RIMFIRE PACIFIC MINING NL
ANNUAL
Chairman’s Report
Review of Exploration Activities
Directors’ Report
Remuneration Report
Schedule of Mining Tenements
Auditor’s Independence Declaration
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Financial Statements
Directors’ Declaration
Independent Auditor’s Report
Additional Information for Publicly Listed Companies
Corporate Directory
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Corporate Governance Statement
The Company’s 2018 Corporate Governance Statement has been released to ASX on 27 September 2018 and is
available on the Company’s website www.rimfire.com.au.
Chairman’s Report
Dear Fellow Shareholders,
The past year has been a frustrating one for the Company and shareholders where external factors have
overshadowed the significant advances made by the Company. Despite difficult Capital Market conditions
for junior explorers and New Gold Inc’s strategic withdrawal from Australia, I am optimistic about the
coming year.
The recent formal announcement of the Company’s dual strategy, the strengthening of the Board,
management and technical team and the data acquired by the Company through the New Gold Inc. farm-in agreement,
provides a clear direction and the key personnel necessary to prepare an exciting work program for the coming year.
The strategic departure of New Gold Inc. from Australia to concentrate on its Northern American operations was
disappointing. However, New Gold Inc. spent over $2.5m on discovery work within the Fifield Project area, and invested
an additional $0.5m in the Company, which relieved the funding pressure for the Company for more than 2 years.
During the partnership period, a number of new mineralised prospects have emerged and New Gold Inc.’s work has now
laid a foundation for additional discovery outcomes. With New Gold Inc.’s departure, the Company retains 100% interest
in the Fifield Project, which is a great result for shareholders.
The Company continues to strengthen its team through the recruitment of seasoned industry professionals to drive the
pursuit of the Company’s dual strategy over the next 18 months with the key focus being;
▪
▪
Advancing the technical and economic assessment of the Sorpresa gold and silver resource, and
Continuing regional discovery work for large scale ore bodies
Craig Riley has been appointed as Business Development Manager, with his experience of taking projects from concept
stage to feasibility studies and project execution, his priority is to advance the development of the Sorpresa resource to look
to make a positive contribution to funding streams for larger discovery potential at Fifield.
Mike Love has been appointed as consulting Senior Geologist complementing experienced geologists, Colin Plumridge and
Todd Axford, with their intimate understanding of the Fifield project area. Mike is utilising his district experience to seek
potential discoveries of large Porphyry Gold-Copper and Epithermal deposits in Ordovician Age Rocks at Fifield, similar
to the nearby Cowal (Evolution Mining) and Northparkes (China Molybdenum/Sumitomo) style deposits.
Currently, work is being conducted in the Southern and Eastern Ordovician areas of the Fifield Project where there is
shallow cover with the “right rocks” underneath. A gravity program is currently being undertaken and additional work is
being planned.
The Company has identified more ground, south of the Fifield Project area, east of the Cowal deposit, from which available
magnetics data indicate the area may hold Ordovician volcanics undercover. Lease applications have been lodged over this
ground.
Active pursuit of appropriate partners to build further on the success of the Fifield project will continue to enable accelerated
discovery opportunities for the Company.
Finally, I would like to thank my fellow Board members, management, staff and contractors for their hard work and
professionalism over the last year and my fellow shareholders for their continued support of the Company.
Ian McCubbing
Chairman of the Board
Dated: 27th September 2018
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 1
FIFIELD PROJECT AREA EXPLORATION
Rimfire Pacific Mining is currently focused on exploration for Gold (Au), Silver
(Ag), Copper (Cu) and Cobalt (Co) within its Fifield Project Area located at
Fifield, in Central Western NSW. The Company’s goal is to continue discovery
growth and establish potential minable resource(s) within the currently held
project areas.
The aspiration which was established with New Gold Inc. during 2017 for the
Fifield area is to achieve an aggregate discovery outcome greater than 4 million
ounces of gold equivalent metal, being capable of supporting a mine life in excess
of 10 years, and within the lower third of industry costs of production.
Rimfire Tenements, Fifield NSW
Concurrently, the Company is also seeking to advance the development of the
Sorpresa Resource with additional work on near term prospects to build on the economic case.
During the period, the Company’s earn-in partner New Gold Inc. withdrew from the earn-in agreement and Australia as
part of New Gold Inc.’s overall strategic decision to concentrate on its North American operations, in particular the Rainy
River Project.
New Gold Inc. spent more than $2.5 million in the Fifield project area during their time of the earn-in agreement. The
Company retained 100% interest in the entire Fifield project area after New Gold Inc.’s withdrawal and therefore there has
been no project dilution to the Company.
The investment by New Gold Inc. in the Fifield project brought a number of key project benefits including:
▪ Detailed airborne geophysics survey and interpretation for the entire tenement package (681km2)
▪
▪
▪
Regional Aircore and auger drilling geochemistry and lithology programs (Phase 1 and Phase 2):
o A greater understanding of the underlying geology of the project area
o
Identification of specific “key target domains” for further discovery potential
Extensive prospecting, sampling and mapping identifying new prospective targets in structural locations
Successful Transit Gold-Copper prospect RC drilling program produced the largest widths for Gold intersections seen
to date in the Fifield district, and 4km east of Sorpresa, 44m @ 0.63g/t Au from 36m (including 20m @ 1.11g/t Au)
▪ Detailed alteration studies, looking for additional target vectors for large scale mineralising systems
▪ Overall refinement of discovery concept and targeting criteria
This legacy of the earn-in agreement has allowed the Company to continue to develop a process of review, rating and
prioritisation of its key target domain opportunities to progress and grow the prospect pipeline for new discoveries.
The large number and diverse nature of the regional targets forms an important element of the Company’s prospect portfolio
strategy, helping mitigate discovery risk by reducing dependency on any one prospect or commodity. The Fifield area is
well supported with access to infrastructure and skills suitable for any potential mining scenario, and this adds further validity
to the pursuit of economic mineralisation in the district.
The area around the Sorpresa Gold and Silver JORC resource (declared in December 2014),
remains highly encouraging with discovery potential remaining. In addition to a continued
emphasis on the prospective “7km x 2km wide Sorpresa Corridor” which includes the Fortuna,
114 Colin Corridor, Northern Gold and other prospects, discovery efforts have also focused on
regional prospecting to gain a greater understanding of the wider mineralising system dynamics
across the tenement package.
The Company owns 223 hectares of freehold land in Fifield, which covers much of the historic
alluvial Platinum/Gold workings in the district. With the addition of EL8542 and EL8543 during
the period the registered tenements and licences now cover an area of approximately 681km2.
A 10% interest is held by the Company (Perilya 90%) in the Broken Hill area, which includes
potential for Cobalt and base metal mineralisation, sitting along strike from Cobalt Blue’s (ASX
“COB”) Thackaringa Project.
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 2
Exploration Summary and Highlights
The Company conducted ongoing drill delineation of Gold and Silver mineralisation along strike and at depth at the Sorpresa
Gold and Silver mineralised zone, and work programs targeting prospective Gold and Base Metal discoveries.
Also reinforcing the diverse nature of mineralisation the Company’s tenements hold at Fifield, Cobalt, Nickel and Scandium
mineralisation was also targeted during the period.
Sorpresa Gold and Silver Resource and Regional Base Metal Discoveries
Geological and structural understanding was significantly increased in the key areas of interest (North and East of Sorpresa)
through a variety of work program inputs, including major regional surface mapping programs, prospecting assessment and
concept generation which continues to discover additional near deposit prospects.
Sorpresa Style Geology (18km2 in yellow) on Aircore Gold Geochemistry
Central Tenements, Fifield NSW
Sorpresa Resource
The Company has also received positive results on further
metallurgical test work conducted on the Sorpresa Gold
and Silver resource.
The Company is aiming to advance development of the
Sorpresa Resource, and is continuing to execute work
programs to understand key discovery opportunities
proximal to the existing resource to build on the economic
appeal of Sorpresa.
The Company has extended the targeted area for additional
“Sorpresa” style Gold discoveries from 11km2 to 18km2,
currently with less than 10% of this area drill tested.
Transit Prospect
During the period Transit prospect positive first pass
drilling results have advanced the Gold and Copper
potential at this location and the surrounds. Located 4km East of Sorpresa, it demonstrates the Fifield area has the capacity
to host new additional discoveries.
A larger porphyry related mineralising system existing at depth remains a discovery possibility. An anomalous Gold zone
encountered (in regional aircore drilling by New Gold Inc.) is also seen to extend for ~3km NNE beyond the Transit
prospect.
In the context of the limited drilling that has been undertaken at Transit prospect to date (8 holes in this program over a
strike of 500m), a number of observations have enhanced the relative performance of this drill program. The Gold is seen
as structurally controlled in shear zones. Highlights included:
▪
▪
▪
An excellent mineralisation hit rate in the drill holes was achieved
Transit sits at the intersection of a set of structural corridors
At 44m, Hole Fi0808 is the thickest Gold intersection encountered anywhere at Fifield, surpassing widths at Sorpresa
Hole
(Transit)
Fi0808
Fi0807
Fi0810
Fi0813
Main Intersection(s) #1
Including Intersection(s) #2
44m @ 0.63g/t Au from 36m
36m @ 0.64g/t Au from 0m
30m @ 0.61g/t Au from 22m
20m @ 1.11g/t Au from 48m
4m @ 2.32g/t Au from 12m and
2m @ 1.2g/t Au from 20m
6m @ 1.65g/t Au from 32m
8m @ 0.13% Cu & 65 ppm Mo
2m @ 0.47% Cu & 131 ppm Mo
These drill results, together with the recent surface mapping activities and the previously completed Aircore drilling (Phase
1) geochemistry, has provided support for favourable structural locations, including the greater Transit prospect area, to
host further discoveries.
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 3
Steeton Prospect
The bedrock sample data confirms Gold mineralisation over a large area of ~ 4km x 1km
NE trend. The major focus for the regional aircore drill program conducted during the
period was to target Gold and Copper mineralisation including the examination of
potential for Northparkes style Gold-Copper porphyry.
This Eastern Ordovician area (that includes Steeton) extends NE over a prominent
magnetic zone with the Ordovician rocks being encountered under cover.
Southern Project Area
Steeton prospect, Gold & Copper
A work program of 110km2 of mapping, sampling, historic data and geophysics review of
the Southern Project area of the Fifield Project was undertaken by Senior Exploration
Geologist, Mick Love. The review suggests the potential for large scale Gold
mineralisation in Ordovician geology, looking for Cowal and North Parkes style deposits
which the Company’s Senior Geologist, Mick Love was directly involved with previously. Important new geological insights
with relevance to the increased discovery prospectivity include:
▪
A body with a sequence of proximal to distal andesitic volcanics, with indications of Ordovician age is present
▪ High K Andesite and intensely altered intrusives were observed indicating a potential porphyry system setting
▪
A separate geological unit at Fifield, “Edol’s Conglomerate” is now identified for Gold potential (a mineralisation
style similar to the Canbelego (Mt Boppy) deposit is conceptualised)
The Company has now planned new discovery work programs to advance the potential of this
Southern area. These programs will provide further context to the geology and mineralisation
observations, integrating this information with the other known prospects already identified by
the Company in the Central and Eastern Ordovician areas.
