IRC Limited — Major Shareholding Notification 2021

Dec 6, 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)

INSIDE INFORMATION DISPOSAL OF ENTIRE STAKE BY A SUBSTANTIAL SHAREHOLDER AND CHANGE OF SINGLE LARGEST SHAREHOLDER

Monday, 6 December 2021: This announcement is made by IRC Limited (“ IRC ” or the “ Company ”, together with its subsidiaries, the “ Group ”; Stock Code 1029) pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on the Main Board of The Stock Exchange of Hong Kong Limited (the “ Listing Rules ”) and the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong).

Reference is made to the Company’s announcements dated 19 March 2020 and 28 May 2021. The board of directors of IRC notes that Petropavlovsk PLC (“ Petropavlovsk ”) made an announcement on 3 December 2021 regarding the disposal of Petropavlovsk’s stake in the Company (the “ Petropavlovsk Announcement ”). The Petropavlovsk Announcement discloses that:

• (i) on 3 December 2021, Petropavlovsk completed the disposal of 29.9% of the total issued share capital of the Company as at the date of this announcement to Stocken Board AG (“ Stocken ”) for a cash consideration to be paid of US$10 million. Completion of the transaction follows the satisfaction of the conditions precedent initially set out in the agreement between Petropavlovsk and Stocken dated 18 March 2020, including the irrevocable release of Petropavlovsk from all loan guarantees given to Gazprombank (“ GPB ”) in respect of the facility agreements signed in December 2018 between Kimkano-Sutarsky Mining and Beneficiation Plant LLC, a subsidiary of the Company, and GPB; and

• (ii) on 1 December 2021, Petropavlovsk completed the disposal of 1.2% of the total issued share capital of the Company as at the date of this announcement to UCP Industrial Holdings Limited for total consideration of US$2.24 million.

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Based on the Petropavlovsk Announcement, the Company understands that, as at the date of this announcement: (i) Petropavlovsk has ceased to hold any shares in the Company and ceased to be a shareholder in the Company; and (ii) Stocken is a substantial shareholder holding 29.9% of the issued share capital of the Company and is the largest single shareholder of the Company. As disclosed in the Company’s announcement dated 28 May 2021, Stocken previously informed the Company that it is a third party independent of and not connected with the Company and its connected persons.

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 Monday, 6 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, Mr Danila Kotlyarov, Mr Denis Alexandrov and Mr Aleksei Kharitontsev. 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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