SCIDEV LTD — AGM Information 2004

Oct 27, 2004

Superior and Sustainable Metals Production

Gordon Chiu Building J01 Department of Chemical Engineering Maze Crescent University of Sydney NSW 2006 Australia

Telephone: +612-9351-6741 Facsimile: +612-9351-7180 Email: mail@intec.com.au Website: www.intec.com.au

28 October 2004

Companies Announcements Office Australian Stock Exchange Limited

Presentations to the 2004 Annual General Meeting of Intec Ltd to be held at 5.30pm on Thursday 28 October 2004

Attached is a presentation to be given to shareholders at the 2004 Annual General Meeting to be held later today.

Yours sincerely Intec Ltd

Philip R. Wood

Philip R Wood Managing Director & Chief Executive Officer

$2004$ agm presentation for asx

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Superior & Sustainable Metals Production

Annual General Meeting 28 October 2004

Managing Director and Chici e mazie vacuityca Official C OVEYVIEV OF the past year's activities and the future outick

Corporate Strategy

Hellyer Metals Project

Intec Gold Process

Corporate Profile

Capital Raising

Corporate Strategy

Hellyer Metals Project

Intec Gold Process

Corporate Profile

Capital Raising

Intec's Corporate Strategy

Chloride-Based Leaching Technology

Zinc Ores/Conc.

Polymetallic Ores/Conc.

Nickel Conc. Nickel Laterites

Environmental EAF Dust

Refractory Gold Concentrates

Zinc ferrites

Arsenic trioxide

Intec's corporate strategy is to acquire interests in those projects (such as Hellyer) where application of its technology creates significant additional value

Corporate Strategy

Hellyer Metals Project

Intec Gold Process

Corporate Profile

Capital Raising

Acquisition of Hellyer Metals Project

• $\rightarrow$ Acquired by Intec from the Receivers to Western Metals - January 2004

• Acquisition cost: A\$1.34 million

Assets acquired:

• Tailings dam A\$1.7 billion above-ground metal value
• $NIII 1.5$ mtpa capacity
• Mining & exploration tenements Mt Gordon Copper Process
• Burnie Research Laboratory (Ammtec)

Limi deep water port demonstration plant

Hellyer Metals Project

Mt Read Volcanics 'LONG

Que River - Ag/Pb/Zn Rosebery - Ag/Pb/Zn Henty - Gold Mt Lyell - Copper/gold Renison - Tin

Allegiance Mining Nickel Projects

Project Definition

— Mara a Casa Treatment solely of polymetallic Helver tailings

Enhanced Case: Co-treatment of Hellyer tailings with other zinc-bearing residues, in particular Electric Arc Furnace (EAF) dust

Discussions well advanced with Smorgon Steel, plus other domestic & international EAF dust producers

Establishment of a long life 'residue' treatment facility with robust economics

Etornent	Grade	Quantity	In-situ A\$m value *	% of metal value
Gold :	$-2.6$ g/t	910,000 ozs	\$523	$31\%$
$\sum_{i=1}^{n}$	28%	305.000t	SA 1	24%
Lead:	$3.0\%$	330,000f	$$385^\circ$	-23%
Silver	88 g/t	30,850,000 ozs	\$302	100 0
Copper	$0.16\%$	17,400t	$ -$	4%
			SA SAGA	AN TE

* US\$ metal prices and US\$/A\$ exchange rate at 27 October 2004

Hellyer Tailings Dam

The Intec Process for Hellyer

Conventional dredging and pumping. No hard rock mining, crushing, grinding or flotation required

Halide hydrometallurgical process

No gaseous or liquid emissions. Stable residues for re-treatment tailings dam

Mild operating conditions (sub-boiling point, atmospheric pressure)

Simultaneous zinc, lead, copper, silver and gold extraction

Hellyer Flow Diagram - Intec Process

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• $\rightarrow$ Annual world production of EAF dust $\sim$ 5 million tonnes
• $\rightarrow$ Hazardous waste that incurs high disposal costs ~ A\$200 A\$800/t
• $\rightarrow$ EAF Dust from Australian mainland and Asia

er

• Smorgon EAF dust co-treated with Hellyer tailings in pilot plant: 95%-Zn extraction
• Similar pilot plant results achieved with another EAF dust
• $\rightarrow$ Australian and overseas producers considering dust supply. contracts

Zinc EW Represents Successful Intec Engineering

Special High Grade zinc cathode produced from pilot plant liquor

0.25 m X 0.25 m

Benefits of EAF Dust as Supplementary Feed

Increased project life

$\rightarrow$ Higher zinc grade feed $-$ EAF dust grades up to 40% zinc (Hellyer tailings 12% zinc equivalent)

Potential for receipt of EAF dust treatment fees

Assists in oxidation of gold-bearing pyrite at Hellyer

Forms basis of 'Enhanced Case' economic model

$\epsilon$

Hellyer Project Upside

Impact of financial leverage

• Indicative project economics are on post-tax allequity basis
• $\rightarrow$ Receipt of treatment charges for zinc-bearing residues
• EAF dust producers pay between A\$200/t (Aust) and A\$800/t (Japan) for disposal of dust

