FIRSTWAVE CLOUD TECHNOLOGY LIMITED — Interim / Quarterly Report 2013

Mar 13, 2013

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TELLUS RESOURCES LTD

ABN 35 144 733 595

HALF YEAR FINANCIAL REPORT 31 DECEMBER 2012

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CORPORATE DIRECTORY

ABN 35 144 733 595

Directors

Anthony Wehby Non-Executive Chairman Stephen Woodham Managing Director Ben Salmon Non-Executive Director Richard Willson Non-Executive Director

Company Secretary

Anne Adaley

Registered Office and Principal Place of Business

Level 3, Suite 301 66 Hunter Street Sydney NSW 2000 T: (02) 9231 6231 F: (02) 9231 6687 W: www.tellusresources.com.au E: info@tellusresources.com.au

Share Register

Boardroom Limited Level 7 207 Kent Street Sydney NSW 2000 T: (02) 9290 9600 F: (02) 9279 0664

Stock Exchange Listing

Australian Securities Exchange ASX Code: TLU

Auditor

Grant Thornton Audit Pty Ltd Level 17 383 Kent Street Sydney NSW 2000 T: (02) 8297 2400 F: (02) 9299 4445 www.grantthornton.com.au

Solicitor

Thompsons Lawyers Level 25, 1 O'Connell Street, Sydney NSW 2000 T: (02)8248 5850 F (02) 8248 5899 www.thomsonslawyers.com.au

INDEX	PAGE
DIRECTORS’ REPORT	1
AUDITOR’S INDEPENDENCE DECLARATION	3
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	4
CONSOLIDATED STATEMENT OF FINANCIAL POSITION	5
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY	6
CONSOLIDATED STATEMENT OF CASH FLOWS	7
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS	8
DIRECTORS’ DECLARATION	11
INDEPENDENT AUDITOR’S REVIEW REPORT	12

FINANCIAL STATEMENTS 31 DECEMBER 2012

DIRECTORS’ REPORT

FOR THE HALF YEAR ENDED 31 DECEMBER 2012

The Directors of Tellus Resources Ltd present their Report together with the financial report of the consolidated entity (referred to hereafter as the “Group”) consisting of Tellus Resources Ltd (the “Company”) and the entity it controlled at the end of, or during, the half-year ended 31 December 2012.

Directors

The following persons held office as Directors of Tellus Resources Ltd during or since the end of the reporting period and up to the date of this report:

Non-Executive Chairman

Mr Anthony Wehby Non-Executive Chairman Mr Stephen Woodham Managing Director Mr Ben Salmon Non-Executive Director (appointed 19 October 2012) Mr Richard Willson Non-Executive Director

Principal Activities

The principal activities of the Group are exploration for minerals including gold deposits and the acquisition and development of mineral tenements.

Operating Results

The Group incurred a loss after tax for the reporting period of $563,871 (2011: $675,960 loss).

Review of Operations

Exploration Program

During the reporting period, the exploration program focused on the Chillagoe Gold Project.

Over 3,000 metres of RC Drilling was completed within the Empire and Wandoo Mining Leases. Results from the RC drilling program were positive and highlighted significant potential for an economic gold deposit within the Chillagoe Mining Leases. Many of the holes intersected significant gold mineralisation associated with porphyritic intrusives, abundant arsenopyrite, quarter veining and phyllic (serecite) alteration consistent with an Intrusive Related Gold mineral system reported in ASX Release dated 17 August 2012.

During the reporting period two Exploration Permits were granted: EPM18397 and EPM18398 totalling 2,952.5 hectares and one application was made EPM19803 covering 3,938 hectares adjacent to the Red Dome mining leases.

Two exploration Leases were granted in NSW: EL7993 - Triangle Flat and EL8004 - Rockley. The two titles together are referred to as the Rockley Project and cover areas of Ordovician Volcanics and Siluro-Devonian Sediments. The project area is prospective Porphyry Cu-Au Deposits similar to Cadia within the Ordovician Volcanics and McPhillamy’s style gold mineralisation in the Siluro-Devonian Sediments.

Corporate

During the reporting period, Mr Ben J Salmon RFD QC was appointed as a director of the Company. Mr Salmon has practised in many areas of the law including commercial and company matters and was appointed Queens Counsel in 1985. He represents Asia Pacific Mining Capital Pte Ltd, a cornerstone investor of Tellus.

The Company continued an active program to identify and evaluate additional new opportunities to enhance its portfolio of assets.

In addition, the Company has continued to investigate ways to maximise the value of its NSW assets.

