ABN 25 001 150 849

Level 3 2 Elizabeth Plaza North Sydney NSW 2060 Australia PO Box 1507 North Sydney NSW 2059 Australia

Phone: 02-9954 7888 Fax: 02-8904 0334 Email: [email protected] Website: www.intec.com.au ASX code: INL

Companies Announcements Office 21 November 2011 Australian Securities Exchange

2011 Annual General Meeting Presentation

Attached are the Chairman's Prepared Comments and related powerpoint presentation covering the Formal Resolutions and my Review of Operations for shareholders at Intec's 2011 Annual General Meeting to be held at 2:00pm today at the above address.

Yours faithfully Intec Ltd

Philip R. Wood Managing Director and Chief Executive Officer

Intec Ltd 2011 Annual General Meeting Chairman's Prepared Comments

The 2010-2011 year has been characterised by steady, but measurable progress. The Company has made significant gains on both technical and corporate fronts, and this is reflected in the fact that Intec delivered a profit of $1.5 million for the 2010-2011 financial year, albeit that this was largely as a result of the Nippon transaction.

At the start of the financial year, ongoing cash constraints presented a continuing challenge to the business as it struggled to recover from the Global Financial Crisis, which had hit this Company particularly hard since mid-2008. During this period, the INL share price continued to weaken in part due to a convertible note facility that the company had in place, which resulted in extensive conversion of debt into shares that were then immediately sold on-market.

Given these constraints, the Company was required to advance its project portfolio in the leanest way possible, conserving its limited resources while focussing on near-term revenue opportunities. Although necessary, this strategy meant that developments in the key revenue-generating areas of technology implementation were frustratingly slow.

The successful negotiation in November 2010 of the $5 million agreement with JX Nippon Mining and Metals Corporation gave the Company much-needed financial stability, and enabled the convertible debt facility to be settled.

In late 2010 and early 2011, Intec's team implemented two successful demonstration trials for the Spent Pickle Liquor recycling technology, which achieved the key project criteria and produced quantities of high-quality zinc metal, hydrochloric acid, iron and calcium products for sales evaluation.

Also during 2011, the Burnie team successfully developed, implemented and completed the first of two phases of a project to utilise the Company's large stockpiles of EAF dust. By July 2011, Intec had exported the entire 8,000 tonne Tasmanian stockpile of EAF dust in the 40,000 tonnes of a blended specified zinc concentrate product. The blend was a physical mixture of EAF dust and Intec's Zeehan slag resource.

Through the government-supported SPL testwork programme and the staged release of the Tasmanian EAF dust environmental bonds, both of these projects contributed to the targeted shortterm cash flows that are clearly so important to the Company as it makes the critical transition to self-sustaining operation.

I am pleased to advise that the EAF dust blending operations have commenced over recent days at the Company's Victorian stockpile site, and Philip Wood will provide more detail in his operations report. As the production and sale consumes that stockpile, it is expected to release up to $3.6 million in additional environmental bonds over the coming year or so.

The Company's efforts in relation to the longer 'project pipeline' have started to yield tangible results. At any given time, the Company devotes resources to up to half a dozen potential project opportunities. Over the last couple of years, this has tended to focus on lower-hurdle industrial waste recycling opportunities, where the project lead times also tend to be shorter. However, it has also kept alive its longer-term efforts for larger minerals processing projects.

Intec's September quarterly report announced that commercial discussions for a minerals project in the Middle East have proceeded to signature by Intec's 50% owned joint venture subsidiary, Intec International Projects Pty Ltd. The contract covers a full testwork and engineering programme for the implementation of the first stage of the project.

This is an exciting opportunity, which we unfortunately can't discuss in full detail today, but we expect to make a further announcement on receipt of the first staged payment in the near future.

The signing of this contract represents the culmination of five years of work by Intec's senior management, and most particularly the dedicated and relentless contribution of Dave Sammut, Intec's Corporate Development Manager.

It is being advanced as a successful outcome of Intec's strategy of collaborating with specific partners with the local skills, resources and contacts to pursue opportunities internationally.

This strategy is also further evidenced by Intec entering into a collaboration agreement during 2010- 2011 with Energy Booster of Organisations in Europe, or EBOO for short. Working with EBOO, Intec has quickly advanced a new industrial waste recycling opportunity for the Intec Process in rare earth metals.

EBOO has identified and invited Intec's evaluation of a waste stream containing economic levels of neodymium and dysprosium. These are highly valuable rare earth metals employed extensively in the manufacture of high-strength magnets for environmental applications like wind turbines and electric cars.

The waste is currently disposed to landfill, because it does not currently have a viable recycling alternative. It is free of the radiation hazards that are commonly associated with rare earth ores, and early testing has shown it to be amenable to Intec Process recycling. We are now examining the retrofit of Intec's existing infrastructure at Burnie, provided that all of the various project factors are positive.

The Intec R.E.cycling project is very prospective, however there remains a lot of work to be done over coming months.

Intec's Board acknowledges that the progress throughout the last year has been painstaking and often without fanfare, given confidential commercial considerations. But the progress has been appreciable, and we know that we can trust in the ongoing dedication of Intec's motivated, skilled team of executives and staff to continue to build upon this momentum.

We thank all of our senior management and staff for maintaining their drive and focus, and for their achievements throughout the year. Our thanks again to Mr Brian Banister, until recently Intec's Chief Operating Officer and the Managing Director of Intec Envirometals Pty Ltd, who has resigned to take up a senior mining position in the Hunter Valley district of NSW, which is his former home.

Most particularly, we thank Mr John Moyes for his service to the Company over the last 36 years. Retiring in turn as a director, John is not seeking re-election to the Board, despite which he will continue to contribute his considerable technical expertise and experience as a consultant to support Intec's various chloride hydrometallurgical projects. The Board, senior management and staff of Intec express our sincere best wishes to John, and our warm appreciation for his role as technical leader and mentor throughout his long association with the Company.