RIMFIRE PACIFIC MINING NL
ANNUAL REPORT 2019
Contents
Chairman’s Report
Review of Exploration Activities
Directors’ Report
Remuneration Report
Auditor’s Independence Declaration
Consolidated Statement of Profit and 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
Schedule of Exploration Licences and Mining Licences
Corporate Directory
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Corporate Governance Statement
The Company’s 2019 Corporate Governance Statement has been released to ASX on 30 September 2019 and is available on
the Company’s website www.rimfire.com.au.
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders
Dear Fellow Shareholders,
The past year has been one of transition for the Company during extremely difficult market conditions for
junior explorers which saw a significant decline in our share price. However, the good work of our
management team and consultants and the recent gold and copper / gold exploration discoveries by
Alkane Resources and Emmerson Resources give me optimism for our current exploration programs and
2020.
Earlier this year John Kaminsky, retired from his role as Managing Director and Chief Executive Officer
(CEO) the company. Over the last 13 years, John was the driving force behind many of Rimfire’s
achievements, including the greenfields discovery of Sorpresa at Fifield in 2010 and the subsequent JORC resource in 2014.
Ramona Encconniere also retired from her role as Non-Executive Director on the Board of Rimfire. Ramona made a
tremendous contribution in providing astute financial market insights and development of successful relationships with a broad
range of investors. Ramona continues to provide wise counsel to the company. On behalf of the Rimfire team I wish John
and Ramona every success going forward.
Craig Riley was promoted to Managing Director and CEO following John’s departure and his enthusiasm and extensive
technical industry expertise has revitalised the Company. Craig is executing the dual strategy of discovery for a major copper
/ gold or gold mineralised system such as Northparkes (Cu/Au) or Cowal (Au) in the Northern and Southern Areas in
conjunction with ongoing work to monetise the Sorpresa discovery. With our CFO, Greg Keane, Craig has delivered a
substantial cost reduction program and a successful capital raising.
Currently underway, the discovery work on the regional areas
of the Fifield exploration licences (Northern and Southern
Areas) is utilising aircore drilling to obtain geological samples
of the bedrock. At the Northern Gold prospect which is 2km
north of Sorpresa, an RC drilling program is being undertaken
to test the bedrock beneath a 400m long x 80m wide zone of
historical mine pits. The results of the Northern Gold program
the
could have a significant
monetisation of Sorpresa.
impact on options
for
Active pursuit of appropriate partners to build further on the
success of the Fifield project continues, which if successful
will enable acceleration of the opportunities that exist for the
company. Whilst this remains a focus, two capital raisings
were conducted during the year, with the latest capital raising
giving the opportunity for existing and new shareholders to
take advantage of attractive pricing and the JMEI tax credits
that the Company secured during the year.
Finally, I would like to thank my fellow Board members,
management, staff and contractors for their hard work and
professionalism over the last year. I would also like to thank
my fellow shareholders and new shareholders for their
continued support of the Company.
Ian McCubbing
Chairman of the Board
Dated: 30th September 2019
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 1
FIFIELD PROJECT AREA OPERATIONS
Rimfire Pacific Mining is currently focused on discovery of Gold (Au) and Copper (Cu) within its Fifield Project Area located at Fifield, one
hour drive west by bitumen road from Parkes in central NSW. The company holds 915km2 of exploration licences covering highly
prospective ground in the same area as the Northparkes (CMOC), Cowal (Evolution Mining) and Cadia Valley (Newcrest Mining) operations
that produce collectively over 1 million oz of gold and 100,000 tonnes annually of copper from porphyry style copper / gold or gold only
mineralising systems.
Rimfire is pursuing a dual strategy of a significant discovery within its Fifield area exploration licences and the evaluation of Sorpresa with
the goal of delivering a project that can generate a positive cashflow return.
The focus of regional exploration is towards a discovery in interpreted Ordovician Volcanic rocks that are under shallow cover with the
potential to host large scale intrusion related mineral deposits such as Cowal (Au) and Northparkes (Cu / Au) deposits that are within
100km of Fifield.
At Sorpresa, the focus is on assessing if, within the existing JORC Resource (2014), there is a viable option for a higher grade, lower
tonnage project that would generate a positive cashflow return.
The aspiration for the company within the Fifield area is to achieve an aggregate discovery outcome greater than 4 million ounces of gold
equivalent metal that can support an economically viable mine life in excess of 10 years.
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 2
Health, Safety, Environment and Community
Health
There were no health related incidents during the past year (1
July 2018 to 30 June 2019). As part of routine health and
hygiene management at Fifield project site the non-potable water
tanks underwent routine emptying and cleaning. All effluent at
site is collected in a tank that is routinely emptied with a vacuum
truck for appropriate disposal at local council sewage facilities.
Safety
There were no safety related incidents during the past year (1
July 2018 to 30 June 2019). Significant periodic fire prevention
work is undertaken at site within constraints of NSW Government
Department of Environment requirements to manage potential fire
risk during the ongoing drought conditions. There has also been
removal of various items of contractor or company mobile and
fixed equipment to further mitigate risks of damage or impacting
fire control efforts during a bushfire event.
Environment
There were no environmental related incidents during the past
year (1 July 2018 to 30 June 2019). There is an internal review
of historical drill holes that is undertaken as part of the routine
annual Activity Reporting for the Exploration Licences, when
necessary completion of minor additional rehabilitation work
when we observe any minor subsidence due to settling of soils.
A site inspection was undertaken by a representative of the
Environmental Resources Regulator for the NSW Department of
Planning and Environment on 16 May 2019. There were no
adverse observations.
Community
There were no community related incidents during the past year (1 July 2018 to 30 June 2019). Rimfire sponsored the speed shearing
event at the local 2019 Tullamore Annual Show was held on the 11 and 12 August 2019. Murray Spratt, Rimfire Site Operations Manager
attended the show and assisted with the speed shearing competition.
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 3
Review of Discovery Activity
The broader Fifield area is prospective for further discoveries including large
scale porphyry style gold or copper/gold systems in the interpreted
Ordovician Volcanic geology. This age of rocks (Ordovician) is host to the
Cowal gold (Evolution Mining) Northparkes copper / gold (China
Molybdenum Co - CMOC) and Cadia Valley Operations (Newcrest Mining)
mines that all occur within the Macquarie Arc.
The Rimfire Fifield Project currently consists of 3 primary work areas referred
to as Southern Area, Northern Area and Northern Gold which is part of the
broader Sorpresa area of gold mineralisation.
The Southern Area and Northern Area are thought to contain Ordovician
Volcanics and the Sorpresa Basin Area has gold mineralisation that is
considered part of broader Intrusion Related Gold System (IRGS).
Southern Area Ordovician Block
(Blue line = boundary Ordovician Block)
in age with
limited exploration potential.
The Southern Area
Reconnaissance geologic mapping of the Southern Area (110km2), in
conjunction with geophysical interpretation and a review of historic
data, indicates a 9km wide by 15km long complex of interpreted
Ordovician Volcanics. Previously the area was interpreted as Silurian
– Devonian
The
reinterpretation is significant, as it indicates the area may be highly
prospective for Northparkes, Cadia and or Cowal style deposits (all
major +20 year mine life operations). Historically, there has been
limited exploration work with a focus on porphyry style mineralisation
in this Southern area as the rocks were misinterpreted as the wrong
age. The reassessment by Rimfire geologists and interpretation of this
area as an Ordovician volcanic package has fundamentally and
positively changed the prospectively of this area. This interpretation is
now increasingly accepted amongst the broader geological community
with technical knowledge in this region of NSW.
The Volcanic Complex can be subdivided into two zones, an eastern
proximal, high K calc-alkaline zone and a transitional volcano-
sedimentary zone to the west. The region is blanketed by a veneer (0
to 40m) of gravel and silty sand.
The Eastern proximal, high K calc-alkaline zone is strongly magnetic.
Outcrop is extremely poor, confined to spoil from a single dam and a
small area of float. Apart from a 1 km long RAB traverse drilled by
Lachlan Resources at Byong in the south, only two holes drilled by other
explorers were successfully completed, intersecting biotite-cordierite-
hornfels and basaltic-andesite lapilli tuff. All other holes were
terminated prematurely, either failing to penetrate the veneer of sands and gravels or intersecting badly contaminated saprolite. The
hornfelsing indicates the presence of intrusive rocks in the area.
Southern Area Ordovician Block
(Blue line = boundary Ordovician Block)
The western transitional volcano-sedimentary zone comprises primarily fine and medium grained andesitic volcaniclastic sediments (linear
magnetic lows), with subordinate proximal lapilli tuff (linear magnetic highs). Although outcrop is sparse, there are five areas or variable
often abundant float in the south. The volcaniclastic siltstone is commonly hornfelsed. A 1km wide area of intensely argillised rock,
sometimes exhibiting a relict fragmental texture, occurs immediately east of an interpreted intrusive and circular dome. The argillisation
may be the pallid zone of a deeply weathered regolith, or it may be hydrothermal origin.
