Ms. Melanie Moore reports

PENDER GROWTH FUND PORTFOLIO COMPANY, GENERAL FUSION, ANNOUNCES A PROPOSED BUSINESS COMBINATION

Pender Growth Fund Inc.'s long-time holding General Fusion Inc. has entered into a definitive business combination agreement with Spring Valley Acquisition Corp. III. Upon closing, the proposed business combination is expected to result in General Fusion listing on Nasdaq and trading under the ticker symbol GFUZ.

The proposed business combination between General Fusion and SVAC is expected to be completed in mid-2026, subject to customary closing conditions, including regulatory and shareholder approvals. The proposed business combination implies an approximately $1-billion (U.S.) pro forma equity value inclusive of approximately $100-million (U.S.) from a committed financing and $230-million (U.S.) of SVAC's trust capital (assuming no redemptions). If completed at the current terms, the net asset value of PTF is anticipated to increase on a net basis by approximately $27.3-million. There are currently 6,933,229 Class C shares of PTF issued and outstanding, and the increase is anticipated to represent approximately $3.93 per PTF share.

This is exciting news for General Fusion. After more than 20 years of developing and demonstrating its magnetized target fusion technology, the company has built and is operating a world-first large-scale MTF demonstration machine, called Lawson Machine 26, which puts it at the forefront of practical fusion technology development efforts. General Fusion intends to use the proceeds of the transaction with SVAC to further advance the LM26 program and aims to achieve key technical milestones on the path to commercial fusion, which it sees as a practical solution to producing clean, commercially viable, cost-effective energy at a time when energy demands will grow between 40 per cent and 50 per cent by 2035 (according to the International Energy Agency's world energy outlook for 2025).

At Pender, it is excited about the long-term potential of nuclear fusion as a critical part of future industrial infrastructure. Its development sits at the intersection of two key investment themes it continues to focus on: the energy transition and the scaling demands of artificial intelligence and digital infrastructure.

As the energy requirements of the digital economy grow exponentially, it anticipates that those demands will become a meaningful commercial driver for fusion deployment. As a result, it believes that fusion is evolving and increasingly looks like essential infrastructure for energy security and the broader energy transition.

About Pender Growth Fund Inc.

The company's objective is to achieve long-term capital appreciation for its investors. The company utilizes its small capital base and long-term horizon to invest in unique situations, primarily small-capitalization, special situations, and illiquid public and private companies. The company trades on the TSX Venture Exchange under the symbol PTF. The company posts its reporting net asset value on its website, generally within five business days of each month-end.

About General Fusion Inc.

General Fusion is pursuing a fast and practical approach to commercial fusion energy and is headquartered in Richmond, Canada. The company was established in 2002, and is financed by a global syndicate of leading energy venture capital firms, industry leaders and technology pioneers.

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