Good morning, everyone. Thanks very much for joining us, and welcome to this investor webinar with Sentinel Metals, ASX ticker SNM. My name is Nicholas Read from Read Corporate, and it is a great pleasure to welcome back Sentinel's Managing Director, Matt Herbert, who joins us from North America this morning. Well, it has been an exceptionally busy period for Sentinel, which in less than a year as an ASX-listed company, has rapidly built the foundations of a significant U.S.-focused gold exploration and development business. The company's flagship Columbia project in Montana has already delivered an outstanding start to its maiden drilling campaign, including a spectacular set of results from its first drill hole earlier this week. And Sentinel is about to take another major step forward with the acquisition recently announced of the 1 million ounce Big Springs Gold Project in Nevada. With drilling and exploration accelerating across both projects and significant opportunities for resource growth and development ahead, there is plenty of investors to look forward to, and that is already after Sentinel has firmly established itself as one of the best-performing IPOs of the last 12 months. So we are very pleased to have Matt join us this morning to take us through the Sentinel story and update us on some of these recent developments, and more importantly, take us through some of the catalysts that lie ahead. So before we hand over to Matt, just a quick note. This is meant to be an interactive session. There is an opportunity to ask questions at the end. Please use the Q&A tab on your webinar browser, pop the questions through, and we will deal with them once Matt has stepped us through the investor deck. Matt, great to see you. Thanks very much for joining us this morning. I know it is evening your time and pretty warm over there, so thank you for making the time. Please step us through an update on where Sentinel is up to. Sure. Thanks very much, Nick. Hard to believe that it is nine months since we caught up last. So lots to get through tonight. Lots of good news and price catalysts on the horizon after what has been a really solid year for us, a solid debut, and now we are really into the nuts and bolts of our first drill program. So, yeah, I am looking forward to chatting to our investors who make all of this possible. Can you tell me when we start to share the PowerPoint, Nick? Should be good to go, Matt. Great. Thanks, Nick. The usual disclaimers, guys. What will be said in this forum is typically stuff that's been released. We will put a little bit more meat on the bone with some of the more up-to-date commentary. Firstly, just a reminder to all of our investors, the nature of our board. A great board. Mark has done amazing things with Red 5 Limited. He's continued to move on. He's now got a couple of other opportunities across the world. His expertise in the Philippines, in particular, has been recognized. He continues to lead the team. An absolute gentleman of the game. Good luck, Mark, with your other opportunities in Alaska, which IPO'd only a month ago. Myself, Simon Derouiche, we continue to work together on a full-time basis on the project. Adam Ritchie, also another name that's pretty well-known in West Australian mining circles. What's happened since we IPO'd? Well, we IPO'd at AUD 0.20. That day, we had pretty good support, and we really kicked off around the AUD 0.30 mark. Since then, we have climbed gradually higher. I should add here that on a normalized basis, if you compare us to the spot gold price or the GDXJ, we've outperformed both of those measures as well. I think at last glance, of the 30 or 40 exploration IPOs since the start of last year, we're top two or top three. That doesn't happen without really committed shareholders, and I think I'm speaking to a few this evening. To everybody out there, thanks so much for the vision and the patience with us to work through our first 12 months trading on the ASX. Broadly, and again, we'll keep this to 15, 20 minutes, this presentation. We'll keep it fairly punchy. But we trade at AUD 0.58 or AUD 0.59, I think at last look on the markets this morning. We expect it to be range-bound between the announcement of the Big Springs Gold Project deal and that AUD 15 million capital raise, which I'll speak about shortly, and the point at which that lands. We expect that to be finalized on the 25th or 26th of August. I will add here, one of the great ways that brokers and analysts compare companies across the ASX and the TSXV is on an ounce in the ground, EV on resource basis. At the moment, we've got 1 million ounces or 920,000 ounces with a market CapEx of AUD 60 million. That's AUD 60 an EV ounce in the ground. When, and if, I should add, the Big Springs Gold Project deal lands, that's a genuine opportunity for us to rewrite. Our holdings will go from 1 million ounces in North America to 