SCIDEV LTD — AGM Information 2008

Nov 17, 2008

ABN 25 001 150 849

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

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

Companies Announcements Office Australian Securities Exchange

18 November 2008

Presentation to the 2008 Annual General Meeting of Intec Ltd to be held at 5.30pm on Tuesday 18 November 2008

Attached are the Chairman’s Prepared Comments, my Review of Operations and the Formal Resolutions to be presented to shareholders at Intec’s 2008 Annual General Meeting to be held later today.

Yours faithfully

Intec Ltd

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Philip R Wood Managing Director and Chief Executive Officer

Intec Ltd 2008 Annual General Meeting Chairman’s Prepared Comments

As recorded in our Annual Report, Intec made an operating profit for the 2007-2008 financial year.

The results for the year to June 30 2008 reflected the first full twelve months of operations at Hellyer, as opposed to approximately six months of operations in the previous financial year. Accordingly the revenues and expenses both roughly doubled, and the net operating profit for 2007-2008 was $1.1 million, compared to an operating loss of $2.7 million the previous year. However, write-downs or impairment of the values ascribed to the Zeehan Residues and the Bass Metals shareholding then yielded an overall accounting loss of A$2.8 million.

The average zinc price received during the period was A$2,591 per tonne which compares with today's zinc price of A$1,763 per tonne and it should be noted that considerable achievements were made by staff at Hellyer in optimising the plant during this period. Despite the best efforts of management, costs continued to rise during the financial year, principally in areas outside of our control such as freight, electricity, and reagents which impacted on the result. Also, in the year to June 30th the JV was committed to substantial capital investments in the ordinary course of maintaining the efficiency of the operations. Notably, a A$4.8 million investment was committed to replacing an electricity transformer and the purchase of the tailings dam dredge. In order to meet these commitments, Intec announced and completed a capital raising with shareholders prior to the end of June 2008 and we thank shareholders for their support. However, it is regrettable that since the capital raising the unforseen collapse in the zinc price has mandated a suspension of operations at Hellyer as a result of which the Company is presently receiving no direct benefit of those capital investments.

Throughout the last two years, the Intec share price has understandably been very strongly affected by the international price of zinc in Australian dollar terms. This is shown quite clearly in this graph, where the INL share price in blue has pretty closely tracked the downward movement in the Australian dollar zinc price in orange. It is now the task of management to persuade the market that Intec should not be valued as a zinc producer, but as a technology company across a range of metal applications.

Looking at the same movements in the Intec share price as against the volume traded, it can be noted that there was a spike in the trading volume on September 8[th] , on which date we announced suspension of operations at the Hellyer mill, and then another on September 23[rd] , when we made a preliminary announcement about the Intec Metals Recycling Project.

In short, it has been a very difficult year for business worldwide. The global financial crisis has been all embracing, affecting consumers, producers, and indeed even governments. Never in my experience have I witnessed both the capital and credit markets freeze at the same time, with devastating impact. While the current crisis mushroomed and exploded into a full blown global crisis only recently, the underlying causes have been building for some time and were felt during the period to June 30 2008. The term Sub-Prime, or put another way, dodgy credit practices, were not heard of 18 months ago but is now part of our every day vocabulary. Australia, as a consequence of its more rigid credit practices by its financial institutions, is better placed than most, but we cannot and will not escape the impact that other Western economies are suffering from. Basically, the global financial crisis has dramatically eroded confidence in the global financial system and has regrettably impacted directly on the operations and fortunes of Intec.

In terms of the impact on Intec, the greatest has been the sustained drop in metals prices. So what is going to happen? I believe that the nature and scale of this crisis are such that we are unlikely to see a quick fix. Consumer confidence is too badly affected. Prior to the current crisis, global markets had 12 to 14 years of sustained growth, three times the normal economic cycle length. The hangover after such

a party will be long and sustained. With metals prices currently at or below the cost of production for most of the world’s producers, we are unlikely to see the markets bounce back quickly. It will take some time for consumer confidence to engender proper and sustained demand.

