Geiger Counter Ltd: Capitalising on the Nuclear Renaissance

GCL gives investors access to a curated basket of uranium companies spanning the full project lifecycle, from exploration and development to production. Top holdings like NexGen and Denison Mines offer high-growth, near-development upside, while Cameco and Paladin provide production-scale cash flow resilience and global market presence. This structure allows investors to capture sector-wide upside without concentrating risk in a single asset, operator, or jurisdiction. GCL’s unique mix of project stage, geography, and market cap creates a rare blend of growth optionality and downside protection, something few single-stock uranium exposures can achieve sustainably.

Global investment in nuclear power is accelerating, with over 60 reactors under construction and more than 400 planned or proposed in both developed and emerging markets. Governments from the US to China are doubling down on nuclear as a reliable, net-zero-aligned baseload solution to meet surging electricity needs. AI, electrification, and cloud infrastructure are intensifying the requirement for clean, high-uptime power, and nuclear is increasingly the only scalable, carbon-free option. From small modular reactors (SMRs) to next-generation fuels, the shift is both real and accelerating. As the critical fuel behind this renaissance, uranium demand is poised to soar, reinforcing GCL’s forward-looking investment case.

The West’s pivot away from Russian and Kazakh uranium has created a multi-year rerating opportunity for producers in politically stable regions. GCL is significantly underweight Kazakhstan, the world’s largest uranium supplier, and instead prioritises exposure to Canada, the US, and Australia, where regulatory frameworks and supply chain transparency are stronger. This makes it one of the few ways investors can gain diversified uranium exposure without assuming elevated geopolitical risk. As Western utilities rebuild strategic inventories and commit to long-term offtake contracts, GCL’s holdings are likely to see enhanced visibility, pricing power, and relative valuation uplift across cycles.

• US Nuclear Policy Tailwinds: The Biden-Trump continuity on nuclear investment, including executive orders to fast-track licensing and boost uranium enrichment, provides near-term sentiment and valuation support.
  
  

• Kazakh Supply Resolution: The conclusion of physical uranium dumping by Kazatomprom may stabilise the spot market and realign it with higher term pricing—boosting uranium equities in GCL’s portfolio.

• Major Project Milestones: GCL holdings like NexGen (Rook 1), Paladin (Langer Heinrich), and Denison (Wheeler River) are approaching key development and restart phases, which could unlock value and attract broader investor interest.

• Utility Contracting Rebound: Western utilities are expected to accelerate long-term uranium contracting to address supply chain risks, providing pricing power for producers and visibility for developers.

• SMR Deployment at Scale: Adoption of Small Modular Reactors (SMRs) by countries and corporates could dramatically expand long-term uranium demand, particularly in non-traditional nuclear markets.

• Global Build-Out of Nuclear Capacity: With a goal to triple nuclear power by 2050, major economies are investing in dozens of new reactors—underpinning a sustained demand cycle for uranium miners in GCL’s portfolio.

GCL has significant investments in pre-production or early-stage uranium companies, which could face significant hurdles such as permitting delays, construction setbacks, and uncertain financing conditions. These companies require large capital investments before generating revenue, and if funding dries up, uranium prices fall or if there are logistical challenges, projects could be delayed or abandoned. Such risks could lead to stock underperformance, increased dilution, or financial distress, negatively impacting GCL’s overall returns.

Uranium mining is heavily regulated due to environmental, safety, and geopolitical concerns. GCL’s portfolio companies must secure multiple government approvals, permits, and licenses to expand, which can cause delays or restrictions on production. Stricter environmental policies, bans on uranium mining in certain regions, or sudden regulatory shifts like changes in subsidies could halt projects, increase compliance costs, or force operational shutdowns, directly impacting the growth prospects of GCL’s holdings.

The U.S. creates a sense of uncertainty in the nuclear market. Despite being a huge uranium importer, rising protectionist attitudes could disrupt the uranium market by increasing costs for utilities or by restricting imports. Tariffs on foreign uranium, particularly from Canada, may lead to higher domestic uranium prices, reducing affordability for nuclear operators. The new administration’s reluctance to embrace environmental agreements could also impact long-term nuclear adoption. Lower American demand could thus weaken long-term contracting, impacting uranium miners and causing price volatility.