Sec Form 3 Filing - Crescat Portfolio Management LLC @ Timberline Resources Corp - 2020-08-28

FORM 3 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Crescat Portfolio Management LLC 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) (Last) (First) (Middle) 1560 BROADWAY, SUITE 2270 3. Date of Earliest Transaction (MM/DD/YY) 08/28/2020 (Street) DENVER, CO80202 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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) Code V Amount (A) or (D) Price Common Stock 16,000,000 ( 1 ) D Common Stock 413,636 I See footnote ( 3 )

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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 7. Title and Amount of Underlying Securities (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 of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Series L Warrants $ 0.2 12/29/2020( 2 ) 08/15/2020 Common Shares 16,000,000 ( 1 ) D Series L Warrants $ 0.2 12/29/2020( 2 ) 08/15/2023 Common Shares 363,636 I Purchased by Kevin and Linda Smith Living Trust, Dated 7/21/1998

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Crescat Portfolio Management LLC 1560 BROADWAY SUITE 2270 DENVER, CO80202 X Signatures Linda C. Smith, CFO, on behalf of Crescat Portfolio Management LLC 09/04/2020 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Stock is divided among the Crescat Global Macro Master Fund LTD, Crescat Long/Short Fund LP, and Crescat Precious Metals Master Fund LTD. ( 2 )Warrants may not be exercised if such exercise would cause holder to beneficially own or exercise control or direction over 19.99% or greater of the issued and outstanding voting shares of the issuer. Common shares and share purchase warrants were acquired as part of a private placement financing by the issuer. ( 3 )363,636 shares purchased in private placement by Kevin and Linda Smith Living Trust, Date 7/21/199850,000 share purchased by Kevin Smith 401k at Fidelity

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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