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 4
The Northern Area
A review of Northern Area is in progress with analysis of historical
geological and geophysical datasets also indicating this is a block of
older Ordovician rocks that were previously interpreted as younger
Silurian – Devonian in age. The area is 4km wide by 10km long
approximately 40km2.
Reconnaissance mapping is 30% complete and ongoing. The work
to date has identified brick red quartz monzonite porphyries that are
similar to Northparkes (CMOC) and coarser grained varieties that have
similarities to Cadia Valley (Newcrest Mining). The relationships are
not conclusive and ongoing mapping and synthesis of analytical
results from future drilling will provide a better understanding of rock
ages and relationships.
Historical aircore drilling data indicates a greater than 400 ppm copper
anomaly which extends for over 3km in length and almost 1km in
width. Within this zone are four locations with greater than 1000pmm
(0.1%) copper.
Sorpresa Monetisation
The company discovered the Sorpresa deposit in 2011 and reported a
resource estimate in 2014 in compliance with the 2012 JORC Code &
Guidelines of 125koz Au and 7.9Moz Ag. The 2011 Sorpresa gold and silver discovery confirmed that Rimfire had intersected a new zone
of mineralisation in the Fifield district.
Northern Area Ordovician Block
(Black line = boundary Ordovician Block)
Rimfire has completed a re-interpretation of the Sorpresa Resource mineralisation to assess if potential exists for a higher grade, lower
tonnage mining operation. It was essential to incorporate in the re-evaluation of the Sorpresa mineralisation 11,196m of additional drilling
from 232 drill holes at Sorpresa between 2015 and 2017. The reinterpretation of Sorpresa was undertaken, utilising all relevant available
drill data and new geological perspectives generated from ongoing work in the Fifield area. The interpretation was submitted to H&S
Consultants Pty Ltd (H&SC), who did the original Sorpresa resource estimate in 2014, to generate an independent updated resource
estimate for internal planning for the Sorpresa monetization strategy. The preliminary updated resource model was used by Australian
Mine Design & Development (AMDAD) for initial pit optimisation analysis.
2014
2015 - 2017
Total
Holes
345
Drill metres
31,474
Holes
232
Drill metres
11,196
Holes
577
Drill metres
42,670
The company has recently appointed H&S Consultants to complete a JORC (2012) compliant resource report that will allow results of
resource modelling to be reported to shareholders and other interested parties in compliance with ASX reporting of ore reserves and
mineral resources requirements.
While this work has been in progress there has been ongoing field assessment of prospects in close proximity to Sorpresa to identify
further gold mineralisation that would support the monetisation options. Discovery of additional economic gold mineralisation at peripheral
prospects such as Northern Gold would generate a more robust economic outcome.
Sorpresa Area Exploration Potential and Intrusion Related Gold System Model
Analysis of the known geology, mineralisation and geological relationships in the Sorpresa Basin and surrounding area supports gold
mineralisation as part of an Intrusion Related Gold System (IRGS). Knowing the genetic model ensures future exploration is efficient and
effective by focusing on field work with the best opportunity to significantly impact results and deliver success. Recognising mineralisation
occurrences in the Sorpresa area are part of an IRGS provides Rimfire the opportunity for re-evaluation of the Company’s extensive dataset
and stored samples to develop exploration strategies for the significant gold deposits often associated with these systems. This recognition
is a significant step forward in unlocking the potential indicated by positive gold assay results from exploration activities in the Sorpresa
Basin and surrounding areas that include Northern Gold, Transit (previous drilling already identified 20m @ 1.1g/t Au), Casuarina Valley,
Fortuna, Wiggies and Rabbers Lookout as part of a broader system. This could have significant, and rapid, implications for exploration
success within 5km of Sorpresa.
Previously, Sorpresa and some of the surrounding mineralisation had been described as Low Sulphidation Epithermal and considered as
part of a porphyry Cu / Au system. With both the broad geochemistry and mineralisation morphology associated with Sorpresa and the
Casuarina Valley / Fortuna Prospect best fitting the IRGS model the reinterpretation of past positive results from these and other
surrounding prospects in context of an IRGS model creates new opportunities for gold discoveries with further exploration. Rimfire now
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 5
has the opportunity to rapidly leverage its extensive surface and drill hole dataset, and samples in storage, to re-evaluate past results in
the context of the IRGS model. The Sorpresa discovery and surrounding prospects are located within the Lachlan Transverse Zone and
in relatively close proximity to the porphyry copper Cu / Au deposits of Northparkes which is one of the reasons this style of mineralisation
has been a focus of Rimfire in this area. To date, significant gold mineralisation has been identified around the Sorpresa area but a clear
link to a porphyry Cu-Au system has been difficult to establish in this area of the project. The IRGS model allows for a clear (but different)
set of geochemical path finders to be applied, along with typical geophysical and geological features, that can vector exploration to what
can be significant gold deposits of varied style.
Some significant features of IRGS Deposit types include:
•
•
Gold grades of >1-2 g/t in disseminated systems and higher in vein systems.
Gold deposit size ranges from small, +100k oz; to large +1 Moz; to mega +10 Moz
Genetic Model and Conceptual Position of Some Rimfire Prospects
Schematic Intrusion Related Gold System (IRGS) model showing lateral and vertical zonation in mineralisation styles, and interpreted
position of Sorpresa Prospects. (Modified from Lang et al, 2000)
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 6
General plan model of IRGS illustrating various mineralisation styles, locations and outward metal zoning.
(Modified from Hart et al., 2002)
The current planned work in the Southern and Northern Project Areas where Rimfire interprets the presence of early Ordovician Volcanics,
known elsewhere (Northparkes Cu/Au, Cadia Cu/Au and Cowal Au deposits) to host significant porphyry system deposits, remains a
primary focus. Exploration in these areas is at an early stage and both Cu-Au porphyry and Intrusion Related Gold System mineralisation
models will influence the exploration strategy and assessment of future exploration results.
Northern Gold Prospect (black outline)
Northern Gold
The Northern Gold Prospect is 2km north of the Sorpresa discovery,
where there is an extensive area of relatively shallow (<6m) historic
gold workings covering +350m strike length x 80m width, in what is
interpreted as a gravel filled poorly formed valley. Historic workings
across the area are thought to have been targeting coarse gold
accumulations within the highly weathered bedrock at the base of the
infilling gravels. An initial auger drilling program was completed to
test both the valley fill and underlying insitu geology. The work
confirms the source of gold is from bedrock rather than infilling
channel gravels and weathered bedrock samples indicate that the host
rocks are not black silica lithology as at Sorpresa. More work is
required to understand controls of what is thought to be a related but
different mineralisation setting to the nearby Sorpresa Deposit. Assay
results indicate anomalous gold (+20ppb) within the weathered
bedrock below the gravels. The degree of weathering is high, creating
the potential for gold depletion near surface. A program of RC drilling
will test this concept and the bedrock potential. There has been no
known drill testing of bedrock below the zone of historical hand
mining pits.
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 7
Locality Map of Northern Gold Prospect and surrounding IRGS style targets
Perilya Joint Venture
A passive 10% interest is held by the Company (Perilya 90%) in Exploration Licence EL5958 in the Broken Hill area with Perilya responsible
for meeting all annual expenditure commitments and other compliance requirements. The ground is contiguous and along strike from
Cobalt Blue’s (ASX “COB”) Thackaringa Project and has potential for base metal and cobalt mineralisation.
Key Priorities Ahead
The company over the past 12 months has undertaken a significant amount of exploration work to support work towards discovery of a
significant size > 1Moz gold +/- 1Mt copper mineralised system. The key priorities ahead are completing exploration work programs for
both Cu-Au porphyry and Intrusion Related Gold System (IRGS) mineralisation models to deliver the Company’s goal to discover, define
and develop mineable resources.
The immediate main areas of focus include:
✓ Northern Area work is to obtain general information on bedrock lithologies and geochemistry with a large km scale anomalous footprint
that is a key feature of large scale mineralised systems
✓ Southern Area work is to obtain general information on bedrock lithologies and geochemistry with a large km scale anomalous
footprint that is a key feature of large scale mineralised systems
✓ Sorpresa Area
•
•
•
Northern Gold work is to complete a drill program to evaluate potential for gold mineralisation in a significant zone of historical
mine workings where there has been no historical drilling
Analysis of data across the broader area around Sorpresa in context of an intrusion related gold system model to define targets
for further assessment
Completion of a Sorpresa Resource Update that meets JORC (2012) code and use of this model to run a conceptual pit
optimisation process to identify if cash flow positive opportunities exist for a high grade gold low tonnage project.
Rimfire remains of the view that a “company making” opportunity has the potential to emerge within its exploration licences.
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 8
DIRECTORS’ REPORT
Your Directors present the following report on the Company and its controlled entity for the financial year ended 30 June 2019.
Directors
The names of Directors in office during the whole or part of the financial year and up to the date of this report:
Ian McCubbing (Chairman)
▪
▪ Craig Riley (Managing Director and Chief Executive Officer, appointed CEO from 31 January 2019, appointed Managing Director
from 31 March 2019)
▪ John Kaminsky (Managing Director and Chief Executive Officer, retired 31 January 2019, retired as Director 31 March 2019)
▪ Ramona Enconniere (Non-Executive Director, retired 31 January 2019)
▪ Andrew Greville (Non-Executive Director)
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 and Copper. The ground holding in Central NSW was
increased to 915km2 with the addition of two new exploration licences in the Greater Lake Cowal area during the year.
