RImfire Pacific Mining
ANNUAL REPORT 2021
RIMFIRE PACIFIC MINING NL
RImfire Pacific Mining
/ Rimfire Pacific Mining NL 2021 Annual Report to Shareholders Contents
Chairman’s Report
Operations Report
Project Overview
Directors’ Report
Information on Directors
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
1
2
3
15
18
22
28
30
31
32
33
34
58
59
Land Tenure - Schedule of Exploration Licences and Mining Licences
63
Additional Information for Publicly Listed Companies
Corporate Directory
64
67
Corporate Governance Statement
The Company’s 2021 Corporate Governance Statement has been released to ASX
on 30 September 2021 and is available on the Company’s website www.rimfire.com.au.
Rimfire Pacific Mining NL 2021 Annual Report to Shareholders / / Rimfire Pacific Mining NL 2021 Annual Report to Shareholders
CHAIRMAN’S REPORT
Dear Fellow Shareholders,
I am pleased to report that Rimfire has had a successful year with advancement of our four existing
projects that give exposure to gold and green energy metals including copper and platinum-group
elements (PGE’s) in the world-renowned Lachlan Fold Belt of central NSW. The company also
developed a new opportunity by regaining 100% tenure rights and management control on a
significant cobalt (electric vehicle battery metal) project (the Green View project) in the Broken Hill
region of south-western NSW.
The company’s financial position has been substantially improved after last year’s capital raising of
$2.6 million and implementation of the Avondale Earn-in Agreement which could deliver up to $7.5
million of funding over 4 years. This solid financial platform has allowed the company to identify the
exciting 100% owned new Valley (copper/gold) and Green View (cobalt) Projects in central NSW and
south-western NSW respectively.
The Company is manager of the Fifield and Avondale Earn-in Projects with Golden Plains Resources
Pty. Ltd. (GPR) our Earn-in partner. The Fifield Project includes the Sorpresa Resource (gold/silver)
where GPR is continuing to fund work activities towards obtaining mine development approvals.
Rimfire and GPR have established a solid professional working relationship and we appreciate
the resources provided by GPR. The Avondale Earn-in will enable the company to accelerate its
exploration of a number of attractive targets including the Kars and Currajong prospects.
The next 12 months will be significant for the development of the company’s 100% owned and
managed projects. The Valley Project (Lachlan Fold Belt), has promising results for a commercial
copper/gold porphyry system and will be further evaluated over the next year. The Company also
recently announced the Green View Project which is in a highly prospective area for cobalt, a mineral
that is now attracting significant global interest.
I would like to thank Board members, employees, contractors and service providers for their
continued hard work and professionalism over the past year. It has been a challenging and stressful
year operationally as outbreaks of the Coronavirus across the eastern states rapidly change how our
people and equipment can support field activities yet our team has been able to continue advancing
company projects whilst avoiding any Covid cases. Furthermore, we express our sincere thanks to
our new and continuing shareholders for their support of the Company.
Ian McCubbing
Chairman of the Board
Dated: 30 September 2021
Rimfire Pacific Mining NL 2021 Annual Report to Shareholders / 1 OPERATIONS REPORT
HEALTH, SAFETY, ENVIRONMENT AND COMMUNITY
Health
Environment
The Company recorded no health incidents or Covid-19
cases during the past year
There were no environmental incidents during the
past year.
The Company has implemented Covid-19 preventive
measures across all facets of field and office operations
to ensure employees and contractors are performing
duties in a manner consistent with directives from
relevant State and Federal authorities. The transition to
establishing robust platforms that allow the company
to continue operating normally whilst managing
compliance with Covid-19 directives from relevant
statutory authorities has been very successful. To
further mitigate the risk to employees, contractors, and
community the company is encouraging employees
and contractors to receive vaccinations. The Company
appreciates the ongoing support and contribution of the
local community, employees, and contractors during this
period of abnormal business practices.
Safety
There were no safety incidents during the past year
with the Company achieving a zero incident rate for
Minor Injuries, Medical Treatment Injuries and Lost
Time Injuries.
There were numerous drilling programs undertaken
during the year which were all completed safely. The
breaking of the drought significantly reduced the fire risk
associated with all field activities in the past year
although preventative control measures have been
implemented to manage increased levels of expected
dry vegetation that will be an issue for next summer.
The NSW Resources Regulator has replaced its previous
Complying Exploration Activity (CEA) system with a new
Approved Prospecting Operations (APO) framework,
with increased compliance requirements. The company
has closed all outstanding CEAs which included
obtaining sign-off from landholders confirming that all
environmental rehabilitation is complete to the agreed
standard. There remain 5 active APOs covering current
field work program activities.
Community
There were no community related incidents during the
past year.
The company acknowledges that our projects in NSW
are on the traditional lands of the Wiradjuri and Wilyakali
people and we pay our respect to their Elders past,
present and future.
During the year a Wiradjuri representative of the Local
Area Land Council (LALC) visited the Sorpresa Project
site and participated in a Cultural Heritage survey. There
were no artefacts or sites of significance observed in
areas of Rimfire field activities although some Aboriginal
artefacts were identified in the local area during the visit.
The company has incorporated the locations of these
sites into its Geographical Database systems to aid
future planning of field activities.
The company did raise its profile in the local community
by relocating its accommodation facilities to the
township of Fifield.
2 / Rimfire Pacific Mining NL 2021 Annual Report to Shareholders
PROJECT OVERVIEW
Rimfire Pacific Mining (ASX:RIM) is an ASX listed
exploration company focused on advancing four
projects in the Lachlan Fold Belt in New South Wales
with exposure to Copper / Gold / PGE / Cobalt and
one project in the “Willyama Supergroup” at Broken
Hill with exposure to Cobalt (Figure 1). The company
holds 896km2 of exploration licences covering highly
prospective ground within the Lachlan Fold Belt with
the Company’s projects located near the operating
mines of CMOC (Northparkes Cu/Au), Alkane (Tomingley
Au), Evolution (Cowal Au) and Newcrest Mining (Cadia
Valley Au/Cu) operations that produce collectively over
1 million ounces of gold and 100,000 tonnes of copper
metal annually from porphyry style copper / gold or gold
only mineralised systems. The company also now holds
a 78km2 area of an exploration licence at Broken Hill in
the Willyama Supergroup that is prospective for cobalt
mineralisation and hosts the significant Broken Hill
Pb-Zn-Ag (lead, zinc, silver) orebody that has been in
production for over 100 years, after the return of 25 units
from the Windy Ridge Joint Venture held with Perilya
after balance date.
Figure 1: Location Map of Rimfire’s Lachlan Fold Belt and Broken Hill Projects
Rimfire Pacific Mining NL 2021 Annual Report to Shareholders / 3 PROJECT OVERVIEW
The company is pursuing a dual strategy of seeking
a significant discovery within its exploration licences
and advancing the Sorpresa deposit with the goal
of delivering a value accretive project. Over the past
couple of years the Company has been very successful
at achieving co-investment commitments including
securing two earn-in agreements with Golden Plains
Resources Pty. Ltd. for the Fifield (exploration and
development) and Avondale (exploration) Projects.
Subject to some options in favour of GPR, Rimfire is
carried for up to $12 million of project expenditure
whilst retaining management control throughout the
earn-in periods (ASX Announcements: 4 May 2020 -
Rimfire Enters into $4.5 million Earn-in Agreement and
25 July 2021 - Rimfire Secures $7.5 million Avondale
Farm Out).
The company believes there are significant value
catalysts to come from the next stage of work programs
on the Projects whilst also actively continuing to review
further potential growth opportunities.
The five key projects under management in the Lachlan Fold Belt and Willyama Supergroup are:
LACHLAN FOLD BELT – CENTRAL NSW (WIRADJURI COUNTRY)
1. Valley Project – Porphyry Copper/Gold, RIM 100%
3 Located 5km west of Kincora Copper/RareX Mordialloc porphyry copper-gold target.
3 Recently completed a drilling program to test near surface IP targets and interpreted Ordovician
basement that hosts regional major discoveries such as Northparkes, Cadia and Cowal.
2. Cowal Project - Copper/Gold, RIM 100%.
3 Located to the east of Evolution’s Lake Cowal Copper/Gold mine.
3 Little exploration has occurred on these tenements which are prospective for Copper/Gold.
3. Fifield Project – Gold Silver and Platinum Group Elements (PGE’s)
3 GPR earning up to 50.1% over 3 years and RIM carried through development.
3 Maiden JORC 2012 resource of 125Koz gold + 7.9Moz silver.
3 Recent drilling at the Transit Prospect included a hole with an intersection of 55m @ 0.94g/t
gold and the final 1m intersection increasing to 9.98g/t gold.
4. Avondale Project – Cobalt, PGEs and Gold
3 GPR earning up to 75% over 4 years.
3 Currajong and KARS prospects located in the southern area of the project area and prospective
for Cobalt and PGE’s respectively.
BROKEN HILL (WILLYAMA SUPERGROUP) – SOUTH-WESTERN NSW (WILYAKALI COUNTRY)
5. Green View Project – Cobalt, RIM 100%
3 Located 15km from Broken Hill.
3 Adjacent to the significant Cobalt Blue Holdings Railway Cobalt Resource, with ~43,000t of
inground cobalt, which is the major resource for the Cobalt Blue’s Broken Hill Cobalt Project.
3 Prospective host rock lithology outcropping at surface along strike from Railway Resource.
4 / Rimfire Pacific Mining NL 2021 Annual Report to Shareholders VALLEY PROJECT – 100% RIM
The “Valley” Project lies 3km north of the township
of Trundle in central NSW. The 2021 drilling program
consisted of three shallow (<200m) holes to test
Induced Polarisation (IP) features (zones of anomalous
chargeability and resistivity responses in the bedrock
substrate) and a fourth deeper hole (>400m) to confirm
depth to interpreted Ordovician Volcanic basement
rocks. The Valley target is approximately 5km west of
the Kincora Copper/RareX Mordialloc porphyry copper/
gold target (Figure 2).
Figure 2: Regional Geological Context for The Valley project
NB: Geochemical footprints of Northparkes Cu-Au porphyry and local porphyry prospects Trundle Park
and Mordialloc are compiled from multiple open file sources. Background image is aeromagnetic.
A deep diamond drill hole, FI2079 of 463m downhole
depth and a shallow diamond drill hole, FI2081
of 151m downhole depth (Figures 3 and 4) were
completed to test two targets:
• A deeper magnetic target interpreted as Ordovician
volcanics related to porphyry style mineralisation
which occurs beneath younger Devonian sediments in
the region;
• The source of surface geochemical anomalism along
a ferruginous ridge and an Induced Polarisation (IP)
geophysical feature in same vicinity.
The deeper hole intersected the magnetic target at
~350m vertical depth. The unit is a strongly epidote-
chlorite altered volcanoclastic, polymictic conglomerate
and is interpreted as representing the Raggatt volcanics
(Ordovician). The source of the surface geochemical
anomaly was delineated when a series of stringer
fault breccias were intersected across a broad zone
and yielded anomalous copper (Cu) values of 26m
@ 410ppm Cu downhole from 96m including 10m @
800ppm Cu from 97m downhole (ASX Announcement:
27 July 2021 - Valley Results Support Potential for
Nearby Porphyry System).
Rimfire Pacific Mining NL 2021 Annual Report to Shareholders / 5 PROJECT OVERVIEW
Figure 3: Location map for the recent diamond drilling at The Valley Project.
