Financial Performance - The company reported a net loss attributable to equity holders of CAD 9.7 million for the first quarter of 2025, compared to a net profit of CAD 22.2 million in the same quarter of 2024[7]. - For the three months ended March 31, 2025, the company reported a net loss of CAD 1.9 million, compared to a net loss of CAD 0.5 million for the same period in 2024[11]. - The company's oil sands heavy oil revenue for the first quarter of 2025 was CAD 0, a decrease of CAD 6.5 million compared to CAD 6.5 million in the same period of 2024[10]. - The company reported zero oil sales (net of royalties) for the three months ended March 31, 2025, compared to CAD 11.2 million in the same period of 2024[14]. - The company has a cash balance of CAD 310,000 as of March 31, 2025, indicating reliance on various forms of financing for operational expenses[4]. - The total assets of the company as of March 31, 2025, were CAD 740.9 million, showing a slight decrease from CAD 745.9 million in the previous year[7]. - The company's working capital deficit as of March 31, 2025, was CAD 99.3 million, an increase from CAD 84.2 million in the previous year[7]. - The company incurred a total of $57.7 million (approximately $83 million CAD) in unsecured convertible debt as of March 31, 2025[33]. - As of March 31, 2025, the company reported a net loss attributable to shareholders of $9.7 million CAD and a working capital deficiency of $99.3 million CAD[37]. Production and Sales - The average oil sands heavy oil production for the first quarter of 2025 was 0 barrels per day, resulting in zero sales volume due to equipment maintenance[5][10]. - Oil sands heavy oil production averaged 0 barrels per day for the three months ended March 31, 2025, a decrease of 1,186 barrels per day from 2024 due to equipment maintenance[12]. - Oil sands heavy oil sales averaged 0 barrels per day for the three months ended March 31, 2025, a decrease of 1,227 barrels per day from 2024, primarily due to equipment maintenance[13]. - The company reported zero share-based compensation expenses, consistent with the same period in 2024[24]. Operating Costs - The operating costs for the first quarter of 2025 were CAD 1.9 million, a decrease from CAD 4.3 million in the first quarter of 2024[7]. - Total operating costs decreased to CAD 1.878 million for the three months ended March 31, 2025, from CAD 4.290 million in 2024, mainly due to equipment maintenance[20]. - General and administrative expenses increased to CAD 5.301 million for the three months ended March 31, 2025, from CAD 4.604 million in 2024, primarily due to increased municipal costs and salary expenses[21]. - The company incurred zero transportation costs for the three months ended March 31, 2025, down from CAD 2.441 million in 2024, due to no sales during equipment maintenance[19]. - The total cost of diluents was CAD 0 for the three months ended March 31, 2025, a decrease of CAD 4.9 million from CAD 4.942 million in 2024, attributed to no production during equipment maintenance[17]. - The depletion and depreciation expenses decreased from CAD 2.619 million in Q1 2024 to CAD 0.184 million in Q1 2025, primarily due to maintenance activities at West Ells that halted production[25]. Financing and Debt - The company’s financing costs for the first quarter of 2025 were CAD 3.1 million, compared to CAD 2.7 million in the same quarter of 2024[7]. - Financing costs rose to CAD 3.111 million for the three months ended March 31, 2025, compared to CAD 2.740 million in 2024, mainly due to interest expenses from related party and shareholder loans[22]. - The company's debt-to-asset ratio was 99% as of March 31, 2025, compared to 98% as of December 31, 2024[37]. - The company has a total of $56.3 million CAD in unsecured loans from related parties, with an interest rate of 10%[43]. Tax and Legal Matters - The company has approximately CAD 1.43 billion in available tax deductions, with unrecognized tax losses expiring between 2029 and 2045[29]. - The company received a property tax payment notice from RMWB for $16.8 million CAD, along with overdue penalties of $23.7 million CAD, and is negotiating a settlement[33]. - The company is actively seeking judicial review regarding the legality of the property tax claims made by RMWB[33]. Future Plans and Projects - 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[3]. - The company plans to restart activities in the Muskwa and Godin regions in collaboration with joint ventures[73]. - A memorandum of understanding was signed with Noble Energy Holdings (China) Limited on June 3, 2024, to acquire its environmentally friendly energy business subsidiary, which is expected to significantly improve the company's financial position[72]. - The target company possesses leading technology related to geothermal heat pump centralized heating and cooling, which can enhance the company's current mining operations' cost efficiency[72]. Risks and Uncertainties - The company faces risks from foreign currency fluctuations, with a potential impact of $2.9 million CAD on debt value if the USD/CAD exchange rate changes by 1%[38]. - The company emphasizes that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially[56]. - The company advises investors not to rely excessively on forward-looking statements due to potential discrepancies with actual performance[57]. Shareholder Information - The company has issued a total of 291,174,417 Class "A" ordinary shares as of March 31, 2025[66]. - The company did not declare or pay any dividends for the three months ended March 31, 2025, consistent with the previous year[68]. - On April 17, 2025, the company entered into a settlement agreement for 48,695,736 Class A ordinary shares at a price of HKD 0.35 per share, totaling HKD 17,043,508[45]. - On April 28, 2025, the company entered into a settlement agreement for 162,310,261 Class A ordinary shares at a price of HKD 0.45 per share, totaling HKD 73,039,619[45]. Internal Controls and Reporting - The company has maintained its significant accounting policies since December 31, 2024[47]. - There were no significant changes in the internal control over financial reporting that could materially affect the company[53]. - The company has no off-balance sheet arrangements as of March 31, 2025[44].