The exploration efforts are situated within the well-established, highly credentialed and mineralised Macquarie Arc and a regional structural
corridor referred to as the Lachlan Transverse Zone (LTZ). This corridor includes the Northparkes copper-gold mine and the Cadia Valley
Operations gold-copper mines amongst others and represents an excellent discovery setting for the Company.
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 Fifield area has good 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 Discovery Activity section
within this Annual Report.
Work Program Approach for Financial Year 2020
Rimfire’s priorities for the Financial Year 2020 will be to continue with its dual strategy of exploration for a major copper / gold or gold
mineralised system such as Northparkes (Cu/Au) or Cowal (Au) in the Northern and Southern Areas in conjunction with ongoing work to
monetise the Sorpresa discovery.
The Company will continue to pursue options to secure a Joint Venture partner or partnership to accelerate progress.
Junior Resource Sector Outlook and Financial Position
The global outlook for the resources sector continues to be mixed with strong demand and interest in the top tier mining companies with
variable and predominately weaker interest in the junior resource sector during the period. For the junior resource sector (exploration),
there is still low levels of investor liquidity and investor participation. The resurgence of the gold price and fundamentals due to the world
economic fears on the back of international trade policies is yet to flow through to an increased interest in junior greenfields exploration
companies with strong exposure to the gold sector. Importantly, the industry is starting to recognise that as major gold producer reserves
and resources decline, there is a need to increase expenditure to achieve discoveries of new replacement gold resources. This should
see exploration spend increase by the majors and support a more buoyant outlook for the junior gold exploration companies.
The Company’s cash at bank at 30 June 2019 was $0.1m. This cash balance has subsequently been increased due to the Rights Issue
launched 26 June 2019, with $0.8m being raised before costs (including placement of shortfall).
The Company continues to actively manage costs with Non-Executive Directors continuing to have Director fee payments deferred after
implementation of cash preservation measures from January 2019.
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 9
During the period, Rimfire was notified by the ATO that its application for a Junior Minerals Exploration Initiative (JMEI) credit allocation
was successful and the ATO granted an allocation of $550,000 in JMEI credits for the 2019/20 income tax year. The JMEI credits will only
be available to ordinary shares issued between 01 July 2019 and 30 June 2020, which includes shares issued under the Rights Issue
announced 26 June 2019. A participating shareholder’s final JMEI credit entitlement amount will be determined after lodgement of the
Company’s 2019/20 tax return.
The JMEI scheme has been put in place by the Federal Government to encourage investment in small minerals exploration companies that
carry out greenfields mineral exploration in Australia. The JMEI scheme provides credits that allows greenfields mineral eploration
companies to generate a tax incentive by allowing companies to give up a portion of their tax losses from eligible greenfields mineral
exploration expenditure for distribution to investors. The JMEI credits are only available for Australian resident shareholders and generally,
these shareholders will be entitled to a refundable tax offset (for individual shareholders or superannuation funds) or franking credits (for
companies).
Capital Structure
As at 30 June 2019 the capital structure of the Company was;
- 1,069,618,073 Ordinary Shares on Issue (RIM)
- 131,140,518 Listed Options, 2.2 cent, expire 1 May 2020 (RIMOB)
- 74,000,000 Unlisted Options, various prices and vesting dates
Commodity Pricing for the Period
During the 2019 Financial Year, the Gold price continued to appreciate with an increase of 11%, finishing at USD1,391 per ounce.
Currently, the gold price is trading at AUD2,213 per ounce (using an exchange rate AUD:USD of 0.68 and Gold Price as at 26 September
2019), which is close to record highs. Gold and Silver Prices from www.kitco.com in New York in USD and Copper Prices from
www.LME.com in USD.
Commodity
Gold (oz)
Silver (oz)
Copper (t)
Price USD
29/06/2018
1,252.40
16.06
6,645
Price USD
30/06/2019
1,391.20
15.18
5,998
FY19 USD
change
11.08%
(5.48%)
(9.74%)
Price AUD
29/06/2018*
1,692.43
21.74
8,980
Price AUD
30/06/2019*
1,987.43
21.69
8,554
FY19 AUD
change
17.43%
(0.08%)
(4.74%)
* Using and exchange rate AUD:USD of 0.74 for 29/06/2018 and 0.70 for 30/06/2019
Operating Results
The loss of the Consolidated entity amounted to $875,505 in the period (2018: $1,047,835).
Dividends
No dividends were paid during the financial year, nor are any recommended at 30 June 2019 (30 June 2018: Nil).
After Balance Date Events
Successful Rights issue completed post FY2019 raising $0.8m (before costs), which has enabled the Company to continue its exploration
programs as planned and as detailed in the company prospectus dated 26 June 2019.
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.
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.
During the 2019 financial year, the Fifield site had an environmental site inspection during the period and there were no compliance issues
or environmental breaches during the year.
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 10
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, 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 two other ASX listed resources related companies
and previously been a Director and CFO of ASX 200 listed mining companies.
Swick Mining Services Ltd (Non-Executive Director since 2010), Sun Resources NL (Chairman since
2016).
Kasbah Resources Ltd (Non-Executive Director from 2011 to 2016)
Symbol Mining Ltd (Non-Executive Director from 2018 to 2019)
Avenira Ltd (Non-Executive Director from 2012 to 2019)
Chairman of the Board
Member of the Audit Committee.
Member of Remuneration and Nomination Committee.
Interests in Shares
11,809,849 Fully paid ordinary shares
Interests in Options
5,241,877 Listed Options, exercisable at $0.022 (2.2 cents) per option, expiring 01 May 2020 (RIMOB)
2,952,466 Listed Options, exercisable at $0.01 (1.0 cent) per option, expiring 01 May 2020 (RIMOC)
Craig Riley (appointed CEO from 31 January 2019, appointed Managing Director from 31 March 2019)
Managing Director and Chief Executive Officer
Bachelor of Applied Science (Hons) (Queensland University of Technology)
Joined Rimfire in September 2018 in the capacity of Business Development Manager and was appointed
Chief Executive Officer on 31 January 2019 and Managing Director on 31 March 2019.
Craig has more than 25 years’ of exploration and mining industry experience with a successful track record
of commercial appraisal and development of projects globally across a range of commodities. His
extensive experience includes major mining companies and junior explorers internationally and across
Australia, includes Northparkes mine.
None.
None.
Experience and Expertise
Other Current Directorships
Former Directorships in Last 3
Years
Special Responsibilities
Appointed CEO 31 January 2019, appointed Managing Director 31 March 2019
Interests in Shares
Nil.
Interests in Options
42.5m unlisted options, various vesting dates and performance hurdles.
John Kaminsky
Managing Director and Chief Executive Officer – retired 31 January 2019
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 03 March 2016.
Other Current Directorships
None.
Former Directorships in Last 3
Years
None.
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 11
Special Responsibilities
Director (retired 31 March 2019) and Managing Director and Chief Executive Officer (retired 31 January
2019).
Interests in Shares
As John is no longer a Director of the company, his interests in the company are not disclosed
Interests in Options
As John is no longer a Director of the company, his interests in the company are not disclosed
Ramona Enconniere (retired 31 January 2019)
Non-Executive Director
Bachelor of Commerce (University of Melbourne), MBA (Melbourne Business School)
Experience and Expertise
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.
Other Current Directorships
Former Directorships in Last 3
Years
None.
None.
Special Responsibilities
Chair of the Audit Committee (retired 31 January 2019)
Member of the Remuneration and Nomination Committee (retired 31 January 2019)
Interests in Shares
As Ramona is no longer a Director of the company, her interests in the company are not disclosed
Interest in Options
As Ramona is no longer a Director of the company, her interests in the company are not disclosed
Andrew Greville
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
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.
Managing Director of West End Mining & Consulting (Private Company)
None.
Member of Audit Committee, Chair of Audit Committee (from 31 January 2019)
Chair of Remuneration and Nomination Committee
Interests in Shares
3,000,000 Fully paid ordinary shares
Interests in Options
1,250,000 Listed Options, exercisable at $0.022 (2.2 cents) per option, expiring 01 May 2020 (RIMOB)
750,000 Listed Options, exercisable at $0.01 (1.0 cent) per option, expiring 01 May 2020 (RIMOC)
Melanie Leydin
Company Secretary
Bachelor of Business majoring in Accounting and Corporate Law, Swinburne University, Chartered Accountant and Registered Company
Auditor
Experience and Expertise
Appointed as Company Secretary of the Company in April 2017. Ms Leydin has 25 years’ experience in
the accounting profession including 13 years in the Corporate Secretarial profession and is a company
secretary and finance officer for a number of entities listed on the Australian Securities Exchange. She is
a Chartered Accountant and a Registered Company Auditor. Since February 2000, she has been the
principal of Leydin Freyer, specialising in outsourced company secretarial and financial duties.
