阳光油砂(02012) - 2025 - 中期业绩

Overview Sunshine Oil Sands Ltd. is an Athabasca oil sands resource holder and developer with approximately 710 million barrels of best estimate contingent resources, having invested about CAD 1.29 billion in leases and development - The company is an Athabasca oil sands resource developer, holding approximately 710 million barrels of best estimate contingent resources[3] - As of December 31, 2024, unrisked best estimate contingent resources were approximately 1.01 billion barrels[3] - The company has invested approximately CAD 1.29 billion in oil sands leases, drilling operations, and project engineering[4] - The company's ability to continue as a going concern faces significant doubt, dependent on West Ells' ongoing operations, favorable sales prices, profitability, and refinancing capabilities[4] Latest Operating Performance The West Ells project, which began commercial production in 2017 and fully resumed in April 2024, was shut down for equipment maintenance in Q2 and H1 2025, resulting in zero bitumen production and sales - The West Ells project commenced commercial production on March 1, 2017, and fully resumed on April 11, 2024[5] - In Q2 and H1 2025, the West Ells project was shut down for equipment maintenance, resulting in zero barrels/day average bitumen production and sales[5] - The Thickwood and Legend projects are planned for initial production of 10,000 barrels/day, with Thickwood approved in Q3 2013[6] - Muskwa is not yet in production, and the Godin area is expected to resume development in 2024 with no costs incurred by Sunshine Oil Sands[7] Quarterly Performance Summary This section provides key financial data for the past eight quarters, highlighting zero oil sands bitumen and petroleum sales, and net losses of CAD 9.793 million and CAD 41.845 million in Q2 and Q1 2025, respectively Key Financial Data for the Past Eight Quarters (CAD thousands, except per share amounts and barrels/day) | Metric | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Oil Sands Bitumen Sales (barrels/day) | - | - | 311 | 479 | 884 | 1,227 | 1,550 | 9 | | Petroleum Sales | - | - | 3,074 | 5,211 | 10,674 | 11,437 | 11,932 | 49 | | Operating Costs | 2,473 | 1,878 | 3,062 | 2,683 | 3,269 | 4,290 | 4,528 | 3,581 | | Finance Costs | 1,449 | 3,111 | 4,308 | 2,630 | 2,920 | 2,740 | 2,684 | 2,668 | | Net (Loss)/Profit | 9,793 | 41,845 | 579 | 11,048 | 22,217 | (2,111) | 15,758 | | Net Loss/(Gain) Attributable to Equity Holders | 9,716 | 41,769 | 505 | 10,974 | 22,144 | (2,184) | 15,686 | | Per Share - Basic and Diluted | 0.03 | 0.17 | (0.00) | 0.05 | 0.09 | (0.01) | 0.06 | | Capital Expenditures | 1,375 | 121 | 962 | 275 | 672 | 171 | 378 | 1,864 | | Total Assets | 742,131 | 740,906 | 739,023 | 741,301 | 742,120 | 745,963 | 745,932 | 739,708 | | Working Capital Deficit | 108,749 | 99,258 | 92,666 | 514,041 | 83,772 | 84,242 | 79,458 | 94,082 | | Shareholders' Equity | 22,202 | 7,055 | 16,848 | 57,203 | 57,782 | 68,830 | 91,047 | 88,272 | Operating Results In Q2 and H1 2025, the company reported zero revenue from oil sands bitumen, diluent blend, realized oil sands bitumen, and petroleum sales due to the West Ells project shutdown, leading to a CAD 2.5 million operating cash flow net loss in Q2 2025 Realized Oil Sands Bitumen Revenue (CAD thousands) | Metric | Three Months Ended 2025 | Three Months Ended 2024 | Six Months Ended 2025 | Six Months Ended 2024 | | :--- | :--- | :--- | :--- | :--- | | Oil Sands Bitumen Revenue | - | 10,674 | - | 22,111 | | Diluent Blend | - | (4,668) | - | (9,610) | | Realized Oil Sands Bitumen Revenue | - | 6,006 | - | 12,501 | | (CAD/barrel) | Not applicable | 50.67 | Not applicable | 46.28 | - Realized bitumen revenue decreased in Q2 and H1 2025, primarily due to the West Ells project shutdown for equipment maintenance[10] Operating Cash Flow (CAD thousands) | Metric | Three Months Ended 2025 | Three Months Ended 2024 | Six Months Ended 2025 | Six Months Ended 2024 | | :--- | :--- | :--- | :--- | :--- | | Realized Oil Sands Bitumen Revenue | - | 6,006 | - | 12,501 | | Transportation | - | (1,576) | - | (4,017) | | Royalties | - | (408) | - | (653) | | Net Oil Sands Bitumen Revenue | - | 4,022 | - | 7,831 | | Operating Costs | (2,473) | (3,269) | (4,351) | (7,559) | | Operating Cash Flow | (2,473) | 753 | (4,351) | 272 | | Operating Netback (CAD/barrel) | Not applicable | 6.37 | Not applicable | 1.00 | - For the three months ended June 30, 2025, operating cash flow generated a net loss of CAD 2.5 million, compared to a net gain of CAD 0.8 million in the same period of 2024, primarily due to revenue loss from West Ells equipment maintenance[12] Oil Sands Bitumen