SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Crescat Portfolio Management LLC

(Last)

(First)

(Middle)

44 COOK STREET, SUITE 100

(Street)

DENVER

80206

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Timberline Resources Corp [ TLRS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/28/2023

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	12/28/2023		P		1,575,000	A	$0.04⁽¹⁾	10,795,811	I	Held by Crescat Precious Metals Master Fund Ltd.
Common Stock	12/28/2023		P		37,500	A	$0.04⁽¹⁾	105,711	I	Held by Crescat Institutional Commodity Master Fund Ltd.
Common Stock	12/28/2023		P		710,000	A	$0.04⁽¹⁾	13,074,725	I	Held by Crescat Global Macro Master Fund Ltd.
Common Stock	12/28/2023		P		40,000	A	$0.04⁽¹⁾	132,850	I	Held by Crescat Institutional Macro Master Fund Ltd.
Common Stock	12/28/2023		P		137,500	A	$0.04⁽¹⁾	1,832,846	I	Held by Crescat Long/Short Master Fund Ltd.
Common Stock								363,636	I	Held by Kevin and Linda Smith Living Trust dtd 7/21/1998
Common Stock								150,000	I	Held by Kevin C. Smith

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Warrant	$0.06	12/28/2023		P		1,575,000		12/28/2023	12/31/2027	Common Stock	1,575,000	$0.04⁽¹⁾	1,575,000	I	Held by Crescat Precious Metals Fund Ltd.
Warrant	$0.06	12/28/2023		P		37,500		12/28/2023	12/31/2027	Common Stock	37,500	$0.04⁽¹⁾	37,500	I	Held by Crescat Institutional Commodity Master Fund Ltd.
Warrant	$0.06	12/28/2023		P		710,000		12/28/2023	12/31/2027	Common Stock	710,000	$0.04⁽¹⁾	710,000	I	Held by Crescat Global Macro Master Fund Ltd.
Warrant	$0.06	12/28/2023		P		40,000		12/28/2023	12/31/2027	Common Stock	40,000	$0.04⁽¹⁾	40,000	I	Held by Crescat Institutional Macro Master Fund Ltd.
Warrant	$0.06	12/28/2023		P		137,500		12/28/2023	12/31/2027	Common Stock	137,500	$0.04⁽¹⁾	137,500	I	Held by Crescat Long/Short Master Fund Ltd.

Explanation of Responses:

1. Unit price of $0.04 included one share of common stock and one warrant exercisable for the purchase of one additional share of common stock.

	/s/ Kevin Smith	03/15/2024
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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