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 12
Meetings of Directors
During the financial year, meetings of Directors were held and attendances by each Director are detailed below.
Director's Meetings
Audit Committee Meetings
Rem. and Nom. Committee
Meetings
No. Eligible to
Attend
Number
Attended
No. Eligible to
Attend
Number
Attended
No. Eligible to
Attend
Number
Attended
Ian McCubbing
Craig Riley (appointed Director 31/03/2019)
Andrew Greville
John Kaminsky (retired 31/03/2019)
Ramona Enconniere (retired 31/01/2019)
14
7
14
7
5
14
7
14
2
5
2
-
2
-
1
2
-
2
-
1
3
-
3
-
2
3
-
3
-
2
REMUNERATION REPORT (AUDITED)
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.
3.
4.
5.
6.
7.
8.
Principles used to determine the nature and amount of remuneration
Details of remuneration for the year ended 30 June 2019
Employment contracts
Share based compensation of Directors and Key Management Personnel
Additional Disclosures relating to Key Management Personnel
Shareholding
Five year summary of key financial data
Other matters
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.
Leading the development of strategy, and communicating to stakeholders,
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 workplace, health and safety, environmental compliance and community liaison,
▪
▪ Maintaining 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.
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 13
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 last year. A Long term incentive Plan was
approved by shareholders at the Company’s 24 November 2017 AGM.
Whilst there has been no change to the remuneration of Non-Executive Directors, since January 2019 Non-Executive Directors pay was
deferred whilst the company was undertaking cost reduction activity and still remain unpaid at the end of the period. To align Directors’
interests with shareholder interests, Directors are encouraged to hold shares in the Company. Senior Management from March 2019 were
paid reduced salaries whilst the company was undertaking cost reduction activity.
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 2018 AGM the Company received
92% of ‘for’ votes in relation to its remuneration report for the year ended 30 June 2018. 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 2019
Benefits to senior executives and the Non-Executive Directors consisted primarily of cash benefits in the period with unlisted options with
vesting conditions being offered to the Managing Director. A Non-Executive Director Pool of $200,000 was available in 2019 ($200,000
in 2018) 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 $133,333 in total ($126,586 in 2018). This rate is below the industry norm.
2019
Name of Director / Senior Executive
Non- Executive Directors
I McCubbing
A Greville
R Enconniere (retired 31 January 2019)
Executive Directors
J Kaminsky (retired 31 March 2019)
C Riley (appointed CEO 31 January
2019, appointed Managing Director 31
March 2019)
Primary
Post
Employment
Long Term
Benefits
Equity
Compensation
Total
Paid Salary,
Fees &
Commissions
Accrued
Salary and
Fees*
Superannuation
Contributions
Bonus
Long
Service
Leave
Options
22,831
27,397
-
4,772
20,000
20,000
-
28,333
3,333
-
-
-
-
-
-
-
55,000
-
40,000
-
31,666
155,731
6,033
-
19,146
39,145
-
220,055
60,727
11,569
-
6,868
-
111,503
190,666
Total
287,622
68,331
-
30,786
39,145
111,503
537,387
*Accrued Salaries and Fees are the amounts accrued but not paid at the end of the period.
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 14
2018
Name of Director / Senior Executive
Non- Executive Directors
I McCubbing
A Greville
R Enconniere
G Billinghurst (retired 24 November
2017)
Executive Director
J Kaminsky
Total
Primary
Paid Salary,
Fees &
Commissions
Accrued
Salary
and Fees
Bonus
Short-
Term
Benefits
Annual
Leave
Post
Employment
Long Term
Benefits
Equity
Compensation
Total
Superannuation
Contributions
Long
Service
Leave
Shares &
Options
45,662
-
-
-
4,338
34,086
-
-
-
30,000
-
-
-
12,500
-
-
-
-
-
-
-
-
-
-
-
50,000
-
34,086
-
30,000
-
12,500
260,815
-
-
18,848
24,777
40,513
-
344,953
383,063
-
-
18,848
29,115
40,513
-
471,539
*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 employed on a contract basis.
Performance Income as a Proportion of Total Remuneration
No performance based remuneration was paid during the year ended 30 June 2019 (2018: nil).
Transactions Between Related Parties
Transactions 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 parties (Jill Kaminsky and Nicole Kaminsky) of Mr John Kaminsky were paid in
respect of administrative services $10,032 ($12,941 in 2018). Payment for these services were on normal commercial terms.
3.
Employment Contracts
An Executive Services Agreement is in place with the CEO and Managing Director, Mr Craig Riley, effective from 31 January 2019. Under
the terms of the 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
42.5m unlisted options were granted to the Managing Director and CEO during the year ended 30 June 2019, with vesting conditions in
place that align with the strategies and goals of the company. No options or other share based compensation was granted to Non-Executive
Directors exercised, expired or held during the year ended 30 June 2019.
Unlisted Options Granted to Managing Director during 2019
Tranche and Vesting Condition
Grant date
Expiry date
Share price at
Exercise
No.
grant date
price
Options
FY2019 Tranche 1, vesting at the date of grant
30/04/2019
31/08/2021
$0.005
$0.0065
10.0m
FY2019 Tranche 2, vesting upon achieving a Board approved financing
deal to facilitate mining at Sorpresa
FY2019 Tranche 3, vesting upon production (First Ore) at Sorpresa to a
Board approved work plan
FY2019 Tranche 4, vesting upon delivery of a JV or farm-in arrangement
to a Board approved level
FY2019 Tranche 5, vesting upon drilling of a prospect resulting in
identification of >500koz of Au equivalent Inferred Resource (JORC 2012)
30/04/2019
31/07/2020
$0.005
$0.008
7.5m
30/04/2019
31/12/2023
$0.005
$0.011
10.0m
30/04/2019
31/08/2021
$0.005
$0.0065
5.0m
30/04/2019
31/08/2021
$0.005
$0.0065
10.0m
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 15
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.
2019
Name of Director / Senior Executive
Balance 01
July 2018
Received as
Remuneration
Shares
Acquired
Net Change
Other
Balance 30
June 2019
Non- Executive Directors
I McCubbing
A Greville
2,574,285
-
6,283,098
-
8,857,383
1,000,000
-
1,250,000
-
2,250,000
R Enconniere (retired 31 January 2019)*
9,069,860
-
1,742,464
(10,812,324)
Executive Directors
J Kaminsky (retired 31 March 2019)*
C Riley (appointed CEO 31 January
2019, appointed Managing Director 31
March 2019)
33,408,169
-
222,222
(33,630,391)
-
-
- -
-
-
-
Total
46,052,314
-
9,497,784
(44,442,715)
11,107,383
*Due to R Enconniere and J Kaminsky retirement from the Board (31 January 2019 and 31 March 2019 respectively) they are not
considered a Key Management Person from this date and their shareholdings are therefore not included in the balance for 30 June 2019.
2018
Name of Director / Senior Executive
Balance 01
July 2017
Received as
Remuneration
Shares
Acquired
Net Change
Other
Balance 30
June 2018
Non- Executive Directors
I McCubbing
2,574,285
-
- -
2,574,285
A Greville (appointed 18 August 2017)*
-
-
1,000,000
-
1,000,000
R Enconniere
G Billinghurst (retired 24 November
2017)**
Executive Director
J Kaminsky
Total
9,069,860
19,502,375
-
-
- -
9,069,860
-
(19,502,375)
-
33,408,169
-
-
-
33,408,169
64,554,689
-
1,000,000
(19,502,375)
46,052,314
* A Greville held the shares at the time of his appointment as Non-Executive Director.
**Due to G Billinghurst retirement from the Board (24 November 2017) he is not considered a Key Management Person from this date
and their shareholdings are therefore not included in the balance for 30 June 2018.
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 16
Options
Number of Options held by Key Management Personnel
2019
Name of Director / Senior Executive
Balance
01 July
2018
Options
Acquired
Options
Received as
Remuneration
Options
Expired
Net Change
Other
Balance 30
June 2019
Total
Vested 30
June 2019
Non- Executive Directors
I McCubbing
A Greville
-
5,241,877
-
1,250,000
-
-
-
5,241,877
5,241,877
-
1,250,000
1,250,000
R Enconniere (retired 31 January 2019)*
-
1,742,464
-
(1,742,464)
Executive Directors
J Kaminsky (retired 31 March 2019)*
C Riley (appointed CEO 31 January 2019,
appointed Managing Director 31 March
2019)
-
222,222
-
(222,222)
-
-
42,500,000
-
-
42,500,000
10,000,000
-
-
-
-
Total
-
8,456,563
42,500,000
- (1,964,686)
48,991,877
16,491,877
*Due to R Enconniere and J Kaminsky retirement from the Board (31 January 2019 and 31 March 2019 respectively) they are not
considered a Key Management Person from this date and their shareholdings are therefore not included in the balance for 30 June 2019.
