Announcements

Reference is made to the announcements of Sunshine Oilsands Ltd. (the “Company”) (HKEX: 2012) dated May 10, 2024, June 7, 2024, July 31, 2024, August 30, 2024 and September 30, 2024 (the “Announcements”) in relation to, among others, the proposed issuance of 48,695,736 Relevant Shares of the Company to the Creditor as full and final settlement of the Debt Payable under the General Mandate pursuant to the Settlement Agreement.  Unless otherwise defined, capitalised terms used herein have the same meanings as defined in the Announcements.

As mentioned in the Announcement dated September 30, 2024, the Company was required to provide information, among others, the rationale and background of the transaction, the information about the Creditor, etc. to the Canadian regulatory authority. As at the date hereof, the Company is awaiting for their feedback, if any. Given that the Company and the Creditor entered into a fifth supplemental agreement (the “Fifth Supplemental Agreement”) on October 31, 2024, whereby the parties agreed to extend the closing date from October 31, 2024 to November 30, 2024 (or such later date as may be agreed between the Company and the Creditor).

Save as the aforesaid change, all other terms and conditions of the Settlement Agreement remain in full force and effect.