Geiger Counter Limited Plc 

Monthly Investor Report 25 March 2026

(All Factsheet data is at 28 February 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 

Following the exceptionally strong price move in January, the U₃O₈ spot price retraced 13% to finish the month at $85.65/lb, though it remained higher year-to-date. Despite the pullback, uranium-focused equities were generally resilient.

Supported by a modest softening in sterling, the Company's NAV also proved robust, ending the month over 3% higher, outperforming the 1% sterling return from the Sprott Pure Play Uranium Miners ETF and the 2% sterling decline recorded by the Solactive Pure Play Uranium Index.

Production guidance from the two largest global producers, Kazatomprom and Cameco, was broadly in line with expectations. Kazatomprom reiterated its intention to produce 71.5-75.5Mlbs on a 100% basis, conditional on no further disruption to acid supplies. Despite a 9% year-on-year recovery in production, the group maintained its view that the market will remain in deficit due to a lack of new mine development, reinforcing a constructive outlook for producers. Cameco, alongside its full-year results, guided to stable 2026 production of 17.5-18Mlbs at Cigar Lake and 14-16.5Mlbs (100% basis) from McArthur River/Key Lake. Including its expected 4Mlbs share from the Inkai JV, attributable production is anticipated to total around 25Mlbs, against committed sales of 29-32Mlbs. Having already agreed to purchase an additional 4Mlbs of Inkai output, broadly equivalent to the remainder of the project's 2026 production, the company may need to secure a further 3Mlbs from the market to meet contract commitments. Contracting activity remained a feature of the month, with Cameco announcing a nine-year, 22Mlb long-term supply agreement with India.

Sector news was highlighted by a decision from the Canadian Nuclear Safety Commission granting Denison Mines a key licence to proceed with the Phoenix in situ recovery project, Canada's first uranium mine to adopt this method. The announcement supported the shares, which rose nearly 10% in February. Paladin Energy also advanced, up 6%, after receiving government approval in Saskatchewan for the Environmental Impact Statement for its Patterson Lake South project, adjacent to Nexgen's Rook I asset. Nexgen then latterly received their final permit on the 6th of March, post the official factsheet commentary date, which will allow them to continue to derisk the project through further construction but we anticipate strategic partner offtake agreements may be the next catalysts for the name. Both developments bode well for Nexgen, which began final federal hearings for its core project; the shares rose nearly 5% over the month.

International developments were supportive, though mostly anticipated. In Japan, TEPCO confirmed the restart of a reactor at its Kashiwazaki Kariwa facility, with commercial operations scheduled to take place in the coming months. In the US, regulatory reorganisation progressed to streamline licensing for new nuclear deployment. The US government also launched Project Vault, a US$12bn strategic minerals programme backed by a US$10bn Export Import Bank loan facility, which provided a lift to US developers such as Energy Fuels and IsoEnergy, whose shares posted modest monthly gains. Meanwhile, in Europe, France reaffirmed its intention to construct six new reactors and extend the operating life of its existing fleet as part of its latest long-term energy review.

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.