Geiger Counter (GCL), the specialist uranium investment company, was buoyed by global recognition of nuclear’s role in future electricity generation, returning 32.9% in NAV terms over the year to 30 September 2025.
Its share price kept pace, meaning its discount to NAV remained stubbornly wide at 17.4%.
GCL’s manager says that a renewed global push for nuclear power is accelerating demand for uranium and exposing deep constraints in supply, setting the stage for higher prices and increased pressure on miners to ramp up production.
The resurgence is being driven by energy security concerns, net-zero targets, and rapidly growing electricity demand from artificial intelligence (AI) data centres. According to the International Energy Agency (IEA), global nuclear capacity is expected to rise by at least one-third by 2035, with more than 40 countries planning to expand nuclear power. The US is a key driver of the nuclear revival, backing nuclear power across the fuel supply chain through funding, regulatory reform and policy support.
Demand is also being reshaped by ‘Big Tech’. Data centres currently account for 2–3% of US electricity demand but are set to grow rapidly as companies invest hundreds of billions of dollars in AI infrastructure. Nuclear power’s ability to deliver zero-carbon, 24/7 baseload energy has led firms such as Microsoft, Meta, Google and Amazon to sign long-term nuclear power agreements or back small modular reactor (SMR) projects.
However, uranium mining has been slow to respond, having suffered decades of underinvestment. Miners face long lead times to bring new supply online, increasingly positioning uranium (U₃O₈) as the primary bottleneck in the nuclear fuel cycle.
Uranium prices responded sharply in 2025. The spot price rose from a low of about $52 per pound in April to roughly $82 by the end of September, aided by renewed buying from physical uranium funds such as Sprott Physical Uranium Trust and Yellow Cake. Investor sentiment rebounded strongly in the second half of the year as the market deficit became more apparent.
Industry data from the World Nuclear Association shows the uranium market already in deficit, with the shortfall expected to widen over the next decade. Recent production downgrades from major suppliers including Kazakhstan’s Kazatomprom, Canada’s Cameco and Australia-listed Paladin have further tightened supply. GCL’s manager says that several assumed future mines remain unpermitted and unlikely to come online on schedule, forcing some producers to buy uranium on the spot market to meet existing contracts.
GCL’s portfolio is weighted to developers relative to the uranium mining sector, with Nexgen its largest exposure at 25.5%. The manager says this should give it full participation in future uranium price gains, with the likes of Cameco prohibited by being largely contracted out for the next five years. The company is underweight Cameco relative to the sector primarily for this reason.