2018
Name of Director / Senior Executive
Balance 1
July 2017
Options
Acquired
Options
Expired
Net Change
Other
Balance 30
June 2019
Total
Vested 30
June 2019
Non- Executive Directors
I McCubbing
A Greville
R Enconniere
G Billinghurst (retired 24 November
2017)
Executive Director
J Kaminsky
Total
-
-
-
-
-
-
-
-
-
-
- -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Executives
There were no executives other than Craig Riley (appointed CEO 31 January 2019, appointed Managing Director 31 March 2019), at
balance date.
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 17
7.
Five Year Summary of Key Financial Data
The earnings of the company for the five years to 30 June 2019 are summarised below:
2019
$
2018
$
2017
$
2016
$
2015
$
Revenue and other income
5,628
35,538
43,327
178,027
228,939
Net profit / (loss) before tax
(875,505)
(1,047,836)
(924,782)
(725,485)
(720,794)
Net profit / (loss) after tax
(875,505)
(1,047,836)
(924,782)
(725,485)
(720,794)
The factors that are considered to affect total shareholders return ('TSR') are summarised below:
Share price beginning financial year ($)
0.011
0.022
0.019
0.200
0.020
Share price end financial year ($)
0.003
0.011
0.022
0.015
0.020
Basic loss per share (cents per share)
(0.08)
(0.11)
(0.10)
(0.09)
(0.10)
2019
2018
2017
2016
2015
End of audited remuneration report.
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 18
8.
Other Matters
Shares issued under option and unissued shares under option
No options were exercised during the period. As at 30 June 2019 the breakdown of options – both listed and unlisted at balance date.
Listed Options
Existing Listed Options
(exercisable at 2.2 cents by 01 May 2020)
New Listed Options as part of Offer
(exercisable at 1.0 cent by 01 May 2020)
Total Listed Options
Unlisted Options
Employee Options
(exercisable at 2.95 cents by 25 September 2020)
Employee Options
(exercisable at 0.65 cents by 31 August 2021)
Employee Options, performance based vesting conditions
(exercisable at 0.80 cents by 31 July 2020)
Employee Options, performance based vesting conditions
(exercisable at 1.10 cents by 31 December 2023)
No.
131,140,518
%'age
26.9%
356,539,358
73.1%
487,679,876
100.0%
No.
%'age
1,500,000
2.03%
20,000,000
27.03%
15,000,000
20.27%
15,000,000
20.27%
Employee Options, performance based vesting conditions
(exercisable at 0.65 cents by 31 August 2021)
7,500,000
10.14%
Employee Options, performance based vesting conditions
(exercisable at 0.65 cents by 31 August 2021)
15,000,000
20.27%
Total Unlisted Options
74,000,000
100.00%
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 and Officers covered by the Directors & Officers Liability Insurance Policy at the time of this report are:
Mr Ian McCubbing
Mr Andrew Greville
Mr Craig Riley
Ms Melanie Leydin
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.
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 19
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 21.
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
30th day of September 2019
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 20
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 2019, 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, 30 September 2019
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.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2019
Revenue from continuing operations
Expenses:
Employee benefits expense
Non-executive directors’ fees
Share Based Payments
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
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)
Note
2
Consolidated Entity
2019
$
2018
$
5,628
35,558
(281,258)
(133,333)
(19,273)
(71,636)
(38,429)
(2,041)
(84,110)
(36,450)
(12,430)
(64,873)
(3,683)
(133,617)
(875,505)
-
(875,505)
-
(413,218)
(126,587)
(4,638)
(91,913)
(35,572)
(17,894)
(176,169)
(33,920)
(22,718)
(54,115)
(737)
(105,913)
(1,047,835)
-
(1,047,835)
-
(875,505)
(1,047,835)
(0.08)
(0.09)
(0.11)
(0.11)
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 – 2019 Annual Report to Shareholders | 22
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2019
Consolidated Entity
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
2019
$
7
8
10
8
9
11
12
13
95,706
45,134
6,150
146,990
160,000
413,589
13,313,247
13,886,836
14,033,826
210,934
39,226
250,160
13
2,812
2,812
252,972
13,780,854
31,078,996
23,911
(17,322,053)
13,780,854
14
2018
$
893,597
47,238
7,249
948,084
150,000
478,264
12,312,777
12,941,041
13,889,125
192,815
77,018
269,833
770
770
270,603
13,618,522
30,060,432
4,638
(16,446,548)
13,618,522
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 23
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2019
Contributed
equity
$
Share based
payment Reserve
$
Accumulated
losses
$
Total
$
Balance at 1 July 2018
Issued capital
Capital raising costs
Share-based payments
Total comprehensive loss for the period
Balance at 30 June 2019
30,060,432
1,150,332
(131,768)
-
-
31,078,996
4,638
-
-
19,273
-
23,911
(16,446,548)
-
-
-
(875,505)
(17,322,053)
13,618,522
1,150,332
(131,768)
19,273
(875,505)
13,780,854
Balance at 1 July 2017
Share-based payments
Total comprehensive loss for the period
30,060,432
-
-
-
4,638
-
(15,398,713)
-
(1,047,835)
14,661,719
4,638
(1,047,835)
Balance at 30 June 2018
30,060,432
4,638
(16,446,548)
13,618,522
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 24
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2019
Note
Consolidated Entity
2018
2019
$
$
CASH FLOWS FROM OPERATING ACTIVITIES
Payments to suppliers and employees
(741,417)
(1,107,128)
Interest received
6,707
40,428
Net cash used in operating activities
22a
(734,710)
(1,066,700)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment
Payment for exploration and evaluation costs
Reimbursements of exploration expenditure
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 in cash held
Cash at beginning of the year
Cash at end of the year
(1,788)
(1,074,436)
-
3,200
(61,417)
(1,863,996)
1,315,870
1,500
(1,073,024)
(608,043)
1,127,765
(117,922)
-
-
1,009,843
-
(797,891)
(1,674,743)
893,597
2,568,340
7
95,706
893,597
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 25
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 exploration and mining licences. 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 $875,505 and had cash outflows from operating activities of $741,377 for the year ended
30 June 2019. 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 2019, the consolidated entity had cash and cash equivalent of $95,706.
- Subsequent to the end of 30 June 2019, the entity completed a successful capital raising of $832k before costs to allow for the next stage of
discovery programs to continue
- As part of the Capital Raising options where issued and are due to expire 01 May 2020, which may raise up to $2.8m of additional funding.
- 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.
- The entity also owns assets such as freehold land and plant and equipment in Fifield which can be used for funding.
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 – 2019 Annual Report to Shareholders | 26
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 2019 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 – 2019 Annual Report to Shareholders | 27
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 reimbursable costs from New Gold Inc. under the earn
in Agreement received in relation to the capitalised exploration. New Gold Inc. exited the earn-in joint venture during 2018, as part of their
strategic withdrawal from all operations in countries other than North America.
h.
i.
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.
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 ($160,000). 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.
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.
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 – 2019 Annual Report to Shareholders | 28
j.
k.
l.
m.
n.
Accounting Policies (Cont’d)
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.
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.
Trade and Other Receivables
Trade receivables and other receivables are recorded at amounts due less any allowance for doubtful debts.
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.
Financial Instruments
Recognition
AASB 9 Financial Instruments addresses the classification, measurement and derecognition of financial assets and financial liabilities, introduces
new rules for hedge accounting and new impairment model for financial assets.
The Company has adopted AASB 9 from 01 July 2018, which have resulted in no material change to the accounts.
Financial Assets and Liabilities
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue
of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or
deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable
to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.
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.
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 29
Accounting Policies (Cont’d)
Derecognition
The Company derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the
financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Company neither transfers nor retains
substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company recognises its retained interest
in the asset and an associated liability for amounts it may have to pay. If the Company retains substantially all the risks and rewards of ownership
of a transferred financial asset, the Company continues to recognise the financial asset and also recognises a collateralised borrowing for the
proceeds received.
On derecognition of a financial asset measured at amortised cost, the difference between the asset’s carrying amount and the sum of the
consideration received and receivable is recognised in profit or loss. On derecognition of an investment in equity instrument which the Company
has elected on initial recognition to measure at FVTOCI, the cumulative gain or loss previously accumulated in the investments revaluation reserve
is not reclassified to profit or loss, but is transferred to retained earnings.
The company derecognises financial liabilities when, and only when, the Company’s obligations are discharged, cancelled or have expired. The
difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit and
or loss.
Impairment
The Company recognises a loss allowance for expected credit losses (ECL) on financial assets that are measured at amortised cost or at fair value
through other comprehensive income (FVTOCI). The amount of expected credit losses is updated at each reporting date to reflect changes in
credit risk since initial recognition of the respective financial instrument.
The Company always recognises lifetime ECL for trade receivables. The expected credit losses on these financial assets are estimated using a
provision matrix based on the Company’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic
conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of
money where appropriate.
For all other financial instruments, the Company recognises lifetime ECL when there has been a significant increase in credit risk since initial
recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Company measures
the loss allowance for that financial instrument at an amount equal to 12-month ECL.
Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.
In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are
possible within 12 months after the reporting date.
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.
r.
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.
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.
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 30
Accounting Policies (Cont’d)
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.
t.
u.
v.
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.
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.
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.
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 employees 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.
w.