The shallower hole, FI2081 (150m total depth), was
completed ~320m NW of FI2079 in order to test the
lateral extent of the ferruginous ridge and an Induced
Polarisation (IP) geophysical response. FI2081 is a
scissor hole to FI2079 with the purpose of testing the
steep structure as a host for copper mineralisation
and determine if it was also responsible for the IP
response. Very little copper mineralisation was observed
with logging and assaying indicating the IP feature is
associated with disseminated pyrite (iron sulphide) in
younger sediments (Devonian).
As this area was largely unexplored until last year, these
results are very encouraging and bode well for the next
phase of the program to vector into the source of a
significant zone of economic mineralisation.
The next stage of the exploration program involves a
dual approach of:
• Drilling magnetic features which are potentially a
cluster of porphyry intrusive centres, consisting of
magnetic lows and highs with marginal zones which
could host mineralization.
• Testing a number of surface geochemical and
alteration zones across the project area with focused
aircore drilling. A total of 100 aircore holes totalling
approximately 1,500m is planned to test these areas
of interest.
6 / Rimfire Pacific Mining NL 2021 Annual Report to Shareholders Figure 4: Cross Section Looking West Valley Core Holes FI2079 and FI2081.
Rimfire Pacific Mining NL 2021 Annual Report to Shareholders / 7 PROJECT OVERVIEW
GREEN VIEW PROJECT – RIM 100%
Rimfire reached agreement with Perilya for the return
of 25 out of 27 blocks from the Windy Ridge Joint
Venture over Rimfire’s EL 5958 at Broken Hill (Figure
5). The returned blocks are referred to as the Green
View Project.
The return of these blocks provides an exciting addition
to Rimfire’s portfolio as a multi commodity explorer
with a focus on metals that will support the future green
economy. Broken Hill is a globally recognised area for
metal mining and production with mature power and
transport infrastructure. The region is attracting interest
as a potential source of renewable energy metals such
as cobalt for batteries.
Green View is immediately adjacent to significant
resources, including Cobalt Blue Holdings’ (COB)
Railway Deposit, which has an estimated Indicated
and Inferred resource of 74Mt @ 704 ppm cobalt
equivalent, for 43,700 tonnes of contained cobalt. The
Railway Deposit contains over 50% of the estimated
resource for COB’s Broken Hill Cobalt Project and has
been described as “Australia’s largest cobalt sulphide
deposit – a top 10 global cobalt mine” (COB ASX
Announcement: 10 June 2021 - Company Presentation).
The geological units that contain the Railway Resource
are believed to extend onto Rimfire’s Green View
blocks. The cobalt mineralisation exhibits an associated
Figure 5: EL5958 Tenement, Broken Hill, NSW.
8 / Rimfire Pacific Mining NL 2021 Annual Report to Shareholders VTEM (Versatile Time Domain Electromagnetic)
feature adjacent to mineralisation. Along strike of the
prospective geological lithology a similar VTEM feature
has been interpreted on Rimfire tenure. The underlying
magnetic signature also suggests that the prospective
stratigraphy extends into EL5958 before curving to the
south-east (Figure 6). Outcrop extends at least 800m
into EL5958 before dipping deeper and becoming
covered by younger rocks although small areas of the
prospective stratigraphy outcrop indicating the unit is
likely to continue.
The Company is now completing necessary regulatory
approvals for completion of the transfer and planning
the work program to be conducted at the Green View
Project, located 25 kilometres west of Broken Hill.
Figure 6: Prospective Stratigraphy Draped on Magnetics.
Pit Outlines: COB ASX Announcement AGM Presentation 25 Nov 2019
Resource Outlines: COB ASX Announcement Thackaringa Feasibility Study 1 Nov 2018
Rimfire Pacific Mining NL 2021 Annual Report to Shareholders / 9 PROJECT OVERVIEW
COWAL PROJECT – RIM 100%
The Cowal Project consists of two Exploration
Licences located ~25 to 50 kilometres east of
the Evolution Cowal gold mine (Figure 7). A key
area of interest is directly south of Porters Mount
which is a historical (late 1900’s) discovery
of a large scale zone of uneconomic copper
mineralisation (Figure 8). Data analysis over past
12 months confirms the concept that the north –
south structural trend on the Exploration Licence
is crosscut by a major regional north-west –
south-east structural corridor that extends south
of Porters Mount and could host mineralisation
under cover. The company plans to undertake an
aircore drilling program to test the concept in the
forthcoming year.
Figure 7: Location Map of Cowal Project.
Figure 8: Structural Elements and Geochemistry Map of Cowal Project.
NB: Porters Mount corridor is intersected by the Marsden linear and by a N-S structure that is parallel to Cowal N-S structure.
Red = >0.1ppm Au and Green = >500ppm Cu
10 / Rimfire Pacific Mining NL 2021 Annual Report to Shareholders
FIFIELD PROJECT – GPR Earning up to 50.1%, RIM Managed
In May 2020 the Company entered Earn-in and Joint
Venture agreements with Golden Plains Resources Pty.
Ltd. (GPR) covering its 100% owned Fifield Project in
central NSW. The project area for the Earn-in Agreement
covers 103km2 of highly prospective ground that includes
the Sorpresa gold and silver discovery. On completion of
the earn-in commitments, GPR and Rimfire will form an
unincorporated Joint Venture over the Joint Venture Area.
Assessment Method (BAM). The BAM is a prescribed
method for determining the biodiversity value of
an area requiring surveys by accredited fauna and
flora specialists. These surveys identified three plant
community types occurring in the conceptual footprint
of the Sorpresa Project footprint. In the forthcoming year
further site visits will occur to complete targeted surveys
for fauna species that will support final BAM estimates.
Under the Earn-in GPR need to invest $1,500,000 per
year for three years to earn a 50.1% interest in the Joint
Venture Area and commit to fund the development of the
Sorpresa project, including Rimfire’s portion. Rimfire will
repay its share of the development costs from operating
cash flows. The Earn-in is now into its second year with
GPR having made all commitments during the first year.
During the Earn-in period funds will be spent pursuing
a dual strategy of exploration for further discoveries
and ongoing work to obtain Development Consent for
the preferred development project. Rimfire retains full
responsibility for design, planning and implementation
of all field program activities and meeting all regulatory
compliance requirements.
Sorpresa Mine Development Update
During the past year a diamond core drilling program was
completed at the Sorpresa Mine Development. Data from
this drilling program will assist in the development of the
geotechnical and metallurgical design parameters for the
Development. The core drilling will provide geotechnical
engineering data that will allow the determination of the
optimal pit wall slope design parameters for the mine
plans. The metallurgical drilling will provide samples for
further testing to refine ore processing options.
The metallurgical samples will also provide various types
of ore and waste samples for geochemical analysis which
will form part of the Environmental Impact Assessment
(EIA) that is required to obtain the Development Consent
from the NSW Government Authorities for Sorpresa.
In February 2021, Environmental Fauna and Flora
Consultants visited the site as part of the process
of completing an Environmental Impact Assessment
(EIA) that is a prerequisite requirement for securing
Development Consent from the NSW Government
statutory authorities. The NSW Biodiversity Conservation
Act (BC Act) established the Biodiversity Offsets
Scheme (BOS) to avoid, minimise and offset impacts
on biodiversity from development and clearing. Where
clearing does occur, the offsets are established in
perpetuity to compensate for the development. To
determine a projects potential liability under the BOS
the NSW government have developed the Biodiversity
In parallel with this survey the company completed
a Cultural Heritage Survey that included a Wiradjuri
representative from the Local Area Land Council (LALC)
who are the traditional custodians of the land. This initial
phase of work identified some cultural artefacts outside
the area of current Rimfire activities although data has
been captured in Geographic Information System (GIS)
databases for future field planning activities.
Fifield Project Exploration: Transit
Fifield Project exploration activities that are funded by
the GPR Earn-in has been on the drilling program at
Transit which is 4 kilometers east of Sorpresa (Figure
9) where there have been some significant results. The
most recent drill hole tested for deeper extensions of
gold mineralisation, beyond Fi2072 downhole end of
hole depth of 61m to a downhole end of hole depth of
156.6m (ASX Announcement: 8 July 2021 - Fifield Project
Intercept). Drill hole Fi2072 was still in mineralisation at
end of the hole and had an intercept of 55m at average
grade of 0.94g/t Au from 6m hole depth with two
significant intercepts of:
• 14m @ 1.76g/t Au from 6m, and
• 1m @ 9.98g/t Au from 60m.
The Fifield Project’s broader program at Transit has
also identified a zone of significant elevated gold
geochemistry coincident with surface soil and auger
bedrock samples approximately 150m to the north-
east (Figure 10). As diamond core provides significantly
better quality data than RC drilling the diamond drill
hole at Transit has allowed Rimfire to develop a better
understanding of lithology and structure. Key insights
include recognition of the following:
1. A broad halo of elevated gold geochemistry
occurring within a strongly sheared, quartz-veined
carbonaceous siltstone host rock with the highest
grades appearing to lie within steep structurally
controlled breccias,
2. Mineralisation trends approximately NE-SW bordering
a magnetic high (intrusive rock) and the potential exists
for additional extensions of mineralisation along this
structural trend.
Rimfire Pacific Mining NL 2021 Annual Report to Shareholders / 11 PROJECT OVERVIEW
To date, 8 holes have tested the zone of highest
surface gold grades. Only a small area of the anomaly
has been tested so far (approximately 120 x 100m),
and 6 of the 8 holes intercepted significant zones of
gold. The broad zone of anomalous geochemistry of
bedrock may possibly represent a significant Intrusion
Related Gold System (IRGS) deposit style opportunity
(ASX Announcement: 15 July 2019 - IRGS Sorpresa
Basin Model).
The next stage is to step out and test to the area
surrounding the surface anomalies and the interpreted
structural trend.
Figure 9: Transit Locality Map
12 / Rimfire Pacific Mining NL 2021 Annual Report to Shareholders Figure 10: Surface Gold Geochemistry at Transit
Rimfire Pacific Mining NL 2021 Annual Report to Shareholders / 13 PROJECT OVERVIEW
AVONDALE PROJECT – GPR Earning up to 75%, RIM Managed
In June 2021 the Company entered Earn-in and Joint
Venture agreements with Golden Plains Resources Pty.
Ltd. (GPR) covering its 100% owned Avondale Project
in central NSW (ASX Announcement: 25 July 2021 -
Rimfire Secures $7.5 million Avondale Farm Out). The
project area for the Earn-in Agreement covers 536km2
of highly prospective ground. On completion of the
earn-in commitments, GPR and Rimfire will form an
unincorporated Joint Venture over the Joint Venture Area.
Subject to some options in favour of GPR, GPR will
invest up to $7.5million to earn up to a 75% interest
in the Avondale Project. During the Earn-in period,
funds will be spent on exploration work programs
focusing on copper, gold, cobalt and platinum group
elements (PGE’s). Rimfire retains full responsibility for
development, planning and implementation of all field
program activities and meeting all regulatory compliance
requirements. Work program planning is in progress.
PERILYA JOINT VENTURE – Perilya 90%, Rimfire 10% free carried to BFS
A 10% interest is held by the Company (Perilya 90%)
in 2 sub-blocks (6km2) of Exploration Licence EL5958
in the Broken Hill area. These units remain within the
existing Windy Ridge Joint Venture. Perilya is responsible
for work programs on these 2 sub-blocks and any
procedural compliance requirements such as landholder
access and rehabilitation. Perilya and Rimfire work
programs collectively contribute towards meeting all
annual expenditure commitments on EL5958 (27 sub-
blocks) with Rimfire responsible for Exploration Licence
compliance reporting.
Refer to Green View Project section of Annual Report
for information on 25 sub-blocks where Rimfire has
full control and responsibility for compliance and work
program activities.