Financial Performance - Oil sales revenue (net of royalties) for the three months ended March 31, 2025, decreased to CAD 0 from CAD 11.19 million for the same period in 2024, primarily due to maintenance at the West Ells facility[3]. - Net operating income (loss) for the three months ended March 31, 2025, was a loss of CAD 1.71 million, compared to a net operating income of CAD 0.055 million for the same period in 2024[4]. - Operating cash flow for the three months ended March 31, 2025, was a net outflow of CAD 1.88 million, worsening from a net outflow of CAD 0.481 million for the same period in 2024[4]. - Net loss attributable to shareholders for the first quarter of 2025 was approximately CAD 9.72 million, an improvement from a net loss of CAD 22.14 million in the first quarter of 2024[3]. - Average diluted oil sands heavy oil sales volume for the three months ended March 31, 2025, was 0 barrels per day, down from 1,665.4 barrels per day in the same period in 2024[4]. - For the three months ended March 31, 2025, the company reported a net loss of CAD 9,793,000 compared to a net loss of CAD 22,217,000 for the same period in 2024, indicating a 56% improvement in losses year-over-year[15]. - The company reported a net loss attributable to shareholders of approximately $9,716,000 for the three months ending March 31, 2025, compared to a loss of $22,144,000 in 2024[65]. Assets and Liabilities - Total assets as of March 31, 2025, were CAD 740.91 million, compared to CAD 739.02 million as of December 31, 2024[9]. - Total liabilities as of March 31, 2025, increased to CAD 733.85 million from CAD 722.18 million as of December 31, 2024[9]. - Shareholders' equity decreased to CAD 7.06 million as of March 31, 2025, from CAD 16.85 million as of December 31, 2024[5]. - As of March 31, 2025, total equity attributable to shareholders was CAD 7,055,000, a decrease from CAD 91,047,000 as of December 31, 2023, reflecting a significant decline in shareholder equity[12]. - The company’s total liabilities increased to CAD 293,944,000 as of March 31, 2025, from CAD 285,918,000 as of December 31, 2024[41]. - The company's total assets as of March 31, 2025, were $898,721,000, reflecting a slight increase from $897,120,000 as of December 31, 2024[34]. - The company's total liabilities increased to CAD 721,514,000 in 2025 from CAD 710,372,000 in 2024, indicating a rise of approximately 1.6%[91]. Cash Flow and Financing - The company's cash flow from operating activities for the three months ended March 31, 2025, was a net outflow of CAD 1,239,000, compared to a net outflow of CAD 916,000 in the same period of 2024[15]. - The company had cash and cash equivalents of CAD 309,000 at the end of March 31, 2025, down from CAD 388,000 at the end of March 31, 2024[15]. - The company incurred financing costs of CAD 3,111,000 for the three months ended March 31, 2025, compared to CAD 2,740,000 for the same period in 2024, representing a 14% increase[15]. - The company has unsecured loans from a shareholder amounting to approximately CAD 21.7 million, with an interest rate of 10%[80]. - The company has commitments for annual payments of approximately CAD 1.5 million for oil sands mineral leases and surface leases[82]. - The company has accrued a total of CAD 16.8 million in property tax demands from the RMWB for the period from 2016 to 2025[82]. - As of March 31, 2025, the company reported a total of CAD 677.4 million in cash outflows related to financial liabilities, with CAD 115.0 million due within one year[81]. Operational Insights - The company is engaged in the evaluation and development of oil sands resources, primarily in the Athabasca oil sands region of Alberta, Canada[16]. - The company continues to assess its ability to develop the West Ells project, with potential implications for asset valuations if additional financing is not secured[18]. - The management has made significant judgments in forecasting oil sales and prices, as well as the payment schedule for multiple debts due by March 31, 2025[19]. - The group has ongoing discussions with existing shareholders and creditors regarding refinancing current debt and obtaining additional financing[21]. - The group’s ability to continue as a going concern is significantly dependent on achieving forecasted revenues and obtaining additional financing[20]. Market and Revenue - The company's royalty fee structure is based on a sliding scale, starting at 1% of heavy oil sales, increasing to a maximum of 9% when the price of West Texas Intermediate crude exceeds $120 per barrel[57]. - Revenue from customer contracts is entirely derived from Canadian clients, with no geographical diversification reported[60]. - Customer A contributed 63.2% of total revenue for the period ending March 31, 2025, down from 88.6% in the previous year[61]. - The company faces foreign exchange risk due to fluctuations in currency rates, with a potential impact of approximately CAD 2.9 million on debt value if the USD/CAD exchange rate changes by 1% as of March 31, 2025[71]. - As of March 31, 2025, the company reported unrealized foreign exchange losses of CAD 513,000, compared to gains of CAD 12.3 million as of March 31, 2024[73]. Employee and Administrative Costs - The total employee costs, including director remuneration, amounted to CAD 1,619,000 for the year ending March 31, 2025, compared to CAD 1,446,000 in the previous year, reflecting an increase of approximately 12%[92]. - Operating expenses increased to $5,301 million for the period ending March 31, 2025, compared to $4,604 million in 2024, reflecting a rise in salaries, consulting fees, and other administrative costs[63]. Legal and Regulatory Matters - The company has been instructed by the Alberta Energy Regulator to submit a project abandonment plan due to failure to meet maintenance requirements, but this has not significantly impacted business operations[88]. - The company is subject to a court judgment requiring payment of approximately USD 19.7 million (equivalent to approximately CAD 26.0 million) to non-exempt holders as of December 13, 2023[84].

