Monthly Factsheet- May 2026

Geiger Counter Limited Plc 

Monthly Investor Report 30 June 2026

(All Factsheet data is at 29 May 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 

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

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 

Uranium continued to benefit from growing energy security concerns and reshoring initiatives, while also serving as a key enabler of green energy and rising electricity demand. Industry forecasts suggest the global uranium market will move from relatively balanced to large deficits by the middle of the next decade, with these deficits continuing to grow significantly beyond that, highlighting the need for significant new development.

The Athabasca Basin is expected to remain a critical source of future supply growth, given its world-class high-grade deposits and attractive project economics. The Company is well-positioned through exposure to several companies operating in the basin, as well as exposure across the broader uranium value chain.

The Company's undiluted NAV decreased by 17.35% in May, due to dilution from the issuance of Subscription Rights shares at 37.20p per share in May 2026. Adjusting for the dilution, the NAV would have fallen by 7.99%. The weekly spot uranium price was flat, down only 35 cents to $86.10/lb as of the end of the month. The Sprott Physical Uranium Trust slowed its uranium purchases considerably after a more active start to the year. The uranium-related ETFs, such as the Global X Uranium ETF and the Sprott Uranium Miners, fell by around 8%.

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 toward developers with uncontracted volumes that are best placed to benefit from a rising long-term uranium price. First production from key portfolio holdings such as Denison and NexGen is expected to be as early as 2028 and 2030, respectively.

During the month, energy and power-related companies were 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 on a weekly basis. There have also been questions about the ability of the hyperscalers to fund all their capex, which has created some modest headwinds for the near-term narrative on power. However, as AI spending continues, so will the long-term need for nuclear power and uranium. Notably, Duke Energy's CEO recently commented that they forecast close to 5% electricity demand growth from electrification and AI alone.

Enrichment (SWU) and conversion prices remain elevated at $200 and $64/lb, respectively, amid the ongoing Russia-Ukraine war.

Effective from May 18, 2026, two senior Manulife Investment Management Group portfolio managers, Diana Racanelli and Craig Bethune, will assume responsibility for the management of the portfolio. The previous portfolio managers, Keith Watson and Robert Crayfourd, have resigned from Manulife CQS, and their notice period expired on June 2, 2026. There is no change to the Company's investment process, strategy or operations. Diana Racanelli, CFA and Craig Bethune, CFA, based in Toronto, are senior portfolio managers at Manulife Canada and have been with Manulife Canada for the past 12 years. Together, Diana Racanelli and Craig Bethune manage US$544 million in metals & mining and energy assets, as well as a further US$1,096 million in metals & mining and resources exposure in team-managed assets.

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 | geigercounter@tavistock.co.uk

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.