Form 8-K

8-K — Spring Valley Acquisition Corp. III

Accession: 0001104659-26-043823

Filed: 2026-04-15

Period: 2026-04-15

CIK: 0002074850

SIC: 4911 (ELECTRIC SERVICES)

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — tm2611854d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2611854d1_ex99-1.htm)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):

April 15, 2026

SPRING VALLEY ACQUISITION CORP. III

(Exact name of registrant as specified in its charter)

Cayman Islands

001-42822

N/A

(State or other jurisdiction

of incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

2100

McKinney Ave., Suite

1675

Dallas,

75201

(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:

x 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))

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

Title

of each class

Trading

Symbol(s)

Name

of each exchange on which

registered

Units,

each consisting of one Class A ordinary share and one-third of one redeemable public warrant

SVACU

The

Nasdaq

Stock Market LLC

Class

A ordinary shares, par value $0.0001 per share

SVAC

The

Nasdaq

Stock Market LLC

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 x

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 7.01 Regulation FD Disclosure.

As previously disclosed on

a Current Report on Form 8-K filed by Spring Valley Acquisition Corp. III, an exempted company limited by shares incorporated under the

Laws of the Cayman Islands (“SVIII”), with the U.S. Securities and Exchange Commission (the “SEC”)

on January 23, 2026, SVIII, entered into a Business Combination Agreement (the “Business Combination Agreement”) with

General Fusion Inc., a British Columbia limited company (the “Company” or “General Fusion”), and

1573562 B.C. Ltd., a British Columbia limited company.

Attached hereto as Exhibit

99.1 and incorporated into this Item 7.01 by reference is an updated form of presentation (the “Updated Investor Presentation”)

to be used by the Company and SVIII in presentations for certain of the Company’s and SVIII’s shareholders and other persons.

The Updated Investor Presentation supersedes in all respects the earlier version of an investor presentation previously furnished as Exhibit

99.1 of the Current Report on Form 8-K filed with the SEC on April 6, 2026.

The information in this Item

7.01, including Exhibit 99.1, is furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities

Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise be subject to the liabilities of that section,

nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities

Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing.

Additional Information and Where to Find It

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 (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, 2100 McKinney Avenue, Suite 1675, Dallas,

Texas 75201. 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

Exhibit No.

Description

99.1

Investor Presentation, dated April 2026.

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

By:

/s/ Christopher Sorrells

Name:

Christopher Sorrells

Title:

Chief Executive Officer and Chairman

Dated: April 15, 2026

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2611854d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

ENGINEERING

APPROACH TO

DELIVERING

FUSION

ENERGY

INVESTOR PRESENTATION

APRIL 2026

LEGAL DISCLAIMERS

This presentation (together with any oral statements made in connection herewith, the “Presentation”) is for informational purposes only and has been prepared solely to assist interested parties in making their own evaluation of General Fusion Inc., a British Columbia limited company

(“General Fusion,” the “Company” “we,” “us” or “our”). The information contained herein does not purport to be all-inclusive or to contain all of the information that may be required to make a full analysis of General Fusion, and neither General Fusion, nor any of its subsidiaries,

stockholders, shareholders, equityholders, affiliates, representatives, control persons, partners, directors, officers, employees, advisers or agents (collectively, General Fusion’s “Related Parties”) make any representation or warranty, express or implied, as to the accuracy, completeness or

reliability of the information contained in this Presentation. The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial situations or financial needs. You should consult your own counsel and tax

and financial advisors as to legal and related matters concerning the matters described herein, and, by accepting this Presentation, you confirm that you are not relying upon the information contained herein to make any decision. To the fullest extent permitted by law, in no

circumstances will General Fusion, or any of its Related Parties be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this Presentation, its contents, its omissions, reliance on the information contained within it, or on opinions

communicated in relation thereto or otherwise arising in connection therewith.

No Offer or Solicitation

This Presentation shall not constitute a “solicitation” as defined in Section 14 of the Securities Exchange Act of 1934, as amended. This Presentation 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 (the

“Business Combination”) between Spring Valley Acquisition Corp. III (“Spring Valley”) and General Fusion shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, or an exemption therefrom. You should consult your own

counsel and tax and financial advisors as to legal and related matters concerning the matters described herein, and, by accepting this Presentation, you confirm that you are not relying upon information contained herein to make any decision.

This Presentation is not a prospectus and investors should not substitute for or purchase any securities solely on the basis of this presentation and before you invest, you should undertake your own diligence regarding General Fusion, Spring Valley and the Business Combination.

All monetary figures included in this Presentation are reflected in U.S. dollars unless otherwise indicated.

Use of Data

Certain information contained in this Presentation, including information that relates to General Fusion’s industry and markets in which it intends to operate, relates to, or is based on third-party studies, publications and surveys or General Fusion’s own internal estimates and research.

All of the market and related data included in this Presentation involves a number of assumptions, estimates and limitations, and is subject to change, and there can be no guarantee as to the accuracy or reliability of such assumptions or estimates. Neither General Fusion, nor any of its

Related Parties assumes any responsibility for updating this Presentation based on facts learned following its preparation. While General Fusion believes such third-party sources and their internal estimates and research are reliable, such sources, estimates and research have not been

verified by any independent source and you should make your own evaluation of General Fusion and of the relevancy and adequacy of the information. Neither General Fusion, nor any of its Related Parties make any representation or warranty with respect to the accuracy of such

information.

Forward-Looking Statements

Certain statements in this Presentation are forward-looking statements generally relating to future events or estimates or projections of General Fusion’s financial or other performance metrics and the underlying assumptions. In some cases, you can identify forward-looking statements

by terminology such as “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” or the negatives of these terms or variations of them or similar terminology. Forward-looking statements in this Presentation

include, without limitation, statements relating to the expected production of a General Fusion powerplant or a fusion island and the timing therefor; heating through compression of plasma; the path to commercialization and integration of our system in a FOAK (as defined in this

Presentation) plant; potential sales of commercial fusion powerplants and the timing thereof; the benefits of fusion; market opportunities; potential revenue per plant. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results

to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by General Fusion as of the preparation date of this Presentation, are inherently

uncertain and subject to material change. General Fusion does not undertake any duty, and expressly disclaims any obligation or undertaking, to update these forward-looking statements. Nothing in this Presentation should be regarded as a representation by General Fusion or its

Related Parties, or any other person, that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved.