Adoption of New and revised Standards
The company has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board that are
relevant to their operations and are effective for the current financial reporting period, being the year end 30 June 2019. New and revised standards
and amendments thereof and interpretations effective for the current reporting period that are relevant to the company include:
AASB 9 Financial Instruments, and relevant amending standards;
AASB 15 Revenue from Contracts with Customers
The adoption of new and revised standards and amendments has not affected the amounts reported for the current or prior years. A discussion
on the adoption of AASB 9 and AASB 15 is included below. The Company has not early adopted any other standard, interpretation or amendment
that has been issued but is not yet effective.
AASB 9 - Financial Instruments (‘AASB 9’)
AASB 9 Financial Instruments addresses the classification, measurement and derecognition of financial assets and financial liabilities, introduces
new rules for hedge accounting and new impairment model for financial assets.
Classification and Measurement
On 01 July 2018, the Company has assessed financial instruments held by the Company and have classified them into the appropriate AASB 9
categories. The main effects resulting from this reclassification are shown in the table below.
On adoption of AASB 9, the Company classified financial assets and liabilities measured at either amortised cost or fair value, depending on the
business model for those assets and on the asset’s contractual cash flow characteristics. The Company may make an irrevocable election at initial
recognition for particular investments in equity instruments that would otherwise be measured at fair value through profit or loss, to present
subsequent changes in fair value in other comprehensive income.
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 31
Accounting Policies (Cont’d)
The following table summarises the impact on the classification and measurement of the Company’s financial instruments 01 July 2018:
in statement of
Presented
financial position
Cash and cash equivalents
Trade and other receivables
Trade and other payables
Financial Instrument
AASB 139
AASB 9
Reported $
Restated $
Term deposit
Loans and
receivables
Loans and
receivables
Held to maturity
Loans and
receivables
Amortised cost
Amortised cost
Amortised cost
No change
No change
No change
No change
Amortised cost
No change
No change
The Company does not currently engage in any hedging activities and accordingly any changes to hedge accounting rules under AASB 9 do not
have any impact on the Company.
Impairment
AASB 9 introduces a new expected credit loss (“ECL”) impairment model that requires the Company to adopt an ECL position across the Company’s
financial assets from 01 July 2018. The loss allowances for financial assets are based on the assumption about risk of default and expected loss
rates as opposed to the previously applied incurred loss model. The Company uses judgement in making these assumptions and selecting the
inputs to the impairment calculations, based on the Company’s past history, existing market conditions as well as forward looking estimates at the
end of each reporting period. The Company has assessed that the risk of default is minimal for trade receivables, and as such, no impairment loss
has been recognised against these receivables as at 30 June 2019.
AASB 15 – Revenue from Contracts with Customers (‘AASB 15’)
AASB 15 supersedes the prior standards for revenue recognition including, AASB 111 Construction Contracts, AASB 118 Revenue and related
Interpretations. AASB 15 applies to all revenue arising from contracts with customers, unless those contracts are in the scope of other standards.
The new standard establishes a five-step model to account for revenue arising from contracts with customers and is recognised at an amount that
reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. The adoption of
AASB 15 has not affected any of the Company’s revenue recognition areas.
Standards and Interpretations issued but not yet effective
Australian Accounting Standards and Interpretations have recently been issued or amended but are not yet effective and have not been adopted
by the Company for the year ending 30 June 2019. Management is in the process of assessing the impact of the adoption of these standards and
interpretations on the Company.
AASB 16 – Leases (‘AASB 16’)
When effective, this Standard will replace the current accounting requirements applicable to leases in AASB 117: Leases and related Interpretations.
AASB 16 introduces a single lessee accounting model that eliminates the requirement for leases to be classified as operating or finance leases.
The main changes introduced by the new Standard include:
-
-
-
-
-
recognition of a right-to-use asset and liability for all leases (excluding short-term leases with less than 12 months of tenure and leases
relating to low-value assets);
depreciation of right-to-use assets in line with AASB 116: Property, Plant and Equipment in profit or loss and unwinding of the liability
in principal and interest components;
variable lease payments that depend on an index or a rate are included in the initial measurement of the lease liability using the index
or rate at the commencement date;
by applying a practical expedient, a lessee is permitted to elect not to separate non-lease components and instead account for all
components as a lease; and
additional disclosure requirements.
The transitional provisions of AASB 16 allow a lessee to either retrospectively apply the Standard to comparatives in line with AASB 108 or
recognise the cumulative effect of retrospective application as an adjustment to opening equity on the date of initial application.
Impact of adoption
The adoption of AASB 16 is not expected to have a material impact on the Company’s lease recognition areas.
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 32
Note 2
Income
Other income
Interest
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 and share based payments
Marketing expense
Non-executive directors’ fees
Rental expense
Depreciation
Consolidated Entity
2018
$
2019
$
5,628
5,628
35,558
35,558
Consolidated Entity
2018
$
2019
$
300,531
84,110
133,333
25,845
36,450
417,856
176,169
126,586
24,513
33,920
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 33
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% (2018:
30%)
Add:
Tax effect of:
Consolidated Entity
2018
$
2019
$
(262,652)
(314,350)
- non-allowable items
- net current year tax losses not recognised, temporary differences and
,
deductible exploration expenditure.
-
-
299,439
344,135
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
-
(36,787)
-
-
(29,785)
-
6,945,295
(3,993,974)
115,514
3,066,835
6,061,399
(3,695,333)
90,262
2,456,328
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 2019.
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 34
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
b. Weighted average number of ordinary shares outstanding during the year
used in calculation of basic EPS
Potential ordinary shares
Weighted average number of ordinary shares outstanding during the year
used in calculation of dilutive EPS
c.
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.
d.
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
Consolidated Entity
2019
$
2018
$
40,465
40,465
38,439
38,439
Consolidated Entity
2019
$
2018
$
(875,505)
(1,047,836)
(875,505)
(1,047,836)
1,024,361,022
943,477,555
-
-
1,024,361,022
943,477,555
-
-
(0.08)
(0.09)
-
-
(0.11)
(0.11)
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 and on hand
Short term deposits
Refer to Note 23 for the risk exposure analysis for cash and cash equivalents.
Consolidated Entity
2019
$
95,706
-
95,706
2018
$
264,901
628,696
893,597
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 35
Note 8
Trade and Other Receivables
OTHER RECEIVABLES
CURRENT
Security deposits
Interest receivable
Other receivables
NON-CURRENT
Security deposits
TOTAL
Consolidated Entity
2019
$
13,049
-
32,085
45,134
2018
$
13,049
1,080
33,109
47,238
160,000
150,000
205,134
197,238
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 $50,000 are held in support of a bank guarantee issued in favour of the NSW Department of Planning and Environment, with the
remaining $110,000 being held directly with the NSW Department of Planning and Environment.
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
Consolidated Entity
2019
$
2018
$
226,834
226,834
226,834
226,834
491,031
(340,647)
150,384
51,437
(27,217)
24,220
102,402
(90,250)
12,152
419
(419)
-
489,407
(300,364)
189,043
68,710
(25,605)
43,105
102,402
(83,214)
19,188
419
(325)
94
186,756
251,430
413,590
478,264
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 36
Note 9
a. Movements in Carrying Amounts
Property, Plant and Equipment (Cont’d)
Movements in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial
year.
2019
Consolidated Entity:
Balance at the beginning of year
Additions
Disposals
Depreciation expense
Depreciation capitalised
Carrying amount at the end of year
2018
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
43,105
-
(6,883)
(12,002)
-
24,220
189,043
1,624
-
(17,317)
(22,965)
150,384
19,188
-
-
(7,037)
-
12,151
94
-
(94)
-
-
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
$
478,264
1,624
(6,883)
(36,450)
(22,965)
413,590
Total
$
471,303
55,398
(2,237)
(33,920)
(12,280)
478,264
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
Closing balance
No exploration expenditure was impaired during 2019 (2018: Nil).
Note 12
Trade and Other Payables
CURRENT
Trade creditors
Directors and senior management accrued salaries and fees
Sundry creditors and accrued expenses
GST collected
Consolidated Entity
2018
$
2019
$
6,150
7,249
Consolidated Entity
2018
$
2019
$
13,313,247
12,312,777
12,312,777
1,000,470
-
13,313,247
11,744,970
1,764,052
(1,196,245)
12,312,777
Consolidated Entity
2018
$
2019
$
75,059
86,047
49,828
-
210,934
111,227
-
69,547
12,041
192,815
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 37
Note 13
Provisions
CURRENT
Employee benefits
NON-CURRENT
Employee benefits
Note 14 Contributed Equity
1,069,618,073 (2018: 943,477,555) fully paid ordinary shares
a.
Ordinary shares
Contributed equity
At the beginning of the reporting period
Net shares and costs relating to shares issued during the
year
At reporting date
Shares outstanding
At the beginning of reporting period
Total Shares issued during year
At reporting date
b.
