Rimfire Pacific Mining (ASX: RIM, 'Rimfire' or the 'Company') is an ASXlisted Critical Minerals exploration company which is advancing several projects in the highly prospective Lachlan Orogen and Broken Hill districts of New South Wales. During the September 2022 Quarter (the 'Quarter'), Rimfire announced high-grade nickel - cobalt - scandium diamond drill results (with associated PGEs) from 4 diamond holes drilled at the Melrose prospect.
An additional three diamond holes at the Jacks Lookout and Gillenbine Lead prospects were completed before drilling activities were suspended due to continued wet weather, localised flooding, and adverse ground conditions throughout the project area. The diamond drilling is being undertaken as part of a broader drilling program to test for primary platinum + palladium (PGE's) mineralisation within un-weathered (fresh) ultramafic bedrock at its Avondale and Fifield Earn In Projects. During the Quarter, the Company also initiated discussions with local landowners to gain access to priority cobalt targets at its 100% - owned Broken Hill Cobalt Project. Target generation activities also commenced at Rimfire's 100% - owned Cowal Copper Gold Project following the grant of a new Exploration Licence (EL9397) at Cowal during the previous Quarter
Regional 3,000 metre diamond drilling program (Avondale Earn and Fifield In Projects)
The Melrose diamond holes were drilled as part of a larger a 15 - hole (3,000m) drilling program to test for primary platinum + palladium (PGE's) mineralisation within un-weathered (fresh) ultramafic bedrock at 6 targets (Melrose, Jack's Lookout, Gillenbine, Platina Lead, Kara Kara, and Currajong) that lie within Rimfire's Avondale and Fifield Projects at Fifield (see Figure 2). The targets are prospective for the discovery of ultramafic - hosted PGE's, nickel, cobalt, scandium, and copper mineralisation and are characterised variously as having historic surface anomalism and / or historic drill intercepts (Currajong, Platina Lead, and Gillenbine), or a poorly tested magnetic anomaly interpreted to represent prospective ultramafic rock types (Melrose, Jacks Lookout and Kara Kara). At the time of writing, drilling had been suspended due to continued wet weather, localised flooding, and adverse ground conditions throughout the project area. To date 7 holes (1,628.9 metres) have been completed - Melrose (FI2397, FI2398, FI2399, FI2400 - 639.6 metres), Jacks Lookout (FI2401 - 460.7 metres), and Gillenbine Lead (FI2402 and 2403 - 528.6 metres). At the time of writing, assays were awaited for the Jacks Lookout and Gillenbine Lead drill holes. While the suspension of drilling is frustrating, the decision has been made to avoid unnecessary damage to access roads and cropping land, minimise standby costs and reduce the safety risk to company personnel and contractors. It is envisaged that drilling will resume early in the March 2023 Quarter.
Regional 3,000 metre diamond drilling program
(Avondale Earn and Fifield In Projects) The Melrose diamond holes were drilled as part of a larger a 15 - hole (3,000m) drilling program to test for primary platinum + palladium (PGE's) mineralisation within un-weathered (fresh) ultramafic bedrock at 6 targets (Melrose, Jack's Lookout, Gillenbine, Platina Lead, Kara Kara, and Currajong) that lie within Rimfire's Avondale and Fifield Projects at Fifield (see Figure 2). The targets are prospective for the discovery of ultramafic - hosted PGE's, nickel, cobalt, scandium, and copper mineralisation and are characterised variously as having historic surface anomalism and / or historic drill intercepts (Currajong, Platina Lead, and Gillenbine), or a poorly tested magnetic anomaly interpreted to represent prospective ultramafic rock types (Melrose, Jacks Lookout and Kara Kara). At the time of writing, drilling had been suspended due to continued wet weather, localised flooding, and adverse ground conditions throughout the project area. To date 7 holes (1,628.9 metres) have been completed - Melrose (FI2397, FI2398, FI2399, FI2400 - 639.6 metres), Jacks Lookout (FI2401 - 460.7 metres), and Gillenbine Lead (FI2402 and 2403 - 528.6 metres). At the time of writing, assays were awaited for the Jacks Lookout and Gillenbine Lead drill holes. While the suspension of drilling is frustrating, the decision has been made to avoid unnecessary damage to access roads and cropping land, minimise standby costs and reduce the safety risk to company personnel and contractors. It is envisaged that drilling will resume early in the March 2023 Quarter.
