SCIDEV LTD — Capital/Financing Update 2004

Oct 27, 2004

Intec Ltd

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

28 October 2004

Companies Announcements Office Australian Stock Exchange Limited

A$12 million Capital Raising

Intec Ltd $(ASX code - INL)$ is pleased to announce that, subject to settlement of bids and finalisation of an underwriting agreement, it has secured A$12 million in funding for the principal purpose of progressing the development of its wholly owned Hellyer Metals Project through to completion of the bankable feasibility study and project financing.

The A$12 million capital raising is comprised of two components:

• 1. A share placement jointly managed by Grange Securities Ltd and RFC Corporate Finance Ltd that has raised A$7 million at a placement price of 6.9 cents per share. The allotment of shares from the placement will take place following the receipt of funds in the coming week. The shares have been placed with 'sophisticated and professional investors' arranged pursuant to Sections 708 of the Corporations Act 2001. The Company intends to give a notice in accordance with Section 708A (5)(e) of the Corporations Act at the time of allotment of the shares when a copy of Appendix 3B as required by ASX Listing Rule 3.10.3 will be submitted: and
• 1. A Share Purchase Plan ("the Plan") whereby each INL shareholder will be offered the right to acquire fully paid ordinary INL shares to the value of approximately A$5,000 at a price of 6.9 cents per share to raise approximately A$5 million. Grange Securities Ltd will underwrite the Plan and suitably qualified INL shareholders will be given priority to sub-underwrite the Plan. Shareholders (currently numbering over 1,000) who are on the INL share register at 5pm on 28 October 2004 will be entitled to participate in the Plan. Letters of offer are expected to be sent to shareholders during the week commencing 1 November 2004.

The previously announced A$15 million amount of the capital raising has been reduced to A$12 million following advanced discussions with a corporate party to secure an additional A$3 million of funding through a mechanism that is likely to be non-dilutive to INL shareholders and will not involve a debt instrument.

The Company will utilise the funds as outlined in detail in the Company's Notice of today's Annual General Meeting.

Yours sincerely Intec Ltd

by R. Wood

Philip R Wood Managing Director and Chief Executive Officer