# EDGAR Filing Document

**Accession Number:** 0002074850
**File Stem:** 0001104659-26-063247
**Filing Date:** 2026-5
**Character Count:** 36371
**Document Hash:** 38058583e47b5c6a14b66c6c556474a9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-063247.hdr.sgml**: 20260518

**ACCESSION NUMBER**: 0001104659-26-063247

**CONFORMED SUBMISSION TYPE**: 425

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260518

**DATE AS OF CHANGE**: 20260518

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Spring Valley Acquisition Corp. III
- **CENTRAL INDEX KEY:** 0002074850
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 425
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42822
- **FILM NUMBER:** 26994282

**BUSINESS ADDRESS:**
- **STREET 1:** 2100 MCKINNEY AVE., SUITE 1675
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** 214-308-5230

**MAIL ADDRESS:**
- **STREET 1:** 2100 MCKINNEY AVE., SUITE 1675
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Spring Valley Acquisition Corp. III
- **CENTRAL INDEX KEY:** 0002074850
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 425

**BUSINESS ADDRESS:**
- **STREET 1:** 2100 MCKINNEY AVE., SUITE 1675
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** 214-308-5230

**MAIL ADDRESS:**
- **STREET 1:** 2100 MCKINNEY AVE., SUITE 1675
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE<br> SECURITIES EXCHANGE ACT OF 1934** 

Date of Report (Date of earliest event reported): **May 12, 2026**

**SPRING VALLEY ACQUISITION CORP. III**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Cayman Islands** | **001-42822** | **N/A** |
| (State or other jurisdiction <br> of incorporation) | (Commission File Number) | (IRS Employer <br> Identification No.) |

---

---

| | |
|:---|:---|
| **4030 Maple Avenue** **, Suite 500<br> Dallas, TX** | **75219** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(214) 308-5230**

**Not Applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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| | |
|:---|:---|
| ⌧ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ◻ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ◻ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ◻ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

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Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading <br> Symbol(s) | Name of each exchange on which <br> registered |
| &nbsp;&nbsp;Units, each consisting of one Class A ordinary share and one-third of one redeemable public warrant | SVACU | The Nasdaq Stock Market LLC |
| &nbsp;&nbsp;Class A ordinary shares, par value $0.0001 per share | SVAC | The Nasdaq Stock Market LLC |
| &nbsp;&nbsp;Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 | SVACW | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ⌧

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

**Item 1.01. Entry into a Material Definitive Agreement**

***Amended and Restated Business Combination Agreement***

As previously reported in its Current Report on Form 8-K filed with the Securities and Exchange Commission (the "**SEC**") on January 23, 2026 (the "**Prior Form 8-K**"), on January 21, 2026, Spring Valley Acquisition Corp. III, an exempted company limited by shares incorporated under the Laws of the Cayman Islands ("**SVIII**"), entered into a Business Combination Agreement (the "**Original Business Combination Agreement**") with General Fusion Inc., a British Columbia limited company ("**General Fusion**"), and 1573562 B.C. Ltd., a British Columbia limited company ("**NewCo**"). The transactions contemplated by the Business Combination Agreement are referred to herein as the "**Business Combination**," the closing of the Business Combination is referred to herein as the "**Closing**" and the date on which the Closing occurs is referred to herein as the "**Closing Date**." In connection with the Closing, it is expected that SVIII will change its name to "General Fusion Inc." and SVIII is referred to herein as "**New SVIII**" as of the time following such change of name. Pursuant to the Original Business Combination Agreement, among other things and pursuant to the terms and conditions set forth therein, (1) at least one business day prior to the Closing Date, SVIII will continue from the Cayman Islands to British Columbia (the "**SPAC Continuation**"), (2) on the Closing Date, NewCo will amalgamate with and into the Company (the "**Amalgamation**"), with NewCo surviving the Amalgamation as a wholly-owned subsidiary of New SVIII, pursuant to an arrangement under the applicable provisions of the *Business Corporations Act* (British Columbia) and the plan of arrangement attached as an exhibit to the Business Combination Agreement, and (3) New SVIII will adopt amended and restated articles in substantially the form attached as an exhibit to the Business Combination Agreement.

