Geiger Counter Limited (LON:GCL) has announced its monthly fact sheet for Setpember 2026 is now available:
Commentary
The Company’s NAV declined 18.51% in September, giving back its gains from the previous month. These results were slightly behind those of more developed uranium miners and ahead of junior uranium miners.
September continued to reinforce the constructive fundamental backdrop for uranium, underpinned by ongoing policy momentum, energy security concerns, reliable carbon-free power, and hyperscalers’ growing power demand for data centers. Policy tailwinds were reflected throughout the month, with Korea agreeing to a $120Bn commitment to finance the construction of eight large-scale nuclear reactors on US federal sites. Earlier in the month, the DOE agreed to loan up to $1.9Bn to restart NextEra Energy’s shuttered nuclear facility. In Europe, Italy’s Senate gave final approval on legislation establishing a legal framework for nuclear’s return. In Asia, Taiwan approved a preliminary plan to restart a nuclear power plant, while China continues its rapid reactor build-out. Demand support continued to broaden beyond traditional utilities: Amazon signed a 20-year agreement with Constellation Energy to support additional generation at the Calvert Cliff nuclear plant, and Google signed a deal with Fortum to purchase up to 50% of the Loviisa nuclear plant’s capacity through 2049.
Against the strengthening demand outlook, constrained and long-dated supply continues to be an ongoing concern. The uranium market has been in deficit since 2018, as mines have produced less than reactors consume. The gap has been filled by secondary sources such as inventories and enrichment underfeeding, which are shrinking. As a result, the uranium market appears tight rather than short in the near term. Looking further ahead, supply challenges become more pronounced as several of the industry’s largest mines, including major assets operated by Kazatomprom and Cameco, are expected to deplete in the 2030s, even after planned life extensions. At the same time, the lowest-cost sources of supply are moving up the cost curve, increasing the incentive price required to bring new production online.
Still, elevated long-term contract prices and signs of accelerating utility contracting all support ongoing tightness in the uranium market and a constructive medium-term price outlook. The Athabasca Basin remains a critical source of future supply growth, as companies continue to advance projects. Notably, NexGen’s Rook I project and Denison’s Phoenix Project continue construction, with targeted first production in 2030 and 2028, respectively. The spot uranium price
was flat up $0.10 to $89.45/lb over the month. The Company’s weighting is balanced between producers and developers, with the latter continuing to benefit from uncontracted volumes in a rising long-term uranium price environment.
Geiger Counter Limited (LON:GCL) is a Jersey closed-end investment company, which invests in uranium exploration and production stocks.
