Rimfire Pacific Mining (ASX: RIM) has released a corporate update highlighting its progress in developing its scandium assets in New South Wales. Rimfire Pacific Mining is focused on discovering world-class critical metal deposits. The company is exploring the largest scandium-prospective landholding in Australia’s premier scandium district.
The update highlighted high-grade scandium identified in drilling at the Currajong Prospect, which complements existing scandium resources. Earn-in and Joint Venture agreements with Golden Plains Resources (GPR) at Fifield and Avondale have been reinstated, alongside the 100%-owned Rabbit Trap Project. Rimfire is focused on building a globally significant scandium company and high-value critical mineral resource inventory at Fifield.
Key next steps include converting the Murga exploration target to a Mineral Resource Estimate (MRE) and completing a maiden Currajong MRE, both targeted for completion by the first quarter of CY2026. Additional air core drilling is planned at Rabbit Trap during September and October 2025, with remaining air core drilling results due late July 2025. The company has secured complete land access to enable air core drill testing of new scandium targets.
Rimfire is undertaking a capital raising to fund these activities. The company is issuing 233,333,335 shares at 1.5 cents, with a one-for-one free attaching option at 3 cents, expiring two years from the issue date, to raise $3.5 million. The funds will be used for Currajong drill assays and MRE, Murga exploration target infill drilling and MRE, Rabbit Trap scandium targets drilling, scandium target generation, exploration costs, and general working capital.
