IRC : RE-DESIGNATION OF EXECUTIVE DIRECTOR FINANCE LEADERSHIP CHANGE

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.

(Incorporated in Hong Kong with limited liability)

(Stock code: 1029)

RE-DESIGNATION OF EXECUTIVE DIRECTOR

FINANCE LEADERSHIP CHANGE

Friday, 31 January 2020: IRC Limited ("IRC" or the "Company", together with its subsidiaries, the "Group"; Stock Code 1029) advises that, further to the announcement of 7 November 2019 concerning the finance leadership transition, Mr Danila Kotlyarov will relinquish his role as Executive Director, Chief Financial Officer and Authorised Representative of the Company with effect from 1 February 2020 to become the Chief Financial Officer of Petropavlovsk PLC, which is a substantial shareholder of IRC holding 31.10% of the issued share capital of the Company. On the same date, Mr Kotlyarov will be re-designated as a Non-Executive Director of the Company.

The Board of directors of IRC is pleased to announce that, with effect from 1 February 2020, Mr Yury Makarov has been appointed as an Authorised Representative and Mr Johnny Shiu Cheong Yuen has been appointed as the Interim Chief Financial Officer of the Company.

The Board would like to take this opportunity to express its gratitude to Mr Danila Kotlyarov for his contribution to the Company during his tenure and also extend its welcome to Mr Yury Makarov and Mr Johnny Yuen on their respective new appointments.

FURTHER INFORMATION

Mr Danila Kotlyarov

Mr Danila Kotlyarov, aged 41, joined the Group (previously known as LLC Petropavlovsk Iron Ore, and LLC Aricom) in 2005 as Finance Director responsible over Russian and China operations, a role which transferred to IRC in 2010. Mr Kotlyarov subsequently was promoted to Deputy Chief Executive Officer with an enlarged responsibilities scope covering operations. He was promoted as the Executive Director and Chief Financial Officer of IRC on 26 January 2016. Mr Kotlyarov has led the Group through its development phase, notably through the completion of equity fund raising exercises and the refinancing of the ICBC loan. Before joining the Group, Mr Kotlyarov gained extensive financial management work experience in various international companies. He is a fellow member of the ACCA, a CFA charter holder and has a professional diploma in civil and industrial construction.

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Apart from relinquishing his role as Executive Director, Chief Financial Officer and Authorised Representative of the Company, Mr Kotlyarov will also resign from his position as a director of several of the subsidiaries of the Group.

Mr Kotlyarov has signed a letter of appointment to serve as Non-Executive Director of the Company for a term of 3 years commencing 1 February 2020, which can be terminated by either Mr Kotlyarov or the Company by giving 12 months' written notice. The Remuneration Committee of the Company is currently in discussion with Mr Kotlyarov to determine his remuneration. Details of Mr Kotlyarov's remuneration will be disclosed as soon as practicable after the terms of his remuneration have been determined.

As at the date of this announcement, Mr Kotlyarov is interested in 60,051,086 share options granted by the Company, representing 0.85% of the issued share capital of the Company. Save as disclosed herein, Mr Kotlyarov does not have any other interest in shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

Save as disclosed herein, Mr Kotlyarov does not hold, and has not held, in the last three years, any other directorships in public companies the securities of which are listed on any securities market in Hong Kong or overseas.

Save as disclosed above, Mr Kotlyarov does not hold, and has not held, any other positions within the Group and is not connected with any directors, senior management or substantial or controlling shareholders of the Company.

Mr Kotlyarov will cease to act as an Authorised Representative of the Company under Rule

3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited ("Listing Rules") on 1 February 2020 and this responsibility will be handed to Mr Yury Makarov, Executive Director and Chief Executive Officer of the Company.

There is no information to be disclosed pursuant to any of the requirements of rule 13.51(2)(h) to 13.51(2)(v) of the Listing Rules nor are there other matters that need to be brought to the attention of shareholders of the Company.

Mr Yury Makarov

Mr Yury Makarov, aged 45, joined the Group in 2010 as Chief Executive Officer and Executive Director. He began his career at NT Computers as an engineer, and later Commercial Director, with responsibility for sales, service and support. In 2002, he joined Aricom as COO and subsequently Petropavlovsk as the Group Head of Industrial Commodity Operations, before taking up his current role at IRC in 2010. Mr Makarov is a qualified systems engineer with a MA in Avionics from the Moscow State Aircraft Technology Institute.

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Mr Johnny Yuen

Mr Johnny Yuen, aged 46, joined the Group in 2010 before the listing of the Company and is the Company Secretary, Corporate Controller, and Authorised Representative of IRC. Mr Yuen began his career in KPMG and has over 20 years of financial management, accounting, auditing and administration experience, including working in various senior positions of listed companies in Hong Kong. Mr Yuen is a fellow member of the Hong Kong Institute of Certified Public Accountants and the Association of Chartered Certified Accountants. He holds a MBA from the Manchester Business School of University of Manchester and a BA in Accountancy from the City University of Hong Kong.

By Order of the Board

IRC Limited

Yury Makarov

Chief Executive Officer

Hong Kong, People's Republic of China

Friday, 31 January 2020

As at the date of this announcement, the Executive Directors of the Company are Mr Yury Makarov, Mr Danila Kotlyarov. The Non-Executive Directors are Mr Peter Hambro 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 Telephone: [phone]

Email: [e-mail]

Website: www.ircgroup.com.hk

For further information please visit www.ircgroup.com.hk or contact:

Kent Lo

Manager - Communications & Investor Relations

Telephone: [phone]

Mobile: [phone]

Email: [e-mail]

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