REG - Geiger Counter Ltd Geiger Counter - GCS - Monthly Factsheet- March 2025

Geiger CounterAnnouncement

17/04/2025 10:15

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RNS Number : 4627F  Geiger Counter Ltd  17 April 2025

 

 

Geiger Counter Limited Plc

 

Monthly Investor Report 17 April 2025

(All Factsheet data is at 31 March 2025)

 

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
(https://ncim.co.uk/geiger-counter-ltd/)

 

 

Enquiries:

 

For the Investment Manager

Craig Cleland

Manulife CQS Investment Management

0207 201 5368

 

For the Company Secretary and Administrator

R&H Fund Services (Jersey) Limited

Jane De Barros/Katie De La Cour

01534 825259/01534 825337

 

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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

 

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 Facts(1)

 

 

 Total Gross Assets                   £56.4m
 Reference Currency                   GBP
 Ordinary Shares:
   Net Asset Value                    34.29p
   Mid-Market Price                   33.70p
 Net gearing(4)                       23.42%
 Discount                             (1.72%)

 

 

Ordinary Share and NAV Performance(2)

 

                One Month    Three Months    One Year    Three Years    Five Years
                (%)          (%)             (%)         (%)            (%)
 NAV            (18.74)      (34.46)         (51.91)     (41.33)        228.45
 Share Price    (14.90)      (25.52)         (32.60)     (46.08)        238.69

 

 

Commentary(3)

 

 

 The Uranium sector was again dominated by swings in sentiment as the US-led
trade war

escalated with another round of tariffs announced on Canada and Mexico. Even
conciliatory tones from President Trump that a trade deal could be reached
with China were shrugged off. Along with broader markets, ongoing uncertainty
continued to pressure equities in the sector, although the underlying
commodity price remained stable with the U3O8 (uranium) spot price ending
March little changed at $64.25/lb. Reflecting weak investor sentiment,
momentum remained negative and the Company NAV declined 18.5% over the month.
A near 3% strengthening of sterling against the dollar also acted as a drag to
performance.

 

Ur-Energy was a drag to performance with the share price declining 30% over
the month.

Elsewhere, the Canadian Nuclear Safety Commission indicated that Nexgen's
public hearings for the final decision on the development of the Rook I
project would take place later in the year. The first of the prescribed
two-stage hearing format is scheduled for mid-November with the final hearing
date to occur by 13 February 2026. Nexgen's share price fell 15% over the
month. Although this was similar to broader sector performance. Although the
hearings are taking place later than expected, as occurred with Denison, we
note that delays in expected output should maintain market tightness in the
uranium market.

 

Given global ambitions to triple nuclear generating capacity against a
backdrop of limited supply growth, we believe the recent uncertainty which has
weighed heavily on uranium mining equities provides an opportunity for
investors to gain exposure to the sector. We do not believe a later scheduling
of Nexgen's Public Hearing date detracts from the strategic value inherent in
the project, which has considerable scope to significantly grow resources,
while delays in expected production maintain market tightness, a supportive
factor for the term contract price. Furthermore, inventory across utilities in
established western markets, which generate some 20% of their electricity from
nuclear power, are approaching very low levels. This means it is likely that
these countries will be required to undertake another round of contracting to
avoid material consequences to electricity availability in the near-term.

 

 

 

 

                       Gross Leverage(6)  Commitment Leverage(7)

                       (%)                (%)
 Geiger Counter Ltd    125                125

 

 

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: (1)R&H Fund Services (Jersey) Limited, as at the last business
day of the month indicated at the top of this report. (2)R&H Fund Services
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. (3)Market data sourced from Bloomberg unless otherwise stated. The
Fund 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
(http://www.eia.gov) . (6)CQS, 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. (7)CQS, 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.

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