RIMFIRE PACIFIC MINING LIMITED — Interim / Quarterly Report 2021

Aug 1, 2021

30th July 2021

Quarterly Activities Report

For the quarter ended 30 June 2021

HIGHLIGHTS

• Avondale Agreement executed during the quarter GPR to earn up to 75% for spending up to $7.5m over 4 years.
• Over the last 12 months up to $12m for exploration expenditure secured in the Lachlan Fold Belt (Fifield Project and Avondale Project Earn-ins).
• Initial RC and Diamond Drill Program completed at The Valley Project, intersecting prospective copper porphyry style host rocks analogous to other significant producing mines in the Lachlan Fold Belt
• Within the Fifield Project area, drilling at Transit Prospect (hole Fi2080) obtained a down hole intercept of 86m (to 107m downhole depth) at an average grade of 0.63g/t Au from 21m depth including 9m @ 1.72g/t Au from 21m.
• Drilling at Transit indicates potential to extend mineralisation along strike (northeast / southwest) and downdip (deeper) of existing drilling and in undrilled area to northwest.
• Gold and Silver assays of metallurgical drillholes at Sorpresa to collect drill core for metallurgical test work were consistent with previous good mineralised intercepts at Trench 31, Roadside and Roadside North
• Environmental Impact Assessment (EIA) fauna and flora studies for Sorpresa deposit located within the Fifield Project area are continuing.
• Appointment of Non-executive Director, Misha Collins to the Board.

Operations

The Valley Project: RIM 100%

Rimfire continues to focus on the discovery of a large scale ore body in the broader Fifield area. The interpreted Ordovician Volcanics at Fifield host the nearby Cowal gold (Evolution Mining), Northparkes copper / gold (China Molybdenum) and Cadia Valley Operations copper / gold (Newcrest) mines.

At "The Valley" prospect, Rimfire is targeting near surface Induced Polarisation (IP) geophysical features and possible deeper porphyry copper style mineralisation. The Valley target is approximately 5km west of the Kincora Copper / RareX Mordialloc porphyry copper / gold target.

The drilling program consists of a program to test Induced Polarisation (IP) features (zones of anomalous chargeability and resistivity responses in the bedrock substrate) and a deeper hole to confirm depth to interpreted Ordovician Volcanic basement rocks.

Figure 1: Location Plan of Valley Project

Figure 2: Regional Geological Context for The Valley project

A deep diamond drill hole (ASX Announcement: Valley Results Nearby Porphyry System 27July2021) FI2079 of 463m total downhole depth and a shallow diamond drill hole, FI2081 of 151m total downhole depth were completed to test two targets:

• ✓ A deeper magnetic target (Figure 3) interpreted as Ordovician volcanics that are related to porphyry style mineralisation in the region which occurs beneath younger Devonian sediments;
• ✓ The source of surface geochemical anomalism along a ferruginous ridge and an Induced Polarisation (IP) geophysical feature in same vicinity.

Only the assay results from FI2079 from 75m to 462.6m (End of Hole) are currently available. The magnetic target was intersected at ~350m vertical depth. The unit is a strongly epidote-chlorite altered volcanoclastic, polymictic conglomerate and is interpreted as representing the Raggatt volcanics (Ordovician). A series of stringer breccia fault zones were intersected and yielded anomalous copper (Cu) values of 26m @ 410ppm Cu downhole from 96m including 10m @ 800ppm Cu from 97m downhole, and are believed to be the source of the surface geochemical anomaly.

NB: Geochemical footprints of Northparkes Cu-Au porphyry and local porphyry prospects Trundle Park and Mordialloc are compiled from multiple open file sources. Background image is aeromagnetic.

Figure 3: 3D Magnetic Model of Valley Prospect

Note: Data filtered to show the higher magnetic response in grey with schematic depiction of drill hole FI2079 which confirmed the depth of the Raggatt Volcanic unit.

A second diamond drill hole, FI2081 (150m total depth), was completed ~320m NW of FI2079 in order to test the lateral extent of the ferruginous ridge and an Induced Polarisation (IP) geophysical response. FI2081 is a scissor hole to FI2079 with the purpose of testing the steep structure as a host for copper mineralisation and determine if it was also responsible for the IP response. Very little copper mineralisation was observed, and logging indicates the IP feature is associated with disseminated pyrite (iron sulphide) in younger sediments (Devonian). Assay results for this drill hole are pending.

As the Valley Prospect had been largely unexplored beyond surface mapping and sampling by Rimfire or past explorers until last year, these results are very encouraging and bode well for the next phase of the program to vector into the source of a mineralised system.

Cowal Project: RIM 100%

Primary activity during the quarter involved work program planning and obtaining approvals for an aircore drilling program that is planned to be undertaken during the next quarter.

Fifield Project: GPR Earning up to 50.1%,

GPR committed to the second year of the Fifield Project Earn-in with the payment of the Year 2 administration fee of $300k received during the quarter, bringing the total amount that GPR have paid in the last 12 months under the Fifield Project Earn-in to $2.1m.

Sorpresa Development Update

A six hole diamond core drilling program was completed at the Sorpresa Development Project (Figure 4). Three holes were drilled at Trench 31 to obtain additional geotechnical data that will support pit wall slope design parameters and one metallurgical hole at Trench 31, Roadside and Roadside North areas.

