Geiger Counter Strengthened as US Grants Uranium Critical-Mineral Status (LON:GCL)

Geiger Counter Limited (LON:GCL) has announced its full monthly factsheet for November 2025.

Commentary³ 

The U3O8 prices declined nearly 8% in November, ending the month at $75.875/lb. An easing in concerns over access to critical minerals in Western economies, including the US and Europe, was a primary factor that weighed on spot prices. This followed a mid-month agreement by China to defer the ban on its exports of rare earth metals by one year to the end of 2026. The sentiment weighed heavily on the spot uranium price and related uranium mining equities, with the Fund NAV declining nearly 20% during November. This was similar to declines registered by the Solactive Uranium Pure Play Index and Sprott Uranium Pure Play ETF recorded in sterling terms.

There was little effect from the production guidance of the primary listed producers, Cameco and Kazatomprom. Following its production downgrade in late summer at McArthur River, due to technical difficulties encountered during the transition to new mining zones, Cameco reported weaker-than-expected Q3 profits. However, the group’s overall uranium production of 4.4Mlb represented a marginally better-than-expected run rate for the quarter. Stronger output from Cigar Lake helped offset declines in output at McArthur. Elsewhere, state-owned Kazatomprom, the largest global producer of uranium, reported attributable uranium production of 8.8Mlb U3O8, as expected and flat on Q2. U3O8 sales volumes were higher than forecast, seemingly due to the timing of sales being recorded, and its full-year production guidance was unchanged.

Following Executive Order “Unleashing American Energy” issued by the Trump Administration in January, uranium was officially reinstated to the US list of critical minerals, having been removed in 2022, in recognition of the strategic importance of nuclear fuel to the nation’s electricity supply. One benefit derived from its renewed designation is an ability to prioritize uranium development projects for federal permitting, as well as accelerating reviews by relevant regulatory authorities such as the EPA and Bureau of Land Management. Such developments help support the outlook for expansion of the Fund’s US-based holdings. Reducing development timelines could significantly improve project values. Following publication of the Executive Order earlier in the year, the move had little impact on US-based uranium miners in November. The equities of most US-based companies fell in line with the wider sector. Ur-Energy lagged slightly more, with a slower ramp-up of its Shirley Basin ISR project weighing on group financials, which included the purchase of 100klbs of U3O8.

Elsewhere, Sweden’s government ratified a significant policy shift, passing legislative changes to lift the country’s uranium mining ban (in place since 2018) from 1 January 2026.

The objective of Geiger Counter Limited is to provide investors with the potential for capital growth through investment primarily in the securities of companies involved in the exploration, development and production of energy, predominantly within the uranium industry.