RIMFIRE PACIFIC MINING LIMITED — Capital/Financing Update 2021

Apr 28, 2021

Transit Drilling Program Update

Highlights

• ✓ Diamond drillhole twinning and extending depth of the previous RC hole at Transit that had a 10g/t Au intercept from 60m to End of Hole depth of 61m
• ✓ Assay results are scheduled to be received in late May
• ✓ A 6 hole RC program at Transit to test for mineralisation along strike from the successful RC drillhole is anticipated to commence in June

Rimfire Pacific Mining NL ("Rimfire", "Company"; ASX Code "RIM") is pleased to provide an update on the Transit drilling work programs being undertaken on the Company's exploration licences in the Lachlan Fold Belt, NSW. The Transit prospect is located 4km east of Sorpresa.

Following the Reverse Circulation (RC) hole that returned 10g/t Au from 60m to End of Hole at 61m (ASX Announcement: Assay of 10g/t Au at Transit RC drillhole 16March2021) a diamond core drillhole was drilled adjacent to the original RC hole to test for mineralisation down to a depth of approximately 150m. The diamond core provides a significantly better sample for geological technical and assay analysis than small rock chip fragments obtained from RC drilling. This hole has been successfully completed and assay samples are being prepared with assay results expected to be available around late May.

The preliminary design of a 6 hole RC program covering a strike length of 300m (50m spacing) to test for mineralization along strike from the recent successful RC hole is in progress. It will be finalised when the assay results from the diamond drillhole twin are available and can be incorporated into the geological interpretation of mineralisation controls. Subject to rig availability and completion of procedural compliance documentation it is expected that this program will commence in June.

Rimfire Managing Director Craig Riley states:

"The recent deep RC hole result at Transit had very promising gold assay results however the drilling technique produces small broken rock chips for geological analysis. We are enthusiastically awaiting the assay results of the diamond core drill hole that is twinning (drilled adjacent) as this method will provide far better geological information for understanding controls on mineralisation as well as extending knowledge of mineralisation to a significant deeper downhole depth. This knowledge will be applied to the design of the 6 hole RC program that will test for extensions of mineralisation along strike."

This announcement is authorised for release to the market by the Board of Directors of Rimfire Pacific Mining NL.

For further information please contact:

Craig Riley Managing Director Phone: +61 3 9620 5866 Email: rimfire@rimfire.com.au

Going for gold. Suite 142, Level 1, 1 Queens Road Melbourne VIC 3004 Phone +61 (0)3 9620 5866 rimfire@rimfire.com.au rimfire.com.au

ASX Announcement 29th April 2021 Page 2

ABOUT RIMFIRE

Rimfire Pacific Mining (RIM) is an ASX listed resources exploration company with its major focus at Fifield in central NSW, located within the Lachlan Transverse Zone (LTZ). In 2011 the Company made a greenfields discovery, named "Sorpresa", announcing a JORC Inferred and Indicated maiden resource in 2014. The information provided in "About Rimfire" is available to view on the company's website: ASX Announcements. In May 2020, Rimfire signed an Earn-in Agreement with Golden Plains Resources (GPR) covering an area of 103km2 covering Sorpresa and surrounding area.

Rimfire is exploring for a major copper / gold or gold mineralised system such as at Northparkes (Cu/Au) or Cowal (Au) on 915km2 of Exploration Licences 100km west of Parkes in central NSW. It includes multiple prospects with potential for further gold discoveries in the 103km2 area within the GPR Earn-in area around Sorpresa with all work in this area funded by GPR. Rimfire retains responsibility for funding exploration programs over the rest of its Exploration Licences that also includes two licences covering 234km2 located about 50kms south of the Fifield Project in a prospective area that is now part of the MinEx Cooperative Research Centre program (minexcrc.com.au).

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 Craig Riley who is deemed to be a Competent Person and is a Member of The Australasian Institute of Mining and Metallurgy.

Mr Riley has over 25 years' experience in the mineral and mining industry. Mr Riley is employed by Rimfire Pacific Mining (RIM) and is an employee of the Company. Craig Riley 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'. Craig Riley 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", or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

Going for gold. Suite 142, Level 1, 1 Queens Road Melbourne VIC 3004 Phone +61 (0)3 9620 5866 rimfire@rimfire.com.au rimfire.com.au