Geiger Counter Limited (LON:GCL) has announced its full monthly factsheet is now available:
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
Key Fund Facts1
| Total Gross Assets | £111.4m |
| Reference Currency | GBP |
| Ordinary Shares: | 104,836,041 |
| Net Asset Value | 94.94p |
| Mid-Market Price | 70.00p |
| Net gearing4 | 11.90% |
| Discount | (17.94%) |
Ordinary Share and NAV Performance2
| One Month | Three Months | One Year | Three Years | Five Years | |
| (%) | (%) | (%) | (%) | (%) | |
| NAV | 8.37 | (3.45) | 158.27 | 142.32 | 162.63 |
| Share Price | 5.26 | (13.58) | 107.10 | 89.19 | 87.17 |
Commentary3
The Company’s NAV rose 8.9% over April, as nuclear continued to gain support as part of the energy solution for AI hyperscalers. The spot uranium price rose from $84.00 to $86.45/lb over the month. This has been further reinforced by disruptions in the Middle East that have impacted previously reliable energy flows. Lofty valuations in large technology companies continue to support flows into energy solutions, as energy increasingly becomes a bottleneck for future AI data centre growth. Nuclear power provides stable, carbon-free baseload generation, well-suited to data centres, with the primary constraint being the development timelines for new reactors.
The Company remains weighted towards developers with uncontracted volumes that are best placed to benefit from this. NexGen is the largest of these, as it continues to progress its Rook I project in Canada, with offtake agreements, including with hyperscalers, under discussion.
In the US, small modular reactors (SMRs) continue to see strong investor interest, supported by elevated valuations, with X-energy the latest to IPO, achieving a market capitalisation of $11.9bn. The company is advancing its Xe 100 high-temperature gas-cooled SMR design, targeted for commercial deployment later this decade. We remain cautious on these timelines; however, should any of these designs achieve commercialisation within these timelines, this could exacerbate uranium shortages.
The Sprott Physical Uranium Trust raised additional capital in equity markets, issuing 6.8M shares and raising approximately US$140m, which will be used to acquire physical material.
Enrichment (SWU) and conversion prices remain elevated at $200 and $61/lb, respectively, amid the ongoing Russia-Ukraine war. That said, Vladimir Putin has recently taken a softer tone.
