Sunshine Oilsands Ltd. — Capital/Financing Update 2014

Feb 12, 2014

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

This release may not be distributed in or into the United States. This release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. The Company has not registered and will not register the Shares under the US Securities Act of 1933, as amended. The Company does not intend to engage in a public offering of Shares in the United States.

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SUNSHINE OILSANDS LTD. 陽光油砂有限公司*

(a corporation incorporated under the Business Corporations Act of the Province of Alberta, Canada with limited liability)

(HKEX: 2012; TSX: SUO)

CLARIFICATION ANNOUNCEMENT REGARDING PRIVATE PLACEMENT ANNOUNCED

ON DECEMBER 3, 2013

Reference is made to the announcement of Sunshine Oilsands Ltd. (the “ Corporation ”) dated December 3, 2013 (the “ Announcement ”). The Board would like to clarify that, due to inadvertent typographical errors in the Announcement, the second finder’s fee of 1,920,000 Warrants (as defined in the Announcement) in respect of the subscription by Mr. Wang Yusen under the Placing (as defined in the Announcement) is payable to Yinda Industrial (Hong Kong) Company Limited (“ Yinda Industrial ”) instead of Hinds Industrial (Hong Kong) Company Limited. As of the date of this announcement, Yinda Industrial has received the second finder’s fee of 1,920,000 Warrants.

To the best of the Directors’ knowledge, information and belief, after having made all reasonable enquiries, Yinda Industrial and, if applicable, its ultimate beneficial owner(s) is/are third parties independent of the Corporation and are not connected with the Corporation and the connected persons of the Corporation.

By Order of the Board of Sunshine Oilsands Ltd.

Michael John Hibberd Co-Chairman and Songning Shen Co-Chairman

Hong Kong, February 12, 2014

As at the date of this announcement, the Board consists of Mr. Michael John Hibberd and Mr. Songning Shen as executive directors; Mr. Hok Ming Tseung, Mr. Tingan Liu, Mr. Haotian Li and Mr. Gregory George Turnbull as nonexecutive directors; and Mr. Raymond Shenti Fong, Mr. Wazir Chand Seth, Mr. Robert John Herdman and Mr. Gerald Franklin Stevenson as independent non-executive directors

*For identification purposes only