Sunshine Oilsands (02012) announced second-quarter results. Net loss attributable to equity holders of 1.74 million Canadian dollars increased 896.47% year over year

According to the Zhitong Finance App, Sunshine Oil Sands (02012) released results for the second quarter of 2026, with operating costs of 1.02 million Canadian dollars, a year-on-year decrease of 59.48%; net loss attributable to equity holders was 1.94 million Canadian dollars, an increase of 896.47% over the previous year; and a loss of 0.28 Canadian dollars per share.

For the three months ended June 30, 2026, the net loss due to cash flow from operating activities was $1 million, compared to a net loss of $2.5 million for the same period in 2025. The operating cash flow deficit decreased for the three months ended June 30, 2026, mainly due to lower operating costs. Due to zero sales of diluted asphalt, the net operating value per barrel for the second quarter of 2026 was not disclosed.

For the three months ended June 30, 2026, West Els's oil sands produced an average of 0 barrels/day, the same as the same period in 2025. Production was suspended during both periods due to equipment maintenance by West Els.

Sunshine Oil Sands is an equity holder and developer of oil sands resources in the Athabasca region. It has the best estimate of about 710 million barrels of recoverable resources. The risk-free best estimated resource volume for Japanese companies on December 31, 2025 is approximately 1.01 billion barrels. The company has more than one million acres of oil sands and oil and gas leasing blocks, and has huge potential for commercial development. The full phase (5,000 barrels) of the West Ells 10,000 barrel heat recovery commercial project is being produced and continuously increased to meet the design capacity of the unit. The Athabasca region has the richest oil sands reserves in Alberta, Canada. Canada's oil sands are the largest petroleum resource discovered in a stable political environment in the Western Hemisphere and the third largest petroleum resource in the world. Canada's oil sands are also the largest single source of oil supply imported from the US. The company has only two business and geographical divisions. As a result, no information on business and geographical segments is presented.

With the completion and commissioning of the West Ells (Project) Phase I commercial project with a daily output of 5,000 barrels, the company is focusing on evaluating and developing its current oil sands assets for this project. With financing secured, the company is planning to enter the second phase of the project to increase production by an additional 5,000 barrels per day. On March 1, 2017, the West Ells Phase I oil production project commenced commercial production.

As of June 30, 2026, the Company has invested approximately $1.29 billion in oil sands mining leasing, drilling operations, project engineering, procurement and construction, commencement of operations, ongoing regulatory applications and other assets. As of June 30, 2026, the Company had 740,000 Canadian dollars in cash.