Geiger Counter (GCL)

Geiger Counter (GCL)’s portfolio has been positioned to maximise any sustained rally in uranium prices with investments in the most operationally geared miners, and particularly in those with the greatest sensitivity to higher commodity prices. Managers Rob Crayfourd and Keith Watson’s thesis is that the well-established huge shortfall of uranium supply over the coming five to ten years can only lead to rising prices for the mineral and its producers. They have built a portfolio of companies they think will outperform if prices reset sustainably higher, with a strong bias to developers over producers, companies that haven’t sold forward production, and those that have easily expandable brownfield sites.

Uranium and uranium miners have delivered exceptional returns over the past year, with the commodity price up 31% in January 2026 alone and GCL’s shares 45% (see Performance). Nuclear has become well established as an essential provider of power to the artificial intelligence industry and indeed an essential part of a future energy mix in a lower emissions world. Geopolitical tensions have increased the appeal of nuclear over fossil fuels, too, and started a scramble for production and refinement in the West or Western-friendly countries. GCL is heavily invested in companies with strategically well-situated assets in jurisdictions that are loosening regulation to boost production — chiefly Canada and the US. The jewel in the crown of the Portfolio is the massive position in NexGen, owner of the largest new mine in the pipeline, which could potentially produce c. 15% of current global production when it is up and running, and which is due for final approval in the coming months.

GCL’s discount is volatile, and is 8.4% at the time of writing, with one for five subscription rights, currently in the money, to be exercised on 01/05/2026 (see Discount). The Gearing was a punchy 21% as of the end of December, illustrating the managers’ high conviction in the investment proposition.