Announcements

This announcement is made by Sunshine Oilsands Ltd. (the “Sunshine”) or “Company”) (HKEX: 2012) on a voluntary basis. The purpose of this announcement is to keep the shareholders and potential investors of the Company informed of the latest business development of the Company.

STRATEGIC COLLBORATION

September 14, 2025 (Hong Kong time) and Calgary, Alberta (September 14, 2025) - The Board of Directors (the “Board”) of the Company is pleased to announce that the on  September 14, 2025 Company has entered into a non-binding strategic cooperation agreement (“Strategic Agreement”) with BitCruiser Incorporated, a global supplier in Bitcoin miner equipment (“Bitcruiser”).  Pursuant to this agreement, the parties will jointly establish a large-scale Bitcoin mining farm whereby the Company is responsible for the provision of work and accommodation space and energy supply; whereas Bitcruiser is responsible for investment in Bitcoin mining equipment and construction of the mining farm  Initially, the Company and Bitcruiser will form a project team to conduct research and develop a strategic plan for development and operation of the mining farm.

To the best of the Directors’ information and belief having made all reasonable enquiries, Bitcruiser is a third party independent of and not connected with the Company and its connected persons.

The strategic agreement does not create legally binding obligations on the parties in relation to the proposed cooperation (“Proposed Cooperation”) between the Company and BitCruiser pursuant to the MOU.  Details terms of the strategic cooperation are subject to further negotiation and may lead to execution of formal, legally-binding agreements between the parties. 

The term for the Strategic Agreement is 6 months and either party can terminate or extend the term upon maturity. 

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 and heavy oil leases in the Athabasca oil sands region. The Corporation owns interests in oil sands and petroleum and natural gas leases in the Athabasca region of Alberta. The Corporation is currently focused on executing milestone undertakings in the West Ells project area. West Ells Phase 1 is operational and has an initial production target of 5,000 barrels per day.

About Bitcruiser Incorporated

Bitcruiser Incorporated, a global leader in Bitcoin miner repair and optimization services, specializing in delivering efficient and reliable ASIC miner solutions for the cryptocurrency mining industry. Headquartered in Dallas, operate a state-of-the-art repair facility.  

Shareholders of the Company and potential investors are advised to exercise caution when dealing in the shares of the Company.

For further enquiries, please contact:

Kwok Ping Sun

Executive Chairman

Tel: + 852-3188-9298

Email: [email protected]

Website: www.sunshineoilsands.com

FORWARD LOOKING INFORMATION

This announcement contains forward-looking information relating to, among other things, (a) the future financial performance and objectives of Sunshine; (b) the plans and expectations of the Corporation; and (c) the anticipated closings of the current private placements and the timing thereof. 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”, “Possible”, and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on Sunshine’s experience, current beliefs, assumptions, information and perception of historical trends available to Sunshine, 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 Sunshine 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. Sunshine 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 at 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 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’s website at www.hkexnews.hk or the Corporation’s website at www.sunshineoilsands.com.