阳光油砂(02012) - 2024 - 年度业绩

Management Discussion and Analysis This section provides an overview and analysis of the company's financial condition and operating results Company Overview Sunshine Oil Sands Ltd. is an Athabasca oil sands developer with 640 million barrels of best estimate contingent resources, facing ongoing financing and profitability challenges - The company is an interest holder and developer of oil sands resources in the Athabasca region, with approximately 640 million barrels of best estimate contingent resources[3] - The West Ells Phase I commercial project (5,000 barrels/day) is in production and ramping up, with plans for a Phase II expansion to add an additional 5,000 barrels/day[3] - As of December 31, 2024, the company had invested approximately CAD 1.29 billion in oil sands leases, drilling, engineering, procurement, and construction assets[4] - The company's ability to continue as a going concern faces significant doubt, dependent on West Ells' continued operation and development, favorable oil sands heavy oil sales prices, achieving profitability, and securing additional financing[4] Recent Operating Performance West Ells project resumed full operations in April 2023, with Q4 2024 production and sales significantly impacted by equipment maintenance - The West Ells project resumed full operations on April 11, 2023, after a suspension in March 2020 due to crude oil market volatility, equipment maintenance, and the pandemic[5] West Ells Oil Sands Bitumen Production and Diluted Bitumen Sales (barrels/day) | Metric | Q4 2024 | Q4 2023 | Full-Year 2024 | Full-Year 2023 | | :--- | :--- | :--- | :--- | :--- | | Average Oil Sands Bitumen Production | 301.9 | 1,604 | 726.9 | 946 | | Average Diluted Bitumen Sales | 428 | 1,550 | 1,018.8 | 968 | - Production and sales decreased in Q4 and full-year 2024, primarily due to equipment maintenance at West Ells in Q4 2024[15][16] - The Thickwood and Legend projects are planned for initial production of 10,000 barrels/day each, with the Muskwa area expected to resume development under new Renergy ownership in 2024 at no cost to Sunshine Oil Sands[6][7] Quarterly Performance Summary This section summarizes key financial data for the past eight quarters, including oil sales, operating costs, net loss, and capital expenditures Key Financial Data for the Past Eight Quarters (CAD thousand, except per share amounts and barrels/day) | Metric | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Oil Sands Bitumen Sales (barrels/day) | 311 | 479 | 884 | 1,227 | 1,550 | 9 | 1,294 | 1,025 | | Oil Sales | 3,074 | 5,211 | 10,674 | 11,437 | 11,932 | 49 | 11,064 | 7,192 | | Royalties | 86 | 340 | 408 | 245 | 373 | (2) | 298 | 13 | | Diluent | 1,113 | 2,422 | 4,668 | 4,942 | 5,040 | 31 | 3,528 | 3,863 | | Transportation | 477 | 778 | 1,576 | 2,441 | 3,436 | 106 | 3,468 | 2,521 | | Operating Costs | 3,062 | 2,683 | 3,269 | 4,290 | 4,528 | 3,581 | 4,472 | 4,487 | | Finance Costs | 4,308 | 2,630 | 2,920 | 2,740 | 2,684 | 2,668 | 2,237 | 2,536 | | Net Loss/(Profit) | 41,845 | 579 | 11,048 | 22,217 | (2,111) | 15,758 | (5,671) | 11,650 | | Net Loss/(Income) Attributable to Equity Holders | 41,769 | 505 | 10,974 | 22,144 | (2,184) | 15,686 | (5,745) | 11,573 | | Per Share - Basic and Diluted | 0.17 | (0.00) | 0.05 | 0.09 | (0.01) | 0.06 | (0.02) | 0.05 | | Capital Expenditures | 962 | 275 | 672 | 171 | 378 | 1,864 | 593 | (54) | | Total Assets | 739,023 | 741,301 | 742,120 | 745,963 | 745,932 | 739,708 | 744,484 | 747,557 | | Working Capital Deficit | 92,666 | 514,041 | 83,772 | 84,242 | 79,458 | 94,082 | 87,079 | 517,464 | | Shareholders' Equity | 16,848 | 57,203 | 57,782 | 68,830 | 91,047 | 88,272 | 104,030 | 98,359 | - Net loss for Q4 2024 significantly increased to CAD 41,845 thousand, compared to a net profit of CAD 2,111 thousand in Q4 2023[8] - Oil sands bitumen sales volume for Q4 2024 significantly decreased year-over-year, from 1,550 barrels/day to 311 barrels/day[8] Operating