Geiger Counter Limited Plc 

Monthly Investor Report 27 May 2026

(All Factsheet data is at 30 April 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 Company's NAV rose 8.9% over April, as nuclear continued to gain support as part of the energy solution for AI hyperscalers. The spot uranium price rose from $84.00 to $86.45/lb over the month. This has been further reinforced by disruptions in the Middle East that have impacted previously reliable energy flows. Lofty valuations in large technology companies continue to support flows into energy solutions, as energy increasingly becomes a bottleneck for future AI data centre growth. Nuclear power provides stable, carbon-free baseload generation, well-suited to data centres, with the primary constraint being the development timelines for new reactors.

The Company remains weighted towards developers with uncontracted volumes that are best placed to benefit from this. NexGen is the largest of these, as it continues to progress its Rook I project in Canada, with offtake agreements, including with hyperscalers, under discussion.

In the US, small modular reactors (SMRs) continue to see strong investor interest, supported by elevated valuations, with X-energy the latest to IPO, achieving a market capitalisation of $11.9bn. The company is advancing its Xe 100 high-temperature gas-cooled SMR design, targeted for commercial deployment later this decade. We remain cautious on these timelines; however, should any of these designs achieve commercialisation within these timelines, this could exacerbate uranium shortages.

The Sprott Physical Uranium Trust raised additional capital in equity markets, issuing 6.8M shares and raising approximately US$140m, which will be used to acquire physical material.

Enrichment (SWU) and conversion prices remain elevated at $200 and $61/lb, respectively, amid the ongoing Russia-Ukraine war. That said, Vladimir Putin has recently taken a softer tone.

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.