Mr. Jason Bontempo reports

GLADIATOR METALS ANNOUNCES RESULTS OF MAIDEN DRILL PROGRAM AT COWLEY PARK COPPER PROSPECT

Gladiator Metals Corp. has provided the final results from the maiden drilling campaign completed at the high-grade Cowley Park prospect that forms part of the Whitehorse copper project.

• Gladiator has received the remaining results from all 14 holes completed in the 2,632-metre maiden diamond drilling program at the Cowley Park. All holes returned significant intercepts with results including:
  • CPG-007: eight m at 2.29 per cent Cu and 0.15 per cent Mo from 95 m within 12 m at 1.72 per cent Cu from 93 m;
  • CPG-012: eight m at 1.6 per cent Cu from 65 m within 48 m at 0.97 per cent Cu from 33 m.
• Particularly encouraging is the continuity of broad widths of high-grade mineralization in step out drilling to the south east of Cowley Park in the most easterly hole completed by the company, CPG-007.
• These results are in addition to the previously announced results from the program including:
  • CPG-001: 20 m at 1.43 per cent Cu from 42 m within 71 m at 0.72 per cent Cu from 32 m;
  • CPG-002: 13 m at 1.44 per cent Cu and 0.15 per cent Mo from 28 m and 33 m at 1.48 per cent Cu from 71 m within 113 m at 0.79 per cent Cu;
  • CPG-003: 13.2 m at 2.26 per cent Cu from 22.8 m;
  • CPG-004: 10 m at 1.68 per cent Cu from 87 m within 28 m at 0.91 per cent Cu from 87 m;
  • CPG-006: 16 m at 2.36 per cent Cu from 79 m within 92 m at 0.71 per cent Cu from 67 m;
  • CPG-010: 26 m at 1.14 per cent Cu from 86 m.
• These shallow results confirm the continuity of high-grade copper skarn mineralization at Cowley Park with mineralization remaining open along strike and down dip in all directions.
• Gladiator is advanced in planning to complete further diamond drilling in the coming weeks. This coming drilling will be aimed at testing strike and depth extensions to mineralization. Gladiator has over 4,000 metres of drilling remaining on its Class 1 permit.
• Results continue to reconcile positively with historic drilling in the area highlighting the potential to improve the prospect both through systematic sampling of lower-grade sections of mineralization around the identified high-grade areas and by assaying for potential complementary co-products to copper mineralization including molybdenum, gold and silver.
• Gladiator has initiated summer field programs including regional mapping, sampling and geophysical programs to further refine drill targets at more than 30 drill-ready, high-grade regional targets associated with copper-rich skarns within the Whitehorse copper belt ahead of planned winter drill campaigns.
• Gladiator is fully financed to expand its ambitious exploration program at the Whitehorse copper project with $9.5-million cash on hand (July, 2023).

Gladiator chief executive officer Jason Bontempo commented:

"Gladiator is pleased to release the remaining results from the recently completed 2,632 m maiden diamond drill campaign and to announce that it will be recommencing diamond drilling at Cowley Park in the coming weeks. Follow-up diamond drilling will be targeting extensions to the defined high-grade mineralization at Cowley Park.

"Results from Gladiators maiden program continue to successfully define the continuity and scale of high-grade copper mineralization at Cowley Park as well as providing further definition to the potentially significant coincident Molybdenum mineralization.

"Field crews are now active in the Whitehorse copper belt with regional-scale mapping, sampling and geophysical programs taking place in the summer months. This work is designed to prioritize winter drill targets from amongst more than 30 known occurrences of high-grade copper mineralization already identified over more than 35 kilometres of the Whitehorse copper belt."

Cowley Park -- maiden drilling campaign

Gladiator's 2,632 m, 14-hole maiden diamond drilling campaign was completed on May 19 and all assay results from the program have now been received. Significant drill intercepts from the program include:

• CPG-001: 20 m at 1.43 per cent Cu from 42 m within 71 m at 0.72 per cent Cu from 32 m;
• CPG-002: 13 m at 1.44 per cent Cu and 0.15 per cent Mo from 28 m and 33 m at 1.48 per cent Cu from 71 m within 113 m at 0.79 per cent Cu;
• CPG-003: 13.2 m at 2.26 per cent Cu from 22.8 m;
• CPG-004: 10 m at 1.68 per cent Cu from 87 m within 28 m at 0.91 per cent Cu from 87 m;
• CPG-006: 16 m at 2.36 per cent Cu from 79 m within 92 m at 0.71 per cent Cu from 67 m;
• CPG-007: eight m at 2.29 per cent Cu and 0.15 per cent Mo from 95 m within 12 m at 1.72 per cent Cu from 93 m;
• CPG-009: 30 m at 0.65 per cent Cu from 100 m;
• CPG-010: 26 m at 1.14 per cent Cu from 86 m;
• CPG-012: 48 m at 0.97 per cent Cu from 33 m, including eight m at 1.6 per cent Cu from 65 m;
• CPG-014: 45 m at 0.66 per cent Cu from 84 m.

