Announcement • May 02
Timberline Resources Corporation acquired remaining majority stake in Golden Lake Exploration Inc. (CNSX:GLM). Timberline Resources Corporation entered into a definitive agreement to acquire remaining majority stake in Golden Lake Exploration Inc. (CNSX:GLM) on January 28, 2026. On December 19, 2025, Golden Lake and McEwen entered into a non-binding letter of intent. Under the terms of the agreement, each Golden Lake common share would entitle its holder to receive 0.003876 McEwen common shares. Upon completion, Golden Lake would become a wholly-owned subsidiary of McEwen. Additionally, existing Golden Lake shareholders will own approximately 0.5% of the combined company resulting from the transaction. In case of termination of transaction, seller will pay a termination fee of CAD 0.25 million.
To be effective, the proposed transaction will require the approval of shareholders, warrant holders, and noteholders of Golden Lake at a special meeting expected to take place in March. Completion of the proposed transaction will be subject to customary closing conditions and receipt of necessary court and regulatory approvals, including approval of the TSX and the NYSE, the delisting of the Corporation Shares from the CSE has been approved. The Proposed Transaction was approved by the Board of Directors of both McEwen and Golden Lake. The transaction is expected to close on April 30, 2026. As of March 19, 2026 Golden Lake Exploration Inc. shareholder approved the deal.
Jeff Kerbel of Bennett Jones LLP acted as legal advisor to McEwen Inc. Jay Sujir of Farris LLP acted as legal advisor to Golden Lake Exploration Inc. Endeavor Trust Corporation acted as transfer agent to Golden Lake.
Timberline Resources Corporation completed the acquisition of remaining majority stake in Golden Lake Exploration Inc. (CNSX:GLM) on April 30, 2026. New Risk • Mar 10
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 15% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (26% average weekly change). Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (15% increase in shares outstanding). Market cap is less than US$100m (CA$14.3m market cap, or US$10.5m). Announcement • Feb 11
Golden Lake Exploration Inc., Annual General Meeting, Mar 18, 2026 Golden Lake Exploration Inc., Annual General Meeting, Mar 18, 2026. 