The targeted discovery programs being planned for delivery in 2018/19 include:
▪ Ongoing geological fieldwork, sampling and mapping
▪ Gravity geophysical survey, improving the resolution on regional gravity data
▪
Targeted Auger and Aircore drilling programs of ~2,000m (for lithogeochemistry and
cover depth)
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 4
Drill Hole Location Plan with mapped geology, surface gold geochemistry & interpreted structure on 1VD Magnetic image Transit Prospect
Southern Area with Proposed Reconnaissance Drill Locations (White) - on magnetics, geology, structure background
Cobalt, Nickel and Scandium Prospects
During the period the Company demonstrated Fifield Project’s capacity to hold other mineralisation prospects including
Cobalt, Nickel and Scandium in similar geological settings to deposits held by our northern neighbours, CleanTeq
(ASX:”CLQ”) Sunrise Project, Australian Mines (ASX:”AUZ”) Flemington Cobalt Project and Platina Resources
(ASX:”PGM”) Owendale Project.
Rimfire Fifield Cobalt areas, including Avondale and Tout East
Tout East Prospect
During the period the Company demonstrated that
the Tout East prospect has a capacity for diverse
mineralisation. Only preliminary drill testing was
conducted
in selected areas, Cobalt, Nickel,
Scandium, Copper and Gold were encountered,
with large areas of the interpreted Tout East
Ultramafic body still remaining untested by drilling.
The thickest intersection of mineralisation being
29m @ 0.06% Co & 0.16% Ni & 182ppm Sc from
15m, with the best interval being 6m @ 0.18% Co
& 0.17% Ni & 0.044% Sc from 15m. Gold and
Base Metal anomalism was also present with the
best interval being intersected of 3m @ 0.08% Cu
& 0.137g/t Au from 18m.
Tout East prospect continues to provide incentive for further discovery initiatives for a wide suite of metals as the Company
selectively targets mineralised zones in the prospect area.
The mineralisation sits within the weathered profile of a fractionated intrusive complex which is the setting of the Sunrise
deposit (CleanTeq ASX “CLQ”) and associated Flemington deposit (Australian Mines ASX “AUZ”), each of which are
located close to Fifield.
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 5
Avondale
Avondale is an historic prospect for Platinum. During the period, a review of the historic drilling undertaken, revealed that
Cobalt and Nickel mineralisation was observed (however unreleased to the market).
Avondale Cobalt Nickel Prospect Recent Drilling
During the period the Company undertook work programs including resubmission
of pulps and samples for re-assaying and an Aircore drilling program undertaken
to confirm the presence of Cobalt and Nickel. The full metal suite of elements
(Co, Ni, Sc, Pt) found at Avondale are the same that are seen at the adjacent Tout
Complex (CleanTeq).
New drilling was designed to both confirm indications of mineralisation in historic
holes and to test the interpreted southern extension of the ultramafic body believed
to be associated with Cobalt and Nickel mineralisation.
Assay results from the Aircore / RC drilling program confirmed the presence of
Nickel, Cobalt and Scandium mineralisation.
▪
▪
▪
The best intersection of Cobalt being 20m @ 0.10% Co & 0.18% Ni from
10m incl. 8m @ 0.14% Co & 0.22% Ni from 12m, with the best Cobalt
interval being 2m @ 0.18% Co & 0.23% Ni from 14m.
The best Nickel intersection was 10m @ 0.52% Ni & 0.05% Co from 18m,
with best Nickel interval being 2m @ 0.83% Ni & 0.06% Co from 20m.
Best Scandium intersection was 24m@ 310ppm Sc, 0.05% Co & 0.18% Ni
from 20m.
Summary – Ranking of Mineralised Prospects
The regional work undertaken has now established a strong foundation of mineralisation evidence. This continues to form
the basis for the ongoing work programs in the next period.
The Company’s goal is to build on the work completed with New Gold
Inc. to discover, define and develop mineable resources and
simultaneously seek to gain an economic outcome from the Sorpresa
Resource.
Potential for discovery outcomes still remains an important driver for
value creation within the Company, so the regional work remains a critical
ongoing component.
Shareholders should be encouraged by the large scale mineralisation
being uncovered in the surrounding Fifield district.
Rimfire remains of the view that a “company making” opportunity has
the potential to emerge within its tenement holdings.
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 6
DIRECTORS’ REPORT
Your Directors present the following report on the Company and its controlled entity for the financial year ended 30 June
2018.
Directors
The names of Directors in office during the whole of the financial year and up to the date of this report:
▪
▪
▪
▪
Ian McCubbing (Chairman)
John Kaminsky (Managing Director and Chief Executive Officer)
Ramona Enconniere (Non-Executive Director)
Andrew Greville was appointed to the Board as a Non-Executive Director on 18 August 2017
Graham Billinghurst retired at the 2017 Annual General Meeting of the Company held 24 November 2017.
Principal Activities
The principal activities of the Consolidated entity during the financial year were the exploration and evaluation of mineral
deposits.
Review of Operations
The Company’s focus remains at Fifield NSW with prospects and targets in Gold, Silver, Copper and Cobalt. The ground
holding at Fifield was increased to 681km2 with the addition of new tenements.
The exploration efforts are situated within the well-established, highly credentialed and mineralised regional corridor, the
Lachlan Transverse Zone (LTZ). This corridor includes the North Parkes Copper-Gold mine and the Cadia Valley Gold-
Copper mines amongst others and represents an excellent discovery setting for the Company.
New Gold Inc. – Rimfire Pacific Mining Earn-in Joint Venture
During the period the earn-in agreement with New Gold Inc. was dissolved after completion of the first year of the
agreement with New Gold Inc.’s exit from Australia after selling its other asset, The Peak Mines (to Aurelia Metals), to focus
on its North American operations.
New Gold Inc. was on the ground with the Fifield Project for more than 12 months and spent $2.5 million on discovery
activity, bringing significant benefits to the Company with additional mineralised prospects being identified and advanced.
Importantly the Company retains 100% ownership of the Fifield Project.
Operational Activities
The Company continues to enact a process of review, rating and prioritisation of its key prospect opportunities to progress
and grow the pipeline for new discoveries.
The large number, and diverse nature of the regional targets, forms an important element of the Company’s prospect
portfolio strategy helping mitigate discovery risk by reducing dependency on any one prospect or commodity.
The Fifield area is well supported with access to infrastructure and skills suitable for any potential mining scenario and this
adds further validity to the pursuit of mineralisation in the district.
Full details of the progression of discovery activity undertaken during the period is contained in the Review of Exploration
Activities section within this Annual Report.
Junior Resource Sector Outlook and Financial Position
The global circumstance for the resources sector has plateaued during the period and enthusiasm for the junior resource
sector has weakened, with less investor liquidity and investor participation. This is particularly the case with junior
companies focused in the Gold sector. However, it needs to be understood that as major Gold producer reserves decline,
the industry is starting to recognise the need to increase expenditure in the discovery of new replacement Gold resources.
This should see exploration spend increase by the majors and this will translate to a more buoyant outlook for the junior
Gold exploration companies.
Notwithstanding the exit of New Gold Inc. from the earn-in agreement, the Company remained in healthy financial status,
with a respectable cash position being maintained.
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 7
Work Program Approach for Financial Year 2019
The major priorities at Fifield for the financial year 2019 will involve the following:
▪
The Company will maintain a discovery growth focus on the regional opportunities for Gold, Silver, Copper and
Cobalt which will involve the follow up of the prioritised regional prospects under review. Areas will continue to be
defined undergoing initial prospecting using mapping, geochemistry, and geophysics with subsequent drill testing of
targets generated as required.
▪ Developing the Sorpresa resource will continue to be a focus for the Company with further assessment and proximal
exploration work being undertaken to enhance the economic appeal of the existing resource.
Funding Initiatives
The Company did not undertake any funding initiatives in the period. As at 30 June 2018 the Company had $0.894 million
in cash and short term deposits.
During the earn-in agreement with New Gold Inc., the Company had been receiving re-imbursement for certain
expenditures incurred as part of the earn-in agreement and the implementation of a services agreement with New Gold Inc.
Since the departure of New Gold Inc., the Company has been focused on generating additional investor / partner interest
in the Fifield project to capitalise on the work undertaken during the earn-in period and realise the strategic ambitions of
the Company.
Capital Structure
As at 30 June 2018 the capital structure of the Company was 943,477,555 Fully Paid Ordinary Shares, and 1,500,000 unlisted
options.
Commodity Pricing for the Period
During the 2018 Financial Year the Gold price continued with a minor increase of 1.2%, finishing at USD 1,252 per ounce.
In a period of record prices, Cobalt increased by 21.2% for the 2018 Financial Year (30 June 2018) finishing at USD 71,500
per tonne.
Gold, Silver and Platinum prices quoted www.kitco.com in New York in USD and Copper and Cobalt prices quoted
LME.com in USD.
Operating Results
The loss of the Consolidated entity amounted to $1,047,835 in the period (2017: $924,782).
Dividends
No dividends were paid during the financial year, nor are any recommended at 30 June 2018 (30 June 2017: Nil).
Significant Changes in State of Affairs
New Gold Inc.’s exit from the earn-in agreement has given the Company unencumbered 100% retention of all licences
associated with the Fifield Project. The Company will seek to develop new relationships with potential partners and allow
the Company to build on the work completed with New Gold Inc.
After Balance Date Events
No other matters or circumstances which have arisen since the end of the financial year have significantly affected or may
significantly affect the operations of the Consolidated entity, the results of those operations, or the state of affairs of the
Consolidated entity in future financial years.
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 8
Price USDPrice USD2-Jul-1729-Jun-18Gold (oz) 1,237.20 1,252.40 1.23%Silver (oz) 16.59 16.09 -2.98%Platinum (oz) 921.00 852.00 -7.49%Copper (t) 5,893.00 6,645.00 12.76%Cobalt (t) 59,000.00 71,500.00 21.19%Commodity2018 Financial Year % change
Licence and Environmental Compliance
The Consolidated entity aims to ensure that the highest standard of environmental care is achieved. The Board maintains
the responsibility to ensure that the Consolidated entity’s environment policies are adhered to and to ensure that the
Consolidated entity is aware of, and is in compliance with, all relevant environmental legislation.
There have been no environmental breaches during the 2018 financial year.
Information on Directors
Ian McCubbing
Non-Executive Chairman
Bachelor of Commerce (Hons) (UWA), MBA(AGSM), CA, GAICD
Experience and Expertise
Other Current
Directorships
Former Directorships in
Last 3 Years
Special Responsibilities
Appointed Director and Chairman of the Board in July 2016 and possesses a strong commercial
background in the resources industry.
He has over 30 years’ experience as a Chartered Accountant with industrial and mining
companies, principally in the areas of corporate finance and mergers and acquisition. He holds a
Bachelor of Commerce (Honours) from UWA and Executive MBA from the AGSM, and is a
graduate member of the Australian Institute of Company Directors.
Mr McCubbing is currently a Non-Executive Director of four other ASX listed resources related
companies and previously been a director and CFO of ASX 200 listed mining companies.
Avenira Ltd (Non-Executive Director since 2012), Swick Mining Services Ltd (Non-Executive
Director since 2010), Symbol Mining Ltd (Non-Executive Director since 2018) and Sun
Resources NL (Chairman since 2016).
Kasbah Resources Ltd (Non-Executive Director from 2011 to 2016).
Chairman of the Board
Member of the Audit Committee.
Member of Remuneration and Nomination Committee.
Interests in Shares
(30 June 2018)
2,574,285
John Kaminsky
Managing Director and Chief Executive Officer
Bachelor of Applied Science (Chemistry) (RMIT), MBA (Melbourne Business School)
Experience and Expertise
Appointed Director of Rimfire Pacific Mining NL and Axis Mining NL in April 2004. He brings
strong strategic and international skills to the company and has more than 20 years’ experience
in international trade, including chemicals, plastics, metals, minerals, ores, concentrates and
energy products. He assumed the role of Executive Chairman in December 2004 and became
Managing Director and Chief Executive Officer on 3rd March 2016.