The metallurgical holes were drilled in areas of previously intersected oxide zone mineralisation (ie above fresh rock boundary) to obtain data that would assist in determining appropriate process plant design for oxide zone material. The gold and silver grades (Tables 1 and 1A, 1B, 1C and 2 ) from the drill holes were consistent with previous good mineralised intercepts at Trench 31, Roadside and Roadside North used for the Sorpresa (JORC 2012) Resource Reports in 2014 and 2019 (ASX Announcement: Sorpresa Maiden Resource 23Dec2014 and ASX Announcement: Sorpresa Resource Update 6Nov2019). Limited sampling of the geotechnical holes was undertaken in the barren surrounding hanging wall and footwall rocks with no results of interest.

The current resource estimate is based on 577 holes and 42,760m of drilling data so a new Resource Estimate update will not be undertaken to incorporate these results which are consistent with previous results and expectations.

Hole ID	Location	Dip	Core	End of Hole	GDA94	GDA94	RL
FI2073	Trench 31	900	HQ3	87.6m	542589mE	6368391mN	292m
FI2074	Trench 31	900	HQ3	72.6m	542544mE	6368423mN	298m
FI2075	Trench 31	900	HQ3	65.1m	542470mE	6368377mN	294m
FI2076	Roadside	900	PQ3	62.8m	543160mE	6369378mN	298m
FI2077	Roadside Nth	900	PQ3	75.7m	543155mE	6369654mN	296m
FI2078	Trench 31	900	PQ3	66.2m	542528mE	6368388mN	296m

Table 1: Geotechnical and Metallurgical Drillhole Collar Details

These holes were drilled vertically in the oxide zone of the mineralisation to obtain sufficient sample mass for metallurgical test work and do not represent true orebody thicknesses.

Key bulked downhole intercepts from the 3 metallurgical drill holes are

• FI2076 14m @ 2.85g/t Au and 158g/t Ag from 19m
• FI2077 20m @ 0.97g/t Au and 334g/t Ag from 39m
• FI2078 18m @ 2.56g/t Au and 5g/t Ag from 22m

The metallurgical test work will also provide samples for geochemical analysis which will form part of the Environmental Impact Assessment (EIA) that is required to obtain the Development Consent from the NSW Government Authorities for the Sorpresa project.

Figure 4: Location Plan of Drilling at Sorpresa

Fifield Project Exploration

Transit

The focus of Company activities that are solely funded by the GPR Earn-in during the last quarter has been the drilling program at Transit where there have been some significant results. Transit is 4km to the east of Sorpresa and the recent drillhole tested for deeper extensions of gold mineralisation to a downhole depth of 156.6m, beyond Fi2072 downhole end of hole depth of 61m (Figure 5). Hole Fi2080 returned an intercept of 86m at average grade of 0.63g/t Au from 21m downhole depth including:

• 9m @ 1.72g/t Au from 21m
• 4m @ 1.48g/t Au from 98m

The 68m interval from 30m to 98m averaged 0.44g/t Au. There is also an interval of 5m from 102m that averaged 0.57g/t Au (ASX Announcement: Fifield Project Intercept, 8 July 2021) within substantial broader zone of elevated gold geochemistry.

The broader program at Transit has also identified a zone of significant elevated gold geochemistry coincident with surface soil and auger bedrock samples approximately 150m to the north east (Figure 6). As diamond core provides significantly better quality data than RC drilling the diamond drill hole at Transit has allowed Rimfire to develop a better understanding of lithology and structure. Key insights include recognition of

• 1. A broad halo of elevated gold geochemistry occurring within a strongly sheared, quartz-veined carbonaceous siltstone host rock with the highest grades appearing to lie within steep structurally controlled breccias
• 1. Mineralisation trends approximately NE-SW bordering a magnetic high (intrusive rock) and the potential for additional extension of mineralisation along this structural trend.

To date, 8 holes have tested the zone of highest surface Au anomalism. The area tested so far is ~120 x 100m with 6 of the 8 holes intercepting significant zones of Au. As only a small area of surface anomalism has been tested with drilling (auger, RC and diamond) to date the broad zone of anomalous geochemistry of bedrock may represent a significant Intrusion Related Gold System (IRGS) deposit style opportunity (ASX Announcement: IRGS Sorpresa Basin Model, 15 July 2019).

The next stage is to step out and test the proximal surface anomalies and the interpreted structural trend. Subject to rig availability, completion of NSW Government regulatory approval process Government directives regarding management of COVID it is expected that this program will commence in September.

Figure 5: Transit Locality Map

Figure 6: Surface Gold Geochemistry at Transit

Avondale Project: GPR Earning up to 75%

During the Quarter the Avondale Project Earn-in was executed with GPR ASX Announcement: 25 June 2021:RIM Secures \$7.5m Avondale Farm Out.

Key aspects of the transaction include:

• GPR has committed to the payment of $1.0 million to fund exploration activities in year 1 of the agreement.
• GPR has the option to contribute a further:
  • ➢ $1.5m in Year 2 to earn a 40% interest in the property,
  • ➢ $2.5m in Year 3 to increase their interest to 70%; and
  • ➢ $2.5m in Year 4 to earn a further 5% interest in the JV Area.
• Rimfire will retain responsibility and control for the design and execution of field work programs during the Earn-in period.

Rimfire are currently planning the program of activity to be undertaken within the Avondale Project area with initial focus to be on the Cobalt and Platinum Group Elements potential of previously identified prospects.

Tenement Position

There has been ongoing routine submittal of various compliance reports including Annual Technical Reports to NSW Department of Planning, Industry and Environment – Resources and Geoscience to meet government compliance requirements for Rimfire's Exploration Licences and M(C)L305.

