Rimfire Pacific Mining (ASX: RIM, 'Rimfire' or 'the Company') is pleased to advise that it has received firm commitments to raise $0.8 million through a share placement pursuant to Section 708 of the Corporations Act (Cth).

The proceeds of the share placement will be used to advance exploration of the Company's 100% - owned cobalt and copper projects in New South Wales and provide general working capital.

The placement comprises the issue of a total of 100,000,000 fully paid ordinary shares at an issue price of $0.008 (0.8 cents) per share, raising $0.8M, to sophisticated investors eligible under section 708 of the Corporations Act (Cth). The issue price represents a 26% premium to the 5 - trading day VWAP to 28 July 2023. In addition,100,000,000 free attaching unlisted options are being issued on a one (1) for one (1) basis for every new share subscribed for and issued under the placement with an exercise price of $0.02 (2 cents) each, and an expiry date of 28 February 2025.

Commenting on the Placement, Rimfire's Managing Director Mr David Hutton said: 'Rimfire is grateful to the placement participants for their strong support of the Company and its portfolio of critical minerals projects within the highly prospective Lachlan Orogen and Broken Hill districts of NSW. The placement funds will be used to advance our 100% - owned copper and cobalt projects including the Bald Hill cobalt target at Broken Hill where recent drilling intersected extensive sulphides in all drill holes, for which initial assay results are expected within the coming weeks.'

The 100,000,000 placement shares will be issued under Rimfire's existing ASX Listing Rule 7.1A placement capacity and the 100,000,000 unlisted options will be issued under Rimfire's existing ASX Listing Rule 7.1 placement capacity. The new shares will rank equally with existing Rimfire fully paid ordinary shares quoted on the ASX. Settlement of the placement is expected to occur on or about Monday 7th August 2023 and shortly thereafter the Company will make an application to the ASX seeking quotation of the placement shares. As previously announced, the Company has also been awarded exploration credits of $500,000 under the Federal Government's Junior Minerals Exploration Incentive (JMEI) program for distribution during the 2023 / 2024 Financial Year to eligible shareholders including participants in this Placement.

Contact:

Tel: +61 497 805 918

About Rimfire Pacific Mining

Rimfire Pacific Mining (ASX: RIM, 'Rimfire' or the 'Company') is an ASX-listed Critical Minerals exploration company which is advancing a portfolio of projects within the highly prospective Lachlan Orogen and Broken Hill districts of New South Wales. The Company has two 100% - owned copper - gold prospective projects that are located west of Parkes and Orange in central New South Wales: The Valley Project - located 5km west of Kincora Copper's Mordialloc porphyry copper gold discovery (KCC.ASX), and The Cowal Project - located to the east of Evolution's Lake Cowal Copper / Gold mine (EVN: ASX). Rimfire also has the 100% - owned Broken Hill Cobalt (Green View) Project which is located immediately west and northwest of Broken Hill and covers several targets including the interpreted along strike extension to Cobalt Blue Holdings' Railway Cobalt Deposit (COB: ASX)

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