Geiger Counter Limited Plc 

Monthly Investor Report 23 April 2026

(All Factsheet data is at 31 March 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 

Increased volatility in energy markets during March, following the effective closure of the Strait of Hormuz, through which approximately 20-25% of globally traded crude oil and liquefied natural gas transits, has reinforced the importance of energy security and highlighted the attributes of stable, baseload nuclear electricity generation.

European and Asian LNG benchmark prices rose by nearly 60% and 90%, respectively, over the month. The prospect of a more persistent risk premium being reflected in gas prices, a core input to electricity generation in many Western economies, continues to add impetus to political support for nuclear power, both through life extensions and reactor restarts, as well as longer‑term new capacity deployment. Against this backdrop, the TradeTech long‑term uranium price indicator rose by $3/lb to $93/lb at the end of March.

Despite the supportive influence of rising fossil fuel prices, the spot U₃O₈ price continued to cool following its late‑January spike above $101/lb, declining by 2.7% during March to finish the month at $84/lb. Uranium mining equities took their cue from the spot market, extending their pullback from January highs. As a result, the Fund's NAV declined by 10.2% during the month, broadly in line with sterling declines of 10.6% and 8.7% in the Sprott Uranium Miners ETF and the Solactive Global Uranium Pure Play Index, respectively.

During the month, the second major Nuclear Energy Summit was held in Paris, at which China formally joined the declaration to triple global nuclear capacity by 2050. Elsewhere, privately held small modular reactor developer Holtec announced progress on plans to construct two SMRs using its SMR‑300 design alongside the Palisades restart project in the United States. The design also achieved a key regulatory milestone in the UK, supporting a pathway toward potential deployment across Europe and Asia. Meanwhile, Poland submitted an application for a construction licence for its first nuclear reactor, based on the Westinghouse AP1000 design.

Paladin was the largest detractor from performance, with the share price declining by 19% in sterling terms during the month, following particularly strong prior performance. The Company reduced its holding in NexGen Energy after the share price continued to rise following receipt of its final construction permit for the globally significant Rook I project.

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.