The Company continues to maintain its tenements in the Fifield area covering an area of 915km2 . The Company also maintained its tenement interest in an Exploration Licence in the Broken Hill area of 78km2 with Perilya as operator.

Health, Safety, Environment and Community

Health and Safety

There were no Health or Safety related incidents during the last quarter. The Total Year to Date performance for Minor Injuries, Medical Treatment Injuries and Lost Time Injuries remains zero.

The Company continues to monitor the required Covid-19 preventive measures when undertaking office or field activities. Recent Queensland State Government COVID border movement restrictions for people travelling between Queensland and NSW has the potential to impact operations in the next quarter. The company appreciates the ongoing support of the local community, employees and contractors during this period of abnormal business conditions.

Environment

There has been further rainfall during the past quarter that has kept all dams at the Fifield project site at capacity and fully saturated the surface soils. The ongoing rainfall has caused some delays to field program activities as access tracks to many sites including drill hole locations are too wet to support vehicle movements. The Company continues to collaborate with farmers to ensure drilling operations have minimal impact on farming activities and rehabilitation is completed to a high standard.

Community

There have been no significant community events during the past Quarter.

CORPORATE ACTIVITY

Board Composition

At the beginning of July, Misha Collins joined the Board of the Company as a Nonexecutive Director, bringing 23 years of experience in resources as a mining executive, financial analyst and company director (ASX Announcement 2 July 2021: Appointment of NED)

Cash, Capital Structure, Funding, Facilities, and Investments

The Company's cash at bank at 30 June 2021 was $1.6m. During the June Quarter the Company also received $300k for payment of the fourth quarterly cash call for the Fifield Project Earn-in with GPR which is held in trust in the Fifield Project Earn-in account and drawn down as expenditure is made in the Fifield Project Earn-in Area. The balance of the Fifield Project Earn-in account at 30 June 2021 was $0.3m, which is not included in the Company's cash balance of $1.6m. GPR also paid the $300k Year 2 Administration Fee for Fifield Project Earn-in directly to the Company.

During the June Quarter the Company also received $100k initial payment from GPR relating to Avondale Project Earn-in which was executed during the June Quarter. This is held in trust in the Avondale Project Earn-in account and drawn down as expenditure is made in the Avondale Project Earn-in Area. The balance of the Avondale Project Earn-in account at 30 June 2021 was $0.1m, which is not included in the Company's cash balance of $1.6m. Subsequent to the end of the Quarter GPR paid an additional $0.2m into the Avondale Project Earn-in account.

There was no change in the Company's capital structure during the Quarter. Related party transactions of $83k (section 6.1 and 6.2 of the June 2021 Quarter Appendix 5B) are payments for salary (including statutory superannuation) to Craig Riley (MD and CEO) and Director fees for the June 2021 Quarter.

The continuing strength of commodity prices has generated increased focus on exploration companies that hold ground positions in highly prospective areas such as the Lachlan Fold Belt in central NSW, which is being now being reported by media commentators as a "hotspot". As previously advised to the market the Company will continue to evaluate opportunities that may support the growth and funding activity of the Company.

Commodity Pricing for the Quarter

During the June Quarter 2021 the gold price slightly increased in value, finishing the quarter with a 4% increase in value to USD 1,776 / AUD 2,336 per ounce (using an exchange rate USD:AUD of 0.76), since the quarter ended Gold has regained value, appreciating back to USD 1,809 per ounce (26 July 2021). Silver also increased in value by 8% and Copper appreciating in value during the June Quarter with an increase of 6%.

Commodity		USD	%'age	AUD	%'age
	31/03/2021	30/06/2021	Change	31/03/2021	30/06/2021	Change
Gold (oz)	1,713.30	1,775.60	3.64%	2,254.34	2,336.32	3.64%
Silver (oz)	24.31	26.20	7.78%	31.98	34.47	7.78%
Copper (t)	8,850	9,385	6.05%	11,644.74	12,348.68	6.05%

Table 3 – Commodity Pricing

*Note: Using an exchange rate of AUD:USD 0.76 at 31 March 2021 and 30 June 2021 Gold and Silver Prices from www.kitco.com in New York in USD and Copper and Cobalt Prices from LME.com in USD.

Appendix A - Rimfire Exploration Licenses

Below is a listing of the exploration licenses held by Rimfire Pacific Mining NL as at 30 June 2021.

Project	Lic No.	Units	RIM	Interest Acquired	Interest Reduced
			Int.	During Quarter	During Quarter
The Valley	EL8542	5	100%	-	-
	EL8401	2	100%	-	-
Cowal	EL8804	4 2	100%	-	-
	EL8805	3 9	100%	-	-
Fifield**	EL8935	2 1	100%	-	-
	M(C)L305	1.9ha	100%	-	-
	EL6241	1 5	100%	-	-
Avondale***	EL5565	4	100%	-	-
	EL7058	3 5	100%	-	-
	EL7959	7	100%	-	-
	EL8401	9 8	100%	-	-
	EL8542	2 7	100%	-	-
	EL8543	1	100%	-	-
	EL8935	1 9	100%	-	-
Broken Hill	EL 5958*	2 7	10%	-	-

*Perilya manage the project, RIM free carried for 10%

**Subject to Fifield Project Earn-in entered into during the June 2020 Quarter, however no interest in tenements to be ceded until earn-in conditions met in full

***Subject to Avondale Project Earn-in entered into during the June 2021 Quarter, however no interest in tenements to be ceded until earn-in conditions met in full

