Geiger Counter Limited Plc 

Monthly Investor Report 20 February 2026

(All Factsheet data is at 31 January 2026)

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

Chris Foulds/Katie De La Cour

01534 825341/01534 825200 

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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 uranium mining sector began the year with strong momentum, reinforced by a 22% rise in the U₃O₈ spot price, which closed the month at $99/lb. Broader commodity markets also strengthened, supported by expectations of continued softness in the US dollar. A key catalyst for uranium was the Sprott Physical Uranium Trust's late‑month purchase of 0.5Mlb and its activation of the final US$1bn tranche of its US$2bn funding facility, enabling further equity issuance to expand its already sizeable 75Mlb inventory. Sprott Physical Uranium Trust's units briefly traded at nearly a 10% premium to NAV before closing January at a 5% discount.

Sentiment was further supported early in the month by Meta's announcement of agreements with several US groups to secure up to 6.6 GW of nuclear generating capacity, drawn from both existing assets and planned new reactors, by 2035. This coincided with US government awards totalling US$2.7bn aimed at accelerating the development of domestic enrichment capacity.

At the World Economic Forum in Davos, the US administration reiterated its commitment to incorporating nuclear generation into the national energy mix. In parallel, geopolitical developments, including US actions in Venezuela, renewed commentary on Greenland, and potential intervention in Iran, increased investor interest across the broader energy complex, including critical minerals such as uranium.

Against this supportive backdrop, the Company's NAV rose 42.8% in January. This compares with sterling‑based gains of 30.4% for the Solactive Uranium Pure Play Index and 32.9% for the Sprott Uranium Miners ETF. NexGen was the strongest contributor, with its shares advancing more than 35% following encouraging exploration results from a target adjacent to the Arrow project; the Fund trimmed its position late in the month after the significant rally. Paladin also performed strongly, gaining 44% on the back of a positive operational update.

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. ² Summit 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.