Capital Management
Consolidated Entity
2018
$
2019
$
39,226
39,226
77,018
77,018
2,812
770
Consolidated Entity
2019
$
31,078,996
31,078,996
2018
$
30,060,432
30,060,432
30,060,432
30,060,432
1,018,564
-
31,078,996
30,060,432
2019
Units
2018
Units
943,477,555
126,140,518
943,477,555
-
1,069,618,073
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
2018
$
2019
$
23,911
4,638
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 38
Grant date
Expiry date
Exercise
Balance at
Granted
Exercised
price
start of the
year
24 September 2017
25 September 2020
$0.0295
1,500,000
-
30 April 2019
Various**
Various**
-
72,500,00
-
-
*Employee options attributable to employees who have forfeited their options by leaving the company.
Expired/
Balance at 30
Forfeited/
June 2019
Other *
-
-
1,500,000
72,500,000
** Various Tranches granted during FY2019, vesting conditions, exercise prices and volume of each tranche detailed in the next table.
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.
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:
Tranche and Vesting
Grant date
Expiry date
Share
Exercise
Expected
Dividend
Condition
price at
price
volatility
yield
grant date
30/04/2019
31/08/2021
$0.005
$0.0065
100%
30/04/2019
31/07/2020
$0.005
$0.008
100%
30/04/2019
31/12/2023
$0.005
$0.011
100%
30/04/2019
31/08/2021
$0.005
$0.0065
100%
-
-
-
-
Fair value at
No.
grant date $
Options
Risk-
free
interest
rate
1.18%
$54,637
20.0m
1.14%
$24,830
15.0m
1.43%
$49,277
15.0m
1.18%
$20,489
7.5m
FY2019 Tranche 1, vesting
at the date of grant
FY2019 Tranche 2, vesting
upon achieving a Board
approved financing deal to
facilitate mining at Sorpresa
FY2019 Tranche 3, vesting
upon production (First Ore)
at Sorpresa to a Board
approved work plan
FY2019 Tranche 4, vesting
upon delivery of a JV or
farm-in arrangement to a
Board approved level
FY2019 Tranche 5, vesting
upon drilling of a prospect
resulting in identification of
>500koz of Au equivalent
Inferred Resource (JORC
2012)
30/04/2019
31/08/2021
$0.005
$0.0065
100%
-
1.18%
$40,798
15.0m
Accounting policy for share-based payments
Equity-settled share-based compensation benefits are provided to employees as an additional incentive to recognise their 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.
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 39
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 (%)
2019
2018
Australia
100
100
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
2019
$
146,624
14,033,599
248,660
251,472
31,078,996
23,911
(17,20,780)
13,782,127
2018
$
947,857
13,888,898
268,333
269,103
30,060,432
4,638
(16,446,548)
13,618,522
(875,505)
(875,505)
(1,047,835)
(1,047,835)
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.
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 40
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 exploration and mining licences and leases as
follows:
Payable
-
-
not later than 1 year
later than 1 year but not later than 5 years
Consolidated Entity
2019
$
2018
$
18,000
-
18,000
18,000
-
18,000
Consolidated Entity
2019
$
428,667
439,974
868,640
2018
$
350,677
701,333
1,052,010
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 41
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.
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)
Craig Riley (Managing Director and CEO (appointed CEO 31 January 2019, appointed Managing Director 31 March 2019)
Andrew Greville (Non-Executive Director)
John Kaminsky (Managing Director and CEO, retired as CEO 31 January 2019, retired as Director 31 March 2019)
Ramona Enconniere (Non-Executive Director, retired 31 January 2019)
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 2019. The totals of remuneration paid to Key Management Personnel of the company during
the year are as follows:
Short-term employee benefits - Paid
Short-term employee benefits - Accrued
Post-employment benefits
Long Term Benefits
Shares and Options
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 related parties (Jill Kaminsky and Nicole
Kaminsky) of Mr John Kaminsky were paid in respect of administrative
services. Payment for these services were on normal commercial terms.
2019
$
287,622
68,331
30,786
39,145
111,503
2018
$
401,911
-
29,115
40,513
-
537,387
471,539
2019
$
2018
$
10,032
12,941
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 42
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
2019
$
2018
$
(875,505)
(1,047,835)
36,450
3,683
19,273
1,099
64,841
51,199
(35,750)
(734,710)
33,920
737
4,638
13,934
(37,374)
(71,138)
36,418
(1,066,700)
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 – 2019 Annual Report to Shareholders | 43
Note 23
Financial Risk Management (Cont’d)
Categorisation of financial assets
Financial assets
Note
Category
Carrying value
2019
$
Carrying value
2018
$
Cash & cash equivalents
Trade and other receivables
7
8
Cash and other financial assets
Trade and other receivables at amortised cost
95,706
205,134
893,597
197,238
Financial liabilities
Trade and other payables
12
Financial liabilities measured at amortised cost
210,934
192,815
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:
Fixed Interest Rate
Maturing
Floating Interest Rate
$
Within One Year
$
Non-interest Bearing
$
Total
$
2019
2018
2019
2018
2019
2018
2019
2018
Financial Assets
Cash
Receivables
Total Financial Assets
Financial Liabilities
Trade and sundry creditors
Total Financial Liabilities
95,206
264,401
160,000
150,000
255,206
414,401
-
-
-
-
-
-
-
Net inflow/(outflow) on financial
assets
255,206
414,401
-
-
-
-
-
-
628,696
500
500
95,706
893,597
-
45,134
47,238
205,134
197,238
628,696
45,634
47,738
300,840
1,090,835
-
-
-
210,934
192,815
210,934
192,815
210,934
192,815
210,934
192,815
628,696
(165,300)
(145,077)
89,906
898,020
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 44
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 2019, 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
2019
$
2018
$
1,276
(1,276)
2,072
(2,072)
1,276
(1,276)
2,072
(2,072)
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
Since the end of the financial year a non-renounceable rights issue (Rights Issue) offering one (1) new share for every three (3) shares held at an application
price of $0.003 per share plus an option of $0.01 exercisable by 01 May 2020, was concluded with $0.8m raised before costs including placement of shortfall.
Shares issued under option and unissued shares under option
No options were exercised during the period. As at 30 June 2019 the breakdown of options – both listed and unlisted at balance date.
Listed Options
Existing Listed Options
(exercisable at 2.2 cents by 01 May 2020)
Total Listed Options
Unlisted Options
Employee Options
(exercisable at 2.95 cents by 25 September 2020)
Employee Options
(exercisable at 0.65 cents by 31 August 2021)
No.
%'age
131,140,518
100.0%
131,140,518
100.0%
No.
%'age
1,500,000
2.03%
20,000,000
27.03%
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 45
Note 24
Events Occurring after the Reporting Period (Cont’d)
Employee Options, performance based vesting conditions
(exercisable at 0.80 cents by 31 July 2020)
Employee Options, performance based vesting conditions
(exercisable at 1.10 cents by 31 December 2023)
Employee Options, performance based vesting conditions
(exercisable at 0.65 cents by 31 August 2021)
Employee Options, performance based vesting conditions
(exercisable at 0.65 cents by 31 August 2021)
Total Unlisted Options
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
15,000,000
20.27%
15,000,000
20.27%
7,500,000
10.14%
15,000,000
20.27%
74,000,000
100.00%
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 46
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 2019 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
Ian McCubbing
Dated this
30th day of September 2019
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 47
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 2019, 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)
Giving a true and fair view of the Group’s financial position as at 30 June 2019 and of its
financial performance for the year ended on that date; and
(ii)
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.
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.
Exploration & Evaluation Assets
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
for tenements that will expire in the near
future;
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 Group to ensure
that substantive expenditure on further
exploration for and evaluation of the
mineral resources in the areas of interest
were planned; and
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.
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 2019, 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.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 13 to 18 of the directors’ report for the
year ended 30 June 2019.
In our opinion, the Remuneration Report of Rimfire Pacific Mining NL, for the year ended 30 June 2019
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, 30 September 2019
Additional Information
For Publicly Listed Companies
1. The shareholder information set out below was applicable as at 16 September 2019
(a)
Distribution of Shareholders by Class – RIM Ordinary Shares
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
176
154
161
765
770
53,271
509,424
1,378,797
34,174,534
1,317,042,412
0.00
0.04
0.10
2.53
97.33
Total
2,026
1,353,158,438
100.00
Distribution of Shareholders by Class – RIMOB Option Expiring on 01 May 2020 at $0.022
Category
(Size of Holding)
Total Holders
RIMOB Options
% of Issued
RIMOB Options
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
100,001 over
11
16
14
72
78
993
67,011
106,537
2,930,326
128,035,651
0.00
0.05
0.08
2.23
97.63
Total
191
131,140,518
100.00
Distribution of Shareholders by Class – RIMOC Option Expiring on 01 May 2020 at $0.01
Category
(Size of Holding)
Total Holders
RIMOC Options
% of Issued
RIMOC Options
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
100,001 over
Total
6
9
17
80
119
231
2,199
26,826
132,283
3,718,271
273,660,786
0.00
0.01
0.05
1.34
98.60
277,540,365
100.00
(b)
The number of Ordinary shareholders with shareholdings in less than marketable parcels was 1,437 as at 16 September 2019.
The number of RIMOB option holders with holdings in less than marketable parcels was 139 as at 16 September 2019.
