SVIII amends merger agreement with General Fusion; redemption timing changed, equity plan set at 15%

Spring Valley Acquisition Corp. III

• SPAC redemption will occur immediately prior to SPAC continuation into British Columbia, rather than at closing.
• Total SPAC common shares initially reserved under SPAC Equity Incentive Plan set at 15% of shares outstanding post-closing.
• Updated SPAC Closing Articles and Plan of Arrangement attached as new exhibits to the Amended Agreement.
• PIPE Financing and other transaction steps reordered; SPAC Continuation to occur after redemption but one business day before closing.
• Amendment effective upon execution; closing conditions now include occurrence of SPAC Redemption.