Results This section analyzes the company's operating financial metrics for Q4 and full-year 2024 compared to 2023, covering revenue, costs, and impairment Oil Sands Bitumen Revenue Q4 2024 bitumen revenue decreased due to lower production, while per-barrel realized prices increased for both Q4 and the full year Oil Sands Bitumen Revenue (CAD thousand, except CAD/barrel) | Metric | Q4 2024 | Q4 2023 | Full-Year 2024 | Full-Year 2023 | | :--- | :--- | :--- | :--- | :--- | | Diluted Bitumen Revenue | 3,074 | 11,932 | 30,396 | 30,237 | | Diluent Blended | (1,113) | (5,040) | (13,145) | (12,462) | | Realized Oil Sands Bitumen Revenue | 1,961 | 6,892 | 17,251 | 17,775 | | Realized Price per Barrel (CAD/barrel) | 49.80 | 40.54 | 46.27 | 42.24 | - Realized oil sands bitumen revenue for Q4 2024 decreased by CAD 4.9 million to CAD 2 million year-over-year, primarily due to reduced production from equipment maintenance[11] - The realized price per barrel of oil sands bitumen increased by CAD 9.26/barrel to CAD 49.80/barrel in Q4 2024 year-over-year, and by CAD 4.03/barrel to CAD 46.27/barrel for the full year[11][12] Operating Netback Q4 2024 operating cash flow net loss widened due to reduced sales, but full-year net loss narrowed from improved prices and lower costs Operating Netback (CAD thousand, except CAD/barrel) | Metric | Q4 2024 | Q4 2023 | Full-Year 2024 | Full-Year 2023 | | :--- | :--- | :--- | :--- | :--- | | Realized Oil Sands Bitumen Revenue | 1,961 | 6,892 | 17,251 | 17,775 | | Transportation | (477) | (3,436) | (5,272) | (9,531) | | Royalties | (86) | (373) | (1,079) | (682) | | Net Oil Sands Bitumen Revenue | 1,398 | 3,083 | 10,900 | 7,562 | | Operating Costs | (3,062) | (4,528) | (13,304) | (17,068) | | Operating Cash Flow | (1,664) | (1,445) | (2,404) | (9,506) | | Operating Netback (CAD/barrel) | (42.26) | (8.50) | (6.44) | (22.59) | - The operating cash flow net loss for Q4 2024 widened to CAD 1.7 million, and the operating netback loss per barrel increased by CAD 33.76/barrel to CAD 42.26/barrel, mainly due to higher operating costs per barrel from reduced sales volume[14] - The full-year operating cash flow net loss narrowed to CAD 2.4 million, and the operating netback loss per barrel decreased by CAD 16.15/barrel to CAD 6.44/barrel, primarily benefiting from higher sales prices and lower transportation/operating costs[14] Oil Sands Bitumen Production West Ells bitumen production significantly decreased in Q4 and full-year 2024 due to equipment maintenance Oil Sands Bitumen Production (barrels/day) | Metric | Q4 2024 | Q4 2023 | Full-Year 2024 | Full-Year 2023 | | :--- | :--- | :--- | :--- | :--- | | Oil Sands Bitumen Production | 302 | 1,604 | 727 | 946 | - Q4 2024 production decreased by 1,302 barrels/day year-over-year, and full-year production decreased by 219 barrels/day, primarily due to equipment maintenance at West Ells in Q4 2024[15] Oil Sands Bitumen Sales West Ells bitumen sales significantly decreased in Q4 and full-year 2024, primarily due to reduced production Oil Sands Bitumen Sales (barrels/day) | Metric | Q4 2024 | Q4 2023 | Full-Year 2024 | Full-Year 2023 | | :--- | :--- | :--- | :--- | :--- | | Oil Sands Bitumen Sales | 311 | 1,550 | 723 | 968 | - Q4 2024 sales volume decreased by 1,239 barrels/day year-over-year, and full-year sales decreased by 245 barrels/day, mainly due to reduced oil sands bitumen production at West Ells in Q4 2024[16] Oil Sales, Net of Royalties Q4 2024 oil sales net of royalties decreased due to lower sales volume, but per-barrel prices increased for both periods Oil Sales, Net of Royalties (CAD thousand, except CAD/barrel) | Metric | Q4 2024 | Q4 2023 | Full-Year 2024 | Full-Year 2023 | | :--- | :--- | :--- | :--- | :--- | | Oil Sales | 3,074 | 11,932 | 30,396 | 30,237 | | Royalties | (86) | (373) | (1,079) | (682) | | Oil Sales, Net of Royalties | 2,988 | 11,559 | 29,317 | 29,555 | | CAD/barrel | 75.91 | 68.00 | 78.63 | 70.24 | - Oil sales net of royalties