Rimfire’s Murga tests strengthen the case for simpler scandium processing

Murga testing advances the atmospheric leach case

Rimfire Pacific Mining (ASX:RIM) is taking its Murga scandium project beyond the initial laboratory result: after 15 weeks, bottle-roll tests recovered 22.7% of scandium from saprolite and 15.2% from laterite. The company says acid consumption remained low at 0.34 tonnes per tonne for saprolite and 0.23 tonnes per tonne for laterite, while the saprolite leach solution recorded a scandium-to-iron ratio of 2.24 mg/g.

Those figures matter because Murga’s proposed processing concept relies on atmospheric leaching rather than a more complex high-pressure route. Rimfire is now running column tests to simulate heap or vat leaching, alongside heated agitated tank tests designed to establish shorter-term extraction limits. The work builds on the initial Murga leach testing, which previously pointed to the possibility of a lower-complexity extraction process.

The company has cautioned that its longer-term recovery estimates are not demonstrated results. A linear extrapolation from the 15-week data suggests potential 52-week recoveries of at least 60% for saprolite and 30% for laterite, assuming the observed extraction rate continues. Column results are expected in early November, tank-leach results by late November and a further bottle-roll update in early December, with all three workstreams intended to feed a desktop financial assessment.

Drilling and new ground extend the scandium portfolio

“Regional Location Plan showing Rimfire Scandium Projects, regional infrastructure, third party projects and scandium deposits.”

Rimfire is also preparing approximately 2,500 metres of air-core drilling at Murga, subject to regulatory approval, to support potential resource growth. At the 100%-owned Malamute prospect within Rabbit Trap, a shallow scandium-bearing zone extends across roughly 700 metres by 400 metres and remains open to the north and east. A separate 2,500-metre, approximately 50-hole program is planned there after approvals and completion of harvesting, which is expected around January 2027.

The company has added another exploration option near Nyngan, with applications covering about 500 square kilometres at the Bogan River Project. The ground contains multiple untested aeromagnetic anomalies interpreted as mafic-ultramafic intrusions, but the tenements remain applications rather than granted exploration licences. Rimfire plans data compilation and target generation after grant, with access discussions to follow.

“Fifield – Avondale Seismic Survey interpreted data.”

At Avondale, Rimfire says Golden Plains Resources has met the conditions to vest a 40% interest, leaving Rimfire with 60% and management of the proposed joint venture. The company also continues discussions over commercialisation of its Broken Hill base-metal project, although it explicitly warns that negotiations may not result in a transaction. The quarter’s portfolio expansion follows the Avondale 60% interest becoming a central part of Rimfire’s broader NSW exploration position.

Placement funds work but increases the share count

Rimfire raised $2.3 million before costs at 0.8 cents per share, issuing 287.5 million shares across two tranches. Directors and management committed $585,000, including $200,000 each from incoming Executive Chair Bronwyn Barnes and Non-Executive Director Ian McCubbing. The raise also includes one unlisted option for every share issued, exercisable at 1.5 cents until 31 August 2029, with the second tranche and attaching options requiring shareholder approval.

The cash provides room for metallurgical studies, drilling and working capital, but it comes with substantial dilution: Rimfire reported almost 3.0 billion ordinary shares on issue at 30 September. Quarter-end cash was $1.72 million, while reported operating and exploration outgoings totalled $578,000, implying approximately 2.98 quarters of funding on the company’s stated calculation. The capital raising, first disclosed alongside the $2.3 million placement, has therefore improved near-term liquidity without removing the need for future funding if programs expand.

Barnes has taken over as Executive Chair, Ian McCubbing has moved from chair to non-executive director and David Hutton has shifted from managing director and chief executive to Technical Director. The reshuffle separates strategic and funding responsibilities from technical leadership as Rimfire moves toward more drilling and process evaluation. Whether Murga’s next test results can convert encouraging chemistry into a credible financial case is now the central question for the expanded portfolio.