Financial Performance - For the twelve months ending December 31, 2025, oil sales (net of royalties) decreased from CAD 29.3 million to CAD 0, primarily due to revenue loss from West Ells equipment maintenance[3]. - The net operating loss for the three months ending December 31, 2025, was CAD 9.21 million, compared to a net operating loss of CAD 1.27 million for the same period in 2024[5]. - Operating cash flow for the three months ending December 31, 2025, was a net outflow of CAD 2.3 million, compared to a net outflow of CAD 1.66 million for the same period in 2024[5]. - The net loss attributable to shareholders for the three months ending December 31, 2025, was CAD 1.62 million, a significant improvement from a net loss of CAD 41.77 million in the same period of 2024[4]. - The group incurred a total net loss of approximately CAD 12.91 million for the year ending December 31, 2025, with current liabilities exceeding current assets by approximately CAD 107.94 million[12]. - The company reported a total revenue of CAD 1,116 thousand in 2025, down from CAD 30,927 thousand in 2024, representing a decrease of approximately 96.39%[26]. - The net loss for the year was CAD 12,913 thousand in 2025, compared to a net loss of CAD 75,689 thousand in 2024, indicating an improvement of approximately 83.00%[26]. - The total comprehensive loss for the year was CAD 11,930 thousand in 2025, significantly lower than CAD 77,615 thousand in 2024, indicating a reduction of approximately 84.66%[28]. Assets and Liabilities - As of December 31, 2025, total property, plant, and equipment amounted to CAD 475.23 million, slightly down from CAD 476.45 million as of December 31, 2024[6]. - Total assets decreased to CAD 735,166 thousand in 2025 from CAD 739,023 thousand in 2024, a decline of approximately 0.12%[21]. - Total liabilities decreased to CAD 707,061 thousand in 2025 from CAD 722,175 thousand in 2024, a decline of approximately 2.09%[21]. - Cash and cash equivalents as of December 31, 2025, were approximately CAD 1.06 million, against current liabilities totaling about CAD 112.18 million[12]. - As of December 31, 2025, the company's current liabilities exceeded its current assets by approximately CAD 107.942 million, with current liabilities totaling around CAD 112.178 million and cash and cash equivalents at only CAD 1.058 million[39]. Equity and Financing - The group reported a total equity of CAD 28.1 million as of December 31, 2025, an increase from CAD 16.85 million in the previous year[6]. - The company's equity attributable to shareholders increased to CAD 30,000 thousand in 2025 from CAD 18,444 thousand in 2024, an increase of approximately 62.50%[23]. - The company issued new shares worth CAD 23,187 thousand during the year, contributing to the increase in total equity[31]. - The company issued new shares amounting to CAD 3.416 million during the reporting period[33]. - The company aims to secure additional new financing sources, including potential prepayments from shareholders, to alleviate liquidity pressures[43]. Operational Challenges - The company faces significant uncertainty regarding its ability to continue as a going concern, primarily due to the operational challenges at West Ells and the need for additional financing[13]. - The board of directors is responsible for assessing the group's ability to continue as a going concern and for implementing measures to improve cash flow and operational efficiency[15]. - The company plans to closely monitor maintenance work at the West Ells mine and actively seek production resumption approval from Alberta's energy regulatory authority[42]. - The company has implemented measures to improve working capital and cash flow, including close monitoring of general administrative expenses and operating costs[43]. Credit and Liquidity Risk - The company faces significant market risks, including commodity price risk, which can affect future cash flow values due to global economic events[167]. - The liquidity risk management involves planning to ensure sufficient liquidity to meet financial obligations as they come due[185]. - The credit risk exposure primarily arises from trade and other receivables, loans receivable, and cash and cash equivalents, with a maximum credit risk exposure based on the carrying amounts of these financial assets[176]. - The company’s credit risk grading framework includes categories such as performing, underperforming, and default, with specific loss recognition bases for each category[180]. - The company has adopted a simplified approach under IFRS 9 for measuring expected credit losses over the entire lifetime of receivables[182]. Financial Reporting Standards - The group has applied new and revised International Financial Reporting Standards (IFRS) effective from January 1, 2025, with no significant impact on financial performance or disclosures for the current and prior years[46]. - The group does not expect the application of new and revised IFRS to have a significant impact on its performance and financial position[47]. Impairment and Estimates - Significant estimates related to oil and gas reserves involve complex judgments based on geological, geographical, engineering, and economic data[148]. - Changes in reserve estimates can significantly impact the company's financial performance, affecting both depreciation calculations and impairment assessments[151]. - The company assesses the recoverability of exploration and evaluation assets based on future oil price and production trends, which involves management's estimates and judgments[152]. - The recoverable amount determination in impairment testing relies on numerous assumptions, affecting the accuracy and completeness of financial and non-financial data[155].