These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by General Fusion and our management and Spring Valley and their management, as the case may be, are inherently uncertain. Such forward looking statements involve

known and unknown risks, uncertainties and other important factors that could cause actual results to be materially different from future results, performance or achievements expressed or implied by such forward looking statements. Factors that may cause actual results to differ

materially from current expectations 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 Spring Valley’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, dated January 21, 2026, among General Fusion, Spring Valley, and the other party thereto (the “Business Combination Agreement”) by the shareholders of Spring Valley

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 Spring Valley 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 Spring Valley’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 Spring Valley’s business combination

deadline and the potential failure to obtain an extension of the business combination deadline if sought by Spring Valley; (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

Magnetized Target Fusion (“MTF”) on the expected timeline or at all, including any failure to achieve the objectives of the Lawson Machine 26 (“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 Spring Valley nor General Fusion presently know or that Spring Valley 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 Spring Valley’s final prospectus for its initial public offering, which

was filed with the U.S. Securities and Exchange Commission (the “SEC”) on September 4, 2025 (the “Final Prospectus”) and the risks described in the joint registration statement on Form F-4 filed by General Fusion and Spring Valley, as amended (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 Spring Valley from time to time. General Fusion and Spring Valley 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.

LEGAL DISCLAIMERS (CONT’D)

Forward-looking statements set forth in this document speak only as of the date of this document. In addition, forward-looking statements reflect our and Spring Valley’s expectations, plans or forecasts of future events and views as of the date of this Presentation. These forward-looking statements are based on certain assumptions, including among other things: interest rates; operating and capital costs, including the amount and nature thereof; trends and developments in the fusion industry; business strategy and outlook; opportunities available to or

pursued by General Fusion; anticipated partnerships; market demand for fusion energy and the availability and costs of required equipment and technology, and supplies and materials for such equipment and technology; General Fusion and Spring Valley’s ability to attract and retain

qualified personnel or management; and stability of general economic and financial market conditions. We and Spring Valley anticipate that subsequent events and developments will cause these assessments to change. Neither General Fusion nor Spring Valley 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 Spring Valley 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 Spring Valley’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. These forward-looking statements should not

be relied upon as representing our or Spring Valley’s assessments as of any date subsequent to the date of this Presentation.

Important Information for Investors and Stockholders

In connection with the proposed Business Combination, General Fusion and Spring Valley filed with the SEC the Registration Statement, which includes a preliminary prospectus with respect to Spring Valley’s securities to be issued in connection with the proposed Business

Combination and a preliminary proxy statement in connection with Spring Valley’s solicitation of proxies for the vote by Spring Valley’s shareholders with respect to the proposed Business Combination and other matters described in the Registration Statement (the “Proxy Statement”).

After the SEC declares the Registration Statement effective, Spring Valley plans to file the definitive Proxy Statement with the SEC and to mail copies to Spring Valley’s shareholders as of a record date to be established for voting on the proposed Business Combination. 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 Spring Valley has filed or may file with the SEC. Before making any

investment or voting decision, investors and security holders of Spring Valley and General Fusion 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 General Fusion, Spring Valley 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 Spring Valley through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by Spring Valley may be obtained free of charge from

Spring Valley’s website at https://sv-ac.com or by directing a request to Spring Valley Acquisition Corp. III, Attn: Corporate Secretary, 2100 McKinney Avenue, Suite 1675, Dallas, Texas 75201. 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

General Fusion, Spring Valley 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 Spring Valley’s shareholders in connection with the

proposed Business Combination. For more information about the names, affiliations and interests of Spring Valley’s directors and executive officers, please refer to the Final 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 Spring

Valley’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.

Trademarks and Trade Names

General Fusion owns or has rights to various trademarks, service marks and trade names that it uses in connection with the operation of its business, and which are included in this Presentation. This Presentation also contains trademarks, service marks and trade names of third parties,

which are the property of their respective owners. The use or display of third parties’ trademarks, service marks, trade names or products in this Presentation is not intended to, and does not, imply a relationship with General Fusion, or an endorsement or sponsorship by or of General

Fusion. General Fusion, will assert, to the fullest extent under applicable law, its right, or the right of the applicable licensor, to these trademarks, service marks and trade names.

This Presentation may not be reproduced, disseminated, quoted from or referred to, in whole or in part, for any purpose without the Company’s prior written consent.

By accepting delivery of this Presentation, each recipient will be deemed to acknowledge and agree to the matters set forth herein.

• 25+ years in Operations & Energy

leadership

• Former Chief Strategy Officer and Senior

Vice President of Corporate and

Government Relations at B&W

• $1B+ in acquisition and financings

transaction value

• Led B&W’s commercial nuclear and SMR

policy and government funding efforts

• U.S. Navy nuclear engineering officer

• 20+ years commercializing new

technologies

• Led multiple businesses through IPOs /

M&As, including:

• Real Matters $1B IPO

• Kobo $315M acquisition by Rakuten

• Opalis $60M acquisition by Microsoft

• Scaled several start-ups into successful

multinational corporations

• 30+ years in Energy and Decarbonization

• Former Partner at NGP Energy

Technology Partners

• 2x nuclear SPAC Sponsor

• Driving force behind the creation of

Renewable Energy Group – sold to

Chevron for $3.15B, representing a ~6x

return post-IPO

• 25+ years in Decarbonization banking

and advisory

• 60+ transactions totaling ~$6B in value

• 2x nuclear SPAC Sponsor

• Banker on multiple first-of-a-kind

transactions across the Decarbonization

ecosystem

MEGAN WILSON

Chief Strategy Officer

GREG

TWINNEY

Chief Executive Officer

CHRIS SORRELLS

Chairman & CEO

ROBERT KAPLAN

Chief Operating Officer

TODAY’S SPEAKERS

Steam and nuclear

plant operations,

including I&C system

maintenance & repair

Defense nuclear,

commercial nuclear

and SMR efforts

CorpDev, M&A,

and Investor

Relationships

$2.3B

$6.0B

Market Cap at De-SPAC Market Cap Today

A COMPELLING SPAC PARTNER

CHRIS

SORRELLS

Chairman & CEO

• Recent and relevant experience in SPACs and nuclear industry

• Team with extensive transaction experience: 50+ energy / decarbonization

transactions over the past 30+ years and 7 SPACs raised / merged to date

• Strong C-level Operational Expertise: 100+ years of collective experience

including leadership roles across the C-Suite as CEO, CFO, COO and Chairman

for numerous public and private companies

• Track record of building publicly traded bellwethers

• Key roles in the creation of 17 publicly traded companies

• 20 public board seats

• Proprietary network & sourcing capabilities

• Deep relationships with institutional investors, underwriters and advisors

Leadership Team with Highly Relevant Expertise(1)

