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Full available at:

http://www.mpsecurities.com.au/pubs/index.asp?page=2005

Extract:

Intec Ltd (INL) December Quarter 2004 Update KEY POINTS �� Hellyer Metals Project, TAS (INL 100%) �� Polymetallic Hellyer Tailings Dam contains over A$1.7billion of in-situ metal value. �� Development of the project now underway with the construction of the demonstration plant planned for completion by SQ05. �� Bankable Feasibility Study scheduled for late 2005, with Hellyer expected to come online in early 2007. �� Hellyer Exploration Transfer of INL’s exploration assets surrounding the Hellyer Metals Project to Resource Finance & Investments, which is expected to seek an ASX listing in the first half of 2005. �� Intec Gold Process Several major mining companies currently undertaking laboratory testwork using INL’s proven, panteted hydrometallurgical process for the treatment of refractory gold concentrates. Successful completion of a 5-week pilot plant campaign by Barrick with further progress development work scheduled for MQ05. �� Corporate A$12m capital raised to fund the construction and operation of Burnie demonstration plant and the completion of the BFS for the Hellyer Metals Project. Based on the 100% debt funding base case scenario, MPS has estimated the proposed Hellyer operation to have a NPV10%,30%tax of around A$105m or A$0.28ps fully diluted. Potential exists there for a blended tailings plus steel furnace zinc dust operation, which could increase the valuation to A$0.41ps. Cashed up INL is trading at a FY08 earnings multiple of just 1.3 times the current share price. Following the rationalisation of its asset portfolio and supported by buoyant commodity markets, INL is now well positioned to develop the Hellyer Metals Project and move towards the commercialisation of its hydrometallurgical processes. Recommendation: Speculative Buy