Title: Document Title URL Source: https://documentscdn.financialexpress.net/Literature/335456261B70034C9F16B98DA2985A4E/241375085.pdf Number of Pages: 3 Markdown Content: 1 # Investor # Report Geiger Counter Limited # (the “Company”) 31 March 2026 Key Facts 1 Portfolio Managers Keith Watson Robert Crayfourd Launch Date July 2006 Total Gross Assets £103.5 m Reference Currency GBP Ordinary Shares Net Asset Value: 87.61p Diluted Net Asset Value: 79.21p (assuming all subscription rights are exercised) Mid -Market Price: 66.50p Gearing 12.70 % Premium / (Discount) to NAV (24 .10 %) Premium / (Discount) to Diluted NAV (16.05 %) Ordinary Shares in Issue 104,836,041 Ongoing Charge Ratio 2.11% Annual Management Fee 1.38% Bloomberg GCL LN Sedol B15FW330 Year End 30 September Contact Information CQSClientService@cqs m.com Company Broker Cavendish Capital Markets Limited 020 7220 0500 Annual Report and Accounts Published December Investor Report Monthly Factsheet Fiscal Year -End 30 September Results Announced Finals: December Interims: June 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. Ordinary Share and NAV Performance 2 1 Month (%) 3 Months (%) 1 Year (%) 3 Year s (%) 5 Year s (%) NAV (10.24 ) 27.19 155.50 109.79 154.09 Share Price (15.29 ) 14.66 97.33 79.73 75.00 Keith Watson and Robert Crayfourd Portfolio Managers 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 Commentary 3 Increased volatility in energy markets during March, following the effective closure of the Strait of Hormuz, through which approximately 20 –25% of globally traded crude oil and liquefied natural gas transits, has reinforced the importance of energy securi ty and highlighted the attributes of stable, baseload nuclear electricity generation. European and Asian LNG benchmark prices rose by nearly 60% and 90%, respectively, over the month. The prospect of a more persistent risk premium being reflected in gas p rices, a core input to electricity generation in many Western economies, continues to add impetus to political support for nuclear power, both through life extensions and reactor restarts, as well as longer ‑term new capacity deployment. Against this backdrop, the TradeTech long ‑term uranium price indicator rose by $3/lb to $93/lb at the end of March. Despite the supportive influence of rising fossil fuel prices, the spot U ₃O₈ price continued to cool following its late ‑January spike above $101/lb, declining by 2.7% during March to finish the month at $84/lb. Uranium mining equities took their cue from the spot market, extending their pullback from January highs. As a result, the Fund ’s NAV declined by 10.2% during the month, broadly in line with sterling declines of 10.6% and 8.7% in the Sprott Uranium Miners ETF and the Solactive Global Uranium Pure Play Index, respectively. During the month, the second major Nuclear Energy Summit was held in Paris, at which China formally joined the declaration to triple global nuclear capacity by 2050. Elsewhere, privately held small modular reactor developer Holtec announced progress on pla ns to construct two SMRs using its SMR ‑300 design alongside the Palisades restart project in the United States. The design also achieved a key regulatory milestone in the UK, supporting a pathway toward potential deployment across Europe and Asia. Meanwhile, Poland submitted an application for a construction licence for its first nuclear reactor, based on the Westinghouse AP1000 design. Paladin was the largest detractor from performance, with the share price declining by 19% in sterling terms during the month, following particularly strong prior performance. The Company reduced its holding in NexGen Energy after the share price continued to rise following receipt of its final construction permit for the globally significant Rook I project. Sources: 1 Summit Group Fund Services (Jersey) Limited, as at the last business day of the month indicated at the top of this report . 2 Summit Group 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. 3 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 # Monthly Investor Report – Geiger Counter Limited – March 202 6 AIFMD Leverage Limit Report (% NAV) Gross Leverage (%) 2 Commitment Leverage (%) 3 Geiger Counter Limited 113 113 Top 5 Holdings (%) 4 Name (% of Gross Assets) Nexgen Energy 23.9 Paladin Energy 15.5 Ur -Energy USD 14.6 Cameco 7.1 Denison Mines CAD 6.8 Top 5 Holdings Represent 67.9 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 | C QS 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 | C QS 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 one decimal place. Total may differ to sum of constituents due to rounding. 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. 3 # Monthly Investor Report – Geiger Counter Limited – March 202 6 > Important Information Manulife | CQS Investment Management is a trading name of CQS (UK) LLP which is authorised and regulated by the Financial Conduct Authority. 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