Despite the best efforts of Polymetals and Intec in optimising production from the Intec Hellyer Mill, and despite Intec’s best endeavours to support the operations, the Board was left in September 2008 with no choice but to suspend operations at the Mill. This decision was taken in the face of the sustained low zinc and lead prices – which have since continued to decrease – and the negative effects on production and therefore cash flow associated with the necessary dredging of low-grade zones in the tailings dam.

Intec is just one of a number of both large and small Australian mineral producers to cease or cut production, defer projects, or to report that cash costs are exceeding revenues at current prices in the last few months: CBH Resources, Perilya, Oz Minerals, Teck Cominco, AIM Resources, Rio Tinto, Norsk Hydro to name some amongst the more prominent; and the same story is being played out across the world. We were nonetheless truly sorry to suspend the operations, both for our investors and for the impact it has on the workers at the mill.

The Intec Hellyer Mill has been placed on care and maintenance, and as presaged in the 2008 Annual Report, Intec has commenced an orderly realisation of the Hellyer assets. Further, given that it is unlikely that we will see a resumption in competitive zinc and lead prices in any hurry, Intec has engaged Royal Bank of Canada to initiate the orderly sale by tender of the Hellyer mill, tailings dam and associated infrastructure. While it would not be appropriate to try to predict the final price that will be achieved, Management will be making every effort to maximise the returns from this realisation of assets. Proceeds from the sale will be used for working capital and the repayment of the Macquarie facility which is due to expire in December.

Today, we announce the sale of 19.9% of our 23.2% stake in Bass Metals for a payment of approximately $1.85 million. This decision to liquidate our Bass shareholding was painful in the extreme as we have been associated with Bass since its listing and the holding has until recently been considered strategic. However, with the decision to dispose of the Hellyer operations our holding in Bass became non-core and we felt that the capital could be better utilised to support our on-going business.

While these measures are important to Intec in these difficult times, it must also be noted that they align with the changed strategy for the Intec Metals Recycling Project. Frustratingly, we are prevented by regulatory issues in a foreign jurisdiction from discussing the nature and details of an anticipated transaction for this Project, but it can be clearly inferred that the sale of the Hellyer assets will most likely result in a relocation of the Intec Metals Recycling Project.

Looking at the company more broadly and on a positive note, the Intec Process technology has itself continued to develop throughout the year. Most particularly, the very successful, fully-paid testwork on the recovery of copper and gold from highly-refractory enargite mineral resources yielded a new, patentable application of the Intec Process, as well as other opportunities where that intellectual property could be applied.

Optimisation testwork relating to lead extraction and recovery for the Compass Resources Browns Sulphide Project discovered a new stability region for lead solubility under conditions where it is likely that no researcher has previously thought to look. The result should be substantial savings in the capital cost required for the Intec Process portion of that Project, and, of course, further opportunities to patent new intellectual property to continue to ‘evergreen’ the protection of the Intec Process technology.

These are just a couple of the areas where the technical team has produced successes throughout the year. We will be offering a more comprehensive description when Philip Wood outlines operational activities later in this presentation.

Despite the volatility in the mining industry employment sector, Intec has continued to have extremely low staff turnover and absenteeism in our core team - much lower than the industry average. Over the last two years, we have been joined by five new staff members, including senior, experienced engineers and technologists. From our core team, we have lost only one junior engineer in two years, and this, we believe, is an indication of the positive work environment we create for all of our team, offering them individual reward, job satisfaction, career development and a cooperative ‘give and take’ relationship to balance company needs with those of the individual.

On that positive note, I would like to express the Board’s appreciation for the solid efforts by the entire Intec team over the last year. The team has done an excellent job, maintaining focus through a year which has put forward more than enough distractions, and we thank them in advance for the work which we know they are going to put in during the coming year.

I would like to hand over to our Managing Director and Chief Executive Officer, Philip Wood, to give you a more detailed update of our operations and our plans for 2009.

