Sentinel Metals Limited · ASX:SNM
Sentinel Metals — Merger or Acquisition (July 2026)
40 slides from Sentinel Metals's merger presentation, Jul 2, 2026
Slide 1: Acquisition of the Big Springs Gold Project, Nevada
Acquisition of the Big Springs Gold Project, Nevada Mine-permitted 1.0Moz Gold Resource | Tier-1 jurisdiction | Near- term development pathway | Significant exploration upside ASX: SNM 2 July 2026 1 Not for release to US wire services or distribution in the United States
Slide 2: Disclaimer
DISCLAIMER DISCLAIMER Disclaimer and Forward-Looking Statements information relating to the exploration results and mineral resource estimates included in the Prospectus, and that all material assumptions and technical parameters underpinning the mineral resource estimate in the • This presentation
Slide 3: Disclaimer
DISCLAIMER DISCLAIMER Not an offer of securities This presentation does not constitute an offer to sell, or a solicitation of an offer to buy any securities in any jurisdiction. The distribution of this presentation and the offer of securities is restricted in jurisdictions outside Australia. See th
Slide 4: Disclaimer
DISCLAIMER DISCLAIMER Joint Lead Managers - continued Each of the Joint Lead Managers and their respective affiliates and related bodies corporate (each a JLM Group) are, and will continue to be, full service financial institutions engaged in various activities, which may include (but are not limite
Slide 5: Transaction Summary
TRANSACTION SUMMARY COLUMBIA PROJECT COLUMBIA PROJECT A COMPELLING GROWTH STEP FOR SENTINEL METALS BIG BIG 20KM SPRINGS SPRINGS ▪ Acquisition of the Big Springs Gold Project in Nevada from PROJECT PROJECT Capricorn Metals Limited (ASX:CMM, “CMM”, or “Capricorn”) ▪ High-grade 1Moz JORC Resource in a
Slide 6: Strategic Rationale
STRATEGIC RATIONALE CREATING A TIER-1 NORTH AMERICAN GOLD DEVELOPMENT PLATFORM ▪ Attractive Valuation: Sentinel is acquiring a mine-permitted 1Moz North American gold asset at an attractive price, reflecting its status as a non-core asset within Capricorn’s portfolio following CMM’s acquisition of W
Slide 7: Acquisition Terms
ACQUISITION TERMS BIG SPRINGS TRANSACTION ▪ Acquisition of 100% of the Big Springs Gold Project in Nevada (the “Project”) from Capricorn Metals Limited (“Capricorn Transaction Structure Metals”) (ASX:CMM) (the “Proposed Acquisition”) ▪ Includes all tenements, infrastructure, mining rights and suppor
Slide 8: The Big Springs Project Nevada
Big Springs The Big Springs Project Nevada
Slide 9: Project Highlights
PROJECT HIGHLIGHTS FOUNDATION: +1Moz Au Resource on a LOCATION: 93km² of prime Mining Lease in NE Nevada prospective Carlin-style gold tenure EXPLORATION OPPORTUNITY: Under- QUICK START: 2026 explored package, adjacent to +13Moz drill program ready to execute Au mine complex & 70km from the Carlin (
Slide 10: Foundation
FOUNDATION HIGH-GRADE +1MOZ RESOURCE LOCATED ON A GRANTED MINING LEASE Big Springs JORC Compliant 15.5 Mt @ 2.0 g/t for 1.01Moz Mining Lease BIG SPRINGS MINERAL RESOURCE Classification Tonnes Grade Contained Gold (Kt) (g/t Au) (troy Koz) Measured 860 4.7 129 Indicated 6,000 2.2 426 Inferred 8,630 1.