Other Current
Directorships
Former Directorships in
Last 3 Years
None.
None.
Special Responsibilities
Managing Director and Chief Executive Officer.
Interests in Shares
(30 June 2018)
33,408,169
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 9
Graham Billinghurst (retired 24 November 2017)
Non-Executive Director
Experience and Expertise
Appointed Director of Rimfire Pacific Mining NL and Axis Mining NL in May 1999. He comes
to the Board with an extensive background in investment banking and corporate development
in the Australasian region. As an investment banker and finance director, he brings to the Board
extensive corporate, financial and commercial expertise.
Other Current
Directorships
Former Directorships in
Last 3 Years
None.
None.
Special Responsibilities
Member of the Remuneration and Nominations Committee.
Interests in Shares
(30 June 2018)
As at the end of the period Graham is no longer a Director, his interest in shares is not included.
Ramona Enconniere
Non-Executive Director
Bachelor of Commerce (University of Melbourne), MBA (Melbourne Business School)
Experience and Expertise
Other Current
Directorships
Former Directorships in
Last 3 Years
Special Responsibilities
Appointed Director of Rimfire Pacific Mining NL in May 2005. She has professional affiliations
with the Australian Society of CPA and the Australian Institute of Banking and Finance. She
makes an excellent contribution to the Board through her experience gained in corporate
banking and the funding of mergers and acquisitions, loan syndications, project financing, debt
raising via capital markets/securitisation with Citibank, Bank of America, OCBC (Overseas-
Chinese Bank Corporation) and National Australia Bank.
None.
None.
Chair of the Audit Committee
Member of the Remuneration and Nomination Committee
Interests in Shares
(30 June 2018)
9,069,860
Andrew Greville (Appointed 18 August 2017)
Non-Executive Director
Bachelor of Engineering (Mining), University of Queensland, Queensland Limited Mine Manager’s Certificate
Experience and Expertise
Other Current
Directorships
Former Directorships in
Last 3 Years
Special Responsibilities
Interests in Shares /
Interests in Options
(30 June 2018)
Appointed Director of Rimfire Pacific Mining NL in August 2017. He is a qualified mining
engineer, brings over 30 years’ of mining industry experience with an outstanding track record
of international success in the copper industry, particularly in the fields of business development,
including mergers & acquisitions, marketing and strategy, with his last position before
establishing his own consulting business WEMCO, being the Executive General Manager,
Business Development and Strategy, Xstrata Copper.
None.
None.
Member of Audit Committee
Chair of Remuneration and Nomination Committee
1,000,000
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 10
Melanie Leydin
Company Secretary
Bachelor of Business majoring in Accounting and Corporate Law, Swinburne University, Chartered Accountant and
Registered Company Auditor
Appointed as Company Secretary of the Company in April 2017. Melanie has 25 years'
experience in the accounting profession and is a director and company secretary for a number
of oil and gas, junior mining and exploration entities listed on the Australian Securities Exchange.
She is a Chartered Accountant and a Registered Company Auditor.
Experience and Expertise
Meetings of Directors
During the financial year, meetings of Directors were held and attendances by each Director are detailed below.
REMUNERATION REPORT (AUDITED)
Principles used to determine the nature and amount of remuneration
The Remuneration Report, which has been audited, outlines the Key Management Personnel (KMP) remuneration
arrangements for the Consolidated entity, in accordance with the requirements of the Corporations Act 2001 and its
regulations.
The Remuneration Report is set out under the following main headings:
1.
2. Details of remuneration for the year ended 30 June 2018
3. Employment contracts
4.
5. Additional Disclosures relating to Key Management Personnel
6.
7.
8. Other matters
Shareholding
Five year summary of key financial data
Share based compensation of Directors and Key Management Personnel
1.
Principles used to determine the nature and amount of remuneration
The Board of Rimfire Pacific Mining NL uses the Remuneration and Nomination Committee to review and consistently
apply the Company Policy to allow the Company to maintain its ability to attract and retain the best executives and Directors
to run and manage the Consolidated entity, as well as create alignment between Directors, executives and shareholders.
The Company Policy, implemented via the Remuneration and Nomination Committee, is to benchmark Company
remuneration against comparable businesses and ensure that remuneration is comparable to the upper quartile, but also
within the financial constraints the Company may be operating within at the time of assessment.
Remuneration policy for Directors and senior executives is reviewed annually by the Board. The policy allows a mix, as
determined by the Board on advice of the Remuneration and Nomination Committee. Depending on the nature of
employment agreements, remuneration comprises a fixed component, (which is based on factors such as capability,
effectiveness, work tasks, responsibilities, length of service and experience), superannuation, fringe benefits, short term
bonus, long term incentives (which may include shares, options on shares or performance rights), subject to any necessary
shareholder or regulatory approvals. During the year the Company did not engage remuneration consultants to provide
advice on the Company’s remuneration policy.
The policy requires reviews taking into account the Consolidated entity’s performance, executive and Non-Executive
Director performance and comparable information from industry, including other listed companies in the resources sector.
Independent external advice is sought as required. There is currently no link between the policy and the Company’s earnings
and shareholder wealth because the Company is still in the exploration phase and is not generating revenue. Instead, the
criteria for executive and Director appraisal include:
▪ Maintaining high standards of work place health and safety, environmental compliance and community liaison,
▪
Leading the development of strategy, and communicating this to stakeholders,
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 11
Number Eligible to AttendNumber AttendedNumber Eligible to AttendNumber AttendedNumber Eligible to AttendNumber AttendedIan McCubbing662222John Kaminsky66----Graham Billinghurst (retired 24/11/17)22----Andrew Greville (appointed 18/08/17)661122Ramona Enconniere642222Melanie Leydin (Company Secretary)66----Directors' MeetingsAudit Committee MeetingsRemuneration and Nomination Committee Meetings
▪ Maintaining and adding to capital resources necessary to execute the Company’s strategy, with minimal dilution and
costs to shareholders,
▪
Technical advancement in the discovery potential of the project areas,
▪ Managing operations and expenditure to efficient levels and within budgets,
▪
▪
▪ Managing investor relations and Company communication,
▪
Preserving financial and business integrity and managing risk under difficult industry conditions,
Recruiting, managing and training personnel to ensure access to high levels of skill in the industry,
Ability to multi-skill and cover as much of the Company’s skill needs from in-house resources.
The Board is aware of the need to maintain competitive remuneration to reward performance which benefits shareholders
and advances the Company. To this end, a review of the short term bonus and long term incentive programs to motivate
and reward those people who create shareholder value and make the greatest contribution to the Company was undertaken
during the year and a proposed STI / LTI scheme was introduced and approved by the Shareholders at the AGM held 24
November 2017.
The Managing Director and Chief Executive Officer has agreed and signed a new employment contract which came into
force from 1 July 2017. There has been no change to the remuneration of Non-Executive Directors in the last three periods.
To align Directors’ interests with shareholder interests, Directors are encouraged to hold shares in the Company.
The remuneration policy review undertaken in 2018 will be revisited as required to ensure it continues to meet the needs of
the Company, creates better alignment to industry practices for remuneration and to accommodate changes to law. The
Company has reviewed the application of laws in relation to the use of employee share schemes and performance rights. At
the 2017 AGM the Company received 89% of ‘for’ votes in relation to its remuneration report for the year ended 30 June
2017. The Company did not receive any specific feedback at the AGM regarding its remuneration practices.
2.
Details of Remuneration for the Year Ended 30 June 2018
Benefits to senior executives and the Non-Executive Directors consisted exclusively of cash benefits in the period. A Non-
Executive Director Pool of $200,000 was available in 2018 ($200,000 in 2017) and represents the maximum aggregate
payments to Non-Executive Directors, in their capacities as Directors, that can be paid in any one year without requiring
additional shareholder approval. The actual Non-Executive Director pool utilised in the 12 month period was $126,586 in
total ($105,834 in 2017). This rate is below the industry norm.
* Note: As part of J Kaminsky’s remuneration agreement (effective 01 July 2017), he was entitled to annual leave and long
service leave. Previously, he was on a contract basis.
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 12
Short-Term BenefitsPost EmploymentLong-Term BenefitsEquity CompensationName of Director / SeniorSalary, Fees & CommissionsCash BonusAnnual LeaveSuperannuation ContributionsLong Service LeaveShares & OptionsTotalExecutive$$$$$$$Non-Executive DirectorsG Billinghurst (retired 24/11/2017) 12,500 - - - - - 12,500 R Enconniere 30,000 - - - - - 30,000 A Greville (appointed 18/08/2017) 34,086 - - - - - 34,086 I McCubbing 45,662 - - 4,338 - - 50,000 Executive DirectorJ Kaminsky 260,815 - 18,848* 24,777 40,513* - 344,953 383,063 - 18,848 29,115 40,513 - 471,539 Primary2018Short-Term BenefitsPost EmploymentLong-Term BenefitsEquity CompensationName of Director / SeniorSalary, Fees & CommissionsCash BonusAnnual LeaveSuperannuation ContributionsLong Service LeaveShares & OptionsTotalExecutive$$$$$$$Non-Executive DirectorsG Billinghurst (retired 24/11/2017) 30,000 - - - - - 30,000 R Enconniere 30,000 - - - - - 30,000 I McCubbing 41,857 - - 3,976 - - 45,833 Executive DirectorJ Kaminsky 238,532 - - 22,661 - - 261,193 340,389 - 26,637 - 367,026 Primary2017
Performance Income as a Proportion of Total Remuneration
No performance based remuneration was paid during the year ended 30 June 2018 (2017: nil).
Transactions Between Related Parties
Transaction between related parties are on normal commercial terms and conditions no more favourable than those available
to other parties unless stated. In the current financial year related party’s (Jill Kaminsky and Nicole Kaminsky) of Mr John
Kaminsky was paid in respect of administrative services $12,941 ($14,288 in 2017). Payment for these services were on
normal commercial terms.
3.
Employment Contracts
Effective from the 1 of July 2017 the company concluded negotiations of a new Executive Services Agreement with the
CEO and Managing Director. Under the terms of the new Agreement, the termination provisions are 6 months’ notice by
the company and 3 months’ notice by the employee.
The Non-Executive Directors have been appointed on an ongoing basis and Directors have no retirement benefit allowances
(neither current nor accrued), and the Company has no obligations to Directors upon their cessation from office.
4.
Share Based Compensation of Directors & Key Management Personnel
No shares or options were granted to Directors or Key Management Personnel, exercised, expired or held during the year
ended 30 June 2018.
5.
Additional Disclosures Relating to Key Management Personnel
None.
6.
Shareholding
Number of Shares held by Key Management Personnel in which they have a relevant interest.
* A Greville held the shares at the time of his appointment as Non-Executive Director.
** Due to G Billinghurst retirement from the Board 24/11/17, he is not considered a Key Management Person from this
date and his shareholdings are therefore not included in the balance for 30 June 2018.
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 13
2018Balance 01/07/2017Received as RemunerationShares AcquiredNet Change Other **Balance 30/06/2018I McCubbing 2,574,285 - - - 2,574,285 J Kaminsky 33,408,169 - - - 33,408,169 R Enconniere 9,069,860 - - - 9,069,860 A Greville (appointed 18/08/17) * - - 1,000,000 - 1,000,000 G Billinghurst (retired 24/11/17) 19,502,375 - - (19,502,375) - Total 64,554,689 - 1,000,000 (19,502,375) 46,052,314 2017Balance 01/07/2016Received as RemunerationShares AcquiredNet Change Other Balance 30/06/2017I McCubbing - - 1,274,285 1,300,000 2,574,285 J Kaminsky 33,338,169 - 70,000 - 33,408,169 R Enconniere 7,795,575 - 1,274,285 - 9,069,860 G Billinghurst (retired 24/11/17) 19,432,375 - 70,000 - 19,502,375 Total 60,566,119 - 2,688,570 1,300,000 64,554,689
Options
Number of Options held by Key Management Personnel
Executives
There were no executives other than the Managing Director and Chief Executive Officer, Mr John Kaminsky, at balance
date.
