SCIDEV LTD — Capital/Financing Update 2003

Jul 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 July 2003

Companies Announcements Office Australian Stock Exchange Limited

Update on A\$2.6 million Renounceable Rights Issue

Intec announced on 17 June 2003 a renounceable rights issue of three new INL shares at A\$0.03 each for every five INL shares held (the Rights Issue). Intec now advises that Taylor Collison Limited and Grange Securities Limited have agreed terms upon which they will jointly underwrite the whole of the Rights Issue. These terms include the arrangement of a satisfactory level of sub underwriting and that there is no material adverse change in the assets, liabilities and financial position of Intec.

Orian Holding Corp., a wholly owned subsidiary of Ivanhoe Mines Ltd. (Intec's largest shareholder), has agreed to subscribe for its full entitlement of 17,400,000 INL shares under the Rights Issue for an amount of A\$522,000, and additionally to sub underwrite the first A\$978,000 of any shortfall, for a total commitment of A\$1.5 million.

Fully subscribed, the Rights Issue will result in the issue of 87,623,490 new INL shares, raising gross proceeds of A\$2.628.705. Integ will use the proceeds of the Rights Issue principally to develop and market the Intec Refractory Gold Process and for working capital in relation to Intec's other proprietary technologies.

In accordance with Section 734(5)(a) of the Corporations Act 2001, the Company advises that the securities to be offered by the Company under the Rights Issue are in a class of securities already quoted on the Australian Stock Exchange Ltd (ASX). A disclosure document in relation to the Rights Issue will be made available when the securities are offered. Any person wishing to acquire the securities will need to complete the application form that will accompany that disclosure document.

Yours faithfully

Intec Ltd

A John Moves Director