SCIDEV LTD — AGM Information 2007

Nov 13, 2007

ABN 25 001 150 849

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

Phone: 02-9351-6741 Fax: 02-9351-7180 Email: mail@intec.com.au Website: www.intec.com.au ASX code: INL

14 November 2007

Companies Announcements Office Australian Securities Exchange Limited

Presentation to the 2007 Annual General Meeting of Intec Ltd to be held at 5.30pm on Wednesday 14 November 2007

Attached are the Chairman’s comments, my review of operations and the formal resolutions to be presented to shareholders at Intec’s 2007 Annual General Meeting to be held later today.

Yours sincerely

Intec Ltd

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Philip R Wood

Managing Director & Chief Executive Officer

2007 agm presentation for asx

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Chairman’s Prepared Comments

As you will have read in detail in the Annual Report, Intec has taken further tangible strides in the 2006/2007 year. The Company has made the milestone transition from being solely a technologybased prospect, reliant upon shareholder capital, to being a producer with self-reliant profitable operations. Importantly, we have also made significant progress towards the commercial application of the patented Intec Process, and we are on-track to continue the progress made last year towards the construction of our first Intec plant in 2008.

Following our acquisition of the Hellyer assets in 2004, we have developed two functional projects on the same site: the Hellyer Zinc Concentrate Project and the Hellyer Residues Project.

The first of these uses the Intec Hellyer Mill, which was included in the set of assets acquired in 2004. Conventional grinding and flotation technology is being used to treat the Hellyer tailings to produce two specifications of zinc/lead concentrate for export to China. The day-to-day operations are managed by our 50% joint venture partner, Polymetals (Hellyer) Pty Ltd, producing a total of around 2 million dollars per shipment, split two ways.

While the Hellyer Zinc Concentrate Project is important for generating cash for Intec, most of our technical effort is dedicated to the Hellyer Residues Project, which will recover saleable zinc from Electric Arc Furnace Dust and will be the first commercial application of the Intec Process. Having passed a number of important milestones this year, and particularly over the last few months, the Hellyer Residues Project is on-track for construction in 2008 and operation in 2009.

Intec has maintained its 23.5% shareholding in Bass Metals Ltd, which is aggressively exploring for base and precious metals throughout northwestern Tasmania, particularly on exploration leases which are very near the Intec Hellyer Mill – indeed, the most recent intercept found by Bass Metals lies directly along strike from the original Hellyer deposit, which was mined in the 1990s.

2007 has also seen some important corporate successes for the team at Intec, and these will be covered by Philip Wood during his operational report to follow.

Unfortunately, despite all of these successes, and the substantial gains that have been made over the course of the year in terms of the development of fundamental shareholder value, these have not been reflected in the Intec share price. I can assure the shareholders that the Board is acutely aware of this. We cannot force the market to recognise the intrinsic value of your company, nor can we influence currency exchange rates or metal prices, but we are indeed adding value, and by an ongoing campaign to educate the market to this fact we are trying our utmost to improve the share price.

As directors, the decline in the share price since December 2006, following the announcement that the Intec Hellyer Mill had restarted, is extremely frustrating, and is absorbing much Board and management time. We will be sharing with you the initiatives we are taking to translate the underlying gains in fundamental value through to the actual share price, and to see that share price

reflecting the true value of your company. In particular you will hear from Philip Wood some economics related to the Hellyer Residues Project, that we are confident will, in short order, have a positive impact on the value of the company.

Before finishing my prepared remarks I would like to comment on the changes to the Board. We have asked Kieran Rodgers, the Chief Financial Officer, to join the board as Finance Director. Kieran has been instrumental in many corporate initiatives for Intec, and has been an invaluable adviser to the Board. He also represents Intec on the Board of Bass Metals. Bearing in mind the Corporate Governance Guidelines to have a majority of independent directors, we have strengthened and rebalanced the board with the addition of Trevor Jones, an experienced investment banker in the mining field, and James Bell, an experienced corporate lawyer. We are delighted to have them with us this evening. I would also like to acknowledge the past and ongoing role of Ken Severs. Ken’s technical knowledge is unparalleled, and his willingness to continue as a director past the normal retirement age is exceptionally generous of him. It is difficult, during this period of a mining boom, to find highly qualified directors available to become involved in companies such as Intec, so we are grateful to all of them.

