In some later iterations or specific licensing arrangements, Mastercam moved toward a software-based licensing model where the "Sim" is a file installed on the hard drive rather than a physical USB stick. However, for the X5 era, the physical USB dongle is the standard.
The "No SIM found" error in refers to the software's inability to detect the security dongle (HASP or NetHASP) required for licensing. This is often due to mismatched settings in the NHaspX utility or driver conflicts. Quick Fix: Configure NHasp Utility
I can provide specific or nethasp.ini configurations based on those details.
Mastercam X5 needs to know whether it should be looking for a local USB stick or a network-based license.
Visit the official Gemalto/Thales website or the Mastercam support portal to get the "Sentinel HASP LDK Command Line Install."