2 million ounces. I am getting ahead of myself, so let's work our way through the presentation. I think everyone's familiar with the Columbia gold and silver project. We are drilling right now. As a reminder to our shareholders, 920,000 ounces at 1.34 grams per ton. That's a great resource, and that's the absolute base expectation of the resource. From here on, just as a reminder again, that's been optimized at an AUD 2,200 gold price. It trades today at AUD 4,350. Our peers are using AUD 3,000, AUD 3,200. What that has the impact of doing is sucking in more ounces into our optimized pit shell. It's our intention to release a new model in November, subject to the drilling and the assays, which we'll talk about in just a second. Broadly, as a reminder, this is a project that's really well understood. It has been drilled on and off for the last 20-30 years, 45,000 meters of drilling, and really well-serviced by infrastructure. Some of those near-surface hits that we've spoken about a lot in the past, they're all front page of the paper-type intersects, as well as those long intercepts as well. Certainly our last update, our last announcements, the ASX, really brought that home. I think any time a company announces better than 100 gram meters, that can be 10 grams at 10 meters or 100 meters at one gram, I think that's a great result, and we certainly blew past that as a base measure. At geophysical targets, we have now drilled almost all of those, with the last one being those alteration pathways, which was drilled, finished last night, and we are cautiously optimistic. My chairman is always very careful about ensuring that the market is kept informed, but that we don't give too much away. Broadly, we're halfway through our drill program. It has been a slower start, there's no question about that, and so we appreciate everybody's patience. I think the flip side to that, though, is that there is a social license to conduct business in Montana, and Nevada will be the same as well, and you cannot rush into these programs. So we had to dot the I's and cross the T's. We had a very wet spring, and we were diamond drilling in an area that hasn't had diamond drilling for 20 years. Certainly, our first couple of holes were drilled fairly slowly. We had to contend with very, very high-grade clays. Our recoveries at times were challenging. So we've learnt a lot in this program. At the moment, we're coming home with a wet sail. So when I speak about our intention to have a resource update in November, what's implied there is that last assays are in the middle to the later part of October, and that drilling is probably finished early October. So we're on a real eight-week countdown to finishing our 21-hole program. Just a cross-section that you will see through Columbia. It sort of shows that the strip ratios and some of the more reasonable intercepts. I can tell you that this was one of our holes that we completed last night. I can also tell you that the hole looked exactly how it should look. The caveat there is that the gold at Columbia is very fine. It's not visible gold, so the truth is in the assays, and they are probably three or four weeks away. That was a great hole to drill. For us, it was one of the far southern or southwestern holes in an area that the model is very spotty, an area that needs a bit more support in terms of data, and we're really happy with that outcome. Can't wait to see how that goes through the lab. The maiden drill program, just as a reminder for everyone, 21 holes. We are halfway through at the moment. We have tested some of our targets, but not all of our targets. We still haven't tested our western satellite deposit, which we're looking forward to doing, and we haven't tested our northern strike extension either. That'll happen over the next four to six to eight weeks. We made an announcement a couple of days ago, and it was 46, 47 meters at 5.5 grams, which we're extremely excited about. It was slightly down dip, and there are reasons that companies do this sort of thing. Number one, it gets everybody on our technical team used to the type of mineralization we're dealing with, the recoveries, the drilling styles, the drilling rates, and allowed us to test our continuity through the oxide fresh boundary. We're really grateful with the way that the market reacted to this news. We were grateful to see that the grade continued through that oxide boundary and into the fresh end as well. Every single hole that we have at the moment, we've been learning a great deal of. It's one thing to have geophysics and some field mapping and some grab sampling. There is no substitution for what we call the rotary lie detector, the drill rig. That is Columbia in a nutshell. I think I'm going to give you a little bit more detail about Columbia. We are halfway through the program. The labs that are in Calgary, a lot of the American labs are simply too