Rimfire Pacific Mining (ASX:RIM) termination of Fifield Project earn-in agreement

Rimfire Pacific Mining Limited (Rimfire or the Company) (ASX:RIM) has terminated the Fifield Project earn-in agreement with Golden Plains Resources Pty Ltd (GPR) following a change of control of GPR. This termination has resulted in GPR having no interest in the Fifield Project going forward. Rimfire has also received commitments of $1.2 million from the exercise of options to support its scandium-focused exploration efforts.

Rimfire's Executive Commentary on Termination of Fifield Project Earn-in Agreement and Funding Update

The Rimfire Board recognizes the risks associated with its decision to terminate the Fifield Project earn-in agreement but believes it is in the best interests of the Company and its shareholders. The company is pleased to have secured $1.2 million in funding from the exercise of options, which will support its exploration efforts on the Fifield Project. Rimfire is committed to advancing the Murga North Mineral Resource and the Murga Exploration Target as its top priority following the termination of the earn-in agreement.

Summary of Rimfire Pacific Mining's Termination of Fifield Project Earn-in Agreement and Funding Update

Rimfire Pacific Mining (ASX:RIM) has terminated the Fifield Project earn-in agreement with GPR, resulting in GPR having no interest in the project going forward. The company has also received commitments of $1.2 million from the exercise of options to support its scandium-focused exploration efforts. Rimfire intends to issue a 'cleansing prospectus' in the coming weeks to facilitate the on-sale of the shares to be issued upon exercise of the options. With the secured funds, Rimfire plans to undertake drilling of Murga North and Murga in late October 2024 to upgrade and expand the Murga North Mineral Resource estimate and convert the Murga Exploration Target to a Mineral Resource estimate. The company remains focused on advancing its exploration efforts and is considering its rights in relation to the Avondale Project Earn-in Agreement in light of recent developments.