Geiger Counter Limited Plc 

Monthly Investor Report 22 January 2026

(All Factsheet data is at 31 December 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 

Summit Fund Services Jersey Limited

Natalie Weeks/Katie De La Cour

01534 825341/01534 825200 

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Fund Description 

The objective of Geiger Counter Limited (the "Company") 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 spot U₃O₈ price rose 7.7% to end the month at $81.75/lb, recovering the prior month's decline and closing the year with a rise of 14% rise as utility contracting picked up. Fund NAV rose 4.1% in December, which compared favourably to the 0.5% sterling return achieved by the Sprott Uranium Miners Pure Play Index over the month. It also compared well with a sterling decline of 2% registered by the Solactive Uranium Pure Play Index in December, where significant exposure to equities such as reactor developer Oklo, whose 21.5% share price declined over the month, acted as a drag.

Physical purchases totalling 750k lbs by the Sprott Physical Uranium Trust, which ended the year with holdings of 74.9Mlbs, helped revitalise uranium price momentum.

Regional news continued to highlight longer-term government-led support for the nuclear power sector. The US announced a $2.7bn funding package to improve its domestic enrichment capacity. Additionally, the Department of Energy provided a $400m grant to the Tennessee Valley Authority to fund the deployment of SMRs in the region by the early 2030's. In Europe, EDF provided a preliminary cost estimate for the construction of six new reactors at three existing facilities, totalling €72.8bn ($85.3bn), representing a significantly more competitive construction cost of approximately €7.3bn/GW when compared to the latest cost estimate of approximately €16bn/GW for final delivery of the Hinkley Point project which will have 3.2GW generating capacity. Meanwhile, Taiwan also flagged the possibility of restarting two mothballed reactors.

On the company front, following the two-part court hearings which took place as scheduled during December, Denison Mines indicated it is ready to commence construction at its 95%-owned Phoenix project pending the final regulatory decision, which is expected in Q1 2026. The company also provided an update on expected development capex, which increased around 40% to C$600m to take into account project refinements such as larger diameter well bore holes for the in-situ mining process, which added an estimated C$100m to costs, with an additional C$80m increase resulting from more general cost inflation. This updated sum comes in addition to around C$100m of preparatory works, of which around half has been spent to date. Following the sharp prior-month retracement from recent highs, the shares stabilised in December. Nexgen will be the next company to go through the hearing process in the coming February.

With an 18% share price rise over the month, Paladin made a notable positive contribution to returns, as production from the Langer Heinrich mine indicated improved recovery rates. Ur-Energy also made a useful contribution after a convertible bond issue, which will provide more funding for the restart of its Wyoming projects.

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: ¹Summit Fund Services Jersey Limited, as at the last business day of the month indicated at the top of this report. ²Summit 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. ³Market data sourced from Bloomberg unless otherwise stated. The Company 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.