SCIDEV LTD — Capital/Financing Update 2004

Dec 23, 2004

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

24 December 2004

Companies Announcements Office Australian Stock Exchange Limited

Intec Completes A\$12 Million Fund Raising

The Directors of Intec Ltd (ASX Code: INL) are pleased to advise the market that its A\$12 million capital raising has been completed, with the underwriter and sub-underwriters of the Company's recent Share Purchase Plan (SPP) subscribing for approximately A\$3,768,029 in Intec shares, at a price of A\$0.069 per share. An Appendix 3B New Issues Announcement in relation to the SPP underwriting is attached.

Completion of the SPP underwriting now finalises Intec's overall capital raising of A\$12 million previously announced to ASX. Intee wishes to record its thanks to Grange Securities Ltd as underwriter of the SPP. The Company will utilise the amount raised principally for the advancement of its Hellyer Metals Project in Tasmania.

Intec welcomes new shareholders and appreciates their support as work commences on the Hellyer Metals Project demonstration plant and bankable feasibility study.

Notice Under Section 708A(5)(e)

Intec advises that on 24 December 2004 it resolved to issue 53,211,569 fully paid ordinary shares at an issue price of A\$0.069 per share (New Shares) of the shares referred to above.

Intee gives notice that:

• this notice is being given under Section $708A(5)(e)$ of the Corporations Act 2001 $(1)$ (Corporations Act);

• $(2)$ Intec issued the New Shares without disclosure to investors under Part 6D.2 of the Corporations Act;

• as at the date of this notice, Intec has complied with: $(3)$

• the provisions of Chapter 2M of the Corporations Act as they apply to Intec; and $(a)$
• section 674 of the Corporations Act; and $(b)$
• except as may be set out in this notice, there is no other information that is excluded $4)$ information as at the date of this notice which is required to be set out in this notice under Section $708A(6)(e)$ of the Corporations Act.

Yours faithfully Intec Ltd

Robert J Waring Company Secretary

Appen3bDec2004endofcaprais\stp

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003.

Name of entity

Intec Ltd

ABN

25 001 150 849

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

$\mathbf{I}$ ⁺Class of ⁺securities issued or to Fully paid Ordinary Shares be issued

• $\overline{2}$ Number of ⁺securities issued or to be issued (if known) or maximum number which may be issued
• $\overline{3}$ Principal terms of the "securities (eg, if options, exercise price and expiry date; if partly paid "securities, the amount outstanding and due dates for payment; if *convertible securities. the conversion price and dates for conversion)

54,609,116 Ordinary Shares

Placement of fully paid Ordinary Shares at an issue price of 6.9 cents, being underwritten shortfall from Share Purchase Plan (SPP) issue.

4	Do the "securities rank equally in all respects from the date of allotment with an existing 'class of quoted *securities?		Yes - rank equally with existing fully paid Ordinary Shares
	If the additional securities do not rank equally, please state: the date from which they do the extent to which they participate for the next dividend, (in the case of a trust, distribution) interest OF payment
	the extent to which they do not ۰ rank equally, other than in relation to the next dividend, distribution or interest payment
5	Issue price or consideration	issue.	The issue price was 6.9 cents per share and the total amount raised was \$3,768,029 from underwriting of shortfall of SPP
6	Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)	attached covering letter.	The funds raised to raise funds for the purposes set out on
7	Dates of entering *securities into uncertificated holdings or despatch of certificates	On or about 24 December 2004
8	Number class of and all securities ASX quoted on (including the securities in clause 2 if applicable)	Number 422,576,400	+ Class Fully paid Ordinary Shares
9.	Number class οf all and securities not quoted on ASX (including the securities in clause 2 if applicable)	Number 1,275,000	$\overline{C}$ lass 30 June 2009 Options - exercise price \$0.49625
		7,057,122	16 July 2007 Options - exercise price \$0.24625
		4,626,008	26 November 2008 Options - exercise price \$0.10
10	Dividend policy (in the case of a
	trust, distribution policy) on the increased capital (interests)	regard to future dividends	Rank equally with existing fully paid Ordinary Shares in

Part 2 - Bonus issue or pro rata issue

to	holder security Is - required?		approval Questions 11 to 33 are not applicable

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

34	Type of securities
	(tick one)

Securities described in Part 1 $\left( a\right)$

(b)	All other securities
-----	----------------------

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities
when restriction ends, securities issued on expiry or conversion of conve

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

35	If the "securities are "equity securities, the names of the 20 largest holders of the additional "securities, and the number and percentage of additional *securities held by those holders
36	If the "securities are "equity securities, a distribution schedule of the additional "securities setting out the number of holders in the categories $1 - 1,000$ $1,001 - 5,000$ $5,001 - 10,000$ $10,001 - 100,000$ 100,001 and over
37	A copy of any trust deed for the additional *securities

Entities that have ticked box 34(b)

38 to:	auotation is sought	Number of securities for which $\sqrt{\frac{1}{2}}$ Questions 38 to 42 are not applicable
42

Ouotation agreement

• $\mathbf{1}$ *Quotation of our additional *securities is in ASX's absolute discretion. ASX may quote the *securities on any conditions it decides.
• $\overline{2}$ We warrant the following to ASX.
• The issue of the "securities to be quoted complies with the law and is not for an illegal purpose. $\ddot{\phantom{0}}$
• There is no reason why those *securities should not be granted *quotation.
• An offer of the "securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section $1012C(6)$ of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any *securities to be quoted and that no-one has any right to return any "securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the *securities be quoted.
• We warrant that if confirmation is required under section 1017F of the Corporations Act in relation to the "securities to be quoted, it has been provided at the time that we request that the "securities be quoted.
• If we are a trust, we warrant that no person has the right to return the *securities to be quoted under section 1019B of the Corporations Act at the time that we request that the *securities be quoted
• We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense $\overline{3}$ arising from or connected with any breach of the warranties in this agreement.
• We give ASX the information and documents required by this form. If any information or document not 4 available now, will give it to ASX before ⁺quotation of the ⁺securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Sign here:

R J Waring

Date:

24 December 2004

(Director/Company Secretary)

Print name:

R J Waring

app3B Dec 2004 endofcap