for Q4 2024 decreased to CAD 3 million year-over-year, primarily due to lower sales volume resulting from reduced oil sands bitumen production[17] - The per-barrel oil sales net of royalties increased by CAD 7.91/barrel to CAD 75.91/barrel in Q4 2024, and by CAD 8.39/barrel to CAD 78.63/barrel for the full year, driven by higher diluted bitumen sales prices[17] - Royalty rates are linked to WTI oil prices, increasing with prices above CAD 55/barrel up to a maximum of 9%; Q4 2024 royalties decreased by CAD 0.3 million due to lower sales volume, while full-year royalties increased by CAD 0.4 million due to higher sales volume and rates[18][19] Diluent Costs Q4 2024 diluent costs decreased due to lower production, while full-year costs increased from higher on-site blending for new pipeline requirements Diluent Costs (CAD thousand, except CAD/barrel and blending ratio) | Metric | Q4 2024 | Q4 2023 | Full-Year 2024 | Full-Year 2023 | | :--- | :--- | :--- | :--- | :--- | | Diluent (on-site) | 1,113 | 3,276 | 12,551 | 7,658 | | Diluent (off-site) | - | 1,764 | 594 | 4,804 | | Total | 1,113 | 5,040 | 13,145 | 12,462 | | CAD/barrel | 28.27 | 29.65 | 35.25 | 29.62 | | Blending Ratio (on-site) | 27.4% | 16.1% | 29.0% | 16.0% | | Blending Ratio (off-site) | 0% | 22.2% | 8.2% | 23.0% | - Total diluent costs for Q4 2024 decreased by CAD 3.9 million year-over-year, primarily due to reduced on-site diluent blending volumes from lower production[21] - Total diluent costs for the full year 2024 increased by CAD 0.7 million, mainly due to increased on-site diluent usage to meet specific pipeline requirements for a new terminal, leading to a significant rise in the on-site blending ratio[21] Transportation Transportation costs significantly decreased in Q4 and full-year 2024 due to lower sales volume and reduced trucking rates from a closer delivery terminal Transportation Costs (CAD thousand, except CAD/barrel) | Metric | Q4 2024 | Q4 2023 | Full-Year 2024 | Full-Year 2023 | | :--- | :--- | :--- | :--- | :--- | | Transportation | 477 | 3,436 | 5,272 | 9,531 | | CAD/barrel | 12.11 | 20.21 | 14.14 | 22.65 | - Transportation costs decreased by CAD 2.9 million in Q4 2024 year-over-year and by CAD 4.2 million for the full year, primarily due to lower sales volume and reduced trucking rates from delivering diluted bitumen to a closer new terminal since February 2024[22] - Transportation costs per barrel decreased by CAD 8.10/barrel to CAD 12.11/barrel in Q4 2024, and by CAD 8.51/barrel to CAD 14.14/barrel for the full year[22] Operating Costs Operating costs decreased in Q4 and full-year 2024 due to lower natural gas prices and reduced non-energy expenses Operating Costs (CAD thousand, except CAD/barrel) | Metric | Q4 2024 | Q4 2023 | Full-Year 2024 | Full-Year 2023 | | :--- | :--- | :--- | :--- | :--- | | Energy Operating Costs | 596 | 1,404 | 3,301 | 5,059 | | Non-Energy Operating Costs | 2,466 | 3,124 | 10,003 | 12,009 | | Total Operating Costs | 3,062 | 4,528 | 13,304 | 17,068 | - Operating costs decreased by CAD 1.5 million to CAD 3.1 million in Q4 2024 year-over-year, and by CAD 3.8 million to CAD 13.3 million for the full year[24] - The cost reduction was mainly due to lower energy costs from decreased natural gas prices at West Ells, and reduced non-energy costs (chemicals, processing, trucking, etc.)[24] - As most operating costs are fixed, operating costs per barrel are expected to decrease with increasing West Ells production[24] General and Administrative Expenses General and administrative expenses decreased in Q4 and full-year 2024, mainly due to lower salaries and rent, partially offset by higher municipal fees General and Administrative Expenses (CAD thousand) | Metric | Q4 2024 | Q4 2023 | Full-Year 2024 | Full-Year 2023 | | :--- | :--- | :--- | :--- | :--- | | Salaries, Consulting Fees & Benefits | 1,346 | 1,489 | 5,493 | 6,124 | | Rent | 3 | 14 | 24 | 54 | | Legal & Audit | 387 | 328 | 519 | 832 | | Other | 1,066 | 1,052 | 