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* （香港聯交所：2012） （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） 截至二零二三年九月三十日止第三季度業績公佈 財務數據總結 二零二三年第三季度，歸屬於本公司股權持有人的淨虧損及全面虧損約為$1,570 萬加元，而二零二二年第三季度歸 屬於本公司股權持有人淨利潤及全面利潤 $3.2 億加元。 於二零二三年九月三十日、二零二二年十二月三十一日及二零二二年九月三十日，本公司節選財務數字如下： 二零二三年 二零二二年 截至九月三十日止三個月 重述 (千加元) 歸屬於本公司股東的淨利潤（虧損）（千加元） (15,686) 322,945 稀釋油砂平均銷量（桶 / 日） 10.6 989.7 (千加元) 二零二三年 二零二二年 ...

Financial Performance - For Q2 2023, the net profit attributable to shareholders was approximately CAD 5.7 million, a significant decrease from CAD 46.2 million in Q2 2022, representing a decline of about 87.7%[4] - The company reported a net loss attributable to shareholders of CAD 5.7 million for Q2 2023, compared to a net profit of CAD 46.2 million in Q2 2022[15] - The company reported a net loss attributable to shareholders of $5,828,000 for the year, compared to a profit of $102,484,000 in 2022, reflecting a substantial decline in profitability[140] - The basic loss per share for the three months ending June 30, 2023, was $(0.02), compared to earnings of $0.42 per share for the same period in 2022[141] - For the six months ended June 30, 2023, the company reported a net loss of approximately CAD 5.8 million, compared to a net loss of CAD 10.2 million for the same period in 2022[95] Revenue and Sales - Total revenue for Q2 2023 reached $24,283 thousand, a significant increase compared to a loss of $2,287 thousand in Q2 2022[87] - Oil sales, net of royalties, amounted to $10,766 thousand for the three months ended June 30, 2023, compared to $569 thousand in the same period last year, reflecting a substantial growth[87] - The company reported oil sales revenue of $11.064 million for the three months ended June 30, 2023, compared to $0.589 million for the same period in 2022[129] - Customer contract revenue for the six months ended June 30, 2023, was $17.945 million, up from $0.569 million in the same period of 2022[129] Production and Operations - The average diluted oil sands sales volume for Q2 2023 was 1,524.8 barrels per day, a substantial increase from 53.5 barrels per day in Q2 2022[5] - The average oil sands heavy oil production for Q2 2023 was 1,267.5 barrels per day, compared to 30 barrels per day in Q2 2022[11] - The average production of oil sands heavy oil was 1,267 barrels per day for the three months ended June 30, 2023, compared to 0 barrels per day in the same period of 2022, reflecting a significant recovery in production[21] - The West Ells project has fully resumed production since 2022[83] Assets and Liabilities - As of June 30, 2023, total assets amounted to CAD 744.5 million, a slight decrease from CAD 747.6 million as of December 31, 2022[15] - The company’s equity as of June 30, 2023, was CAD 104.0 million, down from CAD 110.0 million as of December 31, 2022[5] - The company reported a working capital deficit of CAD 87.08 million as of June 30, 2023, compared to CAD 511.58 million as of December 31, 2022[44] - The company's debt-to-asset ratio was 86% as of June 30, 2023, compared to 85% as of December 31, 2022[48] Costs and Expenses - The company experienced a net operating cash flow loss of CAD 702,000 for the three months ended June 30, 2023, a significant improvement from a loss of CAD 4.818 million in the same period of 2022[20] - The total cost of diluent for the three and six months ended June 30, 2023, was CAD 3.5 million and CAD 7.4 million, respectively, compared to CAD 0.3 million in the same periods of 2022, reflecting an increase of CAD 3.2 million and CAD 7.1 million due to the full resumption of production at West Ells[27] - General and administrative expenses for the three months ending June 30, 2023, were $2,098,000, compared to $2,496,000 for the same period in 2022, showing a reduction in costs[138] Financing and Debt - The company has incurred a total of USD 52 million (approximately CAD 68.9 million) in unsecured convertible debt as of June 30, 2023[45] - The company has unsecured loans from related parties totaling approximately CAD 55.48 million, with an interest rate of 10%[52] - The company entered into an interest waiver agreement with deferral holders, waiving approximately $31.5 million in interest from January 1, 2022, to December 31, 2022, and again for the period from January 1, 2023, to December 31, 2023[121][122] Tax and Regulatory Matters - The company received a municipal tax payment notice of CAD 14.4 million from the Wood Buffalo region, along with overdue penalties of CAD 13.6 million, and is negotiating a settlement plan[46] - As of June 30, 2023, the company had total available tax deductions of approximately CAD 1.53 billion, with unrecognized tax losses expiring between 2029 and 2043[42] Corporate Governance and Compliance - The company has confirmed compliance with the corporate governance code and is in the process of obtaining appropriate insurance for its directors against legal claims[65] - The company is actively seeking suitable candidates to fill the vacancies for independent non-executive directors and audit committee members[74] Market and Economic Conditions - The company emphasizes that non-GAAP measures, such as operating netback and operating cash flow, are used to provide additional insights to investors[60] - The management has indicated that any forward-looking statements are subject to significant risks and uncertainties that could cause actual results to differ materially[62]