On May 12, 2026, SVIII, NewCo and General Fusion entered into Amendment No. 1 to Business Combination Agreement (as the same may be further amended, supplemented or otherwise modified from time to time, the "**Amended Business Combination Agreement**"). The Amended Business Combination Agreement provides, among other things that, (1) the redemption of SPAC Class A Common Shares held by SVIII shareholders who have validly exercised their redemption rights shall occur no later than immediately prior to the SPAC Continuation, (2) the total number of SPAC Common Shares initially reserved for issuance under the SPAC Equity Incentive Plan (as defined in the Amended Business Combination Agreement) will be equal to fifteen percent (15%) of the SPAC Common Shares outstanding as of immediately following the Closing, and (3) the forms of SPAC Closing Articles and Plan of Arrangement (in each case, as defined in the Amended Business Combination Agreement), which are attached as exhibits to the Business Combination Agreement, will be replaced for new forms of each and will be attached as exhibits to the Amended Business Combination Agreement.

The description of the Business Combination does not purport to be complete and is qualified in its entirety by reference to the Amended Business Combination Agreement, a copy of which is included as Exhibit 2.1 to this Current Report on Form 8-K (this "**Form 8-K**"). SVIII shareholders, warrant holders and other interested parties are urged to read such agreements in their entirety. Capitalized terms used herein and not otherwise defined herein have the meanings assigned to them in the Amended Business Combination Agreement.

**Additional Information and Where to Find It**

In connection with the transactions contemplated by the Business Combination Agreement (the "**Proposed Business Combination**"), the Company and SVIII filed their joint registration statement on Form F-4 (File No. 333-293688) (as amended, the "**Registration Statement**") with the SEC, which includes a preliminary prospectus with respect to SVIII's securities to be issued in connection with the Proposed Business Combination and a preliminary proxy statement in connection with SVIII's solicitation of proxies for the vote by SVIII's shareholders with respect to the Proposed Business Combination and other matters to be described in the Registration Statement (the "**Proxy Statement**"). After the SEC declares the Registration Statement effective, SVIII plans to file the definitive Proxy Statement with the SEC and to mail copies to SVIII's shareholders as of a record date to be established for voting on the Proposed Business Combination and other matters described in the Registration Statement. This document does not contain all the information that should be considered concerning the Proposed Business Combination and is not a substitute for the Registration Statement, Proxy Statement or for any other document that SVIII has filed or may file with the SEC. Before making any investment or voting decision, investors and security holders of SVIII and the Company are urged to read the Registration Statement and the Proxy Statement, and any amendments or supplements thereto, as well as all other relevant materials filed or that will be filed with the SEC in connection with the Proposed Business Combination as they become available because they will contain important information about the Company, SVIII and the Proposed Business Combination. Investors and security holders are able to obtain free copies of the Registration Statement, the Proxy Statement and all other relevant documents filed or that will be filed with the SEC by SVIII through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by SVIII may be obtained free of charge from SVIII's website at https://sv-ac.com or by directing a request to Spring Valley Acquisition Corp. III, Attn: Corporate Secretary, 4030 Maple Avenue, Suite 500, Dallas, Texas 75219. The information contained on, or that may be accessed through, the websites referenced in this document is not incorporated by reference into, and is not a part of, this document.

**Participants in the Solicitation**

The Company, SVIII and their respective directors, executive officers and other members of management and employees may, under the rules of the SEC, be deemed to be participants in the solicitations of proxies from SVIII's shareholders in connection with the Proposed Business Combination. For more information about the names, affiliations and interests of SVIII's directors and executive officers, please refer to the final prospectus from SVIII's initial public offering, which was dated September 3, 2025 and filed with the SEC on September 4, 2025 (the "**IPO Prospectus**") and the Registration Statement, Proxy Statement and other relevant materials filed or to be filed with the SEC in connection with the Proposed Business Combination when they become available. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, which may, in some cases, be different than those of SVIII's shareholders generally, will be included in the Registration Statement and the Proxy Statement, when they become available. Shareholders, potential investors and other interested persons should read the Registration Statement and the Proxy Statement carefully, when they become available, before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.

**No Offer or Solicitation**

This document shall not constitute a "solicitation" as defined in Section 14 of the Exchange Act. This document shall not constitute an offer to sell or exchange, the solicitation of an offer to buy or a recommendation to purchase, any securities, or a solicitation of any vote, consent or approval, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale may be unlawful under the laws of such jurisdiction. No offering of securities in the Proposed Business Combination shall be made except by means of a prospectus meeting the requirements of the Securities Act, or an exemption therefrom.

