Rimfire Pacific Mining (ASX: RIM, 'Rimfire' or 'the Company') is pleased to advise that multiple cobalt, copper, and Rare Earth Element [REE] targets have been identified at its recently expanded 100% - owned Broken Hill Project which is located 17-30 kilometres west of Broken Hill, NSW.

Rimfire has recently executed Access Agreements with relevant Landowners to facilitate ground reconnaissance, geological mapping, and sampling of these targets

Commenting on the announcement, Rimfire's Managing Director Mr David Hutton said: 'Rimfire is exploring throughout New South Wales for critical minerals that are associated with global decarbonisation strategies, such as scandium, PGEs, copper, and cobalt.

While we remain firmly focussed on the scandium exploration program currently underway at Fifield and Avondale, we are also keen to advance our recently expanded Broken Hill Project. Broken Hill is shaping up as a compelling exploration opportunity for Rimfire with ground magnetics highlighting a potential extension to high grade cobalt sulphides drilled last year at Bald Hill, as well as the cobalt, copper and REE targets outlined in this announcement. With executed Access Agreements in place, we will shortly commence a ground inspection of the targets with a view to drill testing during the second half of 2024 and look forward to further market updates as new information comes to hand.'

Bald Hill Extension Target (Cobalt Copper)

Diamond drilling by Rimfire at the Bald Hill Prospect last year successfully intersected high-grade cobalt (Co) associated with strongly disseminated to semi massive sulphide (pyrite, pyrrhotite and trace chalcopyrite + sphalerite) mineralisation, i.e.

125m @ 0.13% Co from 198 metres in FI2470 including 97m @ 0.15% Co, 58m @ 0.13% Co from 62 metres in FI2471 including 2m @ 0.24% Co and 17m @ 0.15% Co, 33m @ 0.11% Co from 58 metres including 4m @ 0.23% Co and 2m @ 0.21% Co, and 100m @ 0.08% Co from 71 metres in FI2470 including 68m @ 0.10% Co.

Higher grade cobalt at Bald Hill is typically associated with a greater abundance of sulphides with zones of coarse-grained semi-massive pyrite / pyrrhotite hosting individual 1 - metre grades of up to 0.79% Co (FI2471 - 67 to 68 metres). FI2471 also intersected a weathered gossanous zone immediately up hole of the cobalt mineralisation, assaying of which returned strongly anomalous copper (Cu) - 6m @ 0.51% Cu from 56 metres. Detailed ground magnetic surveying [on 50-metre spaced east west lines] undertaken post drilling has identified a very strong magnetic anomaly [peak value - 57,744nT] coincident with and extending from cobalt and copper mineralisation intersected in Rimfire's 2023 drilling at Bald Hill. The Bald Hill magnetic anomaly trends NNE, dips to the southeast, and has a near surface extent of 450 x 400 metres and extends to a vertical depth of approximately 300 metres below surface. 3D modelling suggests that the anomaly plunges to the southeast with Rimfire's diamond holes just 'clipping' the top of the anomaly. This is highly significant as the Bald Hill mineralisation is intimately associated with magnetic minerals, i.e. pyrrhotite and magnetite, and as such the magnetic anomaly is interpreted to be 'mapping' a potential extension to existing cobalt and copper mineralisation. Diamond drilling to further test the Bald Hill anomaly is planned for the second half of 2024.

Bald Hill Northeast (Cobalt Copper)

Ground magnetic surveying has also identified a cluster of strong anomalies [56,482nT to 57,744nT] over a surface area of 700 x 300 metres approximately 2 kilometres northeast of Bald Hill, which remains open to the northeast. Initial ground reconnaissance of the area has identified ferruginous gossanous material associated with many of the magnetic anomalies, rock chip sampling of which returned up to 0.72% cobalt and 0.46% copper. The area appears not to have been drilled by previous explorers. Further geological mapping and sampling is required to better understand the significance of these initial rock chip results.

Castillo tenements (Cobalt Copper REE's)

Rimfire has recently expanded the size of the Broken Hill Project with the acquisition of two adjoining tenements from Castillo Copper (EL's 8572 and 8599 'Castillo tenements - see Rimfire ASX Announcement dated 11 January 2024). The Castillo tenements cover the same sequence of Proterozoic age deformed and quartz - albite - magnetite gneiss, psammite, and amphibolite units that host the Bald Hill cobalt sulphide mineralisation. An examination of the NSW Government Minview online GIS portal reveals several historic mineral occurrences within the tenement boundaries that require follow up to better determine their geological significance and exploration potential. Of initial interest are a cluster of gossanous, quartz veined and copper-stained occurrences within the northwestern portion of EL8572 (NSW Mineral Occurrences 181678, 181681, 181683 - 181684, 181686, and 181688). Additionally there are several shear - hosted pegmatite occurrences within the southern portion of EL8572 and EL8599 (NSW Mineral Occurrences 181344 - 181348) which were reportedly mined in the mid-1940's for a mineral called 'Davidite' which is a rare earth oxide mineral with chemical end members of either Lanthanum or Cerium. As such the Castillo tenements are also considered prospective for Rare Earth Element (REEs) mineralisation associated with shear - hosted pegmatite occurrences with geological mapping and sampling are required to better understand the significance of these targets.

Broken Hill Project background

Rimfire's 100% - owned Broken Hill Project covers an area of 190km-2 and is considered prospective for the discovery of cobalt sulphide, copper, and Rare Earth Element [REE] deposits. Given the project's proximity to Broken Hill and the similarities between the project's underlying geology and the Broken Hill lead zinc silver deposits (owned separately by CBH Resources Ltd and Perilya Limited), Rimfire's project area has had a long history of mineral exploration but primarily for lead, zinc, and silver, Modern exploration has been largely restricted to the area of Cobalt Blue's (COB.ASX) adjacent Broken Hill Cobalt Project which hosts the Pyrite Hill, Big Hill, and Railway Deposits (with a global Mineral Resource estimate comprising 118 Mt at 859 ppm (0.08%) cobalt equivalent (CoEq) [i.e., 687 ppm (0.07%) cobalt, 7.6% sulphur & 133 ppm nickel] for 81.1Kt contained cobalt using a 275 ppm CoEq cut-off (Cobalt Blue website). A 2022 project review highlighted that cobalt exploration was last undertaken on Rimfire's Broken Hill Project in the early 1980's when North Broken Hill Pty Ltd conducted a program of geological mapping, IP geophysics and drilling at the Bald Hill prospect. Prior to this Broken Hill South Limited undertook IP geophysical surveying and diamond drilling of the Staurolite Ridge prospect in the early 1960's. In both cases, the exploration work was undertaken as part of programs targeting lead zinc silver mineralisation within the broader Broken Hill district. Additionally, the Railway Extension target directly lies north northeast and along strike from Cobalt Blue's Railway Cobalt Deposit which has a JORC Indicated and Inferred Resource of 68Mt @ 755 CoEq ppm for 40.9Kt of contained cobalt. Diamond drilling by Rimfire at the Bald Hill Prospect last year successfully intersected high-grade cobalt (Co) associated with strongly disseminated to semi massive sulphide (pyrite, pyrrhotite and trace chalcopyrite + sphalerite) mineralisation

Contact:

David Hutton

Greg Keane Managing Director

Tel: +61 497 805 918

Competent Persons Declaration

The information in the report 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, 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'.

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