A complete list of drilling completed by Gladiator Metals is in the attached table.

Cu mineralization width and continuity confirmed

These results confirm the width and continuity of high-grade mineralization previously targeted at Cowley Park with mineralization remaining open in all directions.

Particularly encouraging is the continuity of broad widths of high-grade mineralization in stepout drilling to the southeast of Cowley Park with 12 m at 1.72 per cent Cu, including eight m at 2.29 per cent Cu and 0.15 per cent Mo intersected in the most easterly hole, CPG-007.

Molybdenum was not systematically assayed for in the historical drilling and its observed widespread distribution throughout the Cowley Park area during this program provides encouragement that its inclusion in Gladiators datasets will add co-product value alongside other potentially contributing elements including silver and gold.

The significant potential of broader lower-grade mineralized envelopes surrounding the previously identified high-grade copper mineralization that was the subject of historical exploration continues to be highlighted by recent results with intervals of eight m at 16 per cent Cu within 48 m at 0.97 per cent Cu in hole CPG-012.

As a result recently completed drilling compares favourably with historical results and highlights the potential for Gladiator to significantly enhance the potential tonnage of future resources at Cowley Park through systematic targeting and sampling of lower-grade envelopes to the high-grade mineralization.

A complete list of the compiled holes from Cowley Park drilled by prior operators and their significant intercepts and details can be found on-line.

Exploration update

The company's exploration program at the Whitehorse copper project for 2023 is categorized into five parts including:

1. In addition to the company's recently completed maiden, 2,632 m diamond drilling program a further 2,000 m is in an advanced planning stage, that is scheduled to commence during August. Gladiator has a further about 4,300 metres of drilling it can complete under its currently approved Class 1 permit. Cowley Park had reached feasibility stage before historical copper mining operations were shut down in 1982. Identified mineralization at Cowley remains open along strike and down dip.
2. In addition to the company's own diamond drilling, Gladiator will continue its program of logging and assaying approximately 10,000 metres of unassayed core from exploration drilling completed in recent years by prior operators. The 10,000 metres of core mostly relates to drilling at Cowley Park but also includes drilling at other prospect areas including North Star, Grafters and Verona which are situated in the Best Chance to North Star trend and includes the former Little Chief mine.
3. Gladiator will also assay for molybdenum, gold, silver and other elements which were not historically systematically assayed for, along with incorporating potentially lower-grade mineralized material within or adjacent to significant mineralized widths that was often not sampled in the past to allow for future assessment of modern bulk mining potential.
4. The company is also carrying out a systematic consolidation of the historic drilling and mining activity representing the first time a comprehensive review of regional datasets has been undertaken since the last mining activity in the region ceased in 1982 with the closure of the Little Chief mine. Gladiator to date has identified over 800 historical surface drill holes drilled by Hudson Bay Mining & Smelting Co. Ltd., Yankee Hat Minerals Ltd., Lobo Del Norte Ltd. and the vendor H. Coyne & Sons Ltd. which were logged and selectively assayed. This includes 219 holes for approximately 25,000 metres completed at the Cowley Park prospect which were reported to the market on April 3. As compilation and digitization is completed the company will release the results of this historical drilling by prospect area along the Whitehorse copper belt.
5. Gladiator has initiated summer field programs including regional mapping, sampling and geophysical programs to further refine drill targets at more than 30, drill-ready, high-grade regional targets associated with copper-rich skarns within the Whitehorse copper belt ahead of planned winter drill campaigns.

Regional exploration

Work completed to date has identified more than 30, drill ready, high-grade regional targets associated with copper-rich skarns at the contact between the Cretaceous age Whitehorse plutonic suite and the Triassic to Jurassic Lewes River group's clastic and carbonate metasediments. Cumulatively, there is more than 35 km of underexplored strike on the contact which is highly prospective for high-grade copper and/or molybdenum and/or silver and/or gold.

Gladiator's position is enhanced at Whitehorse, with the project having near year-round access for work programs, including an established road and drill access network, low capital infrastructure requirements due to the project's proximity to Whitehorse and a strong partnership with the owners of the Whitehorse copper project, an experienced local drilling service provider.

Quality assurance/quality control and data verification

Drilling completed by Gladiator was irregularly spaced to test parts of the mineralized systems, holes were generally drilled at minus 60 degrees toward true north and the holes were directionally surveyed utilizing a north-seeking gyro direction tool. At the completion of drilling, drill collars are subsequently surveyed utilizing a high-accuracy RTK DGPS system.

Upon drilling of diamond core Gladiator undertakes geological logging, marking up of lineal length of the core, recording core recovery, and Geotech measurements such as RQDs and photographs the drill core (core photographs).

