Company: TGE
Filing Date: 2025-07-03
Form Type: F-1/A
Source: 0001213900-25-061211
Chunk: 229

Company: Generation Essentials Group
Filing Date: 2025-07-03
Form: F-1/A
Chunk 229
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 or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ WithumSmith+Brown, PC

We have served as the Company’s auditor since 2024.

New York, NY

March 4, 2025

PCAOB Number 100

<div align='center'>F-2

BLACK SPADE ACQUISITION II CO

BALANCE SHEET

DECEMBER 31, 2024</div>

| Assets                                                                                                                                                             
 Current assets                                                                                                                                                     |     |   |             |   |
|:-------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:--|------------:|:--|
| Cash                                                                                                                                                               |     | $ |   2,117,016 |   |
| Prepaid expenses and other current assets                                                                                                                          |     |   |     133,094 |   |
| Total current assets                                                                                                                                               |     |   |   2,250,110 |   |
| Cash held in Trust Account                                                                                                                                         |     |   | 155,345,149 |   |
| Total Assets                                                                                                                                                       |     | $ | 157,595,259 |   |
| Liabilities and Shareholders’ Deficit                                                                                                                              |     |   |             |   |
| Current Liabilities                                                                                                                                                |     |   |             |   |
| Due to related party                                                                                                                                               |     | $ |      41,286 |   |
| Accrued expenses                                                                                                                                                   |     |   |   1,096,908 |   |
| Total current liabilities                                                                                                                                          |     |   |   1,138,194 |   |
| Deferred underwriting fee                                                                                                                                          |     |   |   4,302,000 |   |
| Total Liabilities                                                                                                                                                  |     |   |   5,440,194 |   |
| Commitments and Contingencies (Note 6)                                                                                                                             |     |   |             |   |
| Class A ordinary shares subject to possible redemption, 15,300,000 shares at redemption value of approximately $10.15 per share                                    |     |   | 155,345,149 |   |
| Shareholders’ Deficit                                                                                                                                              |     |