was completed with no meaningful loss to Argo's hash rate. The significant reduction in operating expenses in the first half of 2024 compared to 2022 and 2023, and the strong lining margin percentage, despite the Bitcoin having, are indications of Argo's strong performance. The Mirabell sale enabled the company to deliver the balance sheet with minimal impact to the company's hash rate. Following the sale, Argo relocated the majority of the mining machines at Mirabell to its Bay Como facility until a certain prior generation machines representing approximately 140 peta hash.

Speaker Change: With the galaxy that behind US we have a number of growth opportunities that we can turn our attention to.

Speaker Change: As discussed on our Q1 call the sale of the Mirabel facility was completed with no meaningful loss to Argo attach rate.

The significant reduction in operating expenses in the first half of 2024 compared to 2022, and 2023 and the strong mining margin percentage. Despite the big point, having our indications of argo's strong performance.

Jim MacCallum: The Mirabell sale enabled the company to deliver the balance sheet with minimal impact to the company's hash rate. Following the sale, Argo relocated the majority of the mining machines at Mirabell to its Bay Como facility until a certain prior generation machines representing approximately 140 peta hash. The sale allowed the company to streamline its operations by locating all self-binding machines at its Bay Como facility. Additionally, the sale of Mirabell reduces the company's on-lining operating expenses by $700,000 annually.

Speaker Change: The Mirabel sale enabled the company to deliver de lever the balance sheet with minimal impact to the company's hatch rate.

Speaker Change: Following the sale of <unk> relocated the majority of the mining machines at Mirabel, two it's baked komal facility and fill in certain prior generation machines, representing approximately 140 potash.

Jim MacCallum: The sale allowed the company to streamline its operations by locating all self-binding machines at its Bay Como facility. Additionally, the sale of Mirabell reduces the company's on-lining operating expenses by $700,000 annually. Argo has taken aggressive action on its cost structure and non-mining operating expenses. As compared to the second half of fiscal 2022, the company has reduced its operating expenses by over 70% to $5.8 million. As compared to the first half of 2023, the company has reduced its operating expenses by over 25%.

Speaker Change: The sale allowed the company to streamline its operations by locating all self binding machines at <unk> facility.

Speaker Change: Additionally, the sale of mirror valve reduces the company's on mining operating expenses by $700000 annually.

Jim MacCallum: Argo has taken aggressive action on its cost structure and non-mining operating expenses. As compared to the second half of fiscal 2022, the company has reduced its operating expenses by over 70% to $5.8 million. As compared to the first half of 2023, the company has reduced its operating expenses by over 25%.

Speaker Change: Arguably has taken aggressive action on its cost structure and non mining operating expenses.

Speaker Change: As compared to the second half of fiscal 'twenty two the company has reduced its operating expenses by over 70% to $5 8 million.

Speaker Change: As compared to the first half of 2023, the company has reduced its operating expenses by over 25%.

Thomas Chippas: With that, I'll pass it back to Tom. Thanks, Jim.

Thomas Chippas: With that, I'll pass it back to Tom. Thanks, Jim. I'm excited to talk about some growth opportunity, specifically at our Bay Como site in Quebec. This slide shows our potential growth opportunity at Bay Como, and its impact on our potential impact on our overall hash rate. Bay Como currently has 15 megawatts of power, but there's an opportunity to expand that to 23 megawatts. This would increase the hash rate capacity at Bay Como by up to 0.7X of hash. And should we energize the new 8 megawatts with the latest generation of miners, Bay Como's fleet efficiency would improve to 24 jewels per tera.

Speaker Change: With that I'll pass it back to Tom.

Tom: Thanks, Jim.

Thomas Chippas: I'm excited to talk about some growth opportunity, specifically at our Bay Como site in Quebec. This slide shows our potential growth opportunity at Bay Como, and its impact on our potential impact on our overall hash rate. Bay Como currently has 15 megawatts of power, but there's an opportunity to expand that to 23 megawatts. This would increase the hash rate capacity at Bay Como by up to .7X of hash. And should we energize the new 8 megawatts with the latest generation of miners, Bay Como's fleet efficiency would improve to 24 jewels per tera.

So I am excited to talk about some growth opportunity spin.

Speaker Change: Specifically at our bake almost site in Quebec.

Tom: So this slide shows our potential growth opportunity at Bay Como.

Speaker Change: And its impact on our potential impact on our overall has shrank.