busy to accept any more clients. Calgary, Ontario, have had a whole heap of fires, a very hot summer. They were cut off in terms of transport this year. Our assays are probably two or three weeks behind where we expect them to be. Our next assay announcement is likely to be late August or first week of September. They currently have six holes. We've got another two or three holes that are being cut and en route. When we say this, we drilled our longest holes at the front end of this program, hence why I'm saying that we're halfway through it. We're really looking forward to re-optimizing and putting in the latest drill and assay results into that all-important model update for November. That's Columbia. We've learned a lot. It has been slow. We really appreciate the patience of not just our mum and dad investors, our retail side, but also our strategic side as well. We are completely invested in this company as well ourselves. We certainly feel that urgency to get the news out there as quickly as we can. But we balance that with social license and being thorough and ensuring that we're putting our best foot forward. I think for the people that have been with us since the start of our journey, our IPO, we've got a really exciting three or four months coming up. I think we've got some catalysts, one of them that we're about to speak about in a second, that is an opportunity for a complete re-rate of the share price. I would add here that there are very few sub-AUD 70 million market cap juniors that have 2 million ounces in the U.S.A., and what better time than now to have those ounces? We are doubling down. Please, I think what I'm trying to crystallize here is stick with us. You've done the hard yards through the last nine months. We've got an extraordinary three months coming up, and we'd hate to see people miss out. The Big Springs Gold Project in Nevada, we felt was a very logical bolt-on. There's only so much that I can talk about this one tonight because the deal, the AUD 15 million has been raised. It was oversubscribed. It was a very sharp deal for us with a company that is renowned for their own sharp deals, a billion-dollar-plus company in Capricorn Metals. For us as a junior in the U.S., this one was the perfect bolt-on. Was it a pivot away from Columbia? Absolutely not. We love Columbia. It has enough traction to drive a company in and of itself, and it has done that for us. But this opportunity came up. What this opportunity represents for us is a chance to fill in that development pipeline. Columbia is still three, four, five years away. We'll get into the studies towards the end of this year, early next year. Big Springs Gold Project represents an opportunity. It's mine permitted to potentially be flowing cash in the next six to 12 months. The two go together hand in glove. This could potentially fund the extensive studies and the extra drilling and the infill at the same time as being a really attractive exploration project as well. We'll walk through a couple of the higher-level items on this particular project. But look, at a high level, we double our footprint in the U.S. We're a AUD 60 million market cap ASX company. There's very few companies with nearly 2 million ounces under the umbrella and one that is permitted for mining right now. It has a mine permit that was approved in 2017 that we've confirmed through our due diligence process and through additional external consultants that is still valid. We're really looking forward to getting into this and having this land on August 25, 26. Broadly, another 1 million ounces supported by 2,500-plus drill holes. Put that in perspective, Columbia has 45,000 meters of drilling. This particular project has 300,000 meters of drilling, last mined at a gold price of $390 in 1994. We'll just let that land with you guys out there. This one is refractory, or it does need roasting. It just so happens that in this part of the world, they've gone from one roaster to two roasters today to three roasters in the second half of next year, which is when we would like to be producing. But again, all of this is incumbent on us finalizing the deal, which we are really confident about doing. The rationale is simple. Doubling down on the U.S. We've got the Jerritt Canyon roaster that's all of 30 minutes drive away. It's a hungry roaster, 4,000 tons per day, restarting in second half of next year as well. All of the stars have aligned for us here to ensure that our development pipeline is greenfields, brownfields development, and production. That's really the message that I want to leave our investors with at the moment. Broadly, we're at AUD 60 EV an ounce in the ground at the moment. If we're around AUD 0.60, AUD 0.70, AUD 0.80 in two weeks' time, our EV on resource is back to AUD 30 or AUD 40 in the ground. There's very few other companies on the ASX or the TSXV that is priced so cheaply in terms of the