Fifield Termination Update and Scandium Drilling to Commence

Rimfire Pacific Mining Limited (Rimfire or the Company) (ASX: RIM) provides the following update in respect of the termination of the Fifield Project Earn-in Agreement.

As previously disclosed:

1 the Company has terminated the Fifield Project Earn-in Agreement with Golden Plains Resources Pty Ltd (GPR) (see Rimfire ASX Announcement dated 26 September 2024); and

2 GPR disputed the termination and made an application to the Supreme Court of Victoria for an order (among others) that Rimfire be prevented from acting on its termination of the Fifield Earn-in Agreement (see Rimfire ASX Announcement dated 3 October 2024).

GPR’s application was heard by the Court on 16 October 2024, and resulted in:

• Rimfire agreeing to provide a revocable undertaking that it will not dispose of, create any encumbrance over or dissipate the Fifield Project or any mined product. The undertaking is an interim measure until it is varied by the Court or an arbitrator, or is revoked by Rimfire, or the dispute is finally determined by arbitration; and
• GPR being required to issue a notice of arbitration to determine the validity of the termination of the Fifield Project Earn-in Agreement by 23 October 2024.

The undertaking does not preclude Rimfire from carrying on exploration activities (including the currently proposed drilling) to advance the Fifield Project.

Rimfire’s exploration team has secured an aircore rig to drill an initial 50-hole (1,500 metre) program at the Murga Scandium Exploration Target commencing next Wednesday (23 October 2024).

The aircore holes will be solely funded by Rimfire and will infill existing 400m x 400m spaced holes and are part of a larger drilling program that will resume next month when the drill rig becomes available again.

The drilling is intended to support the conversion of the Murga Scandium Exploration Target of 100 to 200Mt at 100 to 200ppm Sc* (15 – 46Kt Sc Oxide) (See Rimfire ASX Announcement dated 9 September 2024**) into a Mineral Resource Estimate.

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