Mr. Jason Bontempo reports

EXPLORATION TO COMMENCE AT THE ARCTIC CHIEF TREND

Gladiator Metals Corp. has provided an update on current drilling, planned drilling, and continuing regional field mapping and data compilation within the historically producing Whitehorse copper project.

Highlights

• Class 1 exploration notification submitted for 10,000 metres of diamond drilling, scheduled to commence mid-November, 2023, at the Arctic Chief trend.
• Scheduled drilling will focus on multiple drill ready, shallow, targets over 2.4-kilometre strike on the Arctic Chief trend which include the Arctic Chief, Best Chance, Verona, Grafter and Empress of India prospects.
• The Arctic Chief trend includes the Best Chance prospect where mineralization remains open along strike and at depth from unreleased and unmined historical drill intersections, best results include:
  • BCH-024: 15.94 metres at 3.19 per cent Cu (copper) from 29.96 m;
  • BCH-010: 10.36 m at 2.56 per cent Cu from 93.09 m;
  • BCH-023: 46.27 m at 1.0 per cent Cu from 24.38 m;
  • BCH-022: 16 m at 1.6 per cent Cu from 25.15 m;
  • BCH-029: 14.94 m at 1.75 per cent Cu from 27.43 m.
• The second drilling campaign at Cowley Park is continuing with almost 3,500 metres completed and is scheduled to complete early November for a total of 4,200 metres, assays pending.

Gladiator chief executive officer Jason Bontempo commented:

"The Arctic Chief trend continues to develop as a significant exploration opportunity with outcropping copper-gold skarn mineralization now mapped by Gladiator extending for at least 2.4 km of strike and external to past historical operations.

"Previous successful exploitation of the Arctic Chief trend was very limited in scope and depth, with only minor amounts of drilling being undertaken outside of the past production area. Mineralization remains open in all directions (along strike and at depth) at all of the defined prospect areas.

"Regional programs are still active in the Whitehorse copper belt with the results of continuing drone borne magnetics anticipated shortly."

The Arctic Chief trend

The company has recently completed collating historic drilling, completed a lidar (light detection and ranging) survey and undertaken reconnaissance prospecting and sampling of outcropping Cu-Au skarn mineralization proximal to the Arctic Chief mining pits. This work has identified multiple prospect areas over more than 2.4 km of strike that remains open in all directions.

At the Arctic Chief prospect, two historic shallow open cut pits (east and west) that are less than approximately 40 m deep exploited very high-grade ore near surface approximately four km to the NW (northwest) of the Historic Little Chief mine and processing facility. According to Watson (1984), "Arctic Chief reported production totalling 202,000 tonnes of copper ore grading 1.4 per cent Cu and 1.0 g/t gold."

In addition to the historic Arctic Chief prospect, four additional high-priority prospects have been identified withing the 2.4 km of mineralized strike. These include:

Best Chance prospect

Recently collated historic drilling (51 holes for 5,038 metres) none of which had been previously reported by the company, highlight significant mineralization that remains unmined and extends over more than 250 m with mineralization remaining open along strike and at depth. Downhole mineralization includes:

• BCH-024: 15.94 m at 3.19 per cent Cu from 29.96 m;
• BCH-022: 16 m at 1.6 per cent Cu from 25.15 m;
• BCH-029: 14.94 m at 1.75 per cent Cu from 27.43 m;
• BCH-023: 46.27 m at 1.0 per cent Cu from 24.38 m;
• BCH-010: 20.18 m at 1.5 per cent Cu from 88.51 m including 10.36 m at 2.56 per cent Cu from 93.09 m;
• BCH-006: 51.66 m at 0.67 per cent Cu from 12.13 m;
• BCH-037: 17.07 m at 1.5 per cent Cu from 74.37 m.

In conjunction to the historic drill data compilation, Gladiator undertook reconnaissance, investigation and sampling of outcropping mineralization proximal to historic drilling. Sampling identified multiple zones of outcropping mineralization in the Best Chance prospect area with results including:

• Outcropping skarn mineralization 150 m to the north of the drill area. Rock chips include:
  • 8.12 per cent Cu and 0.2 g/t Au (gold) (H678262);
  • 2.39 per cent Cu (H678263 -- no Au assay).
• Outcropping skarn mineralization 150 m to the south of the drill area. Rock chips include:
  • 3.15 per cent Cu and 3.5 g/t Au (H678352).

Verona prospect

Undrilled high-grade copper and gold mineralization 400 m to the NE (northeast) of two small open cut mining pits located at Arctic Chief historic mining area defined by rock chipping with results including:

• 6.02 per cent Cu and 0.3 g/t Au (H678347);
• 3.86 per cent Cu and one g/t Au (H678349);
• 2.55 per cent Cu and 0.1 g/t Au (H678453).

Grafter prospect

Undrilled high-grade copper and gold mineralization defined by rock chipping around small, historic underground workings 200 m to the West of the Best Chance prospect area with results including:

• 12 per cent Cu and 4.4 g/t Au (H678356);
• 4.09 per cent Cu and 3.8 g/t Au (H678310).

Empress of India prospect

Undrilled high-grade copper and gold mineralization defined by rock chipping of multiple zones over more than 400 m of strike with results including:

• 23.7 per cent Cu and 0.1 g/t Au (H678385);
• 13.4 per cent Cu and 0.3 g/t Au (H678332);
• 12.95 per cent Cu and 0.1 g/t Au (H678332).