Speaker Change: <unk> currently has 15 megawatts of power, but theres, an opportunity to expand that to 23 megawatts.

Speaker Change: This would increase the hatchery capacity ebay komal.

Speaker Change: By up to <unk> seven ex ash.

Speaker Change: And should we energized the new eight megawatts with the latest generation of miners are bake homeless fleet efficiency would improve to 24 jewels for Terra ash, Alternatively should we choose to retest refresh the entire fleet and energized the new eight megawatts of bake Homo <unk> with the latest generation of miners that would increase the hash rate capacity.

Thomas Chippas: Cash. Alternatively, should we choose to refresh the entire fleet and energize the new 8 megawatts at Bay Como with the latest generation of miners. That would increase the hash rate capacity at Bay Como to 1.4 F the hash and improve its fleet efficiency to about 15 joules per tear hash. This is an exciting opportunity that we're analyzing and to be clear we're analyzing it right now. We'll have additional updates on it in the future, but obviously it's exciting to have something like this in hand at a facility that we own that we operate and a facility that has shown good performance over time. So, looking forward to digging into this and sharing more as information becomes available.

Speaker Change: <unk>, a big hole to one point Forex of hash and improve its fleet efficiency to about 15 tools prepare hash.

Thomas Chippas: This is an exciting opportunity that we're analyzing, and to be clear, we're analyzing it right now. We'll have additional updates on it in the future, but obviously it's exciting to have something like this in hand at a facility that we own, that we operate, and a facility that has shown good performance over time.

Speaker Change: This is an exciting opportunity that we're analyzing and to be clear we're analyzing it right now.

Speaker Change: We'll have additional updates on it in the future, but obviously, it's exciting to have something like this in hand at a facility that we own that we operate and a facility that has shown good performance overtime. So looking forward to digging into this and sharing more.

Thomas Chippas: So, looking forward to digging into this and sharing more as information becomes available.

Speaker Change: As information becomes available.

Thomas Chippas: Turning other thoughts on growth, the strength and balance sheet and repayment of the galaxy that gives Argo more flexibility to pursue strategic opportunities moving forward. We continue to explore opportunities reminding can be paired with stranded or wasted energy. There's tremendous potential for energy generators to utilize mining as a balancing and optimization tool, particularly in the energy transition where limitations currently exist in the ability to store or transmit renewable energy. We're evaluating some novel opportunities with power generators and utilities to really help capture the full economic value of stranded energy.

Turning to other thoughts on growth.

Speaker Change: Strengthened balance sheet and repayment of the galaxy that gives argo more flexibility to pursue strategic opportunities moving forward.

Speaker Change: We continue to explore opportunities for mining can be paired with stranded or wasted energy. There is tremendous potential for energy generators to utilize mining as a balancing optimization tool, particularly in the energy transition where limitations currently exists and the ability to store transmit renewable energy.

Speaker Change: We're evaluating some novel opportunities with power generators and utilities.

Speaker Change: Really help capture the full economic value of stranded energy overall, our focus remains on access to low cost and.

Thomas Chippas: Overall, our focus remains on access to low cost and reliable power. The ongoing transition to clean energy requires substantial investment in the power grid, as well as demand response technology. Bitcoin mining is, I'm sure many people listening know, plays a crucial role in this shift. Miners are exceptionally agile, making them ideal for grid low balancing and what's more, mining operations can be seamlessly integrated generation and grid operations.

Speaker Change: And reliable power.

Thomas Chippas: The ongoing transition to clean energy requires substantial investment in the power grid, as well as demand response technology. Bitcoin mining is, I'm sure many people listening know, plays a crucial role in this shift. Miners are exceptionally agile, making them ideal for grid low balancing, and what's more, mining operations can be seamlessly integrated generation and grid operations.

Speaker Change: The ongoing transition to clean energy requires substantial investment in the power grid as well as demand response technology, a bitcoin mining as I'm sure. Many people listening know plays a crucial role in this shift.

Speaker Change: Miners are exceptionally agile, making them ideal for grid load balancing and what's more mining operations can be seamlessly integrated <unk>.

Speaker Change: Generation and grid operations.

Thomas Chippas: For the remainder of 24, Argo will continue to focus on our three pillars, financial discipline, operational excellence, and growth in strategic partnerships. On behalf of Argo, I truly would like to thank all of our shareholders and stakeholders and the team. We remain committed to optimizing our capital structure and driving long-term value for our shareholders.