SPRING VALLEY ACQUISITION CORP

III

History of Value Creation in Nex-Gen Clean Energy

$289M

~$3.2B

2012 IPO 2022 Acquired by

Chevron

• Led investment in the one of the largest

publicly traded biodiesel / renewable

diesel company

• One of the largest investments in

biodiesel in North America

• Scaled revenues from ~$85M in 2008 to

$3.2B in 2021

• In 2022, sold to Chevron for $3.15B

>10x

Market Cap

• Led the De-SPAC of the first publicly

traded SMR company

• Received gross proceeds of $381M,

including $235M in PIPE capital

• Accelerated commercialization and global

deployment of NuScale’s carbon-free

baseload energy solution

~2.6x

(2)

(1) Includes Spring Valley management board and sponsor

(2) Calculated based on fully diluted shares outstanding as of 9/30/2025

from NuScale's Q3 2025 10-Q and stock price as of 1/16/2026

(3) SPACResearch data as of 1/16/2026

(4) FactSet data as of 1/16/2026

• Aims to become the first U.S. publicly

traded vertically integrated uranium

and SMR company

• Received $30M PIPE from an

institutional investor

• Supported by DOE’s ~$1B SMR funding

initiatives & broader U.S. energy

security goals

$312M

Market Cap at De-SPAC

Stock Highlights

37.4%(3)

SVI cash in trust redemption

rate, representing the 5th

fewest redemptions of the year

12M+(3)

SVI shares were traded within

the first 30 trading days

2.3x(4)

SVII warrant appreciation

since announcement

ROBERT

KAPLAN

COO

JEFF

SCHRAMM

CFO

| ILLUSTRATIVE TRANSACTION OVERVIEW AT

USES

Equity to General Fusion $600

Cash to Balance Sheet $314

Illustrative Transaction Expenses $24

Total Uses

SOURCES

General Fusion Rollover Equity $600

Approximate Assumed PIPE Proceeds $108

Cash in Trust $230

Total Sources $938

• General Fusion pre-money valuation of $600M

• Transaction implies $724M pro-forma enterprise value Valuation

• General Fusion raised $108M Preferred Equity PIPE convertible at $12.00

per share

• Assumes 0% redemptions from Spring Valley III’s $230M Cash in Trust

• Expected use of net proceeds includes Lawson Machine 26 (“LM26”)

operations, commercial systems development & First-of-a-kind Plant

(“FOAK”) for commercial deployment

Financing

• General Fusion shareholders would rollover 100% of their equity and are

expected to hold ~58% of the outstanding pro-forma equity Structure

Shares Outstanding (Millions) 103.8

Share Price ($) $10.00

Equity Value $1,038

(-) PF Net Cash ($314)

Enterprise Value $724

% Own.

(Millions)

General Fusion 60.0 57.8% (3)

SPAC Shareholders 23.0 22.2%

PIPE Investors 14.1 13.6% (2)

SPAC Sponsor 6.7 6.4% (3)

Note: Assumes no existing cash and no existing debt on balance sheet. Excludes impact of the private placement warrants, public warrants, convertible preferred warrants and any equity compensation plan

(1) Calculated on a $10.00 per share basis

(2) Includes impact of OID and commitment shares issues to convertible preferred investors

(3) Excludes $135M earnout

TRANSACTION HIGHLIGHTS SOURCES & USES ($ MILLIONS)

PRO-FORMA VALUATION ($ MILLIONS)(1) PRO-FORMA OWNERSHIP(1)

$938

Success scaling and

commercializing businesses

Ability to manage complex

technology development

Global fusion science

excellence

Industrial technology

commercialization program

management

GREG TWINNEY

Chief Executive Officer

JAN LAISHLEY

Chief People and Culture Officer

GRACE PEACH

VP, External Relations

Scaled several founder-led startups into successful

multinational corporations towards IPOs / M&As;

Board member of Fusion Industry Association

20+ years in decarbonization industry; SVP of HR

at Ballard Power Systems; People and culture

development for high growth

Public affairs leader with 15+ years of experience

driving high-impact initiatives across energy, climate,

and public policy.

MEGAN WILSON

Chief Strategy Officer

ROB CRYSTAL

SVP, Finance

DAVID PLANT

VP, Research & Development

25+ years in Operations & Energy leadership;

Previously, CSO and SVP at Babcock & Wilcox;

U.S. Navy nuclear engineering officer

20+ years of international finance experience;

Demonstrated leadership and commercialization

scale up success at decarbonization companies

20+ years in technology innovation sector; Senior

electrical engineer at Kodak

DR. MICHEL LABERGE

Founder and Chief Science Officer

MIKE DONALDSON

SVP, Technology Development

KELLY EPP

Head of LM26 Project

20+ years in commercializing new

technologies; Ph.D. and post-doctoral in

fusion; 25+ patents as lead inventor

20+ years in disruptive technology development;

Kodak product engineering & production; Risk

reduction, rapid prototyping & systems testing

30+ years in engineering, project management;

operations manager at Kodak; Director of

Manufacturing at Alpha Technologies

Robust operational and

leadership experience in public

company settings

EXPERIENCED LEADERS WITH A PROVEN TRACK RECORD

KEY INVESTMENT

HIGHLIGHTS:

TRANSFORMING

THE WORLD’S

ENERGY SUPPLY

Growing Global Demand for Clean, Reliable Power

As AI, data centers, and large-scale electrification are driving explosive load growth, fusion can supply clean,

safe & always-on baseload energy globally while supporting the path towards net-zero by 2050

Innovative Engineering Approach to Fusion

Applying an engineering approach that overcomes critical barriers to commercializing fusion and that aims to

deliver uniquely cost-effective and practical fusion energy

Fusion Demonstration Machine Built and Operating at Commercially Relevant Scale

On the cusp of major industry-accepted technical milestones, including 1 keV, 10 keV, and 100% Lawson(2), that will

demonstrate our unique engineering-based approach in a commercially relevant way, vs. other academic approaches

Milestone-Driven De-risking Pathway to Commercial Fusion with Proprietary IP

General Fusion is 1 of 4 private companies worldwide to have achieved and published meaningful fusion results on the

path to the Lawson criterion, with 35 peer-reviewed publications(1) and 210 patents issued and pending over 20-years

