IRC Limited — Capital/Financing Update 2017

Jan 18, 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: 200,000 tonnes of Iron Ore Concentrates sold, capitalising on the Stronger Price Market

Thursday, 19 January 2017: IRC Limited (“IRC” or the “Company”, together with its subsidiaries, the “Group”; Stock Code 1029) is pleased to announce that to date K&S has successfully shipped c. 200,000 tonnes of iron ore concentrates, a significant milestone in the commissioning of K&S.

K&S continues its ramp up programme with more continuous production. While the trial production is progressing, more products have been produced and sold. As of 18 January 2017, K&S has cumulatively shipped c.200,000 tonnes of iron ore concentrates to Chinese customers while taking advantage of the recent stronger iron ore price market. The average spot price of the benchmark 62% iron content delivered to the Chinese port of Qingdao was US$70 per tonne in the fourth quarter of 2016 which is 21% higher than that of the previous quarter.

Commenting on the news above, Yury Makarov, Chief Executive Officer of IRC said:

“I am pleased to see K&S having sold its first 200,000[th] tonne of iron ore concentrates in the current stronger price market. We are proud of the work done by the site team. With K&S coming on stream on the back of the stronger iron ore market, IRC benefits from the tailwind and is in a good position to start 2017.”

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Loading of iron ore concentrates onto wagons

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Drilling work on K&S open pit mine

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

Hong Kong, People’s Republic of China Thursday, 19 January 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) 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 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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