Production For the three and six months ended June 30, 2025, West Ells' average bitumen production was zero barrels/day, a significant decrease from 2024, primarily due to the project shutdown for equipment maintenance Oil Sands Bitumen Production (barrels/day) | Metric | Three Months Ended 2025 | Three Months Ended 2024 | Six Months Ended 2025 | Six Months Ended 2024 | | :--- | :--- | :--- | :--- | :--- | | Oil Sands Bitumen Production | 0 | 905 | - | 1046 | - The decrease in production is primarily attributable to the West Ells project being shut down for equipment maintenance during Q1 and Q2 2025[13] Oil Sands Bitumen Sales For the three and six months ended June 30, 2025, West Ells' average bitumen sales were zero barrels/day, a significant decrease from 2024, primarily due to the project shutdown for equipment maintenance Oil Sands Bitumen Sales (barrels/day) | Metric | Three Months Ended 2025 | Three Months Ended 2024 | Six Months Ended 2025 | Six Months Ended 2024 | | :--- | :--- | :--- | :--- | :--- | | Oil Sands Bitumen Sales | - | 884 | - | 1,055 | - The decrease in sales volume is primarily attributable to the West Ells project being shut down for equipment maintenance during Q1 and Q2 2025[15] Petroleum Sales, Net of Royalties For the three and six months ended June 30, 2025, net petroleum sales after royalties were zero CAD, a significant decline from 2024, primarily due to revenue loss from West Ells equipment maintenance Petroleum Sales, Net of Royalties (CAD thousands) | Metric | Three Months Ended 2025 | Three Months Ended 2024 | Six Months Ended 2025 | Six Months Ended 2024 | | :--- | :--- | :--- | :--- | :--- | | Petroleum Sales | - | 10,674 | - | 22,111 | | Royalties | - | (408) | - | (653) | | Petroleum Sales, Net of Royalties | - | 10,266 | - | 21,458 | | CAD/barrel | Not applicable | 86.60 | Not applicable | 79.44 | - The decrease in net petroleum sales is primarily attributable to revenue loss from West Ells equipment maintenance during Q1 and Q2 2025[16] Royalty Rate Royalty rates start at 1% of oil sands bitumen sales, increasing with WTI oil prices above CAD 55/barrel, up to a maximum of 9% at WTI prices of CAD 120/barrel or more - Royalty rates start at 1% of oil sands bitumen sales, increasing by 1% for every CAD 1 rise in WTI oil price above CAD 55/barrel, up to a maximum of 9% (at WTI oil prices of CAD 120/barrel or more)[17] - For the three and six months ended June 30, 2025, royalties increased by CAD 0.3 million compared to the same period in 2024, primarily due to increased oil sands bitumen sales and additional expenditures to Burgess Energy Holdings, LLC[17] Diluent Costs For the three and six months ended June 30, 2025, total diluent costs were zero CAD, a significant reduction from 2024, primarily due to the West Ells facility shutdown for equipment maintenance Diluent Costs (CAD thousands) | Metric | Three Months Ended 2025 | Three Months Ended 2024 | Six Months Ended 2025 | Six Months Ended 2024 | | :--- | :--- | :--- | :--- | :--- | | Diluent (at site) | - | 4,668 | - | 9,016 | | Diluent (at offload point) | - | - | - | 594 | | Total | - | 4,668 | - | 9,610 | | CAD/barrel | Not applicable | 39.37 | Not applicable | 35.58 | | Blend Ratio (at site) | Not applicable | 32.2% | Not applicable | 28.9% | | Blend Ratio (at offload point) | - | - | - | 10.9% | - Total diluent costs decreased by CAD 4.7 million, primarily due to the West Ells facility shutdown for equipment maintenance[19][20] Transportation For the three and six months ended June 30, 2025, transportation expenses were zero CAD, a significant reduction from 2024, primarily due to the West Ells facility shutdown for equipment maintenance Transportation Costs (CAD thousands) | Metric | Three Months Ended 2025 | Three Months Ended 2024 | Six Months Ended 2025 | Six Months Ended 2024 | | :--- | :--- | :--- | :--- | :--- | | Transportation | - | 1,576 | - | 4,017 | | CAD/barrel | Not applicable | 13.29 | Not applicable | 14.87 | - Transportation expenses decreased, primarily due to the interruption of diluted oil sands bitumen sales caused by West Ells facility maintenance[21] Operating Costs For the three months ended June 30, 2025, total operating costs were CAD 2.473 million, a decrease of CAD 1.6 million from 2024, primarily due to the West Ells project shutdown for equipment maintenance Operating Costs (CAD thousands) | Metric | Three Months Ended 2025 | Three Months Ended 2024 | Six Months Ended 2025 | Six Months Ended 2024 | | :--- | :--- | :--- | :--- | :--- | | Operating Costs | 2,473 | 3,269 | 4,351 | 7,559 | - The decrease in operating costs is primarily due to the West Ells project suspending production