Rimfire Pacific Mining - June 2022 Quarter, Activities Report

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 June 2022 Quarter (the 'Quarter'), Rimfire announced strongly anomalous nickel, cobalt, and platinum drill results from the Currajong prospect and commenced a 3,000m drilling program to test for primary platinum + palladium (PGE's) mineralisation within un-weathered (fresh) ultramafic bedrock at its Avondale and Fifield Projects.

The Company also 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 whereby GPR will pay $2M cash (comprising $1.5M directly to Rimfire for its own use and $0.5M for additional expenditure under the earn-in) which is in addition to remaining exploration payments of $1.5M due under the current Fifield Earn In agreement. The Company appointed Mr David Hutton as Managing Director and Chief Executive Officer (MD and CEO) and subsequent to the end of the Quarter, advised that it will regain full control of the Broken Hill Cobalt Project (EL5985) following notice from Perilya Limited (a wholly - owned subsidiary

Significantly only 54 holes out of the total 204 holes drilled at Currajong (i.e., one quarter) have been analysed for platinum and palladium, and of those holes, only three (RC02A04, AC03A08, and AC03A17) tested the ultramafic below the base of weathering with each intersecting platinum + palladium mineralisation in the fresh ultramafic. As such the Currajong ultramafic (beneath the base of weathering) remains largely untested for platinum and palladium, and completely untested for all other Platinum Group Elements (PGE's) such as iridium, osmium, rhodium, and ruthenium. Regionally the Currajong prospect is one of 20+ priority exploration targets at Avondale that lie within a 50-kilometre-long belt of underexplored intermediate volcaniclastics, sediments and ultramafic intrusive units that occur within a geologically significant regional - scale structure called the 'Steeton Ultramafic Suture Zone' (SUSZ). The exploration targets are prospective for the discovery of nickel, cobalt, scandium, and platinum group elements (PGE's) associated with ultramafic host rocks, and range variously from untested magnetic anomalies (interpreted to represent previously unrecognised ultramafic occurrences) to confirmed ultramafic occurrences with historic drill intercepts (i.e., Currajong).

3,000 metre drilling program (Avondale Earn and Fifield In Projects)

At the end of the Quarter, Rimfire commenced a 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 was continuing at Melrose with 3 holes (FI2397, FI2398, and FI2399 - 489.2 metres) completed and a fourth hole (FI2400) underway

Broken Hill Cobalt Project

Rimfire will regain full control of the Broken Hill Cobalt Project (EL5985) following notice from Perilya Limited (a wholly - owned subsidiary of China's Zhongjin Lingnan Mining) of its intention to withdraw from the Windy Ridge Joint Venture which covers two sub-blocks of EL5985 (see Figure 3). Perilya's withdrawal will become effective upon fulfilling its rehabilitation obligations (expected during the September 2022 Quarter), following which Rimfire will hold 100% of the project. 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 is currently pursuing regulatory approvals to enable commencement of exploration activities on the project

Contact:

David Hutton

Managing Director

Investor Relations

P: [phone]

Greg Keane

CEO CFO

P: [phone]

About Rimfire

Rimfire Pacific Mining Limited (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'.

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