Geiger Counter Limited (LON:GCL) has announced the release of the Interim Report and Financial Statements for the period ended 31 March 2026, which are included as an attachment to this announcement.
CHAIRMAN’S STATEMENT – FOR THE PERIOD ENDED 31 MARCH 2026
Introduction
I should firstly advise Shareholders that Mr Ian Reeves CBE stepped down as non-executive Chairman of the Company with effect from 11 March 2026 for health reasons. Mr Reeves remains an active non-executive Director of the Company and his continued input and wisdom remains extremely valuable. As a result of Mr Reeves stepping down, I was appointed as the non-executive Chairman from that date. Mr Reeves had been the Chairman of the Company since 2022, and the Board wishes to record its appreciation for his significant contribution during his tenure. Further details of Board appointments are shown in the section below.
This has been a busy period for the Company; the uranium market has continued its recovery during the six months under review and the net asset value (“NAV”) per ordinary share of the Company as at 31 March 2026 was 87.12p compared to 71.66p as at 30 September 2025 which represents an increase of 21.57% for the period. The Company’s share price rose by 10.65% to close the period at 66.50p per ordinary share with the discount to NAV per ordinary share closing at 23.66% on a non-diluted basis. It is important to note that with the increase in the underlying assets, the dilutive effects of the Subscription Rights become more evident. The fully diluted NAV per share as at 31 March 2026 was 78.89p per share and on that basis the discount at which the Company’s shares trade was 15.71% as at 31 March 2026.
The Company also advised on 9 March 2026 that the Company’s two co-portfolio managers, Keith Watson and Rob Crayfourd had resigned from CQS (UK) LLP (trading as Manulife | CQS Investment Management) (“Manulife | CQS”) and were serving their three-month notice periods. Further details of this and the actions your Board have taken are shown in the section below.
Market and Performance
The uranium spot price was volatile during the six-month period under review; having started the period at $81.9/lb the spot U3O8 price jumped to $101.5/lb before settling back to end the half year at $84/lb. The longer-term average contracting price was more encouraging and ended the period in the low $90s/lb range as utilities sought to secure longer-term supplies. The uranium equities in the portfolio performed well and towards the end of the period our biggest position, Nexgen, received its long-awaited final authorisation to commence development. Your Board believes the market is supported by strong structural fundamentals with the geopolitical situation strengthening the case for the energy security that nuclear power can provide. Further details of the market and the portfolio are shown in the Investment Advisor’s report on pages 15 to 17.
The Board continues to be excited by the fundamentals for nuclear energy and uranium markets and believes that the Company is very well placed to benefit from these.
Share Buybacks and Subscription Rights
The Company has continued to engage in a program of stock buybacks to provide liquidity, increase the NAV per ordinary share and ideally narrow the discount. During the period under review the Board has utilised its share buyback powers to repurchase 8,144,747 ordinary shares at a cost of £4.7m.
The Annual Subscription Right enables Shareholders to subscribe for 1 new Ordinary Share for every 5 Ordinary Shares held on 30 April in each year at a price equal to the undiluted NAV per ordinary share on 1 May one year prior. The Company announced on 1 May 2025 that the fifth Subscription Rights price would be 37.20 pence per share and that the exercise date would be 30 April 2026.
Following the end of the period under review the Company has announced that following the exercise of all Subscription Rights, the Company has raised a total of £7.8 million (on the exercise price of 37.20 pence). The Company has also announced that the 2027 Subscription Rights Price will be 94.26 pence and that the exercise date for the next Subscription Right is expected to be 30 April 2027. Shareholders will be sent details of how to subscribe a few weeks prior to that date. The Company has introduced an annual vote at its AGM to allow Shareholders to vote on whether to continue the Subscription Rights exercise each year. The Board and it’s advisors will also review annually the benefits of issuing Subscription Rights.
Portfolio Management
After being advised that the Company’s two co-portfolio managers, Keith Watson and Rob Crayfourd had resigned from Manulife | CQS and were serving their three-month notice periods, the Company announced on 16 March 2026 that it had served 12 months protective notice with its investment manager. This action was taken to protect the Company whilst the Board was considering its management options for the longer term.
In order to ensure that portfolio management services remained available to the Company, on 15 May 2026 the Company announced that, pursuant to a sub-investment management agreement between Manulife | CQS and Manulife Investment Management Limited (“Manulife Canada”), Manulife | CQS will delegate portfolio management services in respect of the Company to Manulife Canada. The Company has provided its consent to this delegation.
Effective from 18 May 2026 two senior Manulife Investment Management Group portfolio managers, Diana Racanelli and Craig Bethune, have assumed responsibility for the management of the portfolio. There is no change to the Company’s investment process, strategy or operations.
Diana Racanelli, CFA and Craig Bethune, CFA, based in Toronto, are senior portfolio managers at Manulife Canada, have been with Manulife Canada for the past 12 years. Together Diana Racanelli and Craig Bethune manage USD544 million in metals & mining and energy assets, as well as a further USD1,096 million in metals & mining and resources exposure in team managed assets. The Board have had a number of meetings with Diana and Craig and are confident of both their commitment to the Company and their skills and expertise.
The Company considers this action to be in the best interests of shareholders as the Company continues to explore its options for the long term. A further update will be provided in due course.
The Board
Further to the announcement on 11 March 2026 that Mr Ian Reeves CBE has stepped down as non-executive Chairman of the Company due to health reasons and my subsequent appointment as non-executive Chairman from that date, I am delighted that with effect from 1 June 2026 Brona Lambert, FCA was appointed as a non-executive Director to Chair the Audit and Risk Committee of the Company in my place. Brona’s relevant experience is extensive and is set out under Board Changes in the Corporate Summary above.
Outlook
The outlook for the uranium market remains very positive with global AI and data centre power requirements giving a strong emphasis to the stable base load characteristics of nuclear power. Thirty-eight countries have committed to tripling nuclear energy capacity by 2050. Your investment managers and Board of Directors believe that the fundamental structural support for uranium equities remains as strong as ever, and that with growing global nuclear power demand coupled with a highly constrained and fragile supply landscape, our portfolio is well-positioned to benefit.
On behalf of the Board, I would like to thank shareholders for their continued support in the Company.
Gary Clark
Chairman, Geiger Counter Limited
June 2026