**Cautionary Note Regarding Forward-Looking Statements**

Certain statements included in this document are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this document are forward-looking statements. Any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are also forward-looking statements. In some cases, you can identify forward-looking statements by words such as "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "strategy," "future," "opportunity," "may," "target," "should," "will," "would," "will be," "will continue," "will likely result," "preliminary," or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements include, without limitation, SVIII's, General Fusion's, or their respective management teams' expectations concerning the Proposed Business Combination and expected benefits or timing thereof; the outlook for General Fusion's business, including its ability to commercialize magnetized target fusion ("**MTF**") or any other fusion technology on its expected timeline or at all; statements regarding the current and expected results of General Fusion's Lawson Machine 26 ("**LM26**") program; the ability to execute General Fusion's strategies, including on any expected timeline or anticipated cost basis; projected and estimated financial performance; anticipated industry trends; future capital expenditures; government regulation of fusion energy; and environmental risks; as well as any information concerning possible or assumed future results of operations of General Fusion. The forward-looking statements are based on the current expectations of the respective management teams of SVIII and General Fusion, as applicable, and are inherently subject to uncertainties and changes in circumstance and their potential effects. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, (i) the risk that the Proposed Business Combination may not be completed in a timely manner or at all, which may adversely affect the price of SVIII's securities; (ii) the failure to satisfy the conditions to the consummation of the Proposed Business Combination, including the adoption of the Business Combination Agreement by the shareholders of SVIII and the receipt of regulatory approvals; (iii) market risks; (iv) the occurrence of any event, change or other circumstance that could give rise to the termination of the Business Combination Agreement; (v) the effect of the announcement or pendency of the Proposed Business Combination on General Fusion's business relationships, performance, and business generally; (vi) risks that the Proposed Business Combination disrupts current plans of General Fusion and potential difficulties in its employee retention as a result of the Proposed Business Combination; (vii) the outcome of any legal proceedings that may be instituted against General Fusion or SVIII related to the Business Combination Agreement or the Proposed Business Combination; (viii) failure to realize the anticipated benefits of the Proposed Business Combination; (ix) the inability to maintain the listing of SVIII's securities or to meet listing requirements and maintain the listing of the combined company's securities on Nasdaq; (x) the risk that the Proposed Business Combination may not be completed by SVIII's business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by SVIII; (xi) the risk that the price of the combined company's securities may be volatile due to a variety of factors, including changes in laws, regulations, technologies, natural disasters, national security tensions, and macro-economic and social environments affecting its business; (xii) laws and regulations governing General Fusion's research and development activities, and changes in such laws and regulations; (xiii) any failure to commercialize MTF on the expected timeline or at all, including any failure to achieve the objectives of the LM26 program; (xiv) environmental regulations and legislation; (xv) the effects of climate change, extreme weather events, water scarcity, and seismic events, and the effectiveness of strategies to deal with these issues; (xvi) fluctuations in currency markets; (xvii) General Fusion's ability to complete and successfully integrate any future acquisitions; (xviii) increased competition in the fusion industry; (xix) limited supply of materials and supply chain disruptions; and (xx) the risk that the proposed private placement of convertible preferred shares and warrants by General Fusion (the "**PIPE Financing**") may not be completed, or that other capital needed by the combined company may not be raised on favorable terms, or at all, including as a result of the restrictions agreed to in connection with the PIPE Financing. The foregoing list is not exhaustive, and there may be additional risks that neither SVIII nor General Fusion presently know or that SVIII and General Fusion currently believe are immaterial. You should carefully consider the foregoing factors, any other factors discussed in this document and the other risks and uncertainties described in the "Risk Factors" section of the IPO Prospectus and the risks described in the Registration Statement, which includes a preliminary proxy statement/prospectus, or to be described in any amendment or supplement thereto; and those discussed and identified in filings made with the SEC by SVIII from time to time. General Fusion and SVIII caution you against placing undue reliance on forward-looking statements, which reflect current beliefs and are based on information currently available as of the date a forward-looking statement is made. Forward-looking statements set forth in this document speak only as of the date of this document. Neither General Fusion nor SVIII undertakes any obligation to revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs. In the event that any forward-looking statement is updated, no inference should be made that General Fusion or SVIII will make additional updates with respect to that statement, related matters, or any other forward-looking statements. Any corrections or revisions and other important assumptions and factors that could cause actual results to differ materially from forward-looking statements, including discussions of significant risk factors, may appear, up to the consummation of the Proposed Business Combination, in SVIII's public filings with the SEC, which are or will be (as applicable) accessible at www.sec.gov, and which you are advised to review carefully.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