Financial Performance - For the twelve months ended December 31, 2024, the company's oil sands heavy oil sales decreased slightly from CAD 29.6 million to CAD 29.3 million, primarily due to a decrease in sales volume and increased royalty expenses [6]. - The net operating loss for the three months ended December 31, 2024, was CAD 1.3 million, compared to a net operating income of CAD 0.8 million in the same period of 2023 [7]. - The company reported a net loss attributable to shareholders of CAD 75.4 million for the twelve months ended December 31, 2024, compared to a net loss of CAD 19.3 million for the same period in 2023 [7]. - The operating cash flow for the twelve months ended December 31, 2024, was a net loss of CAD 2.4 million, an improvement from a net loss of CAD 9.5 million in the same period of 2023 [9]. - The company reported a net loss of approximately CAD 75.69 million for the fiscal year ending December 31, 2024 [62]. - Current liabilities exceeded current assets by approximately CAD 92.67 million as of December 31, 2024 [62]. - The total amount of current liabilities, including accounts payable and accrued liabilities, was approximately CAD 108.59 million [62]. - The company had cash and cash equivalents of only about CAD 319,000 as of December 31, 2024 [62]. - The company reported a distributable reserve of approximately CAD 17 million as of December 31, 2024, down from CAD 91 million in 2023 [94]. - The board of directors decided not to declare any final dividend for the fiscal year ending December 31, 2024 [96]. Production and Sales - The average oil sands heavy oil production decreased from 1,152.8 barrels per day in 2023 to 1,018.8 barrels per day in 2024 [7]. - The average production rate for West Ells for the twelve months ended December 31, 2024, was 727 barrels per day, down from 946 barrels per day in 2023 [166]. - Oil sands heavy oil production averaged 302 barrels per day for the three months ended December 31, 2024, a decrease of 1,302 barrels per day compared to 1,604 barrels per day in the same period of 2023 [166]. - Oil sands heavy oil sales averaged 311 barrels per day for the three months ended December 31, 2024, down from 1,550 barrels per day in the same period of 2023, indicating a substantial reduction in sales volume [167]. - The realized heavy oil revenue for Q4 2024 was CAD 1.96 million, a decrease of CAD 4.90 million from CAD 6.89 million in Q4 2023 [163]. - The realized price per barrel of heavy oil increased from CAD 40.54/barrel in Q4 2023 to CAD 49.80/barrel in Q4 2024 [163]. - The total sales of oil (net of royalties) for the twelve months ended December 31, 2024, was CAD 29.3 million, slightly down from CAD 29.6 million in 2023, indicating a stable revenue stream despite volume reductions [168]. Liabilities and Debt - The company reported a significant increase in total liabilities, rising from CAD 654.9 million in 2023 to CAD 722.2 million in 2024 [8]. - The company’s cash and cash equivalents decreased from CAD 527,000 in 2023 to CAD 319,000 in 2024 [8]. - The company has unsecured debt totaling $56.6 million (approximately CAD 81.4 million) as of December 31, 2024 [192]. - Over 90% of the company's debt is owed to related parties, who have committed not to demand repayment of interest-bearing debts for the next twelve months after 2024 [67]. - The company's debt-to-asset ratio increased to 98% as of December 31, 2024, compared to 88% as of December 31, 2023 [195]. Corporate Governance - The board consists of eight members, including two executive directors and three non-executive directors, ensuring a balanced composition [24]. - All independent non-executive directors confirmed their independence, meeting the requirements of the Listing Rules, with none holding more than 1% of the company's issued shares [28]. - The company is committed to high standards of corporate governance, which is fundamental to protecting shareholder interests [23]. - The board is responsible for setting the strategic business direction and overseeing operational and financial performance [26]. - The company has established four board committees: Audit Committee, Corporate Governance