Strategic Partnerships Accelerating Commercialization

Strategic partnerships with industry leading companies that fuel General Fusion’s race from breakthrough science to

commercial energy reality

Strong Institutional Investor & Government Backing

$400M+ capital raised from leading institutional investors, strategics, venture capital firms, industry partners and

government grants, alongside growing regulatory support for nuclear fusion

A World Class Team of Scientists, Engineers and Entrepreneurs

Proven culture of execution with over 20 years of designing, building, operating and scaling test beds and

prototypes

yielding strong technical results

Source: General Fusion’s Website, press releases and research

(1) General Fusion’s Website, Research Library

(1) s

(2) For General Fusion's approach, simultaneously demonstrate with hydrogen fuel the temperature, density and energy confinement time which combined represent the

operating point of D-T plasma that satisfies the Lawson condition

GENERAL FUSION AT A GLANCE

Founded

2002

Headquarters

Vancouver

Canada

Funding (US$)

$400M+

Overview Key Highlights

Employees

115(1)

167 Patents Issued &

43 Pending Globally(4)

2050E Fusion Energy

Market Size(3)

Proprietary LM26

Fusion Machine

Technology

Partners

Strong Institutional

Support

$100M+ Capital from

Government Programs &

Strong Government

Collaborations

Globally Recognized

Platform

$1+

Trillion

Peer-reviewed

Publications

210

Technical Roles

75%(1)

Incl. 16 Ph.Ds

Employee Retention

93%(2)

100,000 Sq. Foot CNSC-licensed Facility

TEMASEK

(1) As of March 31, 2026

(2) Based on cumulative annual average from 2020 – December 31, 2025

(3) Ignition Research

(4) General Fusion’s company website, Research Library

Major Automaker

Oak Ridge National Laboratory

Savannah River National Laboratory

Princeton Plasma Physics Laboratory

Lawrence Livermore National Laboratory

DIII-D National Fusion Facility

A HISTORY OF MILESTONES THAT LEAD THE WAY TO

COMMERCIAL FUSION

Multiple plasma compression test beds proved mechanical compression

of plasma increases neutron yield while plasma remains stable

Founded

2002

2005

Achieved first fusion

reaction

First plasma injector

properly confined plasma

at power plant scale

2010

2012

Liquid metal compression

tests validated engineering of

liquid metal approach and

synchronization of pistons

Sufficient plasma

performance to heat when

compressed

2013

2017

Stable compression of

plasma

Increased neutron yield

during plasma compression

2018

2019

Plasma lifetime maintained

within liquid metal wall

cavity

World’s largest & most powerful

operational fusion plasma injector(1)

2019 - 2021

2021

Compressed liquid cavity with

well-controlled shape sufficient

to achieve fusion conditions

CURRENT

PROGRAM

Lawson Machine 26 (“LM26”)

Heating through compression of

plasma to 1 keV, 10 keV, & 100%

Lawson

2023 - 2028

Late 2020s

Commercial system and

components validation and

demonstration

FOAK energy production; sales of

commercial fusion powerplants

expected to begin

Mid 2030s

(1) Based on publications in academic journals and management’s knowledge of such articles, findings, and key artifacts

MASSIVE GLOBAL NEED FOR SECURED BASELOAD POWER

Source: The New York Times and International Energy Agency World Energy Outlook 2023 Net Zero Emissions Scenario

(1) McKinsey & Company, Global Energy Perspective 2023: Power outlook, January 2024

(2) U.S. Department of Energy, DOE Releases New Report Evaluating Increase in Electricity Demand from Data Centers, December 2024

(3) The American Society of Civil Engineers, 2025 Report Card for America’s Infrastructure, March 2025

(4) U.S. Energy Information Administration

2023 2035 2050

Industry Buildings Data Centres Transport Green Hydrogen

43%

21%

19%

16%

• Natural Gas: Lasting environmental consequences, infrastructure

bottlenecks, constrained resource availability

• Renewables: Suffer from weather-driven intermittency, expensive

storage cost & geography constraints

• Nuclear Fission: Growth limited due to regulatory and cost burden

driven by safety, security and long-lived waste considerations.

• Coal: Severe environmental impact, health risks, and unsustainable

reliance on regionally concentrated deposits

• Others: Small portion of the supply mix

Baseload Power is Essential for Providing a Constant, Reliable, Stable Foundation for the Grid, Which Can Be Challenging to Achieve

With Existing Energy Solutions in a Scalable & Carbon-friendly Way

2023 Supply Mix(4)

30,000 TWh

41,500 TWh

57,000 TWh

Rising Demand: Increasing global populations, broadening electrification, and

expanding economic activity driving overall energy demand

Grid Under Pressure: Surging demand from EVs, industries, and data centers is

straining power infrastructure worldwide

AI & Data Center Boom: Energy usage from Data Centers expected to double or triple

by 2028(2)

Economic Drag: $9.1 trillion investment needed between 2024 – 2033 to bring

existing U.S. infrastructure to a good or excellent condition(3)

Global Electricity Demand Estimated to Approximately Double by 2050(1) Traditional Sources May Not be Scalable to Meet Demand

Hydrogen

TRANSLATING INTO A TREMENDOUS MARKET

OPPORTUNITY

(1) Ignition Research

(2) Grand View Research, Wind Power Market (2025 – 2030)

(3) Grand View Research, Battery Market (2025 – 2030)

(4) Precedence Research, Solar Energy Market Size and Forecast 2025 to 2034, July 2025

Global Wind

Potential Market 2030

~$141 Billion

per year(2)

Global Battery

Potential Market 2030

~$330 Billion

per year(3)

Global Solar

Potential Market 2034

~$390 Billion

per year(4)

Global Fusion

Potential Market 2050

$1+ Trillion

per year(1)

Fusion Shifted from Scientific Experimentation to an Increasingly Likely Energy Solution

Achievements in fusion science such as the net fusion gain announcement by the US National Ignition Facility in 2022

combined with enabling technologies such as high-performance computing, digital controls, 3D printing and AI are

accelerating the development of commercial fusion technology

Nuclear Fusion is the Holy Grail for Clean Baseload Power

Streamlined Framework Paving a Clearer Path to Commercialization

The ADVANCE Act of 2024 officially created a new regulatory framework for fusion,

separating it from the more restrictive, complex and lengthy fission regulations

CLEAN

ENERGY

Reliable & dispatchable

baseload power

Zero carbon emissions

No long-term radioactive

waste

EFFICIENCY &

SCALABILITY

Minimal land use

Cost competitive

Limited expected

regulatory burden or

export controls

FUEL

ABUNDANCE

Deuterium fuel can easily

be sourced from seawater

Tritium fuel can be bred

from lithium within fusion

machines

Energy security

SAFETY

ADVANTAGED

No chain reaction

Cannot be weaponized

No high levels of

radiation

GENERAL FUSION

IS COST

COMPETITIVE ON

A LEVELIZED COST

OF ENERGY

("LCOE") BASIS

(3) General Fusion estimate for an nth-of-a-kind plant. In engineering economics, the first item or generation of items using a new technology or design (first of a

kind) can cost significantly more than later items or generations (nth of a kind). Fusion plant expected performance is based on company testing data and

management estimates. Fusion demonstration plant is in development and plant specifications and performance may change prior to commercialization.

