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

Geiger CounterAnnouncement

23/12/2025 10:30

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RNS Number : 6822M  Geiger Counter Ltd  23 December 2025

 

 

Geiger Counter Limited Plc

 

Monthly Investor Report December 2025

(All Factsheet data is at 30 November 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

Natalie Weeks/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               £85.6m
 Reference Currency               GBP
 Ordinary Shares:                 106,618,612
   Net Asset Value                66.17p
   Mid-Market Price               55.00p
 Net gearing(4)                   21.33%
 Discount                         (16.88%)

 

 

Ordinary Share and NAV Performance(2)

 

                One Month    Three Months    One Year    Three Years    Five Years
                (%)          (%)             (%)         (%)            (%)
 NAV            (19.57)      9.72            4.06        29.97          299.82
 Share Price    (10.57)      10.89           1.85        15.06          214.29

 

 

Commentary(3)

 

The U3O8 prices declined nearly 8% in November, ending the month at
$75.875/lb. An easing in concerns over access to critical minerals in Western
economies, including the US and Europe, was a primary factor that weighed on
spot prices. This followed a mid-month agreement by China to defer the ban on
its exports of rare earth metals by one year to the end of 2026. The sentiment
weighed heavily on the spot uranium price and related uranium mining equities,
with the Fund NAV declining nearly 20% during November. This was similar to
declines registered by the Solactive Uranium Pure Play Index and Sprott
Uranium Pure Play ETF recorded in sterling terms.

 

There was little effect from the production guidance of the primary listed
producers, Cameco and Kazatomprom. Following its production downgrade in late
summer at McArthur River, due to technical difficulties encountered during the
transition to new mining zones, Cameco reported weaker-than-expected Q3
profits. However, the group's overall uranium production of 4.4Mlb represented
a marginally better-than-expected run rate for the quarter. Stronger output
from Cigar Lake helped offset declines in output at McArthur. Elsewhere,
state-owned Kazatomprom, the largest global producer of uranium, reported
attributable uranium production of 8.8Mlb U3O8, as expected and flat on Q2.
U3O8 sales volumes were higher than forecast, seemingly due to the timing of
sales being recorded, and its full-year production guidance was unchanged.

 

Following Executive Order "Unleashing American Energy" issued by the Trump
Administration in January, uranium was officially reinstated to the US list of
critical minerals, having been removed in 2022, in recognition of the
strategic importance of nuclear fuel to the nation's electricity supply. One
benefit derived from its renewed designation is an ability to prioritize
uranium development projects for federal permitting, as well as accelerating
reviews by relevant regulatory authorities such as the EPA and Bureau of Land
Management. Such developments help support the outlook for expansion of the
Fund's US-based holdings. Reducing development timelines could significantly
improve project values. Following publication of the Executive Order earlier
in the year, the move had little impact on US-based uranium miners in
November. The equities of most US-based companies fell in line with the wider
sector. Ur-Energy lagged slightly more, with a slower ramp-up of its Shirley
Basin ISR project weighing on group financials, which included the purchase of
100klbs of U3O8.

 

Elsewhere, Sweden's government ratified a significant policy shift, passing
legislative changes to lift the country's uranium mining ban (in place since
2018) from 1 January 2026.

 

 

                       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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