Monthly Factsheet- September 2026

Geiger Counter Limited

(the "Company")

Monthly Investor Report 21 October 2026

(All Factsheet data is at 30 September 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 18.51% in September, giving back its gains from the previous month. These results were slightly behind those of more developed Uranium miners and ahead of junior uranium miners.

September continued to reinforce the constructive fundamental backdrop for uranium, underpinned by ongoing policy momentum, energy security concerns, reliable carbon-free power and hyperscalers' growing power demand for data centers. Policy tailwinds were reflected throughout the month, with Korea agreeing to a $120Bn commitment to finance the construction of eight large-scale nuclear reactors on US federal sites. Earlier in the month, the DOE agreed to loan up to $1.9Bn to restart NextEra Energy's shuttered nuclear facility. In Europe, Italy's Senate gave final approval on legislation establishing a legal framework for nuclear's return. In Asia, Taiwan approved a preliminary plan to restart a nuclear power plant, while China continues its rapid reactor build-out. Demand support continued to broaden beyond traditional utilities: Amazon signed a 20-year agreement with Constellation Energy to support additional generation at the Calvert Cliff nuclear plant, and Google signed a deal with Fortum to purchase up to 50% of the Loviisa nuclear plant's capacity through 2049.   

Against the strengthening demand outlook, constrained and long-dated supply continues to be an ongoing concern. The uranium market has been in deficit since 2018, as mines have produced less than reactors consume. The gap has been filled by secondary sources such as inventories and enrichment underfeeding, which are shrinking. As a result, the uranium market appears tight rather than short in the near term. Looking further ahead, supply challenges become more pronounced as several of the industry's largest mines, including major assets operated by Kazatomprom and Cameco, are expected to deplete in the 2030s, even after planned life extensions. At the same time, the lowest-cost sources of supply are moving up the cost curve, increasing the incentive price required to bring new production online.

Still, elevated long-term contract prices 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, and Denison's Phoenix Project continue construction, with targeted first production in 2030 and 2028, respectively. The spot uranium price was flat up $0.10 to $89.45/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.