Gladiator Intersects 24.0m @ 2.37% Cu Including 13.1m @ 3.89% Cu from 8m at Cowley, Extending High-Grade Copper Mineralization to Surface

Gladiator Metals Corp. (GLAD) released assay results on September 28, 2026, from eleven Cowley holes drilled as part of a Class 3 resource-delineation programme. The holes included CPG-154 to CPG-157, CPG-159 to CPG-162, CPG-170, CPG-171, and CPG-173.

Key reported intervals include:

• CPG-170: 24.0 m @ 2.37% Cu from 8.0 m, incl. 13.1 m @ 3.89% Cu (0.07 g/t Au, 7.79 g/t Ag, 125 ppm Mo)
• CPG-159: 36.3 m @ 1.03% Cu, 0.25 g/t Au, 6.82 g/t Ag, 860 ppm Mo from 39.8 m, incl. 28.1 m @ 1.25% Cu, 0.30 g/t Au, 1,013 ppm Mo
• CPG-171: 75.61 m @ 0.81% Cu, 0.06 g/t Au, 3.97 g/t Ag, 417 ppm Mo from 56.39 m, incl. 34.11 m @ 1.22% Cu, 0.10 g/t Au, 6.20 g/t Ag, 405 ppm Mo
• CPG-156: 24.0 m @ 0.69% Cu, 0.09 g/t Au, 5.76 g/t Ag, 1,649 ppm Mo from 57.0 m, incl. 12.0 m @ 1.06% Cu, 2,207 ppm Mo
• CPG-162: 17.0 m @ 0.90% Cu, 0.07 g/t Au, 4.06 g/t Ag, 202 ppm Mo from 75.0 m, incl. 8.1 m @ 1.64% Cu
• CPG-173 (first Southern Limb hole): 62.0 m @ 1.34% Cu, 0.10 g/t Au, 8.99 g/t Ag, 512 ppm Mo from 48.6 m, incl. 47.30 m @ 1.48% Cu and, separately, 32.6 m @ 1.70% Cu from 78 m; plus 9.6 m @ 0.86% Cu from 2.4 m; and 26.2 m @ 0.58% Cu from 176.8 m (Northern Limb at depth)

The company also disclosed low-grade or negative results from other holes. CPG-154 returned 2 m @ 0.78% Cu and 6 m @ 0.27% Cu. CPG-155 returned 5.9 m @ 0.56% Cu, 15.8 m @ 0.31% Cu, and 6 m @ 0.21% Cu. CPG-157 returned 19 m @ 0.64% Cu, while CPG-160 returned 20.7 m @ 0.49% Cu. CPG-161 was reported as NSA (no significant assays).

The Cowley programme has doubled from 8,000 m to more than 16,000 m, with a second rig added. Since the resumption of drilling, 51 holes totaling 7,657 m have been completed. The company outlined a >$40M, >100,000 m 2026-27 programme company-wide and stated that the maiden Cowley NI 43-101 inferred resource is still targeted for 2026. Historical Hudbay "CP-" holes were re-tabled for the Southern Limb, including CP-112: 54.25 m @ 1.79% Cu; CP-115: 32.62 m @ 2.46% Cu; and CP-119: 36.27 m @ 2.28% Cu, with an explicit non-NI 43-101 disclaimer.

Gladiator Metals Corp. (GLAD) is a pre-resource explorer with no revenue, no NI 43-101 resource, a C$280M market capitalisation, and a going-concern flag in its most recent MD&A.

The expectation anchor is established on the Cowley Northern Limb, with the best previously reported results as follows:

• CPG-158 (19 Aug 2026): 49 m @ 1.72% Cu / 84.3 %Cu.m incl. 40 m @ 1.98% Cu
• CPG-122 (17 Jun 2026): 47.2 m @ 1.78% Cu / 84.0 %Cu.m incl. 19.8 m @ 3.28% Cu
• CPG-128D1 (17 Jun 2026): 47 m @ 1.23% Cu / 57.8 %Cu.m incl. 8.3 m @ 4.99% Cu
• CPG-112D2 (27 Jan 2026): 130 m @ 0.78% Cu / 101.4 %Cu.m incl. 92 m @ 1.03% Cu

The stock moved from C$0.82 in November 2025 to C$3.71 on 30 June 2026, a 4.5x move driven first by the Cub East discovery on 15 January 2026 and then by the Cowley resource-delineation narrative plus a BlackRock-led C$35M placement. On the specific Cowley anchor releases, however, the stock has not risen: it was C$3.19 on 17 June and C$2.83 on 19 August, and is C$2.40 now. The stock has round-tripped 35% from its high and sits at roughly 55% of its 52-week range, 2.4x above its 52-week low.