14 / Rimfire Pacific Mining NL 2021 Annual Report to Shareholders DIRECTORS’ REPORT
Your Directors present the following report on the Company and its controlled entity for the financial year
ended 30 June 2021.
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 (Non-Executive Chairman)
Craig Riley (Managing Director and Chief Executive Officer)
Andrew Greville (Non-Executive Director)
Andrew Knox (Non-Executive Director)
Misha Collins (Non-independent, Non-executive Director), joined the Company on 2 July 2021
Principal Activities
The principal activities of the Consolidated entity during
the financial year were the exploration and evaluation of
mineral deposits.
Review of Operations
Rimfire Pacific Mining (ASX:RIM) is an ASX listed
exploration company focused on advancing four
projects in the Lachlan Fold Belt and one project in the
Willyama Supergroup in New South Wales with exposure
to Copper/Gold/PGE and Cobalt.
The company has a successful track record of
commercialising assets including securing two earn-
in agreements with Golden Plains Resources Pty. Ltd.
for the Fifield and Avondale Projects. Subject to some
options in favour of GPR, Rimfire is fully carried for up
to $12 million of exploration expenditure across the
projects whilst retaining management control throughout
the earn-in periods.
The company believes there are significant value
catalysts to come from the next stage of work programs
on the Projects and the company actively reviews
potential growth opportunities.
The five key projects under management in the Lachlan
Fold Belt and Willyama Supergroup are:
Lachlan Fold Belt – central NSW (Wiradjuri Country)
1. Valley Project – Porphyry Copper / Gold, RIM 100%
- Located 5km west of Kincora Copper/RareX
Mordialloc porphyry copper-gold target.
- Recently completed a drilling program to test
near surface IP targets and interpreted Ordovician
basement that hosts regional major discoveries such
as Northparkes, Cadia and Cowal.
- Little exploration has occurred on these tenements
which are prospective for Copper / Gold.
3. Fifield Project – Gold Silver and Platinum Group
Elements (PGE’s)
- GPR earning up to 50.1% over 3 years and RIM
carried through development.
- Maiden JORC 2012 resource of 125Koz gold +
7.9Moz silver.
- Recent drilling at the Transit Prospect included a
hole with an intersection of 55m @ 0.94g/t gold and
the final 1m intersection increasing to 9.98g/t gold.
4. Avondale Project – Cobalt, PGEs and Gold
- GPR earning up to 75% over 4 years.
- Currajong and KARS prospects located in the
southern area of the project area and prospective for
Cobalt and PGE’s respectively.
Broken Hill (Willyama Supergroup) – south-western
NSW (Wilyakali Country)
5. Green View Project – Cobalt, RIM 100%
- Located 15km from Broken Hill.
- Adjacent to the significant Cobalt Blue Holdings
Railway Cobalt Resource, with ~43,000t of inground
cobalt, which is the major resource for the Cobalt
Blue’s Broken Hill Cobalt Project.
- Prospective host rock lithology outcropping at
surface along strike from Railway Resource.
The Company actively enacts a process of review, rating
and prioritising key prospect opportunities to progress
and grow the pipeline for new discoveries.
The Fifield and Broken Hill areas both have good access
to infrastructure and skills suitable for any potential
mining scenario which further supports the pursuit of
discovery in the district.
2. Cowal Project - Copper / Gold, RIM 100%
- Located to the east of Evolution’s Lake Cowal
Copper / Gold mine.
Full details of the progression of discovery activity
undertaken during the period are contained in the
Operations Section of this Annual Report.
Rimfire Pacific Mining NL 2021 Annual Report to Shareholders / 15 DIRECTORS’ REPORT
Junior Resource Sector Outlook and
Financial Position
The global outlook for the resources sector continues
to be mixed depending on mineral commodity type
with strong demand and interest in the top tier
mining companies with more variable interest in
the junior resource sector. For the junior resource
sector (exploration), there has been a noticeable
increase of investor activity for the year. During the
year the gold price remained steady at historically
high levels which has seen positive support for junior
exploration companies with strong exposure to the
gold sector. Another increasingly emerging sector in
junior exploration has been companies exposed to
commodities that are expected to do well in new era
of “Green” Energy, such as cobalt, lithium and other
rare earth minerals that are required for better quality
batteries through to copper minerals that are used
extensively in transmission of electrical power.
The Company’s cash at bank at 30 June 2021 was
$1.6million. In addition, $0.3million and $0.1million
was held in the Fifield and Avondale Project Accounts
respectively at 30 June 2021. Under the Fifield and
Avondale Project Agreements, cash calls are made
in advance based on agreed forecast expenditure
and the funds are deposited into the Company’s
accounts for payments on expendiutre incurred by
the respective projects.
Capital Structure
As at 30 June 2021 the capital structure of the
Company was;
• 1,806,244,735 Ordinary Shares on Issue (RIM)
• 30,000,000 Unlisted Options, various prices and
vesting dates
Commodity Pricing for the Period
During the 2021 Financial Year, the gold price remained
strong, finishing the year at USD 1,755.60 per ounce.
Currently, the gold price is trading at AUD 2,403 per
ounce (using an exchange rate AUD:USD of 0.73 and
gold price as at 17 September 2021), which is close to
record highs. The table below summarises the pricing for
gold and silver (www.kitco.com, New York) and copper
prices (www.LME.com, London).
Commodity
Gold (oz)
Silver (oz)
Copper (t)
Price USD
1 Jul 2020
1,780.10
Price USD
30 Jun 2021
1,755.60
18.19
6,038
26.20
9,385
FY20 USD
Change
-0.25%
44.01%
55.43%
Price AUD
1 Jul 2020
2,543.00
Price AUD
30 Jun 2021
2,336.32
25.99
8,626
34.47
12,348.68
FY20 AUD
Change
-8.13%
32.62%
43.16%
*Using an exchange rate AUD:USD of 0.70 for 30 June 2020 and 0.76 for 30 June 2021
16 / Rimfire Pacific Mining NL 2021 Annual Report to Shareholders Operating Results
The loss of the Consolidated entity amounted to
$373,704 in the period (2020: $956,975).
Dividends
No dividends were paid during the financial year, nor are
any recommended at 30 June 2021 (30 June 2020: Nil).
After Balance Date Events
Subsequent to the end of the financial year 25 of 27
blocks of Exploration Licence 5958 have been released
from the Windy Ridge Joint Venture with Perilya and
returned to Rimfire.
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.
The impact of the Coronavirus (Covid-19) pandemic
is ongoing and it is not practicable to estimate the
potential impact, positive or negative, after the
reporting date. The situation is rapidly developing and
is dependent on measures imposed by the Australian
Government and other countries, such as maintaining
social distancing requirements, quarantine, travel
restrictions and any economic stimulus that may
be provided.
Licence and Environmental Compliance
The Consolidated entity aims to ensure the Company
achieves a high standard of environmental care. 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.
Rimfire Pacific Mining NL 2021 Annual Report to Shareholders / 17 INFORMATION ON DIRECTORS
Ian McCubbing
Independent Non-Executive Chairman
Member of Audit Committee
Member of Remuneration and Nomination
Committee
Bachelor of Commerce (Hons), MBA (Ex), CA,
GAICD
Mr McCubbing was appointed Director and
Chairman of the Board in July 2016 and
possesses a strong commercial background in
the resources industry.
Mr McCubbing is a Chartered Accountant with
more than 30 years’ experience, principally in
the areas of accounting, corporate finance and
mergers and acquisition. He spent more than
15 years working with ASX200 and other listed
companies in senior finance roles, including
positions as Finance Director and Chief Finance
Officer in mining and industrial companies.
During the past three years Mr McCubbing has
also served as a director on the following ASX
listed companies;
- Swick Mining Services Ltd (Non-Executive
Director since August 2010),
- Prominence Energy NL (Non-executive
Chairman since October 2016),
- Symbol Mining Ltd (Non-Executive Director
from December 2017 to February 2019), and
- Avenira Ltd (Non-Executive Director from
December 2012 to January 2019).
Shareholding: 14,209,849 ordinary shares
18 / Rimfire Pacific Mining NL 2021 Annual Report to Shareholders
Craig Riley
Managing Director and Chief Executive Officer
Bachelor of Applied Science (Hons) (Queensland
University of Technology)
Mr Riley joined Rimfire in September 2018 in
the capacity of Business Development Manager
and was appointed Chief Executive Officer in
January 2019 and Managing Director on 31
March 2019.
Mr Riley has more than 25 years’ 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
including Northparkes mine.
During the past three years Mr Riley did
not hold any other ASX listed company
directorships.
Shareholding: 8,033,830 ordinary shares and
10,000,000 unlisted options (expiring 31 Dec
2023 subject to vesting conditions)
Andrew Knox
Independent Non-Executive Director
Chairman of Audit Committee
Member of Nomination and Remuneration
Committee
Bachelor of Commerce, CA, CPA, FAICD
Mr Knox was appointed a Director in March 2020
and brings a strong commercial background
in strategy and fund raising for micro and low
capital companies in the oil and gas and mining
industries.
Mr Knox has over 35 years’ resources experience
throughout Australasia, South East Asia and North
America. Mr Knox provides additional significant
experience in financial and commercial activities,
involving acquisitions, Merger and Acquisition
(M&A) and capital raisings.
During the past three years Mr Knox has also
served as a director on the following ASX listed
companies;
- Red Sky Energy (CEO and Managing Director
since July 2018).
Shareholding: 12,889,582 ordinary shares
Andrew Greville
Independent Non-Executive Director
Chairman of Nomination and Remuneration
Committee
Member of Audit Committee
Bachelor of Engineering (Mining), University of
Queensland, Queensland Limited Mine Manager’s
Certificate
Mr Greville was appointed a Director in August
2017 and is a qualified mining engineer with over
30 years’ mining industry experience.
Mr Greville’s experience is primarily gained in
the copper industry, particularly in the fields
of business development, including mergers &
acquisitions, marketing and strategy. Mr Greville’s
career includes the role of Executive General
Manager, Business Development and Strategy,
Xstrata Copper. Currently Mr Greville is Managing
Director of West End Mining & Consulting (Private
Company).
During the past three years Mr Greville has also
served as a director on the following ASX and
TSXV listed companies;
- Aeon Metals Ltd (Non-executive Director since
May 2020),
- Tulla Resources Plc (Non-Executive Director
since February 2021), and
- Nova Royalty Corporation (Non-Executive
Director since December 2020).
Shareholding: 4,600,000 ordinary shares
Rimfire Pacific Mining NL 2021 Annual Report to Shareholders / 19
INFORMATION ON DIRECTORS
Misha Collins
Non-Independent Non-Executive Director
Member of Audit Committee (effective
27 September 2021)
Bachelor of Engineering in Metallurgy (First
Class Honours), Graduate Certificate in
Banking and Finance, Graduate Diploma in
Applied Finance and Investment, CFA program
completion, member of AIMM, AICD and CFA
charter holder.
Mr Collins was appointed a Director in July 2021
and brings 23 years’ experience in the resources
industry.
Mr Collins’ experience in resources has been as a
mining executive, financial analyst, and company
director, including time with BHP, Bankers Trust /
BT Funds Management, ING Australia and most
recently was Chief Executive Officer of Cassidy
Gold Corporation and has acted as adviser to
several significant debt and equity transactions in
the gold mining industry.
During the past three years Mr Collins has also
served as a director on the following ASX listed
companies;
- Sihayo Gold (Non-Executive Director since
2008 including Chairman in 2009 to 2010 and
2013 to 2020).
Mr Collins is also acting as an unpaid technical
adviser to Golden Plains Resources Pty. Ltd.
who are the project partners in the Fifield and
Avondale Earn-in Projects, accordingly Mr Collins
is considered to be a Non-Independent Director
for Rimfire.