6,255 | 5,543 | | Total | 2,802 | 2,883 | 12,291 | 12,553 | - General and administrative expenses decreased by CAD 0.7 million in Q4 2024 year-over-year, and by CAD 0.3 million for the full year, primarily due to lower salaries and rent expenses, partially offset by higher municipal fees[25] Finance Costs Finance costs increased in Q4 and full-year 2024 due to higher interest expenses on related party and shareholder loans, and accretion costs Finance Costs (CAD thousand) | Metric | Q4 2024 | Q4 2023 | Full-Year 2024 | Full-Year 2023 | | :--- | :--- | :--- | :--- | :--- | | Senior Note Interest Expense | 308 | 299 | 1,192 | 1,174 | | Other Loan Interest Expense | 717 | 110 | 932 | 491 | | Related Party and Shareholder Loan Interest Expense | 2,723 | 1,744 | 8,375 | 6,678 | | Other Interest Expense - Leases and Other | 137 | 147 | 346 | 322 | | Accretion | 423 | 384 | 1,753 | 1,460 | | Total | 4,308 | 2,684 | 12,598 | 10,125 | - Finance costs increased by CAD 1.6 million in Q4 2024 year-over-year, and by CAD 2.5 million for the full year, primarily due to higher interest expenses on related party and shareholder loans, increased interest expenses on other loans, and higher accretion costs[26] Share-Based Compensation Share-based compensation was zero for both the three and twelve months ended December 31, 2024 and 2023 - Share-based compensation was CAD 0 for both the three and twelve months ended December 31, 2024 and 2023[27] Depletion, Depreciation, and Impairment This section covers the assessment of depletion, depreciation, and impairment, noting reduced expenses due to lower production and no impairment losses in 2024 Depletion and Depreciation Depletion and depreciation expenses decreased in Q4 and full-year 2024 due to lower production and a reduced depletion rate Depletion and Depreciation (CAD thousand) | Metric | Q4 2024 | Q4 2023 | Full-Year 2024 | Full-Year 2023 | | :--- | :--- | :--- | :--- | :--- | | Depletion | 672 | 3,311 | 5,946 | 7,737 | | Depreciation | 143 | 211 | 740 | 873 | | Total Depletion and Depreciation | 815 | 3,522 | 6,686 | 8,610 | - Depletion and depreciation expenses decreased by CAD 2.7 million in Q4 2024 year-over-year, and by CAD 1.9 million for the full year, primarily due to lower production and a reduced depletion rate[29] Impairment (Reversal) The company assesses assets for impairment, determining recoverable amounts based on FVLCD and VIU, with no impairment losses recognized in 2024 - The company assesses its E&E and PP&E assets for indicators of impairment or reversal of impairment at each reporting date, with recoverable amounts determined as the higher of fair value less costs to dispose (FVLCD) and value in use (VIU)[30] - For the full year 2024, the company did not recognize any impairment losses[32][33] - In 2024, the discount rates for future cash flows of the Exploration and Evaluation assets CGU and West Ells CGU were 11.07% and 10.86%, respectively, a decrease from 14.91% and 14.95% in 2023[32] Income Tax The company did not recognize deferred income tax assets related to unrecognized tax losses for the periods ended December 31, 2024 and 2023 - For the periods ended December 31, 2024 and 2023, the company did not recognize any deferred income tax assets primarily related to unrecognized tax losses[34] - As of December 31, 2023, the company had approximately CAD 1.42 billion in available aggregate tax deductions, with unrecognized tax losses expiring between 2029 and 2043[34] Liquidity and Capital Resources As of December 31, 2024, the company had a working capital deficit of CAD 92.67 million and faces various legal claims and a high debt-to-asset ratio Liquidity Position (CAD thousand) | Metric | December 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Working Capital Deficit | 92,666 | 79,458 | | Shareholders' Equity | 16,848 | 91,047 | - The company has entered into multiple interest waiver agreements with forbearance holders, waiving accrued interest of USD 