SCIDEV LTD — AGM Information 2005

Nov 15, 2005

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

16 November 2005

Companies Announcements Office Australian Stock Exchange Limited

Presentation to the 2005 Annual General Meeting of Intec Ltd to be held at 5.30pm on Wednesday 16 November 2005

Attached is a presentation to be given to shareholders at the 2005 Annual General Meeting to be held later today.

Yours sincerely Intec Ltd

Philip R. Wood

Philip R Wood Managing Director & Chief Executive Officer

2005 agm presentation for asx

The Hon. Ian Macdonald, NSW Resources Minister, presenting the Technology of the Year Award to Intec on 18 October 2005 at the "Excellence in Exploration and Mining 2005" conference.

The Hellyer Metals Project

• 1. History
• 1. Demonstration Plant
• 1. Film
• 1. Bankable Feasibility Study
• 5. Project Financing
• 1. Bass Metals Ltd
• 1. Hellyer Mill

Project logo designed by Maritza Valencia-Bejarano, Process Engineer at Intec.

16 November 2005

C2005 Intec Ltd RBN: 25 001 150 849

Hellver Mine History

Intec Group

• Aberfoyle's Que River mine commences operation, with ore 1983: trucked 40k to Rosebery mill
• 1988: Aberfoyle commences mining at Hellyer - reserves of 15 million tonnes grading $13\%$ zinc, $7\%$ lead, $0.3\%$ copper, $160g/t$ silver, 2.4 g/t gold
• 1989: Hellyer mill commences operation
• 1998: Western Metals takes over Aberfoyle
• Hellver mine is depleted and mill is placed on care $\&$ 2000: maintenance
• Western Metals is placed in receivership 2003:
• Intee acquires all of Western Metals' Tasmanian assets 2004:

Hellyer Metals Project Acquisition: January 2004

Intec Group

• Tasmanian Assets acquired:

Tailings dam: ~A\$2 billion above-ground value Mill: 1.5 million tonnes per annum capacity (toll treatment) Mining $\&$ exploration tenements: (Bass Metals Ltd) Burnie Research Laboratory: (Ammtec Limited)

Entec's Acquisition Strategy:

• Use Intec technology to recover all five base and precious metals from Hellyer tailings dam
• Realise value from non-core assets (mill, tenements and laboratory)

Hellyer Metals Project - Development Schedule

Jan-Sep 2004: Pilot leach plant campaign (Brookvale, Sydney) Laboratory zinc purification (Sydney University) Gold recovery (AJ Parker Centre, Perth) Pre-feasibility study by H.G. Engineering (Canada)

Dec Qtr 2004: A\$12 million capital raising

I^st half 2005: Zinc electrowinning (Sydney University) Design and construction of Burnie demonstration plant

$2^nd$ half 2005: Commissioning & operation of demonstration plant Undertaking of 'corporate transaction' regarding EAF $dust$

Mar Qtr 2006 WorleyParsons to complete bankable feasibility study 2^nd Qtr 2006: Proposed project financing by Macquarie Bank 7/06-12/07: Construction of commercial plant Mar Qtr 2008: Commissioning of commercial plant

Intec's Pilot Leach Plant for Hellyer tailings and EAF dust at Ammtec's Sydney facility in 2004

Zinc EW Represents Successful Intec Engineering at University of Sydney Intec Group

Production of $1.5 \text{ m} X 1.0 \text{ m}$ Prime Western Grade zinc cathode

(Being examined in mid-2005 by Adam Randall, Intec's Maintenance Manager)

16 November 2005

C2005 Three Link BN: 25 001 150 849

Early 2005 at 20 River Road, Burnie

Intec Group

16 November 2005

@2005 Intee Ltd ABN: 25 001 150 849

Then later this year...

Under construction in June 2005

Official opening of IHM demonstration plant on 15 September 2005 Intec Group

The Hon. Bryan Green, MHA (Tasmanian Resources Minister) officially opens the Burnie plant

Above: unveiling the plaque with Philip Wood

Above: On tour of plant with John Moyes, Intec's Technical Director

16 November 2005

C2005 Intec Ltd RBN: 25 001 150 849

Demonstration Plant

Intec Group

• All process unit operations
• 'Super jumbo' electrodes in zinc electrowinning cell
• $\blacksquare$ Throughput rate:
• 4 tpd of Hellyer tailings or equivalent mixture of tailings and other residues
• $\blacksquare$ 24/7 operation
• Operating labour and assay services provided by Ammtec

Demonstration Plant–Leach Extraction Efficiencies Intec Group

Metal
+02222322232223232323232323232323232332323 Zinc
www.www.www.www.www.www.www.www.www.ww Lead
Copper www.commonsumananananananananananananananananananan
Silver ======================================
Gold

* Feedstock: Hellyer tailings and EAF dust

• Overall extraction of $83\%$ of contained metal value
• Confirms pilot plant results
• Efficiencies expected to incrementally improve with optimisation

