IRC Limited — Capital/Financing Update 2012

Jul 12, 2012

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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(Incorporated in Hong Kong with limited liability) (Stock Code: 1029)

COMPLETION OF THE MOLYBDENUM EXPLORATION ACQUISITION

The Board of IRC is pleased to announce that as the relevant conditions precedent to the transaction agreement for the acquisition of the molybdenum exploration project have been fulfilled; and that completion of the transaction took place on Wednesday July 11, 2012. The Consideration Shares have been issued to the relevant vendors in accordance with the terms and conditions of the transaction agreement. The Company has also successfully acquired the Option.

Reference is made to the announcement of IRC Limited (the ‘‘Company’’) dated 10 April 2012 (‘‘the ‘‘Announcement’’) in relation to:

• (a) the acquisition of a controlling 50% plus one share interest (‘‘the Acquisition’’) in Caedmon involving the issuance of Consideration Shares under the general mandate granted to the Directors at the 2011 Annual General Meeting of the Company;

• (b) the cash consideration payable of US$180,000 to obtain the exclusive option (‘‘Option’’) to acquire the remaining shares in Caedmon; and

• (c) the cash consideration payable of US$320,000 in respect of Shareholder Debt.

Unless otherwise stated, terms used herein shall have the same meanings as defined in the Announcement.

The Board of Directors of the Company is pleased to announce that as the relevant conditions precedent to the transaction agreement have been fulfilled, completion of the Acquisition took place on Wednesday July 11, 2012 pursuant to which a total 57,352,941 new ordinary shares have been successfully allotted and issued: 54,491,029 to Sangritta and 2,861,912 to Lania respectively in

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accordance with the terms and conditions of the transaction agreement. Upon completion, the Company became the majority shareholder of Caedmon. On completion, the Company has also successfully acquired the Option.

The enlarged new number of ordinary shares in IRC is 3,419,352,941.

By Order of the Board G. JAY HAMBRO Executive Chairman

Hong Kong, People’s Republic of China

Thursday July 12, 2012

As at the date of this announcement, the Executive Directors of the Company are Mr G. Jay Hambro, Mr Yury Makarov, and Mr Raymond Kar Tung Woo. The Non-Executive Director is Mr Simon Murray, CBE, Chevalier de la Légion d’Honneur. The Independent Non-Executive Directors are Mr Daniel Bradshaw, Mr Jonathan Martin Smith and Mr Chuang-Fei Li.

Investors

Nicholas Bias, Head of Communications Office: +852 2772 0007 Mobile: +852 9088 1029 Email: nb@ircgroup.com.hk

Media (Racepoint Limited)

Tony Turner Office: +852 3111 9988 Fax: +852 3111 9928 Email: tturner@racepointgroup.com

Monika Yeung Office: +852 3111 9988 Fax: +852 3111 9964 Email: myeung@racepointgroup.com

Registered Office IRC Limited 6H, 9 Queen’s Road Central Hong Kong Office: +852 2772 0007 Fax: +852 2772 0329 Email: ir@ircgroup.com.hk Website: www.ircgroup.com.hk

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