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, Ph: +61 3 9620 5866

Table 1A: Assay Results for Diamond Drill Hole FI2076 – Roadside

Eastings and Northings GDA 94 MGA Zone 55

From	To	mE	mN	Au_	Ag	From	To	mE	mN	Au_	Ag
(m)0	(m)1	543160	6369378	ppm0.118	ppm4.1	(m)47	(m)48	543160	6369378	ppm0.018	ppm0.6
1	2	543160	6369378	0.048	2.2	48	49	543160	6369378	0.020	0.8
2	3	543160	6369378	0.028	2.0	49	50	543160	6369378	0.017	1.3
3	4	543160	6369378	0.029	2.8	50	51	543160	6369378	<0.005	<0.2
4	5	543160	6369378	0.043	4.6	51	52	543160	6369378	0.014	1.1
5	6	543160	6369378	0.040	5.2	52	53	543160	6369378	0.010	1.0
6	7	543160	6369378	0.117	2.3	53	54	543160	6369378	0.007	1.0
7	8	543160	6369378	0.036	1.6	54	55	543160	6369378	0.006	3.2
8	9	543160	6369378	0.067	6.9	55	56	543160	6369378	0.015	8.0
9	10	543160	6369378	0.137	10.8	56	57	543160	6369378	0.032	0.8
10	11	543160	6369378	0.116	12.7	57	58	543160	6369378	0.017	1.1
11	12	543160	6369378	0.531	11.2	58	59	543160	6369378	0.013	0.5
12	13	543160	6369378	0.008	0.2	59	60	543160	6369378	0.011	0.6
13	14	543160	6369378	0.170	16.7	60	61	543160	6369378	0.021	0.6
14	15	543160	6369378	0.162	26.1	61	62	543160	6369378	0.006	0.4
15	16	543160	6369378	0.184	80.5	62	62.8	543160	6369378	0.008	0.6
16	17	543160	6369378	0.341	41.4
17	18	543160	6369378	0.144	25.3
18	19	543160	6369378	0.447	31.0
19	20	543160	6369378	0.798	41.7
20	21	543160	6369378	2.25	190
21	22	543160	6369378	20.2	124
22	23	543160	6369378	0.866	272
23	24	543160	6369378	1.11	1270
24	25	543160	6369378	0.569	141
25	26	543160	6369378	0.090	50.7
26	27	543160	6369378	0.282	17.2
27	28	543160	6369378	2.71	8.8
28	29	543160	6369378	0.895	5.4
29	30	543160	6369378	0.384	7.9
30	31	543160	6369378	2.74	30.0
31	32	543160	6369378	2.52	4.5
32	33	543160	6369378	1.54	25.8
33	34	543160	6369378	5.42	26.7
34	35	543160	6369378	0.115	8.6
35	36	543160	6369378	0.111	4.5
36	37	543160	6369378	0.069	1.4
37	38	543160	6369378	0.102	0.9
38	39	543160	6369378	0.095	0.6
39	40	543160	6369378	0.106	2.3
40	41	543160	6369378	0.052	0.5
41	42	543160	6369378	0.005	<0.2
42	43	543160	6369378	0.006	0.2
43	44	543160	6369378	0.009	0.2
44	45	543160	6369378	0.009	0.3
45	46	543160	6369378	0.005	0.2
46	47	543160	6369378	0.008	0.3

Assay Techniques: Au 30g Fire Assay with AA finish (Au-AA23 Code) Base Metals Aqua Regia digest ICP-AES (ME-ICP41 Code)

