New Risk • Jul 03
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: HK$766.8m (US$97.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 55% per year over the past 5 years. Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). Minor Risk Market cap is less than US$100m (HK$766.8m market cap, or US$97.8m). Announcement • May 29
IRC Limited, Annual General Meeting, Jun 23, 2026 IRC Limited, Annual General Meeting, Jun 23, 2026, at 14:30 China Standard Time. Location: hong thai expo and business centre, 5/f, united centre, 95 queensway, admiralty., Hong Kong Reported Earnings • Apr 30
Full year 2025 earnings released: US$0.10 loss per share (vs US$0.023 loss in FY 2024) Full year 2025 results: US$0.10 loss per share (further deteriorated from US$0.023 loss in FY 2024). Revenue: US$258.1m (up 17% from FY 2024). Net loss: US$131.5m (loss widened US$111.0m from FY 2024). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 26
Full year 2025 earnings released: US$0.10 loss per share (vs US$0.023 loss in FY 2024) Full year 2025 results: US$0.10 loss per share (further deteriorated from US$0.023 loss in FY 2024). Revenue: US$258.1m (up 17% from FY 2024). Net loss: US$131.5m (loss widened US$111.0m from FY 2024). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Announcement • Mar 11
IRC Limited to Report Fiscal Year 2025 Results on Mar 25, 2026 IRC Limited announced that they will report fiscal year 2025 results on Mar 25, 2026 New Risk • Feb 07
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 50% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 53% per year over the past 5 years. Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). New Risk • Oct 27
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: HK$677.3m (US$87.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 53% per year over the past 5 years. Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). Minor Risk Market cap is less than US$100m (HK$677.3m market cap, or US$87.2m). Announcement • Oct 25
IRC Limited has filed a Follow-on Equity Offering in the amount of HKD 325.87689 million. IRC Limited has filed a Follow-on Equity Offering in the amount of HKD 325.87689 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 638,974,294
Price\Range: HKD 0.51
Discount Per Security: HKD 0
Transaction Features: Rights Offering Reported Earnings • Sep 29
First half 2025 earnings released: US$0.08 loss per share (vs US$0.015 loss in 1H 2024) First half 2025 results: US$0.08 loss per share (further deteriorated from US$0.015 loss in 1H 2024). Revenue: US$122.8m (up 9.3% from 1H 2024). Net loss: US$102.0m (loss widened US$88.7m from 1H 2024). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 28
First half 2025 earnings released: US$0.08 loss per share (vs US$0.016 loss in 1H 2024) First half 2025 results: US$0.08 loss per share (further deteriorated from US$0.016 loss in 1H 2024). Revenue: US$122.8m (up 9.3% from 1H 2024). Net loss: US$102.0m (loss widened US$88.7m from 1H 2024). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Announcement • Aug 12
IRC Limited to Report First Half, 2025 Results on Aug 21, 2025 IRC Limited announced that they will report first half, 2025 results on Aug 21, 2025 Board Change • Aug 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. CEO & Executive Director Denis Vitalievich Cherednichenko was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Jun 27
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: HK$79.2m (US$10.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 44% per year over the past 5 years. Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). Minor Risk Market cap is less than US$100m (HK$79.2m market cap, or US$10.1m). Announcement • May 16
IRC Limited, Annual General Meeting, Jun 25, 2025 IRC Limited, Annual General Meeting, Jun 25, 2025, at 14:30 China Standard Time. Reported Earnings • Apr 26
Full year 2024 earnings released: US$0.002 loss per share (vs US$0.018 loss in FY 2023) Full year 2024 results: US$0.002 loss per share (improved from US$0.018 loss in FY 2023). Revenue: US$221.2m (down 13% from FY 2023). Net loss: US$20.5m (loss narrowed 87% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 27
Full year 2024 earnings released: US$0.002 loss per share (vs US$0.018 loss in FY 2023) Full year 2024 results: US$0.002 loss per share (improved from US$0.018 loss in FY 2023). Revenue: US$221.2m (down 13% from FY 2023). Net loss: US$20.5m (loss narrowed 87% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Announcement • Mar 11
IRC Limited to Report Q4, 2024 Results on Mar 20, 2025 IRC Limited announced that they will report Q4, 2024 results on Mar 20, 2025 New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 50% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 45% per year over the past 5 years. Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). New Risk • Dec 23