for equipment maintenance during Q1 and Q2 2025[22] General and Administrative Expenses For the three and six months ended June 30, 2025, general and administrative expenses increased to CAD 2.01 million and CAD 7.311 million, respectively, primarily due to higher compensation and municipal fees General and Administrative Expenses (CAD thousands) | Metric | Three Months Ended 2025 | Three Months Ended 2024 | Six Months Ended 2025 | Six Months Ended 2024 | | :--- | :--- | :--- | :--- | :--- | | Salaries, Consulting Fees, and Benefits | 1,616 | 1,373 | 3,234 | 2,819 | | Rent | - | 10 | 13 | 16 | | Legal and Audit | 6 | 26 | 29 | 88 | | Other | 389 | 448 | 4,035 | 3,538 | | Total | 2,010 | 1,857 | 7,311 | 6,461 | - The increase for the three-month period primarily stemmed from higher compensation expenses in Q2 2025[24] - The increase for the six-month period was primarily attributable to rising compensation expenses and municipal fees[24] Finance Costs For the three months ended June 30, 2025, finance costs decreased by CAD 1.5 million to CAD 1.449 million, primarily due to interest expenses on loans from related parties and shareholders being settled through share issuance Finance Costs (CAD thousands) | Metric | Three Months Ended 2025 | Three Months Ended 2024 | Six Months Ended 2025 | Six Months Ended 2024 | | :--- | :--- | :--- | :--- | :--- | | Senior Bond Interest Expense | 298 | 294 | 610 | 588 | | Other Loan Interest Expense | 218 | 71 | 352 | 133 | | Interest Expense on Borrowings from Related Parties and Shareholders | 718 | 2,030 | 2,860 | 3,908 | | Other Interest Expenses - Leases and Other | 215 | 84 | 300 | 159 | | Unwinding of Provision Discount | - | 441 | 438 | 872 | | Period-End Balance | 1,449 | 2,920 | 4,560 | 5,660 | - The decrease in finance costs is primarily attributable to interest expenses on loans from related parties and shareholders, which were settled through the issuance of shares[25] Share-Based Compensation For the three and six months ended June 30, 2025 and 2024, share-based compensation expenses were zero, with the company recognizing the fair value of share options using the Black-Scholes option pricing model - For the three and six months ended June 30, 2025 and 2024, share-based compensation expenses were zero[26] - The company determines the fair value of share options using the Black-Scholes option pricing model[26] Depletion, Depreciation, and Impairment For the three months ended June 30, 2025, depletion and depreciation expenses decreased by CAD 1.8 million to CAD 0.174 million, primarily due to the West Ells project shutdown for equipment maintenance, resulting in no depletion expenses Depletion and Depreciation (CAD thousands) | Metric | Three Months Ended 2025 | Three Months Ended 2024 | Six Months Ended 2025 | Six Months Ended 2024 | | :--- | :--- | :--- | :--- | :--- | | Depletion and Depreciation | 174 | 1,984 | 358 | 4,603 | | Depletion (CAD/barrel) | Not applicable | 15.08 | Not applicable | 15.55 | - Depletion and depreciation expenses decreased by CAD 1.8 million, primarily because no depletion expenses were incurred due to the West Ells project shutdown for equipment maintenance during Q1 and Q2 2025[28] - The company assesses E&E and PP&E assets for indicators of impairment or impairment reversal at each reporting date[29] - As of June 30, 2025 and 2024, the company found no indicators of further impairment losses (reversals) for E&E or the West Ells CGU[31] Income Tax For the three months ended March 31, 2025 and 2024, the company did not recognize any deferred income tax assets, primarily related to unrecognized tax losses, and held approximately CAD 1.43 billion in total available tax deductions as of June 30, 2025 - For the three months ended March 31, 2025 and 2024, the company did not recognize any deferred income tax assets, primarily related to unrecognized tax losses[32] - As of June 30, 2025, the company had approximately CAD 1.43 billion in total available tax deductions, with unrecognized tax losses expiring between 2029 and 2045[32] Liquidity and Capital Resources As of June 30, 2025, the company reported a working capital deficit of CAD 108.7 million and shareholders' equity of CAD 22.202 million, with a debt-to-asset ratio of 99%, and is actively seeking capital through equity issuance, monetization, joint ventures, and debt Liquidity and Capital Resources (CAD thousands) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Working Capital Deficit | 108,749 | 92,666 | | Shareholders' Equity | 22,202 | 16,848 | - The company entered into interest waiver agreements with deferred holders, waiving USD 31.5 million in accrued interest annually