Shareholding: 4,600,000 ordinary shares
20 / Rimfire Pacific Mining NL 2021 Annual Report to Shareholders
Melanie Leydin
Company Secretary (Resigned 2 July 2021)
BBus (Acc. Corp Law), CA, FGIA
Ms Leydin was appointed as Company
Secretary in April 2017, resigning in July
2021. She is a principal of Leydin Freyer
providing outsourced company secretarial
and accounting services to public and private
companies across a host of industries including
but not limited to the resources, technology,
bioscience, biotechnology and health sectors.
Ms Leydin has over 25 years’ experience in
the accounting profession and over 15 years
as a Company Secretary. She has extensive
experience in relation to public company
responsibilities, including ASX and ASIC
compliance, control and implementation of
corporate governance, statutory financial
reporting, reorganisation of Companies and
shareholder relations.
Stefan Ross
Company Secretary (Appointed 2 July 2021)
BBus (Acc)
Mr Ross was appointed as Company Secretary
in July 2021, he is an employee of Leydin Freyer
providing outsourced company secretarial
and accounting services to public and private
companies across a host of industries including
but not limited to the Resources, technology,
bioscience, biotechnology and health sectors.
Mr Ross has over 10 years’ experience in
accounting and secretarial services for ASX
Listed companies. His extensive experience
includes ASX compliance, corporate
governance control and implementation,
statutory financial reporting and board and
secretarial support.
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
Andrew Greville
Andrew Knox
24
24
24
24
23
24
23
23
2
-
2
2
2
-
2
2
3
-
3
3
3
-
3
3
Rimfire Pacific Mining NL 2021 Annual Report to Shareholders / 21
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. Principles used to determine the nature and
amount of remuneration
2. Details of remuneration for the year ended
30 June 2021
3. Employment contracts
4. Share based compensation of Directors and Key
Management Personnel
5. Additional Disclosures relating to Key Management
Personnel
6. Shareholding
7. Five year summary of key financial data
8. 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
suitable 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, but also within
the financial capability of the Company at the time of
assessment.
Remuneration policy for Directors and senior executives
is reviewed annually by the Board. Depending on
the nature of employment agreements, remuneration
comprises a fixed component, (which is based on
factors such as capability, effectiveness, work tasks,
responsibilities, length of service and experience),
superannuation, fringe benefits, short term bonus, long
term incentives (which may include shares, options on
shares or performance rights), subject to any necessary
shareholder or regulatory approvals. During the year the
Company did not engage remuneration consultants to
provide advice on the Company’s remuneration policy.
The policy requires reviews taking into account the
Consolidated entity’s performance, executive and
Non-Executive Director performance and comparable
information from industry, including other listed
companies in the resources sector. Independent external
advice is sought as required. There is currently no link
between the policy and the Company’s earnings and
shareholder wealth because the Company is still in
the exploration phase and is not generating revenue.
Instead, the criteria for executive and Director appraisal
include:
• Maintaining high standards of workplace, health and
safety, environmental compliance and community
liaison,
• Leading the development of strategy, and
communicating to stakeholders,
• 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,
• 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,
• Managing investor relations and Company
communication,
• Ability to multi-skill and cover as much of the
Company’s skill needs from in-house resources.
The Board is aware of the need to maintain competitive
remuneration to reward performance which benefits
shareholders and advances the Company. To this
end, a review of the short term bonus and long term
incentive programs to motivate and reward those people
who create shareholder value and make the greatest
contribution to the Company was undertaken last year.
A Long Term Incentive Plan scheme for employees
was approved by shareholders at the Company’s 24
November 2020 AGM.
There has been no change to the remuneration of
Non-Executive Directors, the cumulative pay that
was deferred from January 2019, was paid to the
Non-Executive Directors during the period. To align
Directors’ interests with shareholder interests, Directors
are encouraged to hold shares in the Company.
22 / Rimfire Pacific Mining NL 2021 Annual Report to Shareholders Withheld salary payments from Senior Management
whilst on reduced salaries when the Company was
undertaking cost reduction activity, have also been
paid during the period.
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 2020 AGM the Company received 98% of ‘for’
votes in relation to its remuneration report for the year
ended 30 June 2020. No feedback was received from
shareholders in relation to its remuneration practices
at the 2020 AGM.
2. Details of Remuneration for the Year Ended
30 June 2021
Benefits to senior executives and the Non-Executive
Directors consisted primarily of cash benefits in the
period with a modest short-term incentive paid to the
Managing Director. A Non-Executive Director Pool of
$200,000 was available in 2021 ($200,000 in 2020) 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
$140,000 in total ($111,366 in 2020).
Table 1: Remuneration Details
The following table details, in respect to the financial years ended 30 June 2021 and 2020, the
components of remuneration for each key management person of the Group.
Ordinary Shares Held
Key Management
Personnel
Primary
Post Employment
Salary and
Fees
Bonus -
STI
Annual
Leave
Super
Long
Service
Leave
Equity
Comp.
Options *
Total
Non- Executive
Directors
I McCubbing
A Greville
A Knox
FY 2021
FY 2020
60,000
60,000
FY 2021
FY 2020
40,000
40,000
FY 2021
FY 2020
40,000
11,366
-
-
-
-
-
-
Executive Director
C Riley
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
60,000
60,000
40,000
40,000
40,000
11,366
FY 2021
FY 2020
Total FY 2021
Total FY 2020
179,376
174,742
319,376
286,108
17,352
-
17,352
-
12,859
-
12,859
-
19,975
15,384
19,975
15,384
1,977
-
1,977
-
(16,013)
46,441
(16,013)
46,441
215,525
236,567
355,526
347,933
* As a result of changes in estimates concerning the number of Options likely to vest, the estimate of the expense expected over
the vesting period was revised downwards, resulting in the reversal shown for the financial year ended 30 June 2021.
Rimfire Pacific Mining NL 2021 Annual Report to Shareholders / 23
REMUNERATION REPORT (AUDITED)
Performance Income as a Proportion of Total
Remuneration
A cash bonus of $17,352 (excluding superannuation)
was paid to the Managing Director during the year
ended 30 June 2021 (2020: 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 period no payments were paid to related
parties. Last year ended 30 June 2020 financial year
related parties (WEMCO) of Mr Andrew Greville were
paid $1,250 in respect of consulting services. Payment
for these services was on normal commercial terms.
notice by the company and 3 months’ notice by the
employee. Mr Riley is entitled to an annual salary
(inclusive of superannuation) of $201,000.
The Non-Executive Directors have been appointed
on an ongoing basis and Directors have no retirement
benefit allowances (neither current nor accrued), and
the Company has no obligations to Directors upon their
cessation from office.
4. Share Based Compensation of Directors & Key
Management Personnel
No other share based compensation was granted to
Key Management Personnel or Non-Executive Directors
during the year ended 30 June 2021 (2020: nil).
5. Additional Disclosures Relating to Key Management
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’
Personnel
None.
6. Shareholding
Table 2: Shareholding Details
The following table details, in respect to the financial years ended 30 June 2021 and 2020, the
shareholdings for each key management person of the Group.
Shares Held
Key Management
Personnel
Non- Executive Directors
I McCubbing
Beginning
Balance
Received as
Remuneration
Shares
Acquired*
Net Change
Other
Closing
Balance
A Greville
A Knox
FY 2021
FY 2020
11,809,849
8,857,383
FY 2021
FY 2020
3,000,000
2,250,000
FY 2021
FY 2020
12,489,582
-
Executive Director
C Riley
FY 2021
FY 2020
-
-
Total FY 2021
Total FY 2020
27,299,431
11,107,383
-
-
-
-
-
-
-
-
-
-
2,400,000
2,952,466
1,600,000
750,000
-
-
-
-
14,209,849
11,809,849
4,600,000
3,000,000
400,000
-
-
12,489,582
12,889,582
12,489,582
8,033,830
-
12,433,830
3,702,466
-
-
-
12,489,582
8,033,830
-
39,733,261
27,299,431
* FY2021 shares acquired from the participation in the share purchase plan and the exercising of options vested during the period.
24 / Rimfire Pacific Mining NL 2021 Annual Report to Shareholders Table 3: Option Details
The following table details, in respect to the financial years ended 30 June 2021 and 2020,
the options for each key management person of the Group.
Options Held
Key Management
Personnel
Beginning
Balance
Options
Acquired
Options
Rec as
REM
Options
Exercised
Options
Lapsed
Net Change
Closing
Balance
Total
Vested
Non- Executive Directors
I McCubbing
FY 2021
FY 2020
-
5,241,877
-
2,952,466
FY 2021
FY 2020
-
1,250,000
-
750,000
A Greville
A Knox
FY 2021
FY 2020
-
-
Executive Director
C Riley
FY 2021
FY 2020
42,500,000
42,500,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(8,194,343)
-
(5,241,877)
-
(2,000,000)
-
(1,250,000)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(15,000,000)
-
(7,500,000)
-
(22,500,000)
-
20,000,000
42,500,000
-
15,000,000
Total FY 2021
42,500,000
Total FY 2020
48,991,877
-
3,702,466
-
-
(15,000,000)
(7,500,000)
(22,500,000)
20,000,000
-
-
(10,194,343)
(6,491,877)
42,500,000 15,000,000
Executives
There were no executives other than Craig Riley at balance date.
7. Five Year Summary of Key Financial Data
The earnings of the company for the five years to 30 June 2021 are summarised below:
Revenue and other Income
2021
$
650,456
2020
$
52,846
2019
$
5,628
2018
$
35,538
2017
$
43,327
Net Profit / (loss) before tax
(373,704)
(956,975)
(875,505)
(1,047,836)
(924,782)
Net Profit / (loss) after tax
(373,704)
(956,975)
(875,505)
(1,047,836)
(924,782)
The factors that are considered to affect total shareholders return (TSR) are summarised below:
Share price beginning financial year ($)
Share price end financial year ($)
Basic loss per share (cents per share)
0.007
0.009
(0.020)
0.003
0.007
(0.070)
0.011
0.003
(0.080)
0.022
0.011
(0.011)
0.190
0.022
(0.100)
End of audited remuneration report.
Rimfire Pacific Mining NL 2021 Annual Report to Shareholders / 25 REMUNERATION REPORT (AUDITED)
8. Other Matters
Shares issued under option and unissued shares under option
27,500,000 options were exercised during the period through a mixture of cash payment and cancellation of 13,826,792
options as per the conditions in the Long Term Incentive Plan scheme. Also during the period 15,000,000 options were
cancelled due to vesting conditions not being met. As at 30 June 2021 the breakdown of unlisted options remaining at
balance date are listed below.
1. Employee Options, performance based vesting conditions
(exercisable at 1.10 cents by 31 December 2023)
2. Employee Options, performance based vesting conditions
(exercisable at 0.65 cents by 31 August 2021)
15,000,000
50.0%
15,000,000
50.0%
Indemnifying Officers
Indemnity and Insurance of Auditor
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 Craig Riley
Mr Andrew Greville
Mr Stefan Ross
Mr Andrew Knox
Mr Misha Collins
The company has not, during or since the end of the
financial year, indemnified or agreed to indemnify the
auditor of the company or any related entity against a
liability incurred by the auditor.
During the financial year, the company has not paid a
premium in respect of a contract to insure the auditor of
the company or any related entity.
Proceedings on Behalf of the Company
No person has applied for leave of Court to bring
proceedings on behalf of the Company or intervene in
any proceedings to which the Company is a party for
the purpose of taking responsibility on behalf of the
Company for all or any part of those proceedings.
The Company was not a party to any such proceedings
during the financial year.