Table 1B: Assay Results for Diamond Drill Hole FI2077 – Roadside North

Eastings and Northings GDA 94 MGA Zone 55

From	To	mE	mN	Au_	Ag	From	To	mE	mN	Au_	Ag
(m)	(m)			ppm	ppm	(m)	(m)			ppm	ppm
01	12	543155543155	63696546369654	0.0360.019	0.70.7	4748	4849	543155543155	63696546369654	0.9701.905	496296
2	3	543155	6369654	0.007	0.4	49	50	543155	6369654	0.135	155
3	4	543155	6369654	0.023	0.9	50	51	543155	6369654	0.248	100
4	5	543155	6369654	0.017	1.3	51	52	543155	6369654	0.113	67.1
5	6	543155	6369654	0.076	1.4	52	53	543155	6369654	0.265	101
6	7	543155	6369654	0.016	1.7	53	54	543155	6369654	1.375	89.2
7	8	543155	6369654	<0.005	0.3	54	55	543155	6369654	0.135	75.3
8	9	543155	6369654	0.013	1.7	55	56	543155	6369654	0.048	157
9	10	543155	6369654	0.021	1.1	56	57	543155	6369654	0.072	98.1
10	11	543155	6369654	<0.005	0.8	57	58	543155	6369654	0.546	73.8
11	12	543155	6369654	0.098	1.7	58	59	543155	6369654	0.536	97.5
12	13	543155	6369654	0.026	1.4	59	60	543155	6369654	0.534	14.0
13	14	543155	6369654	0.012	1.9	60	61	543160	6369378	0.021	0.6
14	15	543155	6369654	0.057	2.7	61	62	543160	6369378	0.006	0.4
15	16	543155	6369654	0.091	2.4	62	63	543160	6369378	0.008	0.6
16	17	543155	6369654	0.049	3.9	63	64	543155	6369654	0.198	16.7
17	18	543155	6369654	0.04	5.8	64	65	543155	6369654	0.027	2.5
18	19	543155	6369654	0.025	6.6	65	66	543155	6369654	0.013	1.4
19	20	543155	6369654	0.124	4.6	66	67	543155	6369654	0.010	1.1
20	21	543155	6369654	0.203	6	67	68	543155	6369654	0.005	1.2
21	22	543155	6369654	0.089	13.5	68	69	543155	6369654	0.007	0.8
22	23	543155	6369654	0.077	4.3	69	70	543155	6369654	0.009	0.6
23	24	543155	6369654	0.065	6.3	70	71	543155	6369654	0.013	0.6
24	25	543155	6369654	0.105	7.5	71	72	543155	6369654	0.011	1.1
25	26	543155	6369654	0.067	6.9	72	73	543155	6369654	0.018	0.8
26	27	543155	6369654	0.045	9.2	73	74	543155	6369654	0.135	0.9
27	28	543155	6369654	0.04	12.2	74	75	543155	6369654	0.109	0.8
28	29	543155	6369654	0.067	45.3	75	75.7	543155	6369654	0.631	0.9
29	30	543155	6369654	0.026	24.6
30	31	543155	6369654	0.017	37.9
31	32	543155	6369654	0.027	11.2
32	33	543155	6369654	0.052	7.4
33	34	543155	6369654	0.055	10.6
34	35	543155	6369654	0.048	14.2
35	36	543155	6369654	0.036	6.0
36	37	543155	6369654	0.147	7.9
37	38	543155	6369654	0.141	50.0
38	39	543155	6369654	0.523	31.9
39	40	543155	6369654	0.145	230
40	41	543155	6369654	0.327	1350
41	42	543155	6369654	0.884	403
4243	4344	543155543155	63696546369654	2.63.92	68792.2
44	45	543155	6369654	2.04	1390
45	46	543155	6369654	2.69	514
46	47	543155	6369654	0.439	212

Assay Techniques: Au 30g Fire Assay with AA finish (Au-AA23 Code)

Base Metals Aqua Regia digest ICP-AES (ME-ICP41 Code)

Table 1C: Assay Results for Diamond Drill Hole FI2078 - Trench 31

Eastings and Northings GDA 94 MGA Zone 55

From	To	mE	mN	Au_	Ag	From	To	mE	mN	Au_	Ag
(m)0	(m)1	542528	6368388	ppm0.736	ppm1.2	(m)47	(m)48	542528	6368388	ppm0.018	ppm0.6
1	2	542528	6368388	0.773	1.1	48	49	542528	6368388	0.02	0.8
2	3	542528	6368388	0.03	0.5	49	50	542528	6368388	0.017	1.3
3	4	542528	6368388	0.009	0.4	50	51	542528	6368388	<0.005	<0.2
4	5	542528	6368388	0.012	1.1	51	52	542528	6368388	0.014	1.1
5	6	542528	6368388	0.018	0.8	52	53	542528	6368388	0.01	1.0
6	7	542528	6368388	0.027	0.5	53	54	542528	6368388	0.007	1.0
7	8	542528	6368388	0.054	0.4	54	55	542528	6368388	0.006	3.2
8	9	542528	6368388	0.116	0.9	55	56	542528	6368388	0.015	8.0
9	10	542528	6368388	0.051	0.5	56	57	542528	6368388	0.032	0.8
10	11	542528	6368388	0.007	0.3	57	58	542528	6368388	0.017	1.1
11	12	542528	6368388	0.034	0.4	58	59	542528	6368388	0.013	0.5
12	13	542528	6368388	0.049	0.6	59	60	542528	6368388	0.011	0.6
13	14	542528	6368388	0.063	0.6	60	61	542528	6368388	0.021	0.6
14	15	542528	6368388	0.039	0.5	61	62	542528	6368388	0.006	0.4
15	16	542528	6368388	0.057	0.8	62	63	542528	6368388	0.008	0.6
16	17	542528	6368388	0.439	0.7	63	65.7	542528	6368388	0.01	0.5
17	18	542528	6368388	1.69	1.0	65.7	66.2			ns	ns
18	19	542528	6368388	0.05	0.5
19	20	542528	6368388	0.032	0.6
20	21	542528	6368388	0.099	1.3
21	22	542528	6368388	0.083	0.9
22	23	542528	6368388	1.675	6.2
23	24	542528	6368388	1.15	2.1
24	25	542528	6368388	3.23	2.4
25	26	542528	6368388	2.63	2.1
26	27	542528	6368388	0.753	2.0
27	28	542528	6368388	0.394	1.5
28	29	542528	6368388	1.31	1.9
29	30	542528	6368388	1.02	4.1
30	31	542528	6368388	0.79	2.0
31	32	542528	6368388	0.614	3.1
32	33	542528	6368388	0.658	5.6
33	34	542528	6368388	1.49	6.1
34	35	542528	6368388	2.83	6.7
35	36	542528	6368388	4.21	5.8
36	37	542528	6368388	0.539	7.1
37	38	542528	6368388	0.017	<0.2
38	39	542528	6368388	5.97	7.2
39	40	542528	6368388	14.6	18.1
40	41	542528	6368388	0.834	6.0
41	42	542528	6368388	0.099	1.3
42	43	542528	6368388	0.031	1.3
43	44	542528	6368388	0.043	1.6
44	45	542528	6368388	0.05	0.9
45	46	542528	6368388	0.902	0.8
46	47	542528	6368388	0.009	0.3

