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

- Link: https://www.directorstalkinterviews.com/geiger-counter-strengthened-as-us-grants-uranium-critical-mineral-status-longcl/4121234134
- Published: 2026-01-09T11:37:39+00:00
- Author: Amilia Stone

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

**Commentary^(3)** 

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.

| ** ** | **Gross Leverage^(2)****(%)** | **Commitment Leverage^(3)****(%)** | 
| **Geiger Counter Ltd ** | **122** | **122** |

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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.

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