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| | |
|:---|:---|
| **Exhibit<br> No.** | **Description** |
| [2.1](tm2614919d1_ex2-1.htm) | [Amendment No. 1 to Business Combination Agreement, dated May 12, 2026.](tm2614919d1_ex2-1.htm) |
| 104 | Cover Page Interactive Data File (embedded with the Inline XRBL document). |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **SPRING VALLEY ACQUISITION CORP. III** | **SPRING VALLEY ACQUISITION CORP. III** |
|  | By: | /s/ Christopher Sorrells |
|  | Name: | Christopher Sorrells |
|  | Title: | Chief Executive Officer and Chairman |
| Dated: May 18, 2026 |  |  |

---

## Exhibit 2.1

**Exhibit 2.1**

**AMENDMENT NO. 1 TO**

**BUSINESS COMBINATION AGREEMENT**

**by and among**

**SPRING VALLEY ACQUISITION CORP. III, GENERAL FUSION INC., and**

**1573562 B.C. Ltd.**

**Dated as of May 12, 2026**

**AMENDMENT NO. 1 TO BUSINESS COMBINATION AGREEMENT**, dated as of May 12, 2026 (this "**<u>Amending Agreement</u>**"), by and among Spring Valley Acquisition Corp. III, a Cayman Islands exempted company ("**<u>SPAC</u>**"), General Fusion Inc., a British Columbia limited company (the "**<u>Company</u>**"), and 1573562 B.C. Ltd., a British Columbia limited company ("**<u>NewCo</u>**" and together with SPAC and the Company, the "**<u>Parties</u>**").

**<u>Recitals</u>**

A. The Parties entered into a Business Combination Agreement dated as of January 1, 2026 (the "**Business Combination Agreement** ").

B. The Parties wish to enter into this Amending Agreement to provide for the SPAC Redemption to occur immediately
prior to the SPAC Continuation and to make certain other amendments to the Business Combination Agreement as set out herein.

**<u>Agreement</u>**

In consideration of the foregoing and the mutual covenants and agreements herein contained, the Parties hereby agree as follows:

**Article 1**

**AMENDMENTS**

**1.01** **Definitions** 

Unless amended herein, terms defined in the Business Combination Agreement shall have the same meanings when used in this Amending Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Section 1.01 of the Business Combination Agreement is amended by deleting the definition of "  **<u>Company Stock Plan</u>**" in its entirety and replacing it with the following:

""**<u>Company Stock Plan</u>**" means, the amended and restated stock option plan of the Company dated May 12, 2026, as such may have been further amended, supplemented or modified from time to time."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Section 1.01 of the Business Combination Agreement is amended by deleting the definition of "  **<u>Redemption Rights</u>**" in its entirety and replacing it with the following:

""**<u>Redemption Rights</u>**" means, prior to the SPAC Continuation, the redemption rights provided for in Section 53.4 of the SPAC Memorandum and Articles of Association."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Section 1.01 of the Business Combination Agreement is amended by deleting the definition of "  **<u>Redemption Shares</u>**" in its entirety and replacing it with the following:

""**<u>Redemption Shares</u>**" has the meaning ascribed thereto in Section 2.07(b)."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Section 1.01 of the Business Combination Agreement is amended by deleting the definition of "  **<u>SPAC Redemption</u>**" in its entirety and replacing it with the following:

""**<u>SPAC Redemption</u>**" has the meaning ascribed thereto in Section 2.07(b)."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Section 1.01 of the Business Combination Agreement is amended by addition of the following definition
immediately following the defined term "Redemption Shares":

""**<u>Redeeming Shareholder</u>**" means a holder of SPAC Class A Common Shares that has validly exercised its Redemption Rights."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Section 1.01 of the Business Combination Agreement is amended by deleting the definition of "  **<u>Transactions</u>** "
in its entirety and replacing it with the following:

""**<u>Transactions</u>**" means the SPAC Continuation, the Company Preferred Conversion, the Company SAFE Conversion, the Amalgamation, the PIPE Financing, the Plan of Arrangement, and the other transactions contemplated by this Agreement and the Transaction Documents."

