IRC Limited — Major Shareholding Notification 2021

Dec 23, 2021

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 DISPOSAL OF ENTIRE STAKE BY A SUBSTANTIAL SHAREHOLDER AND PLEDGE OF SHARES

Thursday, 23 December 2021: The board of directors of IRC Limited (“ IRC ” or the “ Company ” together with its subsidiaries, the “ Group ”; Stock Code 1029) wishes to provide its shareholders and potential investors with an update on arrangements that have been entered into by Stocken Board AG (“ Stocken ”) pending completion of the disposal of Stocken’s entire stake in the Company.

Reference is made to the Company’s announcement dated 9 December 2021 disclosing that, among other things, Stocken had entered into two sale and purchase agreements to dispose of Stocken’s entire stake in the Company (being 2,120,000,000 shares of the Company, which represents 29.86% of the total issued share capital of the Company) to Gazprombank (“ GPB ”) (through its wholly-owned subsidiary Cerisier Ventures Limited) and Mr Dmitry Bakatin (through his wholly-owned company Major Mining Partner (CY) Limited).

On 21 December 2021 (after trading hours), the Company received Disclosure of Interest Forms under Part XV of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) disclosing that Stocken has entered into a deed of share charge. Pursuant to the share charge, Stocken has pledged the 2,120,000,000 shares of the Company in favour of GPB for the Group’s GPB facilities (as at 23 December 2021, the amount outstanding under the GPB facilities was approximately US$113 million). The Disclosure of Interest Forms disclose that the share charge became effective on 10 December 2021.

The Company understands from Stocken that the share charge has been put in place pending completion of the above sale and purchase agreements and will be released on completion of these transactions. Accordingly, the Company understands that as at the date of this announcement, neither of the above sale and purchase agreements have completed, and Stocken remains the holder of the 2,120,000,000 shares of the Company.

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The Company will make a further announcement upon becoming aware that completion has occurred under either or both of the sale and purchase agreements.

Shareholders of the Company and potential investors of the Company are advised to exercise caution when dealing in the shares of the Company.

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

Hong Kong, People’s Republic of China Thursday, 23 December 2021

As at the date of this announcement, the Executive Director of the Company is Mr Yury Makarov. The Non-Executive Directors are Mr Peter Hambro and Mr Danila Kotlyarov. The Independent Non-Executive Directors are Mr Daniel Bradshaw, Mr Jonathan Martin Smith, Mr Raymond Kar Tung Woo and Mr Martin Davison.

IRC Limited

6H, 9 Queen’s Road Central Hong Kong Telephone: +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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