Assay Techniques: Au 30g Fire Assay with AA finish (Au-AA23 Code) Base Metals Aqua Regia digest ICP-AES (ME-ICP41 Code)

ns = no sample

Table 2: JORC Code Reporting Criteria

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Samplingtechniques	Nature and quality of sampling (e.g. cutchannels, random chips, or specificspecialised industry standard measurementtools appropriate to the mineralsunderinvestigation, such as downhole gammasondes, or handheld XRFinstruments, etc).These examples shouldnot be taken aslimiting the broad meaningof sampling.	Diamond core drilling was undertaken by Durock Drilling PtyLtd. All of the diamond drill core is placed in core trays andlabelled with metre depth markers by the drilling team. Drill runlength, recovered core length and core loss length are recordedon wooden core blocks placed in the trays. The core recoveriesand rock quality are measured by the geologist. The core isorientated into a direction that best matches geologicalcontinuity. For metallurgical holes a line is drawn down the longaxis of the core and then cut in half down this line using adiamond saw. One half of the core is placed into labelled calicobags at 1m intervals and preserved for metallurgical test work.The other half of core is cut in half down the core axis and ¼core was submitted for Au and multi element assay.
	Include reference to measures taken toensure sample representativity and theappropriate calibration of any measurementtools or systems used.	Diamond core drill runs were carefully measured by the drillingteam and again by the geologist before processing to define thecore recoveries and core loss and the total true length drilled.Blank samples, reference standards and duplicates wereinserted into the sample sequence for QA/QC.
	Aspects of the determination of mineralisationthat are Material to the Public Report.Where 'industry standard' work done this isrelatively simple (e.g. 'RC drilling was used toobtain 1 m samples from which 3 kg waspulverised to produce a 30 g charge for fireassay'). In other cases more explanation may berequired, such as where there is coarse goldthat has inherent sampling problems.	DDH (Diamond Core Drill Hole)For metallurgical holes the PQ core was cut in half and one halfwas cut into quarters and samples collected at 1m intervals withhalf placed in calico bags for metallurgical test work, ¼ sent forassay and ¼ retained in core trays. For geotechnical holes theHQ core was cut in half and one half was placed in calico bagsfor assay and ½ retained in core trays. Industry standardpreparation by ALS including sample crushing and pulverisingprior to subsampling for Au fire assay (30g) and aqua regiadigest ICP-ME41 to yield 35 elements.
Drillingtechniques	Drill type (e.g. core, reverse circulation, open‐hole hammer, rotary air blast, auger, sonic, etc)and details (e.g. core diameter, triple orstandard tube, depth of diamond tails, face‐sampling bit or other type, whether core isoriented and if so, by what method, etc).	DDH (Diamond Core Drill Hole)All metallurgical diamond core holes were vertical orientationusing triple tube PQ3 wireline bit producing 83mm diametercores. All geotechnical diamond core holes were verticalorientation using triple tube HQ3 wireline bit producing 61mmdiameter cores.
Drill samplerecovery	Method of recording and assessing core andchip sample recoveries and results assessed.	Core loss was identified by drillers and calculated by geologistswhen logging. Generally recovery was good with any lossusually in portions of the oxide zone or strongly fractured shear
	Measures taken to maximise sample recoveryand ensure representative nature of thesamples.	zonesTriple tube coring was used to maximise core recovery. Inbroken ground the drillers reduced the length of the drill runsand added more drill muds and slowed penetration rate.
	Whether a relationship exists between samplerecovery and grade and whether sample biasmay have occurred due to preferential loss/gainof fine/coarse material.	There is no known relationship between sample recovery andgrade

Criteria	JORC Code explanation	Commentary
Logging	Whether core and chip samples have beengeologically and geotechnically logged to alevel of detail to support appropriate MineralResource estimation, mining studies andmetallurgical studies.	Each one metre interval is geologically logged forcharacteristics such as lithology, weathering, alteration (type,character and intensity), veining (type, character and intensity)and mineralisation (type, character and volume percentage)
	Whether logging is qualitative or quantitative innature. Core (or costean, channel, etc)photography.	Logging was qualitative with visual estimates of characteristics.All drill holes were geologically and geotechnically logged byqualified geologists into Logchief program and uploaded to 3rdparty database host. All core was photographed with full clearlabelling with photographs stored on cloud server.
	The total length and percentage of the relevantintersections logged.	All drill holes were geologically and geotechnical logged in full.
Sub‐samplingtechniques andsample	If core, whether cut or sawn and whetherquarter, half or all core taken.	Core sawn with half core samples reserved for metallurgical testwork and other half cut into quarters and submitted for analysisHalf core samples at selected intervals for geotechnical holes
preparation	If non‐core, whether riffled, tube sampled,rotary split, etc and wh sampled wet or dry.	DDH (Diamond Core Drill Hole) - Not Applicable
	For all sample types, the nature, quality andappropriateness of the sample preparation.	The sample collection methodology was considered suitable(refer to sampling techniques section above).
	Quality control procedures adopted for all sub‐sampling stages to maximise representivity ofsamples.	Care was taken to cut core along a straight line down the axis ofthe core and split all samples evenly by always sampling onsame side or quadrant of core in core box. Further subsampling is undertaken in controlled laboratory conditions.
	Measures taken to ensure that the sampling isrepresentative of the in-situ material collected,including for instance results for fieldduplicate/second-half sampling.	Blanks and standards were inserted in the sample stream beforebeing submitted to the commercial laboratory. No issues havebeen identified.
	Whether sample sizes are appropriate to thegrain size of the material being sampled.	1m sample intervals of cut PQ core are representative size of atleast 2-3 kg. Limited sampling was undertaken of HQ core fromgeotechnical holes
Quality of assaydata andlaboratory tests	The nature, quality and appropriateness of theassaying and laboratory procedures used andwhether the technique is considered partial ortotal.	A reputable industry analytical laboratory with internal controlsand processes was utilised for all assaying using industryaccepted assaying methodology and techniques. Gold wasassayed via Aqua Regia which is considered a partial method ofdissolution with a 30g fire assay finish. A 35 MultielementAqua Regia Digest with ICP-AES finish was used for a range ofsignificant elements
	For geophysical tools, spectrometers, handheldXRF (fpXRF) etc, the parameters used indetermining the analysis including instrumentmake and model, reading times, calibrationsfactors applied and their derivation, etc.	All holes were surveyed by Groundsearch Australia using ahigh-definition optical televiewer (OTV) and acoustic televiewer(ATV).
	Quality control procedures (e.g. standards,blanks, duplicates, external laboratory checks)and if acceptable levels of accuracy (i.e. lack ofbias) and precision have been established.	DDH (Diamond Core Drill Hole)A blank and a recognized Standard were inserted in the samplestream. The reported results for these samples are as expected.

