Geiger Counter Limited Plc 

Monthly Investor Report - November 

The full monthly factsheet is now available on the Company's website and a summary can be found below. 

Document Title (ncim.co.uk)

Enquiries: 

For the Investment Manager 

CQS (UK) LLP 

Craig Cleland 

0207 201 5368 

For the Company Secretary and Administrator 

BNP Paribas S.A., Jersey Branch 

Dean Plowman/Ann-Marie Pereira 

01534 813 967/ 01534 709198 

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Fund Description 

The objective of the Geiger Counter Fund 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 Facts¹ 

Ordinary Share and NAV Performance² 

Commentary³ 

Underpinned by continued utility buying activity, U3O8 ended the month at $80.75/lb, up 8.3% and maintaining recent positive momentum. Latest data from industry consultant UxC showed that utility contracting had reached 200Mlbs in the year to mid-November, the first time in a decade that purchasing had exceeded annual requirements of approximately 170Mlbs. Within this, longer-term contracting also reached a decade high of over 150Mlbs - indicative of the necessity to secure future needs given heightened supply-side risks. Such concerns are highlighted by Niger's coup, the ongoing political tensions between Russia and established Western nuclear markets, as well as the temporary production issues experienced at Cameco operations.

Despite the pound gaining nearly 4% against the dollar, the Fund NAV rose over 2% in

November, marginally ahead of sterling returns registered by the Solactive Uranium Pure Play Index.

Policy support remained very much in the news with the proposals of 22 countries attending the COP28 climate conference to triple installed nuclear capacity by 2050.

Prior to the 1st December gathering, the Swedish nuclear utility Vattenfall submitted  detailed plans to enable the construction of additional new reactors at the existing Ringhals facility, while the government launched a review of nuclear power permitting procedures. This was aimed at easing the process for new builds beyond the current arbitrary limitation of 10 in-country reactors. Beyond the delivery of these two new reactors by 2035, the construction of a further ten new large-scale reactors is being considered for commissioning by 2045.

The way is being paved for the construction of new generating capacity in the US. The state of Illinois, having already passed legislation allowing construction of Small Modular Reactors (SMRs) of up to 300MW from 2026, is expected to lift the moratorium on new large-scale reactor builds. Meanwhile, in Japan, authorities approved a 20-year life extension for the two operational reactors at Sendai.

Elsewhere, Honeywell indicated that its US-based Metropolis conversion facility would reach its expanded output target by the year-end and that its UF6 output was sold out until 2029. While some modest incremental expansion is possible, more meaningful expansion to double current run-rate capacity to licensed operational levels would require government support.

Nexgen remained a significant performance contributor with the share price rising over 4% in

sterling terms over the month following the receipt of its provincial environmental permits (the first company in more than 20 years to receive full provincial approval for a uranium project in Saskatchewan, Canada). Having all its First Nations benefits agreements in place, the group has submitted relevant information for the final Federal permit. Neighbouring Fission Energy also made a positive contribution registering a 6% sterling rise in share price. A 9% sterling return registered by Denison, following a positive update on its Wheeler Rivers assets, also helped performance. The main detractor was Ur-Energy which declined nearly 5% in sterling terms giving back some of the strong prior month's 14% sterling gain.

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

CQS (Hong Kong) Limited

3305 AIA Tower, 183 Electric Road, North Point, Hong Kong, China

T: +852 3920 8600 | F: +852 2521 3189

Tavistock Communications

18 St. Swithin's Lane, London EC4N 8AD

T: +44 20 7920 3150 | [email protected]

Sources: 1R&H Fund Services (Jersey) Limited, as at the last business day of the month indicated at the top of this report. 2R&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. 3Market data sourced from Bloomberg unless otherwise stated. The Fund may since have exited some or all of the positions detailed in the commentary.