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

Geiger CounterAnnouncement

22/08/2025 11:30

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RNS Number : 4624W  Geiger Counter Ltd  22 August 2025

 

 

Geiger Counter Limited Plc

 

Monthly Investor Report 22 August 2025

(All Factsheet data is at 31 July 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

R&H Fund Services (Jersey) Limited

Jane De Barros/Katie De La Cour

01534 825259/01534 825337

 

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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                   £74.6m
 Reference Currency                   GBP
 Ordinary Shares:
   Net Asset Value                    52.79p
   Mid-Market Price                   47.30p
 Net gearing(4)                       22.36%
 Discount                             (10.40%)

 

 

Ordinary Share and NAV Performance(2)

 

                One Month    Three Months    One Year    Three Years    Five Years
                (%)          (%)             (%)         (%)            (%)
 NAV            4.93         43.61           (9.11)      6.86           206.03
 Share Price    7.99         39.94           4.07        12.62          164.25

 

 

Commentary(3)

 

This month, the Company's NAV gained 4.9%, notwithstanding a near 4%
strengthening of

sterling against the dollar, and despite the spot uranium price retreating 9%
to $71.1/lb over the month. The stronger contributions were made by US located
assets including Ur-Energy, UEC, and Energy Fuels, whose share prices rose
15%, 28% and 59% respectively. A seeming driver to the performance of these
equities was the agreement with rare earth producer, MP Minerals, to access US
funding in the form of debt and equity from the Department of Defence.
Canadian developer Denison also made a useful positive contribution with a
share price rise of 14%. This came after the company announced additional
mineral resources at its Gryphon project, the group's second potential
development after its Wheeler River production, and also commenced small-scale
extraction in a joint venture project with Orano, in which it has a minority
share. Paladin acted as a drag with the shares falling nearly 23% following a
lowering of 2026 production guidance.

 

Geiger Counter's performance of 4.9% compared to sterling returns of 6.9% and
-2.2% for the

Uranium Pure Play Index and Sprott Uranium Miners equity ETF, respectively.
The differential in performance between Pure Play Index and the Sprott Trust
had much to do with the contributions from the extremely volatile modular
reactor equities, Oklo and NuScale. There share prices rose 27% and 37%
respectively following the MP Minerals funding deal. Both modular reactor
companies that are competing for government funding for their respective
designs are not included in the Sprott ETF.

 

Elsewhere, Japanese utility Kansai Electric Power Company announced intentions
to assess

construction of a new nuclear power plant in Fukui, Mihama, following the
return to service of the remaining operating reactor at the site.

 

 

 

 

                       Gross Leverage(2)  Commitment Leverage(3)

                       (%)                (%)
 Geiger Counter Ltd    123                123

 

 

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)R&H Fund Services (Jersey) Limited, as at the last business
day of the month indicated at the top of this report. (2)R&H Fund Services
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
Fund 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 32.70 pence
on 1 May 2025. The exercise date for the fifth Subscription Right is expected
to be 30 April 2026.

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