Geiger Counter Limited

(the "Company")

Monthly Investor Report 2 September 2026

(All Factsheet data is at 31 July 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

-----------------------------------------------------------------------

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 by 9.30% in July, in line with uranium equities and uranium-based ETFs. July delivered a strong fundamental backdrop for global uranium policy, following a highly progressive policymaking environment in June. Uranium continues to benefit from energy security, reshoring and carbon-free power themes, while also serving as a critical enabler of baseload power capacity in an era of rising electricity demand. The nuclear macro narrative reached new highs: Australia and India signed a landmark supply deal, BNEF forecasts 44% growth in global nuclear capacity, China approved $25Bn worth of new reactors, Brazil plans to make nuclear accessible to private markets, Trump hosted nuclear CEOs in the Oval Office as part of the administration's AI-nuclear initiative, now also including Oklo and X-Energy.

Yet, this month presented a striking divergence between uranium's strengthening fundamental story, rising energy prices on the back of the Iran and Ukraine conflict, and the performance of uranium equities, which were impacted mostly by market noise. The market remains concerned about the hyper-scalers' ability to fund all the capex needed for AI with debt, and the backdrop of rising interest rates adds to funding concerns. Uranium equities closely followed the AI power trade, and when tech stocks pulled back in July, the thematic unwind extended into nuclear trades. This is a recurring theme amongst thematic investment styles: the stronger the macro narrative, the more crowded the trade, and the more volatile equities become in the face of sentiment shifts rather than relying on fundamentals.

Still, record long-term contract prices, sovereigns leading buying activity, and signs of accelerating utility contracting all support ongoing tightness in the uranium market and a constructive medium- term price outlook. The Athabasca Basin remains a critical source of future supply growth, as companies continue to advance projects. Notably, Denison's Phoenix project reached full-scale construction this month. The spot uranium price was up $1.10 to $86.60/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. ²Summit 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. ⁴BMO, UxC, Company data September 2023. ⁵www.eia.gov. ⁶Manulife | CQS Investment Management, 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. ⁷Manulife | CQS Investment Management, 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 2026. The exercise date for the sixth Subscription Right is expected to be 30 April 2027.