Auditor
RSM Australia Partners continues in office in accordance
with section 327 of the Corporations Act 2001.
26 / Rimfire Pacific Mining NL 2021 Annual Report to Shareholders 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 28.
Non-Audit Services
RSM Australia Partners provided non-audit services
during the financial year with the provision of taxation
advice relating to the Earn-in Agreement entered into
during the financial year.
Signed in accordance with a resolution of the Board
of Directors.
Chairman
Ian McCubbing
Dated this
30th day of September 2021
Rimfire Pacific Mining NL 2021 Annual Report to Shareholders / 27
AUDITOR’S INDEPENDENCE DECLARATION
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the financial report of Rimfire Pacific Mining NL and its controlled entity for the year
ended 30 June 2021, I declare that, to the best of my knowledge and belief, there have been no contraventions
of:
(i)
(ii)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
any applicable code of professional conduct in relation to the audit.
RSM AUSTRALIA PARTNERS
J S CROALL
Partner
Dated: 30 September 2021
Melbourne, Victoria
28 / Rimfire Pacific Mining NL 2021 Annual Report to Shareholders FINANCIAL STATEMENTS
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
NOTES TO THE FINANCIAL STATEMENTS
General Information
Statement of Significant Accounting Policies
Critical Accounting Judgements, Estimates and Assumptions
Income
Depreciation
Loss for the Financial Year
Income Tax Expense
Auditor’s Remuneration
Earnings per Share
1
2
3
4
5
6
7
8
9
10 Cash and Cash Equivalents
11 Trade and Other Receivables
12 Financial Asset
13 Property, Plant and Equipment
14 Exploration and Evaluation Expenditure
15 Trade and Other Payables
16 Contract Liabilities
17 Provisions
18 Contributed Equity
19 Controlled Entity
20 Parent Entity Information
21 Commitments and Contingent Liabilities
22 Contingent Liabilities and Contingent Assets
23 Segment Reporting
24 Key Management Personnel Disclosures
25 Related Party Details
26 Cash Flow Information
27 Financial Risk Management
28 Events Occurring after the Reporting Period
29 Shares Issued Under Option and Unissued Shares Under Option
30 Company Details
30
31
32
33
34
34
43
43
43
44
44
45
45
45
46
46
47
49
49
49
49
50
51
52
52
53
53
53
54
54
55
57
57
57
Rimfire Pacific Mining NL 2021 Annual Report to Shareholders | 29
FINANCIAL STATEMENTS
Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the Year Ended 30 June 2021
Revenue from continuing operations
Expenses:
Employee benefits expense
Non-executive directors’ fees
Share based payments
Professional costs
Occupancy costs
Travel costs
Marketing expense
Depreciation and amortisation
Insurance
Share registry and listing expenses
Profit/(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
Note
4
5
6
7
Consolidated Entity
2020
2021
$
650,455
(370,167)
(140,000)
23,224
(212,653)
(8,488)
(2,721)
(41,971)
(37,003)
(22,657)
(84,687)
(8,264)
(118,772)
(373,704)
-
$
52,846
(352,786)
(111,366)
(86,791)
(128,805)
(33,149)
(430)
(82,393)
(40,525)
(8,453)
(55,969)
3,248
(111,402)
(956,975)
-
(373,704)
(956,975)
-
-
(373,704)
(956,975)
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)
9
9
(0.02)
(0.02)
(0.07)
(0.07)
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction
with the accompanying notes
30 | Rimfire Pacific Mining NL 2021 Annual Report to Shareholders
Consolidated Statement of Financial Position as at 30 June 2021
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Financial asset
Other current assets
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Trade and other receivables
Property, plant and equipment
Right of use assets
Exploration & evaluation costs
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
CURRENT LIABILITIES
Trade and other payables
Provisions
Contract liability
Lease liability
TOTAL CURRENT LIABILITIES
NON-CURRENT LIABILITIES
Provisions
Lease liability
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Contributed equity
Reserves
Accumulated losses
TOTAL EQUITY
Note
Consolidated Entity
2020
2021
$
$
10
11
12
11
13
13
14
15
17
16
21c
17
21b
1,567,471
173,312
370,511
3,215
2,114,509
207,400
407,489
9,752
310,794
633,931
-
5,036
949,761
170,000
340,394
20,479
14,623,370
13,904,467
15,248,011
14,435,340
17,362,520
15,385,101
322,443
88,178
412,273
9,227
832,121
14,084
-
14,084
846,205
361,519
60,996
527,273
11,509
961,297
6,960
9,227
16,187
977,484
16,516,315
14,407,617
18
35,156,698
32,575,943
12,348
110,702
(18,652,731)
(18,279,028)
16,516,315
14,407,617
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes
Rimfire Pacific Mining NL 2021 Annual Report to Shareholders | 31
FINANCIAL STATEMENTS
Consolidated Statement of Changes In Equity for The Year Ended 30 June 2021
Balance at 1 July 2020
Issued capital
Capital raising costs
Share-based payments
Total comprehensive loss for the period
Contributed
equity
$
32,575,943
2,690,130
(109,375)
-
-
Share based
payment
Reserve
$
110,702
(75,130)
-
(23,224)
Accumulated
losses
$
Total
$
(18,279,028)
-
14,407,617
2,615,000
-
-
(109,375)
(23,224)
(373,704)
-
(373,704)
Balance at 30 June 2021
35,156,698
12,348
(18,652,732)
16,516,315
Balance at 1 July 2019
Issued capital
Capital raising costs
Share-based payments
Total comprehensive loss for the period
31,078,996
1,598,282
(101,335)
-
-
23,911
(17,322,053)
-
-
86,791
-
-
-
13,780,854
1,598,282
(101,335)
86,791
-
(956,975)
(956,975)
Balance at 30 June 2020
32,575,943
110,702
(18,279,028)
14,407,617
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes
32 | Rimfire Pacific Mining NL 2021 Annual Report to Shareholders
Consolidated Statement of Cash Flows for the Year Ended 30 June 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Payments to suppliers and employees
Receipts from administration fee charged to GPR Earn-in
Interest received
Government grants and tax incentives
Interest on lease liability
Note
Consolidated Entity
2020
2021
$
$
(1,095,453)
(718,370)
660,000
455
50,000
(726)
-
2,846
50,000
(367)
Net cash used in operating activities
26a
(385,723)
(665,891)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment
Payment for exploration and evaluation costs
Reimbursement of expenditure
Proceeds from sale of property, plant and equipment
(127,920)
(1,652,233)
918,247
10,192
(1,403)
(690,357)
72,727
6,100
Net cash used in investing activities
(851,715)
(612,933)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares
Transaction costs associated with share issues
Principal repayments of lease liability
Net cash provided by financing activities
Net increase in cash held
Cash at beginning of the year
Cash at end of the year
2,615,000
1,592,282
(109,375)
(11,509)
2,494,115
1,256,677
310,794
1,567,471
(95,334)
(3,036)
1,493,912
215,088
95,706
310,794
26b
10
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes
Rimfire Pacific Mining NL 2021 Annual Report to Shareholders | 33
Notes to the Financial Statements
Note 1 General Information
Rimfire Pacific Mining NL (the Company) is a Company limited by shares incorporated and registered in
Australia. The address of the Company’s registered office is shown on page 66.
The principal activities of the Company and the nature of the Company’s operations are explained on page 15.
The functional currency and presentation currency of Rimfire Pacific Mining NL is Australian dollars.
Note 2 Statement of significant accounting policies
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. Parent Entity Information
In accordance with the Corporations Act 2001, these financial statements present the results of the consolidated entity
only. Supplementary information about the parent entity is disclosed in note 20.
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 2021 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.
34 | Rimfire Pacific Mining NL 2021 Annual Report to Shareholders
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.
During the period, the Company received an allocation of up to $780,000 exploration credits in the
Federal Government’s Junior Mineral Exploration Incentive (JMEI) scheme for FY2021 which can be
distributed subject to the terms of the JMEI scheme, to eligible shareholders who were issued new shares
in the Company’s capital raising activities during the period and will be calculated and distributed on a
pro-rata basis after the lodgement of the Company’s FY2021 tax return.
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.
Rimfire Pacific Mining NL 2021 Annual Report to Shareholders | 35
Notes to the Financial Statements
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.
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%
The Company assesses whether a contract is or contains a lease, at inception of the contract. The
Company recognises a right-of-use asset as property, plant and equipment and a corresponding lease
liability with respect to all lease arrangements in which it is the lessee, except for short-term leases
(defined as leases with a lease term of 12 months or less) and leases of low value assets (such as tablets
and personal computers, small items of office furniture and telephones). For these leases, the Company
recognises the lease payments as an operating expense on a straight-line basis over the term of the lease
unless another systematic basis is more representative of the time pattern in which economic benefits
from the leased assets are consumed.
The lease liability is initially measured at the present value of the lease payments that are not paid at the
commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily
determined, the Company uses its incremental borrowing rate.
Lease payments included in the measurement of the lease liability comprise:
• Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable;
• Variable lease payments that depend on an index or rate, initially measured using the index or rate at
the commencement date;
• The amount expected to be payable by the lessee under residual value guarantees;
• The exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and
• Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to
terminate the lease.
The lease liability is presented as a separate line in the statement of financial position.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the
lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease
payments made.
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease
payments made at or before the commencement day, less any lease incentives received and any
initial direct costs. They are subsequently measured at cost less accumulated depreciation and
impairment losses.
The right-of-use assets are presented as ‘Property, Plant and Equipment’ in the statement of
financial position.
The Company applies AASB 136 to determine whether a right-of-use asset is impaired and accounts for
any identified impairment loss as described in the ‘Property, Plant and Equipment’ policy (as outlined in
the financial report for the annual reporting period).
36 | Rimfire Pacific Mining NL 2021 Annual Report to Shareholders
Variable rents that do not depend on an index or rate are not included in the measurement the lease
liability and the right-of-use asset. The related payments are recognised as an expense in the period in
which the event or condition that triggers those payments occurs and are included in the line “Occupancy
costs” in the profit or loss.
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.
A regular review is undertaken of each area of interest to determine the appropriateness of continuing to
carry forward costs in relation to that area of interest.
h. Restoration, Rehabilitation, and Environmental Costs
The Company has provided an environmental bond to the NSW Department of Planning and Environment
in the form of a bank guarantee and direct deposits of bands with the NSW Department of Planning
and Environment, included in trade and other receivables ($207,400). The ultimate recoupment of
this environmental bond is dependent on the completion, to the satisfaction of the Department of
rehabilitation of the relevant site. The environmental bond reflects the estimated cost to rehabilitate
planned exploration activity over the tenements. The Company policy is to continuously rehabilitate areas
that have been affected by exploration activity when the activity has been completed.
i.
Impairment of Assets
At each reporting date, the group reviews the carrying values of its tangible and intangible assets to
determine whether there is any indication that those assets have been impaired. If such an indication
exists, the recoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and
value in use, is compared to the asset’s carrying value. Any excess of the asset’s carrying value over its
recoverable amount is expensed to the Profit or Loss.
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 2021 Annual Report to Shareholders | 37
Notes to the Financial Statements
j. Employee Benefits
Provision is made for the Company’s liability for employee benefits arising from services rendered by
employees to reporting date. Employee benefits expected to be wholly settled within one year including
entitlements arising from wages and salaries and annual leave, have been measured at the amounts
expected to be paid when the liability is settled plus related on-costs. Other employee benefits payable
later than one year have been measured at the present value of the estimated future cash outflows to be
made for those benefits. Contributions are made by the Consolidated entity to employee superannuation
funds and are charged as expenses when incurred.
k. Current and non-current classification
Assets and liabilities are presented in the statement of financial position based on current and non-current
classification.
