REG - Geiger Counter Ltd Geiger Counter - GCS - Monthly Factsheet- February 2026

Geiger CounterAnnouncement

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RNS Number : 1038Y  Geiger Counter Ltd  25 March 2026

 

 

Geiger Counter Limited Plc

 

Monthly Investor Report 25 March 2026

(All Factsheet data is at 28 February 2026)

 

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

Chris Foulds/Katie De La Cour

01534 825341/01534 825200

 

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Fund Description

 

The objective of Geiger Counter Limited 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               £117.8m
 Reference Currency               GBP
 Ordinary Shares:                 104,836,041
   Net Asset Value                97.60p
   Mid-Market Price               78.50p
 Net gearing(4)                   15.10%
 Discount                         (19.57%)

 

 

Ordinary Share and NAV Performance(2)

 

                One Month    Three Months    One Year    Three Years    Five Years
                (%)          (%)             (%)         (%)            (%)
 NAV            (0.74)       47.50           132.05      103.50         204.81
 Share Price    (3.09)       42.73           98.23       82.56          136.45

 

 

Commentary(3)

 

Following the exceptionally strong price move in January, the U₃O₈ spot
price retraced 13% to finish the month at $85.65/lb, though it remained higher
year-to-date. Despite the pullback, uranium-focused equities were generally
resilient.

 

Supported by a modest softening in sterling, the Company's NAV also proved
robust, ending the month over 3% higher, outperforming the 1% sterling return
from the Sprott Pure Play Uranium Miners ETF and the 2% sterling decline
recorded by the Solactive Pure Play Uranium Index.

 

Production guidance from the two largest global producers, Kazatomprom and
Cameco, was broadly in line with expectations. Kazatomprom reiterated its
intention to produce 71.5-75.5Mlbs on a 100% basis, conditional on no further
disruption to acid supplies. Despite a 9% year-on-year recovery in production,
the group maintained its view that the market will remain in deficit due to a
lack of new mine development, reinforcing a constructive outlook for
producers. Cameco, alongside its full-year results, guided to stable 2026
production of 17.5-18Mlbs at Cigar Lake and 14-16.5Mlbs (100% basis) from
McArthur River/Key Lake. Including its expected 4Mlbs share from the Inkai JV,
attributable production is anticipated to total around 25Mlbs, against
committed sales of 29-32Mlbs. Having already agreed to purchase an additional
4Mlbs of Inkai output, broadly equivalent to the remainder of the project's
2026 production, the company may need to secure a further 3Mlbs from the
market to meet contract commitments. Contracting activity remained a feature
of the month, with Cameco announcing a nine-year, 22Mlb long-term supply
agreement with India.

 

Sector news was highlighted by a decision from the Canadian Nuclear Safety
Commission granting Denison Mines a key licence to proceed with the Phoenix in
situ recovery project, Canada's first uranium mine to adopt this method. The
announcement supported the shares, which rose nearly 10% in February. Paladin
Energy also advanced, up 6%, after receiving government approval in
Saskatchewan for the Environmental Impact Statement for its Patterson Lake
South project, adjacent to Nexgen's Rook I asset. Nexgen then latterly
received their final permit on the 6th of March, post the official factsheet
commentary date, which will allow them to continue to derisk the project
through further construction but we anticipate strategic partner offtake
agreements may be the next catalysts for the name. Both developments bode well
for Nexgen, which began final federal hearings for its core project; the
shares rose nearly 5% over the month.

 

International developments were supportive, though mostly anticipated. In
Japan, TEPCO confirmed the restart of a reactor at its Kashiwazaki Kariwa
facility, with commercial operations scheduled to take place in the coming
months. In the US, regulatory reorganisation progressed to streamline
licensing for new nuclear deployment. The US government also launched Project
Vault, a US$12bn strategic minerals programme backed by a US$10bn Export
Import Bank loan facility, which provided a lift to US developers such as
Energy Fuels and IsoEnergy, whose shares posted modest monthly gains.
Meanwhile, in Europe, France reaffirmed its intention to construct six new
reactors and extend the operating life of its existing fleet as part of its
latest long-term energy review.

 

 

                       Gross Leverage(2)  Commitment Leverage(3)

                       (%)                (%)
 Geiger Counter Ltd    115                115

 

 

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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