Based on the geological logging, core is then marked up for sampling with a new sampling ticket that matches the submitted sample for analysis at the start of the sample interval, the drill core is then cut in half utilizing a core saw equipped with a diamond saw blade. The core samples are then sent for analysis and the remaining half core retained for future reference. Certified reference materials (CRMs) or known blank material is placed within the sampling sequence at a nominal sampling rate of one in 20 samples to monitor the laboratory. Samples are submitted to the ALS Global laboratory (Canada).

Samples subject to this release were crushed to 70 per cent less than two millimetres before pulverizing to better than 85 per cent passing 75 microns. Samples were then analyzed by ALS method ME-ICP61 (aqua regia with inductively coupled plasma-mass spectrometry finish), with overlimits for Cu analyzed by method CU-OG62 (aqua regia with ICP-MS finish). As part of this process, Gladiator also captures the required sampling metadata to potentially utilize the core and analysis for any future requirements if deemed acceptable. The QA/QC meets the current required standards under reporting instruments, such as National Instrument 43-101. At this point the company regards the data collected from this exercise as reliable for the purposes of identifying future exploration targets and may be used to inform future drilling and exploration campaigns.

The company through its qualified person, has undertaken data verification processes in connection with its maiden drill program. The company through the use of its industry-based database software system (Plexer) and 3-D modelling software packages undertakes data verification and logic and code checks, checks the completeness and accuracy of the recorded data with the company performing random checks on the merged assay results against the lab assay certificates. These data are then reviewed once they have passed all logical checks and graphically displayed prior to being accepted and marked as finalized within the database. The company is unaware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to in this news release.

In reference to historic drill results reported in this news release from the company's data compilation exercise, these results are historical in nature. Gladiator has not undertaken any independent investigation, nor has it independently analyzed the results of the historical exploration work in order to verify the results. The company believes that the historical drill results currently do not conform to presently accepted industry standards. Gladiator considers these historical drill results relevant as the company will use these data as a guide to plan future exploration and drilling programs. The company also considers these data to be reliable for these purposes, however, the company's future exploration work will include verification of the data through drilling. Please refer to company's news releases dated Feb. 13, 2023, April 3, 2023, and April 27, 2023, for further details.

Marketing services

Gladiator is pleased to announce that it has entered into an agreement with Outside the Box Capital Inc. to provide marketing and distribution services to the company, which include assisting in communicating information about Gladiator through social media and assisting Gladiator with outreach to new communities and potential investors. Outside the Box has been engaged by Gladiator for an initial period of six months. Outside the Box will receive fees for the services of $100,000, with $34,000 due upon signing, $33,000 due after 60 days and $33,000 due after 120 days. The fees will be payable from Gladiator's available working capital. Outside the Box is at arm's length to Gladiator and will not receive shares or options as compensation, It currently does not own any securities of Gladiator. The agreement is subject to the approval of the TSX Venture Exchange. Outside the Box is a Toronto-based marketing company that specializes in social media platforms and will be able to facilitate greater awareness and widespread dissemination of the company's news into these channels.

The Whitehorse copper project

The Whitehorse copper project is an advanced-stage copper (Cu) plus or minus molybdenum (Mo) plus or minus silver (Ag) plus or minus gold (Au) skarn exploration project in the Yukon territory, Canada. The property comprises 314 contiguous claims covering approximately 5,380 hectares (13,294 acres) in the Whitehorse mining district.

Copper mineralization was first discovered in 1897 on the Whitehorse copper belt, as it became to be known. The Whitehorse copper belt comprised over 30 copper-related, primarily skarn occurrences covering an area of 35 by five km in a northwesterly trending arc. Exploration and mining development have been carried out intermittently since that time with the main production era lasting between 1967 and 1982 where production totalled 267.5 million pounds copper, 225,000 ounces of gold and 2,838,000 ounces of silver from 11.1 million tons of mineralized material milled (Watson, 1984).

The project is accessible through with numerous access roads and trails located within two km of the South Klondike Highway and the Alaska Highway. An extensive network of historical gravel exploration and haul roads exists throughout the project area, providing excellent access to the majority of the claim package. Access to existing electric power facilities is available through the main Yukon power grid.

In November, 2022, Gladiator executed an option agreement to acquire 100 per cent of the Whitehorse copper project by incurring exploration expenditures of $12-million on the project, staged payment of $300,000 in cash and the staged issue of 15 million shares over six years. Following the exercise of the option, the company must pay the optionor, or such other person(s) as the optionor may direct from time to time, a 1.0-per-cent net smelter returns royalty on the Whitehorse copper project.

Qualified person

All scientific and technical information in this news release has been prepared or reviewed and approved by Kell Nielsen, a qualified person as defined by NI 43-101.

We seek Safe Harbor.