Geiger Counter Limited (LON:GCL) has announced its full monthly factsheet.
Commentary3
Following the exceptionally strong price move in January, the U₃O₈ spot price retraced 13% to finish the month at $85.65/lb, though it remained higher year-to-date. Despite the pullback, uranium-focused equities were generally resilient.
Supported by a modest softening in sterling, the Company’s NAV also proved robust, ending the month over 3% higher, outperforming the 1% sterling return from the Sprott Pure Play Uranium Miners ETF and the 2% sterling decline recorded by the Solactive Pure Play Uranium Index.
Production guidance from the two largest global producers, Kazatomprom and Cameco, was broadly in line with expectations. Kazatomprom reiterated its intention to produce 71.5–75.5Mlbs on a 100% basis, conditional on no further disruption to acid supplies. Despite a 9% year-on-year recovery in production, the group maintained its view that the market will remain in deficit due to a lack of new mine development, reinforcing a constructive outlook for producers. Cameco,
alongside its full-year results, guided to stable 2026 production of 17.5–18Mlbs at Cigar Lake and 14–16.5Mlbs (100% basis) from McArthur River/Key Lake. Including its expected 4Mlbs share from the Inkai JV, attributable production is anticipated to total around 25Mlbs, against committed sales of 29–32Mlbs. Having already agreed to purchase an additional 4Mlbs of Inkai output, broadly equivalent to the remainder of the project’s 2026 production, the company may need to
secure a further 3Mlbs from the market to meet contract commitments. Contracting activity remained a feature of the month, with Cameco announcing a nine-year, 22Mlb long-term supply agreement with India.
Geiger Counter Limited (LON:GCL) is a Jersey closed-end investment company, which invests in uranium exploration and production stocks.