FINANCIAL STATEMENTS 31 DECEMBER 2012

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DIRECTORS’ REPORT

FOR THE HALF YEAR ENDED 31 DECEMBER 2012

Changes in the State of Affairs

There were no significant changes in the state of affairs of the Group during the reporting period ended 31 December 2012 other than as referred to in this report and the Financial Statements or notes thereto.

Events Subsequent To Reporting Date

No matters or circumstances since the end of the year have occurred that have significantly affected or may significantly affect the operations, the results of the operations or the state of affairs of the Group in subsequent financial years.

Dividends

The Directors recommend that no dividend be paid for reporting period ended 31 December 2012 nor have any amounts been paid or declared by way of dividend during the reporting period.

Likely Future Developments

No other likely developments of the Group are included in this report as the Directors believe, on reasonable grounds, that inclusion of such information would be likely to result in unreasonable prejudice to the Company.

Non Audit Services

A copy of the auditor’s independence declaration as required under s307C of the Corporations Act 2001 is included on page 3 of this financial report and forms part of this Directors report.

Signed in accordance with a resolution of the Directors.

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Anthony Wehby

Chairman

14 March 2013

Sydney

FINANCIAL STATEMENTS 31 DECEMBER 2012

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Grant Thornton Audit Pty Ltd ACN 130 913 594

Level 17, 383 Kent Street Sydney NSW 2000 PO Locked Bag Q800 QVB Post Office Sydney NSW 1230

Auditor’s Independence Declaration To the Directors of Tellus Resources Limited

T +61 2 8297 2400 F +61 2 9299 4445 E info.nsw@grantthornton.com.au W www.grantthornton.com.au

In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the review of Tellus Resources Limited for the six months ended 31 December 2012, I declare that, to the best of my knowledge and belief, there have been:

• a no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and

• b no contraventions of any applicable code of professional conduct in relation to the audit.

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GRANT THORNTON AUDIT PTY LTD Chartered Accountants

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A J Archer

Partner – Audit & Assurance

Sydney, 14 March 2013

Grant Thornton Australia Limited is a member firm within Grant Thornton International Ltd. Grant Thornton International Ltd and the member firms are not a worldwide partnership. Grant Thornton Australia Limited, together with its subsidiaries and related entities, delivers its services independently in Australia.

Liability limited by a scheme approved under Professional Standards Legislation

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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE HALF YEAR ENDED 31 DECEMBER 2012

									31 DEC 2012 $	31 DEC 2011 $
							NOTE
	Revenue from continuing operations								50,710	90,333
							5
	Administration costs								(40,389)	(40,902)
	Business development								(127,248)	(57,648)
	Project expenditure								(4,475)	(322,252)
							6
	Corporate costs								(145,766)	(138,591)
	Depreciation and amortisation								(7,656)	(7,976)
							6
	Management fees and on costs								(289,047)	(198,924)
	Loss before income tax								(563,871)	(675,960)
	Income tax expense relating to the ordinary activities								-	-
	Net loss for the year								(563,871)	(675,960)
	Other comprehensive income, net of tax								-	-
	Total comprehensive loss								(563,871)	(675,960)
	EARNINGS/LOSS PER SHARE:								(1.3)	(2.6)
	Basic loss per share (cents per share)
	Diluted loss per share (cents per share)								(1.3)	(2.6)

This statement should be read in conjunction with the notes to the financial statements.

FINANCIAL STATEMENTS 31 DECEMBER 2012

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2012

							NOTE		31 DEC 2012 $	30 JUNE 2012 $
	CURRENT ASSETS
	Cash and cash equivalents								2,652,514	3,628,524
	Trade and other receivables								27,320	71,307
	Prepayments								12,525	10,613
	TOTAL CURRENT ASSETS								2,692,359	3,710,444
	NON-CURRENT ASSETS
	Property, plant and equipment								39,392	44,928
	Intangibles								8,064	10,182
	Exploration and evaluation expenditure						7		2,770,109	2,512,841
	TOTAL NON-CURRENT ASSETS								2,817,565	2,567,951
	TOTAL ASSETS								5,509,924	6,278,395
	CURRENT LIABILITIES
	Trade and other payables								70,749	311,530
	Provisions								-	7,541
	TOTAL CURRENT LIABILITES								70,749	319,071
	NON-CURRENT LIABILITIES
	Provisions								3,632	1,539
	TOTAL NON-CURRENT LIABILITIES								3,632	1,539
	TOTAL LIABILITIES								74,381	320,610
	NET ASSETS								5,435,543	5,957,785
	EQUITY
	Share capital								7,374,031	7,470,031
	Reserves								378,142	240,513
	Accumulated losses								(2,316,630)	(1,752,759)
	TOTAL EQUITY								5,435,543	5,957,785

This statement should be read in conjunction with the notes to the financial statements.