Committee, Remuneration Committee, and Reserves Committee, each with clear written terms of reference [40]. - The board held at least one meeting annually to review disclosure procedures related to oil and gas activities [50]. - The company has adopted a board diversity policy aimed at enhancing decision-making capabilities, considering factors such as gender, age, and professional experience [33]. - The board's diversity policy is reviewed at least annually to ensure alignment with the company's business strategy [37]. Risk Management - The risk management and internal control systems are designed to manage risks rather than eliminate them, providing reasonable assurance against significant misstatements or losses [71]. - The company conducted an annual review of its risk management and internal control systems, assessing their effectiveness based on the 2013 framework by the Committee of Sponsoring Organizations of the Treadway Commission [72]. - The audit committee and board of directors concluded that the risk management and internal control systems are effective and sufficient [73]. Environmental and Community Engagement - The company emphasized the importance of health, safety, and environmental principles, maintaining a good safety record [52]. - The company is committed to improving on-site safety monitoring systems to prevent workplace injuries [52]. - The company engages with local Indigenous communities to discuss operational impacts and address concerns, emphasizing community development and sustainability [83]. - The company maintains strict compliance with environmental standards and regulations as part of its operational principles [127]. - The company has not identified any significant non-compliance issues with relevant laws and regulations as of December 31, 2024 [128]. Future Plans and Acquisitions - The company has signed a memorandum of understanding with Noble Energy Holdings (China) Ltd. to acquire its environmental energy business, which is expected to significantly improve the company's financial position, including revenue and cash flow [12]. - The company is assessing the feasibility of resuming production at West Ells, with expectations to restore operations by Q4 2025 [67]. - The acquisition of Nobao assets is anticipated to significantly enhance the company's business, profitability, and cash flow, with potential investors showing interest post-transaction [66]. - The company plans to utilize new energy management technologies from the target company to enhance its oil sands production efficiency [69]. Share Capital and Equity - The company issued 48,695,736 Class A ordinary shares at a price of HKD 0.38 per share, generating total proceeds of HKD 18,504,380 [98]. - As of December 31, 2024, the company's issued share capital consisted of 243,478,681 Class A ordinary voting shares [105]. - Executive director Sun Guoping holds 61.7% of the company's ordinary shares, totaling 150,232,591 shares [105]. - Major shareholder Zhang Jun holds 59,695,736 shares, representing 20.40% of the ordinary shares [118]. - The company has a post-IPO share option plan aimed at attracting and retaining skilled personnel by providing them with equity opportunities [113].

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 本公佈全部或任何部分內容而產生或因依賴該等內容而引致的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） 截至二零二四年十二月三十一日止第四季度及年度業績公佈 財務數據摘要 截至二零二四年十二月三十一日止十二個月的石油銷售額（扣除特許權使用費）從截至二零二三年十二 月三十一日止十二個月的 2,960 萬加元輕微減至 2,930 萬加元。主要是由於銷量下降和特許權使用費增 加，而部分效應被稀釋油砂重油銷售價格上漲抵銷。 截至二零二四年十二月三十一日止十二個月的淨營業收入（不包括一次性匯兌損失）為 130 萬加元虧損， 而二零二三年同期則為淨營業收入 80 萬加元。 截至二零二四年十二月三十一日止十二個月股東應佔經常性淨虧損（不包括匯兌(損失)/ 收益及非現金 折舊約為 2,500 萬加元，相 ...

管理層討論與分析 截至二零二三年和二零二四年十二月三十一日止三個月和十二個月 最新運營情況 West Ells 於二零一七年三月一日，本公司達致一個重要里程碑。本項目展開商業化生產。因此，自二零一七年三月一日起，本 公司開始記錄West Ells 項目的收入、許可費、支出及損耗。於二零二零年三月三十一日，由於國際原油市場波動，原 油價格大幅下跌，並考慮到公司 West Ells 生產設備和道路需要維修，加上加拿大新冠疫情大爆發，本公司董事會決定 暫停生產。 於二零二三年三月八日，公司宣布已完成West Ells項目復產前期準備工作。 於二零二三年四月十一日，公 司宣布其West Ells項目已全面恢復運營。 陽光油砂有限公司 管理層討論與分析 此乃陽光油砂有限公司（「陽光油砂」或「本公司」）於截至二零二四年十二月三十一日止三個月和十二個月的財務狀況 及表現的管理層討論與分析（「管理層討論與分析」），日期為二零二五年三月三十一日(卡爾加里時間) / 三月三十一日 (香港時間)，已獲本公司董事會批准。本管理層討論與分析應與本公司截至二零二四年十二月三十一日止年度的經審核 綜合財務報表及其附註一併閱讀。除另有指明者 ...

