Ms. Melanie Moore reports

PENDER GROWTH FUND PORTFOLIO COMPANY, GENERAL FUSION INC., COMMENCES TRADING

The business combination of Pender Growth Fund Inc. long-time holding General Fusion Inc. with Spring Valley Acquisition Corp. III (SVAC), closed on July 10, 2026.

On closing, Spring Valley Acquisition III was renamed General Fusion Group Ltd. The combined company's shares and warrants commenced trading on the Nasdaq on July 13, 2026, under the ticker symbols GFUZ and GFUZW, respectively.

General Fusion's Nasdaq listing comes at an important moment in the evolution of fusion energy. For decades, fusion energy has been regarded as one of science's greatest engineering challenges. Today, however, it is increasingly emerging as a strategic priority for governments, the private sector and long-term investors. While commercialization remains a long-term objective, General Fusion's transition to the public markets represents an important milestone not only for the company, but for the broader fusion ecosystem. It reflects growing confidence that fusion technologies are beginning to attract the capital required to accelerate their path toward commercial deployment.

At Pender, the company invested in General Fusion because it believes meeting the world's future energy needs will require breakthrough technologies alongside continued improvements to today's energy infrastructure. As artificial intelligence, electrification and digital infrastructure drive unprecedented growth in global electricity demand, the world will require abundant, reliable sources of carbon-free baseload power alongside renewables.

General Fusion's continued technical progress, including the 8.4 million degrees Celsius plasma heating milestone announced last month, provides tangible evidence that fusion has the potential to advance to commercial application. While significant technical challenges remain, the company believes milestones such as these demonstrate that fusion is progressing from scientific research toward practical energy solutions. As global electricity demand continues to accelerate, Pender Growth Fund believes fusion has the potential to become an important component of tomorrow's energy infrastructure, supporting both 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 cap, 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 NAV (net asset value) on its website, generally within five business days of each month-end.

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