Group 1 - The company, Sunshine Oil Sands (stock code: 2012), announced a financing plan through a debt-to-equity swap, issuing 60,000,000 shares to raise approximately HKD 30 million [1] - The issue price for the debt-to-equity swap is set at HKD 0.50, representing a premium of about 4.2% over the previous trading day's closing price of HKD 0.48, and a premium of approximately 2.9% over the average closing price of HKD 0.49 over the last five trading days [1] - The newly issued shares will account for approximately 1.6% of the existing issued share capital and will also represent about 1.6% of the enlarged share capital upon completion [1] Group 2 - The funds raised will be primarily used to repay debts owed to creditors [1] - The issuance is based on a general authorization granted by the shareholders' meeting and is expected to be completed by October 30, 2025, or another date agreed upon by the parties involved in the debt-to-equity agreement, subject to the fulfillment of the agreement's conditions [1]

格隆汇7月30日丨阳光油砂(02012.HK)公告，于香港时间2025年7月30日(卡尔加里时间2025年7月30日) 公司与债权人张骏订立债转股协议。据此，公司将向债权人配发及发行相关股份以债转股，以此作为债 权人债务的全数及最终结算。"相关股份"为8,174,030股新股，相当于应付债务金额除以公司于完成日期 将向债权人配发及发行的发行价。 发行价为0.50港元:(i)较联交所紧接及包括香港时间2025年7月29日(即紧接确定债转股协议日期前的最后 一个交易日)前连续五个交易日所报的每股普通股平均收市价0.486港元溢价约2.88%;及(ii)较联交所于香 港时间2025年7月30日所报的每股股份收市价0.48港元溢价约4.17%。 相关股份将在所有方面与现有股份享有同等地位，并将根据一般授权配发及发行。公司将向联交所上市 委员会申请批准相关股份的上市及买卖。截至本公告日期，董事会仅决议根据一般授权配发及发行6000 万股股份。是次相关股份配发及发行无须获得股东批准。 ...

截至债转股协议日期，该公司欠债权人的应付债务总计为4,087,015港元，此应付债务将由是次发行 8,174,030股股份结算。 阳光油砂(02012)公布，于2025年7月30日，公司与债权人订立债转股协议。据此，该公司将向债权人配 发及发行相关股份以债转股，以此作为债权人债务的全数及最终结算。发行价为0.50港元，较2025年7 月30日收市价0.48港元溢价约4.17%。 ...

截至债转股协议日期，该公司欠债权人的应付债务总计为 4,087,015 港元，此应付债务将由是次发行 8,174,030 股股份结算。 智通财经APP讯，阳光油砂(02012)公布，于2025年7月30日，公司与债权人订立债转股协议。据此，该 公司将向债权人配发及发行相关股份以债转股，以此作为债权人债务的全数及最终结算。 发行价为 0.50 港元，较2025年7月30日收市价 0.48 港元溢价约 4.17%。 ...

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） 根據一般授權發行股份 以債轉股 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。 承陽光油砂有限公司董事會命 孫國平 執行主席 香港，二零二五年七月三十日 卡爾加里，二零二五年七月三十日 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（二零二五年七月三十日）和 阿爾伯塔省卡爾加里（二零二五年七月三十日）- 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： 根據一般授權發行股份以債轉股 於香港時間二零二五年七月三十日（ ...

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [1]. Core Insights - The report highlights a significant increase in social financing in China, with an increment of 16.34 trillion yuan in the first four months of the year, which is 3.61 trillion yuan more than the same period last year [3]. - The broad money supply (M2) reached 325.17 trillion yuan, reflecting an 8% year-on-year growth, while the narrow money supply (M1) increased by 1.5% to 109.14 trillion yuan [3]. - A reduction in the reserve requirement ratio by 0.5 percentage points is expected to inject approximately 1 trillion yuan of long-term liquidity into the market [3]. - The establishment of a "National Venture Capital Guidance Fund" aims to support high-level technological self-reliance and innovation [3]. Summary by Sections Market Performance - The Hang Seng Index closed at 23,640.65, up by 2.30% [2]. - The US Dow Jones Index decreased by 0.21% to 42,051.06, while the Nasdaq Index increased by 0.72% to 19,146.81 [2]. Company News - Tencent reported a net profit of 478.21 billion yuan for the first quarter, marking a 14.2% year-on-year increase [5]. - Weida's annual revenue was reported at 2.177 billion USD, a 1.5% increase year-on-year, while net profit decreased by 5.9% to 157 million USD [5]. - The demand for storage chips has surged, leading to rapid growth in the packaging substrate business [5].

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].