Criteria	JORC Code explanation	Commentary
Verification ofsampling andassaying	The verification of significant intersections byeither independent or alternative companypersonnel.	All reported mineralised results have been reviewed by at least 2company personnel.
	The use of twinned holes.	Not applicable
	Documentation of primary data, data entryprocedures, data verification, data storage(physical and electronic) protocols.	Data was recorded on field sheets at the sample site. Field datawas entered into an excel spreadsheet and saved on Cloudserver. Assay results were reported in a digital format suitablefor direct loading into a Datashed database with a 3rd partyexpert consulting group.
	Discuss any adjustment to assay data.	No adjustments have been made.
Location of datapoints	Accuracy and quality of surveys used to locatedrill holes (collar and down‐ hole surveys),trenches, mine workings and other locationsused in Mineral Resource estimation.	Drill collarlocations are recorded using handheld Garmin GPSexpected accuracy +/-5m.
	Specification of the grid system used.	GDA94 zone55.
	Quality and adequacy oftopographic control.	DDH (Diamond Core Drill Hole)Handheld GPS was used to measure RL.
Data spacinganddistribution	Data spacing for reporting ofExploration Results.	Data spacing is controlled by the interpretation of the prospectand potential orientation of mineralisation. Four holes weredrilled at Trench 31 (3 geotechnical in waste rock and 1metallurgical in ore), 1 hole in Roadside and 1 hole in RoadsideNorth. Both holes at Roadside were for metallurgical sample
	Whether the data spacing and distribution issufficient to establish the degree of geologicaland grade continuity appropriate for the MineralResource and Ore Reserve estimationprocedure(s) and classifications applied.	Not applicable – holes were for geotechnical and metallurgicaltest work. Metallurgical drilling was within zone of previouslyreported JORC (2012) Sorpresa Resource Announcements in2014 and 2019
	Whether sample compositing has been applied.	No compositing applied for assay samples
Orientationof data inrelation togeologicalstructure	Whether the orientation of sampling achievesunbiased sampling of possible structures andthe extent to which this is known, consideringthe deposit type.	DDH (Diamond Core Drill Hole)Geological control is good and JORC (2012) resource estimateswere completed in 2014 and updated in 2019 withcorresponding ASX Announcements.
	If the relationship between the drillingorientation and the orientation of keymineralised structures is considered to haveintroduced a sampling bias, this should beassessed and reported if material.	DDH (Diamond Core Drill Hole)Not applicable
Samplesecurity	The measures taken to ensure sample security.	Samples double bagged and delivered directly to the laboratoryby company personnel.
Audits orreviews	The results of any audits or reviews of samplingtechniques and data.	DDH (Diamond Core Drill Hole)No audits or reviews completed.

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineraltenementand landtenurestatus	Type, reference name/number, location andownership including agreements or materialissues with third parties such as joint ventures,partnerships, overriding royalties, native titleinterests, historical sites, wilderness or nationalpark and environmental settings.The security of the tenure held at the time ofreporting along with any known impediments toobtaining a license to operate in the area.	Reported results for Sorpresa drilling are from ExplorationLicence EL8935, Fifield NSW which is held 100% by RimfirePacific Mining NL. It is part of an Earn-In agreement withGolden Plain Resources (GPR). All samples were taken onPrivate Freehold Land or Temporary Common for Mining. Nonative title claims exist. The land is used primarily for grazingand cropping.The tenement is in good standing, and all work is conductedunder specific approvals from NSW Department of Planning andEnergy, Resources and Geoscience.
Explorationdone by otherparties	Acknowledgment and appraisal of explorationby other parties.	No results are relied on from other parties in this report.
Geology	Deposit type, geological setting and style ofmineralisation.	There were 4 DDH's drilled at Trench 31 zone within theSorpresa Au-Ag deposit (JORC 20212 Resource Estimates 2014and 2019). The purpose of 3 holes was to obtain samples frombarren footwall and hanging wall rocks for geotechnicalanalysis. The final hole at Trench 31 and single holes atRoadside and Roadside North were to obtain samples fromknown areas of mineralisation within areas previously drilledand reported. The metallurgical holes were assayed as 1/'4core, 1m intervals to assist in selection of appropriate blendedrun of mine feed types. The Sorpresa mineralisation isinterpreted as strata bound gold +/ silver hosted incarbonaceous siltstones in an enclosed Silurian basin.
Drill holeInformation	A summary of all information material to theunderstanding of the exploration resultsincluding a tabulation of the followinginformation for all Material drill holes:•easting and northing of the drill hole collar•elevation or RL (Reduced Level – elevationabove sea level in metres) of the drill holecollardip and azimuth of the hole	The drillhole location (mE, mN and RL) data for all holes areincluded within the report. Locational data is GDA94 – MGAZone 55. RL is elevation above sea level in metresAll dip and azimuth information is included with drillholelocations within the report. All holes were vertical.
	down hole length and interception depth	If applicable downhole mineralised intercepts are reported asdownhole lengths
	If the exclusion of this information is justifiedon the basis that the information is notMaterial and this exclusion does not detractfrom the understanding of the report, theCompetent Person should clearly explain whythis is the case.	Not applicable