Financial Performance - For the third quarter of 2024, the company reported a net loss attributable to equity holders of CAD 505,000, compared to a net profit of CAD 15.7 million in the third quarter of 2023[8]. - The total assets as of September 30, 2024, were CAD 741.3 million, showing a slight decrease from CAD 742.1 million in the previous quarter[8]. - Sunshine Oilsands reported a significant increase in diluted bitumen revenue to CAD 27.32 million for the nine months ended September 30, 2024, compared to CAD 18.31 million for the same period in 2023[9]. - As of September 30, 2024, the company reported a net loss attributable to shareholders of CAD 33.6 million and a working capital deficit of CAD 514 million[41]. - The company's debt-to-asset ratio increased to 92% as of September 30, 2024, compared to 88% as of December 31, 2023[41]. Production and Sales - The average production of diluted bitumen for the three and nine months ended September 30, 2024, was 521.8 barrels per day and 869.7 barrels per day, respectively[5]. - The average sales volume of diluted bitumen for the same periods was 689.0 barrels per day and 1,217.1 barrels per day[5]. - The average oil sands heavy oil production for Q3 2024 was 522 barrels/day, a significant increase from 2 barrels/day in Q3 2023, representing an increase of 520 barrels/day[13]. - The average oil sands heavy oil sales for Q3 2024 was 479 barrels/day, up from 9 barrels/day in Q3 2023, an increase of 470 barrels/day[15]. Revenue and Pricing - The average price per barrel for diluted bitumen was CAD 45.85 for the nine months ended September 30, 2024, compared to CAD 43.39 for the same period in 2023[9]. - For the three months ended September 30, 2024, the company's realized oil sands heavy oil revenue increased by 2.77 million CAD to 2.79 million CAD, compared to 0.20 million CAD in the same period of 2023[10]. - The average realized price per barrel of oil sands heavy oil rose from 18.41 CAD/barrel to 44.00 CAD/barrel, an increase of 25.59 CAD/barrel, primarily due to insufficient delivery costs incurred in Q3 2023[10]. Costs and Expenses - The operating cash flow for the three months ended September 30, 2024, was a net loss of 1.00 million CAD, an improvement from a net loss of 3.67 million CAD in the same period of 2023[11]. - The royalty expenses increased by 300,000 CAD and 700,000 CAD for the three and nine months ended September 30, 2024, respectively, mainly due to increased oil sales and higher applicable royalty rates[17]. - Total diluent costs for the three and nine months ended September 30, 2024, were CAD 2.4 million and CAD 12 million, respectively, compared to CAD 0.03 million and CAD 7.4 million for the same periods in 2023, reflecting an increase of CAD 2.4 million and CAD 4.6 million due to higher production volumes[20]. - The cost per barrel for transportation decreased significantly to CAD 12.27 and CAD 14.38 for the three and nine months ended September 30, 2024, compared to CAD 108.45 and CAD 24.30 in 2023[21]. Financing and Debt - The company has incurred unsecured debt totaling $57.4 million (approximately CAD 77.5 million) as of September 30, 2024[38]. - The company entered into an interest waiver agreement with deferral holders, waiving accrued interest from January 1, 2023, to December 31, 2023, amounting to USD 31.5 million[35]. - The financing costs for the three months and nine months ended September 30, 2024, were CAD 2.63 million and CAD 8.29 million, respectively, compared to CAD 2.67 million and CAD 7.44 million for the same periods in 2023[26]. Legal and Regulatory Matters - The company is negotiating a settlement plan with the RMWB regarding a property tax claim of CAD 16.1 million and overdue penalties of CAD 19 million[38]. - The company faces various legal claims and uncertainties that could significantly impact its net income or loss during the determination period[39]. - The company has a judgment requiring it to pay $15.481 million (approximately CAD 20.967 million) to non-tolerant holders, which was later increased to $19.694 million (approximately CAD 26.048 million)[40]. Strategic Initiatives - Sunshine Oilsands 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[3]. - The company signed a memorandum of understanding on June 3, 2024, to acquire a clean energy subsidiary from Noble Energy Holdings (China) Co., Ltd., which is expected to significantly improve revenue and cash flow post-acquisition[74]. - The company is actively conducting due diligence and valuation for a potential acquisition of a wholly-owned subsidiary from Noble Energy Holdings (China) Limited[50]. Internal Controls and Governance - The company’s internal controls over financial reporting were assessed as effective as of September 30, 2024[56]. - The company’s disclosure controls and procedures were deemed effective as of September 30, 2024[55].

