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 four U.S. cents per unit (approximately 5.4 cents, based on a currency exchange rate of 74.7 U.S. cents to $1 as of Dec. 18, 2023) for gross proceeds of up to $600,000 (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 U.S. Securities and Exchange Commission under the Securities Act of 1933, as amended. The offering may be completed in one or more tranches and is subject to approval by the TSX-V.

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

The company plans to use the net proceeds of the offering for general corporate working capital and exploration expenditures at its Eureka project.

Finders' fees may be payable with respect to subscriptions for units accepted by the company. 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.

The company has terminated the private placement previously announced on Aug. 17, 2023.

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. Timberline is a Nevada-focused exploration company targeting Carlin-type gold and carbonate-replacement-type silver-lead-zinc-gold deposits in the Eureka mining district.

We seek Safe Harbor.