閣下如 對本通函任何內容或應採取的行動 有任何疑問，應諮詢股票經紀或其他 註冊證券商、銀行經理、律師、專業會計師或其他合適的獨立專業顧問。 閣下如已售出或轉讓 名下所有鐵江現貨有限公司（「本公司」）的股份，應立即將本 通函連同隨附的代表委任表格送交買主或承讓人，或經手買賣或轉讓的銀行、股 票經紀或其他代理人，以便轉交買主或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本通函全部或 任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 （於香港註冊成立的有限公司） （股份代號：1029） 此乃要件 請即處理 (1)發行及購回股份的一般授權、 (2)重選董事、 (3)建議股份合併、 (4)建議更改每手買賣單位 及 (5)股東週年大會通告 2025年股東週年大會（「股東週年大會」）謹訂於2025年6月25日（星期三）下 午2時30 分假座香港金鐘金鐘道95號統一中心5樓康泰會展商務中心舉行，召開大會的通 告載於本通函第24至29頁。無 論 閣 下 是 否 有 意 出 席 股 東 週 年 大 會，務 請 將 隨 附 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 （於 香 港 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1029） – 1 – 股 東 及 本 公 司 潛 在 投 資 者 務 請 注 意，股 份 合 併 須 待 本 公 告「股 份 合 併 的 條 件」 一 段 所 載 的 條 件 達 成 後，方 可 作 實。因 此，股 份 合 併 未 必 會 進 行。 建議股份合併及 更改每手買賣單位 建議股份合併 董事會建議按每十（10）股已發行現有股份合併為一（1）股合併股份的基準實 施 股 份 合 併。於 本 公 告 日 期，12,779,485,885股 現 有 股 份 已 配 發 及 發 行。於 股 份 合 併 生 效 後，假 設 自 本 公 告 日 期 直 至 股 份 合 併 生 效 日 期 並 無 進 一 步 發 行 或 購 回 現 有 股 份，將 有 不 超 過1,277,948, ...

(Incorporated in Hong Kong with limited liability) （於 香 港 註 冊 成 立 的 有 限 公 司） (Stock Code 股 份 代 號：1029) NOTIFICATION LETTER 通 知 信 函 Dear Non-Registered Shareholder (Note 1) , 25 April 2025 (If you have previously requested to receive Corporate Communication(s)(Note 2) in printed form, the printed copy (or copies) is/are enclosed.) You may at any time send your request in writing to the Company (c/o its Hong Kong share registrar, Union Registrars Limited ("Hong Kong Share Registrar") at Suites 3301-04, 33/F., ...

(Incorporated in Hong Kong with limited liability) （於 香 港 註 冊 成 立 的 有 限 公 司） (Stock Code 股 份 代 號：1029) NOTIFICATION LETTER 通 知 信 函 Dear Shareholder(s), 25 April 2025 The following document(s) of IRC Limited ("Company") has/have been prepared in English and Chinese and is/are available on the websites of the Company at www.ircgroup.com.hk and The Stock Exchange of Hong Kong Limited at www.hkexnews.hk (collectively "Websites"):- • Annual Report 2024 (If you have previously requested to receive Corporate Commu ...