7.
Five Year Summary of Key Financial Data
The earnings of the company for the five years to 30 June 2018 are summarised below:
Revenue and other income
Net profit / (loss) before tax
Net profit / (loss) after tax
2018
$
35,538
(1,047,835)
(1,047,835)
2017
$
43,327
(924,782)
(924,782)
2016
$
2015
$
2014
$
178,027
(725,485)
(725,485)
228,939
(720,794)
(720,794)
202,571
(2,216,830)
(2,216,830)
The factors that are considered to affect total shareholders return ('TSR') are summarised below:
2018
0.022
0.011
(0.11)
2017
0.019
0.022
(0.10)
2016
0.200
0.015
(0.09)
2015
0.020
0.020
(0.10)
2014
0.045
0.020
(0.33)
Share price beg. financial year ($)
Share price end financial year ($)
Basic loss per share (cents per share)
End of audited remuneration report.
8.
Other Matters
Shares issued under option
No options were exercised during the period.
Unissued shares under option
At the date of this report there were 1,500,000 unissued shares under option at an issue price of $0.0295 (2.95 cents) per
option, with 375,000 options to vest on 25 September 2018, and 1,125,000 options to vest on 25 September 2019 exercisable
before 25 September 2020.
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 14
2018Balance 01/07/2017Options AcquiredOptions ExpiredNet Change Other Balance 30/06/2018Total Vested 30/06/2018I McCubbing - - - - - - J Kaminsky - - - - - - R Enconniere - - - - - - A Greville (appointed 18/08/17) - - - - - - G Billinghurst (retired 24/11/17) - - - - - - Total - - - - - - 2017Balance 01/07/2016Options AcquiredOptions ExpiredNet Change Other Balance 30/06/2017Total Vested 30/06/2017I McCubbing - - - - - - J Kaminsky 3,500,000 - (3,500,000) - - - R Enconniere 803,045 - (803,045) - - - G Billinghurst (retired 24/11/17) 442,019 - (442,019) - - - Total 4,745,064 - (4,745,064) - - -
Indemnifying Officers
The Company maintains a Directors and Officers insurance policy. In accordance with commercial practice, the insurance
policy prohibits disclosure of the terms of the policy, including the nature of the liability insured against and the amount of
the premium.
The Company has not otherwise, during or since the financial year, indemnified or agreed to indemnify an Officer or auditor
of the Company or any related body corporate against a liability incurred as such an Officer or auditor.
Directors covered by the Directors & Officers Liability Insurance Policy at the time of this report are:
Mr Ian McCubbing
Ms Ramona Enconniere
Mr John Kaminsky
Mr Andrew Greville
Proceedings on Behalf of the Company
No person has applied for leave of Court to bring proceedings on behalf of the Company or intervene in any proceedings
to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or any part of
those proceedings.
The Company was not a party to any such proceedings during the financial year.
Auditor’s Independence Declaration
The auditor independence declaration required under Section 307C of the Corporations Act 2001 forms part of this Directors’
Report and is included on page 18.
Non-Audit Services
There were no non-audit services provided by BDO East Coast Partnership during the financial year.
Signed in accordance with a resolution of the Board of Directors.
Chairman
Dated this
Ian McCubbing
27th day of September 2018
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 15
Schedule of Mining Tenements (as at date of this Report)
No.
Licence
Location Units
Interest
Date
Granted
Expiry
Date
Mineral Focus
1.
2.
3.
EL7959
Fifield
EL5534
Fifield
EL7058
Fifield
7
40
35
100%
16.08.2012
16.08.2020
Gold/Base Metals
100%
23.10.1998
23.10.2019
Gold/Base
Metals/Cobalt/Nickel/Scandium
100%
01.02.2008
01.02.2020
Platinum/Gold/Base Metals
4. M(C)L305
Fifield
1.9ha
100%
18.11.2004
17.11.2019
Gold/Platinum/Silver
5. M(C)L306
Fifield
2.0ha
100%
18.11.2004
17.11.2019
Gold/Platinum/Silver
EL8401
Fifield
100
100%
22.10.2015
22.10.2018
Gold/Base Metals
4
1
32
15
27
100%
24.03.1999
24.03.2019
Platinum
100%
27.03.2017
27.03.2020
Gold/Base Metals
100%
27.03.2017
23.03.2023
Gold/Base Metals
100%
17.05.2004
17.05.2021
Platinum/Gold/Base Metals
10%
24.06.2002
24.06.2019
Base Metals/Cobalt
6.
7.
8.
9.
EL5565
Fifield
EL8543
Fifield
EL8542
Fifield
10.
EL6241
Fifield
11.
EL5958*
Broken
Hill
Applications Pending
No.
Licence
Location Units
Interest
Date
Applied
Date
Granted
1.
2.
ELA5708
Fifield
ELA5709
Fifield
44
39
100%
17.07.2018
100%
17.07.2018
Nil
Nil
Mineral Focus
Gold/Base Metals
Gold/Base Metals
* Perilya manages the tenement with Rimfire being free carried.
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 16
Competent Persons Declarations
The information in the report to which this statement is attached that relates to Exploration and Resource Results, is based on information
reviewed and/or compiled by Todd Axford who is deemed to be a Competent Person and is a Member of The Australasian Institute of Mining
and Metallurgy.
Mr Axford has over 23 years’ experience in the mineral and mining industry. Mr Axford is employed by Geko-Co Pty Ltd and is a consulting
geologist to the Company. Todd Axford has sufficient experience that is relevant to the style of mineralisation and type of deposits under
consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code
for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Todd Axford consents to the inclusion of the matters based on the
information in the form and context in which it appears.
Historic material previously published under 2004 JORC standard that is referenced in this report:
The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market
announcements. In addition, the Company confirms that the form and context in which the Competent Person’s findings are presented have not
been materially modified from the original market announcements which operated under the 2004 JORC reporting requirements.
Sorpresa Mineral Resource estimate reported under JORC 2012 code
Resource
Cut off
Category
Mt
Grade
Contained Metal
(g/t) Au
(g/t) Ag
Koz Au
Moz Ag
Indicated
Gold
0.5 g/t Au
Inferred
Total
Indicated
Silver
25 g/t Ag
Inferred
Total
Indicated
Inferred
Total
Combined
0.5 g/t Au &
25 g/t Ag
Notes:
2.0
1.0
3.0
2.1
1.2
3.4
4.1
2.2
6.4
1.14
0.9
1.06
0.21
0.19
0.20
0.67
0.51
0.61
27
12
22
62
40
54
45
27
38
73
29
103
14
7
22
88
37
125
1.7
0.4
2.1
4.2
1.6
5.8
5.9
2.0
7.9
1. Sorpresa Mineral Resource reported to JORC 2012 standards, at 0.50 g/t Au and 25g/t Ag cut‐off
2. The figures in this table are rounded to reflect the precision of the estimates and include rounding errors.
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 17
Tel: +61 3 9603 1700
Fax: +61 3 9602 3870
www.bdo.com.au
Collins Square, Tower Four
Level 18, 727 Collins Street
Melbourne VIC 3008
GPO Box 5099 Melbourne VIC 3001
Australia
DECLARATION OF INDEPENDENCE BY JAMES MOONEY TO THE DIRECTORS OF RIMFIRE PACIFIC
MINING NL
As lead auditor of Rimfire Pacific Mining NL for the year ended 30 June 2018, I declare that, to the best
of my knowledge and belief, there have been:
1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
2. No contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of Rimfire Pacific Mining NL and the entities it controlled during the
period.
James Mooney
Partner
BDO East Coast Partnership
Melbourne, 27 September 2018
BDO East Coast Partnership ABN 83 236 985 726 is a member of a national association of independent entities which are all members of BDO Australia Ltd
ABN 77 050 110 275, an Australian company limited by guarantee. BDO East Coast Partnership and BDO Australia Ltd are members of BDO International Ltd,
a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved
under Professional Standards Legislation, other than for the acts or omissions of financial services licensees.
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 18
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 30 JUNE 2018
Revenue from continuing operations
2
35,558
43,327
Note
Consolidated Entity
2018
$
2017
$
Expenses
Employee benefits expense
Non-executive directors’ fees
Professional costs
Occupancy costs
Travel costs
Marketing expense
Depreciation
Insurance
Share registry and listing expenses
Loss on disposal of plant and equipment
Other administration expenses
Loss before income tax
Income tax benefit
Loss after income tax
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Total comprehensive loss for the year
Loss per share for the year attributable to the members of Rimfire
Pacific Mining NL
Basic loss per share (cents per share)
Diluted loss per share (cents per share)
(417,856)
(355,629)
(126,586)
(105,834)
(91,913)
(35,572)
(17,894)
(138,630)
(34,403)
(6,915)
(176,169)
(138,401)
(33,920)
(22,718)
(54,115)
(737)
(33,959)
(25,626)
(54,320)
(663)
(105,913)
(73,729)
(1,047,835)
(924,782)
-
-
(1,047,835)
(924,782)
-
-
-
-
(1,047,835)
(924,782)
(0.11)
(0.11)
(0.10)
(0.10)
3
4
6
6
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction
with the accompanying notes
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 19
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2018
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Other current assets
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Trade and other receivables
Property, plant and equipment
Exploration & evaluation costs
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
CURRENT LIABILITIES
Trade and other payables
Provisions
TOTAL CURRENT LIABILITIES
NON-CURRENT LIABILITIES
Provisions
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Contributed equity
Reserves
Accumulated losses
TOTAL EQUITY
Note
Consolidated Entity
2018
$
2017
$
7
8
10
8
9
11
12
13
13
893,597
2,568,340
47,238
7,249
51,689
21,183
948,084
2,641,212
150,000
478,264
150,000
471,303
12,312,777
11,744,970
12,941,041
12,366,273
13,889,125
15,007,485
192,815
304,395
77,018
33,120
269,833
337,515
770
770
8,251
8,251
270,603
345,766
13,618,522
14,661,719
14
30,060,432
30,060,432
4,638
-
(16,446,548)
(15,398,713)
13,618,522
14,661,719
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 20
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2018
Consolidated Entity
Contributed
Equity
Share based payment
Reserve
Accumulated
Losses
Total
$
Balance at 1 July 2017
30,060,432
Share-based payments
Total comprehensive loss for
the period
-
-
Balance at 30 June 2018
30,060,432
Balance at 1 July 2016
Shares issued during the year
Transaction costs related to
share issues
Total comprehensive loss for
the period
27,123,763
3,043,242
(106,573)
-
Balance at 30 June 2017
30,060,432
$
-
4,638
-
4,638
-
-
-
-
-
$
$
(15,398,713)
14,661,719
-
4,638
(1,047,835)
(1,047,835)
(16,446,548)
13,618,522
(14,473,931)
12,649,832
-
-
3,043,242
(106,573)
(924,782)
(924,782)
(15,398,713)
14,661,719
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 21
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2018
Note
CASH FLOWS FROM OPERATING ACTIVITIES
Payments to suppliers and employees
Interest received
Net cash used in operating activities
22a
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment
Payment for exploration and evaluation costs
Reimbursements of exploration expenditure
Tax offsets received for investing activities
Proceeds from sale of property, plant and equipment
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares
Transaction costs associated with share issues
Net cash provided by financing activities
Net (decrease)/increase in cash held
Cash at beginning of the year
Cash at end of the year
Consolidated Entity
2018
$
(1,107,128)
40,428
(1,066,700)
2017
$
(792,228)
39,505
(752,723)
(61,417)
(10,752)
(1,863,996)
(1,412,196)
1,315,870
-
1,500
632,499
484,163
-
(608,043)
(306,286)
-
-
-
2,933,242
(76,573)
2,856,669
(1,674,743)
1,797,660
2,568,340
770,680
7
893,597
2,568,340
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 22
Note 1
Notes to the Consolidated Financial Statements
The financial report is a general purpose financial report that has been prepared in accordance with Australian Accounting Standards,
Australian Accounting Interpretations and other authoritative pronouncements of the Australian Accounting Standards Board and the
Corporations Act 2001.
