Rimfire Pacific Mining terminates agreement

Rimfire Pacific Mining (ASX:RIM) has announced the termination of the Avondale Earn-in Agreement with Golden Plains Resources Pty. The decision follows a judgment by the Victorian Supreme Court. With this termination, Golden Plains Resources holds no interest in the Avondale Project. Dispute resolution is set for arbitration in March 2025.

Summary of Avondale Project and future plans

Rimfire Pacific Mining has terminated its agreement with Golden Plains Resources regarding the Avondale Project, following a court judgment. The project, located northwest of Parkes, NSW, features significant scandium prospects. Although the termination precludes Golden Plains Resources' involvement, no repayment of funding is required from Rimfire. The dispute will be resolved through arbitration, with hearings scheduled for March 2025. Rimfire has committed to maintaining the project's integrity by not disposing of or encumbering it during this period. Exploration activities continue, with further studies and drilling planned for the Melrose and Kurrajong areas. Rimfire remains focused on advancing its exploration initiatives and maintaining transparency with stakeholders.

Executive commentary on agreement termination

Rimfire will update the market on any material developments, and this announcement was authorized by the Board of Directors.