SUNSHINEOIL：MANAGEMENTDISCUSSIONANDANALYSISFORTHETHREEANDTWELVEMONTHSENDEDDECEMBER312025.pdf

1、 MANAGEMENTS DISCUSSION AND ANALYSIS For the three and twelve months ended December 31,2025 SUNSHINE OILSANDS LTD.2|P a g e Managements Discussion and Analysis This Managements Discussion and Analysis(MD&A)of the financial condition and performance of Sunshine Oilsands Ltd.(Sunshine or the Company)f

2、or the three and twelve months ended December 31,2025 is dated March 31,2026(Calgary time)/March 31,2026(Hong Kong time)and approved by the Companys Board of Directors.This MD&A should be read in conjunction with the Companys audited consolidated financial statements and notes thereto for the year e

3、nded December 31,2025.All amounts and tabulated amounts are stated in thousands of Canadian dollars unless indicated otherwise.Overview Sunshine is a holder and a developer of Athabasca region oil sands resources with approximately 0.71 billion barrels of risked best estimate contingent resources.Th

4、e Companys un-risked best estimate contingent resources at December 31,2025 was approximately 1.10 billion barrels.With approximately 1 million acres of oil sands and petroleum and natural gas leases,the Company has significant commercial development potential.Phase I(5,000 barrels)of the West Ells

5、10,000 barrels thermal commercial project is in production.The Athabasca region is the most prolific oil sands region in the Province of Alberta,Canada.Canadas oil sands represent the largest oil resource found in a stable political environment located in the Western Hemisphere and the third largest

6、 oil resource in the world.Canadian oil sands represent the largest single source of supply of oil imported into the United States.The Company has one business and geographical segment.Accordingly,no business and geographical segment information is presented.The Companys focus is on evaluating and d