IRC Limited — Capital/Financing Update 2016

Dec 20, 2016

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)

UPDATE ON PROJECT FINANCE FACILITY

Wednesday, 21 December 2016: IRC Limited (“IRC” or the “Company”, together with its subsidiaries, the “Group”; Stock Code: 1029) makes this announcement pursuant to Rules 13.09(2)(a) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (“ Listing Rules ”) and the Inside Information Provisions (as defined under the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571, Laws of Hong Kong).

As stated in the Company’s announcement dated 1 December 2016, a US$340 million project finance facility between the Company’s wholly-owned subsidiary, Kimkano-Sutarsky Mining and Beneficiation Plant LLC (“ K&S ”), and the Industrial and Commercial Bank of China Ltd (“ ICBC ”) was entered into on 13 December 2010 (the “ Project Finance Facility ”), with the amount outstanding under the Project Finance Facility being US$255 million and an instalment of principal and interest of approximately US$26 million due for payment by K&S to ICBC on 20 December 2016.

The payment of approximately US$26 million to ICBC was made on 20 December 2016, within the required time frame.

The amount paid to ICBC comprised loan amounts received pursuant to certain loan agreements entered into by the Group with lenders who are third parties independent of the Group, and internal cash resources of the Group.

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The Group continues to be in discussions with ICBC regarding further proposals for a restructuring, amendment or waiver under the Project Finance Facility.

By Order of the Board IRC Limited Yury Makarov Chief Executive Officer

Hong Kong, People’s Republic of China Wednesday, 21 December 2016

As at the date of this announcement, the Executive Directors of the Company are Mr Yury Makarov and Mr Danila Kotlyarov. The Non-Executive Directors are Mr George Jay Hambro, Mr Cai Sui Xin (Mr Benjamin Ng as his alternate) and Mr Raymond Kar Tung Woo. The Independent Non-Executive Directors are Mr Daniel Bradshaw, Mr Simon Murray, CBE, Chevalier de la Légion d’Honneur, Mr Chuang-Fei Li and Mr Jonathan Martin Smith.

IRC Limited

6H, 9 Queen’s Road Central Hong Kong Tel: +852 2772 0007 Email: ir@ircgroup.com.hk Website: www.ircgroup.com.hk

For further information please visit www.ircgroup.com.hk or contact:

Shirly Chan

Manager – Communications & Investor Relations Telephone: +852 2772 0007 Mobile: +852 9688 8293 Email: sc@ircgroup.com.hk

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