Thomas Chippas: For the remainder of 24, Argo will continue to focus on our three pillars: financial discipline, operational excellence, and growth in strategic partnerships.

Speaker Change: For the remainder of 'twenty for Argo will continue to focus on our three pillars financial discipline operational excellence and growth in strategic partnerships.

Unknown Executive: With that, I'll pass it back to Markella for any questions.

Thomas Chippas: On behalf of Argo, I truly would like to thank all of our shareholders and stakeholders and the team. We remain committed to optimizing our capital structure and driving long-term value for our shareholders.

Speaker Change: Half of Argo I truly relate to thank all of our shareholders and stakeholders and the team we remain committed to optimizing our capital structure and driving long term value for our shareholders with that I'll pass it back to Marcelo for any questions. Thank you.

Unknown Executive: With that, I'll pass it back to Markella for any questions. Thank you.

Unknown Executive: Thank you. Thomas Jim, thank you very much for your presentation, Saltoneen. Ladies and gentlemen, please do continue to submit your questions just by the Q&A tab situated on the top right corner of your screen. As you can see, we have received a number of questions throughout today's presentation and Markella if I could just hand over to you to share the Q&A on the top right corner of the screen at the end.

Unknown Executive: Thomas Jim, thank you very much for your presentation, Saltoneen. Ladies and gentlemen, please do continue to submit your questions just by the Q&A tab situated on the top right corner of your screen. As you can see, we have received a number of questions throughout today's presentation. And Markella, if I could just hand over to you to share the Q&A on the top right corner of the screen at the end. Thank you, Lily. I will start with a question from Kevin Dead of H.E. Wainwright for Jim.

Thomas Jimmy Thank you very much for your presentation. This afternoon, ladies and gentlemen, please continue to Mayo question just by for the Q&A tab situated on the toll Ryan corner of the screen as you can see if you have received a number of questions that todays presentation and what color. If I could just handover to show the Q&A and I'll pick up from here.

Speaker Change: Yeah.

Unknown Executive: Thank you, Lily.

Speaker Change: Thank you.

Unknown Executive: I will start with a question from Kevin dead of H.E. Wainwright for Jim.

Kevin Douglas: I will start with a question from Kevin Douglas HC Wainwright for churn are those still have that overhang. So curious about an update there and spread expansion given the network cost rate continues to scale up as much as it has.

Jim MacCallum: Argo still has dead overhand, so curious about an update there, and to lead expansion given the network has rate continues to scale up as much as it has. Great, thank you, Kevin. Regarding our debt situation, as we mentioned on the call here, we've paid off the guarantee debt and now remain outstanding debt as the baby bonds, which are non-amortizing and mature in November of 2026. We're committed to improving our balance sheet and we'll continue to provide updates as we as we have them.

Jim MacCallum: Argo still has dead overhand, so curious about an update there, and to lead expansion given the network has rate continues to scale up as much as it has. Great, thank you, Kevin. Regarding our debt situation, as we mentioned on the call here, we've paid off the guarantee debt and now remain outstanding debt as the baby bonds, which are non-amortizing and mature in November of 2026. We're committed to improving our balance sheet, and we'll continue to provide updates as we have them. As for fleeing expansion, you're right that the network's rate continues to grow despite the current hash price.

Speaker Change: Alright, Thank you Kevin.

Speaker Change: Regarding our debt situation as we mentioned on the call here, we paid off the galaxy debt and now remain outstanding debt is the baby bonds, which are non amortizing and mature in November 2026, we're committed to improving our balance sheet and we'll continue to provide updates as we as we have them as for fleet expansion Youre right. The network cash rate continues to grow.

Jim MacCallum: As for fleeing expansion, you're right that the network has rate continues to grow despite the current hash price. We're focused on efficiency rather than raw growth and are engaged in testing on the more energy-efficient models at the moment.

Speaker Change: Despite the current <unk> price, we're focused on efficiency rather than raw growth and are engaged in testing on the more energy energy efficient models at the moment.

Jim MacCallum: We're focused on efficiency rather than raw growth and are engaged in testing on the more energy-efficient models at the moment. Thank you.

Unknown Executive: Thank you. Thank you, Jim.

Speaker Change: Thank you.

Unknown Executive: Another question by Kevin that is H.

Unknown Executive: Thank you, Jim. Another question by Kevin that is H.

Thank you Jim.

Speaker Change: Another question, Thank Kevin that Ed H C Wainwright.