Financial Performance - For the nine months ended September 30, 2024, oil sales (net of royalties) increased from CAD 18 million to CAD 26.3 million, primarily due to increased sales volume and higher diluted oil sands heavy oil prices[1]. - The net operating loss for the three months ended September 30, 2024, was CAD 0.5 million, compared to a net operating income of CAD 0.9 million in the same period last year[2]. - Operating cash flow for the three months ended September 30, 2024, was a net outflow of CAD 1.0 million, an improvement from a net outflow of CAD 3.67 million in the same period last year[2]. - The net loss attributable to shareholders for the three months ended September 30, 2024, was approximately CAD 0.5 million, compared to a net loss of CAD 15.7 million in the same period last year[2]. - For the nine months ended September 30, 2024, the company reported a net loss of approximately $33,844,000 compared to a net loss of $21,737,000 for the same period in 2023, indicating a significant increase in losses[11]. - The company's financing costs for the nine months ended September 30, 2024, were $8,290,000, up from $7,441,000 in the previous year, reflecting increased financial pressure[11]. - The company reported a foreign exchange gain of CAD 6,827,000 for the three months ended September 30, 2024, compared to a loss of CAD 10,735,000 in the same period of 2023[9]. - The company reported unrealized foreign exchange losses of $(6,827) million for the nine months ended September 30, 2024, compared to $10,735 million for the same period in 2023[71]. Assets and Liabilities - Total assets as of September 30, 2024, were CAD 741.3 million, a slight decrease from CAD 745.9 million as of December 31, 2023[3]. - Total liabilities increased to CAD 684.1 million as of September 30, 2024, compared to CAD 654.9 million as of December 31, 2023[6]. - As of September 30, 2024, total equity was CAD 57,203,000, compared to a negative equity of CAD 999,000 as of December 31, 2022[10]. - The company's current liabilities net amounted to approximately $51,400,000, highlighting ongoing liquidity challenges[15]. - The total financial liabilities amounted to $629,239 million as of September 30, 2024, with $520,954 million due within one year[74]. - The company’s working capital deficit increased to $514,041 million as of September 30, 2024, from $79,458 million as of December 31, 2023[66]. Revenue and Sales - Oil sales, net of royalties, for the three months ended September 30, 2024, were CAD 4,871,000, a significant increase from CAD 51,000 in the same period of 2023[9]. - Oil sales revenue for the three months ended September 30, 2024, was $5,211,000, compared to $49,000 for the same period in 2023, while total revenue for the nine months ended September 30, 2024, was $27,322,000, up from $18,305,000 in 2023[54]. - Customer contract revenue for the three months ended September 30, 2024, was $4,871,000, compared to $51,000 in 2023, with total revenue for the nine months reaching $26,329,000, up from $17,996,000[54]. Expenses - Total expenses for the three months ended September 30, 2024, were CAD 12,230,000, up from CAD 6,110,000 in the same period of 2023[9]. - General and administrative expenses for the three months ended September 30, 2024, were $3,028,000, slightly down from $3,034,000 in 2023, while total expenses for the nine months were $9,489,000, compared to $9,670,000 in 2023[61]. - The company incurred financing costs of CAD 2,630,000 for the three months ended September 30, 2024, compared to CAD 2,668,000 in the same period of 2023[9]. Equity and Shareholder Information - Shareholders' equity decreased to CAD 57.2 million as of September 30, 2024, down from CAD 91.0 million as of December 31, 2023[3]. - The basic loss per share attributable to the company's owners was $(0.14) for the nine months ended September 30, 2024, compared to $(0.09) for the same period in 2023[63]. - The company has issued and fully paid common shares totaling 243,478,681 as of September 30, 2024, with no changes in share capital during the period[48]. Capital Expenditures and Investments - The company reported capital expenditures of $2,234 thousand for the year ending December 31, 2020, and $1,239 thousand for the year ending December 31, 2023, indicating ongoing investment in exploration and evaluation assets[25]. - The company’s exploration and evaluation assets increased slightly from CAD 237,971 thousand in 2023 to CAD 239,291 thousand in 2024, an increase of about 0.5%[95]. Debt and Financing - The company needs to refinance or restructure its current debt to meet its operational cash needs and maintain capital expenditures, indicating significant financial uncertainty[15]. - The company is actively discussing refinancing options with existing shareholders and creditors to secure additional funding for ongoing operations[17]. - The company entered into a debt transfer agreement, with the bondholder transferring bonds for a principal amount of approximately $188.66 million (equivalent to about CAD 240.2 million) as of December 31, 2021[40]. Legal and Regulatory Matters - The company is involved in ongoing litigation regarding a judgment requiring payment of approximately $19,694 million (equivalent to about $26,048 million CAD) to non-exempt holders[85]. - The group has accrued a total of $16.1 million in municipal property tax demands from RMWB for the period from 2016 to 2024, along with accrued late fees of $19 million[83]. Operational Challenges - The company continues to explore new strategies for market expansion and product development to improve financial performance moving forward[10]. - The company faces significant risks regarding its ability to continue operations due to uncertainties in capital and operational expenditures, with a focus on the 2023 budget and future spending estimates[17]. - The company is currently engaged in the assessment and development of oil properties, which involves high risks and uncertainties regarding profitability[15].