Rimfire Pacific Mining NL is a profit orientated entity for the purpose of the financial report.
The financial report covers the economic entity of Rimfire Pacific Mining NL and its controlled entity. Rimfire Pacific Mining NL is a
listed public company, incorporated and domiciled in Australia.
The principal activities of the Consolidated entity during the financial year were the exploration and development of economic mineral
deposits.
The financial report of Rimfire Pacific Mining NL and its controlled entity, complies with International Financial Reporting Standards
(“IFRS”) as issued by the International Accounting Standards Board.
The following is a summary of the material accounting policies adopted by the economic entity in the preparation of the financial report.
The accounting policies have been consistently applied, unless otherwise stated.
The financial report was authorised for issue by Directors on the date of signing the Directors’ Declaration.
The financial report is presented in Australian dollars, has been prepared on an accruals basis and is based on historical costs.
Accounting Policies
a.
Significant Judgements and Key Assumptions
Judgements made in applying accounting policies that have the most significant effect on the amounts recognised in the financial
statements concern the information regarding capitalised exploration expenditure for mining tenements. In particular, the judgement
that there is insufficient information available to make a reasonable assessment of the existence or otherwise of economically
recoverable reserves.
b.
Going Concern
The consolidated entity incurred an operating loss of $1,047,835 and had cash outflows from operating activities of $1,066,700 for
the year ended 30 June 2018. The ability of the consolidated entity to continue as a going concern is dependent on a number of
factors, one being the continuation and availability of funds. These conditions indicate a material uncertainty that may cast significant
doubt about the consolidated entity’s ability to continue as a going concern.
The financial report has been prepared on the going concern basis, which contemplates the continuity of normal business activity
and the realisation of assets and the settlement of liabilities in the normal course of business for the following reasons:
- As at 30 June 2018, the consolidated entity had cash and cash equivalent of $893,597.
- Directors have a number of external funding alternatives available such as a farm-out of exploration commitments or raising
additional equity funds. The Company has a history of successfully undertaking capital raisings during the last 15 years and has
entered into significant partnerships in the past.
- The Board also has the ability to defer or reduce operating activities and exploration expenditure if necessary, whilst meeting
minimum tenement expenditure commitments.
Based on the consolidated entity successfully actioning the above, the directors believe that the consolidated entity will continue as
a going concern and that it is appropriate to adopt that basis of accounting in the preparation of the financial report.
Should the company be unable to continue as a going concern it may be required to realise its assets and discharge its liabilities other
than in the normal course of business and at amounts different to those stated in the financial statements. The financial statements
do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount of liabilities
that might result should the company be unable to continue as a going concern and meet its debts as and when they fall due.
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 23
Accounting Policies (Cont’d)
c.
Principles of Consolidation
The Consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Rimfire Pacific Mining NL as at 30
June 2018 and the results of all subsidiaries for the year then ended. Rimfire Pacific Mining NL and its subsidiaries together are
referred to in these financial statements as the 'Consolidated entity'.
Subsidiaries are all those entities over which the Consolidated entity has control. The Consolidated entity controls an entity when
the Consolidated entity is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to
affect those returns through its power to direct the activities of the entity. Subsidiaries are fully Consolidated from the date on which
control is transferred to the Consolidated entity. They are de-consolidated from the date that control ceases.
Intercompany transactions, balances and unrealised gains on transactions between entities in the Consolidated entity are eliminated.
Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting
policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Consolidated
entity.
The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without
the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred and the
book value of the share of the non-controlling interest acquired is recognised directly in equity attributable to the parent.
Where the Consolidated entity loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and non-
controlling interest in the subsidiary together with any cumulative translation differences recognised in equity. The Consolidated
entity recognises the fair value of the consideration received and the fair value of any investment retained together with any gain or
loss in profit or loss.
d.
Income Tax
The charge for current income tax expense is based on the profit for the year adjusted for any non-assessable or disallowed items. It
is calculated using the tax rates that have been enacted or are substantially enacted by the reporting date.
Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising between the tax
bases of assets and liabilities and their carrying amounts in the financial statements. No deferred income tax will be recognised from
the initial recognition of an asset or liability, excluding a business combination, where there is no effect on the taxable profit or loss.
The amount of benefits brought to account or which may be realised in the future is based on the assumption that no adverse change
will occur in income taxation legislation and the anticipation that the economic entity will derive sufficient future assessable income
to enable the benefit to be realised and comply with the conditions of deductibility imposed by the law.
Rimfire Pacific Mining NL and its wholly-owned Australian subsidiary have not formed an income tax Consolidated group under
the tax consolidation regime.
e. Property, Plant and Equipment
Each class of property, plant and equipment is carried at cost less, where applicable, any accumulated depreciation and impairment
losses.
Property
Freehold land and buildings are measured on the cost basis, being the amounts which have been paid for the asset.
Plant and Equipment
Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.
Depreciation is calculated on a reducing balance basis to write off the net cost of each item of plant and equipment over its expected
useful life commencing from the time the asset is ready for use.
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. Gains and
losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are included in profit
or loss.
Depreciation
The depreciable amount of property, plant and equipment, but excluding freehold land, is depreciated using a reducing balance
method commencing from the time the asset is held ready for use. Leasehold improvements are depreciated over the shorter of
either the unexpired period of the lease or the estimated useful lives of the improvements.
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 24
Accounting Policies (Cont’d)
The depreciation rates used for each class of depreciable assets are:
Leasehold improvements
Plant and equipment
Office furniture
Motor Vehicles
f. Leases
15%
7.5% - 30%
10% - 40%
20%
Lease payments for operating leases, where substantially all the risks and benefits remain with the lessor, are charged as expenses in
the periods in which they are incurred.
g.
Exploration Evaluation and Development Expenditure
Exploration and evaluation expenditure incurred is capitalised at cost and includes acquisition of rights to explore, studies,
exploratory drilling, sampling and associated activities. Costs are accumulated in respect of each identifiable area of interest. General
and administrative expenditures are only included in the measurement of exploration and evaluation costs where they relate directly
to operational activities’ particular area of interest.
These costs are only carried forward where activities in the area have not yet reached a stage which permits reasonable assessment
of the existence of economically recoverable reserves and the following conditions are satisfied:
(i) the rights to tenure of the area of interest are current; and
(ii) at least one of the following conditions is also met:
(a)
the exploration and evaluation expenditures are expected to be recouped through successful development and exploration
of the area of interest, or alternatively, by its sale; or
(b) exploration and evaluation activities in the area of interest have not, at the reporting date, reached a stage which permits a
reasonable assessment of the existence or otherwise of economically recoverable reserves, and active and significant
operations in, or in relation to, the area of interest are continuing.
Accumulated costs in relation to an abandoned area are written off in full against profit in the year in which the decision to abandon
the area is made.
When production commences, the accumulated costs for the relevant area of interest are reclassified to development and amortised
over the life of the area according to the rate of depletion of the economically recoverable reserves.
The carrying amount of the capitalised expenditure is also recognised after deducting any Government Grants received in relation
to the capitalised exploration expenditure.
The carrying amount of the capitalised expenditure is also recognised after deducting any reimbursable costs from New Gold Inc.
under the earn in Agreement received in relation to the capitalised exploration.
A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in
relation to that area of interest.
h. Restoration, Rehabilitation, and Environmental Costs
The Company has provided an environmental bond to the NSW Department of Planning and Environment in the form of a bank
guarantee, included in trade and other receivables ($150,000). The ultimate recoupment of this environmental bond is dependent on
the completion, to the satisfaction of the Department of rehabilitation of the relevant site. The environmental bond reflects the
estimated cost to rehabilitate planned exploration activity over the tenements. The Company policy is to continuously rehabilitate
areas that have been affected by exploration activity when the activity has been completed.
i.
Impairment of Assets
At each reporting date, the group reviews the carrying values of its tangible and intangible assets to determine whether there is any
indication that those assets have been impaired. If such an indication exists, the recoverable amount of the asset, being the higher of
the asset’s fair value less costs to sell and value in use, is compared to the asset’s carrying value. Any excess of the asset’s carrying
value over its recoverable amount is expensed to the Profit or Loss.
Impairment testing is performed annually for goodwill and intangible assets with indefinite lives.
Where it is not possible to estimate the recoverable amount of an individual asset, the group estimates the recoverable amount of
cash-generating unit to which the asset belongs.
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 25
Accounting Policies (Cont’d)
j.
Employee Benefits
Provision is made for the Company's liability for employee benefits arising from services rendered by employees to reporting date.
Employee benefits expected to be settled within one year including entitlements arising from wages and salaries and annual leave,
have been measured at the amounts expected to be paid when the liability is settled plus related on-costs. Other employee benefits
payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those
benefits. Contributions are made by the Consolidated entity to employee superannuation funds and are charged as expenses when
incurred.
k. Cash and Cash Equivalents
Cash and deposits, including cash equivalents, comprise cash on hand and cash at bank, deposits at call and those highly liquid
investments with an original maturity of three months or less, which are held for the purpose of meeting short term cash
commitments rather than for investment purposes, and which are readily convertible to known amounts of cash and are subject to
an insignificant risk of changes in value.
For the purpose of the Consolidated Statement of Cash Flows, cash includes cash on hand and deposits with banks or financial
institutions net of bank overdrafts.
l. Trade and Other Receivables
Trade receivables and other receivables are recorded at amounts due less any allowance for doubtful debts.
m. Trade and Other Payables
Trade payables and other payables are recognised when the Consolidated entity becomes obliged to make future payments resulting
from the purchase of goods and services. Payments are normally settled on 30 day terms.
n. Financial Instruments
Recognition
Financial instruments are initially measured at cost on trade date, which includes transaction costs, when the related contractual rights
or obligations exist. Subsequent to initial recognition these instruments are measured as set out below.
Loans and Receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market
and are stated at amortised cost using the effective interest rate method.
Financial Liabilities
Non-derivative financial liabilities are recognised at amortised cost, comprising original debt less principal payments and
amortisation.
Fair Value Hierarchy
The Group is required to classify all assets and liabilities, measured at fair value, using a three level hierarchy, based on the lowest
level 1 input that is significant to the entire fair value measurement, being:
Level 1 - Measurements based on quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can
access at the measurement date.
Level 2 - Measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability,
either directly or indirectly
Level 3 - Measurements based on unobservable inputs for the asset or liability.
The fair values of assets and liabilities that are not traded in an active market are determined using one or more valuation techniques.
These valuation techniques maximise, to the extent possible, the use of observable market data. If all significant inputs required to
measure fair value are observable, the asset or liability is included in Level 2. If one or more significant inputs are not based on
observable market data, the asset or liability is included in Level 3. The Company would change the categorisation within the fair
value hierarchy only in the following circumstances:
(i) if a market that was previously considered active (Level 1) became inactive (Level 2 or Level 3) or vice versa; or
(ii) if significant inputs that were previously unobservable (Level 3) became observable (Level 2) or vice versa.
