Geiger Counter Limited Plc 

Monthly Investor Report 25 September 2025

(All Factsheet data is at 31 August 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

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 Facts¹ 

Ordinary Share and NAV Performance² 

Commentary³ 

Anticipation of increasing interest in utility fuel buying ahead of the World Nuclear Association

conference, together with some supply side disruption, helped lift the U3O8 (uranium) spot price from $71/lb to $75/lb by the end of the month. This helped to buoy sentiment towards the sector. The latest report published by the US Nuclear Fuel Working Group also stoked bullish sentiment. The report highlighted the need for significant government financial support to help deliver the ambitious roll out of new generating capacity and build more secure domestic supply chains.

Against this positive backdrop the Fund NAV gained 14.2% in August, largely in-line with the

performance of the North Shore Global Uranium Miners Index of smaller uranium miners that

registered a sterling return of 13.9%. In comparison, the Solactive Uranium Miners Pure Play

Index returned 4.1% in sterling terms, illustrating an increase in volatility. This was in part due to its more recent inclusion of stocks developing new small modular reactor (SMR) technologies, primarily Oklo and NuScale, whose share prices declined 4% and 31% respectively over the month. These positions collectively represent over 15% of the Index as at month-end.

Cameco lowered production guidance from its McArthur River mine due to slower development into new ore zones, where the longer-than-anticipated time to freeze planned underground mine areas delayed access. As a result, this year's production guidance from the operation was lowered from 18Mlbs to 14-15Mlbs (100% basis). Cameco will consequently have to rely on reducing inventory and/or acquiring material in the spot market which acted as a relative drag to the share price. While Kazatomprom outlined reductions to production allowable under its subsoil use agreements, which were officially reduced by 10% from 85Mlbs in 2026, the group had previously flagged the adjustment earlier in the year and consensus 2026 production forecasts remain largely unchanged. Output is expected to remain similar this year, at between 65-67.5Mlbs (100% basis).

Nexgen's share price maintained its recent upward momentum gaining 16% over the month. Other notable contributions were made by Ur-Energy, Paladin and Energy Fuels whose respective share prices rose approximately 15%, 16% and 28% in August. In contrast, Cameco's momentum stalled following its production guidance downgrade, with the shares rising only 3%.

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 | [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. ⁴ BMO, UxC, Company data September 2023. ⁵ www.eia.gov. ⁶CQS, 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. ⁷CQS, 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.