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

Geiger CounterAnnouncement

20/02/2026 10:45

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RNS Number : 8618T  Geiger Counter Ltd  20 February 2026

 

 

Geiger Counter Limited Plc

 

Monthly Investor Report 20 February 2026

(All Factsheet data is at 31 January 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               £117.7m
 Reference Currency               GBP
 Ordinary Shares:                 104,836,041
   Net Asset Value                98.33p
   Mid-Market Price               81.00p
 Net gearing(4)                   14.10%
 Discount                         (17.62%)

 

 

Ordinary Share and NAV Performance(2)

 

                One Month    Three Months    One Year    Three Years    Five Years
                (%)          (%)             (%)         (%)            (%)
 NAV            42.76        19.52           82.53       85.77          303.99
 Share Price    39.66        31.71           57.89       73.26          215.18

 

 

Commentary(3)

 

 

The uranium mining sector began the year with strong momentum, reinforced by a
22% rise in the U₃O₈ spot price, which closed the month at $99/lb. Broader
commodity markets also strengthened, supported by expectations of continued
softness in the US dollar. A key catalyst for uranium was the Sprott Physical
Uranium Trust's late‑month purchase of 0.5Mlb and its activation of the
final US$1bn tranche of its US$2bn funding facility, enabling further equity
issuance to expand its already sizeable 75Mlb inventory. Sprott Physical
Uranium Trust's units briefly traded at nearly a 10% premium to NAV before
closing January at a 5% discount.

 

Sentiment was further supported early in the month by Meta's announcement of
agreements with several US groups to secure up to 6.6 GW of nuclear generating
capacity, drawn from both existing assets and planned new reactors, by 2035.
This coincided with US government awards totalling US$2.7bn aimed at
accelerating the development of domestic enrichment capacity.

 

At the World Economic Forum in Davos, the US administration reiterated its
commitment to incorporating nuclear generation into the national energy mix.
In parallel, geopolitical developments, including US actions in Venezuela,
renewed commentary on Greenland, and potential intervention in Iran, increased
investor interest across the broader energy complex, including critical
minerals such as uranium.

 

Against this supportive backdrop, the Company's NAV rose 42.8% in January.
This compares with sterling‑based gains of 30.4% for the Solactive Uranium
Pure Play Index and 32.9% for the Sprott Uranium Miners ETF. NexGen was the
strongest contributor, with its shares advancing more than 35% following
encouraging exploration results from a target adjacent to the Arrow project;
the Fund trimmed its position late in the month after the significant rally.
Paladin also performed strongly, gaining 44% on the back of a positive
operational update.

 

                       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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