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

Geiger CounterAnnouncement

23/04/2026 10:15

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RNS Number : 6763B  Geiger Counter Ltd  23 April 2026

 

 

Geiger Counter Limited Plc

 

Monthly Investor Report 23 April 2026

(All Factsheet data is at 31 March 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               £103.5m
 Reference Currency               GBP
 Ordinary Shares:                 104,836,041
   Net Asset Value                87.61p
   Mid-Market Price               66.50p
 Net gearing(4)                   12.70%
 Discount                         (16.05%)

 

 

Ordinary Share and NAV Performance(2)

 

                One Month    Three Months    One Year    Three Years    Five Years
                (%)          (%)             (%)         (%)            (%)
 NAV            (10.24)      27.19           155.50      109.79         154.09
 Share Price    (15.29)      14.66           97.33       79.73          75.00

 

 

Commentary(3)

 

Increased volatility in energy markets during March, following the effective
closure of the Strait of Hormuz, through which approximately 20-25% of
globally traded crude oil and liquefied natural gas transits, has reinforced
the importance of energy security and highlighted the attributes of stable,
baseload nuclear electricity generation.

 

European and Asian LNG benchmark prices rose by nearly 60% and 90%,
respectively, over the month. The prospect of a more persistent risk premium
being reflected in gas prices, a core input to electricity generation in many
Western economies, continues to add impetus to political support for nuclear
power, both through life extensions and reactor restarts, as well as
longer‑term new capacity deployment. Against this backdrop, the TradeTech
long‑term uranium price indicator rose by $3/lb to $93/lb at the end of
March.

 

Despite the supportive influence of rising fossil fuel prices, the spot
U₃O₈ price continued to cool following its late‑January spike above
$101/lb, declining by 2.7% during March to finish the month at $84/lb. Uranium
mining equities took their cue from the spot market, extending their pullback
from January highs. As a result, the Fund's NAV declined by 10.2% during the
month, broadly in line with sterling declines of 10.6% and 8.7% in the Sprott
Uranium Miners ETF and the Solactive Global Uranium Pure Play Index,
respectively.

 

During the month, the second major Nuclear Energy Summit was held in Paris, at
which China formally joined the declaration to triple global nuclear capacity
by 2050. Elsewhere, privately held small modular reactor developer Holtec
announced progress on plans to construct two SMRs using its SMR‑300 design
alongside the Palisades restart project in the United States. The design also
achieved a key regulatory milestone in the UK, supporting a pathway toward
potential deployment across Europe and Asia. Meanwhile, Poland submitted an
application for a construction licence for its first nuclear reactor, based on
the Westinghouse AP1000 design.

 

Paladin was the largest detractor from performance, with the share price
declining by 19% in sterling terms during the month, following particularly
strong prior performance. The Company reduced its holding in NexGen Energy
after the share price continued to rise following receipt of its final
construction permit for the globally significant Rook I project.

 

                       Gross Leverage(2)  Commitment Leverage(3)

                       (%)                (%)
 Geiger Counter Ltd    113                113

 

 

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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