from 2023 to 2025[33][34][35] - As of June 30, 2025, the company had incurred a total of USD 57.7 million (approximately CAD 83 million) in unsecured license debt[39] - The company received payment notices from the Municipality of Wood Buffalo for municipal property taxes of CAD 17.2 million and overdue penalties of CAD 23.7 million for 2016-2025, and has sought judicial review[39] - As of June 30, 2025, the company's debt-to-asset ratio was 99%, higher than 98% as of December 31, 2024[42] - The company faces foreign currency exchange rate fluctuation risks, primarily involving HKD, USD, and RMB[43] Royalty Agreement Sunshine Oil Sands entered a royalty agreement with Burgess Energy Holdings, L.L.C. (BEH) in August 2021, granting BEH an undivided interest in oil sands for CAD 20 million, with a June 2023 amendment accelerating a CAD 5 million payment and revising royalty rates for WCS prices above USD 80/barrel up to 25% - The company entered into a royalty agreement with BEH, granting BEH an undivided interest in oil sands for a total consideration of CAD 20 million[45] - The agreement was amended on June 8, 2023, accelerating a CAD 5 million payment to the company[46] - The amended agreement revised the royalty rate for WCS prices above USD 80/barrel, increasing it to a maximum of 25.00% (from the original 15.00%)[46] Commitments and Contingencies Management estimates contractual maturity dates for company obligations, but actual dates may vary, and the company is involved in various claims and legal proceedings, including municipal property tax disputes and liens, for which adequate provisions have been made, though outcomes are uncertain - The company is involved in various claims and legal proceedings, including municipal property tax disputes and liens[40] - The company believes it has made adequate provisions for such claims, but the outcome of litigation cannot be definitively predicted[40] - As of June 30, 2025, the company had incurred liens totaling CAD 0.82 million (approximately USD 0.57 million)[40] Related Party Transactions For the six months ended June 30, 2025, the company paid CAD 0.25 million for management and consulting services to a director-affiliated firm, and as of June 30, 2025, had unsecured loans of approximately CAD 53.897 million from related companies and CAD 3.114 million from shareholders - For the six months ended June 30, 2025, CAD 0.25 million was paid to a consulting firm affiliated with a director for management and consulting services[48] - Mr. Sun Guoping, the company's Executive Chairman, beneficially owns approximately 30% of the company's issued ordinary shares[48] - As of June 30, 2025, total unsecured loans from related companies amounted to approximately CAD 53.897 million, and from shareholders to approximately CAD 3.114 million[48] Off-Balance Sheet Arrangements As of June 30, 2025, the Group had no other off-balance sheet arrangements - As of June 30, 2025, the Group had no other off-balance sheet arrangements[49] Purchases, Sales, and Redemptions of Sunshine Oil Sands' Listed Securities In 2025, the company issued Class A ordinary shares under general and specific mandates to settle various debts, including 48,695,736 shares for CAD 3.05 million on April 17, 60,000,000 shares for CAD 6.727 million on June 25, and 162,310,261 shares for CAD 13.052 million on April 28 Class A Ordinary Share Issuances in 2025 (General Mandate) | Date | Creditor | Shares Issued | Issue Price (HKD/share) | Debt Settled (HKD) | Debt Settled (CAD) | | :--- | :--- | :--- | :--- | :--- | :--- | | April 17, 2025 | Creditor 1 | 48,695,736 | 0.35 | 17,043,508 | 3,050,787 | | June 25, 2025 | Creditor 2 | 60,000,000 | 0.64 | 38,400,000 | 6,727,635.87 | | July 30, 2025 | Mr. Zhang Jun | 8,174,030 | 0.50 | 4,087,015 | 716,869.26 | Class A Ordinary Share Issuances in 2025 (Specific Mandate) | Date | Creditor | Shares Issued | Issue Price (HKD/share) | Debt Settled (HKD) | Debt Settled (CAD) | | :--- | :--- | :--- | :--- | :--- | :--- | | April 28, 2025 | Creditor 3 | 162,310,261 | 0.45 | 73,039,619 | 13,052,180 | Subsequent Events Post-reporting period, the company settled debt with Mr. Zhang Jun by issuing 8,174,030 Class A ordinary shares on July 30, 2025, and on August 19, 2025, proposed to acquire a 51% stake in Nobao Technology Co., Ltd. via share issuance, which is a connected transaction - On July 30, 2025, the company entered into a settlement agreement with Mr. Zhang Jun, issuing 8,174,030 Class A ordinary shares to settle his debt[54] - On August 19, 2025, the company proposed to acquire a 51% equity interest in Nobao Technology Co., Ltd. via share issuance for HKD 50,919,450, which