IRC Limited — Capital/Financing Update 2017

Mar 16, 2017

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 the Hong Kong with limited liability)

(Stock code: 1029)

K&S: GOOD PRODUCTION RAMPING UP PROGRESS FULL COMMERCIAL PRODUCTION AS SCHEDULED

Friday, 17 March 2017: IRC Limited (“IRC” or the “Company”, together with its subsidiaries, the “Group”; Stock Code 1029) is pleased to announce of the good production ramping up progress at K&S. The plant is on track for the full capacity and commercial production in the first half of 2017.

The remedial works of the ball mill is progressing well with all replacement parts arriving on site last week. All installation works have been completed this week with cold run test being in the process. Testing is expected to be completed soon, which then allow K&S to ramp up to its full capacity for commercial production as scheduled. Last month, while the site team was fixing the ball mill, K&S continued its commissioning programme and operated at a stable capacity with three out of four ball mills, using adjusted processing scheme. Despite this hiccup, K&S still managed to produce over 100,000 tonnes of iron ore products which were sold on market prices to give IRC an operational cash income stream.

Commenting on the news above, Yury Makarov, Chief Executive Officer of IRC said “We are proud that K&S managed to produce at the scheduled capacity level and targeted product quality despite hiccups at the ball mills. Our products are well-received among customers in North-Eastern China. We are pleased that we are taking advantage of the current strong price market and receiving cash inflow regularly.

Now that the remedial works of the ball mill have commenced with all replacement parts in place, we are confident that K&S can ramp up as planned and reach its full design production capacity in the first half of the year.”

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Ball mill at K&S Processing Plant

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

Hong Kong, People’s Republic of China Friday, 17 March 2017

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 (Benjamin Ng as his alternate), Mr Raymond Kar Tung Woo and Mr Cheng Chi Kin. 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 Fax: +852 2772 0329 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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