管理層討論與分析 截至二零二三年六月三十日止三個月及六個月 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」）於截至二零二三年六月三十日止三個月及六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」），日期為二零二三年八月十一日，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二零二三年六月三十日止三個月及六個月年度的未經審核綜合財務報表及其附註，及截至二零 二二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一併閱讀。除另有指明者外，所有金額及表格金 額均以千加元入賬。 概覽 陽光油砂是阿薩巴斯卡地區油砂資源的權益持有人及開發商，具有最佳估計可採資源量約 9.1 億桶。於二零二二年十二 月三十一日本公司的無風險最佳估計可採資源量為大約15.3億桶。本公司擁有超過一百萬英畝的油砂和石油、天然氣的 租賃區塊，具備龐大的商業發展潛能。West Ells 一萬桶熱採商業項目的一期（ 五千桶） 正進行生產並不斷提升以滿足 裝置的設計產能。阿薩巴斯卡地區為加拿大阿爾伯塔省油砂藏量最豐富的地區。加拿大油砂為西半球穩定的政治環境中 所發現的最大石油資源及全球第 ...

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） 截至二零二三年六月三十日止第二季度業績公佈 財務數據總結 二零二三年第二季度，歸屬於本公司股權持有人的淨利潤及全面利潤約為$570 萬加元，而二零二二年第二 季度歸屬於本公司股權持有人淨利潤及全面利潤 $4,620萬加元。 於二零二三年六月三十日、二零二二年十二月三十一日及二零二二年六月三十日，本公司節選財務數字如 下： 截至六月三十日止三個月 二零二三年 二零二二年 歸屬於本公司股東的淨利潤（虧損）（千加元） 5,745 46,173 稀釋油砂平均銷量（桶 / 日） 1,524.8 53.5 二零二三年 二零二二年 （千加元） ...

管理層討論與分析 截至二零二三年三月三十一日止三個月 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」）於截至二零二三年三月三十一日止三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」），日期為二零二三年五月十二日，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二零二三年三月三十一日止年度的未經審核綜合財務報表及其附註一併閱讀。除另有指明者外，所 有金額及表格金額均以千加元入賬。 概覽 陽光油砂是阿薩巴斯卡地區油砂資源的權益持有人及開發商，具有最佳估計可採資源量約 9.1 億桶。於二零二二年十二 月三十一日本公司的無風險最佳估計可採資源量為大約15.3億桶。本公司擁有超過一百萬英畝的油砂和石油、天然氣的 租賃區塊，具備龐大的商業發展潛能。West Ells 一萬桶熱採商業項目的一期（ 五千桶） 正進行生產並不斷提升以滿足 裝置的設計產能。阿薩巴斯卡地區為加拿大阿爾伯塔省油砂藏量最豐富的地區。加拿大油砂為西半球穩定的政治環境中 所發現的最大石油資源及全球第三大石油資源。加拿大的油砂也是美國進口石油供應的最大單一源頭。本公司只擁有一 個業務及地理分部。因此 ...

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） 截至二零二三年三月三十一日止第一季度業績公佈財務數據總結 二零二三年第一季度，歸屬於本公司股權持有人的虧損淨額及全面虧損約為$1,157 萬加元，二零二二 年第一季度盈利$ 5,631萬加元。 於二零二三年三月三十一日、二零二二年十二月三十一日及二零二二年三月三十一日，本公司節選資財 務數字如下： 截至三月三十一日止三個月 二零二三年 二零二二年 歸屬於本公司股東的淨利潤（虧損）（千加元） (11,573) 56,311 稀釋油砂平均銷售（桶/日） 1,233.8 - （千加元） 二零二三年 二零二二年 三月三十一日 十二月三十一日 ...

