Title: Document Title URL Source: https://is.gd/HYIqpH Published Time: Wed, 12 Mar 2025 13:22:40 GMT Markdown Content: 1 # Investor # Report Geiger Counter Limited # (the “Company”) 31 January 202 5 Key Facts 1 Portfolio Managers Keith Watson Robert Crayfourd Launch Date July 2006 Total Gross Assets £89.2 m Reference Currency GBP Ordinary Shares Net Asset Value: 53.87 p Mid -Market Price: 51.30 p Gearing 21.68 % Premium / (Discount) to NAV (4.77 %) Ordinary Shares in Issue 152 ,674 ,249 Ongoing Charge Ratio 2.11% Annual Management Fee 1.38% Bloomberg GCL LN Sedol B15FW330 Year End 30 September Contact Information CQSClientServices@cq sm .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 2.96 (9.45) (31. 27 ) 30.78% 321.52 Share Price 13.37 11.52 (17.2 6) 19.30% 273.09 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 The U 3O8 (Uranium) spot price closed January 2.4% lower at $71.15/lb with two factors coinciding to weigh on the uranium mining sector. Firstly, Kazatomprom’s Q4’24 operational update showed stronger production following an earlier -than -expected restart of its Ink ai operation. This helped to lift the group’s final quarter output to 6.5ktU/16.9Mlbs U 3O8 (on a 100% basis), around 1ktU/2.6Mlbs higher than estimated. Notably however, Kazatomprom’s full year 2025 production guidance remained unchanged at 25.0 -26.5ktU (o n a 100%, equivalent to 65.0 -68.9Mlb U 3O8). Secondly, sentiment towards the sector reacted negatively to news of China’s Deepseek Artificial Intelligence (AI) developments. This led investors to question the pace of US AI datacentre roll out and a reassessment of the potential pick -up in electric ity demand for the seemingly faster learning, less energy intensive and lower cost technology. Following the news, uranium mining equities, which had started the year well, dropped sharply and the Company’s positive gain of 17% prior to the announcement was largely unwound with the NAV closing the month with a 3% gain. This compared to 2.6% sterling return registered by the Solactive Uranium Pure Play Index. In a further example of the price volatility in the sector, utility Constellation, which provides baseload nuclear power - and now also gas power - that recently signed an agreement to supply Mic rosoft with power generated from Three Mile Island, ended the month 34% higher. Despite a negative shift in AI sentiment and equity price volatility, we believe the outlook for reactor fuel demand remains unchanged, underpinned by significant growth from ongoing reactor builds in China. In addition, other important nuclear markets als o continue to move forwards on restarting capacity. Since January month -end, encouraging developments in Japan have been announced. In a draft strategic energy plan, due for cabinet approval later in February, the Trade and Industry Ministry indicated that it was seeking to renew the country’s focus on nuclear power, rather than de -emphasise it. Specifically the draft bill no longer references a “reducing reliance” on nuclear energy, that had appeared in the three previous plans, with the language changed t o a “maximisation” of nuclear power. Nuclear will account for about 20% of total energy output in 2040, based on the assumption that 30 reactors in the country are expected to be in full operation by then. Despite this recent softness in the spot U 3O8 price, it is also noteworthy that conversion and enrichment prices remain at highs that we believe is indicative of the robust long -term outlook for the sector. Following the decline in U 3O8 prices it is becoming more economic to feed more U 3O8 into the downstream processing, “overfeeding”. Encouragingly, and consistent with this, a market update by consultant UxC indicated during the month that “additional U 3O8 demand interest is emerging”, including from utili ties at below US$70/lb. 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 docu ment. 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 – January 2025 AIFMD Leverage Limit Report (% NAV) Gross Leverage (%) 2 Commitment Leverage (%) 3 Geiger Counter Limited 122 122 Top 5 Holdings (%) 4 Name (% of Gross Assets) Nexgen Energy 25.4 Paladin Energy 13. 4 UR -Energy 12.5 Cameco 9. 1 Denison Mines 5. 2 Top 5 Holdings Represent 65.6 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 Regul ation 231/2013. 4 R&H 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 fourth Subscription Rights Price of 74.58 pence on 1 May 2024. The exercise date for the fourth Subscri ption Right is expected to be 30 April 2025. 3 # Monthly Investor Report – Geiger Counter Limited – January 2025 > 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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