Thomas Chippas: Wainwright, and this is directed to Thomas. Obviously, you guys should have great things to talk about with regard to operations and to, on saying on point. But for investors, it's always, what have you done for me, ladies? Anything you can add about expanding operations in Quebec, new site selection partnerships, perhaps with private companies that no longer have access to capital. And I think that offers you to the future of the company. Maybe there's something Argo can do that's a unique derivative of Thomas' vast experience in trading.

Thomas Chippas: Wainwright, and this is directed to Thomas. Obviously, you guys should have great things to talk about with regard to operations and to, on saying on point. But for investors, it's always, "what have you done for me, ladies?" Anything you can add about expanding operations in Quebec, new site selection partnerships, perhaps with private companies that no longer have access to capital. And I think that offers you to the future of the company. Maybe there's something Argo can do that's a unique derivative of Thomas' vast experience in trading.

Yes.

Speaker Change: Thomas Obviously, you guys should have great things to talk about with regard to operations in Q2 on staying on.

Speaker Change: But for investors, it's always what hasn't gone from Nike.

Speaker Change: Anything you can add about expanding operations in Quebec in site selection partnerships, perhaps with private companies that no longer have access to capital and I think that offer your view to the future of the company, maybe there's something Agua can do that taking given that it was thomas with vast experience in trading.

Thomas Chippas: Alright, thanks for that question, Kevin. Look, we're always looking for opportunities to grow and improve. Certainly, we just shared some of the possibilities and what they are at Bay Como. We're still considering how we might go about doing that. And there will be more to say on that later. But we recognize investors want to see growth. Hopefully, with the galaxy debt in the room here, it sets us up for growth. And that's why we share the Bay Como opportunity today.

Thomas Chippas: Alright, thanks for that question, Kevin. Look, we’re always looking for opportunities to grow and improve. Certainly, we just shared some of the possibilities and what they are at Bay Como. We're still considering how we might go about doing that. And there will be more to say on that later. But we recognize investors want to see growth. Hopefully, with the galaxy debt in the room here, it sets us up for growth. And that's why we share the Bay Como opportunity today. We're confident that our approach will continue to deliver value to investors, even as the mining landscape evolves.

Speaker Change: Alright, Thanks for that question Kevin.

Speaker Change: We're always looking for opportunities to grow.

Speaker Change: Improve certainly we just shared.

Speaker Change: Some of the possibilities and what they are a big hobo were still considering how we might go about doing that and there'll be more to say.

Speaker Change: On that later, but we recognize that investors want to see growth.

Speaker Change: Hopefully with the galaxy that in the rearview mirror.

Speaker Change: It sets us up for growth and that's why we shared the <unk> opportunity today, we're confident that our approach will continue to deliver value to investors, even though mining landscape evolves.

Thomas Chippas: We're confident that our approach will continue to deliver value to investors, even as a mining landscape evolves. And I think that I appreciate the kudos on my previous experiences. We're open-minded about where growth can come from. And we'll continue to share information as it will make sense to do so.

Thomas Chippas: And I think that I appreciate the kudos on my previous experiences. We're open-minded about where growth can come from. And we'll continue to share information as it will make sense to do so.

And I think that I appreciate the kudos on my previous experiences. We're open minded about where growth can come from and we'll continue to share information as it when it makes sense to do so.

Unknown Executive: Thank you, Thomas.

Speaker Change: Thank you Thomas this is a pre submitted question directed to Jim.

Jim MacCallum: This is a pre-submitted question directed to Jim. Please can you elaborate on the impairment charge that you have reported? Sure, thanks. Yeah, the main factors here are the decreases in the fair market values of the mining equipment. And also the changes in the mining economics, especially since the Bitcoin having in April 2024. When we assess the value of our mining and computer equipment, we looked at estimated future cash flows over the machines used for life using a pre-tax discount rate of approximately 14% for our calculations. And so based on this analysis, we came up with an impairment charge of 22 million. This reflects the current market conditions and their impact on our equipment's value.

Jim MacCallum: This is a pre-submitted question directed to Jim. Please can you elaborate on the impairment charge that you have reported? Sure, thanks. Yeah, the main factors here are the decreases in the fair market values of the mining equipment. And also the changes in the mining economics, especially since the Bitcoin halving in April 2024. When we assess the value of our mining and computer equipment, we looked at estimated future cash flows over the machines' useful life using a pre-tax discount rate of approximately 14% for our calculations. And so, based on this analysis, we came up with an impairment charge of 22 million.