**1.02** **Recitals** 

Recitals to the Business Combination Agreement be amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Recital K is deleted in its entirety and replaced with the following:

"K. No later than immediately prior to the SPAC Continuation, each SPAC Class A Common Share issued and outstanding immediately prior to the SPAC Continuation with respect to which a holder of SPAC Class A Common Shares has validly exercised its Redemption Rights shall be redeemed."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Recital T is deleted in its entirety and replaced with the following:

"T. The Parties intend to complete the Company Preferred Conversion, the Company SAFE Conversion, the Amalgamation, the SPAC Class B Conversion and the SPAC Warrant Conversion pursuant to the Plan of Arrangement."

**1.03** **Transactions** 

Section 2.07 of the Business Combination Agreement is amended by deleting Section 2.07 in its entirety and replacing it with the following:

"**2.07 Transactions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As promptly as practicable, but in no event later than three (3) Business Days after the satisfaction
or, if permissible, waiver of the conditions set forth in <u>Article 7</u> (other than those conditions that by their nature are
to be satisfied at the Closing, it being understood that the occurrence of the Closing shall remain subject to the satisfaction or, if
permissible, waiver of such conditions at the Closing), a closing of the Transactions (the "  **<u>Closing</u>**") shall
be held by electronic exchange of deliverables and release of signatures for the purpose of confirming the satisfaction or, if permissible,
waiver, as the case may be, of the conditions set forth in <u>Article 7</u>. The date on which the Closing shall occur is referred
to herein as the "  **<u>Closing Date</u>** ".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No later than immediately prior to the SPAC Continuation, each SPAC Class A Common Share issued and
outstanding immediately prior to the SPAC Continuation with respect to which a holder of SPAC Class A Common Shares has validly exercised
its Redemption Rights (the "  **<u>Redemption Shares</u>**") shall be redeemed and the holder thereof shall be entitled to
receive from SPAC, in cash, an amount per share calculated in accordance with such shareholder's Redemption Rights and the SPAC
shall cause the Trustee in accordance with <u>Section 6.13</u> to make such cash payments in respect of each such Redemption Share
(the "  **<u>SPAC Redemption</u>** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not later than one Business Day prior to the Closing Date and after the SPAC Redemption, SPAC shall complete
the SPAC Continuation upon the terms and subject to the conditions set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On the Closing Date, as set forth in the Plan of Arrangement, the following shall occur in the order set
forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company shall amend and restate the Company Articles by adopting the Company A&R Articles to,
among other things, create and authorize the issuance of the Company Convertible PIPE Preferred Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Company SAFE Conversion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Company Preferred Conversion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the PIPE Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the SPAC Class B Conversion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the SPAC Warrant Conversion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Amalgamation, including the adoption of the NewCo Closing Articles and the new SPAC Closing Articles
(the occurrence of such event, being the "Amalgamation Effective Time"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) SPAC and each holder of SPAC Common Shares, SPAC Exchange Warrants and SPAC Exchange Options issued pursuant
to the Amalgamation shall become bound by the Lock-Up Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On the Closing Date, at the Amalgamation Effective Time, each officer and director of SPAC immediately
prior to the Amalgamation Effective Time shall resign and be replaced by the Post-Closing Officers and Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) On the Closing Date, SPAC shall be renamed to a name selected by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) On or as soon as practicable after the Closing Date, the SPAC Common Shares shall trade on NASDAQ."

**1.04** **SPAC Equity Incentive Plan** 

Section 6.06 of the Business Combination Agreement is amended by deleting Section 6.06 in its entirety and replacing it with the following:

**"6.06 SPAC Equity Incentive Plan**

Prior to the consummation of the Transactions, SPAC shall adopt the SPAC Equity Incentive Plan, which shall be (i) a customary public company rolling evergreen equity incentive plan and (ii) in a form mutually agreed by SPAC and the Company. The total number of SPAC Common Shares initially reserved for issuance under the SPAC Equity Incentive Plan shall be equal to fifteen percent (15%) of the SPAC Common Shares outstanding as of immediately following the Closing. The SPAC Exchange Options issued pursuant to the Amalgamation shall be deemed to have been granted by SPAC subject to the terms of the Company Stock Plan and shall not reduce the number of SPAC Common Shares reserved for grant under the SPAC Equity Incentive Plan."

