Sunshine Oilsands Ltd. — Proxy Solicitation & Information Statement 2025

May 23, 2025

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)

PROXY FORM FOR SPECIAL MEETING

I/We, being the registered holder(s) of Sunshine Oilsands Ltd. (the "Company"), hereby appoint the proxy (Note 1) as specified below or failing him/her, MICHAEL HIBBERD, Non-Executive Vice-Chairman, to attend and vote for me/us and on my/our behalf at the special meeting of the Company (the "Meeting") to be held at 21st Floor, CMA Building, 64 Connaught Road Central, Hong Kong, on Wednesday, June 18, 2025 at 11:30 a.m. (Hong Kong time)/ Tuesday, June 17, 2025 at 9:30 p.m. (Calgary time) and at any adjournment thereof in respect of the resolution(s) as indicated below, or if no such indication is given, as my/our proxy thinks fit.

Registered Holder(s) (Complete in ENGLISH BLOCK CAPITALS. The names of all joint holders should be stated.)
Registered Name
Registered Address
Certificate No.
(Note 7)		Signature
(Note 3)
Date
Proxy (Note 1) (Complete in ENGLISH BLOCK CAPITALS.)
---	---	---	---
Full Name		No. of Shares
(Note 2)
Full Address
ORDINARY RESOLUTION(S)	FOR
(Note 4)	AGAINST
(Note 4)
---	---	---
To approve, confirm and ratify all Settlement Agreements dated April 28, 2025 (Hong Kong time) entered into between the Company and each of the creditors (Details are set out in the Company's Circular dated May 23, 2025) and the transactions contemplated thereunder (including the grant of Specific Mandate in connection with the issuance and allotment of an aggregate 162,310,261 new class “A” common voting shares of the Company pursuant to the Settlement Agreements)

The undersigned hereby revokes any proxies previously given in respect of the Meeting.

• For identification purposes only

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Notes:

1. If any proxy other than the chairman of the Meeting is preferred, please insert the full name and address of the proxy desired in the space provided. A holder entitled to attend and vote at the Meeting of the Company is entitled to appoint one or more proxies to attend and vote on his/her behalf. ANY ALTERATION MADE TO THIS PROXY FORM MUST BE INITIALED BY THE PERSON WHO SIGNS IT. The proxy needs not be a member of the Company, but must attend the Meeting (or any adjournment thereof) to represent you.

2. Please insert the number of shares for this proxy. If no number is inserted, this proxy form will be deemed to relate to all the shares registered in the name of the holder(s).

3. This proxy form must be signed and dated by the shareholder or his/her attorney duly authorised in writing. If the shareholder is a company, it should execute this proxy form under its common seal or by the signature(s) of (a) person(s) authorised to sign on its behalf. In the case of joint shareholders, any one shareholder may sign this proxy form. The vote of the senior joint shareholder who tenders a vote, whether in person or by proxy, will be accepted to the exclusion of the votes of the other joint shareholder(s) and for this purpose seniority will be determined by the order in which the names stand in the register of members in respect of the joint shareholding.

4. IMPORTANT: IF YOU WISH TO VOTE FOR A RESOLUTION, TICK (✓) IN THE RELEVANT BOX BELOW THE BOX MARKED “FOR”. IF YOU WISH TO VOTE AGAINST A RESOLUTION, TICK (✓) IN THE RELEVANT BOX BELOW THE BOX MARKED “AGAINST”. Failure to tick either box in respect of a resolution will entitle your proxy to cast your vote in respect of that resolution at his/her discretion or to abstain. Your proxy will also be entitled to vote at his/her discretion or to abstain on any resolution properly put to the Meeting other than those referred to in the notice convening the Meeting. Unless otherwise indicated, the persons named above, if appointed as proxyholder, will vote ‘FOR’ each of the above matters. If any amendments or variations to the above matters are proposed at the Meeting, or if any other business properly comes before the Meeting, discretionary authority is hereby conferred with respect thereto.

5. Shares represented by this proxy form will be voted for or against from voting in accordance with the instructions of the shareholder represented hereby on any ballot that may be called for at the Meeting.

6. In order to be valid, a proxy form and the power of attorney or other authority (if any) under which it is signed, or a notarially certified copy of such power of attorney, must be deposited, as applicable,

(a) if the Shareholder is on the Hong Kong register, at the office of the Company’s share registrar in Hong Kong, being Computershare Hong Kong Investor Services Limited, at 17M Floor, Hopewell Centre, 183 Queen’s Road East, Wan Chai, Hong Kong, during regular business hours, at least 48 hours before the Special Meeting (Hong Kong time) excluding Saturdays, Sundays and public holidays in Hong Kong (i.e. 11:30 a.m. on June 16, 2025 (Hong Kong time) prior to the time of the Meeting or any adjournment thereof) or, deposited with the chairman of the Meeting on the day of the Meeting prior to the commencement of the Meeting; or

(b) if the Shareholder is on the Canada register, at the office of the proxy department of Odyssey Trust Company, at Suite 702 Trader’s Bank Building, 67 Yonge St, Toronto, ON M5E 1J8, during regular business hours, by no later than 48 hours before the Special Meeting (Toronto time) excluding Saturdays, Sundays and public holidays in Toronto (i.e. 4:30 p.m. on June 13, 2025 (Toronto time)) prior to the time of the Meeting or any adjournment thereof.

1. Completion and delivery of this proxy form will not preclude you from attending and voting at the Meeting if you so wish. In such event, the instrument appointing a proxy shall be deemed to be revoked.

2. Please provide one certificate number, if possible, to facilitate processing.

3. For the avoidance of doubt, we do not accept any special instructions written on this proxy form.