16 November 2005

Demonstration Plant – Product Recovery

Intec Group

Zinc:

Gold:

Copper:

Being electrowon as 'super-jumbo' cathodes Melting $\&$ ingot casting trials commenced

■ Lead/silver cement:

Stockpiled awaiting briquetting prior to delivery to potential consumers

Loading onto carbon columns to commence shortly prior to producing bullion at AJ Parker Centre in Perth

Precipitation of $Cu₂(OH)₃Cl$ proceeding prior to offsite production of copper sulphate

Technical issues to be overcome to achieve steady state operation Intec Group

• 1. Elimination of ferrous in the iron precipitation circuit
• 1. Pb/Ag cementation circuit mechanical issues
• 1. Optimisation of Pb/Ag cement product
• 1. Optimisation of zinc EW Cell operation

Burnie deepwater port IHM demonstration plant

Hellyer Metals Project Zn/Pb/Cu/Au/Ag

Burnie is an excellent deepwater port

Burnie port has excellent minerals handling capabilities

But if all else fails...

Intec Group

"The Hellyer Metals Project"

DVD produced by

ROAR FILM Pty Ltd

Hobart, Tasmania

Project Manager: Marta Hodul Lenton

Director: Varcha Sidwell

Editor: Raef Sawford

16 November 2005

42005 Intee Ltd ABN: 25 001 150 849

Aerial View of Hellyer Project Site

Hellyer Tailings Dam

The 11 million tonnes Hellyer Tailings Resource

Intec Group

Element	Grade	Quantity	In-situ ASm *	$\%$ of metal value
$\overline{\mathrm{Z}}$ inc	$2.8\%$	$305,000$ t	674	$31\%$
Gold	2.6 $g/t$	910,000 ozs	583	$27\%$
Lead	$3.0\%$	330,000t	458	$21\%$
Silver	88 g/t	30,850,000 ozs	325	15%
Copper	$0.16\%$	17,400t	102	$5\%$
Total			\$2,142	100%
Bank Limited		US\$ metal prices and US\$/A\$ exchange rate at 14 November 2005 from Macquarie

Project Development Strategy

Intec Group

• Use the tailings dam as a platform for establishment of a long life residue treatment facility
• Co-treatment of Hellyer tailings with zinc-bearing residues, for example:
• Electric Arc Furnace (EAF) dust ( $\sim$ 30% zinc)
• Zeehan slag dump (450,000 tonnes at $\sim$ 19% zinc equivalent grade)
• Project feedstock configuration: 500,000 tonnes per annum Hellyer tailings 100,000 tonnes per annum residues averaging $\sim$ 20% zinc

Electric Arc Furnace (EAF) Dust

EAF Dust for Hellver

Intec Group

• Annual world production of EAF dust: $\sim$ 5 million tonnes
• Hazardous waste that incurs high disposal costs: $>$ A\$200 per tonne
• Smorgon and OneSteel EAF dust co-treated in demonstration plant: 95% of zinc extraction
• Australian and overseas producers considering EAF dust supply contracts to Hellyer

Concentrates storage shed at Hellyeralso ideal for residues storage

16 November 2005

@2005 Integ Ltd ABN: 25 001 150 849

450,000 tonnes Zeehan Slag Dump

Intec Group

• Acquisition from current owners proceeding in agreement with Zinifex
• 90km by road from Hellyer
• A\$412 value of contained metal per tonne (current A\$ prices)
• A\$186 million total value contained metal (current A\$ prices)
• 13.4%-zinc, 1.7%-lead, 54g/t-silver, 50g/t-indium

16 November 2005

Project Production and Product Portfolio

Intec Group

• Zinc ingot: Special High Grade (99.99%) Zn or Prime Western (98.5% Zn, 1% Pb)
• $\sim$ 32,000 tpa
• Silver/Lead briquette: $98\%$ lead and approx. 2,600 g/t silver
• ~16,500 tonnes per annum contained lead $&$ ~ 1.4m ounces per annum contained silver
• Gold bullion
• $\sim$ 15,000 ozs per annum
• Copper sulphate
• $\sim$ 1,600 tonnes per annum (contained copper)

Bankable Feasibility Study Team

Intec Group

Principal Contractor:

WorleyParsons, a leading Australian-based international engineering firm.

Sub-contractors:

• Tailings resource:
• Demonstration plant reporting: Environmental:
• Geotechnical & residue dam design:
• Engineering plant design:
• Process control & instrumentation:
• Tailings recovery:
• Zinc tank house design:

AMC Consultants Ammtec Caloundra Environmental GHD H.G. Engineering Honeywell Neumann Dredging Umicore

Project Financing – Macquarie Bank (MBL)

Intec Group

MBL holds shares and options in Intec.

MBL is providing a A\$2.5 million working capital facility (not yet drawn upon).