Criteria	JORC Code explanation	Commentary
Dataaggregationmethods	In reporting Exploration Results, weightingaveraging techniques, maximum and/orminimum grade truncations (e.g. cutting of highgrades) and cut‐off grades are usually Materialand should be stated.	No cuts have been applied to assay data and bulked averageshave been used for reporting of Exploration Results.
	Where aggregate intercepts incorporate shortlengths of high grade results and longer lengthsof low grade results, the procedure used forsuch aggregation should be stated with typicalexamples should be shown in detail.The assumptions used for any reporting ofmetal equivalent values should be clearly stated.	All grade data from metallurgical drill holes has been provided inTables 1A, 1B and 1C. Averages are bulked with no applicationof grade cuts. Main zone of interest from each metallurgical holehas been reported. Only selected intervals of core were sampledfrom geotechnical drilling.Metal equivalents are not reported.
Relationship	These relationships are particularly important in	Intercept lengths in this document are not true widths of
betweenmineralisationwidths andinterceptlengths	the reporting of Exploration Results.If the geometry of the mineralisation withrespect to the drill hole angle is known, itsnature should be reported. If it is not known andonly the down hole lengths are reported, thereshould be a clear statement to this effect (e.g.'down hole length, true width not known').	mineralisation based on current knowledgeInterpretation of mineralisation boundaries is that the stratabound carbonaceous siltstones are generally shallow dippingalthough with flexures where dips steepen significantly and crosscut by significant faults in some locations.
Diagrams	Appropriate maps and sections (with scales)and tabulations of intercepts should be includedfor any significant discovery and include, butnot be limited to a plan view of drill hole collarlocations and appropriate sectional views.	Included within the report (or as appendices)
Balancedreporting	Where reporting of all Exploration Results is notpracticable, representative reporting of both lowand high grades and/or widths should bepracticed to avoid misleading reporting	Any significant or important results are included in tables or onplans within the report (or as appendices)
Othersubstantiveexplorationdata	Other exploration data, if meaningful andmaterial, should be reported including (but notlimited to): geological observations; geophysicalresults; geochemical results; bulk samples –size and method of treatment; metallurgical testresults; bulk density, groundwater, geotechnicaland rock characteristics; potential deleterious orcontaminating substances.	There is currently no other substantive exploration data that ismeaningful and material to report beyond what has been providedin this document. The program consisted of drilling 3 holes inbarren country rock for geotechnical data and another 3 holes inknown mineralisation previously reported to obtain metallurgicalsamples for further test work to aid process plant design.
Further work	The nature and scale of planned further work(e.g. tests for lateral extensions or depthextensions or large‐scale step‐out drilling).	Not applicable
	Diagrams clearly highlighting the areas ofpossible extensions, including main geologicalinterpretations, future drilling areas, providedthis information is not commercially sensitive.	Not applicable

ABOUT RIMFIRE

Rimfire Pacific Mining (ASX:RIM) is an ASX listed exploration company focused on projects in the Lachlan Fold Belt in central NSW. The company has a track record of successful exploration and asset monetisation through partnership agreements.

Rimfire currently has four key project areas under management in the Lachlan Fold Belt:

• 1. Fifield Project Gold / PGE's
  • ✓ GPR earning up to 50.1%, RIM free carried for development.
  • ✓ Maiden JORC 2012 resource of 125Koz gold + 7.9Moz silver.
  • ✓ Recent drilling at the Transit Prospect returned 55m @ 0.94g/t gold with the final 1m intersection increasing to 9.98g/t gold.
  • ✓ Next stage of drilling at Transit is planned to commence in June 2021.
• 1. Avondale Project Cobalt, PGEs and Gold
  • ✓ GPR earning up to 75%
  • ✓ Avondale and KARS prospects located in the southern area of the project area and prospective for Cobalt and PGE's respectively.
• 1. The Valley Porphyry Copper / Gold, RIM 100%
  • ✓ Located 5km west of Kincora Copper/RareX Mordialloc porphyry copper-gold target.
  • ✓ Recently completed a drilling program to test near surface IP targets and interpreted Ordovician basement that hosts regional major discoveries such as Northparkes, Cadia and Cowal.
  • ✓ Results are expected in June, and these will influence the next steps in the program.
• 1. Cowal Project Copper / Gold, RIM 100%.
  • ✓ Located to the east of Evolution's Lake Cowal Copper / Gold mine
  • ✓ Little exploration has occurred on these tenements and prospective for Copper / Gold
  • ✓ Located in Forbes moratorium area for new Exploration Licence applications

Rimfire's Lachlan Fold Belt Projects

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",