constitutes a connected transaction[54] - On August 20, 2025, the company received a winding-up petition from Qiaoshi Finance Co., Ltd., and is taking legal measures to vigorously oppose it[55] Changes in Accounting Policies The company's significant accounting policies have remained unchanged since December 31, 2024 - The company's significant accounting policies have remained unchanged since December 31, 2024[56] Critical Accounting Judgments and Estimates The company's critical accounting estimates significantly impact its financial position and operations, requiring management judgment, assumptions, and estimates that may change with evolving events and additional information - The company's critical accounting estimates significantly impact its financial position and operations, requiring management to make judgments, assumptions, and estimates[57] - These judgments, assumptions, and estimates may change with evolving events and additional information[57] Risk Factors Resource exploration, development, and extraction businesses involve high risks, and the significant risks and uncertainties affecting the company, their potential impacts, and key risk management strategies remain consistent with those disclosed in the 2024 annual MD&A - Resource exploration, development, and extraction businesses involve high risks[59] - Significant risks and uncertainties, their potential impacts, and key risk management strategies remain unchanged from those disclosed in the 2024 annual Management's Discussion and Analysis[59] Disclosure Controls and Procedures As of June 30, 2025, the company's CFO and CEO assessed the disclosure controls and procedures as effective, providing reasonable assurance that material information is timely recorded, processed, summarized, and reported, with no significant changes in internal control over financial reporting during the period - As of June 30, 2025, the CFO and CEO assessed the company's disclosure controls and procedures as effective[60] - No significant changes in the Group's internal control over financial reporting were identified[61] Forward-Looking Information This Management's Discussion and Analysis contains forward-looking statements involving significant risks and uncertainties that could cause actual results to differ materially from projections, and investors are strongly cautioned not to place undue reliance on these statements, as the company has no obligation to update them - Certain statements in this Management's Discussion and Analysis are forward-looking statements, involving significant risks and uncertainties[62] - Actual results or outcomes may differ materially from those indicated in forward-looking statements, and investors should not place undue reliance on them[63] - The company has no obligation to update any forward-looking statements[63] HKEX Additional Information This section provides additional information required by the HKEX, covering corporate governance, directors' securities trading, share option movements, fair value of granted options, listed securities transactions, issued shares, employees, dividend policy, and interim results review and publication - The company is committed to maintaining high standards of corporate governance and confirms compliance with the Code set out in Appendix 14 of the HKEX Listing Rules for the period from January 1, 2025, to June 30, 2025, but is seeking appropriate insurance coverage for legal actions against directors[65] - The company confirms adoption of the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix 10 of the HKEX Listing Rules, and directors have confirmed compliance[66] - As of June 30, 2025, the company had 27 full-time employees, with total personnel expenses of CAD 1.6 million for the six months ended June 30, 2025[73] - The company did not declare or pay any dividends for the six months ended June 30, 2025[74] Corporate Governance Code (the 'Code') The company is committed to high corporate governance standards and confirmed compliance with the HKEX Listing Rules' Code from January 1 to June 30, 2025, while actively seeking appropriate insurance coverage for legal actions against its directors - The company confirms compliance with the Code set out in Appendix 14 of the HKEX Listing Rules for the period from January 1, 2025, to June 30, 2025[65] - The company is seeking appropriate insurance coverage for legal actions against its directors[65] Compliance with the Model Code for Securities Transactions by Directors of Listed Issuers (the 'Model Code') The company adopted the HKEX Listing Rules' Model Code for directors' securities transactions, and directors confirmed compliance with it