Numbers may not sum due to rounding. Assumes reference configuration of 300MW system with 2 Fusion Islands

(4) Range based on (a) NuScale, NuScale SMR Technology, and Reuters (b) Oklo’s nuclear order book shows potential of small reactors, July 2024

Dispatchable(2) Non-dispatchable(2)

Nuclear Non-Nuclear

$64 - $73(3)

Legacy

Nuclear

Leading

SMRs

Natural Gas Coal Geothermal Solar +

Storage

Wind

(onshore) +

Storage

Wind

(offshore)

Others

$141 - $220

$64 - $130(4)

$48 - $109

$71 - $173

$66 - $109

$50 - $131 $44 - $123

$70 - $157

LCOE BENCHMARKING ANALYSIS

($/MWh)

(1) International Atomic Energy Agency, What is Nuclear Fusion?, August 2023

(2) Lazard, Levelized Cost of Energy+ (LCOE+) report, June 2025

• Fusion plants are expected to deliver 4x

more energy per unit of fuel than fission,

without long-lived radioactive waste,

positioning them as the superior nuclear

technology for sustainable growth(1)

• Factors that drive fusion’s competitive LCOE

include:

• lower capital costs vs. conventional

fission plants

• less waste

• lower regulatory burden

• low fuel costs

GLOBAL RACE TO COMMERCIAL FUSION

Total cumulative funding for the 53 fusion

companies stands at $9.8B LTM July 2025,

a five-fold increase since 2021(2)

Governments in the U.S., EU, and Asia are

already advancing favorable frameworks,

with DOE’s Build–Innovate–Grow strategy

to align public investment and private

innovation to deliver commercial fusion

power to the grid by the mid-2030s(1)

Fusion research is moving faster, with

large international projects like the 33-

nation-backed ITER continuing to be

central to progress

On October 1, 2025, Germany approved an action

plan to accelerate commercial fusion deployment,

committing over $2.3B by 2029 for research

infrastructure and pilot projects(7)

The Fusion Action Plan

Congress increased support for fusion, leading to a

record total of ~$1.5B in funding from the U.S.

government for fusion activities in 2025(5)

DOE’s Fusion Science and Technology Roadmap,

$128M from Fusion Innovative Research Engine

(FIRE) and $6.1M from Innovation Network for Fusion

Energy (INFUSE)(4) accelerate commercialization

while milestone-based Fusion Development program

provides funding and computing resources(2)

(1) U.S. Department of Energy, Energy Department Announces Fusion Science and Technology Roadmap to Accelerate Commercial

Fusion Power, October 2025

(2) Fusion Industry Association, The Global Fusion Industry in 2025, July 2025

(3) Gov.UK, Fusion energy powers UK’s Industrial Strategy, June 2025

(4) U.S. Department of Energy, Energy Department Announces $134 Million to Advance U.S. Fusion Leadership Through Targeted

Research, September 2025

(5) Fusion Industry Associate, Congress Increases U.S. Funding for Fusion Energy Sciences Research, March 2024

(6) G7 Canada, Statement on nuclear and fusion energy, October 31, 2025

(7) World Nuclear News, Six German States Unite for Fusion Research, November 2025

(8) International Atomic Energy Agency, World Fusion Outlook 2025

Acknowledging global advancements and investment in

fusion energy technology, the G7 underscored the

importance of sustained international collaboration on

fusion energy with trusted partners, encouraging private

investments and public engagement(6)

In 2025, the EU took further steps to establish a

coordinated approach to fusion energy policy. Two

hearings held by the European Parliament underscored

fusion as an increasingly important part of the EU’s

energy & innovation agenda(8)

Statement on Nuclear & Fusion Energy

EU’s European Parliament

The UK government is providing significant support

for fusion energy, committing over £2.5 billion in

total funding, which includes a £410 million

investment announced in 2025 to accelerate

commercialization(3)

BASICS OF PURSUING FUSION ON EARTH

To Make Fusion Happen on Earth

Without the gravity & pressure of the stars, systems must be built that can generate the necessary conditions here on Earth to force

fusion to happen and produce net fusion energy, known as the Lawson criterion (the right combination of temperature, density, and

energy confinement time)

Therefore, We Must Create a Machine That:

Converts to Power

Converts the captured fusion energy to

power for electricity & industrial heat use

Captures the Energy

Efficiently captures the energy released

from fusion

Creates Fusion

Under the right conditions, forces

plasma to fuse and release energy

Generates Plasma

A cloud of ionized hydrogen gas, often

made of Deuterium and Tritium

What is Fusion?

Fusion is the process by which two light atoms fuse to form a single heavier atom, releasing energy

Tritium

(HYDROGEN-3)

Deuterium

(HYDROGEN-2)

Step 1 Step 2 Step 3 Step 4

Academic Approaches Operate At Extremes While Magnetized Target Fusion Operates in a “Sweet Spot” of Parameters

Requires intense magnetic fields created with superconducting magnets to

achieve extreme energy confinement time

Magnetic Confinement Fusion (“MCF”)

Requires large arrays of high-powered and fragile lasers

to achieve extreme plasma density

Inertial Confinement Fusion (“ICF”)

Extreme

Moderate

Low

Moderate Extreme

Magnetic Confinement

Fusion (MCF)

Magnetized

Target Fusion

(MTF)

Inertial Confinement

Fusion (ICF)

Plasma Density

Low

Uses the combined effects of moderate energy confinement time and

moderate plasma density to achieve fusion in a practical way

Key benefits include:

Magnetized Target Fusion (“MTF”)

Avoids superconducting magnets or high-powered lasers

Enables the use of existing materials for durable machines and cost-effective energy production

Energy Confinement Time

Note: Competitors are pursuing their own unique approaches to Magnetic Confinement, Magnetized Target Fusion and Inertial Confinement, each with their own advantages and challenges. The above comparison is generalized

OUR DIFFERENTIATED ENGINEERING APPROACH FOR

PRACTICAL FUSION ENERGY

Form liquid metal cavity inside

fusion vessel

Compress plasma with liquid

metal using mechanical drivers

Inject magnetized plasma(1) into

liquid metal cavity

Fusion and energy extraction,

conversion and recovery

(1) General Fusion’s plasma injectors form spherical tokamak plasma targets using a 100% coaxial helicity injection (CHI) process. Targets are formed into a chamber with liquid metal walls. There is no active feedback; plasma position and

stabilization is accomplished entirely through the metal walls acting as a flux conserver

Magnetized plasma compressed fluid-mechanically to fusion conditions

Plasma injector

Liquid metal

Pistons Fusion

Repeated once

every second

MTF Enables the Use of Liquid Metal Compression to Elegantly & Economically Solve the Barriers to Commercialization

HOW DOES GENERAL FUSION’S MTF TECHNOLOGY CREATE

FUSION ENERGY?

