Debt Reduction Achievements
Argo reduced its debt by $12.4 million during the quarter, including full repayment of the Galaxy loan. This early repayment came four months ahead of schedule, improving cash flow and strengthening the balance sheet.
Exploration of High Performance Computing (HPC) Expansion
Argo entered into a non-binding letter of intent with the BE Group to explore an HPC expansion at Baie-Comeau. A feasibility study confirms potential for 23 megawatts of capacity, marking a strategic move to diversify revenue streams.
Dismissal of Class Action Lawsuit
The class action lawsuit, Murphy versus Argo Blockchain, was dismissed with prejudice and without leave to amend, removing a legal hurdle for the company.