Mr. Patrick Highsmith reports

TIMBERLINE ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Timberline Resources Corp. has filed with the TSX Venture Exchange for approval of a non-brokered private placement of units of the company at a price of eight U.S. cents per unit (approximately 11 Canadian cents, based on a currency exchange rate of 73.9 U.S. cents to $1 (Canadian) as of April 25, 2023) for gross proceeds of up to $3-million (U.S.). The units will be offered solely to persons or institutions who qualify as accredited investors under Rule 506(b) of Regulation D promulgated by the Securities and Exchange Commission under the Securities Act of 1933, as amended. The offering is subject to approval by the TSX Venture Exchange.

Each unit will consist of one share of common stock of the company and one-half of one common share purchase warrant, with each warrant exercisable to acquire an additional share of common stock of the company at a price of 12 U.S. cents per share for three years from the date of issuance.

The company plans to use the net proceeds of the offering primarily for exploration, resource development and permitting at its Eureka project on the Battle Mountain-Eureka trend, and for general corporate purposes.

Finders' fees may be payable with respect to subscriptions for units accepted by the company, and consulting fees may be payable by the company in relation to the offering. Certain insiders may participate in the offering.

The securities to be issued pursuant to the offering will be subject to a statutory hold period in accordance with applicable securities legislation.

About Timberline Resources Corp.

The common stock of Timberline Resources trades on the OTCQB under the symbol TLRS and is listed on the TSX Venture Exchange, where it trades under the symbol TBR.

We seek Safe Harbor.