GENERAL FUSION UNIQUELY SOLVES CRITICAL BARRIERS

TO FUSION ENERGY

Produces Sufficient Fusion Fuel to

Support Operations for the Life of

the Power Plant

When neutrons are absorbed in the liquid

lithium wall, they can create Tritium fuel

at a ratio greater than 1.5(1)

Protects the Machine from Fusion

Damage

When fusion occurs, the reaction is

surrounded by a liquid metal wall which

absorbs neutrons emitted from the

reaction(1)

Uses Simple Existing Materials

No need for expensive magnets, targets,

lasers, or exotic or not yet invented

materials and no frequent replacements

of neutron damaged components

Durable Fusion

Machine

Abundant Tritium

Fuel

Simple Energy

Conversion

Economical

Fusion Power

Material Degradation Fuel Sourcing Energy Capture Cost

Barriers Other Fusion Approaches Face

A Unique Practical Solution with an Engineering Approach

Proton

Neutron

Helium 4

Neutrons

(Energy)

Lithium-7

Tritium Neutron

(1) General Fusion, New Third-party Analyses Support General Fusion’s MTF Technology Path to Commercialization, September 2024

(2) General Fusion, Magnetized Target Fusion Using Mechanically Driven Liquid Metal Liner, December 2022

(3) General Fusion, Conceptual Design of a Magnetized Target Fusion Power Plant, July 2023

Creates Steam & Spins a Traditional

Steam Turbine

The liquid metal wall absorbs neutrons

and heat from fusion, and then the hot

liquid metal is pumped through heat

exchanger(2)(3)

General Fusion’s MTF machine

is designed to effectively plug

into existing powerplant

infrastructure

• Liquid metal can be

pumped through a heat

exchanger to create steam

and spin a turbine

• Significant opportunity to

retrofit retired coal fired

powerplants – the balance

of plant and footprint are

similar

PRACTICAL TECHNOLOGY THAT PLUGS INTO EXISTING

POWERPLANT INFRASTRUCTURE

Fusion Island(1) Balance of Plant Conventional Island

Cooling

Steam Tank Pulsed Power

Supply Plant Electricity Supply

Power To

The Grid

Hot

Steam

Heat

Exchanger

Steam

Turbines

Tritium

Extraction

Hot

Metal

Plasma Injector

Deuterium-tritium Fuel

Supply

Fuel Exhaust

Deuterium-tritium

Capture And Storage Cool

Steam

Generator

Condenser

Note: General Fusion is pre-commercialization and timing estimates as well as technology, regulatory and commercialization strategy and assumptions are subject to change

(1) A General Fusion Magnetized Target Fusion Island is a machine that integrates a plasma injector and compression systems. Each Fusion Island produces 150 MWe. A reference configuration General Fusion powerplant will have two fusion islands

connected to one balance of plant, producing a total of 300 MWe

GENERAL FUSION’S ACHIEVEMENTS SOLIDIFY THE

FOUNDATION OF THE MTF APPROACH

Plasma Performance(2)

Demonstrated the required plasma lifetime

and characteristics for successful MTF at large-scale. 24 prototypes and over 200,000 plasma

experiments have culminated in the world’s

largest and most powerful operational fusion

plasma injector for LM26(3)

Plasma Compression(1)

Achieved a stable fusion process and

significant fusion neutron yield through

plasma compression with General Fusion's

approach and evaluated plasma behavior in

liquid metal systems

Liquid Compression

Performance(4)

Demonstrated compression technology

necessary for smooth, rapid & symmetric

compression of a liquid cavity as required

for successful MTF at large-scale

These Milestones, Backed by Peer-Reviewed Results, Establish General Fusion as a Leading Innovator

(1) General Fusion, General Fusion Confirms Significant Fusion Neutron Yield and Plasma Stability During MTF Compression Experiment Series with New Peer-reviewed Publication, November 2024

(2) General Fusion, Peer-reviewed Publication Confirms General Fusion Achieved Plasma Energy Confinement Time Required for its LM26 Large-scale Fusion Machine, March 2025

(3) Based on publications in academic journals and management’s knowledge of such articles, findings, and key artifacts

(4) General Fusion, Shape Manipulation of a Rotating Liquid Liner Imploded by Arrays of Pneumatic Pistons: Experimental and Numerical Study, November 2023

LM26 BUILT & OPERATING: A LARGE-SCALE MTF FUSION

DEMONSTRATION MACHINE

1 keV

(~10M°C)

Optimize testbed

performance & begin

deeper compressions

Deeper compression to

raise temperature

10 keV

(~100M°C)

magnetic field

to increase density

100%

Lawson(1)

Program

Complete

LM26

Assembled

December 2024

LM26 – designed, built,

and assembled in less

than 2 years

All systems working as

designed

First Plasma

Achieved

February 2025

First Plasma

Compression

Achieved

April 2025

Operations begin on time

and on budget

Multiple plasma

compressions

completed since then

World-First Magnetized Target Fusion Machine Built, Operating & Advancing Towards 100% Lawson(1)

(1) For General Fusion's approach, simultaneously demonstrate with hydrogen fuel the temperature, density and energy confinement time which combined represent the operating point of D-T plasma that satisfies the Lawson condition

UP NEXT:

LM26

• 1 keV

• 10 keV

• 100% Lawson(1)

Demonstrate Commercial Systems

• High repetition rate for key components & systems

• Key liquid metal systems and components

• Key balance of plant systems

Build & Operate FOAK Plant

• Engineering breakeven with an integrated, commercial scale

MTF machine

• Energy production at commercial scale

Heat Exchanger Seals &

Valves

Plasma Injector Rep Rate

Center

Shaft

Energy Recovery

Rotor

Compression Rep Rate

Tritium Extraction

Science Engineering Integration Commercialization

2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

Note: General Fusion is pre-commercialization and timing estimates as well as technology, regulatory and commercialization strategy and assumptions are subject to change based on availability of funding and other factors