Before concluding I would like to pay credit to the initiative of the executive management, in particular Dave Sammut, Corporate Development Manager, for instituting the Intec Investor Q & A Forum, as a means to keeping shareholders and the market informed about company matters. This provides an interactive way of shareholders and commentators seeking clarification on what some consider to be a somewhat complex company. We hope as many of you as possible use this Forum to keep informed about the company, so you do not have to wait until the AGM to seek information. As I said in my remarks last year, the company management needs to spend its time adding value for the shareholders and the Investor Forum provides an efficient means of responding to your questions, concerns and suggestions.

On that positive note, I would like to hand over to our Managing Director and Chief Executive Officer, Philip Wood, who, as a result of his boundless energy, deserves the major credit for continuing to run your company with such enthusiasm and professionalism. He will now give you a more detailed update of our operations, and our plans for the future.

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Intec[Ltd]

2007 Annual General Meeting Wednesday, 14 November, 2007 ‘The Partners Room’, Allens Arthur Robinson, Sydney

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Welcome and Introduction:
Ian W Ross, Chairman
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Corporate Profile

Chairman: Ian Ross NRC, CGC Managing Director & CEO: Philip Wood CGC Non-Executive Directors: James Bell AC, NRC, CGC Trevor Jones AC, NRC Kenneth Severs AC Technical Director: John Moyes Finance Director & CFO: Kieran Rodgers

AC Audit Committee NRC Nomination & Remuneration Committee CGC Corporate Governance Committee

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2007 Highlights

-Profitable operations at the Intec Hellyer Mill

-Progress of the Hellyer Residues Project -Exploration discoveries and mining commencement for Bass Metals Ltd

-Successful corporate transactions

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Operations Report: Philip R Wood, Managing Director & CEO

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Hellyer Zinc Concentrate Project
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Hellyer Zinc Concentrate Project

Achievements

• -Successfully restarted in December 2006

• -50-70% zinc recovery to zinc / lead concentrate

• -Regular production from uneven tailings feedstock -Profitable production, ~A$2m per month to the 50/50 joint venture with Polymetals

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Hellyer Zinc Concentrate Project

Ongoing Improvements

• -Ongoing optimisation efforts underway

• -Two specifications of concentrate product -High intensity conditioners

• -Magnetic particle aggregation

• -Project life extended to 7-8 years

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Hellyer Zinc Concentrate Project

Rail Transport Improvements

-Federal Labor party has announced an $11.7m upgrade of the Hellyer spur line and extension of Melba Flats rail line to Zeehan -Potential to remove over 100,000tpa of feedstock and product transport from the road for the Hellyer Projects

-Future benefit for transport of 460,000t stockpile of Zeehan residues

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Hellyer Residues Project
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Hellyer Residues Project

Milestone Achievements

• -Project application submitted to Tasmanian Government

• -No community objections

• -Approval expected December 2007

• -Feedstock secured: 65,000t of EAF dust via Smorgon Steel (now OneSteel)

• -Burnie Demonstration Plant restarted on schedule

• -Future feedstock secured: Zeehan residues stockpile

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Hellyer Residues Project

Staged Development

• Focus on getting into production quickly

• -As soon as possible during strong metals prices cycle

• -Lowest possible capital and operating cost

• -Minimum technical risk options

• -Stage 1: ≥ 25,000tpa EAF dust recycling

• Stage 2: ~56,000tpa lead concentrate

• -Project approval pending for both Stage 1 and Stage 2

NOTE: Project flowsheet still being finalised with the aim of bringing forward the start date with offtake parties and maximising return on capital

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Hellyer Residues Project

Economic Assumptions – EAF Dust Recycling

-EAF dust feedstock, 35% Zn, 2% Pb -Recoveries: 94% Zn, 99% Pb -Construction in 2008, operation in 2009

• -Prices: US$1.20/lb Zn and US$1=A$0.90

-Product sales terms: approx. 65% contained metal payable -By-product credit options include CaS and/or CaSO4 sales