Thomas Cheapened: Can you elaborate on the impairment charge that you have reported.

Jim: Sure. Thanks.

Jim: The main factors here are the decreases in the fair market values of the mining equipment and also the changes in the mining economics, especially since the the big point, having in April 2024.

Speaker Change: When we assess when.

Speaker Change: When we assess the value of our mining and computer equipment, we looked at estimated future cash flows over the machines useful life using a pre tax discount rate of approximately 14% for our calculations and so based on this analysis, we came up with an impairment charge of $22 million. This reflects the current market conditions and their impact on our equipment.

Jim MacCallum: This reflects the current market conditions and their impact on our equipment's value. It's part of our regular process to ensure our financial statements accurately represent our assets' value.

Unknown Executive: It's part of our regular process to ensure our financial statements accurately represent our assets value. Thank you. Thank you, Jim.

Speaker Change: Value is part of our regular process to ensure our financial statements accurately accurately represent our assets value.

Jim MacCallum: Thank you. Thank you, Jim. Another pre-submitted question again directed to Jim.

Thank you.

Speaker Change: Thank you Jim Another crew submitted question again go back to Jim Congratulations from paying off the galaxy.

Jim MacCallum: Another pre-submitted question again directed to Jim. Congratulations on paying off the galaxy that when can we expect to get some more caller on when this financial discipline would begin to contribute to revenue and earnings? Yeah, thank you. Yeah, we're pleased about paying off the galaxy debt, obviously. The strength and balance sheet and repayment of the galaxy debt gives our go more flexibility to pursue strategic opportunities moving forward and start contributing to our revenue and earnings in the coming quarters.

Jim MacCallum: Congratulations on paying off the galaxy. When can we expect to get some more caller on when this financial discipline would begin to contribute to revenue and earnings? Yeah, thank you. Yeah, we're pleased about paying off the galaxy debt, obviously. The strength and balance sheet and repayment of the galaxy debt gives our go more flexibility to pursue strategic opportunities moving forward and start contributing to our revenue and earnings in the coming quarters. As we continue to optimize our operations and improve our cost structure, those gains flow through to the bottom line as we see in our EBITF. Reduced debt service, cost to galaxy are important for our ongoing cash flow.

Speaker Change: When can we expect to get some more color on why this financial discipline will begin to contribute to revenue and earnings.

Speaker Change: Yes. Thank you.

Speaker Change: So we're pleased about paying off the galaxy that obviously, the strengthened balance sheet and repayment of the galaxy that gives argo more flexibility.

Speaker Change: To pursue strategic opportunities moving forward and start contributing to our revenue and earnings in the coming quarters as we continue to optimize our operations and improve our cost structure those gains flow through to the bottom line as we see in our EBITDA reduce debt service cost to galaxy are important.

Jim MacCallum: As we continue to optimize our operations and improve our cost structure, those gains flow through to the bottom line as we see in our EBITF reduced debt service, cost to galaxy are important for our ongoing cash flow. We remain focused on balancing near term profitability with strategic investments for long term growth.

Speaker Change: For our ongoing cash flow, we remain focused on balancing near term profitability with strategic investments for long term growth.

Jim MacCallum: We remain focused on balancing near term profitability with strategic investments for long term growth.

Unknown Executive: Thank you. Thank you, Jim.

Jim MacCallum: Thank you.

Thank you.

Unknown Executive: Thank you, Jim.

Jim: Thank you Jim another pre submitted question is directed to Congress a number of your peers are talking about kind of using Gigawatts Mega Watts you host J P is less desire to think about this.

Thomas Chippas: Another pre-submitted question, they tend directed to Thomas. A number of your peers are talking about kind of using gigawatts, megawatts to host JPUs. What does Argo think about?

Thomas Chippas: Another pre-submitted question; they tend directed to Thomas. A number of your peers are talking about kind of using gigawatts, megawatts to host JPUs. What does Argo think about?

Thomas Chippas: Fish. Yes, most certainly, many of our peers are looking to leverage their large-scale power and infrastructure capabilities to host GPU-based workloads and utilize that power for things beyond just big coin mining. At Argo, we're closely evaluating these opportunities. Obviously, our priorities to ensure we're maximizing the efficiency and profitability of our core Bitcoin mining operations first. I think it's important that we want to be sure that we have the right foundation and place before exploring additional diversification, but certainly this will continue to be an area of interest in the industry and Argo.

