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

Geiger CounterAnnouncement

26/11/2025 11:15

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RNS Number : 1085J  Geiger Counter Ltd  26 November 2025

 

 

Geiger Counter Limited Plc

 

Monthly Investor Report 26 November 2025

(All Factsheet data is at 31 October 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                   £103.5m
 Reference Currency                   GBP
 Ordinary Shares:
   Net Asset Value                    82.27p
   Mid-Market Price                   61.50p
 Net gearing(4)                       14.30%
 Discount                             (25.25%)

 

 

Ordinary Share and NAV Performance(2)

 

                One Month    Three Months    One Year    Three Years    Five Years
                (%)          (%)             (%)         (%)            (%)
 NAV            13.55        55.84           38.29       57.94          429.75
 Share Price    3.89         30.02           33.70       18.27          275.00

 

 

Commentary(3)

 

 

The Fund's NAV rose 13.6% in October, broadly in line with the Solactive
Uranium Pure Play Index and ahead of the Sprott Uranium Mining ETF, which
limits investments to equities allocating at least 50% of assets toward
uranium mining, that returned 7% in sterling terms over the month. The ETF
limits investments to equities allocating at least 50% of assets toward
uranium resource exploration or development.

 

 The U₃O₈ spot price recovered from a mid-month dip to close October at
$82.13/lb, up 0.5%. The most significant development was the US announcement
of $80bn in funding for nuclear reactor construction. Under an agreement with
Westinghouse (owned by Brookfield and Cameco), the US government will arrange
financing and secure permits for AP-1000 reactor development in exchange for a
20% share of future profits and a potential future listing of Westinghouse.
Additionally, Japan agreed to participate in funding as part of its trade
agreement with the US, signalling a possible commitment of $330bn to support
US infrastructure development.

 

Sector sentiment was further boosted by the Sprott Physical Uranium Trust,
which acquired approximately 1.2 Mlbs of uranium following its recent equity
issuance. This helped lift prices from a mid-month low of $76/lb, driving
strong equity performance.

 

Looking ahead, uranium mining is emerging as the key bottleneck in the
reinvestment cycle. While funding has focused on reactors, enrichment, and
conversion capacity, little has been directed toward mining-the least flexible
part of the fuel cycle. Greenfield projects face lengthy timelines for
discovery, drilling, permitting, and construction, often exceeding a decade.
Expanding conversion and enrichment capacity without addressing raw U₃O₈
supply risks creating even tighter markets.

 

 

 Nexgen was a key contributor to Fund performance, with its share price
rising nearly 12% in sterling terms ahead of the first-stage permit hearing
scheduled for mid-November, followed by a second phase in February. Additional
strong gains came from Energy Fuels and Paladin, which advanced 37% and 17%,
respectively, in sterling terms.

 

 

                       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)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 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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