Mr. Howard Coyne, a shareholder, reports

EARLY WARNING REPORT ISSUED PURSUANT TO NATIONAL INSTRUMENT 62-103 - ACQUISITION OF SECURITIES OF GLADIATOR METALS CORP.

Howard Coyne has acquired beneficial ownership of three million common shares in the capital of Gladiator Metals Corp. pursuant to the terms and conditions of a mineral property option agreement dated Nov. 8, 2022, entered into between H. Coyne & Sons Ltd. and the company. The acquiror is a beneficial owner of, and has direction and control over, Coyne & Sons.

Immediately prior to the option payment, the acquiror had beneficial ownership and control and direction over an aggregate of 2,040,542 common shares, representing approximately 5.0 per cent of the issued and outstanding common shares of the company on an undiluted basis.

Following completion of the option payment, the acquiror had beneficial ownership and control and direction over an aggregate of 5,040,542 common shares, representing approximately 11.3 per cent of the issued and outstanding common shares on an undiluted basis.

The option payment resulted in an approximately 6.3-per-cent change in the acquiror's beneficial ownership of common shares of the company on an undiluted basis.

The company was required to issue the option payment pursuant to the terms and conditions of the option agreement in connection with its partial exercise of an option to acquire certain mineral claims located in the Yukon held by Coyne & Sons. The acquiror holds the common shares for investment purposes. The acquiror may, depending on market and other conditions, increase or decrease his ownership of the company's securities, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities. However, notwithstanding the foregoing, the common shares are, in addition to a statutory hold period of four months plus one day, subject to a voluntary hold period of one year following the date of issuance.

For further information or to obtain a copy of the early warning report filed under applicable securities laws, please contact Mylinh Pham at 867-335-2732.