gold that is JORC compliant, that is already in the ground. I'd encourage everybody to do their research on that. We've got some synergies between the two deposits. We've got a great group of staff that can spread themselves between Montana and Nevada. It's 1,000 kilometers apart. This really just shows that, I think more than anything, the level at which the board is connected and the board can go out and convey the vision and raise the money that's required for these things. I would add that that AUD 15 million deal was oversubscribed. Bear with me here. The acquisition terms, we'll touch on this. Some of this is gobbledygook to most people, but look, it was an AUD 15 million raise. We did that fairly easily, without going into the numbers. The total deal value is AUD 26 million, but the upfront portion on the 1 million ounces that sits there at the moment was only AUD 13.5 million. So we've paid AUD 13 per ounce in the ground, which is extremely cheap. Critically or crucially, Capricorn Metals Ltd accepted Sentinel paper as part of that deal. That's a huge endorsement from a billion-dollar company for a smaller company like us. Indeed, Capricorn Metals Ltd participated in the raise as well. So I think that's a great endorsement of what we're doing. The likes of Mark and Simon Derouiche, and Adam Ritchie and the rest of the board. We've got some hurdles there, and I think those hurdles should really sing out to our investors. Some of those are greater than or equal to 150% of the offer price. The offer price was AUD 0.58. That hurdle only clears if we go to AUD 0.87. So it speaks volumes about where Capricorn Metals Ltd thinks our share price can go. As I said, this one lands in August 2025, 2026, so we're really looking forward to that one going to a vote, and we're confident the vote will pass. That, I think, is really it. We've got a whole heap of catalysts coming up. We've got assays coming out. We've got the deal landing. We can potentially go into Big Springs Gold Project and start drilling very, very quickly. I was speaking with their representatives today about potentially getting in a permit literally day one of the deal going through. So, watch this space, guys. I'm so happy that everyone's joined us here today. Stick with us. I still think it's the most exciting story on the ASX, certainly for the next 12 months. Thank you guys very much. Over to you, Nick. Thanks very much, Matt. I think I could probably speak on behalf of everyone listening. That was a very compelling presentation, and what an incredible time for Sentinel, which you've outlined very comprehensively there. We'll get into questions. Just a reminder, there are some questions already up there, but please take advantage of having Matt here to answer them. So use that Q&A tab and shoot those questions in. Let's get into it. Matt, firstly, an investor has asked if you've given any consideration to listing the company or the shares in North America and Canada, on the OTC in the U.S. or any of those sorts of opportunities. We have, yeah. For sure we have. Without getting too technical, unless you have got really good liquidity, a dual listing, especially U.S. or TSXV, can become a bit of a drag, and we've seen that with a couple of other companies that I won't mention. But at the same time, there are exposure avenues. Over-the-counter, OTC in the United States is one that we're looking very carefully at. That is cheap. It's a few hundred grand a year. All of our assets are in the United States, and this would allow, in particular, American side to get on board with the story. So yeah, we are considering it. At the moment, a TSXV listing or a NYSE listing is expensive. So, we're taking baby steps, and we are looking at OTC. Fantastic. That's great. Thanks, Matt. Next question here, which is, I think you partly dealt with this in your ASX release earlier in the week, but perhaps if you could talk through it in a bit more detail. The core loss that you experienced- in the first hole. How are you dealing with that from a technical perspective moving forward? Yeah. It was a bit of a curveball for us. We certainly expected some challenges. Again, it's a huge reason that we went and hit the longest intervals first, so that we can address this stuff straight off the bat. So, core loss of 30%, 40%, 50% is regrettable. Once you're down to 10% or 20%, there are questions about representativity and a few other bits and pieces. So, a few of the things that we've put in place. We've gone to triple tube drilling. We watch core loss like a hawk. I get a report every day now on core loss through holes 2, 3, 4, 5, 6, 7. Are up to date, and I can tell you that it hasn't been replicated since. So that's great. For the drillers, it's a lesson in slowing down, ensuring that the meters, total meters, is not what we're after. We're looking for meters that represent the rock that sits below us. So it