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

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 

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.

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 37.20 pence on 1 May 2025. The exercise date for the fifth Subscription Right is expected to be 30 April 2026.