Monthly Factsheet- August 2026

Geiger Counter Limited

(the "Company")

Monthly Investor Report 28 September 2026

(All Factsheet data is at 31 August 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 advanced 18.77% in August, outperforming uranium-based ETFs.

August continued to reinforce the constructive fundamental backdrop for uranium, albeit with a quieter policy calendar following the significant announcements of June and July. The structural hemes of energy security, reshoring and growing demand for reliable carbon-free power remain intact. Notably, August provided further evidence of growing nuclear support as China continues their buildout efforts following the $25Bn nuclear funding commitment, while India advanced draft rules seeking to open its nuclear sector to limited private investments among other market-friendly reforms. In the U.S., progress on SMRs also continued, including the U.S. Army's $2.2Bn investment in deploying five microreactors across the country, supporting the longer-term role of nuclear in meeting power needs.

The month also highlighted the importance of energy security and reliability as several European nuclear fleets faced operational disruptions. Record low water levels on the Danube forced shutdowns at nuclear facilities in Romania and Hungary, while France experienced separate outages related to other natural events. While largely temporary, the disruptions underscore the challenges facing existing power infrastructure, especially in the fragile backdrop of the U.S./Iran and Russia/Ukraine conflicts.

Still, elevated 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, NexGen's Rook I project commenced full-scale construction this month, quickly following Denison's Phoenix Project construction start in July. The spot uranium price was up $2.75 to $89.35/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.

    Top 10 Holdings (%)⁴

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:

1 Market data sourced from Bloomberg unless otherwise stated. The Company may since have exited some or all of the positions detailed in the commentary.

2 Manulife | 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.

3 Manulife | 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 231/2013.

4 Summit Group Fund Services (Jersey) Limited, as at the last business day of the month indicated at the top of this report. All holdings data are rounded to two decimal places. Total may differ to sum of constituents due to rounding.  

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.