Financial Performance - For the fiscal year 2024, the company reported an adjusted net loss of $15 million compared to a net profit of $9 million in the previous year, primarily due to a 6.6% decline in the average price of 65% iron ore and a 7.4% decrease in sales volume[16]. - The average price of 65% iron ore significantly impacted revenue, reflecting the challenges faced in the global iron ore market[16]. - The company’s EBITDA for 2024 was reported at $79.7 million, showing a decline from the previous year, highlighting the impact of market conditions on profitability[11]. - The company reported a loss attributable to shareholders of $20.5 million in 2024, a significant improvement from a loss of $156.8 million in 2023[55]. - The company recorded a basic EBITDA of $9.3 million in 2024, a significant decline from $45.8 million in 2023, attributed to lower sales prices, reduced production, and increased costs[108]. - Revenue from iron ore sales decreased by 12.6% from $253.0 million in 2023 to $221.2 million in 2024 due to falling prices and sales volume[64]. - Operating profit before changes in working capital decreased to $7.4 million in 2024 from $43.3 million in 2023, primarily due to a decline in sales volume and rising production costs[84]. Production and Operations - The company's production decreased by 3.6% due to the natural depletion of reserves at the Kimkan mine, while the new Sutara mine was successfully commissioned in the second half of the year, expected to enhance production quality and output[17]. - The company’s iron ore production decreased by 3.6% to 2,377,519 tons in 2024, while sales dropped by 7.4% to 2,342,633 tons[49]. - The Sutara mine commenced production in July 2024, contributing 3,676,000 tons of iron ore in the second half of the year, with expectations of further increasing its share of total mined ore[35]. - The average production capacity of K&S was only 75% in 2024, down from 87% in 2020, due to declining ore quality and increased stripping ratios[31]. - The transition of K&S mining operations from Kimkan to Sutara began in 2024, which is expected to alleviate production constraints[52]. - The company faced challenges with ore quality at the Kimkan site, impacting production in the first half of 2024[52]. - The operational efficiency of K&S improved in the second half of 2024, with an average production capacity of 81% in Q4, up from 67% in Q1[35]. Financial Position and Capital Management - The company completed a capital raising through a rights issue, significantly improving its liquidity position and financial strength to navigate challenging market conditions[20]. - The company successfully raised approximately $46.3 million through a rights issue, achieving an oversubscription rate of 21.9%, significantly enhancing its financial stability[40]. - The company’s cash and deposits increased to $60.7 million, representing a 242% improvement year-over-year, indicating enhanced financial resilience[11]. - At year-end, the company reported a cash balance of $60.7 million and an outstanding loan balance of $44.9 million, marking the first time it recorded a net cash position of $15.9 million since operations began in 2017[40]. - The company plans to utilize funds raised from a rights issue to reduce debt levels and enhance production capacity, including establishing an internal mining team[23]. - The company plans to repay $5 million of high-interest loans to MIC, reducing debt burden and interest expenses, thereby increasing financial flexibility[41]. - The debt-to-equity ratio decreased to 14.2% as of December 31, 2024, down from 23.3% in 2023, primarily due to the repayment of MIC loans[101]. Market Conditions and Challenges - The price of iron ore with 65% iron content averaged $123 per ton in 2024, a decrease of 6.6% compared to the previous year, amid significant market volatility[38]. - The Russian ruble depreciated nearly 10% from 85 rubles per dollar in 2023 to 93 rubles per dollar in 2024, leading to a 9.0% increase in cash costs per ton due to new temporary export taxes and high inflation rates[39]. - Geopolitical tensions and trade risks are impacting global markets, prompting the company to diversify its supply chain to mitigate operational risks[44]. - The company remains cautiously optimistic about China's economic development, which is crucial for global iron ore demand, while preparing for potential demand fluctuations[44]. Environmental, Social, and Governance (ESG) Initiatives - The company aims to further integrate environmental, social, and governance (ESG) factors into strategic decision-making to enhance its role as a responsible corporate citizen[22]. - The company emphasizes its commitment to environmental, social, and governance (ESG) responsibilities across all operational stages[155]. - The report covers the period from January 1, 2024, to December 31, 2024, in accordance with the Hong Kong Stock Exchange's ESG reporting guidelines[160]. - The company has established specific goals and deadlines for its environmental, social, and governance activities, which are reviewed annually by the board[161]. Workforce and Employee Management - The company employed 1,670 employees in 2024, an increase from 1,636 in 2023, with total employee costs rising to $32.9 million from $28.8 million[104]. - Employee turnover rate for 2024 reached 21.7%, with 333 employees leaving the company, exceeding the mining industry average[181]. - The company implemented measures to improve working conditions and increase wages, resulting in a reduction in employee turnover rate in 2024[182]. - The company established a training center to provide professional training, holding a vocational training license from the Jewish Autonomous Region Education Committee[198]. - The company aims to create a culture of excellence in the workplace, emphasizing high productivity and compliance with safety regulations[199].