An asset is classified as current when: it is either expected to be realised or intended to be sold or
consumed in the consolidated entity’s normal operating cycle; it is held primarily for the purpose of
trading; it is expected to be realised within 12 months after the reporting period; or the asset is cash or
cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months
after the reporting period. All other assets are classified as non-current.
A liability is classified as current when: it is either expected to be settled in the consolidated entity’s
normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12
months after the reporting period; or there is no unconditional right to defer the settlement of the liability
for at least 12 months after the reporting period. All other liabilities are classified as non-current.
Deferred tax assets and liabilities are always classified as non-current.
l. 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.
m. Trade and Other Receivables
Trade receivables and other receivables are recorded at amounts due less any allowance for expected
credit losses.
n. 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.
o. Contract liabilities
Contract liabilities represent the consolidated entity’s obligation to transfer goods or services to a
customer and are recognised when a customer pays consideration, or when the consolidated entity
recognises a receivable to reflect its unconditional right to consideration (whichever is earlier) before the
consolidated entity has transferred the goods or services to the customer.
p. Financial Assets and Liabilities
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.
38 | Rimfire Pacific Mining NL 2021 Annual Report to Shareholders
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.
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.
Rimfire Pacific Mining NL 2021 Annual Report to Shareholders | 39
Notes to the Financial Statements
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.
q. 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.
r. Income Recognition
Interest Revenue
Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to
the financial assets.
Government Grants
The Company recognises stimulus package from the Australian Taxation Office (“ATO”) as a government
grant when there is reasonable assurance that the entity will comply with the conditions attached to them,
and the grant will be received. The amount is recognised as other income in profit or loss.
All revenue is stated net of the amount of goods and services tax (GST).
s. 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.
40 | Rimfire Pacific Mining NL 2021 Annual Report to Shareholders
t. Earnings Per Share
Basic earnings per share is calculated by dividing the profit attributable to the owners of Rimfire Pacific
Mining NL, excluding any costs of servicing equity other than ordinary shares, by the weighted average
number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary
shares issued during the financial year.
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to
take into account the after income tax effect of interest and other financing costs associated with dilutive
potential ordinary shares, and the weighted average number of shares assumed to have been issued for
no consideration in relation to dilutive potential ordinary shares.
u. 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.
v. 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.
w. 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.
x. 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 2021. New and revised standards and
amendments thereof and interpretations effective for the current reporting period that are relevant to the
Company include:
• AASB 2018-6: Amendments to Australian Accounting Standards – Definition of a Business
• AASB 2018-7: Amendments to Australian Accounting Standards – Definition of Material
• Conceptual Framework for Financial Reporting and AASB 2019-1 Amendments to Australian
Accounting Standards – References to the Conceptual Framework
• AASB 2019-3: Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform
Rimfire Pacific Mining NL 2021 Annual Report to Shareholders | 41
Notes to the Financial Statements
• AASB 2019-5: Amendments to Australian Accounting Standards – Disclosure of the Effect of New
IFRS Standards Not Yet Issued in Australia
• AASB 2020-4: Amendments to Australian Accounting Standards – Covid-19 Related Rent
Concessions
Standards and Interpretations issued but not yet effective
Australian Accounting Standards and Interpretations have recently been issued or amended but are not
yet effective have not been adopted by the Company for the year ended 30 June 2021. Management
has reviewed the likely impact of the adoption of these standards and interpretations on the Company.
The Company believes that the impact of the following new standards and interpretations will not have an
impact:
• AASB 17: Insurance Contracts and AASB 2020-5 Amendments to Australian Accounting Standards –
Insurance Contracts (applicable to annual reporting periods beginning on or after 1 January 2023).
• AASB 2014-10: Amendments to Australian Accounting Standards – Sale or Contribution of Assets
between an Investor and its Associate or Joint Venture (applicable to annual reporting periods
beginning on or after 1 January 2022).
• AASB 2015-10: Amendments to Australian Accounting Standards – Effective Date of
Amendments to AASB 10 and AASB 128 and AASB 2017-5 Amendments to Australian Accounting
Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections
(applicable to annual reporting periods beginning on or after 1 January 2018).
• AASB 2020-1: Amendments to Australian Accounting Standards – Classification of Liabilities as
Current or Non-Current and AASB 2020-6 Amendments to Australian Accounting Standards –
Classification of Liabilities as Current or Non-current – Deferral of Effective Date (applicable to annual
reporting periods beginning on or after 1 January 2022).
• AASB 2020-3: Amendments to Australian Accounting Standards – Annual Improvements 2018-2020
and Other Amendments (applicable to annual reporting periods beginning on or after 1 January 2022).
• AASB 2020-8: Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform –
Phase 2 (applicable to annual reporting periods beginning on or after 1 January 2021).
• AASB 2021-2: Amendments to Australian Accounting Standards – Disclosure of Accounting Policies
and Definition of Accounting Estimates (applicable to annual reporting periods beginning on or after
1 January 2023).
• AASB 2021-3: Amendments to Australian Accounting Standards – Covid-19-Related Rent
Concessions beyond 30 June 2021 (applicable to annual reporting periods beginning on or after
1 April 2021).
42 | Rimfire Pacific Mining NL 2021 Annual Report to Shareholders
Note 3. Critical accounting judgements, estimates and assumptions
The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts in the financial statements. Management continually evaluates
its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses.
Management bases its judgements, estimates and assumptions on historical experience and on other
various factors, including expectations of future events, management believes to be reasonable under the
circumstances. The resulting accounting judgements and estimates will seldom equal the related actual
results. The judgements, estimates and assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next
financial year are discussed below.
Coronavirus (Covid-19) pandemic
Judgement has been exercised in considering the impacts that the Coronavirus (Covid-19) pandemic has
had, or may have, on the consolidated entity based on known information. This consideration extends to
the nature of the products and services offered, customers, supply chain, staffing and geographic regions in
which the consolidated entity operates. Other than as addressed in specific notes, there does not currently
appear to be either any significant impact upon the financial statements or any significant uncertainties with
respect to events or conditions which may impact the consolidated entity unfavourably as at the reporting
date or subsequently as a result of the Coronavirus (Covid-19) pandemic.
Share-based payment transactions
The consolidated entity measures the cost of equity-settled transactions with employees by reference to
the fair value of the equity instruments at the date at which they are granted. The fair value is determined by
using either the Binomial or Black-Scholes model taking into account the terms and conditions upon which
the instruments were granted. The accounting estimates and assumptions relating to equity-settled share-
based payments would have no impact on the carrying amounts of assets and liabilities within the next
annual reporting period but may impact profit or loss and equity. Refer to note 18 for further information.
Note 4.
Income
OTHER INCOME
Interest
GPR Earn-In administration fee
ATO stimulus package
Sundry income
TOTAL REVENUE
Note 5. Depreciation
Depreciation
Amortisation of right of use asset
TOTAL DEPRECIATION AND AMORTISATION
Consolidated Entity
2021
$
455
600,000
50,000
-
650,455
2020
$
489
-
50,000
2,358
52,846
Consolidated Entity
2021
$
26,275
10,727
37,003
2020
$
37,599
2,926
40,525
Rimfire Pacific Mining NL 2021 Annual Report to Shareholders | 43
Notes to the Financial Statements
Note 6.
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
Payments for lease liabilities
Interest of lease liabilities
Depreciation
Note 7.
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 26%
(2020: 27.5%)
Add: Tax effect of:
- non-allowable items
- net current year tax losses not recognised, temporary
differences and deductible exploration expenditure
Less: Tax effect of:
- capitalised share placement costs
Income tax benefit/(expense) attributable to loss
Deferred tax assets arising from tax losses that have not been recognised:
Tax losses carried forward
Tax losses distributed as JMEI
Temporary differences – exploration costs
Temporary differences – other
Net Deferred tax asset not recognized
Balance of franking account at year end
Consolidated Entity
2021
$
2020
$
346,943
41,971
140,000
1,753
726
37,003
439,577
82,393
111,366
21,886
367
40,525
Consolidated Entity
2021
$
(97,163)
2020
$
(263,168)
-
-
108,392
274,603
(11,229)
(11,435)
-
-
6,473,435
6,419,794
(157,751)
-
(3,802,076)
(3,823,728)
114,915
107,254
2,628,523
2,703,319
-
-
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) 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 realised;
(b) the company continue to comply with the conditions for deductibility imposed by law, and
(c) 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 2021.
44 | Rimfire Pacific Mining NL 2021 Annual Report to Shareholders
Note 8. Auditor’s Remuneration
Audit services – RSM Australia
- auditing or reviewing the financial reports
Other Services – RSM Australia
- tax compliance
Note 9. Earnings per Share
a. Reconciliation of Earnings to Loss
Loss used in the calculation of basic EPS
Loss used in the calculation of dilutive EPS
Consolidated Entity
2021
$
36,980
14,197
51,177
2020
$
31,500
7,500
39,000
Consolidated Entity
2021
$
(373,704)
(373,704)
2020
$
(956,975)
(956,975)
b. Weighted average number of ordinary shares outstanding
during the year used in calculation of basic EPS
1,806,244,735
1,584,571,527
Potential ordinary shares
-
-
Weighted average number of ordinary shares outstanding during the
year used in calculation of dilutive EPS
1,746,295,297
1,446,104,583
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)
Ordinary shares
-
-
(0.02)
(0.02)
-
-
(0.07)
(0.07)
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the
company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares
have no par value and the company does not have a limited amount of authorised capital.
Note 10. Cash and Cash Equivalents
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
Refer to Note 27 for the risk exposure analysis for cash and cash equivalents.
Consolidated Entity
2021
$
1,567,471
1,567,471
2020
$
310,794
310,794
Rimfire Pacific Mining NL 2021 Annual Report to Shareholders | 45
Notes to the Financial Statements
Note 11. Trade and Other Receivables
OTHER RECEIVABLES
CURRENT
Security deposits
Other receivables
Golden Plains Resources Earn-in Agreement
TOTAL CURRENT RECEIVABLES
NON-CURRENT
Security deposits
TOTAL NON-CURRENT RECEIVABLES
Consolidated Entity
2021
$
2020
$
6,388
166,924
-
173,312
207,400
207,400
6,388
47,543
580,000
633,931
170,000
170,000
Refer to Note 27 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 $157,400 being held directly with the NSW
Department of Planning and Environment.
Note 12. Financial Asset
CURRENT
Fifield Earn-In Account
Avondale Earn-In Account
Consolidated Entity
2021
$
270,511
100,000
370,511
2020
$
-
-
-
Under the GPR Earn-In arrangements, forecast exploration expenditure is paid through a cash call notice
process and is paid into a separate account to Rimfire’s operating account for the payment of exploration
expenditure incurred by the relevant Earn-in Area as it occurs.
The carrying amount of financial asset is assumed to be a good approximation of its fair value due to it
being planned to be expended on exploration activity in the short term.
46 | Rimfire Pacific Mining NL 2021 Annual Report to Shareholders
Note 13. 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
Right of use asset
At cost
Accumulated amortisation
Leasehold improvements
At cost
Accumulated depreciation
TOTAL PLANT AND EQUIPMENT
TOTAL PROPERTY, PLANT AND EQUIPMENT
Consolidated Entity
2021
$
2020
$
226,834
226,834
226,834
226,834
375,058
(257,834)
117,224
79,517
(18,376)
61,141
103,677
(101,387)
2,290
23,405
(13,653)
9,752
419
(419)
-
190,408
417,241
491,031
(397,466)
93,565
25,527
(10,657)
14,870
103,677
(98,553)
5,124
23,405
(2,926)
20,479
419
(419)
-
134,040
360,873
Rimfire Pacific Mining NL 2021 Annual Report to Shareholders | 47
Notes to the Financial Statements
Note 13. Property, Plant and Equipment (cont.)