Arctic Chief prospect:

The results above over the various prospects comprising the Arctic Chief trend are in addition to a previously announced data compilation completed at Artic Chief prospect (news release dated July 31, 2023) which included:

• Unmined intersections:
  • AC-015: 17.1 m at 1.52 per cent Cu from 26.49 m;
  • AC-013: 13.35 m at 1.42 per cent Cu from 20.85 m;
  • AC-051: 6.79 m at 3.14 per cent Cu from 80.47 m;
  • AC-035: 6.71 m at 2.24 per cent Cu from 29.44 m.
• Mined intersections:
  • XAC-001 21.33 m at 1.48 per cent Cu from 6.1 m;
  • XAC-002: 8.43 m at 2.31 per cent Cu from 37.75 m;
  • XAC-004: 30.48 m at 1.83 per cent Cu from 15.24 m;
  • AC-002: 21.03 m at 3.95 per cent Cu from 21.34 m including 9.75 m at 7.81 per cent Cu from 29.87 m;
  • AC-009: 23.17 m at 1.10 per cent Cu from 19.2 m;
  • AC-010: 27.09 m at 1.49 per cent Cu from 23.2 m including 9.96 m at 3.18 per cent Cu from 40.33 m;
  • AC-022: 11.34 m at 2.06 per cent Cu from 35.72 m;
  • AC-026: 14.2 m at 1.8 per cent Cu from 22.04 m, including 7.62 m at 3.01 per cent Cu from 23.56 m.

Previous successful exploitation of the Arctic Chief trend was limited in scope and remains shallow with very limited drilling completed outside of the past-producing area, with mineralization remaining open both along strike and at depth.

Mineralization has been identified by Gladiator from historical drill records, reconnaissance and rock chip sampling that has identified significant potential for mineralization external to the small open cuts along strike and at depth.

Historical drilling was selectively sampled for copper only. Given the high-grade gold values reported in recent rock chipping results (up to 19.9 g/t Au -- sample H678440), Gladiator intends to assay all future drilling and sampling for additional credits including gold, silver and molybdenum which were proven contributors to the economics of historic operations.

Holes were drilled at various dips on variable, prospect specific, nominal grids. Gladiator obtained the drill records and logs from the Yukon Geological Survey archives and have captured the data within an industry standard database.

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 plus or minusmolybdenum plus silver plus 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.

QA/QC (quality assurance/quality control) and data verification

The drill results reported in this news release 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 do not conform to the 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 the data to be reliable for these purposes, however, the company's future exploration work will include verification of the data through drilling. The company has provided drill results derived form the compilation of historic data relating to prospects which were mined or partially mined by prior operators. The company is using these data as it attempts to identify trends within the prospect areas. The company expects to use these data as a guide to plan future exploration and drilling programs.

The historical mineral resources discussed in this press release were calculated using mining industry standard practices for estimating mineral resource and mineral reserves prior to the implementation of the current CIM (Canadian Institute of Mining, Metallurgy and Petroleum) standards for mineral resource estimation (as defined by the CIM Definition Standard on Mineral Resources and Mineral Reserves dated May 10, 2014). The reader is cautioned not to treat them, or any part of them, as current mineral resources or reserves. An independent qualified person (QP) has not done sufficient work to classify the estimate discussed as current mineral resources or reserves, and therefore the estimate should be treated as historical in nature and not current mineral resources or mineral reserves. The historical resources have been included simply to demonstrate the mineral potential of the Whitehorse copper project. A thorough review of all historical data performed by a QP, along with additional exploration work to confirm results, would be required in order to produce a current mineral resource estimate for each of the key prospects. For greater certainty, the company confirms that it does not have a current mineral resource on any part of its Whitehorse copper project.

Rock chip sampling

Rock chip samples are collected and identified by the company's geologists that are undertaking regional mapping and sampling throughout the company's tenure. Rock chip samples are selectively taken from observed outcrops, subcrops and float material, as determined relevant by the geologist. Samples are geologically logged, recorded with a sampling ticket that matches the submitted sample and located by hand-held GPS (plus/minus five m accuracy). The samples are then sent for analysis. Certified reference materials (CRMs) or known blank material is placed within the sampling sequence on an ad hoc basis. All samples were submitted to the ALS Global Laboratory (Canada).

Samples subject to this release were crushed to 70 per cent less than two millimetres (mm) before pulverizing to better than 85 per cent passing 75 microns. Samples were then analyzed by ALS method Au-AA25 (30 gram fire assay -- ore grade Au with AA (atomic absorption) finish), ME-ICP61 (33 elements aqua regia with ICP-MS (inductively coupled plasma mass spectrometry) finish), with overlimits for Cu analyzed by method CU-OG62 and Ag by Ag-OG62 (aqua regia with ICP-MS finish). As part of this process, Gladiator also captures the required sampling metadata.

Rock chip sampling results are relevant as a guide to plan future exploration and drilling programs, and are not necessarily representative of mineralization throughout the prospect as they are highly selective by nature. 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 Whitehorse copper project

The Whitehorse copper project is an advanced-stage copper plus or minus molybdenum plus or minus silver plus or minus gold skarn exploration project in Yukon, 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 came to be known. The Whitehorse copper belt is composed of over 30 copper-related, primarily skarn occurrences covering an area of 35 km 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 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 exist 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-per-cent net smelter return 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, the company's vice-president of exploration, a qualified person as defined by National Instrument 43-101.

We seek Safe Harbor.