FIRSTWAVE CLOUD TECHNOLOGY LIMITED — Regulatory Filings 2011

Nov 7, 2011

==> picture [487 x 69] intentionally omitted <==

----- Start of picture text -----

Tellus Resources Ltd
ABN: 35 144 733 595
Suite 301, Level 3
66 Hunter Street,
SYDNEY NSW 2001
----- End of picture text -----

ASX ANNOUNCEMENT

8 NOVEMBER 2011

CHAIRMAN’S ADDRESS

Tellus Resources Ltd Annual General Meeting

Good morning Ladies and Gentlemen,

Welcome to the inaugural Annual General Meeting for Tellus Resources Limited.

My name is Tony Wehby. I am the Chairman of Tellus and I thank you for taking the time to join us here today.

As Chairman I was extremely encouraged by the strong support shown to the Company during the IPO process that saw us close the offer oversubscribed after raising a total of $4.25 million.

We have also been encouraged by the interest shown in the Company’s activities by the market and our shareholders and stakeholders and I acknowledge their ongoing support and commitment to the Company and its future activities.

After such a terrific start, which saw the Company list at a significant premium to its IPO offer price of 25 cents, our fortunes, and those of the broader equities market, have come under increasing pressure, driven by the ongoing uncertainty and volatility in international markets.

Review of Activities

Since we listed we have prioritised our exploration efforts on our Southern New England project area in New South Wales.

Reconnaissance sampling work led by company CEO and Technical Director David Ward around the historic Golden Bar and Golden Star Reefs at our flagship 100%‐owned project at Glen Morrison returned high grade gold values up to 9.56 grams per tonne.

Follow‐up RC drilling through the September quarter confirmed the prospectivity for gold mineralisation in this significantly under‐explored area with assay values returning up to 1.15 grams per tonne gold.

The resource development team led by David is currently examining target generation options ahead of the next round of scheduled drilling on the project and I will let him explain our plans in more detail shortly.

Profit Report

With only just over a month as a publicly‐listed company the fiscal performance of the Tellus during FY2011 is largely academic.

The Company recorded an operating loss of $487,000 for the year ending June 30 2011 against revenues of $26,155.

ASX ANNOUNCEMENT

==> picture [159 x 64] intentionally omitted <==

As at 30 September 2011 we had a cash balance of $3.3 million with no debt.

Market Conditions

Since Tellus listed on May 11, there has been enormous volatility in the domestic and international equities markets, all of which have had a marked impact on local share prices.

Most profoundly, fluctuations in the Australian dollar against the US dollar during this period have amplified the uncertainty in market conditions and the sentiment toward traditional safe haven investments such as gold.

Our local S&P ASX200 opened at 4780 on May 11 before falling to a 2‐year low of 3864 by August 8, a 24% drop; barely half these losses have been recovered since then.

Against this backdrop of instability, global gold prices climbed to a record high of US$1895 an ounce on September 5, the local impact of this tempered only by the sustained strength in dollar.

So to describe the past six months as volatile is an understatement.

Compounding this in the broader market is the political uncertainty around Carbon Tax and proposed Mineral Resource Rent Tax.

Whilst these may not impact Tellus either directly or significantly at present they have served to significantly undermine investor confidence in the Australian Resources sector and as a result we are all enduring the challenges these two pieces of legislation have posited on our industry.

Access to funding has proved to be the biggest ongoing and escalating challenge for junior resource companies with little indication that will change in the near future.

Whilst cognisant of the need for explorers to be actively exploring, fiduciary prudence has been a major consideration for the Board. The Company has adequate resources to meet its recently announced strategy and commitments, although further financing will be required if the coal acquisition is approved by shareholders.

Outlook

In our prospectus we maintained that a key part of the Company’s forward strategy is to actively pursue the acquisition of, and/or participation in, additional resource projects of interest both domestically and internationally.

In late October the Company signed a Memorandum of Understanding to acquire 100% of unlisted Australian coal company, Northern Discovery Limited.

Subject to a number of conditions precedent, Tellus will add substantial coal interests in Indonesia to its existing prospective gold asset portfolio.

A successful coal transaction will boost considerably Tellus’ market capitalisation and profile, and provide the Company with a significant pipeline of strong growth opportunities already identified by Northern Discovery over the years ahead.

In the current economic climate such a proposed diversification of sovereign and commodity risk presents the Company with a compelling opportunity to build future value for Tellus shareholders.

TELLUS RESOURCES LTD | ASX ANNOUNCEMENT | 8 November 2011

Page 2 of 3

ASX ANNOUNCEMENT

==> picture [159 x 64] intentionally omitted <==

I would like to thank my fellow directors and executive team for their efforts this past year both in the lead up to listing and post‐IPO. Their support and counsel has been invaluable and I look forward to the Company’s next growth phase.

My thanks also go to our employees and consultants for their contribution and commitment toward achieving our corporate goals.

2012 is shaping up to be a landmark year for our Company and I welcome and encourage you to share and enjoy the journey with us. Thank‐you

Tony Wehby Chairman

For further information on this announcement or Tellus Resources please contact:

Anne Adaley Company Secretary & Chief Financial Officer T: 02 9231 6231 E: anne.adaley@tellusresources.com.au

or visit our website at www.tellusresources.com.au

For Investor and Media Enquiries: Ophir Partners ‐ Stuart Glazebrook ‐ 0402216835.

Disclaimer

This document has been prepared by Tellus Resources Limited (“Tellus”) and may contain some references to forecasts, estimates, assumptions and other forward looking statements. These forward‐looking statements reflect the current internal projections, expectations or beliefs of Tellus based on information currently available to Tellus. Although the Company believes that its expectations, estimates and forecast outcomes are based on reasonable assumptions, it can give no assurance that they will be achieved. They may be affected by a variety of variables and changes in underlying assumptions that are subject to risk factors associated with the nature of the business, which could cause actual results to differ materially from those expressed herein. Statements concerning reserves and/or resources may also be deemed to be forward looking statements in that they involve elements based on specific assumptions.

Tellus Resources Limited has taken all reasonable care in producing the text and images contained in this report but do not warrant that the information contained herein is accurate or up to date. The information in this report is based on publicly available information, internal data and information from other sources. It is not intended to give investment or other advice to any party or individual(s) and the information is not a substitute for detailed investigation or analysis. Tellus Resources Limited will not be responsible for any loss or damage (direct or indirect, consequential or otherwise) resulting from the use of information provided in this report.

TELLUS RESOURCES LTD | ASX ANNOUNCEMENT | 8 November 2011

Page 3 of 3