Rimfire Pacific Mining (ASX: RIM, 'Rimfire' or 'the Company') is pleased to advise that it has more than doubled the size of its 100% owned Broken Hill Cobalt Project following the execution of a Tenement Purchase Agreement with BHA No.1 Pty Ltd, a wholly owned subsidiary of Castillo Copper Ltd (ASX: CCZ), to acquire an unencumbered 100% of their Exploration Licences 8572 and 8599 which lie adjacent to Rimfire's Bald Hill Cobalt prospect, 30 kilometres west of Broken Hill, NSW.

Commenting on the announcement, Rimfire's Managing Director Mr David Hutton said: 'Expanding the priority Broken Hill Cobalt Project is a strategic development for Rimfire and builds on the game-changing highgrade cobalt sulphide drill intercepts obtained at Bald Hill last year. The new tenements are prospective for cobalt, copper and rare earth elements and we look forward to getting on the ground as soon as possible to determine the priorities for exploration follow up at Broken Hill whilst concurrently advancing the development of our NSW scandium projects. We look forward to providing the market with further updates as new information comes to hand.'

Acquisition discussion

Rimfire has executed a Tenement Purchase Agreement with BHA No.1 Pty Ltd, a wholly owned subsidiary of Castillo Copper Ltd (ASX: CCZ), to acquire an unencumbered 100% of their Exploration Licences 8572 and 8599 ('Castillo tenements') which lie adjacent to, and contain the same host rocks as that found at Rimfire's Bald Hill Cobalt prospect, 30 kilometres west of Broken Hill, NSW. Diamond drilling by Rimfire at Bald Hill last year successfully intersected high-grade cobalt (Co) associated with strongly disseminated to semi-massive sulphide (pyrite, pyrrhotite and trace chalcopyrite + sphalerite) mineralisation, including; An examination of the NSW Government Minview online GIS portal reveals several historic mineral occurrences 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) and multiple shear - hosted davidite - bearing pegmatite occurrences within the southern portion of EL8572 and EL8599 (NSW Mineral Occurrences 181344 - 181348). Davidite is a rare earth oxide mineral with chemical end members of either Lanthanum or Cerium. In conjunction with ongoing fieldwork in the Bald Hill area, Rimfire will shortly commence field reconnaissance of the Castillo tenements to determine exploration priorities for future work programs at Broken Hill

All Consideration Shares and Subsequent Shares are subject to a 6-month escrow period. The Castillo tenements are subject to historic royalties of a 3% Net Smelter Return (EL8599) and a 1% Net Smelter Return (EL8572). In return for the waiving of all Royalties, Rimfire has agreed to issue the individual Royalty holders with 5,376,337 Rimfire Ordinary Shares being $100,000 worth of shares at the Consideration Shares Issue Price $0.0186 (Royalty Holder Shares). All Royalty Holder Shares are subject to a 6-month escrow period. At the time of writing, Rimfire, Castillo Copper and the Royalty Holders are completing all necessary ancillary legal documentation, and the transaction is still subject to standard regulatory conditions such as Ministerial consent for the transfer of the tenements. The Consideration Shares, Subsequent Shares and Royalty Holder Shares will be issued under Rimfire's ASX Listing Rule 7.1 capacity.

JORC Statement

All drilling results included in this ASX Announcement have been previously released along with relevant JORC Information by Rimfire in its ASX Announcement dated 18 September 2023. Rimfire confirms that no new information has been included in this ASX Announcement. Mineral Occurrences referred to in this ASX Announcement have been sourced from the NSW Government Minview online GIS portal which is publicly available at the following website - Minview online portal

Contact:

Tel: +61 497 805 918

About Rimfire

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 and Broken Hill districts of New South Wales. Rimfire has the 100% - owned Broken Hill Cobalt Project which is located immediately west and northwest of Broken Hill and covers several targets including; Bald Hill, where recent diamond drilling by Rimfire successfully intersected high-grade cobalt (Co) associated with strongly disseminated to semi massive sulphide (pyrite, pyrrhotite and trace chalcopyrite + sphalerite) mineralisation - see Rimfire ASX Announcement dated 18 September 2023 Broad zones of high-grade cobalt at Bald Hill, and Railway Extension, which is the interpreted along strike extension to Cobalt Blue Holdings' Railway Cobalt Deposit (COB: ASX).

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