Financial Performance - The company reported a net loss attributable to equity holders of CAD 1.62 million for the fourth quarter of 2025, compared to a net profit of CAD 41.85 million in the fourth quarter of 2024[8]. - The company reported a net loss attributable to shareholders of CAD 10,000 for the twelve months ending December 31, 2025[42]. - For the three months ended December 31, 2025, the operating cash flow showed a net loss of CAD 2.54 million, compared to a net loss of CAD 1.6 million in the same period of 2024[13]. - The company’s working capital deficit as of December 31, 2025, was CAD 107.94 million, compared to CAD 92.67 million in the previous year[8]. - The company’s cash position as of December 31, 2025, was CAD 1.07 million, raising concerns about its ability to continue operations without additional financing[5]. Production and Sales - The average production of oil sands heavy oil for the twelve months ended December 31, 2025, was 726.9 barrels per day, with an average diluted oil sands heavy oil sales volume of 1,018.8 barrels per day[6]. - The average daily production of oil sands heavy oil for West Ells was 0 barrels in Q4 2025, a decrease of 302 barrels per day compared to 302 barrels per day in Q4 2024, primarily due to equipment maintenance[14]. - The average daily sales of oil sands heavy oil for West Ells was 0 barrels in Q4 2025, down from 311 barrels per day in Q4 2024, attributed to the same maintenance issues[15]. - The net oil sales, after deducting royalties, were CAD 0 for the three months ended December 31, 2025, compared to CAD 3 million in the same period of 2024, reflecting the impact of zero sales volume[16]. Costs and Expenses - The company’s operating costs for the fourth quarter of 2025 were CAD 2.54 million, an increase from CAD 3.06 million in the fourth quarter of 2024[8]. - Operating costs for the three months ended December 31, 2025, were CAD 2.54 million, a decrease of CAD 0.5 million from CAD 3.06 million in the same period of 2024[21]. - General and administrative expenses for the three months ended December 31, 2025, were CAD 3.53 million, an increase of CAD 1.19 million compared to CAD 2.80 million in the same period of 2024[23]. - For the twelve months ended December 31, 2025, general and administrative expenses totaled CAD 14.32 million, up CAD 2.03 million from CAD 12.29 million in 2024[23]. Assets and Liabilities - The total assets of the company as of December 31, 2025, were CAD 735.17 million, showing a slight decrease from CAD 739.02 million as of December 31, 2024[8]. - The company’s debt-to-asset ratio as of December 31, 2025, is 96%, a slight improvement from 98% as of December 31, 2024[43]. - The total unsecured debt incurred by the company as of December 31, 2025, is USD 56.9 million (approximately CAD 78.1 million)[39]. - The company has approximately CAD 1.43 billion in available tax deductions, with unrecognized tax losses expiring between 2029 and 2043[32]. Project Developments - The company plans to enter the second phase of the West Ells project, which aims to increase production by an additional 5,000 barrels per day once financing is secured[4]. - The company is currently in a prepayment phase for the West Ells project, with royalty rates starting at 1% when WTI prices exceed CAD 55 per barrel[17]. - The company will continue to restart activities in the Muskwa and Godin regions through joint ventures[86]. Shareholder and Equity Information - Shareholders' equity increased to CAD 28.105 million from CAD 16.849 million year-over-year[33]. - The company issued 48,695,736 Class A ordinary shares at an issue price of 0.35 HKD per share to settle debts totaling approximately 17,043,508 HKD (about 3,050,787 CAD) on April 17, 2025[53]. - On