IRC Limited — Capital/Financing Update 2012

Jul 25, 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 BOLSHOI SEYM ACQUISITION

The Board of IRC is pleased to announce that as the relevant conditions precedent to the subscription agreement for the acquisition of the remaining 51% ownership of the high-grade ilmenite Bolshoi Seym Deposit have been fulfilled, completion of the transaction took place on Tuesday, July 24, 2012. The Consideration Shares have been issued to the relevant vendor in accordance with the terms and conditions of the subscription agreement.

Reference is made to the announcement of IRC Limited (the ‘‘Company’’) dated April 10, 2012 (the ‘‘Announcement’’) in relation to the acquisition of the remaining 51% the Company did not own in LLC Uralmining (the company which holds exploration and mining licences for Bolshoi Seym) and the assignment of indebtedness owing by LLC Uralmining to the Company (collectively, the ‘‘Transaction’’).

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 subscription agreement have been fulfilled, completion of the Transaction took place on Tuesday, July 24, 2012 pursuant to which 74,681,360 new ordinary shares of the Company have been successfully allotted and issued to Intergeo Management Limited in accordance with the terms and conditions of the subscription agreement. Upon completion, LLC Uralmining became a wholly owned subsidiary of the Company.

The enlarged new number of ordinary shares in IRC is 3,494,034,301.

By Order of the Board G. JAY HAMBRO Executive Chairman

Hong Kong, People’s Republic of China Wednesday, July 25, 2012

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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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