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 50% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 45% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (50% increase in shares outstanding). New Risk • Oct 23
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: HK$775.3m (US$99.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 45% per year over the past 5 years. Minor Risk Market cap is less than US$100m (HK$775.3m market cap, or US$99.8m). Reported Earnings • Sep 30
First half 2024 earnings released: US$0.002 loss per share (vs US$0.008 loss in 1H 2023) First half 2024 results: US$0.002 loss per share (improved from US$0.008 loss in 1H 2023). Revenue: US$112.3m (down 19% from 1H 2023). Net loss: US$13.2m (loss narrowed 80% from 1H 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. New Risk • Sep 19
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: HK$775.3m (US$99.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 45% per year over the past 5 years. Minor Risk Market cap is less than US$100m (HK$775.3m market cap, or US$99.5m). Announcement • Aug 14
IRC Limited to Report First Half, 2024 Results on Aug 26, 2024 IRC Limited announced that they will report first half, 2024 results on Aug 26, 2024 Announcement • May 31
IRC Limited, Annual General Meeting, Jun 26, 2024 IRC Limited, Annual General Meeting, Jun 26, 2024, at 14:30 China Standard Time. Location: hong thai expo and business centre, 5/f, united centre, 95 queensway, admiralty, Hong Kong Reported Earnings • Apr 30
Full year 2023 earnings released: US$0.018 loss per share (vs US$0.012 loss in FY 2022) Full year 2023 results: US$0.018 loss per share (further deteriorated from US$0.012 loss in FY 2022). Revenue: US$253.0m (down 9.2% from FY 2022). Net loss: US$156.8m (loss widened 78% from FY 2022). Production and reserves: Iron Production: 2.467 Mt (2.57 Mt in FY 2022) Proved and probable reserves (ore): 346.1 Mt (349.8 Mt in FY 2022) Number of mines: 2 (1 in FY 2022) Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. New Risk • Apr 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 39% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Significant insider selling over the past 3 months (HK$168m sold). Reported Earnings • Mar 28
Full year 2023 earnings released: US$0.018 loss per share (vs US$0.012 loss in FY 2022) Full year 2023 results: US$0.018 loss per share (further deteriorated from US$0.012 loss in FY 2022). Revenue: US$253.0m (down 9.2% from FY 2022). Net loss: US$156.8m (loss widened 78% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Announcement • Mar 12
IRC Limited to Report Fiscal Year 2023 Final Results on Mar 20, 2024 IRC Limited announced that they will report fiscal year 2023 final results on Mar 20, 2024 Announcement • Mar 06
IRC Limited to Report Q4, 2023 Results on Mar 07, 2024 IRC Limited announced that they will report Q4, 2023 results Pre-Market on Mar 07, 2024 Announcement • Feb 23
Axioma Capital Fze Llc completed the acquisition of 26% stake in IRC Limited (SEHK:1029). Axioma Capital Fze Llc made an offer to acquire remaining 69.39% stake in IRC Limited (SEHK:1029) for approximately HKD 700 million on November 1, 2023. Under the terms, Axioma will pay HKD 0.118 per share as consideration. Axioma intends to finance the transaction from its own internal resources. An Independent Board Committee has been established for the transaction. The offer is conditional on valid acceptances being received that will result in Axioma holding more than 50% of the voting rights in IRC Limited. The Board of Directors of IRC Limited recommended the shareholders to accept the offer. The transaction is expected to complete on January 12, 2024. As on January 12, 2024, the closing date has been extended to February 20, 2024. As on February 8, the offer became unconditional and will remain open for acceptances till February 22, 2024. Red Sun Capital Limited acted as financial advisor for Axioma Capital while Amasse Capital Limited acted as financial advisor while Union Registrars Limited acted as a registrar for IRC Limited.Axioma Capital Fze Llc completed the acquisition of 26% stake in IRC Limited (SEHK:1029) on February 22, 2024. Reported Earnings • Aug 31
First half 2023 earnings released: US$0.008 loss per share (vs US$0.011 loss in 1H 2022) First half 2023 results: US$0.008 loss per share (improved from US$0.011 loss in 1H 2022). Revenue: US$139.2m (down 16% from 1H 2022). Net loss: US$65.7m (loss narrowed 16% from 1H 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Announcement • Aug 24