**1.05** **Trust Account** 

Section 6.13 of the Business Combination Agreement is amended by deleting Section 6.13 in its entirety and replacing it with the following:

"**6.13 Trust Account**

Upon satisfaction or, to the extent permitted by applicable Law, waiver of the conditions set forth in Article 7 and the provision of notice thereof to the Trustee, (a) SPAC shall make all appropriate arrangements to cause the Trustee to pay as and when due all amounts, if any payable to the Redeeming Shareholders prior to the Continuation, and (b) at the Closing, SPAC shall deliver any other documents, opinions or notices required to be delivered to the Trustee pursuant to the Trust Agreement and cause the Trustee, immediately following the Amalgamation Effective Time to, and the Trustee shall thereupon be obligated to, transfer all the funds in the Trust Account as directed by SPAC and thereafter shall cause the Trust Account and the Trust Agreement to terminate."

**1.06** **Conditions to the Transactions** 

Section 7.01 of the Business Combination Agreement is amended by adding a new paragraph 7.01(j) at the end thereof as follows:

<u>"(j) SPAC Redemption</u>. The SPAC Redemption, if any, shall have occurred."

**1.07** **Entire Agreement** 

Section 9.04 of the Business Combination Agreement is amended by deleting Section 9.04 in its entirety and replacing it with the following:

**"9.04 Entire Agreement; Assignment**

This Agreement, as amended by Amendment No. 1 dated May 12, 2026, and the Ancillary Agreements constitute the entire agreement among the Parties with respect to the subject matter hereof and supersede, except as set forth in <u>Section 6.04(b)</u>, all prior and contemporaneous agreements and undertakings, both written and oral, among the Parties, or any of them, with respect to the subject matter hereof, except for the Confidentiality Agreement. No Party shall assign, grant or otherwise transfer the benefit of the whole or any part of this Agreement or any of the rights hereunder (whether pursuant to a merger, by operation of Law or otherwise) to any Person (other than another Party by operation of Law pursuant to the Amalgamation) without the prior express written consent of the other Parties."

**1.08** **SPAC Closing Articles** 

The SPAC Closing Articles attached as Exhibit B to the Business Combination Agreement is deleted in its entirety and replaced with the SPAC Closing Articles attached as Exhibit A hereto.

**1.09** **Plan of Arrangement** 

The Plan of Arrangement attached as Exhibit C to the Business Combination Agreement is deleted in its entirety and replaced with the Plan of Arrangement attached as Exhibit B hereto.

**Article 2<br> GENERAL**

**2.01** **General Provisions** 

The general provisions in Article 9 of the Business Combination Agreement, as amended by this Amending Agreement, shall be incorporated by reference into this Amending Agreement and shall form an integral part of this Amending Agreement.

**2.02** **Governing Law** 

This Amending Agreement shall be governed, including as to validity, interpretation and effect, by the Laws of the Province of British Columbia and the federal Laws of Canada applicable therein. Each of the Parties hereby irrevocably attorns to the exclusive jurisdiction of the state or federal courts of the Province of British Columbia in respect of all matters arising under and in relation to this Amending Agreement and the Business Combination.

**2.03** **Counterparts** 

This Amending Agreement may be executed and delivered (including executed manually or electronically via DocuSign or other similar services and delivered by facsimile or portable document format (pdf) transmission) in one or more counterparts, and by the different Parties in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.

[*Signature Page Follows*.]

SPAC, NewCo and the Company have caused this Amending Agreement to be executed as of the date first written above by their respective officers thereunto duly authorized.

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| | |
|:---|:---|
| **SPRING VALLEY ACQUISITION CORP. III** | **SPRING VALLEY ACQUISITION CORP. III** |
| By: | */s/ Christopher Sorrells* |
| Name: | Christopher Sorrells |
| Title: | Chief Executive Officer |

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[Signature Page to Amendment No. 1 to Business Combination Agreement]

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| | |
|:---|:---|
| **1573562 B.C. Ltd.** | **1573562 B.C. Ltd.** |
| By: | */s/ Christopher Sorrells* |
| Name: | Christopher Sorrells |
| Title: | Director |

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[Signature Page to Amendment No. 1 to Business Combination Agreement]

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| | |
|:---|:---|
| **GENERAL FUSION INC.** | **GENERAL FUSION INC.** |
| By: | */s/ Greg Twinney* |
| Name: | Greg Twinney |
| Title: | Chief Executive Officer |

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[Signature Page to Amendment No. 1 to Business Combination Agreement]