Financial Performance - Oil sales (net of royalties) for the twelve months ended December 31, 2024, slightly decreased to CAD 29.30 million from CAD 29.60 million for the same period in 2023, primarily due to a decline in sales volume and an increase in royalties[3]. - The net operating income (excluding one-time foreign exchange losses) for the twelve months ended December 31, 2024, was a loss of CAD 1.30 million, compared to a net operating income of CAD 0.80 million for the same period in 2023[3]. - The recurring net loss attributable to shareholders (excluding foreign exchange losses/gains and non-cash depreciation) for the twelve months ended December 31, 2024, was CAD 25.16 million, compared to CAD 22.40 million for the same period in 2023[4]. - The company reported a net loss attributable to shareholders of CAD 75.39 million for the twelve months ended December 31, 2024, compared to a net loss of CAD 19.33 million for the same period in 2023[4]. - Total revenue for the year ended December 31, 2024, was CAD 30,927 thousand, a decrease of 22.0% from CAD 39,377 thousand in 2023[24]. - The company reported a net loss of CAD 75,689 thousand for the year, compared to a net loss of CAD 19,626 thousand in 2023, representing an increase in loss of 285.0%[24]. Cash Flow and Liquidity - Operating cash flow for the twelve months ended December 31, 2024, was a net outflow of CAD 1.70 million, compared to a net outflow of CAD 1.40 million for the same period in 2023[3]. - As of December 31, 2024, cash and cash equivalents were CAD 0.32 million, down from CAD 0.53 million as of December 31, 2023[4]. - The company faces significant uncertainty regarding its ability to continue as a going concern, with current liabilities exceeding current assets by approximately CAD 92.67 million as of December 31, 2024[11]. - The company is exploring measures to improve its working capital and cash flow, including monitoring general administrative expenses and operating costs[12]. - The company aims to secure additional new financing sources, such as prepayments from shareholders, to alleviate liquidity pressure[39]. - The company had cash and cash equivalents of only approximately CAD 319,000 as of December 31, 2024, highlighting liquidity challenges[37]. Assets and Liabilities - The total liabilities as of December 31, 2024, increased to CAD 722.18 million from CAD 654.89 million as of December 31, 2023[4]. - Total assets decreased to CAD 739,023 thousand in 2024 from CAD 745,932 thousand in 2023, a decline of 0.9%[19]. - Shareholders' equity decreased significantly to CAD 16,848 thousand in 2024 from CAD 91,047 thousand in 2023, a drop of 81.5%[21]. - The company’s total liabilities, including lease liabilities, amounted to CAD 755,383,000 as of December 31, 2024[190]. Financial Ratios and Metrics - The diluted loss per share for the year was CAD 30.73, compared to CAD 7.94 in 2023, indicating a significant increase in loss per share[26]. - The company incurred total expenses of CAD 63,067 thousand in 2024, down from CAD 70,686 thousand in 2023, a decrease of 10.7%[24]. - The company reported a decrease in operating cash flow before changes in working capital, with a net cash outflow of CAD 2.97 million for the year ending December 31, 2024[33]. Accounting Policies and Standards - The company has adopted new and revised International Financial Reporting Standards (IFRS) effective from January 1, 2024, with no significant impact on financial performance or disclosures for the current and prior years[43]. - The company has not early adopted several new IFRS amendments that are published but not yet effective, including amendments to IFRS 21 and IFRS 9, which will take effect in 2025 and 2026 respectively[45][46]. - The company has changed its accounting policy related to Long Service Payments (LSP) liabilities in accordance with the guidance from the Hong Kong Institute of Certified Public Accountants, with no significant impact on current or prior financial conditions[49]. Revenue Recognition - Revenue recognition is based on the transfer of control of goods or services to customers, with the company using a five-step model to recognize revenue[58]. - Oil sales revenue is recognized based on the consideration specified in customer contracts, with revenue confirmed upon transferring control of the product to the customer[61]. - The group recognizes revenue when performance obligations are satisfied, allowing customers to simultaneously obtain and consume benefits[65]. Credit and Risk Management - The group faces a currency risk primarily through receivables and loans from related parties, with significant exposure to HKD, USD, and RMB[171]. - The group currently has no foreign currency hedging policy but monitors foreign exchange risks and may consider hedging when necessary[172]. - The group has implemented a credit risk management team to establish monitoring procedures to minimize credit risk and recover overdue debts[180]. - The expected credit loss for trade receivables was 0% for 2024, compared to 1.61% for 2023, indicating improved credit quality[195]. Impairment and Decommissioning - The company will conduct impairment tests on exploration assets if no economically recoverable reserves are found, with any differences deducted from the comprehensive income statement[95]. - The company must recognize provisions for future decommissioning liabilities based on estimated costs, which are subject to change due to various assumptions[160]. - The company recognizes impairment losses for property, plant, and equipment if the recoverable amount is estimated to be less than its carrying amount[104].