IRC Limited Provides Unaudited Consolidated Earnings Guidance for the Six Months Ended 30 June 2023 IRC Limited provided unaudited consolidated earnings guidance for the six months ended 30 June 2023. For the period, the company expects to record a profit attributable to the owners of the Company, excluding assets impairment, in the range of approximately USD 5 million to USD 10 million for the Current Period for the six months ended 30 June 2022. Announcement • Aug 16
IRC Limited to Report First Half, 2023 Results on Aug 23, 2023 IRC Limited announced that they will report first half, 2023 results on Aug 23, 2023 Buying Opportunity • Jun 15
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be HK$0.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Meanwhile, the company became loss making. Announcement • Jun 07
IRC Limited, Annual General Meeting, Jun 29, 2023 IRC Limited, Annual General Meeting, Jun 29, 2023, at 14:30 China Standard Time. Location: Hong Thai Expo and Business Centre, 5/F, United Centre, 95 Queensway Admiralty Hong Kong Agenda: To receive and consider the reports of the directors and the auditor of the Company together with the audited consolidated financial statements for the year ended 31 December 2022; to re-appoint RSM Hong Kong as auditor of the Company and authorise the board of directors of the Company to fix the auditor's remuneration; to elect Mr Denis Vitalievich Cherednichenko as an executive director of the Company; and to consider other matters. Board Change • May 11
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 1 experienced director. No highly experienced directors. Independent Non-Executive Director Dmitry Vsevolodovich Dobryak is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Mar 31
Full year 2022 earnings released: US$0.012 loss per share (vs US$0.019 profit in FY 2021) Full year 2022 results: US$0.012 loss per share (down from US$0.019 profit in FY 2021). Revenue: US$278.8m (down 25% from FY 2021). Net loss: US$87.9m (down 166% from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Announcement • Feb 11
IRC Limited Provides Group Earnings Guidance for the Year Ended December 31, 2022 IRC Limited Provided Group Earnings Guidance for the Year Ended December 31, 2022. For the year, the Group expects to record a loss attributable to the owners of the Company of between approximately USD 90 million to USD 100 million (corresponding period in 2021: profit of USD 134 million). Reported Earnings • Sep 01
First half 2022 earnings released: US$0.011 loss per share (vs US$0.014 profit in 1H 2021) First half 2022 results: US$0.011 loss per share (down from US$0.014 profit in 1H 2021). Revenue: US$165.7m (down 24% from 1H 2021). Net loss: US$77.9m (down 179% from profit in 1H 2021). Over the next year, revenue is forecast to grow 52%, compared to a 2.5% growth forecast for the Metals and Mining industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 02
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: US$0.019 (up from US$0.014 in FY 2020). Revenue: US$371.3m (up 65% from FY 2020). Net income: US$134.1m (up 33% from FY 2020). Profit margin: 36% (down from 45% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 9.3%. Earnings per share (EPS) also missed analyst estimates by 21%. Over the next year, revenue is forecast to grow 29%, compared to a 23% growth forecast for the mining industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 31
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: US$0.019 (up from US$0.014 in FY 2020). Revenue: US$371.3m (up 65% from FY 2020). Net income: US$134.1m (up 33% from FY 2020). Profit margin: 36% (down from 45% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 9.3%. Earnings per share (EPS) also missed analyst estimates by 21%. Over the next year, revenue is forecast to grow 36%, compared to a 10% growth forecast for the mining industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 30
First half 2021 earnings released: EPS US$0.014 (vs US$0.001 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: US$217.2m (up 105% from 1H 2020). Net income: US$98.3m (up US$92.3m from 1H 2020). Profit margin: 45% (up from 5.6% in 1H 2020). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 05
Full year 2020 earnings released: EPS US$0.014 (vs US$0.005 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: US$224.6m (up 27% from FY 2019). Net income: US$100.6m (up US$139.2m from FY 2019). Profit margin: 45% (up from net loss in FY 2019). Production and reserves: Iron Production: 2.748 Mt (2.497 Mt in FY 2019) Proved and probable reserves (ore): 389.8 Mt (371.8 Mt in FY 2019) Number of mines: 1 (1 in FY 2019) Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings.