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With the MRE due fairly soon, I’m just curious what most people are realistically expecting from it.

From everything in the RNS’s and the feedback from the Oct 3 investor event, it sounds like the modelling is almost complete and the maiden resource will just cover MB01 South.

Based on that, would you still see something around 0.7–0.8 Moz @ ~0.8–0.9 g/t as a strong result for a maiden, or do you think the market is really looking for 1 Moz+ to move the price?

I’m trying to get a feel for how the market might react on the day — do people think an “under 1 Moz” number would actually disappoint, or is that still a good starting base if it triggers the BCM payment and confirms the model?

Genuinely interested to hear how others see it — not ramping or deramping, just wanting to understand what expectations most have built in.

No stress — just posting order-flow data and conversion timing from previous CLN cycles. Everyone trades their own edge. I’m just mapping patterns, not pushing a view. Tape doesn’t lie — sentiment will follow the flow.

All good mate, just reading the tape. Big 1M print hit and they’ve walked the bid a touch — looks like MM positioning rather than panic selling.

L2 Update (08:17) – Bids have eased to 0.33–0.34 after early big trades at 0.355. Spread now ~8%. Market makers resetting to find real support. Watching for fresh bids around 0.34 to confirm a base before next move.

Morning update – steady so far.

Early selling around 0.351–0.354 seems to have dried up, with more trades now going through at 0.36 as buyers quietly step in.

Bid still holding firm at 0.35, ask stacked at 0.36, with just under 6M shares traded.

Looks like the market is absorbing supply well — could be setting up for a move higher once 0.36 clears.

💬 Update — volume picking up fast this morning.

A string of large trades just gone through around 0.351–0.354, totalling ~5.6 m shares so far. Price still holding steady at 0.355–0.36, which suggests solid absorption rather than weakness. Could be crossing or early positioning going on. One to watch closely 👀

Pre-Open Snapshot:

Auction sitting cleanly at 0.36 with balanced bids/offers.

Looks like a steady open ahead — 0.35 support still holding firm.

If the buys firm up early we could see another push into the 0.37–0.38 range.

Quiet confidence across Level 2 right now.

Morning Thoughts – No RNS Yet

No CLN RNS this morning, so the market’s still waiting for clarity. Wouldn’t be surprised to see a bit of early profit taking or sideways drift while traders gauge sentiment. Key level looks to be 0.34–0.35 — if that holds, we could see a steady day or even a push back toward 0.36 later.

Volume and bid depth will tell the story.

CLN Watch – Two Camps Forming Ahead of Possible RNS

Interesting split in sentiment here today.

On one side you’ve got traders calling for a drop back into the 0.28s if a CLN RNS lands tomorrow – fair point if a large block of conversions hits the market at a steep discount.

On the other, others see signs of absorption and are betting that the worst of the selling has already been cleared, with 0.40+ back on the cards if the RNS shows only limited conversions or no update at all.

Today’s tape gives a mixed picture:

Over 340 M shares traded with steady bids around 0.35–0.36 even through the auction.

No collapse in depth or spreads, which usually means buyers are still active beneath the surface.

So we’re basically set up for a binary morning:

Heavy conversion RNS → short-term dip to the low 0.30s.

Light conversion or silence → quick recovery toward 0.40.

Either way, 0.35 looks like the key line in the sand right now.

CLN Watch & Auction Moves

Strong volume again today and another brief auction mid-afternoon — likely a large cross-trade being matched, possibly linked to the ongoing CLN conversions. Despite that, price held firm around 0.35–0.36 which suggests buyers are still willing to absorb any supply hitting the market.

We’re probably close to the next conversion RNS now. The key will be how much of the remaining £5.6m is left to convert.

If only a small tranche remains, that could clear the overhang and trigger a stronger rerate.

If a larger amount is still to go, we might see short-term pressure before sentiment flips again.

Tomorrow’s open or the 7am RNS drop should confirm which way the market leans. For now, the steady price through today’s auction hints at solid support forming under 0.35.

Auction a few minutes ago looked like another round of CLN churn being cleared — large orders matched around 0.355 and then it reopened steady. Despite heavy volume since yesterday, price holding up well suggests the bulk of the conversions may be through. Order book’s lighter on the sell side now with bids stacking at 0.35 — could be the start of a base forming if no big dump follows.

