Argo Blockchain plc (LON:ARB) today provided an update on its proposed recapitalization.

On 30 June 2025, Argo announced a proposed recapitalization through a plan to be sanctioned by the High Court of England and Wales or other court in England and Wales of competent jurisdiction in order to resolve its short and medium term capital needs.

The company confirmed today that it did not make the scheduled interest payment on its outstanding bonds that was due on 31 July 2025 which is subject to a 30-day grace period ending on 30 August 2025.

Negotiations of the terms of the Loan with Growler remain ongoing, and the Loan has not been executed or funded to date.

It is expected that the first Court hearing for the Plan will take place in late October 2025 and, if subsequently sanctioned by the Court at a further Court hearing, that the effective date of the Plan will be in early- to mid-December, 2025.

Following conversion of its Loan (if applicable) and the contribution by Growler of crypto mining and other related assets/cash funding to the Argo group in an amount to be determined, it is currently envisaged that Growler would be left with at least 80% of the issued shares of the Company (with the exact proportions to be determined by reference to the value of its Loan, the assets contributed, and the exit capital provided by Growler), that bond holders would receive equity in the recapitalized Argo group in exchange for debt, and that current equity holders would retain their existing interests (albeit subject to dilution by issuances to bondholders and Growler) in the remaining equity.

There can be no assurance that any definitive agreements for the Plan will be signed or that the Plan will be consummated.

Should the Plan not be consummated, Argo and its subsidiaries will pursue other alternatives, which may include formal insolvency processes in the United Kingdom, United States, and Canada, as applicable, the timing of which remains uncertain.