Geiger Counter Limited - Update from QuotedData

5^th September 2024

Dawn of a new era for uranium

The supply-demand dynamics that exist in the uranium sector, in which Geiger Counter (GCL) invests, are as strong today as they have ever been. Having been made a keystone of global efforts to decarbonise the global electricity supply, nuclear energy is now benefitting from favourable government policy and vast investment.

To meet an international agreement to triple nuclear capacity by 2050, which was reached at COP28, trillions in investment is needed in infrastructure spend, while demand for uranium to meet the growth in capacity is set to soar.

Supply-side constraints, including a downgrade in production guidance from the world's largest uranium producer and a pact by many established western nuclear markets to wean themselves off dependence on Russian enrichment (the process that is necessary to create an effective nuclear fuel out of mined uranium), means that further appreciation in the uranium spot price should follow. Sitting on a 13.5% discount to net asset value (NAV), GCL's current share price offers an attractive entry point.

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