Mr. Jason Bontempo reports

GLADIATOR METALS INTERSECTS COPPER IN MAIDEN DRILL CAMPAIGN AT COWLEY PARK

Gladiator Metals Corp. has released initial results from its maiden drilling campaign at the Cowley Park prospect at the Whitehorse copper project.

• Gladiator has completed a 2,632-metre maiden diamond drilling program at the Cowley Park prospect and has received initial assays results from the first seven of 14 holes.
• All holes returned significant intercepts confirming the width and continuity of mineralization previously targeted at Cowley Park with mineralization remaining open in all directions, with results including:
  • 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-002: 13 m at 1.44 per cent Cu and 0.15 per cent Mo (molybdenum) 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-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-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-010: 26 m at 1.14 per cent Cu from 86 m.
• These shallow results confirm the continuity of copper skarn mineralization at Cowley Park as well as highlighting the potential for a larger mineralized envelope, not previously considered or tested by previous operators.
• Importantly, these assay results highlight the previously unrecognized potential of the endoskarn copper mineralization at Cowley Park which has not been systematically targeted or assayed in historic drilling.
• Multielement assays confirm high-grade coincident molybdenum. The recent assay results also highlight significant zones of molybdenum mineralization coincident with the copper mineralization.
• Copper mineralization remains open along strike and down dip in all directions at Cowley Park.
• The company is advanced in its planning to complete a further 2,000 m of diamond drilling based on initial observations from diamond core drilled to date. This program will be aimed at testing strike and depth extensions to mineralization, providing Gladiator with a better understanding of the identified parts of the mineralized system where limited or no assaying was undertaken within the historical drilling.

Gladiator chief executive officer Jason Bontempo commented:

"Gladiator is pleased to announce initial results from the recently completed 2,632 m maiden diamond drill campaign. These results highlight the rapid progress Gladiator has made in the first three months since acquiring the rights to the Whitehorse copper project and is testament to the hard work of the team on the ground.

"Results from Gladiator's sampling continues to define the continuity and scale of copper mineralization at Cowley Park as well as providing further definition to the potentially significant coincident molybdenum mineralization. The broad widths of mineralization surrounding the higher-grade intervals were not typically assayed by previous operators and Gladiator believes that these have significant potential.

"The recent drilling has also identified significant widths and grades of copper mineralization within the endoskarn which was not previously targeted by previous operators.

"As well as updating the market in the coming weeks with the remainder of the assays from the maiden diamond drill campaign Gladiator has already begun planning for follow-up diamond drilling which will be targeting extensions to historically defined mineralization at Cowley Park. We also look forward to announcing results from the remainder of our data compilation of historic drilling as well as further assays from previously unlogged and unsampled core."

Cowley Park -- maiden drilling campaign

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

• 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-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-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-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-010: 26 m at 1.14 per cent Cu from 86 m.

A complete list of drilling completed by Gladiator Metals, including the hole locations, drill azimuth and dip, is included herein.

Cu mineralization width and grade confirmed

These results confirm the width and continuity of mineralization previously targeted at Cowley Park with mineralization remaining open in all directions. Results such as 16 m at 2.36 per cent Cu in CPG-006 and 13.2 m at 2.26 per cent Cu in CPG-003 compare favourably with previously announced historical drill intercepts (refer to the company's news releases dated Feb. 13, 2023, April 3, 2023, and May 15, 2023) such as:

• CP-003: 16.76 m at 2.27 per cent Cu from surface;
• CP-053: 27.7 m at 2.74 per cent Cu from 8.69 m, including 7.83 m at 8.34 per cent Cu from 23.93 m;
• CP-119: 36.27 m at 2.28 per cent Cu from 72.24 m;
• CP-125: 23.32 m at 3.53 per cent Cu from 51.51 m;
• 19-CP-08: 43.28 m at 2.24 per cent Cu from 93.27 m.

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

New results from the recently completed drilling campaign demonstrate the potential for this style of mineralization. This has become evident when current drilling is compared against selectively assayed historical drilling in neighbouring holes. For example, recently completed drill hole CPG-002 returned 113 m at 0.79 per cent Cu from 19 m, compared against historic drill hole CP-039 that returned 62.49 m at 0.65 per cent cu from 42.67 m.

Multielement assays confirms high-grade coincident molybdenum

The recent assay results also highlight significant zones of molybdenum mineralization coincident with the copper mineralization. Significant intervals from recently completed drilling includes:

• CPG-002: 13 m at 1.44 per cent Cu and 0.15 per cent Mo from 28 m;
• CPG-003: Five m at 1.23 per cent Cu and 0.11 per cent Mo from nine m.

These results are supported by recently announced results from Gladiator's multielement sampling program of previously unassayed core at Cowley Park with results including (refer to the company's news releases dated Feb. 13, 2023, April 3, 2023, and May 15, 2023):

• 19-CP-01: 10.54 m at 1.87 per cent Cu, 0.16 per cent Mo;
• 19-CP-01: 19.81 m at 1.19 per cent Cu, 0.13 per cent Mo;
• 19-CP-05: 27 m at 0.68 per cent Cu, 0.23 per cent Mo from 97 m.

Molybdenum was not systematically assayed for in the historical drilling and Gladiator intends to add co-product value to the project through the inclusion of this and other potentially contributing elements, including silver and gold.

Exploration update

The company's exploration program at the Whitehorse copper project for 2023 is categorized into three parts which include:

1. The company has recently completed its maiden 2,632 m diamond drilling program and a further 2,000 m are in an advanced planning stage, scheduled to commence in July. Identified mineralization at Cowley remains open along strike and down dip.
2. In addition to the company's own diamond drilling above, Gladiator will continue its program of logging and assaying approximately 10,000 metres of unassayed core from exploration drilling completed in recent years. 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 assayed 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 data sets 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, 2023. As compilation and digitization are completed the company will release the results of this historical drilling by prospect area along the Whitehorse copper belt.

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, lower 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.

Data verification and quality assurance/quality control

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. On completion of drilling drill collars are 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 taking 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 are 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 (Whitehorse, Yukon) which is independent of Gladiator.

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. Gladiator believes that this current QA/QC regime meets 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 or utilized in future resource calculations.

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 the 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.

About Gladiator Metals Corp.

Gladiator Metals is a mineral exploration company focused on the advancement of multiple high-grade copper prospects at its Whitehorse copper project, 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 project comprises 314 contiguous claims covering approximately 5,380 hectares (13,294 acres) in the Whitehorse mining district.

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.

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