When a change in the categorisation occurs, the Company recognises transfers between levels of the fair value hierarchy (i.e. transfers
into and out of each level of the fair value hierarchy) on the date the event or change in circumstances occurred.
Derecognition
Financial assets are derecognised where the contractual rights to receipt of cash flows expires or the asset is transferred to another
party whereby the entity no longer has any significant continuing involvement in the risks and benefits associated with the asset.
Financial liabilities are derecognised where the related obligations are either discharged, cancelled or expire. The difference between
the carrying value of the financial liability extinguished or transferred to another party and the fair value of consideration paid,
including the transfer of non-cash assets or liabilities assumed, is recognised in profit or loss.
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 26
Accounting Policies (Cont’d)
Impairment
At each reporting date, the group assesses whether there is objective evidence that a financial instrument has been impaired.
Impairment losses are recognised in the Profit or Loss.
o. Provisions
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable
that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be
made of the amount of the obligation.
Where the Company expects some or all of a provision to be reimbursed, for example under an insurance contract, the
reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. The expense relating to any
provision is presented in the Profit or Loss net of any reimbursement.
If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a
pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the
liability. Where discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
p.
Income Recognition
Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial assets.
All revenue is stated net of the amount of goods and services tax (GST).
q. Government Grants
Government grants relating to assets such as capitalised exploration expenditure, are recognised in the Consolidated Statement of
Financial Position by deducting the grant in arriving at the carrying amount of the asset. Government grants relating to expenses are
recognised in the profit and loss as other income.
r. Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable
from the Australian Tax Office. In these circumstances, the GST is recognised as part of the cost of acquisition of the asset or as
part of an item of the expense. Receivables and payables in the Consolidated Statement of Financial Position are shown inclusive of
GST.
s.
Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to the owners of Rimfire Pacific Mining NL, excluding any
costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the
financial year, adjusted for bonus elements in ordinary shares issued during the financial year.
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after
income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and the weighted average
number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares.
t.
Segment Reporting
Operating segments are presented using the 'management approach', where the information presented is on the same basis as the
internal reports provided to the Chief Operating Decision Makers ('CODM'). The CODM is responsible for the allocation of
resources to operating segments and assessing their performance. Rimfire Pacific Mining NL does not have any separately reportable
segments.
u. Contributed Equity
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in
equity as a deduction, net of tax, from the proceeds.
v. Equity Settled Compensation
Equity-settled transactions are awards of shares, or options over shares, that are provided to employees or contractors in exchange
for the rendering of services. Equity-settled share-based compensation benefits have been provided to contractors in the current
financial year.
The cost of equity-settled transactions are measured at fair value on grant date. Fair value is independently determined using Black-
Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price
at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the
term of the option, together with non-vesting conditions that do not determine whether the Consolidated entity receives the services
that entitle the employees or contractors to receive payment. No account is taken of any other vesting conditions.
The cost of equity-settled transactions are recognised as an expense with a corresponding increase in equity over the vesting period.
The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number
of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period
is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods.
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 27
Accounting Policies (Cont’d)
w. New, revised or amending Accounting Standards and Interpretations adopted
All new and revised Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (AASB) that
are relevant to Rimfire Pacific Mining NL and its subsidiary’s operations and effective for annual reporting periods beginning on 1
July 2017 have been adopted by the Consolidated entity where required.
New standards that were amended and are applicable for the first time for the year ended 30 June 2018 are:
- AASB 15 Revenue from Contracts with Customers
- AASB 16 Leases
- AASB 9 Financial Instruments
The adoption of the amendments in these Accounting Standards and Interpretations are not applicable in the Company’s current
circumstance. The consolidated entity does not recognize significant revenues, does not have any fixed lease commitments greater
than twelve months and does not expect the AASB9 Financial Instrument Standard to have a material impact.
Note 2
Income
Other income
Interest
Sundry income
Total Revenue
Note 3
Loss for the Financial Year
The net loss for the financial year has been arrived at after
charging the following:
Expenses
Employee benefits expense
Marketing expense
Non-executive directors’ fees
Rental expense
Depreciation
Note 4
Income Tax Expense
a. The prima facie tax expense/(benefit) on loss before tax is
reconciled to the income tax as follows:
Prima facie tax expense/(benefit) on loss before tax at 30%
(2017: 30%)
Add:
Tax effect of:
- non-allowable items
- net current year tax losses not recognised, temporary
differences and deductible exploration expenditure.
Consolidated Entity
2017
2018
$
$
35,558
-
35,558
42,827
500
43,327
Consolidated Entity
2017
2018
$
$
417,856
176,169
126,586
24,513
33,920
355,629
138,401
105,834
23,353
33,959
Consolidated Entity
2017
2018
$
$
(314,350)
(277,434)
-
8,401
344,135
300,825
29,785
31,792
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 28
Note 4 Income Tax Expense (Cont’d)
Less:
Tax effect of:
- Research and Development tax offset income
-
Income tax benefit/(expense) attributable to loss
capitalised share placement costs
Deferred tax assets arising from tax losses that have not been
recognised:
Tax losses carried forward
Temporary differences – exploration costs
Temporary differences – other
Net Deferred tax asset not recognized
Consolidated Entity
2018 2017
$ $
-
(29,785)
-
0
(31,792)
-
6,061,399
(3,695,333)
90,262
5,551,556
(3,523,491)
64,944
2,456,328
2,093,009
Balance of franking account at year end
-
-
Potential deferred tax assets attributable to tax losses carried forward and temporary differences have not been brought to account
because Directors do not believe realisation of the deferred tax assets is probable. These benefits will only be obtained if:
(a)
(b)
(c)
the company derives future assessable income of a nature and of an amount sufficient to enable the benefit from the deduction
for the loss to be realized;
the company continue to comply with the conditions for deductibility imposed by law, and
no changes in tax legislation adversely affect the company in realizing the benefit from the deductibility for the loss.
Rimfire Pacific Mining NL and its wholly owned entity have not opted to enter the tax consolidation regime as at 30 June 2018.
Note 5
Auditor’s Remuneration
Remuneration of the auditor for:
- auditing or reviewing the financial reports
Note 6
Earnings per Share
a. Reconciliation of Earnings to Loss
Loss used in the calculation of basic EPS
Loss used in the calculation of dilutive EPS
Consolidated Entity
2018
$
2017
$
38,439
38,439
39,200
39,200
Consolidated Entity
2018
$
2017
$
(1,047,835)
(924,782)
(1,047,835)
(924,782)
b. Weighted average number of ordinary shares outstanding during
the year used in calculation of basic EPS
943,477,555 917,111,859
Potential ordinary shares
-
-
Weighted average number of ordinary shares outstanding during the
year used in calculation of dilutive EPS
943,477,555 917,111,859
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 29
Note 6
Earnings per Share (Cont’d)
c.
d.
Classification of securities
Share options are anti-dilutive and securities have not been classed as
potential ordinary shares and are not included in the determination of
dilutive EPS.
Ordinary shares issued between reporting date and time of
completion of the financial report
Basic loss per share (cents per share)
Diluted loss per share (cents per share)
Note 7
Cash and Cash Equivalents
Cash at bank and on hand
Short term deposits
Reconciliation of Cash
Consolidated Entity
2018
$
2017
$
-
-
-
-
(0.11)
(0.10)
(0.11)
(0.10)
Consolidated Entity
2018
$
264,901
628,696
893,597
2017
$
902,283
1,666,057
2,568,340
Cash at the end of the financial year as shown in the Consolidated Statement of Cash Flows is reconciled to items in the Consolidated
Statement of Financial Position as follows:
Cash at bank
Term deposits with maturity of 3 months or less
264,901
628,696
893,597
902,283
1,666,057
2,568,340
Refer to Note 23 for the risk exposure analysis for cash and cash equivalents.
Note 8
Trade and Other Receivables
OTHER RECEIVABLES
CURRENT
Security deposits
Interest receivable
Other receivables
NON-CURRENT
Security deposits
Consolidated Entity
2018
$
13,049
1,080
33,109
47,238
2017
$
13,049
5,950
32,690
51,689
150,000
150,000
Refer to Note 23 for the risk exposure analysis for receivables. At the reporting date, no receivables were past due or impaired.
Security deposits of $150,000 are held in support of a bank guarantee issued in favour of the NSW Department of Planning and
Environment.
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 30
Note 9
Property, Plant and Equipment
PROPERTY
Freehold land
At cost
Total Land
PLANT AND EQUIPMENT
Plant and equipment
At cost
Accumulated depreciation
Motor vehicle
At cost
Accumulated depreciation
Office furniture
At cost
Accumulated depreciation
Leasehold improvements
At cost
Accumulated depreciation
Total Plant and Equipment
Total Property, Plant and Equipment
a. Movements in Carrying Amounts
Consolidated Entity
2018
$
2017
$
226,834
226,834
226,834
226,834
489,407
(300,364)
189,043
461,499
(270,566)
190,933
68,710
(25,605)
43,105
102,402
(83,214)
19,188
419
(325)
94
55,949
(29,217)
26,732
100,441
(73,731)
26,710
419
(325)
94
251,430
244,469
478,264
471,303
Movements in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current
financial year.
2018
Consolidated Entity:
Balance at the beginning of year
Additions
Disposals
Depreciation expense
Depreciation capitalised
Carrying amount at the end of year
2017
Consolidated Entity:
Balance at the beginning of year
Additions
Disposals
Depreciation expense
Depreciation capitalised
Carrying amount at the end of year
Freehold
Land
$
Motor
Vehicles
$
Plant and
Equipment
$
Office
Furniture
$
Leasehold
Improvements
$
226,834
-
-
-
-
226,834
26,732
25,529
(2,237)
(6,919)
-
43,105
190,933
27,908
-
(17,518)
(12,280)
189,043
26,710
1,961
-
(9,483)
-
19,188
94
-
-
-
-
94
Total
$
471,303
55,398
(2,237)
(33,920)
(12,280)
478,264
Freehold
Land
$
Motor
Vehicles
$
Plant and
Equipment
$
Office
Furniture
$
Leasehold
Improvements
$
Total
$
226,834
-
-
-
-
226,834
32,901
-
-
(6,169)
-
26,732
219,010
5,188
(663)
(17,626)
(14,976)
26,330
10,526
-
(10,146)
-
112
-
-
(18)
-
505,187
15,714
(663)
(33,959)
(14,976)
190,933
26,710
94
471,303
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 31
Note 10
Other Assets
CURRENT
Prepaid expenses (insurance, rent, body corporate)
Note 11
Exploration & Evaluation Costs
NON-CURRENT
Exploration Expenditure
Costs carried forward in respect of areas of interest in:
– exploration and evaluation phases
Opening balance
Additional expenditure
Reimbursed exploration expenditure
Research and development tax offset
Closing balance
No exploration expenditure was impaired during 2018 (2017: Nil).
