SCIDEV LTD — Capital/Financing Update 2005

Nov 24, 2005

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

25 November 2005

Companies Announcements Office Australian Stock Exchange Limited

Options Issue and Working Capital Facility Agreement with Macquarie Bank Limited

Pursuant to the ASX announcement by Intec Ltd (ASX Code: INL) on 23 September 2005, INL has made an initial drawdown of A\$1.0 million under the A\$2.5 million Working Capital Facility Agreement with Macquarie Bank Limited (ASX Code: MBL).

As a consequence of making the first drawdown under the Working Capital Facility Agreement, INL today issued call options to MBL for the purchase of 10,000,000 INL shares at 8 cents per share, with an expiry date of 30 June 2008.

The funding is being applied towards completion of the bankable feasibility study being undertaken by WorleyParsons Limited (ASX Code: WOR) and the Intec Hellyer Metals demonstration plant programme.

Attached is a completed Appendix 3B in respect of the issue of options to MBL.

Yours faithfully Intec Ltd

Robert J Waring

Company Secretary

Appen3bNov2005issueofoptions

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 | 10,000,000 options be issued

$\overline{2}$ Number of ⁺securities issued or to be issued (if known) or maximum number which may be issued

10,000,000 options

Principal terms of the *securities $\overline{3}$ (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)

The options are issued to Macquarie Bank Limited under the Working Capital Facility and Equity Investment Agreement dated 23 September 2005 and are to subscribe for ordinary shares at an exercise price of \$0.08, and are exercisable at any time until expiry on 30 June 2008.

4	Do the + securities rank equally in all respects from the date of allotment with an existing class of quoted securities?	The securities (options) would rank equally with INL fully paid ordinary shares upon exercise by an optionholder.
	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 rank equally, other than in relation to the next dividend, distribution or interest payment
5	Issue price or consideration	The options are granted for no consideration and the option exercise price is \$0.08.
6	Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)	Refer attached covering letter.
7	Dates of entering *securities into uncertificated holdings or despatch of certificates	25 November 2005
		Number	+ Class
8	Number class of and all securities quoted ASX on (including the securities in clause 2 if applicable)	431,925,979	Fully paid Ordinary Shares
		Number	*Class
9	Number class οf and all securities not quoted on ASX (including the securities in clause 2 if applicable)	6,645,097	16 July 2007 Options – exercise price \$0.24625
		4,189,196	26 November 2008 Options – exercise price \$0.10
		25,000,000	30 June 2008 Options – exercise price \$0.08
		1,275,000	30 June 2009 Options – exercise price \$0.49625
		8,672,144	24 February 2010 Options – exercise price \$0.069

10	Dividend policy (in the case of $a \mid$ Options granted will have right to participate in
increased capital (interests)	trust, distribution policy) on the dividends until they are exercised.

Part 2 - Bonus issue or pro rata issue

-11	Ιs	security	holder	approval
to	required?

to 33 Ouestions 11 to 33 are not applicable.

Part 3 - Ouotation of securities

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

Ouestions 34 to 42

Questions 34 to 42 are not applicable.

Ouotation agreement

• $\mathbf{1}$ +Ouotation 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.
• 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
• 3 We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense 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 $\overline{4}$ 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:

Date:

25 November 2005

Robert J Waring

(Secretary)

Appen3bNov2005issueofoptions