Financial Performance - As of December 31, 2022, the company reported a net loss of CAD 65.705 million, compared to a profit of CAD 1.122 million in 2021, marking a significant decline in profitability[3]. - The company experienced an operating cash flow loss of CAD 15.185 million for the year, compared to a loss of CAD 7.626 million in 2021, indicating increased operational costs[8]. - The company reported a net loss attributable to equity holders for Q4 2022 was CAD 490,832,000, compared to a profit of CAD 322,945,000 in Q4 2021[148]. - The company reported a significant increase in oil sands heavy oil production and sales due to the resumption of operations at the West Ells project[155]. - The company reported a foreign currency risk primarily related to expenses denominated in USD, HKD, and CNY[184]. Production and Sales - The average oil sands heavy oil production for the year was 457 barrels per day, with an average diluted oil sands heavy oil sales volume of 516.7 barrels per day[5]. - The average production of diluted oil sands heavy oil was 934 barrels per day for the three months and 457 barrels per day for the twelve months ended December 31, 2022[145]. - Oil sands heavy oil sales in Q4 2022 averaged 816 barrels per day, an increase from 0 barrels per day in Q4 2021[155]. - The diluted oil sands heavy oil revenue for Q4 2022 was CAD 7,275,000, up from CAD 144,000 in Q4 2021[150]. - The net sales price per barrel of diluted oil sands heavy oil rose from CAD 58.75 to CAD 77.76, an increase of CAD 19.01 per barrel, primarily due to increased sales volume and higher WCS prices[157]. Assets and Liabilities - Total liabilities increased to CAD 637.710 million in 2022 from CAD 579.357 million in 2021, while shareholders' equity decreased from CAD 176.367 million to CAD 110.009 million[6]. - As of December 31, 2022, the company's working capital deficiency was approximately CAD 511.6 million, an increase from CAD 93 million in 2021[61]. - Cumulative losses reached approximately CAD 1.275 billion as of December 31, 2022, compared to CAD 1.210 billion in 2021[61]. - The debt-to-asset ratio increased to 85% as of December 31, 2022, compared to 77% a year earlier[183]. Governance and Management - The company is committed to high standards of corporate governance to protect shareholder interests and enhance shareholder value[23]. - The board consists of eight directors, including two executive directors and three non-executive directors, ensuring a balanced composition[24]. - The company has three independent non-executive directors, meeting the requirement of at least one-third of the board[28]. - The company is actively seeking appropriate insurance for its directors against legal claims[29]. - The board held quarterly meetings to review and approve the company's quarterly performance for the fiscal year 2022[32]. Strategic Plans and Initiatives - The company plans to focus on cost control and monitor developments in the crude oil market, with a full resumption of production at the West Ells project[10]. - The company is actively exploring opportunities to transport crude oil by rail, which is expected to significantly reduce operational costs and improve net present value by 10%[9]. - 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[142]. - The company is actively seeking new investment opportunities through its subsidiary, Boxin Investment Limited, registered in the British Virgin Islands[82]. Community and Environmental Commitment - The company is committed to maintaining strong relationships with local Indigenous communities and stakeholders, focusing on community development and sustainability[75]. - The company will publish an environmental, social, and governance report that discusses compliance with relevant laws and regulations affecting the group[80]. - The company’s environmental policies ensure compliance with established operational standards and continuous monitoring[124]. Risks and Uncertainties - The company acknowledges that its operations involve significant risks and uncertainties, which could materially affect actual performance[192]. - The company emphasizes that forward-looking statements are subject to risks and uncertainties, which may lead to significant differences from actual results[198]. - The company has no foreign currency hedging policy in place but closely monitors foreign exchange risks[185].

管理層討論與分析 截至二零二一年和二零二二年十二月三十一日止三個月和十二個月 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」）於截至二零二二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」），日期為二零二三年三月二十四日，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二零二二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 指明者外，所有金額及表格金額均以千加元入賬。 概覽 陽光油砂是阿薩巴斯卡地區油砂資源的權益持有人及開發商，具有最佳估計可採資源量約 9.1 億桶。於二零二二年十二 月三十一日本公司的無風險最佳估計可採資源量為大約15.3億桶。本公司擁有超過一百萬英畝的油砂和石油、天然氣的 租賃區塊，具備龐大的商業發展潛能。West Ells 一萬桶熱採商業項目的一期（ 五千桶） 正進行生產並不斷提升以滿足 裝置的設計產能。阿薩巴斯卡地區為加拿大阿爾伯塔省油砂藏量最豐富的地區。加拿大油砂為西半球穩定的政治環境中 所發現的最大石油資源及全球第三大石油資源。加拿大的油砂也是美國進口石油供應的最大單一源頭。 ...

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） 截至二零二二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 截至二零二二年十二月三十一日止十二個月，全面虧損及歸屬於本公司持有人的應佔總虧損約為 6,600 萬加元，相 較二零二一年全面收益及本公司持有人應佔收益總額約 150 萬加元。 於截至二零二二年十二月三十一日和二零二一年十二月三十一日，本公司節選財務數字如下： 截至十二月三十一日止十二個月 二零二二年 二零二一年 歸屬於本公司持有人的全面(虧損)/收益總額（千加元） (66,042) 1,475 元稀）釋油 砂平均銷量（桶/日） 516.7 - 二零二二年 二零二一年 （千加元） 十二月三十一日 十二月三十一日 現金和 ...