FINANCIAL STATEMENTS 31 DECEMBER 2012

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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE HALF YEAR ENDED 31 DECEMBER 2012

	ISSUED CAPITAL $ EQUITY RESERVE $ ACCUMULATED LOSSES $ TOTAL $
Balance as at 1 July 2011	4,141,076 192,000 (486,992) 3,846,084 - - (675,960) (675,960)
Total loss and comprehensive income for the period
Balance as at 31 December 2011	4,141,076 192,000 (1,162,952) 3,170,124
	7,470,031 240,513 (1,752,759) 5,957,785 - - (563,871) (563,871) - 137,629 - 137,629 (96,000) - - (96,000)
Balance as at 1 July 2012
Total loss and comprehensive income for the period
Equity instruments granted
Share issue costs
Balance as at 31 December 2012	7,374,031 378,142 (2,316,630) 5,435,543

The financial statements should be read in conjunction with the accompanying notes.

FINANCIAL STATEMENTS 31 DECEMBER 2012

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CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE HALF YEAR ENDED 31 DECEMBER 2012

	31 DEC 2012 $ 31 DEC 2011 $
CASH FLOWS FROM OPERATING ACTIVITIES
Interest received	50,710 100,607
Cash payments in the course of operations	(580,401) (433,015)
Net cash used in operating activities	(529,691) (332,408)
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for exploration expenditure	(426,169) (304,489)
Payments for applications and security bonds	(20,150) (5,737)
Payments for property, plant and equipment	- (56,221)
Payment for Chillagoe acquisition	- (50,000)
Net cash used in investing activities	(446,319) (416,447)
Net (decrease)/increase in cash held and cash equivalents	(976,010) (748,855)
Cash and cash equivalents at the beginning of the period	3,628,524 3,704,471
Cash and cash equivalents at the end of the period	2,652,514 2,955,616

The financial statements should be read in conjunction with the accompanying notes.

FINANCIAL STATEMENTS 31 DECEMBER 2012

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED 31 DECEMBER 2012

1. General information

The consolidated entity (the Group) consists of Tellus Resources Ltd (the “Company”) and the entity it controlled at the end of, or during, the half-year ended 31 December 2012.

The registered and principal place of business is Suite 301, Level 3, 66 Hunter Street, Sydney NSW 2000. Tellus Resource’s shares are listed on the ASX.

2. Significant accounting policies

Basis of preparation

This general purpose condensed financial report for the half year ended 31 December 2012 has been prepared in accordance with the requirements of the Corporations Act 2001 , Australian Accounting Standard AASB 134 Interim Financial Reporting , Australian Accounting Interpretations and other authoritative pronouncements of the Australian Accounting Standards Board. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 Interim Financial Reporting . They are presented in Australian Dollars ($) which is the functional currency of the parent company.

It is recommended that this financial report be read in conjunction with the annual financial report for the year ended 30 June 2012 and any public announcements made by the Company during the half-year in accordance with continuous disclosure requirements of the ASX listing rules.

The half-year financial report does not include full disclosures of the type normally included in an annual financial report.

Significant Accounting Policies

The half-year report has been prepared on an accrual basis and is based on historical costs, except where applicable, for the revaluation of mineral sales and certain financial instruments. The accounting policies and methods of computation adopted in the preparation of the half-year financial report are consistent with those adopted and disclosed in the Company’s 2012 annual financial report for the year ended 30 June 2012, unless otherwise described herein.

3. Dividends

There have been no dividends paid or declared in the period or in the previous reporting period.

4. Segment information

During the reporting period the Company operated predominantly in one operating segment, being mineral exploration.