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Hellyer Residues Project ± 30% Estimate – EAF Dust Recycling Only 25,000tpa 30,000tpa EAF dust EAF dust A$ A$ Capex 27 million ± 30% 29 million ± 30% Opex 15 million ± 30% 17 million ± 30% Revenue approx 25 million approx 30 million (including by-products) NPV approx 29 million approx 44 million IRR approx 30 % approx 39% US$1.20/lb zinc and US$1.00=A$0.90, 65% metal payable

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Hellyer Residues Horsehead [1] ZincOx [2]
Project (Waelz & Kiln +
(Hydrometallurgy) Distiller) (Rotary kiln +
Smelter)
EAFD Capacity 30,000 tpa 500,000 tpa 400,000 tpa
Capex (/t contained Zn) ~US$2,600 /t sunk cost US$4,360 /t
Opex (/t contained Zn) ~US$750 /t ~US$1,400 /t ~US$1,000 /t
after by-product credits
Process Stages EAFD EAFD � Crude EAFD
(intermediates) � ZnOCl ZnO � Zn Calcine � Crude ZnO
� ZnO � Zn (Fume) � Zn (EW)
Products ~16,500 tpa ~100,000tpa ~90,000 tpa
75% ZnO Zn metal, ZnO Zn metal
By-Product CaS or CaSO4 Clinker Clinker , Pig Iron
(potential) Haematite (after further processing)
Energy Consumption Low Very high High
12 ‘Horsehead’ data source: Horsehead Corp. Prospectus, 2006 ‘ZincOx’ data sources: ZincOx Resources plc 2006 Annual Report, June 2007 Half-yearly Report, Broker report (UK) March 2007
It should be noted that the above comparison is limited by differing project scales and different product. Sale of ZnO (Intec) is assumed to receive 65% of the contained Zn value, Zn
metal (Horsehead and ZincOx) is assumed to receive 100% of the contained zinc value
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Hellyer Residues Project
Burnie Demonstration Plant
-Campaign operations
-Generating engineering data
-Finalising the process flowsheet for the Hellyer Residues
Project
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Hellyer Residues Project

Technology Potential

-Additional EAF dust sources

• -potential local plants worldwide (including China)

-Other residue feedstocks

• -‘Synergy’ projects combining ores and wastes

-Equity projects

• -Licensing and royalty opportunities

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Intec Process Technology Portfolio
The World Leader in Minerals
Processing Chloride Hydrometallurgy
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Exploration: Bass Metals Ltd
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Exploration: Bass Metals Ltd

Achievements

• -Intec maintains its 23.5% strategic shareholding in BSM -Mining commenced at Que River -Recently announced doubling of reserves

• -Exploration results – intercept near Hellyer

• -57 metres grading 9.2% Zn, 4.7% Pb, 94 g/t Ag and 2.89g/t Au

• -181m underground, along strike from former Hellyer mine and 2km from the Intec Hellyer Mill

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BSM’s Que River
Mining Area
Southern Barite
Zone Intercept
Intec Hellyer
Mill and future
Residues Project Site
Closed Hellyer Mine
Portal
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Corporate
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Corporate Activity

Achievements

• -HZCP Joint Venture agreement with Polymetals

• -Smorgon Steel Stage 2 agreement

• -Acquisition of Zeehan residues stockpile

• -A$4 million profit realised from Jervois Mining investment

• -Outotec technical collaboration agreement

• -Establishment of the Intec Investor Q&A Forum

• -Establishment of Chinese representative office

• -New marketing initiatives

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Chinese Representative Office
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Results for the 2006-2007 Financial Years

$3 million After-Tax Annual Turnaround

		2006	2007
		$m	$m
	Revenue	$3.1	$13.7
	Expenses	$11.8	$16.4
	Pre-Tax Loss	($8.7)	($2.7)
	After-Tax Loss	($4.5)	($1.2)

	$9.3 million After Tax Half-Yearly Turnaround Results for 2006-2007 6 months to 31/12/06 $m 6 months to 30/06/07 $m Revenue $0.1 $13.6 Expenses ($5.3) ($11.1) Pre-Tax Profit (Loss) ($5.2) $2.5 After-Tax Profit (Loss) ($5.2) $4.1

