SCIDEV LTD — Share Issue/Capital Change 2003

Nov 26, 2003

Intec Ltd

ASX Code: INL ABN 25 001 150 849

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

27 November 2003

Companies Announcements Office Australian Stock Exchange Limited

Issue Under Employee Share Option Plan

In the Company's Prospectus dated 19 December 2001 (pages 16 and 82), it was forecast that the Company would issue options under the terms of the Intec Option Plan (IOP) equal in total to up to 5% of the Company's issued shares as incentives to Directors, staff and key consultants.

On 11 September 2003 the Company closed 92% subscribed, a fully underwritten renounceable three for five Entitlements Issue. The Entitlements Issue resulted in the issue of an additional 87,623,490 Intec shares at 3 cents per share, bringing the Company's total shares on issue to 233,662,632. In order to reflect the efforts of Directors, staff and key consultants during this important year in the Company's development, the Board has allocated 4,626,008 new options under the terms of the IOP (New Options) which, as a result of the Company's increased issued capital subsequent to the Entitlements Issue, maintains the 5% level referred to in the preceding paragraph.

As part of this planned incentivisation, the Board of INL has granted, consequent to members' approval received at the 2003 Annual General Meeting held yesterday, 1,694,190 options comprising 140,302 options granted to the Company's Chairman Mr Kenneth J Severs, 570,263 options granted to the Company's Managing Director and Chief Executive Officer Mr Philip R Wood, 753,537 options granted to the Company's Technical Director Mr A John Moyes, 115,044 options granted to Non-executive Director Mr J Philip Evans and 115,044 options granted to Nonexecutive Director Mr Gordon L Toll.

The options are for a period of five years, expire on 26 November 2008 and the option exercise price is \$0.10.

A copy of Appendix 3B as required by Listing Rule 3.10 is attached.

Yours faithfully Intec Ltd

Robert J Waring Company Secretary

Appen3boption s.asx\rjw

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 $\frac{4}{3}$ securities issued or to be issued

4,626,008 options

• $\overline{2}$ Number of ⁴securities issued or to be issued (if known) or maximum number which may be issued
• 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)

4,626,008 options

The options are to subscribe for ordinary shares at an exercise price of \$0.10, and are exercisable at any time until expiry on 26 November 2008.

⁺ See chapter 19 for defined terms.

4	Do the securities rank equally in all respects from the date of allotment with an existing "class of quoted securities? If the additional securities do not rank equally, please state: the date from which they do extent to which they the ۰ participate for the next dividend, $(in$ the case 0f. trust. a. distribution) or interest payment the extent to which they do not ۰ rank equally, other than in relation to the next dividend, distribution or interest payment	$\mathbf{N}$ 0 optionholder.	The securities (options) would rank equally with INL fully paid ordinary shares upon exercise by an
5.	Issue price or consideration	option exercise price is \$0.10.	The options are granted without charge and the
6	Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)	Grant of options to recognise the important role of Directors, staff and key consultants in advancing the future success of INL. This issue is made under the Intec Employee Option Plan.
7	Dates of entering *securities into uncertificated holdings or despatch of certificates	Certificates will be despatched within seven days.
8	Number + class and οf all *securities quoted ASX. - on (including the securities in clause 2 if applicable)	Number 209,696,640	$+C$ lass Fully Paid Ordinary Shares

⁺ See chapter 19 for defined terms.

		Number	$+C$ lass
9	class of Number all and securities not quoted on ASX (including the securities in clause) 2 if applicable)	23,965,992	Fully Paid Ordinary Shares -- restricted until 2 May 2004
		1,275,000	June 2009 Options 30 exercise price \$0.50
		6,889,931	2007 16 July . Options exercise price \$0.25
		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)	Options granted will have no participation in dividends until they are exercised.

Part 2 - Bonus issue or pro rata issue

Questions 11 to 33

Not applicable

Part 3 - Quotation of securities

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

Questions 34 to 42

Not applicable

$+$ See chapter 19 for defined terms.

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 $\bullet$ 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 $\bullet$ applications received by us in relation to any *securities to be quoted and that noone 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.

$+$ See chapter 19 for defined terms.

• We will indemnify ASX to the fullest extent permitted by law in respect of any claim, $\overline{3}$ action or expense arising from or connected with any breach of the warranties in this agreement.
• $\overline{4}$ We give ASX the information and documents required by this form. If any information or document not 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.

Robert J Waring Sign here: Date: 27 November 2003 (Company secretary)

Print name: Robert J Waring

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$+$ See chapter 19 for defined terms.