		31 DEC 2012 $ 31 DEC 2011 $
REVENUE Interest income Total segment revenue RESULTS Operating loss before tax Net loss Included within segment results: Depreciation and amortisation of segment assets Segment assets Segment liabilities
		50,710 90,333
		50,710 90,333
		(563,871) (675,960)
		(563,871) (675,960)
		7,656 7,976
		5,509,924 3,227,990
		74,381 57,866

FINANCIAL STATEMENTS 31 DECEMBER 2012

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2012

5. Revenue

5. Revenue
Revenue Interest income – bank deposits 6. Loss for the reporting period Loss before income tax includes the following specific expenses: Depreciation and amortisation: Depreciation of non-current assets Amortisation of intangible assets Capitalised exploration costs written off: EL 7699 Glen Morrison EL 7698 Cobark		31 DEC 2012 $ 31 DEC 2011 $
		50,710 90,333
		50,710 90,333
		31 DEC 2012 $ 31 DEC 2011 $
		5,537 4,582 2,119 3,394
		7,656 7,976
		3,875 307,204 600 15,048
		4,475 322,252

FINANCIAL STATEMENTS 31 DECEMBER 2012

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2012

7. Mineral properties

7. Mineral properties
Non-producing properties Exploration and evaluation expenditure: Balance at the beginning of the reporting period Additions Mineral tenements acquired on acquisition of Premier Mining Pty Ltd Impairment of exploration and evaluation assets Balance at the end of the reporting period		31 DEC 2012 $ 30 JUNE 2012 $
		2,512,841 118,260 261,743 690,586 - 2,031,071 (4,475) (327,076)
		2,770,109 2,512,841

All interests in mineral properties are held 100% by the Company. The ultimate recoupment of balances carried forward in relation to areas of interest still in the exploration or valuation phase is dependent on successful development, and commercial exploitation, or alternatively sale of the respective areas. The Company shall conduct impairment testing on an annual basis unless indicators of impairment are present at the reporting date.

8. Commitments for expenditure

The Company has minimum expenditure commitments to meet the conditions under which the properties are granted. These minimum expenditure commitments total $512,500. These minimum commitments may vary from time to time, subject to approval by the grantor of titles or by variation of contractual agreements. The expenditure represents potential expenditure which may be reduced by entering into sale, joint venture or relinquishment of the interests and may vary depending upon the results of exploration. Should expenditure not reach the required level in respect of each area of interest, the Company’s interest could be either reduced or forfeited.

9. Contingent liabilities and contingent assets

i) Chillagoe Gold Project, QLD

In accordance with the Agreement dated 15 May 2012 with Premier Mining Limited, upon the successful delineation and announcement by Tellus Resources of an Indicated JORC resource of at least 300,000 ounces of gold with a cut-off grade of 3.0 grams per tonne at the Chillagoe Gold Project, Tellus will pay Premier a further $2,000,000 in cash; and issue Premier Mining Limited $2,000,000 worth of shares in the Company.

ii) Litigation

Tellus Resources was joined as a party in two proceedings in the New South Wales Court of Appeal by Mr Albert Gilbert Martin, in which Mr Martin alleged that the Company was granted certain exploration licences as a result of the alleged misuse of confidential information by the Department of Industry and Investment and others, information which Mr Martin alleges he supplied.

Tellus Resources was the Sixth Respondent in proceeding 2011/84040 in the Court of Appeal and the Fifth Respondent in proceeding 2011/185491 in that Court. The proceedings were appeals brought by Mr Anthony Gilbert Martin against various decisions of the New South Wales Land and Environment Court. Tellus Resources was not a party in either of the proceedings in the Land and Environment Court, to which the appeals relate, although Mr Martin unsuccessfully sought to join the company to the Court of Appeal proceedings 2011/185491.

On 14 September 2011, the Court of Appeal delivered judg ment in the two Court of Appeal proceedings. In proceeding CA2011/185491, the appeal was struck out as incompetent, leave to appeal was refused and Mr Martin was ordered to pay costs of the Respondents, including Tellus Resources.

FINANCIAL STATEMENTS 31 DECEMBER 2012

10

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2012

9. Contingent liabilities and contingent assets (continued)

In proceeding CA2011/84040, the Court of Appeal granted leave to appeal on limited grounds, being grounds relating to an order for security of costs. Otherwise leave to appeal was refused.

On 19 September, 2011 the Court of Appeal delivered a further judgment in proceedings 2011/84040 in which orders were made striking out certain orders in the Notice of Appeal, including the orders relating to Tellus Resources Limited, and for costs in favour of the Company.

Mr Martin filed a Notice of Motion in the Court of Appeal proceedings to which Tellus Resources Limited was a party, wherein Mr Martin sought orders against Tellus Resources and other parties for alleged contempt of Court and exemplary damages. This Notice of Motion was heard by the Court of Appeal on 27 September, 2011. The Court of Appeal reserved judgment in respect of the Notice of Motion and subsequently dismissed the Notice of Motion and ordered Mr Martin to pay the costs of Tellus Resources.

