Rimfire Pacific Mining (RIM) H2 2024 earnings summary

Executive summary

• Achieved key milestones including maiden JORC Mineral Resource estimates for Melrose and Murga North Scandium Prospects and an exploration target for the broader Murga area, advancing the company's scandium resource inventory objective.

• Expanded 100% ownership of the Broken Hill Cobalt Copper Project and completed a diamond drill program at Bald Hill, intersecting broad sulphide mineralisation zones.

• Terminated the Fifield Earn-In Agreement, resulting in 100% ownership of the Fifield Project, and considering rights regarding the Avondale Earn-In Agreement.

• Raised $1.2 million from early exercise of options and $1.15 million through a share placement post year-end.

Financial highlights

• Revenue and other income for FY24 was $10,962, down from $838,695 in FY23.

• Net loss for FY24 was $1,460,320, compared to $814,333 in FY23, including a $178,228 impairment of exploration expenditure.

• Cash and cash equivalents at 30 June 2024 were $187,666, down from $377,231 at 30 June 2023.

• Net assets increased to $17,221,535 from $16,340,434 year-over-year.

• No dividends were paid or recommended for the year.

Outlook and guidance

• Focus remains on upgrading and increasing the Murga North Mineral Resource Estimate and converting the Murga Exploration Target to a Mineral Resource.

• Further aircore and diamond drilling planned for Murga and Murga North, with strategic options under consideration for the Cowal project.

• Ongoing review of rights and obligations regarding the Avondale Earn-In Agreement following legal developments.