Announcements

Hong Kong (October 21, 2017) and Calgary, Alberta (October 20, 2017) - The Board of Directors (the “Board”) of Sunshine Oilsands Ltd. (the “Corporation” or “Sunshine”) (HKEX: 2012) wishes to announce:

CHANGE OF AUDITORS

The Corporation had given notice to Deloitte LLP (“Deloitte LLP”) to terminate their appointment as auditor of the Corporation with effect from October 18, 2017 for the purpose of maintaining good corporate governance. Deloitte LLP have been the auditor of the Corporation for more than 10 years. The Board is of the view that rotation of auditors shall be considered in the case when an audit firm has acted as the auditor of the Corporation for a long period of time. The Board has resolved, with the recommendation from audit committee of the Board, to appoint PricewaterhouseCoopers LLP as the new auditor of Sunshine with effect from October 18, 2017 and to hold office until the conclusion of the next annual general meeting of the Corporation.

On 20 October 2017 (Calgary time)/ 21 October 2017 (Hong Kong time), Deloitte LLP has confirmed that there are no circumstances connected with its resignation that needs to be brought to the attention of the Shareholders and the creditors of the Corporation. The Board and the audit committee of the Corporation have confirmed that there are no disagreement or unresolved matters between the Corporation and Deloitte LLP, and that they are not aware of any matter in connection with the resignation of Deloitte LLP that needs to be brought to the attention of the Shareholders or creditors of the Corporation.

The Board would like to take this opportunity to express its sincere gratitude to Deloitte LLP for its professional services rendered to the Corporation in the past years.

ABOUT SUNSHINE OILSANDS LTD.

The Corporation is a Calgary based public corporation listed on the Hong Kong Stock Exchange since March 1, 2012. The Corporation is focused on the development of its significant holdings of oil sands leases in the Athabasca oil sands region. The Corporation owns interests in approximately one million acres of oil sands and petroleum and natural gas leases in the Athabasca region. The Corporation is currently focused on executing milestone undertakings in the West Ells project area. West Ells has an initial production target of 5,000 barrels per day.

For further enquiries, please contact:

Mr. Qiping Men
Interim Chief Executive Officer
Tel: (1) 403 984-5142
Email: [email protected]

FORWARD LOOKING INFORMATION

This announcement contains forward-looking information relating to, among other things, the plans and expectations of the Corporation. Such forward-looking information is subject to various risks, uncertainties and other factors. All statements other than statements and information of historical fact are forward-looking statements. The use of words such as “estimate”, “forecast”, “expect”, “project”, “plan”, “target”, “vision”, “goal”, “outlook”, “may”, “will”, “should”, “believe”, “intend”, “anticipate”, “potential”, and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on the Corporation’s experience, current beliefs, assumptions, information and perception of historical trends available to the Corporation, and are subject to a variety of risks and uncertainties including, but not limited to those associated with resource definition and expected reserves and contingent and prospective resources estimates, unanticipated costs and expenses, regulatory approval, fluctuating oil and gas prices, expected future production, the ability to access sufficient capital to finance future development and credit risks, changes in Alberta’s regulatory framework, including changes to regulatory approval process and land-use designations, royalty, tax, environmental, greenhouse gas, carbon and other laws or regulations and the impact thereof and the costs associated with compliance. Although the Corporation believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned that the assumptions and factors discussed in this announcement are not exhaustive and readers are not to place undue reliance on forward-looking statements as the Corporation’s actual results may differ materially from those expressed or implied. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise, subsequent to the date of this announcement, except as required under applicable securities legislation. The forward-looking statements speak only as of the date of this announcement and are expressly qualified by these cautionary statements. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. For a full discussion of the Corporation’s material risk factors, see the Corporation’s annual information form for the year ended December 31, 2016 and risk factors described in other documents we file from time to time with securities regulatory authorities, all of which are available on the Hong Kong Stock Exchange at www.hkexnews.hk, on the SEDAR website at www.sedar.com or on the Corporation’s website at www.sunshineoilsands.com.