CALGARY - Reference is made to two announcements (the 'Announcements') issued by Sunshine Oilsands Ltd ('Sunshine' or the 'Corporation') in relation to, among others (i) the Proposed Conversion by the Subscriber and the Whitewash Wavier and (ii) the record date for the special general meeting held for the purposes of considering and approving, among other matters, the Proposed Conversion and the Whitewash Waiver, respectively, all dated October 16, 2020 (Hong Kong time).

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

Due to the delay in dispatch of the circular relating to the Proposed Conversion and the Whitewash Waiver per the announcements dated November 6, 2020 (Hong Kong time) and November 24, 2020 (Hong Kong time) and subject to the relevant and applicable rules and regulations that governs the Corporation, the Board announces that the special general meeting of the shareholders of the Corporation (the 'Shareholders') originally called to be held on Friday, December 4, 2020 (Hong Kong time) / Thursday, December 3, 2020 (Calgary time) (the 'SGM' or the 'Special General Meeting') has been re-scheduled to Friday, January 22, 2021 (Hong Kong time) / Thursday, January 21, 2021 (Calgary time).

Accordingly, the record date fixed for the purposes of determining the Shareholders who are entitled to receive the notice of, and to attend and vote at, the Special General Meeting or any adjournment thereof, has been revised to Wednesday, December 16, 2020 at 4:30 p.m. (Hong Kong time) / Tuesday, December 15, 2020 at 4:30 p.m. (Calgary time) (the 'New Record Date').

Only Shareholders as at the New Record Date are entitled to receive notice of the Special General Meeting. Shareholders on record will be entitled to vote the Shares held by them as at the New Record Date, unless any such Shareholder properly transfers the Shares after the New Record Date and the transferee of those Shares, having produced properly endorsed certificates evidencing such shares or having otherwise established ownership of such Shares, demands, at least ten (10) days before the Special General Meeting, that the transferee's name be included in the list of Shareholders entitled to vote at the Special General Meeting, in which case such transferee shall be entitled to vote such Shares at the Special General Meeting.

The notice of the Special General Meeting which contains, among other things, the time, venue and the detailed agenda of the SGM, along with the aforesaid circular that concerning the matter(s) to be considered at the SGM, is expected to be sent to the Shareholders on or around December 15, 2020 (Hong Kong time) and will be available on the Hong Kong Stock Exchange's website at www.hkexnews.hk, the SEDAR website at www.sedar.com or the Corporation's website at www.sunshineoilsands.com

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 focus on the West Ells project area. West Ells Phase 1 has a designed production capacity of 5,000 barrels per day.

Contact:

Mr. Kwok Ping Sun

Tel: (852) 3188 9298

Email: investorrelations@sunshineoilsands.com

Web: www.sunshineoilsands.com

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