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

Geiger CounterAnnouncement

22/10/2025 17:15

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RNS Number : 4526E  Geiger Counter Ltd  22 October 2025

 

 

Geiger Counter Limited Plc

 

Monthly Investor Report 22 October 2025

(All Factsheet data is at 31 September 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

Summit Fund Services Jersey Limited

Christopher Foulds/Katie De La Cour

01534 825219/01534 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                   £92.7m
 Reference Currency                   GBP
 Ordinary Shares:
   Net Asset Value                    72.45p
   Mid-Market Price                   59.20p
 Net gearing(4)                       13.27%
 Discount                             (18.29%)

 

 

Ordinary Share and NAV Performance(2)

 

                One Month    Three Months    One Year    Three Years    Five Years
                (%)          (%)             (%)         (%)            (%)
 NAV            20.13        44.01           32.89       49.57          332.02
 Share Price    19.35        35.16           33.79       28.70          208.33

 

 

Commentary(3)

 

The fund NAV gained 20.1% over the month.

 

The World Nuclear Association (WNA) conference in London took place in
September, with the bulk of the worlds uranium producers and utilities
requiring supply. This saw a broad positive outlook for the sectors outlook
against the backdrop of increased demand for Nuclear to supply power to data
centres for AI. We note the fundamentals pointed to tight markets before the
incremental addition of demand from big tech. Microsoft were a notable
attendee, highlighting the importance of Nuclear in future power demand needs.
The latest bi-annual supply/demand report from the WNA highlighted that demand
is expected to jump by 28% in the next five years and double by 2040, with
current and projected uranium mined supply insufficient to meet that demand.
We note this data was produced as at 30th of June and does not include
production downgrades from Cameco, Kazatomprom and Paladin, nor does it
include incremental positive views on SMR's for data centres post that period.

 

Whilst spot price gets all the attention the majority of U3O8 is sold via term
contracts. The Term price lifted to $83/lb this month having stayed around
$79/lb for the prior year. Q4 is seasonally a stronger period for utility
contracting and with a mixture of life extensions and advancing plans for
SMR's there looks an increasing incentive for stronger contracting given low
utility inventories in the west, with just 14 months in the US.

 

The Sprott Physical Uranium Trust (SPUT) returned to a premium, allowing it to
issue equity and return to buying physical Uranium. This has been a material
driver of tightening supply/demand fundamentals.

 

Nexgen will have its first hearing re its federal permit on the 19th of
November, with the second

hearing scheduled for February 9th to 13th 2026. They have already received
their provincial

permit.

 

 

                       Gross Leverage(2)  Commitment Leverage(3)

                       (%)                (%)
 Geiger Counter Ltd    114                114

 

 

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
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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