Slide 11: Location
LOCATION 93KM² OF PRIME PROSPECTIVE CARLIN-STYLE GOLD TENURE ▪ The Big Springs Mine and surrounding property is located within the prolific and well-endowed Independence Trend in Elko County, Nevada ▪ The Independence Trend has a long history of development and production that dates from the 1860’s
Slide 12: Exploration Opportunity
EXPLORATION OPPORTUNITY UNDER-EXPLORED PACKAGE ADJACENT TO THE JERRITT CANYON COMPLEX (9.85MOZ PRODUCED + 4.1MOZ MRE M&I) ▪ Gold at Jerritt Canyon is hosted in carbonate rocks in Mining Lease the oldest (deepest) portion of this complex ▪ At Big Springs, the known and mined mineralisation is hosted
Slide 13: Exploration Opportunity
EXPLORATION OPPORTUNITY LIMITED DRILLING BEYOND RESOURCE WITH UNTESTED DEPTH EXTENSIONS High grade shoots open at depth, drill-ready on ML Cross Section GW03-26C 17.7M @ 26.8 G/T AU SCC-1483 17.7M @ 33.4 G/T AU SCC-1500 13.7M @ 10.4 G/T AU SCC-1485 32.0M @ 11.8 G/T AU Only 29 Drill holes greater tha
Slide 14: Exploration Opportunity
EXPLORATION OPPORTUNITY DRILL PROGRAM READY TO EXECUTE (TARGETING MINERALISED SHOOT EXTENSIONS) ▪ At least seven NW-oriented ore shoots are open at depth ▪ Existing drilling does not test down- dip extensions, true thickness of mineralisation across faults or extensions along strike to the northwest
Slide 15: Permitting
PERMITTING APPROVED MINE PLAN OF OPERATIONS ▪ Granted authorisations: A major operational advantage via a Mine Plan of Operations, fully approved by the United States Forestry Service (USFS) ▪ Permitted Scope: Permits both open pit and underground mining across all core deposits ▪ Immediate executio
Slide 16: Potential Development Pathway
POTENTIAL DEVELOPMENT PATHWAY MINE DESIGN COMPLETED BY SMD IN 2019 ▪ Small Mine Design (SMD) Beadles Creek completed a mine design plan (no current mine design). Needs additional drilling in 2019 for both the open pit North Sammy UG Ore Shoots and underground operations 701 UG ▪ The 601 pit has both
Slide 17: Mine Development Areas
MINE DEVELOPMENT AREAS MINE DESIGN COMPLETED BY SMD IN 2019 ASX:SNM 17
Slide 18: A Processing Solution Next Door
A PROCESSING SOLUTION NEXT DOOR THREE PROCESSING OPTIONS WITHIN TRUCKING DISTANCE ▪ Big Springs hosts refractory, Carlin-style gold mineralisation, requiring processing through a roaster or autoclave ▪ Nevada has three permitted gold roasters, underscoring the strategic importance of processing infr
Slide 19: The Columbia Gold-Silver Project Montana
The Columbia Gold–Silver Columbia Project Montana
Slide 20: Columbia Gold Project
COLUMBIA GOLD PROJECT COLUMBIA GOLD PROJECT STATE OF MONTANA CURRENT INFERRED JORC (2012) MINERAL RESOURCE ESTIMATE (NOVEMBER 2024) Existing JORC Resource of 920,000oz Au at 1.34g/t Au Large Existing Resource with Significant Exploration Upside: Existing JORC (2012) MRE containing 920,000oz Au at 1.
Slide 21: The Current Resource
THE CURRENT RESOURCE THE CURRENT RESOURCE ELEVEN RESOURCE DOMAINS OPEN • 3.1m at 106.3 g/t Au from 33.5m (DC-009) • 3.1m at 72.0 g/t Au from 45.7m (7UP-247A) • 12.2m at 11.6 g/t Au from 1.5m (PD-90-166) • 12.2m at 9.7 g/t Au from 48.8m (PD-90-128) • 28.9m at 3.9 g/t Au from 3.0m (COL12-001) • 132.6m
Slide 22: Resource Growth Potential
RESOURCE GROWTH POTENTIAL INDEPENDENT EX PLORATION TARGET1 Tonnes (Mt) Grade Au (g/t) Au (Koz) Defined within a 350m wide corridor of up to 2km strike length to an average depth of ~220m below surface Low High Low High Low High 22 27 1.1 1.4 800 1,200 ELEVEN RESOURCE DOMAINS DISTINGUISHED BY COLOUR
Slide 23: Maiden Drill Program
MAIDEN DRILL PROGRAM • Drilling commenced 6 June 2026 • 21 new HQ drill holes totalling 5,000m • Based on HSAMT, field structural mapping, grab sampling, drone EM surveys and Dr Greg Corbett’s clay zone recommendations • Target testing goals: ✓ Improve Resource confidence ✓ NW strike extension ✓ Ext
Slide 24: Geophysics Targets
GEOPHYSICS TARGETS Historical Drilling Extent Deep Conductive Target Alteration Core Pathways Proto Heat Source 100m HSAMT Voxel Model overlain by 50m Voxel Model HSAMT highlights a deep conductive zone and overlying vertical breaks interpreted as potential structural and hydrothermal pathways. Thes
Slide 25: Equity Raising Overview
