McEwen Mining Completes Strategic Acquisition of Timberline Resources, Expanding Nevada Footprint

McEwen Mining Inc. has successfully closed its acquisition of Timberline Resources Corporation, marking a significant expansion of the company's presence in Nevada's precious metals mining sector. The strategic move received overwhelming approval from Timberline shareholders during a special meeting held on August 16, 2024, with McEwen Mining acquiring all issued and outstanding common shares through a merger with a wholly owned subsidiary. This transaction represents a major step in McEwen Mining's objective of improving asset productivity and extending operational life to increase shareholder value and provide investor yield.

Rob McEwen, chair and chief owner of McEwen Mining, expressed enthusiasm about the acquisition, stating the company's commitment to advancing the Eureka project on multiple fronts including additional exploration drilling, permitting activities, and development planning. The acquisition is particularly significant given Nevada's status as a key region for precious metals mining in North America, with McEwen emphasizing that Nevada is a place where the company wants to operate for a long time, prioritizing opportunities for growth at reasonable costs. The integration of Timberline's assets, especially the Eureka project, strengthens McEwen Mining's diversified portfolio that already includes operations in Canada, Mexico, and Argentina.

The strategic implications of this acquisition extend beyond immediate operational expansion, potentially signaling broader consolidation trends within the gold mining sector. Industry observers will be closely monitoring how McEwen Mining integrates Timberline's assets and advances the Eureka project, as success could set precedents for similar strategic moves among junior and mid-tier mining companies. The transaction occurs against the backdrop of McEwen Mining's broader diversification strategy, which includes the company's approximately 48% ownership of McEwen Copper, controlling the large, advanced-stage Los Azules copper project in Argentina at https://www.mcewenmining.com.

Rob McEwen's personal investment of $225 million in the company, coupled with his symbolic $1 annual salary, demonstrates strong alignment of interests between leadership and shareholders. This commitment provides additional confidence to investors and partners as McEwen Mining embarks on this new growth phase following the Timberline acquisition. The company's expanded Nevada operations position it to capitalize on the region's rich deposits and favorable operating environment, potentially leading to operational synergies and enhanced resource development capabilities that could benefit long-term sustainability in the competitive mining landscape.