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Intec Share Price and Trading Volumes
$0.35 70
INL Volume (millions)
$0.30 INL Price 60
HZCP Announcement
$0.25 50
$0.20 40
$0.15 30
$0.10 20
$0.05 10
$0.00 0
09 Nov 06 09 Dec 06 08 Jan 07 07 Feb 07 10 Mar 07 09 Apr 07 09 May 07 08 Jun 07 09 Jul 07 08 Aug 07 07 Sep 07 07 Oct 07 07 Nov 07
INL Price
INL Volume (millions)
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LME Zinc Cash Price and Inventories
A$6,000
Zn Cash Price, A$
A$5,500
Pb Cash Price, A$
A$5,000
A$4,500
A$4,000
A$3,500
A$3,000
A$2,500
A$2,000
A$1,500
15 Nov 06 12 Dec 06 08 Jan 07 04 Feb 07 03 Mar 07 30 Mar 07 26 Apr 07 23 May 07 19 Jun 07 16 Jul 07 12 Aug 07 08 Sep 07 05 Oct 07 01 Nov 07
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$0.32
$0.30
After Announcement of HZCP Operations
$0.28 1/12/06 to 4/4/07
strong relationship
$0.26 R [2] = 0.8494
$0.24
$0.22
$0.20
$0.18 Second Re-Rating
from 5/4/07 to current
$0.16 strong relationship
R [2] = 0.7055
$0.14
After HZCP Announcement
$0.12 6/4/06 to 30/11/06
strong relationship
$0.10 R [2] = 0.7319
$0.08 Before HZCP Announced
1/1/06 to 5/4/06
$0.06 no relationship
R [2] = 0.00006
$0.04
$1.10 $1.20 $1.30 $1.40 $1.50 $1.60 $1.70 $1.80 $1.90 $2.00 $2.10 $2.20 $2.30 $2.40 $2.50 $2.60 $2.70
LME Zn Price (previous day) A$/lb
INL Price
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Share Prices: INL vs ZFX
$0.18
$23.00
$0.17 Intec (INL) $22.00
Zinifex (ZFX)
$0.16 $21.00
$20.00
$0.15
$19.00
$0.14
$18.00
$0.13 $17.00
$16.00
$0.12
$15.00
$0.11
$14.00
$0.10 $13.00
02 Jul 07 17 Jul 07 01 Aug 07 16 Aug 07 31 Aug 07 15 Sep 07 30 Sep 07 15 Oct 07 30 Oct 07 14 Nov 07
INL Price, A$ ZFX Price, A$
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Looking Forward to 2008
2008
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• -Ongoing cashflow positive operations at the Intec Hellyer Mill -Construction to commence on Hellyer Residues Project -Accelerated technical collaboration with like-minded parties -Progress with regional exploration/mining partners (eg Bass Metals Ltd)

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The Future

Intec's future is to continue as a cashflow positive mining company while also becoming a minerals processing technology provider worldwide.

Intec will participate in base and precious metals projects where our corporate capabilities and the Intec Process enhance economic and environmental outcomes.

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? Questions Please stand up and give your name clearly, and, where relevant, the company or shareholder you represent.

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Resolutions: Ian W Ross, Chairman

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Resolutions

Resolution 1

That the Company's Financial Report for the financial year ended 30 June 2007 together with the related Directors' and Auditor’s Reports be received, approved and adopted.

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Resolution 1: Summary of Proxies Approval and Adoption of the Financial Report

For 200,901,416 Against 1,420,000 Abstain 3,259,643

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Resolutions

Resolution 2 That the Company’s Remuneration Report for the financial year ended 30 June 2007 be received, approved and adopted.

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Comparison with Director and Senior Executive Remuneration
(from McDonald & Co: Oct 2007 Australasian Gold & General Mining Industry
Remuneration Report, No. 40)
Total Fixed Remuneration (Including 9% Superannuation) / Options & Shares
Position Intec Median Total
Remuneration
Fixed/Options Fixed/Options
A$,000 A$,000
Non-executive Chairman 65/16 80/not avail.
Non-executive Director 50/12 50/not avail.
Managing Director 333/49 412/88
/Chief Executive Officer
Technical Director 247/29 380/45
Finance Director 256/37 299/29
/Chief Financial Officer
Black & Scholes model valuation of option value as at the close of business 13 November 2007
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Resolution 2: Summary of Proxies
Approval and Adoption of the Remuneration Report
For 193,875,406
Against 6,094,624
Abstain 5,569,938
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Resolutions
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Resolution 3 That Mr Kenneth J Severs, a Director since 2001, retiring in accordance with the Company's Constitution and being eligible for re-election, be re-elected a Director of the Company.