MBL is mandated to provide project debt financing during 2006 combined with hedging facilities.

MBL has appointed Behre Dolbear Australia as its independent technical expert on Intec's Hellyer Metals Project, conducting due diligence on the bankable feasibility study and demonstration plant.

Hellyer Project - Pre-Feasibility Indicative Economics BASE CASE AS

Production	0.5 mtpa tailings
	0.1 mtpa zinc residues eg EAF dust
Project Life	22 years
Capital Cost	A\$136 million
Operating Cost	A\$28 million pa
Net Sales Revenue	A\$117 million pa
Margin	76%
Cash flow	A\$88 million pa
IRR (all equity/post tax)	44%
$NPV$ (a) 10% (all equity/post tax)	A\$386 million

N.B. USS metal prices & US\$/A\$ exchange rate as at 14 November 2005 from Macquarie Bank Limited. The Bankable Feasibility Study is likely to show an upward adjustment for costs and lower long term metal price assumptions.

Hellyer/Oue River Exploration Tenements

December 2004: Intec signs Heads of Agreement with Resource Finance and Investments Limited (RFI)

RFI collaborates with Geoinformatics Exploration Inc.

Early 2005: March 2005:

April 2005: September 2005: October 2005:

RFI picks up additional Mt Read Volcanics tenements

RFI shareholders formally approve Hellyer transaction with Intec. including appointment to RFI board of Kieran Rodgers

Intee signs Letter of Intent for access to Hellyer Mill by RFI

Farm-in agreement with Zinifex

RFI lists on ASX raising A\$3.5 million, Intec retains 22% interest (nominal value A\$1.8m) and individual Intec shareholders a further $20%$

On-site drilling begins at Que River S Lens and Mt Charter

November 2005:

RFI's name to be changed to Bass Metals Ltd (BML) and first drilling results expected to be announced.

Current drilling activity at Que River S Lens

Hellyer Mill - Dominates northern portion of Mt Read Volcanics Belt

Partial View of Flotation Plant

• Mill cost A\$67 million to build in 1988. O
• 1.5 million tonnes per annum crushing, grinding $\&$ flotation circuit. O
• Modern mill, limited usage, currently operable & well maintained. D
• Work progressing on toll treatment of regional resources (e.g. Bass Metals Allegiance Mining's Avebury nickel project etc).

INL Share Price Performance

16 November 2005

C2005 Intec Ltd RBN: 25 001 150 849

Intec Ltd – Investment Background

• Shares:
• Options (when all issued at various exercise prices):
• Market Capitalisation ( $\omega$ 6.9cts):
• MBL working capital facility: $\blacksquare$
• Bass Metals Ltd: ▏█▏
• Major INL shareholders: !" Ivanhoe Mines:
• Board & management:
• $CUBC$
• Excel Coal: Macquarie Bank:
• 1,350 shareholders L

432 million 47 million A\$30 million A\$2.5 million (un-drawn) $22\%$ interest

Intec Group

$12.5\%$ $6\%$ $3.5\%$ $2.5%$ $1.7\%$

C2005 Intec 110 ABN: 25 001 150 849

Corporate Personnel

Intec Group

• Gordon Toll (ex-Ivanhoe) and Phil Evans (ex-H.G. Engineering) have stepped down from Board
• Phil Evans is engaged as Intec's Owner's Representative (vis-à-vis H.G. Engineering and WorleyParsons) in relation to the demonstration and commercial scale plant designs for the Hellver Metals Project
• Geoff Richmond and Justin Resta provide experienced input from Ammtec
• Recent Intec senior management changes and relocations to L Tasmania
• All Intec staff, directors and key consultants have made a valuable contribution

Contact Intec Ltd

Philip Wood Managing Director Chief Executive Officer Email: philip@intec.com.au

John Moyes Technical Director Email: john@intec.com.au

Kieran Rodgers Chief Financial Officer Email: kieran@intec.com.au

Intec Ltd Gordon Chiu Building, J01 Department of Chemical Engineering Maze Crescent, University of Sydney NSW 2006 AUSTRALIA

Tel:	$+61 - 2 - 9351 - 6741$
Fax:	$+61 - 2 - 9351 - 7180$
Web:	www.intec.com.au

Contact Intec Hellyer Metals Pty Ltd

Jean-Louis Huens General Manager IHM Demonstration Plant Email: jean-louis@intec.com.au

Joe Lam Senior Process Engineer IT Manager Email: joe@intec.com.au

Andrew Tong Senior Research Metallurgist Laboratory Manager Email: andrew.tong@intec.com.au

The Hellyer Mine Cradle Mountain Link Road Wynyard Waratah Council District TAS 7321 Australia

Tel: $+61-3-6431-6156$ Fax: $+61-3-6431-6896$ Web: www. intec.com.au

Happy Christmas to all Intec stakeholders!

45cm "snow event" at Hellyer on 11 August 2005.