was a tough one. We wanted to announce some really good results, but at the same time, we've got a fiduciary responsibility to the ASX to list these things that may or may not challenge those outcomes. So, we did a whole heap of internal analysis. There was no relationship between grade recovery and core loss, which was good to see. Having said that, triple tube, slower drilling through the clay horizons. We thankfully have not been down at that below 20% since. Thanks, Matt. I might just ask a quick follow-up around the drilling. You mentioned that assay labs are very busy in North America, as we're hearing. How do you see the flow of results moving forward from here, and will you report batches of holes, or how do you see that panning out over the coming weeks and months? Yeah. That's a cracker, Nick. It's funny. For the uninitiated, with the Big Springs Gold Project, with Sentinel Metals, we actually worked on this for two years prior to the IPO. That's what we call sweat equity. No one gets paid, and you basically work every day and bring it to the IPO. One of the reasons that we were so bullish on it was we thought gold was about to run. There was very few junior companies doing anything, especially in the western states. You'd get in there, and you'd get your permits really quickly, and the labs would be begging for your samples. What has happened since, and luckily so, the gold price has gone nuts. It was pretty frothy for a moment. I love it at AUD 4,300 or AUD 4,400, by the way. I think it's really sustainable. What happens is every man and their dog jump on board, and all of a sudden, the labs are full. You can't get drillers. The government agencies are absolutely flat out, and you get put to the bottom of the pile. All of these best intentions around turning permits around in three or four months and lab samples in one or two weeks, kind of get thrown out the window, and that's where we find ourselves at the moment. Add to that, we're trucking to Calgary for our assays. Those roads were closed with fires for a good two or three weeks, two weeks ago. It's just this recipe for people having to learn patience, and I am right at the front of that queue. I'm the first person that wakes up pushing our GOs and our technical team to get this stuff out to market, but it's got to be done the right way. It has been slow, but we're coming home with a wet sail right now. We all know you're a very patient man, Matt. Thanks. Just moving through a couple of other quick online questions. Don't know if you'll be able to answer this one, but I'll put it to you. Will Eric Sprott be a shareholder after the acquisition of Big Springs? Gee, we'd absolutely love that. One of the things we work on a lot at a board level are our strategics, and we've got a couple in mind. There's not a day that goes by that Mark and I aren't speaking about groups that we talk about one plus one equals three. You bring these guys on, that they provide equity, but it signals to the market that you are really, really well-regarded. What I can say is that our top three or four at the moment between the Euroz guys, the Canaccord guys, Perennial, Sandbar Investments, a raft of other guys. John Ellis and a few others, and Artie de Mars are incredible in and of their own right and reflect really well. But certainly, we would love to snare a couple of big fish a little bit further down the track. For the time being, we've raised the money, and we're oversubscribed, and we're being really patiently held by our current shareholders. Yeah, great. Thanks. Great answer. Okay. The next one is probably a tricky one, too. The investor is asking what your expectations are in terms of resource growth from the current drilling. Probably tough for you to answer that one, but there is an exploration target published, so perhaps- Yeah If you could just give us a bit of color around that. Yeah. I tell you what, if I knew, I would be a very rich man. What I can tell you is, as part of your JORC compliance, typically, you have to set a base gold price. Our base gold price we set probably 18 months ago at AUD 2,200 an ounce. All of our ASX and TSXV compatriots are using AUD 2,800, AUD 3,000, AUD 3,200 an ounce. What that does for Columbia is it drags in a lot more lateral ounces into the deposit. When we release that all-important resource update in November, part of it will be the new drilling, and part of it will be an optimization that reflects the current pricing environment, which is going to be fairly material, in my opinion. Fantastic. Thanks, Matt Herbert. There was a quick follow-up from the same investor. Does Sprott have a royalty on Big Springs? No. There is a 2% royalty, though, on Big Springs, which is at the very lower end of the spectrum. That for us was one of the big reasons that we went after Big Springs. Put it in perspective for the uninitiated, 3% is manageable in terms of your studies