October 22, 2025, the company agreed to issue 140,000,000 Class A voting shares at an issue price of 0.43 HKD per share to settle debts of 60,200,000 HKD (approximately 10,860,153 CAD)[58]. - The company has a total of 2,312,000 CAD in loans from shareholders, with repayment terms of 1 to 3 years[51]. Governance and Compliance - The company acknowledges the importance of corporate governance for effective and transparent operations, enhancing shareholder value[72]. - The company has adopted a code of conduct for directors regarding securities trading, confirming compliance with the standards set forth in the Hong Kong Listing Rules[73]. - The company’s internal controls over financial reporting were assessed as effective as of December 31, 2025[67]. Risk Management - The company is facing currency risk primarily from transactions in Hong Kong dollars, US dollars, and Chinese yuan[45]. - The company closely monitors foreign exchange risks and considers hedging significant foreign exchange risks when necessary[47]. - The company emphasizes that actual performance may differ significantly from forward-looking statements due to various risks and uncertainties[69].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示概不就因本公佈全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔 任何責任。 本公佈僅供參考，並不構成收購、購買或認購陽光油砂有限公司證券之邀請或要約。 SUNSHINE OILSANDS LTD. 陽光油砂有限公司* ( 一家根據加拿大阿爾伯塔省商業公司法註冊成立的有限公司 ) (香港聯交所：2012) 進一步延遲寄發通函 -1- 香港（二零二六年三月三十日）和 阿爾伯塔省卡爾加里（二零二六年三月三十日）- 陽 光油砂有限公司（「本公司」或「陽光」）（香港聯交所：2012）董事會（「董事會」） 宣佈以下事項： 進一步延遲寄發通函 茲提述日期為二零二五年八月十九日（香港時間）的公告（「該公告」）內容就有關（其 中包括）有關收購目標公司 51%股權之須予披露及關連交易（涉及根據特定授權發行對價 股份）；本公司於二零二五年十二月十九日（香港時間），就有關延長根據特定授權發行 新股份之最後完成日期而刊發之公告以及本公司於二零二五年九月九日，二零二五年九月 三十日，二零二五年十月二十二日， ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示概不就因本公佈全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔 任何責任。 本公佈僅供參考，並不構成收購、購買或認購陽光油砂有限公司證券之邀請或要約。 SUNSHINE OILSANDS LTD. 陽光油砂有限公司* ( 一家根據加拿大阿爾伯塔省商業公司法註冊成立的有限公司 ) (香港聯交所：2012) 進一步延遲寄發通函 承陽光油砂有限公司董事會命 孫國平 執行主席 香港，二零二六年三月三十日 卡爾加里，二零二六年三月三十日 於本公告發佈之日，董事會包括執行董事孫國平先生及何沛恩女士；非執行董事 Michael John Hibberd 先生、 蔣喜娟女士及陳永嵐先生；以及獨立非執行董事賀弋先生、邢廣忠先生及龐珏女士。 茲提述日期為二零二五年十二月二十一日（香港時間）的公告（以下簡稱「該公告」）內 容就有關（其中包括）根據特別授權配售最多 114,280,000 股新股份；本公司於二零二六 年二月二十七日（香港時間），就有關延長根據特定授權發行新股份之最後完成日期而刊 發之公告 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不就因本公佈全部或任何部份內容而產生或因倚賴該等內容而引致之任何 損失承擔任何責任。 本公佈僅供參考，並不構成收購、購買或認購陽光油砂有限公司證券之邀請或要約。 SUNSHINE OILSANDS LTD. 陽光油砂有限公司* 進一步延遲寄發通函 ( 一家根據加拿大阿爾伯塔省商業公司法註冊成立的有限公司 ) (香港聯交所：2012) 進一步延遲寄發通函 承陽光油砂有限公司董事會命 孫國平 執行主席 香港，二零二六年三月二十日 卡爾加里，二零二六年三月二十日 於本公告發佈之日，董事會包括執行董事孫國平先生及何沛恩女士；非執行董事 Michael John Hibberd 先 生、蔣喜娟女士及陳永嵐先生；以及獨立非執行董事賀弋先生、邢廣忠先生及龐珏女士。 *僅供識別 香港（二零二六年三月二十日）和 阿爾伯塔省卡爾加里(二零二六年三月二十日）- 陽光油砂有限公司（「本公司」或「陽光」）（香港聯交所：2012）董事會（「董事 會」）宣佈以下事項： 茲提述日期為二零二五年十一月十六日（香港時間）的公 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不就因本公佈全部或任何部份內容而產生或因倚賴該等內容而引致之任何 損失承擔任何責任。 本公佈僅供參考，並不構成收購、購買或認購陽光油砂有限公司證券之邀請或要約。 SUNSHINE OILSANDS LTD. 陽光油砂有限公司* ( 一家根據加拿大阿爾伯塔省商業公司法註冊成立的有限公司 ) (香港聯交所：2012) 延遲特別股東大會 及 取消登記日的公告 承陽光油砂有限公司董事會命 孫國平 執行主席 香港，二零二六年三月二十日 卡爾加里，二零二六年三月二十日 香港（二零二六年三月二十日）和 阿爾伯塔省卡爾加里(二零二六年三月二十日）-茲 提述陽光油砂有限公司（「本公司」或「陽光」）日期為二零二六年二月六日的公告 （「公告」），以及日期均為二零二六年三月五日就有關建議採納股份獎勵計劃而召 開的特別股東大會（「特別股東大會」）之通函（「通函」）及通告（「通告」）。 除文義另有所指外，本公告所用詞彙應與公告，通函及通告所界定者具有相同涵義。 由於本公司之實際情況，以及為讓本公司股東有充足時間考慮該 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示概不就因本公佈全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 執行主席 香港，二零二六年三月十七日 董事會會議日期 陽光油砂有限公司（「本公司」）之董事會（「董事會」）宣佈，本公司謹訂於(卡爾加 里時間)二零二六年三月三十日（星期一）下午九時三十分或前後（香港時間）二零二六 年三月三十一日（星期二）上午十一時三十分或前後）舉行董事會會議，藉以 (其中包括) 批准本公司及其附屬公司截至二零二五年十二月三十一日止年度之財務業績和報告及其刊 發。 承董事會命陽光油砂有限公司 孫國平 SUNSHINE OILSANDS LTD. 陽光油砂有限公司* （一家根據加拿大阿爾伯塔省商業公司法註冊成立的有限公司） （香港股票代號： 2012） 卡爾加里，二零二六年三月十七日 於本通告發佈之日，董事會包括執行董事孫國平先生及何沛恩女士；非執行董事 Michael John Hibberd 先生、蔣喜娟 女士及陳永嵐先生；以及獨立非執行董事賀弋先生、邢廣忠先生及龐珏女士。 * 僅供識別 ...