Financial Performance - Oil sales (net of royalties) increased from CAD 17.9 million to CAD 21.5 million for the six months ended June 30, 2024, primarily due to higher diluted oil sands heavy oil sales prices[1]. - Net operating income (excluding one-time foreign exchange losses) for the three months ended June 30, 2024, was CAD 1.13 million, down from CAD 1.66 million in the same period last year[2]. - The company reported a net loss attributable to shareholders of CAD 11 million for the second quarter of 2024, compared to a net profit of approximately CAD 5.7 million in the same period last year[2]. - Operating cash flow for the three months ended June 30, 2024, was a net inflow of CAD 0.8 million, compared to a net outflow of CAD 0.7 million in the same period last year[2]. - The company reported a net loss of approximately CAD 33.1 million for the six months ending June 30, 2024[31]. - The company’s total liabilities as of June 30, 2024, amounted to CAD 684,338,000, compared to CAD 654,885,000 as of December 31, 2023[60]. - The company’s total equity decreased to CAD 57.78 million as of June 30, 2024, from CAD 91.05 million as of December 31, 2023[29]. Production and Sales - Average diluted oil sands heavy oil sales volume increased from 1,380.1 barrels per day to 1,484.1 barrels per day for the six months ended June 30, 2024[1]. - In Q2 2024, the company reported oil sands heavy oil sales of 884 barrels per day, a decrease of 31.8% from 1,294 barrels per day in Q2 2023[13]. - The realized oil sands heavy oil revenue for Q2 2024 was CAD 6,006,000, down from CAD 7,536,000 in Q2 2023, reflecting a decrease of 20.3%[9]. - The average diluted loss per share for the three months ended June 30, 2024, was $0.05, compared to a profit of $0.02 in the same period of 2023[62]. Costs and Expenses - Total operating costs for the three and six months ended June 30, 2024, were CAD 3,269,000 and CAD 7,559,000, compared to CAD 4,472,000 and CAD 8,959,000 in 2023, indicating a decrease of 26.9% and 15.6% respectively[20]. - General and administrative expenses for the three months ended June 30, 2024, were CAD 1.857 million, down from CAD 2.098 million in the same period of 2023, mainly due to reduced salaries and legal fees[21]. - Financing costs increased to CAD 2.9 million for the three months ended June 30, 2024, from CAD 2.2 million in the same period of 2023, primarily due to interest expenses on loans from related parties and shareholders[22]. - The company incurred total expenses of $16,274 thousand for the three months ended June 30, 2024, compared to $18,612 thousand in the same period of 2023, indicating a reduction in operational costs[62]. Assets and Liabilities - As of June 30, 2024, the company had invested approximately CAD 1.29 billion in oil sands lease, drilling operations, project engineering, procurement, and construction[4]. - The company’s total liabilities as of June 30, 2024, amounted to CAD 684,338,000, compared to CAD 654,885,000 as of December 31, 2023[60]. - The company’s operating capital deficit was CAD 83.77 million as of June 30, 2024, compared to CAD 79.46 million as of December 31, 2023[29]. - The company has unsecured loans from related parties totaling approximately CAD 53.375 million, with an interest rate of 10%[35]. Tax and Legal Matters - As of June 30, 2024, the company has total available tax deductions of approximately CAD 1.43 billion, with unrecognized tax losses expiring between 2029 and 2044[27]. - The company has received a municipal property tax notice from RMWB for CAD 15.8 million, along with overdue penalties of CAD 13.6 million[30]. - The company is appealing a court judgment requiring it to pay approximately USD 19,694,000 (approximately CAD 26,048,000) to non-exempt holders[116]. Future Outlook and Strategy - The company continues to evaluate its exploration and evaluation assets for impairment indicators, ensuring asset recoverability is based on fair value and value in use assessments[25]. - The company plans to focus on cost control and will restart activities in the Muskwa and Godin areas with joint ventures[59]. - The company needs to refinance or restructure its current debt and secure additional financing to meet its short-term operational cash needs and maintain capital expenditures[68]. - The company’s ability to continue as a going concern is dependent on its ability to successfully refinance or restructure existing debt and secure additional financing[67].

