Sunshine Oilsands Ltd. — M&A Activity 2025

May 9, 2025

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 announcement appears for information purpose only and does not constitute an invitation or offer to acquire, purchase or subscribe for securities of Sunshine Oilsands Ltd.

阳光油砂

SUNSHINE OILSANDS LTD.

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)

Memorandum of Understanding for potential acquisition of equity interest in a wholly-owned subsidiary of Nobao Energy Holding (China) Company Limited

Business Update

Reference is made to the announcements of Sunshine Oilsands Ltd. (the "Company") (HKEX: 2012) dated June 3, 2024 and September 9, 2024 (Hong Kong time) (altogether, the "Announcements") in relation to, among others, the MOU for potential acquisition of equity interest in a wholly-owned subsidiary of Nobao Energy Holding (China) Company Limited ("Nobao Energy China") entered into by the Company.

Unless defined otherwise, capitalized terms used herein shall have the same meanings as those defined in the Announcements.

Upon signing of the MOU, the Company carried out detailed and thorough due diligence on the Target Company's financial, technology, project operation, remote monitoring, business model, assets valuation aspects, etc. and valuation work of the Target Company. As at the date hereof, internal processes are close to completion. As the Potential Acquisition is expected to bring in growth opportunity to the Company, the Company shall submit to the regulatory authorities and call shareholders' meeting for approval soonest.

By Order of the Board of Sunshine Oilsands Ltd.

Kwok Ping Sun

Executive Chairman

Hong Kong, May 9, 2025

Calgary, May 8, 2025

As at the date of this announcement, the Board consists of Mr. Kwok Ping Sun and Ms. Gloria Pui Yun Ho as executive directors; Mr. Michael John Hibberd and Ms. Xijuan Jiang as non-executive directors; and Mr. Yi He, Mr. Guangzhong Xing and Ms. Jue Pang as independent non-executive directors.

*For identification purposes only