此 乃 要 件 請 即 處 理 閣下如對本通函之任何方面或應採取的行動有任何疑問，應諮詢股票經紀或其他註冊證券交易商、銀行經理、律師、 專業會計師或其他專業顧問。 閣下如已將名下的陽光油砂有限公司股份全部售出或轉讓，應立即將本通函及隨附的代表委任表格送交買主或承讓 人或經手買賣或轉讓的銀行 、 股票經紀或其他代理商，以便轉交買主或承讓人 。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示，概不就因本通函全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任 。 S U N S H I N E O I L S A N D S L T D . 陽光油砂有限公司 * （一家根據加拿大阿爾伯塔省商業公司法註冊成立的有限公司） （香港股份代號：2012） 270, 333 24th Avenue SW Calgary, AB, T2S 3E6 Canada 電話: 1-403-984-1450 建議採納股份獎勵計劃 及 特別股東大會通告 大會日期:二零二六年三月二十七日上午十一時三十分（香港時間）/ 二零二六年三月二十六日下午九時 ...

特別股東大會通告 香港交易及結算所有限公司及香港聯合交易所有限公司對本通告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不就因本通告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 陽光油砂有限公司* （一家根據加拿大阿爾伯塔省商業公司法註冊成立的有限公司） （香港股份代號：2012） 特 別 股 東 大 會 通 告 將於二零二六年三月二十七日上午十一時三十分（香港時間） 以及二零二六年三月二十六日下午九時三十分（卡爾加里時間）舉行 玆通告陽光油砂有限公司（「陽光」或「本公司」）謹訂於二零二六年三月二十七日上午十 一時三十分（香港時間）/二零二六年三月二十六日下午九時三十分（卡爾加里時間）假座香 港中環干諾道中64號中華廠商會大廈21樓舉行「A」類有投票權普通股（「股份」）持有人 （「股東」）之特別股東大會（「大會」），審議並酌情批准通過下列事項（無論有否作出修 改）為普通決議案: 除於此另有定義外，本通告中未定義的專用詞彙應與本公司於二零二六年三月五日發出之通函 （「通函」）中定義的詞彙具有相同的含義： 普通決議案： 動議如下： 1. 受限於及待聯交所上市委員會 ...

SUNSHINE OILSANDS LTD. 陽光油砂有限公司* （一家根據加拿大阿爾伯塔省商業公司法註冊成立的有限公司） （香港股份代號：2012） 特別股東大會之代表委任表格 本人╱吾等為陽光油砂有限公司（「本公司」）之登記持有人，茲委任下列代表 （附註 1） ，若其未能出席，則委任非執行副主席 MICHAEL J HIBBERD，代表本人╱吾等出席本公司將於二零二六年三月二十七日（星期五）上午十一時三十分（香港時間）/ 二零二六年 三月二十六日（星期四）下午九時三十分（卡爾加里時間時間）假座香港中環干諾道中 64 號中華廠商會大廈 21 樓舉行之特別股東大會 （「大會」）及其任何續會，並於會上代表本人╱吾等及以本人之名義依照下列指示之各項決議案投票，如並無作出任何指示，則由本人 ╱吾等之代表自行酌情投票。 登記持有人（請以英文正楷填寫。所有聯名持有人之名字亦須清楚列明。） 登記姓名 登記地址 股票號碼 （附註 7 ） 簽署 （附註 3 ） 日期 | （附註 代表 | 1)（請以英文正楷填寫。） | | | --- | --- | --- | | 姓名 | | 股份數目 （附註 2 ） | | 地址 | ...