Mr. Patrick Highsmith reports

TIMBERLINE RESOURCES ANNOUNCES CLOSING OF MERGER WITH MCEWEN MINING

Timberline Resources Corp. has closed the previously announced merger with McEwen Mining Inc. The closing follows the satisfaction of all conditions to the closing of the merger, including receipt of approval by Timberline stockholders on Aug. 16, 2024.

At the effective time of the merger, the company merged with and into a wholly owned subsidiary of McEwen, with Timberline surviving as a wholly owned subsidiary of McEwen. As previously announced, as a result of the merger, Timberline stockholders received 0.01 of a share of McEwen's common stock for each share of Timberline's common stock. Now that the acquisition has closed, the previously announced interim financing arrangement between Timberline and McEwen became an intercompany arrangement between McEwen and the surviving company.

Advisers and counsel

Cormark Securities Inc. acted as financial adviser to Timberline, and Davis Graham & Stubbs LLP is acting as Timberline's legal adviser.

About McEwen Mining Inc.

McEwen Mining 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.).