31.5 million annually for 2024 and 2025, and signed an Amended and Restated Forbearance Agreement extending the debt repayment period to August 31, 2027[35][36][37][51][53] - As of December 31, 2024, the company had incurred unsecured royalty debt totaling USD 56.6 million (approximately CAD 81.4 million)[40] - The company faces CAD 16.5 million in municipal property taxes and CAD 19.7 million in overdue penalties, for which it has sought judicial review; additionally, it faces a New York State court judgment for USD 19.694 million (approximately CAD 26.048 million)[40][41][42] - As of December 31, 2024, the company's debt-to-asset ratio was 98%, compared to 88% in 2023, indicating an increased debt level[43] - The company is primarily exposed to foreign exchange risks in Hong Kong Dollars, US Dollars, and Renminbi, but currently has no foreign currency hedging policy[43][45] Royalty Agreement The company signed a royalty agreement with BEH in 2021 for CAD 20 million, revised in June 2024 to accelerate a CAD 5 million payment and adjust royalty rates - The company entered into a royalty agreement with Burgess Energy Holdings (BEH) in 2021, granting an undivided interest in oil sands for a total consideration of CAD 20 million[46] - The agreement was revised in June 2024, accelerating a CAD 5 million payment to the company and adjusting the royalty rate from 8.75% to a maximum of 25.00% (previously 15.00%) when WCS prices exceed USD 80/barrel[47] Commitments and Contingencies Management's estimates of contractual obligation due dates may differ from actual dates, and various claims and lawsuits could materially impact net income - Management has estimated the contractual due dates for the company's obligations, but these estimates may differ significantly from actual due dates[48] - The company is involved in various claims and lawsuits, the outcomes of which cannot be predicted with certainty and could have a material adverse effect on net income or loss[41] Related Party Transactions In 2024, a director-affiliated consulting firm received CAD 0.5 million for services, and the company has unsecured related party and shareholder loans totaling CAD 77.195 million - For the full year 2024, a consulting firm associated with a company director received CAD 0.5 million for management and consulting services[49] - As of December 31, 2024, Mr. Sun Guoping, the company's Executive Chairman, beneficially owned approximately 51.42% of the company's issued common shares[49] Related Party Loans (CAD thousand) | Loan Type | December 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Related Party Loans | 56,205 | 51,933 | | Shareholder Loans | 20,990 | 19,021 | - Both related party and shareholder loans are unsecured and carry an annual interest rate of 10%[49] Off-Balance Sheet Arrangements As of December 31, 2024, the group had no other off-balance sheet arrangements - As of December 31, 2024, the group had no other off-balance sheet arrangements[50] Subsequent Events On January 7, 2025, the company signed an Amended and Restated Forbearance Agreement, extending the debt forbearance period and waiving interest - On January 7, 2025, the company signed an Amended and Restated Forbearance Agreement with forbearance holders, extending the debt forbearance period to August 31, 2027[51] - Concurrently, accrued interest of USD 31.529 million for the period from January 1, 2025, to December 31, 2025, was waived[53] - The Board of Directors believes this action is in the best overall interest of the company and its shareholders, providing more time to repay or refinance debt and reducing financing costs[36] Critical Accounting Judgments and Estimates Significant accounting estimates materially impact financial position and operations, requiring management judgment, assumptions, and estimates - The company's significant accounting estimates have a material impact on its financial position and operations, requiring management to make