Note 12
Trade and Other Payables
CURRENT
Trade creditors
Sundry creditors and accrued expenses
GST Collected
Note 13
Provisions
CURRENT
Employee benefits
NON-CURRENT
Employee benefits
Consolidated Entity
2017
$
2018
$
7,249
21,183
Consolidated Entity
2017
$
2018
$
12,312,777
11,744,970
11,744,970
1,764,052
(1,196,245)
-
12,312,777
11,434,071
1,427,561
(632,499)
(484,163)
11,744,970
Consolidated Entity
2017
$
2018
$
111,227
69,547
12,041
192,815
125,371
121,524
57,500
304,395
Consolidated Entity
2017
$
2018
$
77,018
33,120
770
8,251
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 32
Note 14 Contributed Equity
943,477,555 (2017: 943,477,555) fully paid ordinary shares
a. Ordinary shares
Contributed equity
At the beginning of the reporting period
Shares issued during the year
19 August 2016
-
1 September 2016
-
2 November 2016
-
5 December 2016
-
-
19 May 2017
Transaction costs relating to share issues
At reporting date
Shares outstanding
At the beginning of reporting period
Shares issued during year
-
-
-
-
-
At reporting date
19 August 2016
1 September 2016
2 November 2016
5 December 2016
19 May 2017
b. Capital Management
2018
$
30,060,432
30,060,432
2017
$
30,060,432
30,060,432
30,060,432
27,123,763
-
-
-
-
-
-
30,060,432
1,624,250
883,829
500,000
30,000
5,162
(106,572)
30,060,432
2018
No.
2017
No.
943,477,555
798,659,607
-
-
-
-
-
943,477,555
77,345,238
42,087,117
23,809,525
1,428,571
147,497
943,477,555
Management controls the capital of the Consolidated entity in order to ensure that the Company remains a going concern as a primary
objective and is able to deliver suitable exploration, as the circumstances allow. This is done, to the best of Management’s ability in the
prevailing business and economic circumstances. The Consolidated entity’s debt and capital includes ordinary share capital, listed options
and financial liabilities.
The Consolidated entity is not subject to any externally imposed capital requirements.
c.
Share based payments & options
Reserves
Share based payments
Consolidated Entity
2017
$
2018
$
4,638
-
Grant date
Expiry date
Exercise
Balance at
Granted
Exercised
price
start of the
year
Expired/
Forfeited/
Other *
Balance at
30 June 18
24 September 2017
25 September 2020
$0.0295
0
2,300,000
0
(800,000)
1,500,000
*Employee options attributable to employees who have forfeited their options by leaving the company.
The fair value of the options is estimated at the date of grant using the Black-Scholes model, taking into account the terms and conditions
upon which the options were granted.
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 33
Note 14 Contributed Equity (Cont’d)
For the options granted during the current financial year, the valuation model inputs used to determine the fair value at the grant date, are as
follows:
Grant date
Expiry date
Share price
Exercise
Expected
Dividend
Risk-free
Fair value at
at grant
price
volatility
yield
interest rate
grant date
date
$
24/09/17
25/09/20
$0.0210
$0.0295
100%
-
6.00%
$18,300
No share based payments were issued to key management personnel.
Accounting policy for share-based payments
Equity-settled share-based compensation benefits are provided to employees as an additional incentive to recognise your important
contribution to the success of the company and persistence to deliver ongoing results.
Equity-settled transactions are awards of shares, or options over shares that are provided to employees in exchange for the rendering of
services.
The cost of equity-settled transactions are measured at fair value on grant date. Fair value is independently determined using the Black-Scholes
option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and
expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option, together
with non-vesting conditions that do not determine whether the Group receives the services that entitle the employees to receive payment. No
account is taken of any other vesting conditions.
The cost of equity-settled transactions are recognised as an expense with a corresponding increase in equity over the vesting period. The
cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that
are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount
calculated at each reporting date less amounts already recognised in previous periods.
Market conditions are taken into consideration in determining fair value. Therefore any awards subject to market conditions are considered to
vest irrespective of whether or not that market condition has been met provided all other conditions are satisfied.
If the non-vesting condition is within the control of the Group or employee, the failure to satisfy the condition is treated as a cancellation. If
the condition is not within the control of the Group or employee and is not satisfied during the vesting period, any remaining expense for the
award is recognised over the remaining vesting period, unless the award is forfeited.
If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and any remaining expense is recognised
immediately. If a new replacement award is substituted for the cancelled award, the cancelled and new award is treated as if they were a
modification.
Note 15
Controlled Entity
Parent Entity
Rimfire Pacific Mining NL
Subsidiary of Rimfire Pacific Mining NL
Axis Mining NL
Country of Incorporation
Percentage Owned (%)
2017
2018
Australia
100
100
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 34
Note 16
Parent Entity Information
Set out below is the supplementary information about the parent entity.
Current assets
Total assets
Current liabilities
Total liabilities
Issued capital
Reserves
Accumulated losses
Total equity
Loss of the parent entity
Comprehensive loss of the parent entity
2018
$
947,857
13,888,898
268,333
269,103
2017
$
2,640,985
15,007,258
336,015
344,266
30,060,432
4,638
(16,446,548)
13,618,522
30,060,432
-
(15,397,440)
14,662,992
(1,047,835)
(1,047,835)
(924,782)
(924,782)
Parent Entity Commitments:
All capital and operating commitments of the group have been entered into by the Parent Entity. Refer to note 17 for these commitments.
The accounting policies of the parent entity are consistent with those of the Consolidated entity, as disclosed in note 1.
Note 17
Capital and Leasing Commitments
a. Operating Lease Commitments
Office & Other Premises
Payable
-
-
not later than 1 year
later than 1 year but not later than 5 years
b. Capital Expenditure Commitments
The Consolidated entity is committed to capital
expenditure on its various mining tenements and leases as
follows:
Payable
-
-
not later than 1 year
later than 1 year but not later than 5 years
Consolidated Entity
2018
$
2017
$
18,000
-
18,000
18,000
-
18,000
Consolidated Entity
2018
$
350,677
701,333
1,052,010
2017
$
345,000
707,000
1,052,000
Note 18
Contingent Liabilities and Contingent Assets
The Directors are not aware of any matters or circumstances which have arisen during or since the financial year which may significantly
affect the operations of the Consolidated entity, the results of those operations or state of affairs of the Consolidated entity in future years.
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 35
Note 19
Segment Reporting
Business and Geographical Segments
The Consolidated entity operates predominantly in one business and geographic segment, being mineral exploration and prospecting
within Australia.
Segment information is presented using a “management approach”, (i.e. Segment information is provided on the same basis as information
used for internal reporting purposes by the board of directors). At regular intervals, the board is provided management information at a
group level for the group’s cash position, the carrying values of exploration permits and a group cash flow forecast for the next 12 months
of operation. On this basis, no segment information is included in these financial statements.
Note 20
Key Management Personnel Disclosures
a) Details of Directors and Key Management Personnel
Directors
The follows persons were Directors of Rimfire Pacific Mining NL during the financial year:
Ian McCubbing (Chairman)
John Kaminsky (Managing Director and CEO)
Andrew Greville (Non-Executive Director, appointed 18.08.2017)
Ramona Enconniere (Non-Executive Director)
Graham Billinghurst (Non-Executive Director, retired 24.11.2017)
b. Key Management Personnel compensation
Refer to the Remuneration Report contained in the Directors’ Report for details of the remuneration paid or payable to each member
of the Company’s key management personnel for the year ended 30 June 2018. The totals of remuneration paid to Key Management
Personnel of the company during the year are as follows:
Short-term employee benefits
Post-employment benefits
Long Term Benefits
Note 21
Related Party Details
Transactions between related parties are on normal commercial terms and
conditions no more favourable than those available to other parties unless
otherwise stated.
Transactions with director related parties:
(i)
In the current financial year a related party (Jill Kaminsky and Nicole
Kaminsky) of Mr John Kaminsky was paid
in respect of
administrative services. Payment for these services were on normal
commercial terms.
2018
$
401,911
29,115
40,513
2017
$
340,389
26,637
-
471,539
367,026
2018
$
2017
$
12,941
14,288
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 36
Note 22
Cash Flow Information
a. Reconciliation of Cash Flow from Operations with Loss after Income
Tax
Loss after income tax
Non-cash flows in loss
Depreciation
Loss on disposal of PPE
Expense of share-based payment
Changes in assets and liabilities relating to operations
(Increase)/decrease in prepayments
(Increase)/decrease in other receivables
Increase/(decrease) in trade creditors and accruals
Increase/(decrease) in provisions
Cash flows used in operations
Consolidated Entity
2018
$
2017
$
(1,047,835)
(924,782)
33,920
737
4,638
33,960
663
-
13,934
(37,374)
(71,138)
36,418
(1,066,700)
(3,747)
90,952
21,102
29,129
(752,723)
b. Cash not available for use
There was no cash as at the end of the year which was unavailable for use.
c. Non-cash Financing and Investing Activities
There were no non-cash financing and investing activities carried out during the year.
Note 23
Financial Risk Management
a.
Financial Risk Management Objectives and Policies
The Consolidated entity's activities expose it to a variety of financial risks: market risk (including interest rate risk), credit risk and liquidity risk.
The Consolidated entity's overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential
adverse effects on the financial performance of the Consolidated entity. The Consolidated entity uses different methods to measure different
types of risk to which it is exposed. These methods include sensitivity analysis in the case of interest rate and other risks.
Risk management is carried out by senior executives under policies approved by the Board of Directors. These policies include identification
and analysis of the risk exposure of the Consolidated entity and appropriate procedures, controls and risk limits.
Market risk
Interest rate risk
The Consolidated entity's main interest rate risk arises from its holdings of cash and cash equivalents on deposit. Deposits held at variable rates
expose the Consolidated entity to interest rate risk. Deposits held at fixed rates expose the Consolidated entity to fair value risk. The
Consolidated entity's exposure to interest rate risk is set out in Note 23(b).
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Consolidated entity.
The Consolidated entity exposure to credit risk is limited to security deposits provided to landlords and other third parties. The maximum
exposure to credit risk at the reporting date to recognised financial assets is the carrying amount, net of any provisions for impairment of those
assets, as disclosed in the statement of financial position and notes to the financial statements.
Liquidity risk
Vigilant liquidity risk management requires the Consolidated entity to maintain sufficient liquid assets (mainly cash and cash equivalents) to be
able to pay debts as and when they become due and payable.
The Consolidated entity manages liquidity risk by maintaining adequate cash reserves by continuously monitoring actual and forecast cash
flows and matching the maturity profiles of financial assets and liabilities.
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 37
Categorisation of financial instruments
Financial assets
Note Category
Carrying value
2018
$
Carrying value
2017
$
Cash & cash equivalents
Trade and other receivables
7
8
Cash and other financial assets
Trade and other receivables at amortised cost
893,597
197,238
2,568,340
201,689
Financial liabilities
Trade and other payables
12
Financial liabilities measured at amortised cost
192,815
304,395
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 38
Note 23 Financial Risk Management (Cont’d)
b.
Interest Rate Risk
The Consolidated entity's exposure to interest rate risk, which is the risk that a financial instrument's value will fluctuate as a result of changes in market interest rates on classes of financial
assets and financial liabilities, is as follows:
Floating Interest Rate
$
Fixed Interest Rate
Maturing
Within One Year
$
Non-interest Bearing
$
Total
$
2018
2017
2018
2017
2018
2017
2018
2017
Financial Assets
Cash
Receivables
Total Financial Assets
Financial Liabilities
Trade and sundry creditors
Total Financial Liabilities
Net inflow/(outflow) on
financial assets
264,401
150,000
901,583
150,000
-
-
628,696
1,666,057
414,401
1,051,583
628,696
1,666,057
500
47,238
47,738
-
-
-
-
-
414,401
1,051,583
-
-
-
-
192,815
192,815
700
51,689
52,389
304,394
304,394
264,901
825,934
1,090,835
902,283
1,867,746
2,770,029
192,815
192,815
304,394
304,394
1,666,057
(145,077)
(252,005)
898,020
2,465,635
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 39
Note 23
Financial Risk Management (Cont’d)
c.
Net Fair Values
The carrying amounts of financial assets and liabilities approximate the net fair value unless otherwise stated.
d.