Financial Performance - The company reported a net loss attributable to equity holders of CAD 26.655 million for Q3 2022, compared to a net loss of CAD 46.173 million in Q2 2022[11]. - The company’s operating loss for Q3 2022 was CAD 4.030 million, a decrease from CAD 5.002 million in Q2 2022[11]. - The net operating cash flow for the three months ended September 30, 2022, was a loss of $1,814,000, compared to a loss of $1,843,000 in the same period of 2021[12]. - The company reported a significant increase in realized oil sands heavy oil revenue, primarily due to the recovery of production at the West Ells project[22]. - The company experienced a depletion of CAD 1.8 million for the three and nine months ended September 30, 2022, compared to zero for the same periods in 2021, due to increased oil sands production[35]. - The company recognized a total impairment reversal amount of CAD 191.8 million for the nine months ended September 30, 2022, primarily due to an increase in oil price forecasts by independent reservoir engineers[39]. Production and Sales - The average oil sands heavy oil production for the three and nine months ended September 30, 2022, was 878 barrels per day and 296 barrels per day, respectively[6]. - The average sales volume of diluted oil sands heavy oil for the same periods was 989.7 barrels per day and 351.4 barrels per day[6]. - For the three months ended September 30, 2022, the realized oil sands heavy oil revenue was $4,671,000, compared to $0 in the same period of 2021, representing a significant increase[12]. - The average production of oil sands heavy oil for the three months ended September 30, 2022, was 878 barrels per day, up from 0 barrels per day in the same period of 2021[15]. - The average sales volume of oil sands heavy oil for the three months ended September 30, 2022, was 802 barrels per day, compared to 0 barrels per day in the same period of 2021, indicating a recovery in production and sales[16]. - The oil sales revenue (net of royalties) for the three months ended September 30, 2022, was $7,089,000, compared to $0 in the same period of 2021, reflecting increased production and sales[17]. Costs and Expenses - The company’s financing costs for Q3 2022 were CAD 13.003 million, compared to CAD 12.166 million in Q2 2022[11]. - The cost of diluent for the three months ended September 30, 2022, was $3,094,000, reflecting the costs associated with mixing diluent with heavy oil[23]. - The average cost per barrel for diluent was $33.98 for the three months ended September 30, 2022, compared to not applicable in the same period of 2021[23]. - Total operating costs increased from CAD 1.841 million and CAD 5.268 million in the same periods last year to CAD 4.030 million and CAD 12.436 million, respectively, primarily due to the resumption of production at West Ells[27][28]. - General and administrative costs for the three and nine months ended September 30, 2022, were CAD 2.5 million and CAD 8.7 million, respectively, compared to CAD 2.1 million and CAD 5.0 million last year[29]. - The company has resumed production at West Ells, which has led to increased fixed non-energy costs and energy costs[28]. Assets and Liabilities - Total assets as of September 30, 2022, amounted to CAD 944.563 million, an increase from CAD 877.108 million in the previous quarter[11]. - The company’s working capital deficit as of September 30, 2022, was CAD 499.3 million, compared to CAD 93 million as of December 31, 2021[41]. - The company's debt-to-asset ratio was 68% as of September 30, 2022, down from 77% as of December 31, 2021[46]. - The company has incurred a total of CAD 46.6 million in unsecured permitted debt as of September 30, 2022[42]. Tax and Regulatory Matters - The company's total available tax deductions amounted to approximately CAD 1.65 billion, with unrecognized tax losses expiring between 2033 and 2042[40]. - The company is actively negotiating a settlement plan regarding municipal property taxes amounting to CAD 13.4 million, along with overdue penalties of CAD 10.9 million[42]. Cash Flow and Financing - The company’s cash position as of September 30, 2022, was CAD 900,000[5]. - The cash flow used in operating activities for the three months ended September 30, 2022, was (5.52 million CAD), compared to 7.05 million CAD for the same period in 2021[64]. - For the nine months ended September 30, 2022, the cash flow used in operating activities was (16.09 million CAD), compared to 2.18 million CAD for the same period in 2021[64]. Shareholder Information - As of September 30, 2022, the company had 243,478,681 issued Class "A" common shares[76]. - The company reported no dividends declared or paid for the nine months ended September 30, 2022, consistent with the previous year[79]. Corporate Governance - The company has adopted the corporate governance code and standard code for securities transactions as per Hong Kong Stock Exchange regulations[68][69]. - The company has not identified any significant changes in internal controls over financial reporting that would materially affect the financial statements as of September 30, 2022[60]. - The company’s internal controls over financial reporting were assessed as effective as of September 30, 2022[59]. Future Outlook - 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 focusing on cost control and will restart activities in the Muskwa and Godin areas with joint ventures[82]. - The West Ells project has fully resumed production, and the company will continue to monitor the developments in the crude oil market and the COVID-19 pandemic in North America[82].