Resource Estimates and Production - Sunshine Oilsands has an estimated recoverable resource of approximately 1.53 billion barrels as of December 31, 2023, with a best estimate of 910 million barrels in the Athabasca region[3]. - The average production of diluted bitumen for the three and six months ended June 30, 2024, was 905.2 barrels per day and 1,045.5 barrels per day, respectively[4]. - For the second quarter of 2024, the company reported bitumen sales of 10,674 barrels per day, a decrease from 11,064 barrels per day in the second quarter of 2023[8]. - 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[3]. - Oil sands heavy oil production averaged 905 barrels per day for the three months ended June 30, 2024, down from 1,267 barrels per day in the same period of 2023[14]. - Oil sands heavy oil sales averaged 884 barrels per day for the three months ended June 30, 2024, compared to 1,294 barrels per day in the same period of 2023[15]. - The West Ells project has fully resumed production, and the company will continue to monitor developments in the crude oil market[60]. Financial Performance - The net loss attributable to equity holders for the second quarter of 2024 was CAD 10.97 million, compared to a net loss of CAD 5.75 million in the second quarter of 2023[8]. - For the three months ended June 30, 2024, the company reported oil sands heavy oil revenue of CAD 6.00 million, a decrease of CAD 1.50 million from CAD 7.54 million in the same period of 2023[10]. - The company reported a net income of CAD 0.30 million for the six months ended June 30, 2024, compared to a net loss of CAD 4.40 million in the same period of 2023[12]. - As of June 30, 2024, the company reported a net loss attributable to shareholders of CAD 33.1 million and a working capital deficiency of CAD 83.8 million[34]. - The working capital deficit as of June 30, 2024, was CAD 83.772 million, compared to CAD 79.458 million as of December 31, 2023, reflecting an increase in the deficit[31]. - Shareholders' equity decreased to CAD 57.782 million as of June 30, 2024, down from CAD 91.047 million as of December 31, 2023[31]. Costs and Expenses - The average realized price for diluted bitumen was CAD 50.67 per barrel for the three months ended June 30, 2024, compared to CAD 54.30 per barrel for the same period in 2023[9]. - The company reported operating costs of CAD 3.27 million for the second quarter of 2024, down from CAD 4.47 million in the second quarter of 2023[8]. - The total operating costs, including energy and non-energy costs, for the six months ended June 30, 2024, were CAD 7.6 million, down from CAD 9.0 million in 2023, indicating improved cost efficiency[22]. - The total cost of diluent for the three and six months ended June 30, 2024, was CAD 4.7 million and CAD 9.6 million, respectively, compared to CAD 3.5 million and CAD 7.4 million for the same periods in 2023, reflecting an increase of CAD 1.2 million and CAD 2.2 million[20]. - The average transportation cost per barrel for the three and six months ended June 30, 2024, was CAD 13.29 and CAD 14.87, respectively, down from CAD 24.99 and CAD 23.97 in 2023, reflecting a reduction in transportation distance[21]. - The operating cash flow for the three months ended June 30, 2024, was CAD 0.80 million, compared to a net loss of CAD 0.70 million in the same period of 2023[11]. Debt and Financing - The company has incurred unsecured debt totaling USD 56 million (approximately CAD 76.6 million) as of June 30, 2024[32]. - The company's debt-to-asset ratio increased to 92% as of June 30, 2024, compared to 88% as of December 31, 2023[34]. - The company entered into an interest waiver agreement, resulting in a waiver of accrued interest amounting to USD 31.5 million for the period from January 1, 2024, to December 31, 2024[31]. - The company has unsecured loans from related parties totaling approximately CAD 53,375,000, with an interest rate of 10%, which can be deferred for 2 to 3 years[37]. - The total amount of loans from shareholders is approximately CAD 21,190,000, due within one to three years[37]. Tax and Legal Matters - As of June 30, 2024, the company had total available tax deductions of approximately CAD 1.43 billion, with unrecognized tax losses expiring between 2029 and 2043[30]. - The company received a payment notice from RMWB regarding municipal property taxes amounting to CAD 15.8 million, along with overdue penalties of CAD 13.6 million[32]. - The company is actively negotiating a settlement plan with RMWB to address the overdue penalties and believes the property tax notice is not compliant with relevant laws[32]. - The company has a pending court judgment requiring it to pay USD 19.694 million (approximately CAD 26.048 million) to non-compliant bondholders[33]. Operational and Strategic Developments - The company is focusing on cost control and will restart activities in the Muskwa and Godin areas with joint ventures[60]. - The company confirmed no further indications of impairment losses for exploration and evaluation (E&E) or property, plant, and equipment (PP&E) assets as of June 30, 2024[29]. - The company has entered into a deferral and amendment agreement covering the period from September 1, 2023, to August 31, 2025, with an annual interest rate of 10% on all outstanding amounts[32]. - The company continues to face significant risks and uncertainties in its resource exploration, development, and refining business[41]. Shareholder Information - The company reported a total of 243,478,681 shares of Class "A" common stock issued as of June 30, 2024[57]. - The company’s executive chairman, Mr. Sun Guoping, beneficially owns, controls, or directs 150,232,591 common shares, representing about 61.70% of the company’s issued common shares[37]. - The company did not declare or pay any dividends for the six-month period ended June 30, 2024, consistent with the previous year[58].

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 因本公佈全部或任何部分內容而產生或因依賴該等內容而引致的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。 於二零二四年六月三十日、二零二三年十二月三十一日及二零二三年六月三十日，本公司節選財務數字如下： 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） 截至二零二四年六月三十日止第二季度業績公佈 財務數據總結 截至二零二四年六月三十日止六個月的石油銷售額（扣除特許權使用費）從截至二零二三年六月三十日止六個月 的 1,790 萬加元增至 2,150 萬加元，主要是由於稀釋油砂重油銷售價格增加所致，而部分效應被特許權使用費增 加抵銷。 截至二零二四年六月三十日止三個月的淨營業收入（不包括一次性匯兌損失）為 113 萬加元，而二零二三年同期 淨營業收入則為 166 萬加元。 截至二零二四年六月三十日止三個月的經營現金流為淨流入 80 萬加元，而 ...