Unknown Executive: Thank you, Thomas.

Speaker Change: Yes, most certainly many of our peers are looking to leverage their large scale power and infrastructure capabilities to host GPU based workloads and utilize the power for things beyond just bitcoin mining at.

Unknown Executive: Another pre-submitted question again directed to you.

Argo: At Argo, we're closely evaluating these opportunities obviously, our priority is to ensure we're maximizing the efficiency and profitability of our core bitcoin mining operations first.

Argo: It is important and we want to be sure that we have the right foundation in place before exploring additional diversification, but certainly this will continue to be an area of interest in the industry and the Arco.

Thomas Chippas: Thank you, Thomas.

Speaker Change: Thank you Thomas and other pieces any question again directed to you do you have.

Thomas Chippas: Another pre-submitted question again directed to you. Do you have a view on energy price and going into two-three? Well, looking ahead to the third quarter, with respect to Bakomo, just given where it's located, temperatures will be cooling down, so we expect a good uptime coupled with stable power at Bakomo. That's powered by hydroelectric power. As far as at Helios, as people know, Helios is located in low-zone west in Irkont, and if you look at the power prices over the period we're discussing, I think you'll see we've seen much lower average power prices than in previous years. So, hard to extrapolate ahead and determine whether or not that trend would continue, but certainly it's been positive over this period we've been looking at the call, so hopefully that trend continues into Q3.

Thomas Chippas: Do you have a view on energy price and going into two-three? Well, looking ahead to the third quarter, with respect to Bakomo, just given where it's located, temperatures will be cooling down, so we expect a good uptime coupled with stable power at Bakomo, that's powered by hydroelectric power. As far as at Helios, as people know, Helios is located in low-zone west in Irkont, and if you look at the power prices over the period we're discussing, I think you'll see we've seen much lower average power prices than in previous years, so hard to extrapolate ahead and determine whether or not that trend would continue, but certainly it's been positive over this period we've been looking at the call, so hopefully that trend continues into Q3.

Have you on the energy pricing going into Q3.

Speaker Change: Oh well.

Unknown Executive: Thank you, Thomas.

Speaker Change: Looking ahead to the third quarter.

Speaker Change: With respect to bake Homo.

Speaker Change: Just given where it's located temperatures will be cooling down so we expect.

Speaker Change: Good uptime, coupled with stable power.

Speaker Change: At epic hormone, that's powered by hydroelectric power.

As far as at Helios.

Speaker Change: As people know Helios is located in load zone West in ERCOT and if you look at the.

Speaker Change: Power prices.

Speaker Change: Over the period, we're discussing.

Speaker Change: I think you'll see we've seen much lower average power prices than in previous years. So.

Speaker Change: Hard to extrapolate ahead.

And determine whether or not that trend will continue but certainly it's been positive over this period, we've been looking at on the call. So hopefully that trend continues into into Q3.

Thomas Chippas: Thank you, Thomas.

Jim: Thank you Thomas and other pre submitted question at this time this time directed to Jim Congratulations on the recent Alex is that payoff I was just hoping you'd be able to share your outlook, primarily economics over the near to medium term.

Jim MacCallum: Another pre-submitted question this time directed to Jim. Congratulations on the recent Galaxy debt payoff. I was just hoping you'd be able to share your outlook for Bitcoin mining economics over the near-to-medium term. Thank you. Yeah, the recent payoff of our $35 million Galaxy debt obligation is an important milestone for the company. It strengthens our balance sheet, and as mentioned gives us financial flexibility. In terms of Bitcoin mining economics, yeah, we remain cautiously optimistic about Bitcoin mining economics as we believe the fundamentals of the network and the asset itself remain strong. Thank you. Thank you, Jim.

Jim MacCallum: Another pre-submitted question, this time directed to Jim. Congratulations on the recent Galaxy debt payoff. I was just hoping you'd be able to share your outlook for Bitcoin mining economics over the near-to-medium term.

Jim MacCallum: Thank you. Yeah, the recent payoff of our $35 million Galaxy debt obligation is an important milestone for the company. It strengthens our balance sheet, and as mentioned, gives us financial flexibility. In terms of Bitcoin mining economics, yeah, we remain cautiously optimistic about Bitcoin mining economics as we believe the fundamentals of the network and the asset itself remain strong.

