Good afternoon and welcome to the Argo Blockchain PLC 2025 AGM. Throughout this meeting, attendees will be in listen-only mode. While we wait for a quorum, Justin will begin with Q&A. Justin, over to you. Welcome to the Annual General Meeting of Argo Blockchain PLC. I'm Justin Nolan, Director and Chief Executive Officer of Argo Blockchain PLC. While we're waiting for quorum, I'm happy to answer any questions. [audio distortion] Yeah, because they're all waiting. Yeah, yes. [audio distortion] [audio distortion] Yes. We thought if you'd like to ask questions, whilst waiting [audio distortion]. If not, Justin, do you want to cover the announcement this morning? If that's true. Sure. I'd like to address the announcement this morning. Since joining Argo earlier this year, every working hour has been devoted to dealing with the baby bond debt. We engaged Stifel and Miller Buckfire, restructuring specialists, and we've spoken to everyone in the industry who may be interested in a transaction with Argo. Their feedback was unanimous. The baby bond debt was too much to take on, and they could not see a way to restructure the debt. While this is not the optimal outcome as a result of the financial position of the company, as directors, we owe a higher duty to creditors than shareholders, and our hands are tied. While other parties could not see a way to deal with the baby bond debt, Growler has invested significant time and effort working with Argo to consider available restructuring and funding options both in the U.K. and U.S. to identify a practical solution to the baby bonds. As a result of that work, we found a solution through a Part 26A restructuring, as announced this morning. None of us are happy that we are in this position. However, it was clear from the advice received that the only alternative available to the company was a liquidation. The first one is, with only downward progress in the last two or three years, do the team have any ideas as to how to turn the business around? I think I've partially answered that with today's announcement. The answer is it's very difficult to grow with the amount of baby bond debt that we have, and it was dragging the company down. Not exactly a new idea, but unfortunately, the only one we had was to strike the deal with Growler. The value of the shares decreased drastically the last two years, meaning that the shareholders do not have a lot of trust in the company and its abilities to have a sustainable growth path. What the company can do to reassure the investors, like I am, to keep the share on their portfolio? Or shall we accept the huge loss this situation led to? I have more than 400,000 shares that lost more than 90% of their value. What to expect? I believe I've answered this. Yes. My last one is to ask a question. When you say [audio distortion] I do. Yes. Yes. Thank you for being clear. Obviously not what we wanted, but the Chapter 7 Liquidation or the liquidation would have produced the same result for shareholders. [audio distortion] The board's fiduciary responsibility is to look to protect creditors in this situation. [audio distortion] That's what we had to do. [audio distortion] The remaining questions here in this chat are all about what we're going to do to turn the company around. I don't think I need to continue with those. I'm looking for one that does not ask that. Why did Argo get into this position? I joined Argo five months ago, and I've had a previous stint as the Chief Growth Officer many years ago. I sold Helios to Argo many years ago, and unfortunately, Argo just took on too much debt, and that's the reason we're here today. There was really no way to get around that. We couldn't find a partner who would work with us to refinance that debt or take on that debt. Our only options were liquidation or something like this, which we chose the Growler option. Do you believe that Galaxy Digital [audio distortion] not allowed to carry on with the lease or the Helios after two years of agreement that you had to stay? Because especially when a lot of shareholders like me know that Galaxy Digital was regarded [audio distortion] I can speak to my experience in the past five months. I don't think it would be appropriate to speak on stuff that I wasn't a part of. I don't really know the inner workings of that Galaxy deal. I was actually leaving Argo at that time. While I'd love to answer your question, I am very sorry that this is the result that ended up. Why? It's just you today. Why? It's not really the financial officer. Why it's not really the Argo program like last year, [audio distortion] I wanted to be here to answer to the announcement we made this morning. We did not feel like the CFO was the appropriate person to come and answer these questions. If there are additional questions that you want to submit, we are happy to try and put together answers and put that out. At this point, the company decided to send me. [audio distortion] Much of it was debt. [audio distortion] private shareholders or retail shareholders or it was in the family offices who were willing to lend the money? I'm not sure about that. I don't know the answer to that. Over the last few years, how much of the, what would you attribute the stock price to, like the spike in 2021? And what was that all about? Was there any sort of, was it a bit of merit of the business? Or I don't understand what it was. What was. What was the program? Was it short sellers or something like that? Was it? For. In 2001? Yes. I don't know. You don't know? I don't know. I was a freshman in college at the time, unfortunately. I don't know. Was Argo? I don't know. Right. In 2021. When exactly? When When it sort of shot up? I think in 2021, Argo IPOed on the NASDAQ, and they took a lot of risk building out Helios and buying a tremendous amount of machines. That pumped the stock price. Right. Why? [audio distortion] CEO resigned? [audio distortion] I don't know. I've had a few conversations with Thomas. I like Thomas a lot. I don't know why he resigned. He just said he had other things that he wanted to spend his time on. So basically, you resigned on the 27th of June, which was Friday, correct? Again, I'm not sure what happened with Tom. That was. I mean, you are the CEO. Correct. Yes. You resigned last Friday. No, you're not sure. Matt Shaw. Oh, that was the chairman. chairman. Yes. How should I understand? This is the annual report, which has got 135 pages. I would say it looks all rosy. I would say it is perhaps very impartial. Nevertheless, for the past [audio distortion] back in November 2022 that it can go bust, eventually you made the deal with Galaxy Digital, and Argo was able to pay a huge amount of debt through the Bitcoins, which previous management kept. As far as I can remember, it was for loss. The Bitcoins had been sold for loss due to the Bitcoin price dropping heavily. The previous CEO was announcing, "We slash into debt. We want to be extremely careful. We want to strengthen the balance sheet. We want to succeed as a Bitcoin miner. We're trying our best to mine Bitcoin in the most profitable way". At the end of the day, the announcement, why this is noted, is just undermining everything. Because the company had debt, how much it was? More than nearly $220 million two years ago. You were able to slash it down to $40 million. The $40 million baby bonds were the only obstacle. Suddenly, we can hear that, "Oh, the baby bonds was just too much for the company." I just found it very strange. Argo's financial position was deteriorating rapidly. We would be out of money in August. [audio distortion] [audio distortion] None of that dealt with the $40 million in baby bond debt. We would be raising money to continue to kick the can. Also, the results of this vote so far would make it difficult for us to raise money. We felt like it was the best decision to protect creditors, which is our duty. Unfortunately, we ended up here. Please ask more questions. Just if there are no other questions, we can put the whole screen up for a minute. Okay. [audio distortion]