and their code of conduct from January 1 to June 30, 2025 - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix 10 of the HKEX Listing Rules[66] - Directors have confirmed compliance with the Model Code and their code of conduct for securities transactions during the period from January 1, 2025, to June 30, 2025[66] Share Option Movements For the period ended June 30, 2025, there were no share option movements for directors, chief executive, or other executive management, with both opening and closing balances remaining at zero Share Option Movements (as of December 31, 2024, to June 30, 2024) | Name | December 31, 2024 | Granted | Exercised | Forfeited | Lapsed | June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Directors Subtotal | - | - | - | - | - | - | | Other Option Holders | - | - | - | - | - | - | | Total | - | - | - | - | - | - | - For the period ended June 30, 2025, share option movements for directors, chief executive, and other executive management showed zero opening and closing balances[67][68] Fair Value of Share Options Granted The weighted average fair value of share options granted in prior years was zero CAD, with the company using the Black-Scholes model for valuation, adjusting expected life based on management's assessment of non-transferability, exercise restrictions, and behavioral considerations - The weighted average fair value of share options granted in prior years was CAD 0[69] - The company uses the Black-Scholes model to value options[69] Black-Scholes Model Input Variables | Input Variable | Six Months Ended June 30, 2025 | Year Ended December 31, 2025 | | :--- | :--- | :--- | | Share Price at Grant Date (CAD) | - | - | | Exercise Price (CAD) | - | - | | Expected Volatility (%) | - | - | | Option Life (Years) | - | - | | Risk-Free Rate (%) | - | - | | Expected Forfeiture Rate (%) | - | - | Purchases, Sales, and Redemptions of Sunshine Oil Sands' Listed Securities During Q2 2025, Sunshine Oil Sands did not engage in any purchases, sales, or redemptions of its listed securities - During Q2 2025, Sunshine Oil Sands did not engage in any purchases, sales, or redemptions of its listed securities[71] Issued Shares As of June 30, 2025, the company had 503,180,414 Class A ordinary shares issued - As of June 30, 2025, the company had 503,180,414 Class A ordinary shares issued[72] Employees As of June 30, 2025, the company had 27 full-time employees, with total personnel expenses amounting to CAD 1.6 million for the six months ended June 30, 2025 - As of June 30, 2025, the company had 27 full-time employees[73] - For the six months ended June 30, 2025, total personnel expenses amounted to CAD 1.6 million[73] Dividends The company did not declare or pay any dividends for the six months ended June 30, 2025 - The company did not declare or pay any dividends for the six months ended June 30, 2025[74] Review of Interim Annual Results The company's condensed consolidated interim financial statements for the three and six months ended June 30, 2025, were reviewed by the Audit Committee and approved by the Board of Directors - The company's condensed consolidated interim financial statements for the three and six months ended June 30, 2025, were reviewed by the Audit Committee and approved by the Board of Directors[75] Publication of Information This quarterly results announcement will be published on the HKEX and company websites in both Chinese and English, with the English version prevailing in case of discrepancies - This quarterly results announcement will be published on the HKEX website (www.hkexnews.hk) and the company's website (www.sunshineoilsands.com)[76](index=76&type=chunk) - This announcement is available in both Chinese and English, with the English version prevailing in case of any discrepancies[76] 2025 Outlook As commodity demand recovers, Sunshine Oil Sands will continue to focus on cost control and prudently seek business expansion and transformation opportunities, including a proposed acquisition of a 51% stake in a clean energy subsidiary of Nobao Energy Holdings (China) Co., Ltd - The company will continue to focus on cost control and prudently seek business expansion and transformation opportunities[77] - The company plans to acquire a 51% equity interest in a clean energy business subsidiary of Nobao Energy Holdings (China) Co., Ltd., which is expected to significantly improve its financial position[77] - The target company's geothermal heat pump technology can be applied to the company's mining operations, enhancing future cost-effectiveness[77] - The company will also work with joint venture partners to restart operations at the Muskwa and Godin projects[78]