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Resolution 3: Summary of Proxies Re-election of Kenneth J Severs as a Director For 193,090,804 Against 5,791,059 Abstain 6,624,196

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Resolutions

Resolution 4

That Mr Kieran G Rodgers, a Director appointed since the last Annual General Meeting and retiring in accordance with the Corporations Act 2001 and the Company’s Constitution and being eligible for re-election, be re-elected a Director of the Company.

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Resolution 4: Summary of Proxies Re-election of Kieran G Rodgers as a Director For 191,651,982 Against 8,088,345 Abstain 6,213,732

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Resolutions

Resolution 5

That Mr Trevor A Jones, a Director appointed since the last Annual General Meeting and retiring in accordance with the Corporations Act 2001 and the Company’s Constitution and being eligible for re-election, be re-elected a Director of the Company.

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Resolution 5: Summary of Proxies Re-election of Trevor A Jones as a Director

For 192,530,143 Against 6,401,720 Abstain 6,624,196

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Resolutions

Resolution 6

That Mr James R G Bell, a Director appointed since the last Annual General Meeting and retiring in accordance with the Corporations Act 2001 and the Company’s Constitution and being eligible for re-election, be re-elected a Director of the Company.

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Resolution 6: Summary of Proxies Re-election of James R G Bell as a Director

For 192,736,366 Against 5,870,497 Abstain 6,949,196

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Resolutions

Resolution 7 That for the purposes of Clause 49 of the Company’s Constitution, the maximum aggregate cash-based remuneration payable to Non-executive Directors in any financial year be increased from $200,000 to $400,000.

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Resolution 7: Summary of Proxies Increase in Cap to Directors’ Remuneration For 172,959,948 Against 18,344,963 Abstain 4,683,484

Resolution 8 (Summary) That the meeting approves the issue to the following Directors of options on the terms summarised in the Explanatory Statement accompanying the notice of the meeting at which this resolution is passed. Resolutions 300,000 options Mr James R G Bell Resolution 8(g) 150,000 options Mr Trevor A Jones Resolution 8(f) 500,000 options Mr Kenneth J Severs Resolution 8(e) 1,200,000 options Mr Kieran G Rodgers Resolution 8(d) 1,200,000 options Mr A John Moyes Resolution 8(c) 2,500,000 options Mr Philip R Wood Resolution 8(b) 500,000 options Mr Ian W Ross Resolution 8(a)

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Resolution 8(a): Summary of Proxies Approval of Options for Mr Ian W Ross

For	164,565,426
Against	29,511,823
Abstain	3,535,570

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Resolution 8(b): Summary of Proxies Approval of Options for Mr Philip R Wood

For 165,903,851 Against 28,612,862 Abstain 3,100,106

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Resolution 8(c): Summary of Proxies Approval of Options for Mr A John Moyes For 165,509,548 Against 29,007,165 Abstain 3,100,106

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Resolution 8(d): Summary of Proxies Approval of Options for Mr Kieran G Rodgers For 165,374,548 Against 29,142,165 Abstain 3,100,106

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Resolution 8(e): Summary of Proxies Approval of Options for Mr Kenneth J Severs For 164,939,084 Against 29,142,165 Abstain 3,535,570

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Resolution 8(f): Summary of Proxies Approval of Options for Mr Trevor A Jones

For 165,059,084 Against 29,022,165 Abstain 3,535,570

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Resolution 8(g): Summary of Proxies Approval of Options for Mr James R G Bell For 165,529,440 Against 28,551,809 Abstain 3,535,570

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Refreshments:
Intec now welcomes our
shareholders to join us
for refreshments in the
adjacent room, and for
dinner at the nearby
Noble House Chinese
Restaurant.
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