Geiger Counter Limited has published its interim report to 31 March 2026, recording a 21.57% increase in net asset value per share, rising from 71.66p to 87.12p. The share price gained 10.65%, closing the period at 66.50p — a result that reflects the uranium market recovery that began in autumn 2025.
Spot U₃O₈ price movements tell the story of those six months clearly: starting at $81.9 per pound in September 2025, the price peaked at $101.5 per pound before settling at $84 by period end. Long-term contract prices stabilised in the low $90s per pound — a range that reflects both rising utility demand and tightening global supply. On the supply side, Cameco revised its McArthur River production estimates downward due to delays in developing new mining areas, while Kazatomprom — which controls roughly 45% of global primary production — cut volumes under its subsoil use agreements by 10% for 2026. Less ore available against growing demand: the upward pressure on prices remains structural.
During the period, the fund repurchased 8,144,747 ordinary shares at a total cost of £4.7 million, an operation designed to provide liquidity and support per-share value. Following the close of the half-year, the exercise of annual subscription rights generated an additional £7.8 million in proceeds. Portfolio management has been handed to Manulife Investment Management Limited in Canada, with Diana Racanelli and Craig Bethune assuming responsibility from 18 May 2026. The transition signals continuity of direction: the fund remains entirely focused on uranium exploration and production companies.
The board explicitly identifies two long-term demand drivers. The first is energy consumption from AI-driven data centres, which requires a continuous, zero-emission power source — a characteristic that nuclear energy delivers and that intermittent renewables cannot replicate on their own. The second is international political commitment: 38 countries have already pledged to triple installed nuclear capacity by 2050. That commitment translates into long-term contracts, new reactors under construction, and uranium demand set to grow for decades. Sprott analysts estimate a cumulative supply deficit of 197 million pounds by 2040 — a figure that alone explains why sector managers maintain a constructive outlook despite short-term spot volatility.
With management now in Manulife’s hands and a portfolio skewed toward producers with uncontracted uranium volumes, Geiger Counter is positioned to capture the next utility contracting cycle, which many industry participants expect to unfold during 2026. Should industrial and financial demand converge again — as they did at January’s peak — spot prices could return sustainably above $100 per pound, lifting producer equity valuations alongside them. The fund has already demonstrated its ability to turn that dynamic into tangible returns for shareholders.
