IRC Limited — Capital/Financing Update 2018

Apr 4, 2018

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)

IRC – Record-high monthly sales volume

Wednesday, 4 April 2018: IRC Limited (“IRC” or the “Company”, together with its subsidiaries, the “Group”; Stock Code 1029) is pleased to announce that the congestion at the Trans-Siberian Railway has gradually been resolved, allowing K&S to ship its products to customers efficiently to achieve a historical monthly sales record. Besides, as the cold weather subsides, the Drying Unit at K&S is no longer needed and the mine is gearing up to operate at full capacity later this year.

As stated in IRC’s 2017 Fourth Quarter Trading Update, the Trans-Siberian Railway congestion had been affecting shipment of products to K&S’ customers. Recently, as the Russian railway authority has gradually resolved the congestion issue, K&S is able to ship its products to customers more smoothly and efficiently. In March 2018, K&S sold more than 185,000 tonnes of iron ore concentrate, the highest monthly sales record not only for K&S but also for the Group.

Besides, as reported previously, the K&S site team had encountered certain technical issues with the Drying Unit which resulted in the plant not operating at load. With the current warm spring weather, the Drying Unit is no longer required for production. This simplifies the production process and also removes one of the bottlenecks in the commissioning programme.

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

“The issues with the railway transportation and the Drying Unit have been affecting our ramping up programme for months, and it is good to note that these bottlenecks are gradually being resolved. As the K&S site team continues resolving the remaining commissioning issues and fine tuning the production process, K&S is preparing to operate at full capacity later this year.”

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

Hong Kong, People’s Republic of China Wednesday, 4 April 2018

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 Benjamin Tze For Ng, and Mr Chi Kin Cheng. The Independent Non-Executive Directors are Mr Daniel Bradshaw, Mr. Chuang-Fei Li, Mr Simon Murray, CBE, Chevalier de la Légion d’Honneur, Mr Jonathan Martin Smith and Mr Raymond Kar Tung Woo.

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:

Kent Lo

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

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