Jim: Thank you, yes, the recent payoff of our 30.

Jim: $35 million galaxy debt obligation as an important milestone for the company.

Jim: It strengthens our balance sheet and as mentioned gives us financial flexibility.

Speaker Change: In terms of Bitcoin mining economics, we remain cautiously optimistic about bitcoin mining economics, as we believe the fundamentals of the network and the asset itself remains strong.

Jim MacCallum: Thank you.

Speaker Change: Thank you.

Unknown Executive: Thank you, Jim.

Speaker Change: Jim Another pre submitted question directed to Thomas can you speak about M&A pipeline, our existing growth opportunities.

Thomas Chippas: Another pre-submitted question directed to Thomas. Can you have been asked this question before? In the latest quarter, there has certainly been quite a lot of activity in the mining space with respect to M&A. Driven both by the search for power assets to fuel HPC growth desires and by firms that find themselves challenged one way or another and are looking to link up with other firms and grow in size. Argo continues to keep and open mind in these regards and we engage in conversations that make sense.

Thomas Chippas: Another pre-submitted question directed to Thomas. Can you have been asked this question before? In the latest quarter, there has certainly been quite a lot of activity in the mining space with respect to M&A. Driven both by the search for power assets to fuel HPC growth desires and by firms that find themselves challenged one way or another and are looking to link up with other firms and grow in size. Argo continues to keep an open mind in these regards, and we engage in conversations that make sense.

Thomas Cheapened: Sure I think we've been asked this question before.

Thomas Chippas: And then as far as other growth, we talked about big homo and we do have our eyes on some other opportunities that are very early right now, but certainly I would expect that M&A continues to be an active discussion in the mining sector in the coming.

Thomas Cheapened: And in the latest quarter. There certainly has been quite a lot of activity in the mining space with respect to M&A driven both by the search for power assets.

Thomas Cheapened: To fuel HBC growth desires and by firms that find themselves.

Thomas Cheapened: Challenge in one way or another and are looking to link.

Thomas Cheapened: A link up with other firms.

Thomas Cheapened: And grow in size.

Speaker Change: <unk> continues to keep an open mind in these regards and we engage in conversations that makes sense and then as far as other growth, we talked about big Homo and we do have our eyes on some other opportunities that are very early right now, but certainly I would expect that M&A continues to be an active discussion in the mining sector.

Thomas Chippas: And then, as far as other growth, we talked about big homo, and we do have our eyes on some other opportunities that are very early right now, but certainly, I would expect that M&A continues to be an active discussion in the mining sector in the coming.

Speaker Change: In the coming months.

Thomas Chippas: Thank you, Thomas, and another preservative question directed to you. Do you see a world where the HPCI stuff starts to become a competitive pressure to Bitcoin, my name? Well, the competition is probably really more about energy and energy resources. So what we're seeing in the market is that those who are providing HPC services are willing to pay top dollar for access to energy. Now, whether this economic opportunity is attractive to miners, it depends on their cost and their views on where the hashed price might be heading long-term. For Bitcoin miners, this is actually an opportunity to diversify their revenue streams. They can choose between sticking with traditional mining and, to the extent their energy and facilities are appropriate, selling their energy access or compute power to these HPC providers, or perhaps, as we're seeing in some instances, a mixture of both.

Speaker Change: Thank you Thomas and another piece of the question directed to you do you see a world where the HBC AI stuff starts to become a competitive pressure to the criminal law.

Speaker Change: Well.

Speaker Change: The competition is probably really more about energy and energy resources.

Speaker Change: So what we're seeing in the market is that.

Speaker Change: Those who are providing <unk> services are willing to pay top dollar for access to energy.

Speaker Change: Now whether this economic opportunity is attractive to miners.

Speaker Change: Depends on their cost and their views on where the <unk> price might be heading long term.

Thomas Chippas: For Bitcoin miners, this is actually an opportunity to diversify their revenue streams. They can choose between sticking with traditional mining and to the extent their energy and facilities are appropriate, selling their energy access or compute power to these HPC providers, or perhaps, as we're seeing in some instances, a mixture of both. So again, this will be an ongoing threat of conversation for the entire industry, and we're certainly analyzing opportunities in the space as well.

Speaker Change: For Bitcoin miners this is actually an opportunity to diversify their revenue streams.

Speaker Change: You can choose between sticking with traditional mining.

Speaker Change: And to the extent.

Their energy and facilities are appropriate.