Steady at 0.375 for now – looks like we’re in a consolidation phase after yesterday’s big churn. Volume still heavy (280M+), but most of it looks like CLN conversions being worked through the book. Lots of 2–3M blocks going through around 0.376–0.38 and no follow-through above 0.385, so yesterday’s spike was likely liquidity-driven. Feels like a pause while the market digests the supply – needs real buying to push back over 0.38+

Looks like that big push to 0.385 this morning was more about clearing CLN volume than genuine buying. You can see the MMs recycling trades around 0.37–0.38, likely soaking up the leftover conversions from yesterday’s spike. Volume’s still high but price action’s controlled – classic absorb/reset behaviour. Expect a tight range 0.37–0.385 until that batch is cleared, then maybe room for a clean move once the CLN pressure eases.

HE1 – Heads Up Before the Next CLN Drop

Pattern’s pretty clear now if you line up the RNS dates:

19 Aug – £1m @ 0.5007p

29 Aug – £1.725m @ 0.42p

24 Sep – £1.65m @ 0.235p

So roughly every couple of weeks we get hit with another conversion, and the price takes a 25–35% hit straight after. Still about £5.6m of CLNs left to go, so we’re only halfway through this process.

Last RNS was 24 Sep, which means the next one’s likely due any time now (8–10 Oct window) if they stick to the same rhythm.

This morning’s little run to 0.36p looks like the usual MM walk-up before the next tranche lands — they often lift it just enough to set a higher VWAP for the conversion discount.

If the same pattern repeats, expect the next conversion price somewhere around 0.24–0.26p, and the share price to react accordingly — likely a dip back into the 0.25p region, maybe even low 0.20s if it’s a big tranche.

Not financial advice, just pattern-watching — but history’s been repeating here for weeks.

Based on previous RNS patterns (Aug 19, Aug 29, Sep 24), the next CLN conversion looks due any time now — probably between 8–10 October.

Each prior RNS has landed roughly every 2 weeks, with the share price dropping 25–35% shortly after as discounted shares hit the market.

If that pattern repeats, and assuming a ~30% VWAP discount, the next conversion could come in around 0.24–0.26p, likely pushing the market back to the 0.25p region — maybe even testing 0.20p if the tranche is large.

So this morning’s rise to 0.36p looks more like positioning before the next drop rather than genuine strength. Expect volatility ahead.

🔹 If Harwood had sold and Sneller had bought

• Harwood’s exit would signal that the main activist engine — the investor capable of driving change — had lost faith.

• Sneller’s buying, while welcome, would be seen as passive support, not a sign of strategic action.

• The story would shift from “turnaround under activist control” → “another fund averaging down.”

🔹 The reality (Harwood buying, Sneller selling)

This flips the whole tone of the story:

• Harwood’s entry = action, structure, a playbook. Mills has the people, the patience, and the experience to make things happen.

• Sneller’s exit = passive money rotating out. It doesn’t mean he was “wrong,” it just means he’s not built for activist-style involvement.

• To the market, this swap is a signal of change in control of destiny: the stock moved from “patient hope” to “hands-on strategy.”

Had the roles been reversed, the entire narrative would likely have felt like a setback. But as it stands, it’s an upgrade in shareholder quality — from a passive growth investor to an activist operator.

🔹 Who’s “right”?

It’s not really about one being “right” or “wrong” — it’s about time horizon and toolkit:

• Sneller may have been “right for him” — freeing up capital and simplifying his portfolio.

• Harwood may prove “right for the company” — because they have the tools to execute the next stage (governance, restructuring, trade sale).

In short:

The swap from Sneller → Harwood changed the type of investor in control — and that shift alone made the outlook far more constructive.

That's my thoughts

🚀 TRX – Why This Could Be a Game Changer

Lots of doom & gloom on here lately, but step back and look at the bigger picture.

👉 Harwood Capital (Christopher Mills) now owns 22%+ of TRX. They didn’t buy Sneller’s block for fun — Mills is one of the UK’s top activists with a proven track record of taking undervalued companies, fixing them, and selling them for multiples.

🔹 Why Harwood matters:

They’ve done this before (Augean, EKF Diagnostics, Medica, SourceBio, Celsis).

They build stakes, fix governance, and package companies for trade sales.

They usually aim for 2–4× returns in 2–3 years.

