Mr. Jason Bontempo reports

GLADIATOR ANNOUNCES HIGH-GRADE COPPER MINERALISATION IDENTIFIED AT MIDDLE CHIEF AND CLASS 1 PERMIT EXTENSION GRANTED

Gladiator Metals Corp. has provided an update to its continuing data compilation over the Whitehorse copper project with the identification of significant widths of unmined, copper-gold skarns over more than 700 metres of strike at the historic Little Chief mine trend.

Gladiator chief executive officer Jason Bontempo commented:

"With the identification of the Middle Chief mineralization Gladiator continues to define areas of high-grade copper skarn mineralization with significant exploration upside from its data compilation of historic drilling data sets. The Middle Chief mineralization represents a near-surface area of mineralization open in all directions with limited exploration or development away from historical underground infrastructure.

"Historical drilling and past production from the Little Chief mine area as a whole remains shallow, and this data compilation represents an opportunity to review the deposit in 3-D for the first time to begin to appreciate the exploration potential of the high-grade copper-gold skarn, which remains open in all directions, for future resource growth.

"Planned diamond drilling is scheduled to commence in the coming months and will be testing the Middle Chief target as well as near-mine extensions to the historic Little Chief mine."

Little Chief mine and Middle Chief target

The former Little Chief mining trend is the largest historically producing mine in the Whitehorse copper belt with a total mined production of approximately 8.54 million tonnes grading greater than 1.5 per cent copper and 0.75 gram per tonne gold. Production from the Little Chief open-pit mine commenced in May, 1967, with mining of the open cut completed in 1969. Underground mining development commenced in 1971 and ceased operation in 1982 due to the prevailingly low copper price environment. On review, Gladiator has identified down-dip potential for the mineralization to continue, where little or no drilling has been completed to date and mineralization remains open.

Gladiator has recently completed collating historic drilling for the Little Chief historical production area. Supporting this work, the company has completed a lidar survey and undertaken reconnaissance, prospecting and sampling of outcropping Cu-Au skarn mineralization proximal to the historic Little Chief underground and open-cut mine. From this, the company has confirmed the existence of significant mineralization that was drilled initially from the decline constructed to access the former Little Chief underground mine, with further drilling being undertaken prior to the mine closure in 1982.

This was supported by David Tenney (1981), who reported remaining underground reserves at Little Chief and Middle Chief.

The recently collated historical drilling data have identified a significant, a greater-than-200-metre-long body of shallow mineralization (120 m below surface), located underneath the decline and to the north of the Little Chief open-pit and underground mine, named the Middle Chief mineralization. This mineralization appears to remain intact with drilling completed to date being limited in scope and size and has not closed off the unmined high-grade copper skarn mineralization at Middle Chief. Further drilling is also planned to test the extent of remnant mineralization from the Little Chief orebody that remains open along strike and down dip.

The recently collated historic drilling (628 underground holes LCU-001-619, BC2490-1-2, BC2500-1-2 and 166 surface holes LC-001-121, MC-001-014, XLC-001-028 and BCF-001-006 and D-001-4 for 68,940 metres), none of which had been previously reported by the company, highlighted significant mineralization that potentially remains intact, this includes the following drill holes from Middle Chief that have been collared underground:

• LCU-003: 53.56 m at 1.23 per cent Cu from 88.54 m;
• LCU-009: 49.83 m at 3.06 per cent Cu from 70.26 m;
• LCU-013: 23.01 m at 2.07 per cent Cu from 87.78 m;
• LCU-017: 54.10 m at 2.05 per cent Cu from 77.42 m;
• LCU-023: 33.99 m at 2.10 per cent Cu from 148.89 m, including 15.24 m at 3.26 per cent Cu from 167.64 m;
• LCU-151: 32.92 m at 2.08 per cent Cu from 86.87 m;
• LCU-371: 9.30 m at 4.73 per cent Cu from zero m;
• LCU-500: 22.52 m at 2.23 per cent Cu from 79.86 m;
• LCU-503: 32.22 m at 2.11 per cent Cu from 83.91 m, including 17.07 m at 3.47 per cent Cu from 99.06 m;
• LCU-528: 30.85 m at 1.68 per cent Cu from 18.68 m, including 22.47 m at 2.06 per cent Cu from 18.68 m;
• LCU-542: 28.04 m at 1.84 per cent Cu from 91.14 m, including 19.81 m at 2.35 per cent Cu 96.32m;
• LCU-543: 13.72 m at 1.28 per cent Cu from 66.14 m and 41.15 m at 2.22 per cent Cu from 87.48 m;
• LCU-550: 37.49 m at 1.90 per cent Cu from 74.68 m;
• LCU-551: 24.9 m at 2.27 per cent Cu from 93.97 m;
• LCU-571: 11.06 m at 3.79 per cent Cu from 89.37 m;
• LCU-578: 30.17 m at 1.97 per cent Cu from 31.09 m;
• LCU-580: 24.14 m at 1.86 per cent Cu from 45.96 m, including 21.10 m at 2 per cent Cu from 45.96 m;
• LCU-604: 26.21 m at 1.86 per cent Cu from 16.46 m;
• LCU-610: 50.99 m at 1.87 per cent Cu from 18.11 m, including 39.84 m at 2.19 per cent Cu from 23.16 m;
• LCU-614: 38.22 m at 1.39 per cent Cu from 10.24 m, including 32.13 m at 1.53 per cent Cu from 14.81 m;
• LCU-616: 37.79 m at 1.55 per cent Cu from 21.34 m, including 28.65 m at 1.9 per cent Cu from 30.48 m.

The compilation of the available data completed by Gladiator is the first time that the mineralization has been able to be reviewed and modelled in three dimensions, providing Gladiator with a unique opportunity to target further mineralization and utilize modern geophysics such as down-hole electromagnetics (DHEM).

Gladiator intends to commence exploration drilling at Middle Chief in the coming months under its recently approved Class 1 exploration notification. This drilling will be complemented by DHEM surveying of the holes to identify undrilled extensions to the mineralization.

In addition to this, Gladiator is currently undertaking a high-resolution drone-borne aeromagnetic survey over the Little Chief area. On completion, Gladiator plans to have the magnetics processed and a three-dimensional inversion model completed. This is of significant importance given that mineralization previously exploited along the Little Chief trend is associated with magnetite-enriched skarns and is able to be directly targeted from its magnetic signature.

Historical drilling at Little Chief and Middle Chief was selectively sampled for copper only. Gladiator intends to assay all future drilling and sampling for additional credits, including gold, silver and molybdenum, which were proven significant contributors to the economics of historic operations at Little Chief.

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 has captured the data within an industry-standard database.

Drill holes with the prefixes LCU-, D- and BC2 were collared or conducted from underground mining infrastructure, including drill drives and the main decline used to access the Little Chief mine and mineralization. For this reason, down-hole depth of mineralization as reported does not give a true sense of depth below surface for reported intersections.

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 kilometres of underexplored strike on the contact which is highly prospective for high-grade copper plus/minus molybdenum plus/minus silver plus/minus 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

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 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.

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 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 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 267.50 million pounds copper, 225,000 ounces of gold and 2,838,000 ounces of silver from 11.1 million tons of mineralized material milled.

The project is accessible through 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 payments 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 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, the company's vice-president, exploration, a qualified person as defined by National Instrument 43-101.

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