Speaker Change: Selling their energy access or compute power.

Speaker Change: This HBC providers or perhaps as we're seeing in some instances a mixture of both so again this will be an.

Thomas Chippas: So again, this will be an ongoing threat of conversation for the entire industry, and we're certainly analyzing opportunities in the space as well.

Speaker Change: An ongoing threat of conversation for for the entire industry and we're certainly analyzing opportunities in this space as well.

Unknown Executive: Thank you, Thomas.

Jim MacCallum: Thank you, Thomas. A preservative question, but it's from the chat, and it's time directed to Jim. Are there any plans to start paying you dividends? No, we have no plans at this time to start paying a dividend. Any excess cash will be used either to pay down debt or to invest in future growth of the company.

Speaker Change: Thank you Thomas.

Jim MacCallum: A preservative question, but it's from the chat and it's time directed to Jim. Are there any plans to start paying you dividends? No, we have no plans at this time to start paying a dividend. Any excess cash will be used either to pay down debt or to invest in future growth of the company.

Speaker Change: So many questions.

Speaker Change: And domestic kitchen are there any plans to start paying a dividend.

Jim MacCallum: Thank you, Jim.

Speaker Change: Yeah.

Unknown Executive: And I think with the next question, we'll be drawing the Q&A to the close.

Speaker Change: No we have no plans at this time to start paying a dividend any excess cash will be used either to pay down debt or to invest in future growth of the company.

Jim MacCallum: Thank you, Jim.

Speaker Change: Thank you, Tim and I think.

Jim MacCallum: And I think with the next question, we'll be drawing the Q&A to a close. So another presubmitted question directed to Jim as a final. Could you give an update on the lawsuit? Sure, regarding the shareholder lawsuit, we filed our motion to dismiss back in March of this year, and we are currently awaiting a ruling from the court on this.

Speaker Change: The next question will be coming.

Speaker Change: Clothes. So another pre submitted question directed to Jim at the final could you give an update on the lawsuit.

Jim MacCallum: So another presubmitted question directed to Jim as a final. Could you give an update on the lawsuit? Sure, regarding the shareholder lawsuit, we filed our motion to dismiss back in March of this year, and we are currently awaiting a ruling from the court on this.

Unknown Executive: Thank you for answering all those questions.

Sure regarding the shareholder lawsuit, we filed our motion to dismiss back in March of this year and we are currently awaiting a ruling from that from the court on this.

Unknown Executive: Thank you for answering all those questions.

Bob: Thank you Bob I'm, sorry over those questions just before we close this session Thomas Congratulations Aki for few closing comments.

Thomas Chippas: Just before we close the session, Thomas, could I please just ask you for a few closing comments? Certainly, so I appreciate everyone's interest and ongoing interest in our go, and all that we've been doing, we appreciate your questions and look forward to updating everyone on our next call. Thank you once again for updating investors today.

Thomas Chippas: Just before we close the session, Thomas, could I please just ask you for a few closing comments? Certainly, so I appreciate everyone's interest and ongoing interest in our go, and all that we've been doing. We appreciate your questions and look forward to updating everyone on our next call.

Certainly appreciate everyone's interest and ongoing.

Speaker Change: Interest in Argo and although we've been doing we appreciate your questions and look forward to updating everyone on our next call.

Unknown Executive: Thank you once again for updating investors today. Could I please ask investors not to close the session, as you'll now be automatically redirected to provide your feedback in order that the management team will better understand your views and expectations. This will only take a few moments to complete, and I'm sure be greatly valued by the company.

Speaker Change: Thank you once again for updating investors today can I. Please ask investors not to place this session as you'll not be automatically redirect it to provide your feedback. He noted that the management team to better understand <unk> and expectations just trying to take the amendment has taken place and I'm sure will be greatly valued by the company on behalf of the management team of all care about champion and say good.

Unknown Executive: Could I please ask investors not to close the session as you'll now be automatically redirected to provide your feedback in order that the management team will better understand your views and expectations. This will only take a few moments to complete, and I'm sure be greatly valued by the company.

Unknown Executive: On behalf of the management team of our go blockchain PLC, we'd like to thank you for attending today's presentation and good afternoon to you all.

Unknown Executive: On behalf of the management team of our Go Blockchain PLC, we'd like to thank you for attending today's presentation, and good afternoon to you all.

Speaker Change: I'd like to thank you for attending today's presentation and good afternoon Hello.

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