phase. Once you are above 4%, the banks will start to have a very good look at your ability to provide cash flow. So at 2%, it really is a no-brainer. Would you then potentially sign up another percent as a streaming or royalty going forward? It is certainly something that Mark wants to avoid. I tend to support that as well. If you do not need it, do not take it. Fantastic. Thanks, Matt. I think we've dealt with those questions. I might just, if we start to wrap things up. I think you gave a very clear articulation of the investment proposition through your presentation, and it's probably just worth reiterating that one more time because it's. Oh, hang on. Sorry. We've got a couple more questions. I better deal with those. Yeah. The investor says he believes that the deepest hole was the first. Yep. Have you tested the deeper porphyry lookalike, or is that target still to be tested? That was our second hole. We've completed the drilling on that one. The lab is working through the assays as we speak. What we mentioned before was this particular type of drilling and geology is very difficult to pick grade out of the core. The geologists do a pretty good job. They use textures, vein abundance, sulphides, a whole heap of other vectors. But until we get the assays, actually, we can't comment. We're looking forward to it. Great. Just one more here. An investor has said that it is often tough to balance capital spend for a junior between two large and very promising projects. Yeah Which you will shortly have, hopefully. How will you decide how you will allocate resources and which will be the flagship? Yeah, it is funny that you mention that. Mark has been a real guiding light for me through this sort of process. I think at times I can be a little bit down in the weeds with the guys, the geos at the rig, and all the rest of it. Capital allocation, the higher level stuff, will be critical moving forward. We will be fairly well capped post-August 2025, assuming the deal goes through, and again, we are confident of that. Then it does become a question. Where is that capital best allocated to give the best short-term return on that funding? I spoke a little bit about that before. If you can get Big Springs to a point, and I would remind everybody that Big Springs is a very low CapEx operation because you are drilling, mining, blasting, stockpiling, and you are trucking. That is it. If you can get that right, you could be generating really good cash flow through the roasters in a very short timeframe. That cash can then get allocated either back to Columbia or in the 100 square kilometers of claims that we own at Big Springs that have barely been tested. Certainly, there is some great targets out there as well. Capital allocation is something we speak about on a weekly basis. Yeah. Fantastic. Thanks, Matt. As I said, we'll sort of start to wrap it up. My last point was just to bring you back to your opening comment about the valuation metric of this company. When you listed and now- Yeah I don't think I can recall an opportunity where you're in the midst of an active drill program, but you're also in the process of hopefully completing an acquisition that'll effectively double your resource base. Perhaps if you could just give us some- Yeah closing thoughts around that. Yeah. Look, we listed at a fair discount to that all-important EV on resource, and people had questions about whether you could even drill and develop a project in Montana. I think we've put those questions to bed, albeit slowly, again, around the social license. We've shown that you can drill out there. Nevada is very friendly, and we are very permitted out there. At the moment, none of the Nevada deal is baked into our current share price. I'm absolutely positive of that. We've got an opportunity over the next couple of weeks to rewrite. So we'll see. We'll see what the market does. The market does odd things, and you can't control that. But certainly, AUD 60 EV in the ground at the moment per ounce is cheap. In a couple of weeks, we're going to be AUD 30 per ounce EV in the ground. That is insanely cheap. We will just keep kicking goals, keep proving to people what can be done, and the story will manage itself, Nick. Fantastic. Well said. Look, thanks very much, Matt. That has been tremendous. I think anyone listening to that would have got a very clear picture of what the opportunity is here. Look, thank you for taking your time. I know it is evening your time. And thank you everyone as well for joining us. We had some great questions, and we do appreciate it. We will release a recording of this webinar later today through the company socials. If anyone obviously has any follow-up questions, please reach out to Matt or myself or Mark. Matt, thanks so much for your time. Have a great evening. Thanks everyone for joining us. We hope you have a fantastic day over here in Oz. Thanks very much.