SCIDEV LTD — Capital/Financing Update 2003

Sep 16, 2003

Intec Ltd

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

17 September 2003

ASX Announcement Company Announcements Office

The Directors of Intec Ltd advise that the Company's three for five renounceable Entitlements Issue to shareholders of 87,623,490 new Shares at the price of A\$0.03 per Share to raise A\$2,628,705 closed on 11 September 2003. The Issue was fully underwritten by Taylor Collison Limited and Grange Securities Limited.

79,881,904 new Shares, representing approximately 91.2% of the Entitlements have been applied for, leaving a total shortfall of 7.741.586 new Shares, representing approximately 8.8% of the Entitlements. The Directors consider that this result indicates strong overall support for the Company by its shareholders, both existing and new.

Orian Holding Corp., in its capacity as priority sub-underwriter and in addition to applying for its own Entitlement, will receive all of the shortfall, with the result that its Shareholding will increase to approximately 23.2% of the expanded issued capital of the Company.

Yours faithfully Intec Ltd

Within R. Wood

Philip R Wood Managing Director and Chief Executive Officer