PATHWAY TO ECONOMICAL CARBON-FREE FUSION ENERGY

IN THE NEXT DECADE…

General Fusion’s LM26 Program Will Quickly Differentiate Its Commercialization Value Trajectory vs. Other Fusion Technology Approaches

Industry

Demonstration

Window

Competitors

Commercialization

Phase

Science Engineering Integration Commercialization

COMMERCIAL MATURITY

2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

Note: Similar to our competitors, General Fusion is pre-commercialization and timing estimates as well as technology, regulatory and commercialization strategy and assumptions are subject to change based on availability of funding and other factors

Source: AIP Publishing, Beyond Power Gain: Toward a Comprehensive Milestone Framework for All Fusion Energy Concepts, September 2025

…BY FRONT-LOADING THE SOLUTIONS TO CRITICAL

COMMERCIALIZATION BARRIERS

• Material Degradation

• Fuel Sourcing

• Energy Capture

• Cost

Competitor

Barriers

• Durable Fusion Machine

• Abundant Tritium Fuel

• Simple Energy Conversion

• Economical Fusion Power

Advantages

Market Development Advisory Committee: Potential Early Adopters

Confidential MOU to advance piston and

compression system development

Long standing collaborative partnership agreement related to fusion research, technology development

operations and science validation

MOU to collaborate on tritium fuel cycle,

liquid metal balance of plant, and power

conversion cycle

Industrial partnership on power plant

engineering

MOU to evaluate potential fusion power

plant in Ontario

Select Partnerships

POTENTIAL EARLY ADOPTERS & SELECT P

Major

Automaker

• Oak Ridge National Laboratory

• Savannah River National Laboratory

• Princeton Plasma Physics Laboratory

• Lawrence Livermore National Laboratory

• DIII-D National Fusion Facility

• Simon Fraser University

• McGill University

• Queen's University

• University of Waterloo

• Universidade de Lisboa

• University of Illinois

UNIVERSIT

IES

KEY

COLLABORATORS &

SUPPLIERS

Major Automaker

LONG-TERM ASSET LIGHT, SCALABLE, TECHNOLOGY-CENTRIC BUSINESS MODEL

Power Plant EPC’s Role

Engineering, procurement and construction

(“EPC”) services for the owner

Project management of suppliers and

contractors

General Fusion’s Role

High margin OEM segment based on core IP & expertise

Preliminary Scope of Supply

The sale, engineering, installation & commissioning of 150MWe

Fusion Islands(2) and related systems

The reference configuration is 300MWe, consisting of 2 Fusion

Islands(2) with 1 balance of plant

Systems can be configured with several fusion islands per balance

of plant

Power Plant Owner / Operator’s Role

Long-term power plant financing, ownership

and operations

Utilities, energy companies and infrastructure

investors

General Fusion’s Role

High margin services annuity

Preliminary Scope of Supply

Recurring replacement and refurbishment of Fusion Island(2)

equipment (e.g., plasma injector)

Preliminary Scope of Technical Services

Recurring technical support for Fusion Island(2)

& related systems

Construction Phase (3.5 Year Construction Period)(1)

Operational Phase (40+ Years Plant Lifetime)(3)

Note: Assumes nth-of-a-kind two-module power plant unit. | Source: General Fusion management estimates

(1) Construction period subject to regulatory assumptions

(2) A General Fusion Magnetized Target Fusion Island is a machine that integrates a plasma injector and compression systems. Each Fusion Island produces 150MWe. A reference configuration General Fusion powerplant will have two fusion

islands connected to one balance of plant, producing a total of 300MWe

(3) Duration of plant life is an estimate for planning purposes and may be extended. Note: General Fusion is pre-commercialization and technology, regulatory and commercialization strategy and assumptions are subject to change

BOB SMITH

Aerospace and defense

industry veteran; Former

Chairman and CEO of Blue

Origin with roles at Honeywell

Aerospace, NTESS & United

Space Alliance

BOB SMITH

Aerospace and defense

industry veteran; Former

Chairman and CEO of Blue

Origin with roles at Honeywell

Aerospace, NTESS & United

Space Alliance

NED SAUTHOFF,

PH.D.

Former Director, U.S. ITER

Project at Oak Ridge National

Laboratory; Ph.D. from

Princeton University,

Astrophysical Sciences

NED SAUTHOFF,

PH.D.

Former Director, U.S. ITER

Project at Oak Ridge National

Laboratory; Ph.D. from

Princeton University,

Astrophysical Sciences

TONY DONNE.

PH.D.

Former CEO, EUROfusion;

Ph.D. from Vrije Universiteit

Amsterdam, Experimental

Physics

TONY DONNE.

PH.D.

Former CEO, EUROfusion;

Ph.D. from Vrije Universiteit

Amsterdam, Experimental

Physics

KURT

SCHOENBERG,

PH.D.

Spokesperson for the High

Energy Density Physics

Collaboration (HED@FAIR);

Former Director, Los Alamos

Neutron Science Center

KURT

SCHOENBERG,

PH.D.

Spokesperson for the High

Energy Density Physics

Collaboration (HED@FAIR);

Former Director, Los Alamos

Neutron Science Center

MARTIN COX, M.A.

Former Director of the UKAEA;

Career spent at UKAEA

focused on fusion research

BACKED BY WORLD-CLASS ADVISORS & DIRECTORS

CURRENT BOARD OF

DIRECTORS

SCIENCE & TECHNOLOGY ADVISORY

COMMITTEE

ADVISOR

KLAAS DE BOER

Previous Managing

Partner of Entrepreneurs

Fund with many

successful exits

ZOLTAN TOMPA

Director, Cleantech

Practice at Business

Development Bank of

Canada

GREG TWINNEY

CEO of General

Fusion; Led multiple

businesses through

IPOs / M&As

WAL VAN LIEROP

Managing Partner &

Co-Founder of

Chrysalix Energy

Venture Capital

MARK LITTLE

Prior President &

CEO of Suncor

Energy

NORMAN

HARRISON

Prior CEO of the UK

Atomic Energy

Authority

ADAM

RODMAN

Founder and Chief

Investment Officer

of Segra Capital

Management

KELLY

EDMISON

Chairman of Pender;

