Mr. Patrick Highsmith reports

TIMBERLINE STOCKHOLDERS APPROVE MERGER WITH MCEWEN MINING

Timberline Resources Corp.'s stockholders have approved the previously announced merger with McEwen Mining Inc. Based on the preliminary tabulation of the stockholder vote, more than 99.98 per cent of the shares voted at the special meeting, representing approximately 62.50 per cent of the shares of Timberline common stock outstanding as of the record date for the special meeting, were voted in favour of the adoption of the merger agreement with McEwen.

The final voting results of the special meeting, as tabulated by an independent inspector of elections, will be reported on a Form 8-K to be filed with the U.S. Securities and Exchange Commission.

The closing of the transaction is expected to occur on or about Aug. 19, 2024.

About McEwen Mining Inc.

McEwen is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. In addition, it owns approximately 48.3 per cent of McEwen Copper, which owns the large, advanced-stage Los Azules copper project in Argentina. McEwen's goal is to improve the productivity and life of its assets with the objective of increasing its share price and providing a yield. Rob McEwen, executive chairman and chief owner, has a personal investment in the group of $220-million (U.S.) and takes an annual salary of $1 (U.S.).

About Timberline Resources Corp.

Timberline is a Nevada-based exploration company with its flagship gold-silver property in the Eureka district. The Eureka property includes the historical Lookout Mountain and Windfall mines in a total property position of approximately 27 square miles (70 square kilometres).

Near the northern end of the Battle Mountain-Eureka trend, the company also jointly holds the Paiute project with Nevada Gold Mines. Timberline also controls the Seven Troughs project in northern Nevada.

In total, Timberline controls over 43 square miles (111 square kilometres) of mineral rights in Nevada.

Bridge financing

As previously announced, in connection with the merger, McEwen and Timberline entered into an interim financing arrangement whereby McEwen agreed to provide Timberline with loans as the company may request from time to time to finance working capital and corporate costs of Timberline through the anticipated closing of the proposed transaction. For each calendar month, McEwen is not obligated to make any loan that would cause the aggregate amount of loans for such calendar month to exceed the lesser of: (i) the monthly budget for each calendar month provided by the company to McEwen in advance of such applicable month from time to time; or (ii) the company's monthly budget as provided on a schedule to the note. The note bears interest at a per annum rate of 15 per cent, accruing monthly, and matures on Oct. 15, 2024; provided, however, that, if the merger agreement is terminated by the company pursuant to Section 7.01(d)(ii) of the merger agreement, then the maturity date shall be five business days following the effective date of such termination, and provided further, however, that, if the merger agreement is terminated by McEwen pursuant to Section 7.01(c)(i) or Section 7.01(c)(ii) of the merger agreement, then the maturity date shall be 20 calendar days following the effective date of such termination. The note is unsecured, and the company has the right to prepay the note, in whole or in part, at any time without penalty. The note will become an intercompany loan between McEwen and the surviving company upon closing.

We seek Safe Harbor.