The new best Cowley hole, CPG-170, returned 56.9 %Cu.m at 2.37% Cu. This has higher grade but narrower width than the anchor holes (CPG-158 at 84.3 %Cu.m, CPG-122 at 84.0 %Cu.m, CPG-112D2 at 101.4 %Cu.m). CPG-173 at 83.1 %Cu.m is squarely at anchor level. This is in-line-to-modestly-better grade-and-width substance, not a shortfall and not a leap.

For resource-definition and step-out holes, the anchor is the resource grade, and Cowley's established grade is ~1.0-1.8% Cu over 40-130 m. CPG-170, CPG-159 and CPG-173 are at or above that. The "unpriced positive" upside rule does not bite: the stock is not near its 52-week low and has not drifted back to pre-discovery levels, and the result is not materially better in grade-and-width substance than anything previously demonstrated on the property. There is no major step-out to a new intrusive centre or a kilometre-scale new dimension here; the Southern Limb is new to Gladiator's drilling but sits on top of known 1980s Hudbay mineralisation.

The tape is telling you the market already assumes Cowley works and is now waiting for tonnes, not more assays.

Gladiator Metals Corp. (TSXV: GLAD, OTCQX: GDTRF, FSE: ZX7) is a pre-revenue junior explorer whose sole material asset is the Whitehorse Copper Project, a 35 km x 5 km high-grade Cu-Mo-Ag-Au skarn belt on the western margin of Whitehorse, Yukon. The company holds the project under a 100% earn-in agreement, under which H-Coyme & Sons will receive 6 million shares in February 2029 to complete the earn-in, provided the company incurs aggregate C$12 million in exploration expenditures by 14 February 2029.

The project encompasses several prospects, including the cornerstone Cowley property, which is currently undergoing resource delineation; Cub East, identified as a 2025 blind discovery; and the Great Southern, Chiefs Trend (Little Chief/Middle Chief), Arctic Chief-Best Chance, Kewenaw, GEM, Black Cub South, and Valerie prospects. Historical production from the belt between 1967 and 1982, primarily from the Little Chief mine, yielded 267.5 million pounds of copper, 225,000 ounces of gold, and 2.838 million ounces of silver from 10.5 million tonnes milled at approximately 1.5% copper and 0.75 grams per tonne gold.

Permitting progress includes a Class 3 quartz exploration permit granted on 30 March 2026 for a five-year term, following a positive recommendation from the Yukon Environmental and Socio-Economic Assessment Board (YESAB). This permit enables systematic resource-definition drilling in areas previously inaccessible. Infrastructure risks are considered low, with the project located within 2 km of the South Klondike and Alaska Highways, adjacent to an existing gravel road network and access to the Yukon power grid.

The company has stated a target of a greater than 100 million tonne high-grade inferred copper resource, with a maiden Cowley NI 43-101 inferred resource targeted for 2026. No resource has been delivered as of this release. The executive team includes CEO Jason Bontempo, President Marcus Harden, VP Exploration Kell Nielsen, CFO Matthew Roma, Chairman Darren Devine, and Director Shawn Khunkhun. Institutional holders include BlackRock, Dynamic, Mackenzie, Macquarie Bank, and Orimco.

Prior-period financial context, drawn from the Q1 FY2027 statement for the three months ended 31 May 2026 and the accompanying MD&A, shows no revenue and a net loss of C$3.5 million, or EPS of -C$0.03. Exploration spending totaled C$3.30 million. The company held C$17.4 million in cash, with no debt, a working capital of C$12.05 million, total equity of C$19.2 million, and an accumulated deficit of C$38.8 million. An explicit going-concern flag remains dependent on securing additional financing. Operating cash flow was -C$2.47 million for the quarter and -C$19.0 million for FY2026.

A C$35.04 million BlackRock-led placement closed on 15 July 2026, consisting of 7,000,000 charity flow-through shares at C$3.87 and 3,000,000 non-flow-through shares at C$2.65. This transaction took the treasury to approximately C$45-50 million per the September 2026 presentation. The C$2.65 non-flow-through placement price and the C$3.00 option strike are deal and strike prices, not market prices.