REG - Geiger Counter Ltd Geiger Counter - GCS - Monthly Factsheet- December 2025

Geiger CounterAnnouncement

22/01/2026 11:00

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RNS Number : 9749P  Geiger Counter Ltd  22 January 2026

 

 

Geiger Counter Limited Plc

 

Monthly Investor Report 22 January 2026

(All Factsheet data is at 31 December 2025)

 

The full monthly factsheet is now available on the Company's website and a
summary can be found below.

 

NCIM - Geiger Counter Ltd - Fund Page for Geiger Counter Ltd
(https://ncim.co.uk/geiger-counter-ltd/)

 

 

Enquiries:

 

For the Investment Manager

Craig Cleland

Manulife CQS Investment Management

0207 201 5368

 

For the Company Secretary and Administrator

Summit Fund Services Jersey Limited

Natalie Weeks/Katie De La Cour

01534 825341/01534 825200

 

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Fund Description

 

The objective of Geiger Counter Limited (the "Company") is to provide
investors with the potential for capital growth through investment primarily
in the securities of companies involved in the exploration, development and
production of energy, predominantly within the uranium industry. Up to 30% of
the value of the Company's investment portfolio may be invested in other
resource-related companies from outside the energy sector.

 

Portfolio Managers

 

Keith Watson and Robert Crayfourd

 

 

Key Advantages for the Investor

 

·      Access to mining assets in the uranium sector

·      May benefit from embedded subscription share

·      Low correlation to major asset classes

 

 

 

Key Fund Facts(1)

 

 

 Total Gross Assets               £87.8m
 Reference Currency               GBP
 Ordinary Shares:                 104,836,041
   Net Asset Value                68.88p
   Mid-Market Price               58.00p
 Net gearing(4)                   21.37%
 Discount                         (10.34%)

 

 

Ordinary Share and NAV Performance(2)

 

                One Month  Three Months  One Year  Three Years  Five Years
                (%)        (%)           (%)       (%)          (%)
 NAV            4.10       (4.93)        31.65     47.91        176.29
 Share Price    5.45       (2.03)        28.18     35.67        114.81

 

 

Commentary(3)

 

The spot U(3)O(8) price rose 7.7% to end the month at $81.75/lb, recovering
the prior month's decline and closing the year with a rise of 14% rise as
utility contracting picked up. Fund NAV rose 4.1% in December, which compared
favourably to the 0.5% sterling return achieved by the Sprott Uranium Miners
Pure Play Index over the month. It also compared well with a sterling decline
of 2% registered by the Solactive Uranium Pure Play Index in December, where
significant exposure to equities such as reactor developer Oklo, whose 21.5%
share price declined over the month, acted as a drag.

 

Physical purchases totalling 750k lbs by the Sprott Physical Uranium Trust,
which ended the year with holdings of 74.9Mlbs, helped revitalise uranium
price momentum.

 

Regional news continued to highlight longer-term government-led support for
the nuclear power sector. The US announced a $2.7bn funding package to improve
its domestic enrichment capacity. Additionally, the Department of Energy
provided a $400m grant to the Tennessee Valley Authority to fund the
deployment of SMRs in the region by the early 2030's. In Europe, EDF provided
a preliminary cost estimate for the construction of six new reactors at three
existing facilities, totalling €72.8bn ($85.3bn), representing a
significantly more competitive construction cost of approximately €7.3bn/GW
when compared to the latest cost estimate of approximately €16bn/GW for
final delivery of the Hinkley Point project which will have 3.2GW generating
capacity. Meanwhile, Taiwan also flagged the possibility of restarting two
mothballed reactors.

 

On the company front, following the two-part court hearings which took place
as scheduled during December, Denison Mines indicated it is ready to commence
construction at its 95%-owned Phoenix project pending the final regulatory
decision, which is expected in Q1 2026. The company also provided an update on
expected development capex, which increased around 40% to C$600m to take into
account project refinements such as larger diameter well bore holes for the
in-situ mining process, which added an estimated C$100m to costs, with an
additional C$80m increase resulting from more general cost inflation. This
updated sum comes in addition to around C$100m of preparatory works, of which
around half has been spent to date. Following the sharp prior-month
retracement from recent highs, the shares stabilised in December. Nexgen will
be the next company to go through the hearing process in the coming February.

 

With an 18% share price rise over the month, Paladin made a notable positive
contribution to returns, as production from the Langer Heinrich mine indicated
improved recovery rates. Ur-Energy also made a useful contribution after a
convertible bond issue, which will provide more funding for the restart of its
Wyoming projects.

 

 

                       Gross Leverage(2)  Commitment Leverage(3)

                       (%)                (%)
 Geiger Counter Ltd    122                122

 

 

CQS (UK) LLP

4th Floor, One Strand, London WC2N 5HR, United Kingdom

T: +44 (0) 20 7201 6900 | F: +44 (0) 20 7201 1200

 

CQS (US), LLC

152 West 57th Street, 40th Floor, New York, NY 10019, US

T: +1 212 259 2900 | F: +1 212 259 2699

 

Tavistock Communications

18 St. Swithin's Lane, London EC4N 8AD

T: +44 20 7920 3150 | geigercounter@tavistock.co.uk

 

Sources: (1)Summit Fund Services Jersey Limited, as at the last business day
of the month indicated at the top of this report. (2)Summit Fund Services
Jersey Limited/DataStream, as at the last business day of the month indicated
at the top of this report, total return performance net of fees and expenses
based on bid prices. These include historic returns and past performance is
not a reliable indicator of future results. The value of investments can go
down as well as up. Please read the important legal notice at the end of this
document. (3)Market data sourced from Bloomberg unless otherwise stated. The
Company may since have exited some or all of the positions detailed in the
commentary. (4) BMO, UxC, Company data September 2023. (5) www.eia.gov
(http://www.eia.gov) . (6)CQS, as at the last business day of the month
indicated at the top of this report. For methodology details see Article 4(3)
of Directive 2011/61/EU (AIFMD) and Articles 6, 7, 9 and 10 of Delegated
Regulation 231/2013. (7)CQS, as at the last business day of the month
indicated at the top of this report. For methodology details see Article 4(3)
of Directive 2011/61/EU (AIFMD) and Articles 6, 8, 9, 10 and 11 of Delegated
Regulation 3231/2013.

 

The Company has announced the fifth Subscription Rights Price of 37.20 pence
on 1 May 2025. The exercise date for the fifth Subscription Right is expected
to be 30 April 2026.

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