SUNSHINE OIL (02012) released its second quarter results, reporting a net loss attributable to equity holders of 19.74 million Canadian dollars, an increase of 896.47% compared to the same period last year.

SUNSHINE OIL (02012) released its Q2 2026 performance report, showing operating costs of CAD 1.002 million, a year-on-year decrease of 59.48%; net loss attributable to shareholders was CAD 19.74 million, a year-on-year increase of 896.47%; and loss per share was CAD 0.28. For the three months ending June 30, 2026, operating cash flow resulted in a net loss of CAD 1 million, compared to a net loss of CAD 2.5 million in the same period of 2025. The reduction in operating cash flow losses during the three months ending June 30, 2026, was primarily due to decreasing operating costs. Since the diluted asphalt sales were zero, there is no disclosure for the operating netback per barrel for Q2 2026. For the three months ended June 30, 2026, the average production of heavy oil from the oil sands at West Ells was 0 barrels per day, the same as in the same period of 2025, as production was suspended during both periods due to equipment maintenance at West Ells. SUNSHINE OIL is the rights holder and developer of oil sands resources in the Athabasca region, with an estimated recoverable resource of approximately 710 million barrels. As of December 31, 2025, the companys risk-free best estimate of recoverable resources was approximately 1.01 billion barrels. The company holds over one million acres of leased oil sands and oil & gas blocks, possessing significant commercial development potential. The first phase of the West Ells 10,000-barrel thermal extraction commercial project (5,000 barrels) is currently in production and is continuously ramping up to meet the design capacity of the facility. The Athabasca region is the richest area of oil sands deposits in Alberta, Canada. Canadian oil sands are the largest oil resource found in a stable political environment in the Western Hemisphere and the third largest oil resource globally. The Canadian oil sands are also the largest single source of oil imports for the United States. The company operates only one business and geographical segment. Therefore, no segment information is presented. With the completion and commissioning of the first phase of the West Ells project, which has a daily production of 5,000 barrels, the company is focused on assessing and developing its current oil sands assets in that project. Once financing is secured, the company plans to enter the second phase of the project, adding an additional 5,000 barrels of daily production. On March 1, 2017, the West Ells initial oil production project began commercial production. As of June 30, 2026, the company has invested approximately CAD 1.29 billion in oil sands lease areas, drilling operations, project engineering, procurement and construction, operational startup, ongoing regulatory applications, and other assets. As of June 30, 2026, the company has cash of CAD 740,000.