Company: TGE
Filing Date: 2025-07-03
Form Type: F-1/A
Source: 0001213900-25-061211
Chunk: 228

Company: Generation Essentials Group
Filing Date: 2025-07-03
Form: F-1/A
Chunk 228
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                                    |     | F-48 to F-49  |
| Notes to the Consolidated Financial Statements for the Years Ended December 31, 2022, 2023 and 2024                           |     | F-50 to F-101 |

<div align='center'>F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>

To the Shareholders and the Board of Directors of
Black Spade Acquisition II Co

Opinion on the Financial Statements

We have audited the accompanying balance sheets
of Black Spade Acquisition II Co. as of December 31, 2024, the related statements of operations, changes in shareholders’
deficit and cash flows for the period from May 9, 2024 (inception) through December 31, 2024 and the related notes (collectively
referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects,
the financial position of the Company as of December 31, 2024 and the results of its operations and its cash flows for the period
from May 9, 2024 (inception) through December 31, 2024 in conformity with accounting principles generally accepted in the United States
of America.

Basis for Opinion

These financial statements are the responsibility
of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our
audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”)
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards
of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the entity’s
internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error