Geiger Counter Limited (LON:GCL) has announced its monthly factsheet for June 2026.
Commentary
The Company’s NAV declined 13.97% in June, broadly in line with uranium equities and uraniumbased ETFs. Despite favourable policy developments, the disconnect between headline momentum and equity performance remained a defining feature of the month.
June was a standout month for global uranium policy, driven by structural forces which have underpinned the commodity’s increasing demand. Uranium continues to benefit from energy security and reshoring themes, while also serving as a key enabler of green energy and rising electricity demand. From an energy security standpoint, geopolitical tensions, particularly the USIran conflict, kept nuclear power firmly in focus as a reliable, low-carbon energy source, while governments from the US (committing $17.5 Bn in DOE loan guarantees for new reactors) to Sweden, Slovakia and South Korea all took concrete steps to expand nuclear capacity. Canada was especially active; a major Indigenous deal was struck at Ontario’s Darlington New Nuclear Project, and most notably, the Canadian government announced plans to build up to 10 new large-scale nuclear reactors and expand its nuclear program internationally.
Meanwhile, the AI theme continues to supercharge the demand story: Duke Energy’s CEO noted AI data centers are driving power demand at ten times the historic pace, Urenco announced a nearly 50% targeted expansion of US enrichment capacity, and nuclear power purchase agreements began extending beyond tech giants to corporates like Walmart, which signed its firstever long-term nuclear power purchase agreement, buying 176 MW from a Constellation Energy plant in Illinois.
These themes collectively paint a picture of a commodity in which long-term demand is broadening and accelerating faster than supply can realistically respond. Industry forecasts suggest the global uranium market could face supply deficits by 2035, highlighting the need for significant new development. The Athabasca Basin remains a critical source of future supply
growth, as companies continue to advance projects. Notably, Denison’s Phoenix project is expected to start production as early as 2028, marking the first nuclear ISR project in Canada. The Company is well-positioned through exposure to several companies operating in the basin, as well as exposure across the broader uranium value chain.
0During the month, energy and power-related companies remained subject to elevated volatility with the longer-term narrative on the need for more power, whipsawed by headlines of pending peace in the Middle East. The market continues to question whether hyperscalers can fund the scale of capex required to support future infrastructure buildouts, but so far, large data centres continue to be announced (Chevron/Microsoft project Kilby). Over time, the case for nuclear power
and uranium as a reliable baseload solution continues to strengthen. The spot uranium price was flat, down only 45 cents to $85.50/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.