30+ years of

leadership

experience

WENDY KEI

Chair of the Audit

Committee

Director of Ontario

Power Generation and

Centerra Gold

Chairman

Note: The board and advisors are subject to change post-business combination

$600 $2,340 $957 $2,276 $1,400 $148

$46,607

$15,801

$6,025 $8,616 $1,944

ROBUST PEER PERFORMANCE SINCE IPO / DE-SPAC

Key

Institutional

Shareholders

Source: FactSet data as of 1/16/2026. Equity value for peers calculated on a fully diluted shares outstanding basis

(1) Based on latest discussions

(2) Pro forma fully diluted equity value as reported

(3) Calculated based on fully diluted shares outstanding from NuScale's Q3 2025 10-Q and stock price as of 1/16/2026

Equity

Value ($M)(2)

Price ($)

1,551%

165% 1,213%

Jan-26(1) May-22 Jan-26 Jul-18 Jan-26 May-24 Jan-26 (3) May-24 Jan-26 May-24 Jan-26

1,892%

515%

$149.50 $94.95 $20.19 $35.67 $331.03

INVESTMENT HIGHLIGHTS & WHY GO PUBLIC NOW

Our fusion technology approach uniquely addresses barriers to commercialization:

Durable fusion machine

Abundant tritium fuel

Simple energy conversion

Economical fusion power

LM26 demonstration is designed to validate General Fusion’s lead position and leave

others behind on the timeline to commercialization with a 3-year path to

transformative technical milestones

Valuation priced at a meaningful discount to both public and private peers creates a

unique investment opportunity for new investors

We have built a world-class team of scientists, engineers and entrepreneurs that are

supported by global stakeholders and industry leaders which will allow us to build our

nuclear fusion plants

Fusion Can Help Meet Energy

Demand & Achieve a Net-zero

Transition

Streamlined & Supportive Path for

Fusion Energy Deployment

Driven by Significant Investor &

Government Support

Global Need for Baseload Power

Market Tailwinds

Tailwinds

APPENDIX

LEADING THE RACE WITH PRACTICAL, GAME-CHANGING

FUSION TECHNOLOGY

Source: Press search, General Fusion management judgement

(1) Wurzel, Samuel E., and Scott C. Hsu, Update: Progress toward fusion energy breakeven and gain as measured against the Lawson Criterion, May 2025

ENGINEERING

APPROACH

Fusion Company

Peer Reviewed

Fusion Results(1)

Fusion Company

Experience Building

Fusion Machines

Existing

Materials

Cost

Effectiveness

Fuel

Breeding

Energy

Conversion

Durable Fusion

Machine

Fusion Company

Subsegments

Magnetized Target

Fusion

- - - - 1 company 1 company Sheared-Flow-Stabilized Z-pinch

- - - - - Magneto-Inertial with Direct Drive

Magnetic Confinement - - 2 companies 2 companies

Inertial Confinement - -

Inertial Fusion - -

ACADEMIC

APPROACH

ADDITIONAL DISCLAIMERS FOR CANADIAN PURCHASERS

ONLY Rights of Action for Damages or Rescission Securities legislation in certain of the provinces of Canada may deem this Presentation to be an offering memorandum and accordingly provide purchasers with, in addition to any other rights they may have at law, statutory rights of rescission or damages, or both, in the event this Presentation or any amendment hereto contains a misrepresentation. A “misrepresentation” is an untrue statement of a material fact or an omission to state a material fact that is required to be stated or that is necessary to make any

statement not misleading or false in the light of the circumstances in which it was made. These rights and remedies must be exercised within prescribed time limits and are subject to the defenses contained in the applicable securities legislation.

Purchasers should refer to the applicable provisions of the securities legislation of their province for the particulars of these rights or consult with a Canadian legal adviser. The following summary is subject to the express provisions of the applicable Canadian

securities laws, regulations and rules, and reference is made thereto for the complete text of such provisions. Such provisions may contain limitations and statutory defenses not described herein on which SVAC, General Fusion, NewCo and other applicable

parties may rely.

The following is a summary of the statutory rights of rescission or damages, or both, available to purchasers resident in certain of the provinces of Canada.

Ontario Purchasers

Ontario securities laws provide purchasers who have been delivered an offering memorandum in connection with a distribution of securities in reliance upon the “accredited investor” prospectus exemption in Section 73.3 of the Securities Act (Ontario) or National

Instrument – Prospectus Exemptions (“NI 45-106”) with a statutory right of action against the issuer of the securities for damages or rescission in the event that the offering memorandum or any amendment to it contains a misrepresentation, without regard to

whether the purchaser relied on the misrepresentation. If the purchaser elects to exercise its right of rescission, the purchaser will cease to have a right of action for damages. No such action shall be commenced more than: (a) in the case of an action for

rescission, 180 days after the date of the transaction that gave rise to the cause of action; or (b) in the case of an action for damages, the earlier of (i) 180 days after the purchaser first had knowledge of the facts giving rise to the cause of action or (ii) three years

after the date of the transaction that gave rise to the cause of action.

Ontario securities laws provide a number of limitations and defenses to such actions, including the following: (a) the issuer is not liable if it proves that the purchaser purchased the securities with knowledge of the misrepresentation; (b) in an action for damages,

the issuer shall not be liable for all or any portion of the damages that the issuer proves does not represent the depreciation in value of the securities as a result of the misrepresentation relied upon; and (c) in no case shall the amount recoverable exceed the

price at which the securities were offered.

These rights are not available for a purchaser purchasing in reliance upon the “accredited investor” prospectus exemption in NI 45-106 that is: (a) a “Canadian financial institution” or “Schedule III bank” (each as defined in applicable securities laws); (b) the

Business Development Bank of Canada; or (c) a subsidiary of any person referred to in paragraphs (a) or (b), if the person owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by the directors of the subsidiary.

Language of Documents

Upon receipt of this document, the purchaser hereby confirms that he, she or it has expressly requested that all documents evidencing or relating in any way to the offer and/or sale of securities (including for greater certainty any purchase confirmation or any

notice) be drawn up in the English language only. Par la réception de ce document, vous confirmez par les présentes que vous avez expressément exigé que tous les documents faisant foi ou se rapportant de quelque manière que ce soit à l’offre ou à la vente des

valeurs mobilières décrites aux présentes (incluant, pour plus de certitude, toute confirmation d’achat ou tout avis) soient rédigés en anglais seulement.

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Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Exchange Act

-Number 240

-Section 12

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Name of the Exchange on which a security is registered.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Trading symbol of an instrument as listed on an exchange.

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No definition available.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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