\ Kes Equity Raising Overview
Slide 26: Equity Raising Overview
EQUITY RAISING OVERVIEW • Conditional placement to raise approximately A$15.0 million (before costs) ("Placement" or "Offer"). • The Placement will comprise the issue of approximately 25.9 million new fully paid ordinary shares OFFER SIZE AND STRUCTURE ("New Shares"). • Settlement of the Placement i
Slide 27: Sources and Uses
SOURCES AND USES SOURCES A$M Cash Consideration for Proposed Acquisition • Cash consideration paid to CMM to acquire the Big Existing Cash (31 March 2026) 6.0 Springs Project Placement Proceeds 15.0 Exploration activities Total Sources 21.0 • ~10,000m diamond drill program planned • ~5,000m drill pr
Slide 28: Pro Forma Capital Structure
PRO FORMA CAPITAL STRUCTURE UNITS CURRENT PRO-FORMA No. of Ordinary Shares1,4 m 104.1 138.6 Market Capitalisation at Offer Price1 A$m 60.4 80.4 Cash and Equivalents1,2,3 A$m 6.0 12.5 Debt2 A$m - - Enterprise Value1,2,3,4 A$m 54.4 67.9 1. Assumes A$15.0 million (before costs) raised under the Placeme
Slide 29: Indicative Equity Raising Timetable
INDICATIVE EQUITY RAISING TIMETABLE ITEM DATE 2026 Trading halt Thursday, 2 July Announcement of Proposed Acquisition and launch of Placement Thursday, 2 July Resume Trading on ASX Monday, 6 July Dispatch of Notice of Meeting Mid-July General Meeting to approve the Proposed Acquisition and Placement
Slide 30: Contact Us
ASX: SNM CONTACT US Managing Director info@sentinelmetals.com matthew.herbert@sentinelmetals.com www.sentinelmetals.com +1 807 358 6798 30
Slide 31: Appendix A: Geology and Resource Detail
Appendix A Appendix A Geology and Resource Detail
Slide 32: Big Springs Mineral Resource Estimate
BIG SPRINGS MINERAL RESOURCE ESTIMATE Big Springs Mineral Resource Estimate (JORC 2012) (November 2022) Deposit Measured Indicated Inferred TOTAL kt g/t Au koz kt g/t Au koz kt g/t Au koz kt g/t Au koz North Sammy 345 6.6 73.4 698 3.1 70.6 508 2.4 39.1 1,552 3.7 183.1 North Sammy Contact - - - 439 2
Slide 33: Columbia Project Mineral Resource Estimate
COLUMBIA PROJECT MINERAL RESOURCE ESTIMATE COLUMBIA PROJECT MINERAL RESOURCE ESTIMATE • The deposit model comprised 11 subvertical host COLUMBIA PROJECT 2024 MRE BY DOMAIN structures within a 350m wide corridor over a 2km Domain Tonnes Au Au Ag Ag AuEq1 strike zone (t) (g/t) (troy oz) (g/t) (troy oz
Slide 34: Columbia Project Mineral Resource Estimate Cont'd
COLUMBIA PROJECT MINERAL RESOURCE ESTIMATE CONT’D Information regarding metal equivalents • The MRE is constrained within a US$2,200 / Au oz optimised shell and COLUMBIA PROJECT 2024 MRE BY CLASSIFICATION above a 0.4865g/t AuEq cut-off grade • The MRE has been optimised and reported using a gold equ
Slide 35: Columbia Project Exploration Target
COLUMBIA PROJECT EXPLORATION TARGET The Exploration Target is based on the results of exploration activities undertaken to date, including the drill hole database containing 319 reverse circulation holes and 24 diamond drill holes. The Exploration Target shells surround the existing Mineral Resource
Slide 36: Appendix B: International Offer Restrictions
Appendix B Appendix B International offer restrictions
Slide 37: International Offer Restrictions
INTERNATIONAL OFFER RESTRICTIONS This document does not constitute an offer of new ordinary shares (“New Shares”) of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or sold, in any
Slide 38: International Offer Restrictions
INTERNATIONAL OFFER RESTRICTIONS European Union (excluding Austria) This document has not been, and will not be, registered with or approved by any securities regulator in the European Union. Accordingly, this document may not be made available, nor may the New Shares be offered for sale, in the Eur
Slide 39: International Offer Restrictions
INTERNATIONAL OFFER RESTRICTIONS Singapore This document and any other materials relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, this document and any other document or materials in co
Slide 40: International Offer Restrictions
INTERNATIONAL OFFER RESTRICTIONS United Kingdom This document has not been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of Regulation 21 of The Public Offers and Admissions to Trading Regulations 2024 (“POATRs”)) has been publi