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2008
Annual General Meeting
Tuesday, 18 November, 2008
‘The Partners Room’, Allens Arthur Robinson, Sydney
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Welcome and Introduction
Trevor Jones
Chairman
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Intec Corporate Profile

Chairman: Trevor Jones AC, NRC Managing Director & CEO: Philip Wood CGC Non-Executive Directors: James Bell AC, NRC, CGC Ken Severs AC Technical Director: John Moyes Finance Director & CFO: Kieran Rodgers Company Secretary: Rob Waring AC Audit Committee NRC Nomination & Remuneration Committee CGC Corporate Governance Committee

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Chairman’s Address
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Results for the 2007-2008 Financial Year
Annual Turnaround in Operating Profit
2008 2007
$m $m
Operating Result
Revenue 27.2 13.7
Expenses 26.1 16.4
Operating Profit/(Loss) 1.1 (2.7)
Impairment Adjustments
Exploration Expenditure Written-Off (2.7) -
Diminution of Value in Investments (1.2) -
Loss before Income Tax (2.8) (2.7)
Income Tax Benefit - 1.5
Loss after Income Tax (2.8) (1.2)
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Intec Share Price vs Australian Dollar Zinc Price
$0.300 A$6,300
INL Share Price
A$ Zinc Price
$0.250 A$5,500
$0.200 A$4,700
$0.150 A$3,900
$0.100 A$3,100
$0.050 A$2,300
$0.000 A$1,500
03 Jul 06 11 Oct 06 19 Jan 07 29 Apr 07 07 Aug 07 15 Nov 07 23 Feb 08 02 Jun 08 10 Sep 08
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Intec Share Price and Trading Volumes
$0.20 40
$0.18 36
$0.16 32
$0.14 28
$0.12 24
$0.10 20
$0.08 16
$0.06 12
$0.04 8
$0.02 4
$0.00 0
02 Jul 07 01 Sep 07 02 Nov 07 02 Jan 08 04 Mar 08 04 May 08 05 Jul 08 04 Sep 08 05 Nov 08
INL Price
INL Volume (millions)
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Shareholder
Ordinary Resolutions
Trevor Jones
Chairman
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Resolution 1

That the Company's Financial Report for the financial year ended 30 June 2008 together with the related Directors' and Auditor’s Reports be received, approved and adopted. For 122,900,444 Against 157,917 Abstain 11,054

Resolution 2

That the Company’s Remuneration Report for the financial year ended 30 June 2008 be received, approved and adopted.

For 118,483,832 Against 4,574,883 Abstain 10,700

Resolution 3

That Mr A John Moyes, retiring in accordance with the Company's Constitution and being eligible for re-election, be re-elected a Director of the Company. For 116,204,697 Against 6,854,018 Abstain 10,700

Resolution 4

That Mr James R G Bell, retiring in accordance with the Company's Constitution and being eligible for re-election, be re-elected a Director of the Company. For 116,511,477 Against 6,547,238 Abstain 10,700

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Operations Report
Philip Wood
Managing Director & CEO
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Key Events
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• -Successful year’s operation at Hellyer -Subsequent closure of Hellyer mill due to falling metals prices -Bass Metals commenced mining at Que River.

• -Delineated new ore discoveries at Fossey Zone and Hellyer Remnants -19.9% of BSM sold to Metals Finance Corporation

• -Major upgrade for Intec Metals Recycling Project anticipated -Intec Process selected for inclusion in Browns Sulphide Project. Expected >200,000 tpa of lead production.

• -Successful third-party testwork. High recoveries of target metals.

Hellyer

Hellyer Mill

• -Continued optimisation and improvement throughout 2007-2008

• -March Quarter & June Quarters both achieved record production -Declining international prices forced suspension of operations in September 2008

• -Now on care and maintenance

• -Assets have become non-core to primary corporate strategy

• -Orderly tender sale process commenced through RBC

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Metal Recoveries at the HZCP
90%
Zinc Recovery
80%
Lead Recovery
70%
60%
50%
40%
30%
20%
10%
0%
Nov-06 Feb-07 May-07 Sep-07 Dec-07 Mar-08 Jul-08 Oct-08
Recovery
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A$ LME Zinc Cash Price History (Real Terms)
Hellyer Milestones
A$7,000
Hellyer Tailings
Operations Commence
A$6,000
A$5,000
Hellyer Mine Hellyer Mill Hellyer Mine & Mill Hellyer Tailings Joint Venture
Opened Opened Shutdown Announced
A$4,000
A$3,000
Average
A$2,700
A$2,000
Current Record Low
A$1,600 Polymetals withdraws
A$1,000 from Joint Venture
Hellyer Mill Shutdown
A$0
Sep 1984Dec 1985Mar 1987Jun 1988Sep 1989Jan 1991Apr 1992Jul 1993Oct 1994Jan 1996Apr 1997Jul 1998Oct 1999Jan 2001May 2002Aug 2003Nov 2004Feb 2006May 2007Aug 2008
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Hellyer