🔹 What’s happening now:

Sneller wanted out (too long-term a grind for him). Harwood stepped in and made it easy — exactly their style.

Harwood is likely to creep up their stake towards 25–29% (without triggering a bid).

Meanwhile, TRX is working through ISO / FDA / distributor milestones — the stuff that makes it saleable.

🔹 The likely endgame:

Once milestones are ticked off, Harwood pushes for a strategic review.

Obvious buyers: Integra LifeSciences, Smith & Nephew, Stryker, Zimmer — all active in regenerative tissue & wound care.

A trade sale could easily put TRX at 3–4× today’s price.

🔹 Why this matters for us:

Downside: even a take-private at a modest premium = still above today’s price.

Upside: a trade sale = transformational uplift.

Harwood is doing the heavy lifting — we just need to sit tight and watch it play out.

💡 Instead of doom & gloom, think of this as a rare chance to be aligned with one of the UK’s best activist funds. Harwood’s history suggests they don’t get involved unless they see a clear path to unlocking value.

Patience could pay off here.

Worth remembering in all this debate: Tissue Regenix (TRX) isn’t just another AIM biotech. They’ve actually got a real technology edge with their dCELL® platform — a patented scaffold process that strips cells out of donor tissue, making it super bio-compatible and able to regenerate in the patient’s body with minimal rejection risk.

dCELL® is globally patented (EU, US, UK), including a new European patent granted March 2025. This gives them strong protection for both their core tech and product uses.

Their product suite covers sports medicine (OrthoPure XT), wound care, orthopaedics, and cardiac — all using this underlying tech to help tissue repair and healing. They’ve even got products from their CellRight acquisition to expand their reach into spine and dental specialist procedures.

All of this is based on serious research out of Leeds University and NHS BT, so it’s not just marketing fluff.

Compared to using synthetic implants or old-style grafts, dCELL®-based scaffolds can reduce infections, speed recovery and avoid extra surgery for patients.

TRX isn’t just chasing someone else’s trend — they really have a strong IP foundation and a clinically credible platform, which gives them a genuine edge if the commercial side can deliver.

Just my take, but that’s something most small medical device plays don’t have. The market might be frustrated now, but the tech has serious legs if management gets the execution right.

Sneller vs. Mills — Who’s Really the More Successful Backer for TRX?

There’s been a lot of talk about Sneller’s exit and what it means for Tissue Regenix (TRX). Let’s put things in perspective regarding him versus Christopher Mills and Harwood Capital.

Richard Sneller was the long-time main backer of TRX, holding around 15% through himself and related companies. He comes from a solid background, including years at Baillie Gifford focusing on emerging markets. He’s a respected investor but more of a traditional asset manager rather than an activist. His support was a steadying presence for TRX, but his recent sell-down likely reflects a loss of confidence or portfolio reshuffle—there’s no clear standout turnaround success linked to him or his holdings in TRX.

On the other side, we have Christopher Mills and Harwood Capital, who are known as true activist investors with a long, proven track record. Over 40+ years, Harwood’s North Atlantic Smaller Companies Trust has delivered about a 13% annualized return—a solid indication of consistent outperformance. Mills doesn’t just buy shares; he actively pushes companies for changes in strategy, governance, and performance to unlock value.

His recent move to increase Harwood’s stake in TRX from around 15% to over 22% signals that this is exactly the kind of turnaround play he believes in and wants to influence hands-on. Mills’ reputation is built on getting involved in special situations, driving real change, which contrasts with Sneller’s more passive style.

In summary:

Sneller is a seasoned, respected investor but lacks a clear activist or turnaround success record at TRX.

Mills represents a more successful, impactful investor type who is actively shaping TRX’s future with a consistent history of value creation in smaller UK companies.

If you’re looking at who brings more success and influence to the table for TRX’s turnaround, Mills and Harwood clearly have the edge.

While Sneller’s exit caused short-term market jitters, Harwood’s entry and the leadership changes suggest a credible turnaround is underway, reducing the risk of a negative outcome implied by the comment. This pattern of key shareholder transition is common in companies repositioning for recovery.

In summary, although Sneller’s selling created a reaction, the institutional vote of confidence combined with new leadership does not support a doom scenario. The company appears to be entering a new phase with better governance and execution focus, making a successful turnaround more likely.