Broken Hill Cobalt Project As previously announced, Rimfire has regained full control of the Broken Hill Cobalt Project (EL5958) following the withdrawal of Perilya Limited (a wholly - owned subsidiary of China's Zhongjin Lingnan Mining) from the Windy Ridge Joint Venture which covered two sub-blocks of EL5958 (Figure 3). The Broken Hill Cobalt Project is prospective for the discovery of economic critical minerals such as cobalt with several priority targets already identified including the Railway Extension target which lies directly along strike from Cobalt Blue Holdings' Railway Cobalt Deposit (ASX: COB; market capitalisation ~$210M as of 11 July 2022) within the same rock types. The Railway Cobalt Deposit has a JORC Indicated and Inferred Resource of 68Mt @ 755 CoEq ppm, with 40,900t of inground cobalt (COB JORC Resources). Rimfire has commenced discussions with local landowners to gain access to priority cobalt targets throughout the project. Rimfire has also held preliminary discussions with third parties to rimfire@rimfire.com.au | www. rimfire.com.au | +61 3 9620 5866 investigate potential commercial options to advance the project. There is no guarantee that these preliminary discussions will result in any commercial transaction.
Cash, Capital Structure, and Funding
As at the 30th of September 2022, Rimfire had access to $0.31M of funding, with $0.27M held directly in Rimfire's account and $0.04M held in the Earn-in accounts for funding activities on the Fifield and Avondale Earn In Projects. GPR continues to fund the Earn-in Projects with a further $0.2M of funding (additional to funds available at the 30th of September 2022) received from GPR during October 2022 for the Earnin accounts. As announced on the 30th of June 2022, Rimfire Pacific Mining (the 'Company') has executed a Binding Heads of Agreement with its exploration partner Golden Plains Resources Pty Ltd (GPR) to vary and simplify the terms of the current Fifield Project Earn-in. Under the terms of the Heads of Agreement, GPR will pay $2M cash (comprising $1.5M directly to Rimfire for its own use ('Rimfire Corporate Payment') and $0.5M for additional expenditure under the earn-in 'Additional Expenditure Payment'), which is in addition to remaining exploration payments of $0.9M due under the current Fifield Earn In agreement
The Company has agreed with GPR that the Rimfire Corporate Payment (originally due by the 28th of October 2022, can be paid anytime up to the 30th of November 2022 when the balance of all other payments are due. Of the $1.5M Corporate Payment GPR has already paid $0.3M leaving an outstanding balance of $1.2M. Any outstanding Corporate Payment amount not received by the 28th of October 2022 will attract an interest payment of 5% (on an annualised basis) up until the 30th of November 2022 after which any outstanding payments (either Corporate Payment and / or Additional Expenditure Payment) will attract a new Penalty Interest Rate as defined in the the Fifield Earn In and Joint Venture Agreements. Related party transactions of $63K (section 6.1 and 6.2 of the September 2022 Quarter Appendix 5B) are payments for salary (including statutory superannuation) to David Hutton (MD and CEO) and Non-Executive Director fees for the September 2022 Quarter.
Contact:
Investor
David Hutton
Managing Director
P: +61 417 974 843
Greg Keane
CEO CFO
P: +61 497 805 918
About Rimfire
Rimfire Pacific Mining Ltd (ASX: RIM) is an ASX-listed exploration company focused on exploring for critical minerals within the Lachlan Orogen and Broken Hill districts of NSW. Rimfire currently has two projects in the Lachlan Orogen which are being funded by Rimfire's exploration partner - Golden Plains Resources (GPR): Avondale Project (GPR earning up to 75%)* & Fifield Project (GPR earning up to 60%) Both projects are prospective for Critical Materials (PGEs, Nickel, Copper? & Cobalt) - which are essential for renewable energy, electrification, and green technologies. The development ready Sunrise Energy Metals Ni-Co-Sc Project (ASX: SRL) is? adjacent to both projects. The Fifield Project hosts the historical Platina Lead mine, the largest producer of? Platinum in Australia
Competent Persons Declaration
The information in the report to which this statement is attached that relates to Exploration and Resource Results is based on information reviewed and/or compiled by David Hutton who is deemed to be a Competent Person and is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Hutton has over 30 years' experience in the minerals industry and is the Managing Director and CEO of Rimfire Pacific Mining. Mr Hutton has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Hutton consents to the inclusion of the matters based on the information in the form and context in which it appears.
Forward looking statements Disclaimer
This document contains 'forward looking statements' as defined or implied in common law and within the meaning of the Corporations Law. Such forward looking statements may include, without limitation, (1) estimates of future capital expenditure; (2) estimates of future cash costs; (3) statements regarding future exploration results and goals. Where the Company or any of its officers or Directors or representatives expresses an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and the Company or its officers or Directors or representatives as the case may be, believe to have a reasonable basis for implying such an expectation or belief. However, forward looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward looking statements. Such risks include, but are not limited to, commodity price fluctuation, currency fluctuation, political and operational risks, governmental regulations and judicial outcomes, financial markets, and availability of key personnel. The Company does not undertake any obligation to publicly release revisions to any 'forward looking statement'.
RIMFIRE PACIFIC MINING LIMITED 