Mr Martin filed a further Notice of Motion on 26 September, 2011, in which he sought orders that the orders made by the Court of Appeal on 14 and 19 September, 2011 be set aside. The Court ordered Mr Martin to file and serve his written submissions in respect of this Notice of Motion within 28 days and the Court would then proceed to determine the Notice of Motion on 28 October 2011, Mr Martin served Tellus Resources with written submissions.

The Court of Appeal delivered judgment on 21 March, 2012. The Notice of Motion was dismissed and Mr Martin was ordered to pay the costs of Tellus Resources.

On 3 May, 2012 Mr Martin filed an application for special leave to appeal to the High Court of Australia against Part B of the judgment given on 21 March, 2012.

On 24 May, 2012 Mr Martin filed a further application for special leave to appeal to the High Court of Australia against Part C of the judgment given on 21 March, 2012.

These applications were dismissed by the High Court of Australia on 15 August, 2012.

By email dated 18 August, 2012, Mr Martin advised that he intended to further pursue a claim for damages against the Company. The Company’s lawyers requested particulars of this claim by letter dated 21 August, 2012. No reply has been received from Mr Martin.

The Company denies that it is liable to Mr Martin as he alleges, or at all, and Mr Martin has been advised that the Company denies any liability to him.

On 5 March, 2013, orders were made in the Supreme Court of NSW against Mr Martin under the Vexatious Proceedings Act. The effect of these orders is that Mr Martin cannot commence proceedings in courts subject to NSW jurisdiction without leave under Section 14 of the Vexatious Proceedings Act.

The Company is entitled to enforce orders for costs against Mr Martin, but has not yet proceeded with such action.

We remain of the view that no loss is expected in regard to this matter.

10. Subsequent events

No matters or circumstances have arisen since the end of the financial period which significantly affected or may significantly affect the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial periods

FINANCIAL STATEMENTS 31 DECEMBER 2012

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DIRECTORS’ DECLARATION

1. In the opinion of the directors of Tellus Resources Ltd:

2. a the consolidated financial statements and notes of Tellus Resources Limited are in accordance with the Corporations Act 2001, including

   • i. giving a true and fair view of its financial position as at 31 December 2012 and of its performance for the half year ended on that date; and

   • ii. complying with Australian Accounting Standard AASB 134 Interim Financial Reporting; and

3. b there are reasonable grounds to believe that Tellus Resources will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of the directors:

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Anthony Wehby Chairman Sydney, 14 March 2013

FINANCIAL STATEMENTS 31 DECEMBER 2012

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Grant Thornton Audit Pty Ltd ACN 130 913 594

Level 17, 383 Kent Street Sydney NSW 2000 PO Locked Bag Q800 QVB Post Office Sydney NSW 1230 TFEW +61 2 8297 2400 +61 2 9299 4445 info.nsw@grantthornton.com.au www.grantthornton.com.au

Independent Auditor’s Review Report To the Members of Tellus Resources Limited

We have reviewed the accompanying half-year financial report of Tellus Resources Limited (“Company”), which comprises the consolidated financial statements being the statement of financial position as at 31 December 2012, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the half-year ended on that date, notes comprising a statement or description of accounting policies, other explanatory information and the directors’ declaration of the consolidated entity, comprising both the Company and the entities it controlled at the half-year’s end or from time to time during the half-year.

Directors’ responsibility for the half-year financial report

The directors of Tellus Resources Limited are responsible for the preparation of the halfyear financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error.

Auditor’s responsibility

Our responsibility is to express a conclusion on the consolidated half-year financial report based on our review. We conducted our review in accordance with the Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity’s financial position as at 31 December 2012 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. As the auditor of Tellus Resources Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

Grant Thornton Australia Limited is a member firm within Grant Thornton International Ltd. Grant Thornton International Ltd and the member firms are not a worldwide partnership. Grant Thornton Australia Limited, together with its subsidiaries and related entities, delivers its services independently in Australia.

Liability limited by a scheme approved under Professional Standards Legislation

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A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independence

In conducting our review, we complied with the independence requirements of the Corporations Act 2001.

Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Tellus Resources Limited is not in accordance with the Corporations Act 2001 including:

• a giving a true and fair view of the consolidated entity’s financial position as at 31 December 2012 and of its performance for the half-year ended on that date; and

• b complying with Accounting Standard AASB 134 Interim Financial Reporting and Corporations Regulations 2001.

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GRANT THORNTON AUDIT PTY LTD Chartered Accountants

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A J Archer Partner - Audit & Assurance

Sydney, 14 March 2013

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