2021
Consolidated Entity:
Balance at the
beginning of year
Additions
Disposals
Depreciation expense
Depreciation capitalised
Carrying amount
at the end of year
2020
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
Right of
use asset
Leasehold
Improvements
$
$
$
$
$
$
226,834
-
-
-
-
14,871
53,991
-
(7,721)
-
93,565
62,301
(22,921)
(15,721)
-
5,124
20,479
-
-
-
-
(2,834)
(10,727)
-
-
226,834
61,141
117,224
2,290
9,752
226,834
24,220
150,384
-
-
-
-
-
(5,540)
(3,809)
-
12,151
1,275
-
-
23,405
-
-
-
(25,487)
(31,332)
(8,302)
(2,926)
-
-
226,834
14,871
93,565
5,124
20,479
-
-
-
-
-
-
-
-
-
-
-
-
TOTAL
$
360,873
116,293
(22,921)
(37,004)
-
417,241
413,590
24,680
(5,540)
(40,525)
(31,332)
360,873
48 | Rimfire Pacific Mining NL 2021 Annual Report to Shareholders
Note 14. Exploration and Evaluation Expenditure
Exploration Expenditure
Costs carried forward in respect of areas of interest in:
– exploration and evaluation phases
2021
$
2020
$
14,623,370
13,904,467
Opening balance
Additional expenditure
Reimbursed exploration expenditure
Closing balance
Note 15. Trade and Other Payables
CURRENT
Trade creditors
Directors and Management accrued salaries and fees
Sundry creditors and accrued expenses
GST Collected
Note 16. Contract Liabilities
Amounts related to Fifield and Avondale Earn-in Agreements
Total contract liabilities
Current
Non-current
13,904,467
13,313,247
1,637,749
(918,846)
591,220
-
14,623,370
13,904,467
Consolidated Entity
2021
$
170,291
-
98,035
54,117
322,443
2020
$
105,416
125,866
77,509
52,728
361,519
Consolidated Entity
2021
$
412,273
412,273
412,273
-
2020
$
527,273
527,273
527,273
-
The contract liability is the sum of contributions made by GPR to the respective Earn-In accounts less
amounts expended on exploration and evaluation expenditure.
Note 17. Provisions
CURRENT
Employee benefits
NON-CURRENT
Employee benefits
Consolidated Entity
2021
$
88,178
2020
$
60,996
14,084
6,960
Rimfire Pacific Mining NL 2021 Annual Report to Shareholders | 49
Notes to the Financial Statements
Note 18 Contributed Equity
1,806,244,735 (2020: 1,584,571,527 ) fully paid ordinary shares
a. Ordinary shares
Contributed equity
Consolidated Entity
2021
$
35,156,698
2020
$
32,575,943
32,575,943
31,078,996
At the beginning of the reporting period
Net shares and costs relating to shares issued during the year
-
1,496,947
29 September 2020
28 October 2020
20 November 2020
Transaction costs relating to issues
At reporting date
Shares outstanding
At the beginning of reporting period
Total Shares issued during year
29 September 2020
28 October 2020
20 November 2020
At reporting date
2,100,000
500,000
90,130
(109,375)
-
-
-
-
35,156,698
32,575,943
2021
Units
1,584,571,527
2020
Units
1,069,618,073
-
514,953,454
168,000,000
40,000,000
13,673,208
-
-
-
1,806,244,735
1,584,571,527
b. Capital Management
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 is not subject to any externally imposed capital requirements.
50 | Rimfire Pacific Mining NL 2021 Annual Report to Shareholders
c. Share based payments & options
RESERVES
Share based payments
Consolidated Entity
2021
$
12,348
2020
$
110,702
Grant
date
Expiry
date
Exercise
price
Balance
at start of
the year
Granted
Exercised
Expired/
Forfeited/
Other *
Balance
at 30 June
2021
24 September
2017
25 September
2020
$0.0295
1,500,000
-
-
1,500,000
-
30 April 2019
Various**
Various**
72,500,000
72,500,00
27,500,000
15,000,000
30,000,000
* Employee options attributable to employees where vesting conditions haven’t been met or used to pay
for options through provisions within the employee share scheme.
** Various Tranches granted during FY2019, vesting conditions, exercise prices and volume of remaining
tranche available at balance date 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.
Unlisted Options
Employee Options, performance based vesting conditions
(exercisable at 1.10 cents by 31 December 2023)
No.
15,000,000
Employee Options, performance based vesting conditions
(exercisable at 0.65 cents by 31 August 2021)
15,000,000
Note 19. Controlled Entity
Parent Entity
Rimfire Pacific Mining NL
Subsidiary of Rimfire Pacific Mining NL
Axis Mining NL
Country of
Incorporation
Percentage Owned (%)
2021
2020
Australia
100
100
Rimfire Pacific Mining NL 2021 Annual Report to Shareholders | 51
Notes to the Financial Statements
Note 20 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
2021
$
2,114,282
2020
$
949,534
17,362,293
15,384,874
830,621
844,705
959,797
975,984
35,156,698
32,575,943
12,348
110,702
(18,651,458)
(18,277,755)
16,517,588
14,408,890
(373,704)
(373,704)
(956,975)
(956,975)
Parent Entity Commitments:
All capital and operating commitments of the group have been entered into by the Parent Entity. Refer to
note 21 for these commitments. The accounting policies of the parent entity are consistent with those of
the Consolidated entity, as disclosed in note 1.
Note 21 Commitments and Contingent Liabilities
a. 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
2021
$
2020
$
484,438
629,000
557,625
813,438
1,113,438
1,371,063
b. Lease liabilities
The Company signed a new two-year, lease agreement for office premises in Melbourne, Victoria with a
commencement date of 19 March 2020. The lease agreement was accounted for under AASB 16 which
resulted in the recognition of ‘right of use asset’ and ‘lease liability’ on the statement of financial position.
Refer to Note 13 for the net book value of the ‘right of use asset’. The lease imposes a restriction that, the
right-of-use asset can only be used by the Company. The Company must keep the property in a good state
of repair and return the property in their original condition at the end of the lease. Further, the Company
must insure items of fixed assets and incur maintenance fees on such items in accordance with the lease
agreement. Lease liability is presented in the statement of financial position as follows:
Lease liability - current
Lease liability - non current
52 | Rimfire Pacific Mining NL 2021 Annual Report to Shareholders
2021
$
9,227
-
9,227
2020
$
11,509
9,227
20,736
Note 22 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 23 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 24 Key Management Personnel Disclosures
a) Details of Directors and Key Management Personnel
Directors
The following persons were Directors of Rimfire Pacific Mining NL during the financial year:
Ian McCubbing (Non-Executive Chairman)
Craig Riley (Managing Director and CEO
Andrew Greville (Non-Executive Director)
Andrew Knox (Non-Executive Director)
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
2021. The totals of remuneration paid to Key Management Personnel of the company during the year are
as follows:
Short-term employee benefits - Paid
Bonus - STI
Annual Leave
Post-employment benefits - Superannuation
Post-employment benefits - Long Service Leave
Shares and Options
TOTAL
2021
$
319,376
17,352
12,859
19,975
1,977
(16,013)
355,526
2020
$
286,108
-
-
15,384
-
46,441
347,933
Rimfire Pacific Mining NL 2021 Annual Report to Shareholders | 53
Notes to the Financial Statements
Note 25 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 previous financial year related parties (WEMCO)
of Mr Andrew Greville were paid in respect of consulting
services. Payment for these services were on normal
commercial terms
2021
$
2020
$
-
1,250
Note 26 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
2021
$
(373,704)
2020
$
(956,975)
37,003
8,264
(23,224)
1,821
(46,717)
(23,471)
34,306
(385,723)
40,525
(3,248)
86,791
1,113
(215,771)
355,755
25,918
(665,891)
b. Reconciliation of loss after tax to the net cash flows used in financial activities.
Lease Liability
TOTAL
Balance at
1 July 2020
Financing
Cash flows
Non-cash
changes
Balance at
30 June 2021
$
20,736
20,736
$
(12,235)
(12,235)
$
726
726
$
9,227
9,227
c. Non-cash Investing Activities
There were no non-cash investing activities carried out during the year.
54 | Rimfire Pacific Mining NL 2021 Annual Report to Shareholders
Note 27 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 27(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.
Categorisation of financial assets
Financial assets
Cash & cash equivalents
Trade and other receivables
Financial liabilities
Trade and other payables
Lease liabilities
10
11
15
21b
Note Category
Cash and other financial assets
Trade and other receivables at
amortised cost
Carrying
value 2021
Carrying
value 2020
$
1,567,471
$
310,794
380,712
803,931
Financial liabilities measured at
amortised cost
Financial liabilities measured at fair
value
322,443
361,519
9,227
20,736
Rimfire Pacific Mining NL 2021 Annual Report to Shareholders | 55
Notes to the Financial Statements
Note 27 Financial Risk Management (cont.)
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.
Floating
Interest
Rate
$
Within
One Year
$
Within
One to
Two Years
$
Fixed Interest Rate
Maturing
Non-interest
Bearing
$
Total
$
2021
2020
2021
2020
2021
2020
2021
2020
2021
2020
Financial Assets
Cash
Receivables
1,566,971
310,294
207,400
170,000
Total Financial Assets
1,774,371
480,294
Financial Liabilities
Trade and sundry creditors
Lease liabilities
Total Financial Liabilities
Net inflow/(outflow)
on financial assets
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9,227
9,227
11,509
11,509
1,774,371
480,294
9,227
11,509
-
-
-
-
-
-
-
-
-
-
-
500
500
1,567,471
310,794
173,312
633,931
380,712
803,931
173,812
634,431
1,948,183
944,725
322,443
361,519
322,443
361,519
9,227
9,227
-
20,736
9,227
41,472
322,443
382,255
331,670
382,255
9,227
(148,631)
252,176
1,616,513
562,470
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 2021, 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
2021
$
7,116
(7,116)
7,116
(7,116)
2020
$
4,778
(4,778)
4,778
(4,778)
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.
56 | Rimfire Pacific Mining NL 2021 Annual Report to Shareholders
Note 28 Events Occurring after the Reporting Period
The impact of the Coronavirus (Covid-19) pandemic is ongoing and it is not practicable to estimate the
potential impact, positive or negative, after the reporting date. The situation is rapidly developing and is
dependent on measures imposed by the Australian Government and other countries, such as maintaining
social distancing requirements, quarantine, travel restrictions and any economic stimulus that may be
provided.
At the end of the balance date, the Company reached an agreement with Perilya Limited for the return of
25 out of 27 blocks from the Windy Ridge Joint Venture over Rimfire’s EL 5958 at Broken Hill. The returned
blocks are referred to as the Green View Project where Rimfire will secure a 100% interest, management
and ongoing funding responsibilities.
Note 29 Shares Issued Under Option and Unissued Shares Under Option
27,500,000 options were exercised during the period. As at 30 June 2021 the breakdown of options – both
listed and unlisted at balance date are listed below.
Listed Options
Total Listed Options
Unlisted Options
No.
