Geiger Counter’s interim results, covering the six-month period that ended on 31 March 2025, were published late yesterday. The NAV fell by 37.5% to 33.71p but, as the discount closed, the share price fell by 24.5%.
During the period, the trust repurchased 7,989,430 shares at a cost of £3.9m. Since the end of March, a further 14,842,766 shares have been repurchased at a cost of £5.7m.
The trust’s listing moved from the International Stock Exchange to the main market of the London Stock Exchange on 11 December 2024.
On the uranium price, the managers say “The nuclear market had a strong finish to the 2024 calendar year driven by pledges from the world’s largest technology companies that nuclear would be a key strategic focus for them in their race to secure clean baseload power for their data centres. This momentum was muted somewhat by the new US Administration’s volatile stance on trade, tariffs, and geopolitics which saw both equity and commodity markets shaken in the first three months of the year.”
“For uranium and nuclear specifically, President Trump’s apparent desire to reconcile relations with Russia (along with other energy rich nations such as Saudi Arabia/OPEC) raised a risk that the Russian fuel ban may be lifted. Secondly, Kazatomprom announced a slight increase in its near-term production guidance, after the restart of its Inkai JV project. Thirdly, as speculated in the press, deferred sales of residual material from the wind-up of Kazatomprom’s physical fund, ANU, dampened the spot U3O8 price. With these factors already in play, the nuclear related sectors took fright following DeepSeek’s announcement suggesting that less-energy intensive AI learning was gaining momentum.”
However, the managers also note that stocks are low and “Russia’s embargo on supplying fuel to the US remains in place. Kazatomprom has, since end-March indicated that its acid plant, an important input to its ability to scale-up production, has been delayed until Q1 2027. The question of reduced power demands from data centres brought about by more efficient Chinese technologies have also abated.”
As reported elsewhere today, Saba has done a deal whereby it promises not to requisition meetings or remove directors from CQS Natural Resources Growth and Income and Golden Prospect Precious Metals. The deal also extends to Geiger Counter and has effect until the earliest of (i) the AGM in 2028 or (ii) any earlier winding up, liquidation or voluntary corporate reconstruction of the shares and assets of the company.
GCL : Geiger Counter hit by falling uranium price
