Announcements

The Board of Directors (the “Board”) of Sunshine Oilsands Ltd. (the “Corporation” or “Sunshine”) (HKEX: 2012) wishes to announce the following:

EXTENSION OF CLOSING DATE FOR PRIVATE PLACEMENT UNDER SPECIFIC MANDATE

The Board of Directors of Sunshine Oilsands Ltd. wishes to announce the following Partial Closing of Private Placement under General Mandate.

Sunshine Oilsands Ltd. has filed its Annual Information Form for the year ended December 31, 2015 along with the CEO Certification of Annual Filings and CFO Certification of Annual Filings on SEDAR (www.sedar.com).

Sunshine Oilsands Ltd. today announced its financial results for the fourth quarter and the year ended December 31, 2015.

The Board of Directors of Sunshine Oilsands Ltd. is pleased to announce the following:

The board of directors of Sunshine Oilsands Ltd. hereby announces that a meeting of the Board will be held on or about 7:00 a.m. on Tuesday, March 29, 2016 in Calgary, Canada (on or about 9:00 p.m. Hong Kong time on Tuesday, March 29, 2016), for the purposes of, approving the annual results and report of the Company and its subsidiaries for the year ended December 31, 2015 and their publication.

Reference is made to the announcements of the Corporation dated December 6, 2015, June 1, 2015, July 28, 2015, August 21, 2015, October 1, 2015 and November 2, 2015 and the circular of the Corporation dated June 22, 2015, in relation to, among other matters, the proposed issue of new Class "A" Common Voting Shares under the Specific Mandate (as defined in the Circular) and the connected transactions involving subscriptions for new Shares by connected persons.

Reference is made to the Company's announcement of August 8, 2014 relating to the Company's offering of $US 200 million principal amount of senior secured notes.

The Corporation is pleased to announce that Mr. Qiping Men has been appointed as the Chief Financial Officer of the Corporation with effect from December 18, 2015 December 18, 2015.

Sunshine Oilsands Ltd. is pleased to announce that it has successfully commenced the first oil production at the West Ells project located in the Athabasca region of Alberta on or about December 8, 2015 (Hong Kong Time)/December 7, 2015 (Calgary Time).

Reference is made to the announcements of the Corporation dated June 1, 2015 (Hong Kong), July 28, 2015 (Hong Kong), August 21, 2015 (Hong Kong), October 1, 2015 (Hong Kong) and November 2, 2015 (Hong Kong) and the circular of the Corporation dated June 22, 2015, in relation to, among other matters, the proposed issue of new Class "A" Common Voting Shares under the Specific Mandate (as defined in the Circular) and the connected transactions involving subscriptions for new Shares by connected persons.

Announcement of closing of Private Placement under General Mandate.