SCIDEV LTD — Capital/Financing Update 2004

Nov 24, 2004

Intec Ltd

ASX Code: INL ABN 25 001 150 849

Superior and Sustainable Metals Production

Gordon Chiu Building [01 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

25 November 2004

Companies Announcements Office Australian Stock Exchange Limited

Grange Securities fully underwrites A\$5m SPP

Intec Ltd (ASX Code: INL) is pleased to advise that Grange Securities Limited has entered into an agreement with INL to underwrite fully the A\$5 million Share Purchase Plan (SPP) recently announced by INL. The SPP has been substantially sub-underwritten by a range of Australian and international investors, a number of whom are existing larger INL shareholders. Intec expresses its appreciation for the support of Grange Securities, the sub-underwriters and the many INL shareholders (large and small) who are subscribing to the SPP.

The closing date for shareholder applications under the SPP is Tuesday 30 November 2004. Ouotation on ASX for shares issued under the SPP will be sought on 14 December 2004.

The SPP follows INL's successful A\$7 million institutional placement, with Grange Securities and RFC Corporate Finance acting as Joint Lead Managers, completion of which was announced at INL's recent Annual General Meeting. INL shares allotted pursuant to the placement are now listed and trading on ASX.

Inclusive of finalisation of a currently proposed corporate transaction, INL is now very well positioned financially to progress its cornerstone Hellyer Metals Project and the commercialisation of the Intec Gold Process for refractory gold ores, which are the source of about one third of the world's gold production.

Yours faithfully Intec Ltd

Philip R. Wood

Philip R Wood Managing Director and Chief Executive Officer