• Increased proportion of EAF dust by procurement of long term supply contracts

• Enhanced gold recovery when co-treating EAF dust

Risk Analysis

> Project Risks Are Low:

• Infrastructure, Resource, Tailings Recovery, Political, Market & Environmental
• $\rightarrow$ Process Risks Are Low to Medium
• Overall Process, Materials of Construction & Zinc Electrowinning

• Management Risks are low:

• Excellent Process and Project teams

• Financing Risk is manageable provided Intec performs

Process Management

• John Moyes (Technical Director)

• Dr. Frank Houllis (Process Development Manager)

• Joe Lam (Senior Process Engineer)

• Team responsible for the successful:

Intec Copper Process Demonstration Plant Intec Hellyer/Gold Pilot Plant

Project Management

• Jean-Louis Huens, Intec's Chief Operating Officer (former General Manager of BHP's EMD plant at Newcastle)

• Andrew Platts, General Manager-Intec Hellyer Metals Project (former Hellyer Mill Superintendent-Western Metals)

• $\rightarrow$ Geoff Richmond & Justin Resta, Burnie Research Laboratory (Ammtec). Principally responsible for the development and commercialisation of the world's first commercial scale copper hydrometallurgical plant (Mt Gordon)

Mt Gordon 50,000 tpa Copper Plant (The patented Mt Gordon Process is now owned by Intec)

Aerial View south over 1.5 mtpa Hellyer Mill

Maximising value from the Hellyer Mill, which is not required for Project

Partial View of Flotation Plant

• $\rightarrow$ 1.5 mtpa crushing, grinding & flotation circuit.

• Modern mill, limited usage, currently operable & well maintained.

• Realisation strategy: Transfer to identified base metals project in return for project interest. Discussions well advanced.

• Estimated minimum A\$30 million brownfields installed value (after relocation and refurbishment costs)

Corporate Strategy

Hellyer Metals Project

Intec Gold Process

Corporate Profile

Capital Raising

Intec Gold Process for Refractory Ores & Concentrates

• Mixed halide liquor allows gold recovery concurrent with sulphide oxidation in single circuit

• $\rightarrow$ Economically very competitive & environmentally attractive (no cyanidation)

Operating Cost

50,000 tpa of concentrate @ 2 ounces/t

IGP Bacterial Pressure $IGP$ Bacterial Pressure oxidation oxidation oxidation oxidation Comprehensive laboratory testwork/desktop studies undertaken by

Barrick, Placer Dome and Rio Tinto

Today Barrick completed its highly successful 5-week Intec pilot plant campaign as part of an intensive evaluation program

IGP Pilot Plant has benefited from Ivanhoe Mines and Australian Government.

Corporate Strategy

Hellyer Metals Project

Intec Gold Process

Corporate Profile

Capital Raising

Intec Ltd: Current Capital Structure

Listed on ASX:

May 2002

Total shares on issue:

250 million

Unlisted employee options

(A\$0.25 and A\$0.10 exercise prices): 13 million

Market capitalisation

(at A\$0.09 per share):

A\$22.5m

Share Price History

Corporate Strategy

Hellyer Metals Project

Intec Gold Process

Corporate Profile

Capital Raising

INL's A\$15 Million Capital Raising

Hellyer Metals Project

Principal Purpose: Advance Development of Hellyer Metals Project through to financial closure.

Components: AS7m Institutional Placement

AS5m Underwritten Shareholder Purchase Plan

A\$3m from corporate partner(s)

Investment Proposition

A\$22.5 million INL Market Capitalisation:

A\$158 - A\$193 million Hellyer Metals Project NPV*: Hellyer Mill**: A\$30 million

AS188 AS27 million Quantified Value Range:

Additional Upside

Hellyer Project upside:

Intec Gold Process:

Additional project value creation:

Base Case & Enhanced Case Project NPV at 10% (post tax/all equity)

Likely installed project value 寒寒

Indicative Use of Proceeds from A\$15 million raising

A\$ million

Burnie Demonstration Plant Capex: 5.00 Burnie Demonstration Plant Opex: $3.00$ Hellyer Bankable Feasibility Study: $2.00$ Hellyer Care & Maintenance: $1.00$ Working Capital: $3.25$ Cost of Issue: 0.75 Total 15.00

Capital Raising Structure

• $\rightarrow$ A\$7M institutional/corporate placement
• Book-build process. Result: 6.9 Acents per share Bids closed on 27 October 2004
• $\rightarrow$ A\$5M underwritten shareholder purchase plan
• Same pricing as placement: 6.9 Acents per share
  • To be underwritten by Grange Securities.
• Larger shareholders have priority in sub-underwriting prorata to their shareholdings

$\rightarrow$ A\$3M corporate payment

Quetions

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Superior & Sustainable Matal 4 Production

nt ec Super ior & Sust ainable Met al s Production