Sensitivity Analysis
The group has performed a sensitivity analysis relating to its exposure to interest rate risk at reporting date. This sensitivity analysis
demonstrates the effect on the current year results and equity which could result from a change in these risks.
Interest Rate Sensitivity Analysis
At 30 June 2018, the effect on loss after tax and equity as a result of changes in the interest rate, with all other variables remaining
constant would be as follows:
Change in loss after tax
- Increase in interest rate by 0.5%
- Decrease in interest rate by 0.5%
Change in equity
- Increase in interest rate by 0.5%
- Decrease in interest rate by 0.5%
Consolidated Entity
2018
$
2,072
(2,072)
2,072
(2,072)
2017
$
5,258
(5,258)
5,258
(5,258)
The above changes are based on the effect of an interest rate change in relation to funds held in deposit with financial institutions. A
change in 0.5% of the interest rate is deemed reasonable by management due to the current financial environment of low interest rates.
Note 24
Events Occurring after the Reporting Period
There are no matters or circumstances which have arisen since the end of the financial year which significantly affected or may significantly
affect the operations of the Consolidated entity, the results of those operations, or the state of affairs of the Consolidated entity in future
financial years.
Unissued shares under option
At the date of this report there were 1,500,000 unissued shares under option at an issue price of $0.0295 (2.95 cents) per option, with 375,000
options to vest on 25 September 2018, and 1,125,000 options to vest on 25 September 2019 exercisable before 25 September 2020.
Note 25 Company Details
The registered office and principal place
of business of the Company is:
Rimfire Pacific Mining NL
“Exchange Tower”
Suite 411, 530 Little Collins Street
Melbourne VIC 3000
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 40
DIRECTORS’ DECLARATION
In the directors’ opinion:
1.
2.
3.
4.
5.
the attached financial statements and notes and the Remuneration Report thereto comply with the
Corporations Act 2001, the Accounting Standards, the Corporations Regulations 2001 and other mandatory
professional reporting requirements;
the attached financial statements and notes thereto comply with International Financial Reporting
Standards as issued by the International Accounting Standards Board as described in note 1 to the financial
statements;
the attached financial statements and notes thereto give a true and fair view of the Consolidated entity's
financial position as at 30 June 2018 and of its performance for the financial year ended on that date;
there are reasonable grounds to believe that the company will be able to pay its debts as and when they
become due and payable; and
The directors have been given the declarations required by section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of directors made pursuant to section 295(5) of the Corporations Act 2001.
On behalf of the directors
Chairman
Dated this
Ian McCubbing
27th day of September 2018
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 41
Tel: +61 3 9603 1700
Fax: +61 3 9602 3870
www.bdo.com.au
Collins Square, Tower Four
Level 18, 727 Collins Street
Melbourne VIC 3008
GPO Box 5099 Melbourne VIC 3001
Australia
INDEPENDENT AUDITOR'S REPORT
To the members of Rimfire Pacific Mining NL
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Rimfire Pacific Mining NL (the Company) and its subsidiaries
(the Group), which comprises the consolidated statement of financial position as at 30 June 2018, the
consolidated statement of profit or loss and other comprehensive income, the consolidated statement
of changes in equity and the consolidated statement of cash flows for the year then ended, and notes
to the financial report, including a summary of significant accounting policies and the directors’
declaration.
In our opinion the accompanying financial report of the Group, is in accordance with the Corporations
Act 2001, including:
(i)
(ii)
Giving a true and fair view of the Group’s financial position as at 30 June 2018 and of its
financial performance for the year ended on that date; and
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the audit of the Financial
Report section of our report. We are independent of the Group in accordance with the Corporations
Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s
APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the
financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with
the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been
given to the directors of the Company, would be in the same terms if given to the directors as at the
time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
BDO East Coast Partnership ABN 83 236 985 726 is a member of a national association of independent entities which are all members of BDO Australia Ltd
ABN 77 050 110 275, an Australian company limited by guarantee. BDO East Coast Partnership and BDO Australia Ltd are members of BDO International Ltd,
a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved
under Professional Standards Legislation, other than for the acts or omissions of financial services licensees.
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 42
Material uncertainty related to going concern
We draw attention to Note 1 in the financial report which describes the events and/or conditions which
give rise to the existence of a material uncertainty that may cast significant doubt about the group’s
ability to continue as a going concern and therefore the group may be unable to realise its assets and
discharge its liabilities in the normal course of business. Our opinion is not modified in respect of this
matter.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial report of the current period. These matters were addressed in the context of
our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters. In addition to the matter described in the Material uncertainty
related to going concern section, we have determined the matters described below to be the key audit
matters to be communicated in our report.
Key audit matter
How the matter was addressed in our audit
The company has incurred significant exploration
and evaluation expenditures which have been
capitalised. As the carrying value of exploration
and evaluation expenditures represents a
significant asset of the company, we considered
it necessary to assess whether facts and
circumstances existed to suggest that the
carrying amount of this asset may exceed its
recoverable amount.
AASB 6 Exploration for and Evaluation of Mineral
Resources contains detailed requirements with
respect to both the initial recognition of such
assets and ongoing requirements to continue to
carry forward the assets.
Note 1 to the financial statements contains the
accounting policy and note 11 disclosures in
relation to exploration and evaluation
expenditures.
Our procedures included:
Obtaining evidence that the Group has valid
rights to explore in the areas represented by
the capitalised exploration and evaluation
expenditure
Confirming whether the rights to tenure of
the areas of interest remained current at
the reporting date as well as confirming that
rights to tenure are expected to be renewed
Reviewing the directors’ assessment of the
carrying value of the exploration and
evaluation costs, ensuring that management
have considered the effect of impairment
indicators, commodity prices and the stage
of the Group’s project
Reviewing budgets and challenging
assumptions made by the entity to ensure
that substantive expenditure on further
exploration for and evaluation of the
mineral resources in the areas of interest
were planned
Reviewing ASX announcements and minutes
of directors’ meetings to ensure that the
company had not decided to discontinue
activities in any of its areas of interest.
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 43
Other information
The directors are responsible for the other information. The other information comprises the
information in the Group’s annual report for the year ended 30 June 2018, but does not include the
financial report and the auditor’s report thereon.
Our opinion on the financial report does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a
true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001
and for such internal control as the directors determine is necessary to enable the preparation of the
financial report that gives a true and fair view and is free from material misstatement, whether due to
fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the
Auditing and Assurance Standards Board website at:
http://www.auasb.gov.au/auditors_responsibilities/ar1.pdf
This description forms part of our auditor’s report.
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 44
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 11 to 14 of the directors’ report for the
year ended 30 June 2018.
In our opinion, the Remuneration Report of Rimfire Pacific Mining NL, for the year 30 June 2018,
complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility
is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with
Australian Auditing Standards.
BDO East Coast Partnership
James Mooney
Partner
Melbourne, 27 September 2018
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 45
Additional Information
For Publicly Listed Companies
1. The shareholder information set out below was applicable as at 26th September 2018
(a) Distribution of Shareholders by Class
Category
(Size of Holding)
Total
Holders
Fully Paid
Ordinary Shares
% of Issued
Capital
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
100,001 over
180
154
164
820
687
53,643
510,859
1,396,920
36,769,688
904,746,445
0.01
0.05
0.15
3.90
95.89
Total
2,005
943,477,555
100.00
(b) The number of holders with shareholdings in less than marketable parcels was 895 as at 26th September
2018.
(c) The number of holders of each class of equity security as at 26th September 2018:
Class of Security
Number
Fully Paid Ordinary Shares
2,005
(d) Voting Rights
Every Member is entitled to be present at a meeting and may vote.
On a show of hands, every Member has one vote.
On a poll every Member has:
- one vote for each fully paid share; and
- voting rights pro-rata to the amount paid up on each partly paid share held by the Member.
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 46
Additional Information (cont’d)
For Publicly Listed Companies
(e) 20 Largest Shareholders - Ordinary Capital as at 26th September 2018
Name
Mr Peng Wang
Mr John Adrian Kaminsky
TJS Investments (Aust) Pty Ltd
Mr Choong Guang Koh
New Gold Fife Pty Ltd
Pershing Australia Nominees Pty Ltd
HSBC Custody Nominees (Australia) Limited
Dr Julie Miranda Jelbart + Mr William Theodore Durnell
Ralston Corporation Pty Ltd
Ant Nicholson Pty Ltd
Dr Gary Robert Lillicrap
Kookoo Nominees Pty Ltd
Warcoll Holdings Pty Ltd
Mr Ronald Roy Foote + Mrs Renate Foote
Cooee Investments Pty Ltd
B David Nominees Pty Ltd
Mr Laurie John Newman
Helen Ma Pty Ltd
Mr Kerry Peter Jelbart
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
Mr Kerry Peter Jelbart + Dr Stephen Bruce Jelbart
Number of
Ordinary Fully
Paid Shares
Held
% Held of
Issued
Ordinary
Capital
29,285,714
28,085,503
28,069,931
26,500,000
23,809,524
23,611,346
22,227,535
17,000,000
15,000,379
14,000,000
13,264,342
13,200,000
12,682,375
12,333,333
11,168,604
11,000,000
10,962,582
10,372,097
10,100,000
10,000,000
3.10
2.98
2.98
2.81
2.52
2.50
2.36
1.80
1.59
1.48
1.41
1.40
1.34
1.31
1.18
1.17
1.16
1.10
1.07
1.06
342,673,265
36.32
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 47
Additional Information (cont’d)
For Publicly Listed Companies
2.
3.
The name of the Company Secretary is Melanie Leydin.
The address and telephone number of the registered office and principal administrative office is:
Suite 411, 530 Little Collins Street
Melbourne VIC 3000
Telephone: 03 9620 5866
Facsimile : 03 9620 5822
Website : www.rimfire.com.au
4.
The register of securities is held at the following address:
Computershare Registry Services
117 Victoria Street
West End QLD 4001
Telephone: 1300 787 272
Facsimile : 07 3237 2152
5.
Stock Exchange Listing
Quotation has been granted for all the ordinary shares of the company on all Member Exchanges of the Australian
Securities Exchange Limited.
6.
Vendor Securities
There are no restricted securities on issue as at 26 September 2018.
7.
Unissued shares under option
As at 26 September 2018 there were 1,500,000 unissued shares under option at an issue price of $0.0295 (2.95 cents) per option,
with 375,000 options to vest on 25 September 2018, and 1,125,000 options to vest on 25 September 2019 exercisable before 25
September 2020.
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 48
Corporate Directory
Directors:
Ian McCubbing (Chairman)
John Kaminsky (Managing Director & CEO)
Ramona Enconniere
Andrew Greville
Company Secretary:
Melanie Leydin
Registered Office:
Auditors:
Lawyers of the Company:
Share Registry:
Bankers:
Stock Exchange Listing:
Email Address:
Website Address:
Suite 411, 530 Little Collins Street
Melbourne VIC 3000
BDO East Coast Partnership
Collins Square / Tower Four
Level 18, 727 Collins Street
Melbourne VIC 3008
McNab Lawyers
Level 3, 139 Collins Street
Melbourne VIC 3000
Carton Solicitors
8 Chapel St
Cremorne VIC 3121
Computershare Investor Services Pty Ltd
Yarra Falls
452 Johnston St
Abbotsford VIC 3067
Tel: 1300 787 272
Westpac Banking Corporation
114 William Street
Melbourne VIC 3000
Macquarie Bank Limited
300 Queen Street
Brisbane QLD 4000
Australian Securities Exchange
Home Exchange – Melbourne
ASX Code: RIM
rimfire@rimfire.com.au
www.rimfire.com.au
Rimfire Pacific Mining NL – 2018 Annual Report to Shareholders | 49
www.rimfire.com.au