The number of RIMOC option holders with holdings in less than marketable parcels cannot be calculated due to no price as at 16 September
2019.
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 52
Additional Information (Cont’d)
For Publicly Listed Companies
(c) The number of holders of each class of equity security as at 16 September 2019:
Class of Security
Number
Fully Paid Ordinary Shares
RIMOB Options
RIMOC Options
2,026
191
231
(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 ordinary share ; and
- voting rights pro-rata to the amount paid up on each partly paid share held by the Member.
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 53
Additional Information (Cont’d)
For Publicly Listed Companies
(e) 20 Largest Shareholders – RIM Ordinary Shares as at 16 September 2019
Name
Mr Peng Wang
Ant Nicholson Pty Ltd
Mr John Adrian Kaminsky
Citicorp Nominees Pty Limited
Mr Choong Guang Koh
HSBC Custody Nominees (Australia) Limited
First Investment Partners Pty Ltd
New Gold Fife Pty Ltd
Mr Richard Thomas Hayward Daly + Mrs Sarah Kay Daly
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
B David Nominees Pty Ltd
11.
Cooee Investments Pty Ltd
12.
Helen Ma Pty Ltd
13.
Dr Julie Miranda Jelbart + Mr William Theodore Durnell
14.
Ralston Corporation Pty Ltd
15.
Mr Christopher Lindsay Bollam
16.
Mr Laurie John Newman
17.
Beirne Trading Pty Ltd
18.
Dr Gary Robert Lillicrap
19.
Kookoo Nominees Pty Ltd
20.
Warcoll Holdings Pty Ltd
Number of
Ordinary Fully
Paid Shares
Held
% Held of
Issued
Ordinary
Capital
38,174,603
30,050,000
28,307,725
27,469,660
26,500,000
24,734,201
24,060,281
23,809,524
21,841,781
19,333,336
18,168,604
17,286,831
17,000,000
15,000,379
15,000,000
14,616,778
14,500,000
14,264,342
13,200,000
12,882,375
2.82
2.22
2.09
2.03
1.96
1.83
1.78
1.76
1.61
1.43
1.34
1.28
1.26
1.11
1.11
1.08
1.07
1.05
0.98
0.95
Top 20 holders of Fully Paid Ordinary Shares
416,200,420
30.76
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 54
Additional Information (Cont’d)
For Publicly Listed Companies
20 Largest Shareholders – RIMOB Options Expiring on 01 May 2020 at $0.022 as at 16 September 2019
Name
Geoboys Ltd
Mr Bin Liu
Mr Peng Wang
TJS Investments (Aust) Pty Ltd
Mr Helmut Rocker
Mr Long Ding
Ant Nicholson Pty Ltd
Mr Timothy John McDonald
Mr Mark Andrew Tkocz
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
BIMH Pty Ltd
11.
B David Nominees Pty Ltd
12.
Mr Harvinder Singh Grewal
13.
HSBC Custody Nominees (Australia) Limited
14.
Helen Ma Pty Ltd
15.
Goffacan Pty Ltd
16.
Mr Kerry Peter Jelbart
17.
Mr Andrew Melville Knox
18.
Invia Custodian Pty Limited
19.
Coin Superannuation Fund Pty Ltd
20.
Navigator Australia Ltd
Number of
Listed
Options
Held
11,666,666
11,111,111
8,888,889
7,017,483
6,000,000
5,833,333
4,708,333
4,500,000
4,000,000
3,940,000
3,500,000
3,333,333
3,000,000
2,593,024
2,499,999
2,275,000
2,197,916
2,087,500
1,754,371
1,742,465
% Held of
Issued
RIMOB
Options
8.90
8.47
6.78
5.35
4.58
4.45
3.59
3.43
3.05
3.00
2.67
2.54
2.29
1.98
1.91
1.73
1.68
1.59
1.34
1.33
Top 20 holders of Listed RIMOB Options Expiring on 01 May 2020 @
$0.022
92,649,423
70.65
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 55
Additional Information (Cont’d)
For Publicly Listed Companies
20 Largest Shareholders – RIMOC Options Expiring on 01 May 2020 at $0.01 as at 16 September 2019
Name
Number of
Listed
Options
Held
% Held of
Issued
RIMOC
Options
Ant Nicholson Pty Ltd
30,000,000
10.81
1.
2.
3.
4.
5.
5.
5.
8.
9.
First Investment Partners Pty Ltd
Mr Richard Thomas Hayward Daly + Mrs Sarah Kay Daly
Mr Christopher Lindsay Bollam
Beirne Trading Pty Ltd
Ludowici Group Pty Ltd
SH Berdoukas Pty Ltd
Mr Aidan Moore
Mr Brent Norman Fisher
10.
Super MSJ Pty Ltd
11.
Mr Mark Andrew Tkocz
12.
Mr Mark William Toman + Mrs Helen Mary Toman
13.
Mr Stanley Anthony Berdoukas
14.
Allowside Pty Ltd
15.
Mr Christopher Lindsay Bollam
16.
B David Nominees Pty Ltd
17.
Helen Ma Pty Ltd
18.
Mrs Julie Avotins
19.
Mr Laurie John Newman
20.
Pointing Investments Pty Ltd
20.
Mrs Vanessa Ruben
25,000,001
17,960,446
15,000,000
10,000,000
10,000,000
10,000,000
8,500,000
8,333,333
8,000,000
7,025,000
6,666,667
5,051,670
5,000,000
4,945,039
4,833,336
4,321,710
4,000,000
3,654,196
3,333,333
3,333,333
9.01
6.47
5.40
3.60
3.60
3.60
3.06
3.00
2.88
2.53
2.40
1.82
1.80
1.78
1.74
1.56
1.44
1.32
1.20
1.20
Top 21 holders of Listed RIMOC Options Expiring on 01 May 2020 @ $0.01
194,958,064
70.24
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 56
Additional Information (Cont’d)
For Publicly Listed Companies
2.
The name of the Company Secretary is Melanie Leydin.
3.
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
Yarra Falls
452 Johnston St
Abbotsford VIC 3067
Telephone: 1300 850 505 (within Australia)
Overseas: + 61 3 9415 5000
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 16 September 2019.
7.
Unissued shares under option
As at 16 September 2019 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. As at 16 September 2019 there were also 72,500,000 unissued shares under option at various prices and various vesting dates which
are detailed in this report.
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 57
Schedule of Exploration Licences and Mining Licences
Licence
Location
Units
Interest
Grant Date
Renewal Date
Mineral Focus
EL7959
Fifield
7
100%
16/08/2012
16/08/2020
Gold / Base Metals
EL5534
Fifield
40
100%
23/10/1998
23/10/2019
Gold / Base Metals / Cobalt / Nickel / Scandium
EL7058
Fifield
35
100%
01/02/2008
01/02/2020
Gold / Base Metals / Platinum
M(C)L305
Fifield
1.9ha
100%
18/11/2004
17/11/2019
Gold / Platinum / Silver
M(C)L306
Fifield
2.0ha
100%
18/11/2004
17/11/2019
Gold / Platinum / Silver
EL8401
Fifield
100
100%
22/10/2015
22/10/2021
Gold / Base Metals
EL55651
Fifield
EL8543
Fifield
4
1
100%
24/03/1999
24/03/2019
Platinum
100%
27/03/2017
27/03/2020
Gold / Base Metals
EL8542
Fifield
32
100%
27/03/2017
23/03/2023
Gold / Base Metals
EL6241
Fifield
15
100%
17/05/2004
17/05/2021
Gold / Base Metals / Platinum
EL8804
Greater Lake Cowal
44
100%
31/01/2019
31/01/2021
Gold / Base Metals
EL8805
Greater Lake Cowal
39
100%
30/01/2019
30/01/2021
Gold / Base Metals
EL 59582
Broken Hill
27
10%
24/06/2002
24/06/2019
Base Metals / Cobalt
Notes:
1 Renewal submitted.
2 Perilya manages the tenement with Rimfire being free carried and licence renewal has been submitted.
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 58
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
Combined
0.5 g/t Au & 25
g/t Ag
Total
Indicated
Inferred
Total
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
Notes:
1.
2.
Sorpresa Mineral Resource reported to JORC 2012 standards, at 0.50 g/t Au and 25g/t Ag cut‐off
The figures in this table are rounded to reflect the precision of the estimates and include rounding errors.
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 59
Corporate Directory
Directors:
Ian McCubbing (Chairman)
Craig Riley (Managing Director & CEO)
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
Carton Solicitors
8 Chapel St
Cremorne VIC 3121
Computershare Investor Services Pty Ltd
Yarra Falls
452 Johnston St
Abbotsford VIC 3067
Telephone: 1300 850 505 (within Australia)
Overseas: + 61 3 9415 5000
Westpac Banking Corporation
114 William Street
Melbourne VIC 3000
Australian Securities Exchange
Home Exchange – Melbourne
ASX Code: RIM
rimfire@rimfire.com.au
www.rimfire.com.au
Rimfire Pacific Mining NL – 2019 Annual Report to Shareholders | 60
www.rimfire.com.au