Rimfire Pacific Mining (ASX: RIM, 'Rimfire' or the 'Company') advises that it will regain full control of the Broken Hill Cobalt Project (EL5985) following notice from Perilya Limited (a wholly - owned subsidiary of China's Zhongjin Lingnan Mining) of its intention to withdraw from the Windy Ridge Joint Venture which covers two sub-blocks of EL5985.

Perilya's withdrawal will become effective upon fulfilling its rehabilitation obligations (expected during the September 2022 Quarter), following which Rimfire will hold 100% of the project. The Broken Hill Cobalt Project is prospective for the discovery of economic critical minerals such as cobalt with several priority targets already identified including the Railway Extension target which lies directly along strike from Cobalt Blue Holdings' Railway Cobalt Deposit (ASX: COB; market capitalisation $210m as of 11 July 2022) within the same rock types. The Cobalt Blue Holdings' Railway Cobalt Deposit has a JORC Indicated and Inferred Resource of 68Mt @ 755 CoEq ppm, with 40,900t of inground cobalt (COB JORC Resources). Rimfire is currently pursuing regulatory approvals to enable commencement of exploration activities on the project

Commenting on the announcement, Rimfire's Managing Director Mr David Hutton said: 'Gaining full control of the Broken Hill Project comes at an exciting time for Rimfire as it focusses on exploring for critical minerals within highly prospective areas of NSW. Rimfire is working to maximise the value of the project for shareholders and looks forward to providing further updates as new information comes to hand'.

Contact:

David Hutton

Tel: +61 417 974 843

About Rimfire

Rimfire Pacific Mining Ltd (ASX: RIM) is an ASX-listed exploration company focused on exploring for critical minerals within the Lachlan Orogen and Broken Hill districts of NSW.

Rimfire currently has two projects in the Lachlan Orogen which are being funded by Rimfire's exploration partner - Golden Plains Resources (GPR): Avondale Project (GPR earning up to 75%) & Fifield Project (GPR earning up to 60%) Both projects are prospective for Critical Materials (PGEs, Nickel, Copper & Cobalt) - which are essential for renewable energy, electrification, and green technologies.

The development ready Sunrise Energy Metals Ni-Co-Sc Project (ASX: SRL) is adjacent to both projects.

The Fifield Project hosts the historical Platina Lead mine, the largest producer of Platinum in Australia

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'.

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