Scandium Exploration Update

Rimfire Pacific Mining (ASX: RIM, “Rimfire” or “the Company”) is pleased to provide an update on scandium exploration activities being carried out at Fifield which is located approximately 70 km NW of Parkes in central NSW (Figures 1 and 2).

Highlights

• Initial phase of infill air core drilling (61 holes / 1,259m) completed across southern portion of the Murga Exploration Target
• Air core drilling intersected a range of rock types with scandium – prospective laterite and pyroxenite intersected in multiple holes
• Drilling is sole funded by Rimfire with 582 composite samples dispatched to the laboratory with results within 4 – 6 weeks
• Second phase of infill air core and diamond drilling at Murga Exploration Target planned to commence in coming weeks subject to receiving all necessary approvals
• 3 new scandium targets identified at 100% - owned Malamute Scandium Project with no previous drilling
• Reconnaissance air core drilling planned at Malamute in conjunction with next phase of Murga drilling
• Arbitration process to determine validity of Rimfire’s Fifield Termination Notice underway with Arbitrator appointed

Commenting on the announcement, Rimfire’s Managing Director Mr David Hutton said: “infill aircore drilling at Murga is the critical next step in converting the Murga Exploration Target into a Mineral Resource and we look forward to receiving the assay results from the first phase of drilling in the coming weeks.

The next phase of drilling at Murga will involve further infill air core drilling and diamond drilling. We will also undertake reconnaissance drilling of 3 untested magnetic targets on our newly acquired Malamute Scandium Project.

The remainder of 2024 is shaping up to be a busy period with drill results and further drilling planned across two scandium projects. We look forward to updating shareholders when new information becomes available”.

Murga Exploration Target drilling details

At Murga scandium occurs within a strongly weathered horizon overlying magnetic ultramafic (pyroxenite) intrusive rocks of the Ordovician-age Murga Intrusive Complex interpreted to be part of a large scale arcuate shaped mafic – ultramafic intrusive complex that has a surface area of approximately 20km² (Figure 2).

Rimfire has previously announced a Mineral Resource estimate of 21Mt @ 125ppm Sc (4,050t Scandium Oxide) for Murga North* and an Exploration Target for the broader Murga area (excluding the Murga North Mineral Resource) of 100 to 200Mt at 100 to 200ppm Sc (15Kt – 46Kt Scandium Oxide)**. (Rimfire ASX Announcement dated 5 September 2024).

The Exploration Target is based on an outline of the scandium-bearing pyroxenite interpreted from aeromagnetic data and results of Rimfire’s 2024 reconnaissance air core drilling (on nominal 400m x 400m centres) throughout the Murga area which successfully intersected strong scandium anomalism (see Rimfire ASX Announcement dated 6 May 2024), i.e.

• 13m @ 188ppm Sc from 3 metres in FI2514 including 4m @ 248ppm Sc,
• 3m @ 127ppm Sc from 13 metres in FI2549,
• 18m @ 174ppm Sc from 1 metre in FI2561 including 3m @ 226ppm Sc, and
• 27m @ 188ppm Sc from 0 metres in FI2434 including 12m @ 224ppm Sc.

To better understand the significance of the wide spaced drilling results, an initial phase of infill aircore holes (61 holes / 1,259 metres) was drilled on 100m x 100m spacings (as recommended by Rimfire’s external resource consultant) to better define internal grade zones and mineralisation thickness variation of the Murga Exploration Target. The drilling also tested several magnetic anomalies within the Exploration Target that are interpreted to represent underlying scandium source rocks (i.e., pyroxenite).

The drilling intersected a variety of rock types with scandium – prospective laterite and pyroxenite intersected in multiple holes although their significance won’t be known until assay results are received. 582 composite samples have been submitted to SGS Australia Pty Ltd in Orange for laboratory analysis with results expected within 4 – 6 weeks.

The drilling is sole funded by Rimfire and is part of a larger infill air core and diamond drilling program at Murga that is planned to resume in the coming weeks subject to receiving all necessary approvals. If successful, the results of the infill drilling will be used to convert the Murga Exploration Target to a Mineral Resource estimate.

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