judgments, assumptions, and estimates based on past experience and reasonable factors[54] - For a detailed discussion, please refer to Note 4 of the consolidated annual financial statements for the year ended December 31, 2024[55] Risk Factors Resource exploration, development, and extraction activities involve high risks, with significant factors remaining largely unchanged from the 2023 annual report - Resource exploration, development, and extraction activities involve a high degree of risk[56] - The significant risks and uncertainties affecting the company remain largely unchanged from those disclosed in the 2023 annual report[56] Disclosure Controls and Procedures As of December 31, 2024, the CEO and CFO concluded that the company's disclosure controls and procedures were effective - As of December 31, 2024, the company's Chief Executive Officer and Chief Financial Officer evaluated and concluded that the company's disclosure controls and procedures were effective[57] Internal Control Over Financial Reporting As of December 31, 2024, the CEO and CFO concluded that the company's internal control over financial reporting (ICFR) was effective, with no significant changes identified - As of December 31, 2024, the company's Chief Executive Officer and Chief Financial Officer evaluated and concluded that the company's internal control over financial reporting (ICFR) was effective[58] - No changes that materially affected ICFR were identified during the quarter[59] Guidance Section This section provides guidance on non-GAAP measures and forward-looking information Non-GAAP Measures This MD&A includes non-GAAP measures like "operating netback" and "funds from operations," which are common in the industry but may not be comparable - This Management Discussion and Analysis includes non-GAAP measures such as "operating netback" and "funds from operations"[61] - These measures are commonly used in the oil and natural gas industry, but their non-standard definitions may lead to incomparability with similar measures provided by other issuers[61] Cash Flow Used in Operating Activities Cash flow used in operating activities is a non-GAAP measure for analyzing performance and liquidity, excluding non-cash working capital changes and decommissioning expenditures Cash Flow Used in Operating Activities (CAD thousand) | Metric | Q4 2024 | Q4 2023 | Full-Year 2024 | Full-Year 2023 | | :--- | :--- | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (935) | (2,385) | (2,968) | (7,588) | | Net Change in Non-Cash Working Capital Items | (3,954) | (1,874) | (10,697) | (12,198) | | Cash Flow Used in Operating Activities | (4,889) | (4,259) | (13,665) | (19,786) | - Cash flow used in operating activities is a non-GAAP measure that excludes the net change in non-cash working capital items and decommissioning expenditures[62] Forward-Looking Information This MD&A contains forward-looking statements involving significant risks and uncertainties that could cause actual results to differ materially, with no obligation to update - Certain statements in this Management Discussion and Analysis are forward-looking statements which, by their nature, involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated[63] - The company strongly advises investors not to place undue reliance on any such forward-looking statements, and the company has no obligation to update them[64] HKEX Additional Information This section provides additional disclosures required by the Hong Kong Stock Exchange, including corporate governance, directors' securities dealings, and outlook Corporate Governance Code For the three months ended December 31, 2024, the company complied with the Corporate Governance Code, except for seeking directors' legal action insurance - For the three months ended December 31, 2024, the company complied with the provisions of the Corporate Governance Code set out in Appendix C1 of the Hong Kong Listing Rules, except for seeking suitable insurance