Pender Growth Fund Portfolio Company, General Fusion Inc., Commences Trading

VANCOUVER, British Columbia, July 13, 2026 (GLOBE NEWSWIRE) — (TSXV: PTF): Pender Growth Fund Inc. (the “Company” or “PTF”) is pleased to report that the business combination of long-time holding General Fusion Inc. (“General Fusion”) with Spring Valley Acquisition Corp. III (“SVAC”) (the “Business Combination”), closed on July 10, 2026.

On closing, Spring Valley Acquisition Corp. 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, we invested in General Fusion because we believe 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, we believe milestones such as these demonstrate that fusion is progressing from scientific research toward practical energy solutions. As global electricity demand continues to accelerate, we believe fusion has the potential to become an important component of tomorrow’s energy infrastructure, supporting both energy security and the broader energy transition.

A news release issued by General Fusion provides further information and can be found here: https://www.globenewswire.com/news-release/2026/07/13/3326335/0/en/general-fusion-becomes-first-publicly-listed-fusion-company

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 on its website, generally within five business days of each month end. Please visit www.pendergrowthfund.com.

For further information, please contact:
Melanie Moore
Vice President of Marketing
PenderFund Capital Management Ltd.
mmoore@penderfund.com
(604) 688-1511
Toll Free: (866) 377-4743

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information
This news release may contain “forward-looking information” (within the meaning of applicable Canadian securities laws) relating to the business of the Company and the environment in which it operates. Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may”, “estimate” and other similar expressions. These statements are based on the Company’s expectations, estimates, forecasts and projections and include, without limitation, statements regarding the following (collectively, the “Forward Looking Items”): the anticipated growth in global electricity demand driven by artificial intelligence, electrification and digital infrastructure, and the expectation that meeting future energy needs will require abundant, reliable sources of carbon-free baseload power alongside renewables; the expectation that fusion technologies will continue to attract the capital required to accelerate their path toward commercial deployment; the potential for fusion technology, including General Fusion’s technology, to advance from scientific research to commercial application and practical energy solutions; and the anticipated long-term potential of fusion energy to become an important component of future energy infrastructure, supporting energy security and the broader energy transition.

The forward-looking statements in this news release are based on various assumptions (collectively, the “Forward Looking Assumptions”), including, without limitation, assumptions that each of the Forward Looking Items will occur or be achieved as described above. The forward-looking information herein is not a guarantee of future performance and involve risks and uncertainties that are difficult to control or predict.

A number of factors could cause actual results to differ materially from those discussed in the Forward Looking Items, including, without limitation, the risk that any of the Forward Looking Items will not occur as anticipated. Additional risk factors are discussed under the heading “Risk Factors” in the Company’s annual information form available under its issuer profile on SEDAR+ at www.sedarplus.ca. There can be no assurance that the forward-looking information herein will prove to be accurate as actual outcomes and results may differ materially from those expressed in this news release. Readers, therefore, should not place undue reliance on any such forward-looking information. Further, the forward-looking information herein is made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking information herein, whether as a result of new information, future events or otherwise.