Geiger Counter Limited Plc 

Monthly Investor Report 29 July 2026

(All Factsheet data is at 30 June 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

Jane De Barros /Katie De La Cour

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 

Diana Racanelli and Craig Bethune 

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 declined 13.97% in June, broadly in line with uranium equities and uranium- based ETFs. Despite favourable policy developments, the disconnect between headline momentum and equity performance remained a defining feature of the month.

June was a standout month for global uranium policy, driven by structural forces which have underpinned the commodity's increasing demand. Uranium continues to benefit from energy security and reshoring themes, while also serving as a key enabler of green energy and rising

electricity demand. From an energy security standpoint, geopolitical tensions, particularly the US- Iran conflict, kept nuclear power firmly in focus as a reliable, low-carbon energy source, while governments from the US (committing $17.5 Bn in DOE loan guarantees for new reactors) to Sweden, Slovakia and South Korea all took concrete steps to expand nuclear capacity. Canada was especially active; a major Indigenous deal was struck at Ontario's Darlington New Nuclear Project, and most notably, the Canadian government announced plans to build up to 10 new large-scale nuclear reactors and expand its nuclear program internationally.

Meanwhile, the AI theme continues to supercharge the demand story: Duke Energy's CEO noted AI data centers are driving power demand at ten times the historic pace, Urenco announced a nearly 50% targeted expansion of US enrichment capacity, and nuclear power purchase agreements began extending beyond tech giants to corporates like Walmart, which signed its first- ever long-term nuclear power purchase agreement, buying 176 MW from a Constellation Energy plant in Illinois.

These themes collectively paint a picture of a commodity in which long-term demand is broadening and accelerating faster than supply can realistically respond. Industry forecasts suggest the global uranium market could face supply deficits by 2035, highlighting the need for significant new development. The Athabasca Basin remains a critical source of future supply growth, as companies continue to advance projects. Notably, Denison's Phoenix project is expected to start production as early as 2028, marking the first nuclear ISR project in Canada. The Company is well-positioned through exposure to several companies operating in the basin, as well as exposure across the broader uranium value chain.

During the month, energy and power-related companies remained subject to elevated volatility with the longer-term narrative on the need for more power, whipsawed by headlines of pending peace in the Middle East. The market continues to question whether hyperscalers can fund the scale of capex required to support future infrastructure buildouts, but so far, large data centres continue to be announced (Chevron/Microsoft project Kilby). Over time, the case for nuclear power and uranium as a reliable baseload solution continues to strengthen. The spot uranium price was flat, down only 45 cents to $85.50/lb over the month. The Company's weighting is balanced between producers and developers, with the latter continuing to benefit from uncontracted volumes in a rising long-term uranium price environment.

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 sixth Subscription Rights Price of 94.26 pence on 1 May 2025. The exercise date for the sixth Subscription Right is expected to be 30 April 2027.