• Bass Metals Assets -BSM commenced mining at Que River, September 2007 -First JORC resource declared for Hellyer Mine Project -2,279kt @ 7.3% Zn, 3.9% Pb, 0.6% Cu, 97g/t Ag, 1.6g/t Au -Includes Fossey Zone, Hellyer Remnants and Que River -Intec previously owned 23.2% of Bass Metals Ltd (BSM) -19.9% sold to Metals Finance Corp, November 2008

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The Intec Process
Metal-bearing feedstock
Iron-based residue
Leach
to tailings or industry
Recycle Purification
By-products
Recovery
Primary Product
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Smelting is old technology
Photo courtesy of Creative Commons, Attribution ShareAlike 2.5
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World Demand
Despite current world recession, long-term metals demand will
remain strong
Copper Zinc Lead
Nickel Gold Silver
Rare metals
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Intec Process Technology Portfolio
The World Leader in Minerals
Processing Chloride Hydrometallurgy
Applications
Copper Zinc/ Polymetallic EAF Dust Refractory Nickel Nickel
Lead Zinc ferrites Gold Laterites Concentrates
Metal residues/wastes
Technical collaboration agreement with Outotec
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Intec Metals Recycling Project

Major Upgrade Anticipated Shortly -Cu (metal), Pb (metal), ZnS, Ag, In -Currently subject to regulatory and corporate finalisation -Full details to be announced as soon as possible

Browns Sulphide

• Compass Resources Ltd + Hunan Nonferrous Metals Corp -Large NT deposit: Cu, Pb, Ag, Ni, Co

• -Phase I and Phase II laboratory and engineering studies completed by Intec

• -Intec Process has been selected for selective lead recovery step

• -Ore -> Concentrate

• -> Lead recovery (IP) -> POx metal recovery

• -Recent technical breakthrough

Australian Projects

North Queensland Metals - Baal Gammon

• -Cu, Ag, In, Bi -Phase I laboratory completed by Intec -98-99% extraction -Regulatory approval -Significant opportunity to unlock value using the Intec Process

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International Projects
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• Urals Mining and Metallurgical Company -Cu, Zn, Pb, Ag

• -Phase I and Phase II laboratory and engineering studies completed by Intec

• -Heat & mass balances -Process flow diagrams -Plant & facility layout - ± 50% capital and operating expenses estimates

International Projects

Buffalo Gold, Sardinia (Cu/Au) -Successful testwork -Project lacked sufficient mineral resources -Significant knowledge developed for enargite minerals Iran: two opportunities (Cu + Zn) -Awaiting development

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Project Summary
Phase I Phase II Phase III Phase IV Phase V
Laboratory Basic Optimisation Demon- Commercial
Engineering & Pilot Test stration Project
IMRP √ √ √ √ Pending
Browns √ √ Underway
UMMC √ √ Pending
NQM √ Pending
Iran Pending
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Intec on the Move New Premises Level 3 2 Elizabeth Plaza North Sydney NSW 2060 (ph) +61 2 9925 8170 (fax) +61 2 9925 8110 (email) mail@intec.com.au (web) www.intec.com.au

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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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Wrap-up
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www.intec.com.au

The results of this AGM and links to the recorded broadcast will shortly be available on the Intec web site. Please visit the web site to stay up-to-date with news about Intec’s projects, as well as to read and participate in more in-depth discussions through the Intec Investor Q&A Forum.

Refreshments Intec now welcomes our shareholders to join us for refreshments in the adjacent room, and for dinner at a nearby restaurant.