Revenue and Sales Performance - Revenue decreased by 12.6% to $221.2 million (2023: $253.0 million) primarily due to ore quality issues in the first half of 2024[7] - Total revenue for the group was $221.2 million in 2024, representing a decline of 12.6% from $253.0 million in 2023[13] - Revenue from iron ore sales decreased by 12.6% from $253.0 million in 2023 to $221.2 million in 2024[28] - Revenue from sales of iron ore decreased to $220.954 million in 2024 from $252.935 million in 2023, representing a decline of approximately 12.6%[108] - Revenue from major customer A decreased to $198,827 thousand in 2024 from $235,287 thousand in 2023, a decline of approximately 15.5%[116] Production and Operational Efficiency - Production volume decreased by 3.6% to 2,378 thousand tons (2023: 2,467 thousand tons) due to ore quality issues[7] - The group's iron ore production decreased by 3.6% to 2,377,519 tons in 2024, compared to 2,466,829 tons in 2023[13] - The company plans to enhance Sutara's production capacity to improve output and operational efficiency[11] - The Sutara mine is expected to commence operations in July 2024, which may alleviate production constraints caused by the declining quality at the Kimkan mine[17] - K&S processing plant operated at only 75% of its capacity in 2024, down from 87% in 2020, due to declining ore quality and increased stripping ratios[77] Financial Performance and Costs - Cash cost per ton increased by 9.0% to $86.0 (2023: $78.9) mainly due to temporary export tariffs and inflation[7] - EBITDA adjusted for non-Hong Kong Financial Reporting Standards decreased to $9.3 million (2023: $45.8 million)[7] - Adjusted EBITDA (excluding non-recurring items and foreign exchange) dropped by 79.6% to $9.3 million in 2024, down from $45.8 million in 2023[16] - Cash costs increased by 9.0% to $86.0 per ton in 2024, attributed to lower production and a temporary export tax introduced in Q4 2023[18] - Operating profit before changes in working capital was $7.4 million in 2024, down from $43.3 million in 2023, attributed to lower sales volume, weaker prices, and increased production costs[44] Shareholder and Market Confidence - Shareholders' loss reduced to $20.5 million (2023: $156.8 million), with no impairment provision in 2024 (2023: impairment of $163.9 million)[7] - The chairman expressed confidence in the company's long-term prospects despite the challenging operational environment[8] - The company received strong support from shareholders for its equity raising initiative, reflecting confidence in its long-term prospects[68] Debt and Financing - The company completed a rights issue, significantly improving liquidity and financial strength[10] - The company raised approximately $46.3 million through a rights issue completed on December 13, 2024, issuing 4,259,828,628 shares[46] - The company repaid $195.1 million of the $240 million loan taken in 2019, leaving an outstanding debt of $44.9 million as of December 31, 2024[52] - The company plans to repay $5 million of high-interest loans to MIC Invest Limited, improving financial flexibility and reducing debt burden[84] Challenges and Future Outlook - The company faced operational challenges at the K&S mine due to suboptimal ore quality and limited mining areas, impacting production rates[21] - The company faced significant operational challenges in 2024, resulting in a loss situation due to the transition of K&S mining operations to Sutara and unforeseen difficulties[75] - The company maintains a cautious optimism regarding future market conditions, closely monitoring developments that may impact operations and the broader iron ore market[86] Environmental and Governance Commitment - The company is committed to sustainable and responsible operations as a key factor for long-term success[69] - The company will further integrate environmental, social, and governance factors into strategic decision-making[69] - The company aims to reduce its environmental footprint and contribute to the global low-carbon economy transition[71] Market and Economic Conditions - The company is actively monitoring geopolitical risks and trade tensions, particularly with respect to iron ore demand and supply chain disruptions[88] - The company remains cautiously optimistic about China's economic development and its impact on iron ore demand, despite structural challenges[89] - The current economic situation presents uncertainties regarding product demand and available financing[99]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。本 公 告 下 文 所 載 的 資 料 僅 供 參 考，並 不 構 成 收 購、購 買 或 認 購 本 公 司 股 份 的 邀 請 或 要 約。 香港皇后大道中9號6樓H室 電 話：+852 2772 0007 電 郵：ir@ircgroup.com.hk 網 址：www.ircgroup.com.hk （於 香 港 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1029） 董事會議召開日期 2024年業績將於2025年3月26日公佈 2025年3月11日（星 期 二）：鐵 江 現 貨 有 限 公 司（「鐵江現貨」或「本公司」，連 同 其 附 屬 公 司，統 稱「本集團」，股 份 代 號：1029）董事會（「董事會」）將 於2025年3月20日 召 開 會 議，以 考 慮 本 公 司 及 其 附 屬 公 司 截 至2024年12月31日止年 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。本 公 告 下 文 所 載 的 資 料 僅 供 參 考，並 不 構 成 收 購、購 買 或 認 購 本 公 司 股 份 的 邀 請 或 要 約。 （於 香 港 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1029） 截 至2024年12月31日止三個月的 第四季最新營運資料 產量及銷量較上一季有所上升 及 盈利警告 2025年2月27日（星 期 四）：鐵江現貨有限公司（「鐵江現貨」或「本公司」，連 同 其 附 屬 公 司 統 稱 「本集團」）董 事（「董 事」）會（「董事會」）欣然提呈截至2024年12月31日止三個月（「2024年第四季」） 的 第 四 季 最 新 營 運 資 料。 摘 要－2024年第四季 K ...

於2025年1月23日，LLC KS GOK及其工程採購建設承包商同意通過相互免除所 涉及所有申索的一切責任（包 括 利 息 及 法 律 費 用）的 方 式，全 面 及 最 終 地 解 決 爭 議，並 將 撤 銷 與 爭 議 有 關 的 所 有 程 序。 – 1 – 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 （於 香 港 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1029） 內幕消息 就LLC KS GOK達成和解 本公告由鐵江現貨有限公司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）根據香 港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第13.09條及香港 法例第571章證券及期貨條例第XIVA部項下內幕消息條文（定 義 見 上 市 規 則）刊 發。 茲提述(i)本公司於2010年12月7日 刊 發 的 公 告，內 容 有 關 本 公 司 全 ...

公司及行業 • 現金結餘減少至27.7百萬美元（2024年6月30日：39.4百 萬 美 元），主 要 由 於 鐵 礦 石 價 格 環 境 疲 弱，導 致 盈 利 能 力 下 降，經 營 成 本 增 加，銀 行 資 金 轉 賬 問 題 使 貿 易 應 收 款 項 增 加，繼 而 造 成 營 運 資 金 積 壓，以 及Sutara礦 石 料 堆 積 壓。鐵 江 現 貨 正 設 法 使 應 收 款 項 結 餘 回 復 正 常 水 平。淨 負 債 增 加 至31.1百萬美元（2024年6月30日：23.9百 萬 美 元），主 要 由 於 現 金 結 餘 減 少； 香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。本 公 告 下 文 所 載 的 資 料 僅 供 參 考，並 不 構 ...