IRC(01029) has reached a settlement with LLC KS GOK.

IRC (01029) announced that on January 23, 2025, LLC KS GOK and its engineering procurement construction contractor have agreed to mutually waive all claims (including interest and legal fees) related to the dispute in a comprehensive and final manner, and will withdraw all proceedings related to the dispute. As a result of the settlement, the Group expects to gain a one-time profit (unaudited) of approximately 46.4 million US dollars, mainly due to the reversal of the previously recorded payable engineering procurement construction contractor construction cost of approximately 22.7 million US dollars and accrued interest of approximately 23.7 million US dollars as of December 31, 2024. The actual profit to be obtained by the Group under the settlement agreement shall be subject to the final audit by the Company's auditors before it can be realized.