Rimfire Pacific Mining N L (ASX:RIM) has secured commitments for a $2.3 million capital raising and appointed experienced mining executive Bronwyn Barnes as executive chair as it moves to accelerate development of its Australian scandium portfolio.
The placement will provide funding for expanded drilling, resource growth, ongoing metallurgical studies and technical work, including development of the company’s low-iron processing methodology.
Rimfire will issue 287.5 million new shares at $0.008 per share to professional and sophisticated investors, raising $2.3 million before costs.
The issue price represents a 27% discount to both Rimfire’s $0.011 closing price on July 31 and its 5-day volume-weighted average price to that date.
Incoming executive chair Barnes and current chair Ian McCubbing have each committed $200,000 to the placement, while other directors and management have committed a further $185,000.
The raising will be completed in 2 tranches, with 214.275 million shares to be issued under Rimfire’s existing placement capacity and a further 73.225 million shares subject to shareholder approval at a general meeting expected in September 2026.
Participants will also receive 1 free unlisted option for each new share subscribed, exercisable at $0.015 and expiring on August 31, 2029, subject to shareholder approval.
Leadership changes sharpen scandium focus
Barnes will become executive chair from September 1, 2026, bringing more than 3 decades of resources-sector experience spanning project development, corporate finance, mergers and acquisitions, capital markets, government engagement and corporate strategy.
Following her appointment, McCubbing will transition from chair to non-executive director, while managing director and CEO David Hutton will become technical director.
Hutton will lead expanded exploration, resource development and technical studies, including metallurgical and engineering work intended to move Rimfire’s projects towards feasibility study readiness.
Barnes said Rimfire would focus on advancing technical and commercial pathways for its scandium assets, including progressing low-iron processing methods, accelerating drilling, expanding resources and completing development studies.
Scandium projects central to strategy
Rimfire’s strategy is centred on expanding and upgrading its scandium resource base while completing the metallurgical, engineering and technical work required to support future development.
The company also plans to pursue commercial opportunities and strategic partnerships as it seeks exposure to developing scandium supply chains serving advanced manufacturing, defence, aerospace, AI infrastructure, clean energy technologies and high-performance aluminium alloys.
Funds from the placement will support ongoing metallurgical studies, high-impact drilling programs and general working capital.
About Rimfire Pacific Mining
Rimfire Pacific Mining is an Australian critical minerals explorer focused on advancing its scandium portfolio towards development.
The company is seeking to establish itself as an Australian pure-play scandium developer by growing its resource base, advancing processing and technical studies and pursuing commercial and strategic development pathways.