coverage for legal actions against the company's directors[66] Standard Securities Dealing Code for Listed Company Directors All directors confirmed compliance with the Standard Code for Securities Transactions by Directors of Listed Issuers during the review financial year - Following specific inquiries to all directors, the directors confirmed their compliance with the Standard Code set out in Appendix C3 of the Hong Kong Listing Rules during the review financial year[67] Share Option Movements As of December 31, 2024, 200,000 share options held by directors expired, with no new options granted during the year Director Share Option Movements (shares) | Name | December 31, 2023 | Granted | Exercised | Forfeited | Lapsed | December 31, 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | He Yi | 100,000 | - | - | - | 100,000 | - | | Xing Guangzhong | 100,000 | - | - | - | 100,000 | - | | Subtotal Directors | 200,000 | - | - | - | 200,000 | - | - No new share options were granted in 2024, and the weighted average fair value of options granted in prior years was CAD 0 (CAD 0.6 in 2023)[70][71] Purchase, Sale and Redemption of Sunshine Oil Sands' Listed Securities On December 18, 2024, the company issued 48,695,736 Class "A" common shares to settle trade payables, with no other listed securities activities - On December 18, 2024, the company issued 48,695,736 Class "A" common shares at a price of HKD 0.38 per share to settle trade payables[72] - As of December 31, 2024, there were no other purchases, sales, or redemptions of Sunshine Oil Sands' listed securities[73] Share Issuance As of December 31, 2024, the company had 292,174,417 Class "A" common shares in issue - As of December 31, 2024, the company had 292,174,417 Class "A" common shares in issue[74] Employees As of December 31, 2024, the company had 230 full-time employees, with total personnel expenses of CAD 5.5 million for the year - As of December 31, 2024, the company had a total of 230 full-time employees[75] - Total personnel expenses for the twelve months ended December 31, 2024, amounted to CAD 5.5 million[75] Dividends The company did not declare or pay any dividends for the twelve months ended December 31, 2024 - The company did not declare or pay any dividends for the twelve months ended December 31, 2024[76] Review of Annual Results The company's consolidated financial statements for the periods ended December 31, 2024, were reviewed by the audit committee, audited by external auditors, and approved by the board - The company's consolidated financial statements for the three and twelve months ended December 31, 2024, were reviewed by the company's Audit Committee, audited by the company's external auditors, and approved by the Board of Directors[77] Publication of Information This annual results announcement is published on the HKEX and company websites in both English and Chinese, with the English version prevailing - This annual results announcement will be published on the Hong Kong Stock Exchange website (www.hkexnews.hk) and the company's website (www.sunshineoilsands.com)[78](index=78&type=chunk) - This announcement is available in both English and Chinese versions, with the English version prevailing in case of any discrepancy[78] Outlook The company focuses on cost control and business expansion, including a proposed acquisition of an environmental energy business and restarting activities in Muska and Godin - The company continues to focus on cost control and seeks opportunities to prudently expand and diversify its business[79] - The company has signed a Memorandum of Understanding with Nobao Energy Holdings (China) Co., Ltd. to acquire its environmental energy business subsidiary, which is expected to significantly improve financial performance (revenue and cash flow) and enhance the cost-effectiveness of its mining operations[79] - The company will continue to restart activities in the Muskwa and Godin areas with its joint venture partners[80]