June 2024 Quarter - Activities Report

Rimfire Pacific Mining (ASX: RIM, “Rimfire” or “the Company”) is an ASX-listed Critical Minerals exploration company which is advancing a portfolio of projects within the highly prospective Lachlan Orogen (“LO") and Broken Hill (“BH”) districts of New South Wales (Figures 1, 2 and 4).

Highlights

• Multiple work programs focused on high-value critical minerals – scandium, cobalt, and copper across Rimfire’s NSW projects
• Thick zones of strong scandium anomalism from surface across multiple locations across the 20km² Murga Intrusive Complex;
  • 22m @ 273ppm Sc from surface incl 12m @ 353ppm Sc
  • 22m @ 172ppm Sc from 2m incl 5m @ 226ppm Sc
  • 28m @ 158ppm Sc from 4m incl 6m @ 320ppm Sc
  • 25m @ 163ppm Sc from 2m incl 5m @ 242ppm Sc
  • 27m @ 162ppm Sc from 3m incl 4m @ 270ppm Sc
• Further Melrose leaching test work generates up to 90% scandium recoveries at atmospheric pressures
• Estimation of a combined JORC Mineral Resource for both Murga North and Melrose Scandium Prospects (Fifield and Avondale Earn-In Projects) underway ahead of completion within the coming weeks subject to receiving outstanding drill assays from the laboratory
• Drilling programs are planned for September 2024 Quarter designed to test copper cobalt targets at Broken Hill and scandium targets at Fifield
• Rimfire completes a placement to raise $1.15M post end of Quarter

Commenting on the Quarterly Activities report, Rimfire’s Managing Director Mr David Hutton said: “Rimfire continues to explore for and discover the critical minerals that are associated with global decarbonisation strategies. We are leveraged to and provide unique ASX investment exposure to scandium – an extremely valuable metal.

Buoyed by the success of our scandium drilling and metallurgical studies carried out during the Quarter we have made the decision to estimate a maiden JORC Mineral Resource for both the Melrose and Murga North Prospects with the work underway.

We expect to announce both resources in the coming weeks with just some Melrose drilling assays awaited on to complete the estimation process.

Looking ahead, the September 2024 Quarter will be pivotal for Rimfire and its shareholders with maiden scandium resources, further scandium drilling and the resumption of copper-cobalt drilling at Broken Hill”.

Introduction and Operational Summary

During the June 2024 Quarter (the “Quarter”), Rimfire’s exploration activities were focused on advancing the Murga and Melrose Scandium Prospects (Fifield and Avondale Earn In Project) with 100 aircore holes (2,664 metres) drilled.

The drilling successfully intersected strongly anomalous scandium at multiple locations across the Murga Intrusive Complex with subsequent re-assaying of anomalous drill samples demonstrating a significant increase in grade.

Buoyed by the success of the drilling, Rimfire has commenced the estimation of a combined JORC Mineral Resource for both the Murga North and Melrose Scandium Prospects.

Also, two further sighter leach tests focused on maximising scandium recovery at atmospheric pressures from Melrose laterite-hosted mineralisation returned recoveries of 62.6% and 90.1% scandium respectively. The latest results represent a significant improvement on previous best scandium recovery of 40% and can be attributed to increased acidity (sulphuric acid) and addition of reagents (NaCl).

To guide the Company’s future metallurgical studies, Rimfire also engaged highly experienced hydrometallugist Mr Boyd Willis as Process Consultant.

The exploration activities at the Fifield and Avondale are funded by Rimfire’s exploration partner

- Golden Plains Resources (GPR) and looking ahead to the September 2024 Quarter, Rimfire will complete the estimate of the combined JORC Mineral Resource for the Murga North and Melrose Scandium Prospects, as well as undertaking further aircore and diamond drilling at Murga to build on the initial resource.

Separately on its 100% - owned projects, Rimfire is preparing to carry out a further round of diamond drilling at its Bald Hill Copper Cobalt prospect commencing in August 2024.

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