-
%'age
-
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)
Total Unlisted Options
15,000,000
20.27%
15,000,000
30,000,000
10.14%
100.00%
Note 30 Company Details
The registered office and principal place of business of the Company is:
Rimfire Pacific Mining NL
St Kilda Rd Towers
Suite 142, 1 Queens Road
Melbourne VIC 3004
Rimfire Pacific Mining NL 2021 Annual Report to Shareholders | 57
DIRECTORS’ DECLARATION
In the directors’ opinion:
1. 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;
2. 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 2 to the financial statements;
3. the attached financial statements and notes thereto give a true and fair view of the Consolidated entity’s financial
position as at 30 June 2021 and of its performance for the financial year ended on that date;
4. 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
5. 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 2021
58 | Rimfire Pacific Mining NL 2021 Annual Report to Shareholders
INDEPENDENT AUDITOR’S REPORT
INDEPENDENT AUDITOR’S REPORT
To the Members of Rimfire Pacific Mining NL
Opinion
We have audited the financial report of Rimfire Pacific Mining NL (the Company) and its controlled entity (the
consolidated entity), which comprises the statement of financial position as at 30 June 2021, the statement of
profit or loss and other comprehensive income, the statement of changes in equity and the statement of cash
flows for the year then ended, and notes to the financial statements, including a summary of significant accounting
policies, and the directors' declaration.
In our opinion the accompanying financial report of the consolidated entity is in accordance with the Corporations
Act 2001, including:
(i) giving a true and fair view of the consolidated entity's financial position as at 30 June 2021 and of its
financial performance for the year then ended; 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 consolidated entity in accordance with the auditor independence
requirements of 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.
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.
Rimfire Pacific Mining NL 2021 Annual Report to Shareholders | 59
INDEPENDENT AUDITOR’S REPORT
Key Audit Matters (continued)
Key Audit Matter
How our audit addressed this matter
Carrying Value of Exploration & Evaluation Asset
Refer to Note 14 in the financial statements
The consolidated entity has capitalised exploration
costs with a carrying value of $14.6m.
Our audit procedures in relation to the carrying value
of capitalised exploration costs included:
•
Ensuring that the right to tenure of the areas
of interest was current through confirmation
with the relevant government departments;
• Critically
assessing
and
assessment
management’s
indicators of impairment existed;
evaluating
no
that
•
•
Agreeing a sample of the additions to
capitalised exploration expenditure during
the year to supporting documentation, and
ensuring that the amounts were capital in
nature; and
Through review of the consolidated entity’s
ASX announcements and other relevant
documentation, assessing management’s
determination
that exploration activities
have not yet progressed to the point where
the existence or otherwise of an
economically recoverable mineral resource
may be determined.
We determined this to be a key audit matter due to
the significant management judgment involved in
assessing the carrying value in accordance with
AASB 6 Exploration for and Evaluation of Mineral
Resources, including:
• Determination of whether expenditure can
be associated with finding specific mineral
resources, and the basis on which that
expenditure is allocated to an area of
interest.
•
Assessing whether any
impairment are present.
indicators of
• Determination of whether exploration
activities have progressed to the stage at
which the existence of an economically
recoverable mineral
reserve may be
determined
• Where the existence of an economically
recoverable mineral reserve has been
determined, determination of whether the
carrying value is likely to be recouped,
through
successful
sale,
development.
either
or
Other Information
The directors are responsible for the other information. The other information comprises the information included
in the consolidated entity's annual report for the year ended 30 June 2021, 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 accordingly 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.
60 | Rimfire Pacific Mining NL 2021 Annual Report to Shareholders
INDEPENDENT AUDITOR’S REPORT
Other Information (continued)
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 consolidated entity
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 consolidated entity or to cease
operations, or have 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: https://www.auasb.gov.au/admin/file/content102/c3/ar2_2020.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 the directors' report for the year ended 30 June 2021.
In our opinion, the Remuneration Report of Rimfire Pacific Mining NL for the year ended 30 June 2021, complies
with section 300A of the Corporations Act 2001.
Rimfire Pacific Mining NL 2021 Annual Report to Shareholders | 61
INDEPENDENT AUDITOR’S REPORT
Report on the Remuneration Report (continued)
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.
RSM AUSTRALIA PARTNERS
J S CROALL
Partner
Dated: 30 September 2021
Melbourne, Victoria
62 | Rimfire Pacific Mining NL 2021 Annual Report to Shareholders
Land Tenure
Schedule of Exploration Licences and Mining Licences as at 30 June 2021
Project
The Valley
Cowal
Fifield
Avondale
Broken Hill
Lic No.
EL8542
EL8401
EL8804
EL8805
EL8935
M(C)L305
EL6241
EL5565
EL7058
EL7959
EL8401
EL8542
EL8543
EL8935
EL 5958*
Grant Date
23/03/2017
22/10/2015
31/10/2018
31/10/2018
13/07/2021
18/11/2004
17/05/2004
24/03/1999
1/02/2008
16/08/2012
22/10/2015
23/03/2017
27/03/2017
3/02/2020
24/06/2002
Units
5
2
42
39
21
1.9ha
15
4
35
7
98
27
1
19
27
Renewal Date Mineral Focus
Porphyry Copper / Gold
23/03/2023
Porphyry Copper / Gold
22/10/2021
Copper / Gold
31/10/2021
Copper / Gold
31/10/2021
Gold / PGEs
3/02/2023
28/07/2023 Gold / PGEs
17/05/2024 Gold / PGEs
24/03/2022
1/02/2023
16/08/2023
22/10/2021
23/03/2023
27/03/2023
3/02/2023
22/06/2022
Cobalt / PGEs / Gold
Cobalt / PGEs / Gold
Cobalt / PGEs / Gold
Cobalt / PGEs / Gold
Cobalt / PGEs / Gold
Cobalt / PGEs / Gold
Cobalt / PGEs / Gold
Lead, Zinc, Silver
*10% free-carry to RIM, RIM holds the licence and Perilya is the Manager
Competent Persons Declaration
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 Craig Riley who is deemed to be a Competent Person and is a
Member of The Australasian Institute of Mining and Metallurgy.
Mr Riley has over 25 years’ experience in the mineral and mining industry. Mr Riley is employed by Rimfire Pacific
Mining (RIM) and is an employee of the Company. Craig Riley 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’. Craig Riley consents to the inclusion of the matters based on the information
in the form and context in which it appears.
Rimfire Pacific Mining NL 2021 Annual Report to Shareholders | 63
Additional Information
FOR PUBLICLY LISTED COMPANIES
1. The shareholder information set out below was applicable as at 24 September 2021.
(a) Distribution of Shareholders by Class – RIM Ordinary Shares
Category
(Size of Holding)
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
100,001 over
Total
(b) Marketable Parcels
Total
Holders
Fully Paid
Ordinary Shares
% of
Issued Capital
191
154
156
858
1,025
2,384
54,415
510,689
1,335,362
41,439,433
1,762,904,836
0.00
0.03
0.07
2.29
97.60
1,806,244,735
100.00
The number of Ordinary shareholders with shareholdings in less than marketable parcels was 1,057
holding 18,406,064 shares which is 0.01% of Issued Capital as at 24 September 2021.
(c) The number of holders of each class of equity security as at 24 September 2021:
Class of Security
Number
Fully Paid
Ordinary Shares
2,384
Unlisted Options
2
(d) Voting Rights
The voting rights attached to ordinary shares are set out below:
Ordinary shares
On a show of hands every member present at a meeting in person or
by proxy shall have one vote and upon a poll each share shall have one vote.
Unlisted options
There are no voting rights attached to unquoted options.
There are no other classes of equity securities.
.
64 | Rimfire Pacific Mining NL 2021 Annual Report to Shareholders
(e) 20 Largest Shareholders – RIM Ordinary Shares as at 24 September 2021
Name
1. GOLDEN PLAINS RESOURCES PTY LTD
Number of
Ordinary
Fully Paid
Shares Held
90,000,000
2. BNP PARIBAS NOMINEES PTY LTD HUB24 CUSTODIAL SERV LTD
68,424,666
3. BOOKER SUPER SERVICES PTY LTD
4. MR TREVOR DOUGLAS NAIRN
5. RESOURCE CAPITAL LIMITED
6. MR PENG WANG
7. CITICORP NOMINEES PTY LIMITED
8. ADRIATIC PROSPECT PTY LTD
9. HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
10.
TRANS GLOBAL CAPITAL LTD
11. MR CHOONG GUANG KOH
12. SUTHERLAND FAMILY COMPANY PTY LTD
13. NEW GOLD INC
50,000,000
44,360,000
40,000,000
38,174,603
35,972,178
33,000,000
28,448,506
27,000,000
26,500,000
25,000,000
23,809,524
% Held of
Issued
Ordinary
Capital
4.98
3.79
2.77
2.46
2.21
2.11
1.99
1.83
1.58
1.49
1.47
1.38
1.32
MR GRAHAM CHARLES HOPGOOD + MRS ROBYN LESLEY HOPGOOD
20,000,000
1.11
14.
15.
AGOSTINO INVESTMENT HOLDINGS PTY LTD
16. B DAVID NOMINEES PTY LTD
17. GREATSIDE HOLDINGS PTY LTD
18. REEF INVESTMENTS PTY LTD
19. MR ANTHONY BECK
20. COOEE INVESTMENTS PTY LTD
19,500,000
1.08
19,333,336
16,000,000
15,600,819
15,510,965
15,065,275
1.07
0.89
0.86
0.86
0.83
Top 20 holders of Fully Paid Ordinary Shares
651,699,872
36.08
Rimfire Pacific Mining NL 2021 Annual Report to Shareholders | 65
Additional Information (cont.)
FOR PUBLICLY LISTED COMPANIES
2. The name of the Company Secretary is Stefan Ross.
3. The address and telephone number of the registered office and principal administrative office is:
Suite 142, 1 Queens Road
Melbourne VIC 3004
Telephone: 03 9620 5866
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 (ASX Code: Shares: RIM).
6. Restricted Securities
There are no restricted securities or securities subject to voluntary escrow on issue as at 24 September 2021.
7. Unissued shares under option
As at 24 September 2021 there were also 15,000,000 unissued shares under option, with performance based
vesting conditions (exercisable at 1.10 cents by 31 December 2023) held by 2 option holders Both option holders
hold over 100,001 unlisted options.
8. Share Buy-Back
There is no current on-market share buy-back.
9. Substantial Holders
No current substantial holder notices have been given to the company.
10. Annual General Meeting
Rimfire Pacific Mining NL advises that its Annual General Meeting will be held on Thursday, 18 November 2021. The
time and other details relating to the meeting will be advised in the Notice of Meeting to be sent to all shareholders
and released to ASX in due course. In accordance with the ASX Listing Rules and the Company’s Constitution, the
closing date for receipt of nominations for the position of Director are required to be lodged at the registered office
of the Company by 5.00pm (AEDT) on 7 October 2021.
66 | Rimfire Pacific Mining NL 2021 Annual Report to Shareholders
Corporate Directory
Directors:
Ian McCubbing (Non-Executive Chairman)
Craig Riley (Managing Director & CEO)
Andrew Greville (Non-executive Director)
Andrew Knox (Non-executive Director)
Misha Collins (Non-executive Director)
Company Secretary:
Stefan Ross
Registered Office
and Principal Place of Business:
Auditors:
Lawyers of the Company:
Suite 142, 1 Queens Road
Melbourne VIC 3004
+61 3 9620 5866
RSM Australia Pty Ltd
Level 21, 55 Collins Street
Melbourne VIC 3000
Lennox Group Pty Ltd
8 Chapel St
Cremorne VIC 3121
Share Registry:
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
Bankers:
Stock Exchange Listing:
Email Address:
Website Address:
Rimfire Pacific Mining NL 2021 Annual Report to Shareholders | 67
Rimfire Pacific Mining NL
St Kilda Rd Towers
Suite 142,
1 Queens Road
Melbourne VIC 3004
www.rimfire.com.au