Gladiator Metals: The Yukon’s Next District-Scale Copper Play

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I know I just said I was back in the saddle, but then I left again.

But, now I’m really back!

And what a trip it was.

Vegas and Vancouver.

I met some incredible people, some top execs at some of my favourite companies, and now I get to fill you in on all those meetings and what I’ve uncovered.

So, I’m writing this on my flight home, which is usually reserved for less than below average naps.

Anyway, let’s talk about one company that stood out: Gladiator Metals.

And boy am I GLAD I found this Yukon gem. (Yes, that is their ticker)

But first, remember my Alaska article? Here?

I’m lumping this region together as they have similar geology, but both regions can be tricky to navigate from a political perspective, albeit, Yukon is favoured.

I covered this above noted story on Northern Dynasty ($NDM) at $1.20 on May 8th, and subsequently moved to +$3.00 based on positive speculation that approvals would be granted via Trump:

I’ve seen this move many times over the years, and it’s usually why I stay away from this region.

Although this time wasn’t due to a failure in fundamentals, it was triggered by insider selling combined with renewed regulatory uncertainty.

Fast forward to my Vancouver trip and sitting down with Darryl Cardey, as a co-founder and one of the largest shareholders of Gladiator Metals, I learned a bit more and I’m $GLAD I did, because this one would have otherwise slipped through the cracks.

I like Darryl, he reads my newsletters and is a stand-up guy. (Darryl — lets golf when I’m back in Vancouver!)

I also like Darryl because he’s one of the most accomplished junior mining deal makers in the space, see:

• Underworld Resources – Acquired by Kinross in 2009 (Yukon)

• Northern Empire – Acquired by Coeur in 2018 (Nevada)

• K92 Mining – now a ~$4B producer (PNG)

• Zoomd - One of the best performing tech names on the Venture over the past 12 months.

• And now he is on Golden Cross which I love, plus Silver X Mining, (which I’ll be digging into soon)

And, as I’ve learned, and as you will learn if you read to the bottom, this looks to be yet another example of an under the radar company that has monster potential.

But it’s not just Cardey.

Gladiator is led by a team where everything they touch either gets acquired or trades north of a billion, so this immediately piqued my interest.

Because history shows this crew doesn’t waste time.

Summary Table: Leadership & Past Successes

Why Gladiator?

Gladiator has consolidated one of the largest undeveloped copper districts in the Yukon, the Whitehorse Copper Belt.

This is a 35 km long trend with 30+ past-producing pits, over 8.5M tonnes mined historically grading >1.5% copper with gold credits, and yet virtually zero modern exploration.

What makes this story different is that Gladiator isn’t chasing moose pasture.

They’ve locked up an entire district, and now they’re hitting incredible results.

The Whitehorse Belt has already pushed up more than 30 near-surface deposits, many of which were mined back in the day when copper was $0.80.

And those pits were never exhausted, just abandoned due to the low copper price.

Now Gladiator controls the whole belt, with multiple deposits, and instead of just twinning old holes, they’re chasing what fed those deposits in the first place.

Early geophysics and drilling suggest they may be onto the deeper feeder system that powered the historical mines, and if that proves out, we’re not just talking about a collection of small pits anymore, we’re talking about a district-scale copper camp with legs.

Here’s the setup…

Majors walked away in the ‘80s when copper was cheap.

Fast forward to today, copper is flirting with $4+ and the world is screaming for supply.

So, to me, the playbook is clear:

• Build an incredible team with prior exits

• Raise a ton of cash

• Acquire a monster district-scale area of multiple old deposits

• Raise more cash

• Apply modern drilling, geophysics, and AI targeting.

• Test and expand historical deposits like Cowley Park, Little Chief, and the Cub Trend.

• Raise more cash

• Build a belt-wide resource that becomes a district-scale copper camp.

• Sell to a major

Easy!

(Kidding)

But that’s exactly what Gladiator is doing.

Since the IPO, they’ve been busy.

Especially over the last year, and the news flow tells a compelling story of a company moving fast.

They’ve raised more than $45M through a mix of private placements and bought deals in the last year alone.

Oh, and they just closed on another $22.5M today.

Which means they should have over $30M of cash.

On the ground, they’ve been drilling aggressively across the Belt, with standout results like 58.7m at 1.94% Cu, 14m at 3.13% Cu, and zones running up to 7.74% Cu confirming extensions at Cowley Park, plus new high grade copper gold discoveries at Best Chance and along the Arctic Chief Trend.

They’ve launched and expanded multi phase drill programs totalling over 24,000 meters, targeting an initial resource at Cowley Park while chasing new feeder zones across the 35 km belt.

These aren’t narrow vein snippets either, these are broad, high grade copper intercepts at shallow depths, with silver, gold, and molybdenum credits sweetening the pot.

All in, they’ve proven this is more than a collection of old pits.

And they’re steadily building toward a district-scale copper resource with constant catalysts on the horizon.

Along the way, they’ve reported surveys, geophysics, and multiple new zones of mineralization, while continuing to tighten up the corporate side with financings, board changes, and analyst coverage.

Scale is the Story

What I like here is that this isn’t a single deposit story. Read: Less Risk.

Gladiator controls the entire 35 km belt.

That’s important, because majors aren’t looking to buy one off prospects anymore.

See Frank Giustra’s interview on that theme here:

They want districts.

Gladiator is systematically proving this is a district-scale copper system with multiple resource-ready prospects.

And the market cap?

C$75M.

That’s what some juniors fetch with pasture and a few extra large shrimps on the roadshow.

Here you’ve got:

• A district scale project with historical production.

• Fresh high grade drill results.

• Road, power, rail, and a local workforce in Whitehorse.

• +$30M cash in the bank (as of Sept 2025, according to my estimates).

That’s a rare combo…

A combo you need to pay attention to.

Catalysts Ahead

Here’s what’s coming down the pipe later in 2025 and into 26:

• Inferred Resource at Cowley Park – targeted H1/26

• 12,000m drill program at Cowley Park underway

• 10,000m at Little Chief

• 5,000m at Best Chance/Arctic Chief

• Class 3 Permit approval for denser drill testing

• Ongoing geophysics defining new targets like the 2.5 km Valerie Trend

Translation: CONSTANT NEWS FLOW and multiple shots at growing a district-scale resource base.

See here the last 12 months:

My Take

This is how big wins start. (Even though it’s already approaching a dollar at the time of writing).

Gladiator has all the ingredients:

Historical production, fresh high-grade results, belt-scale control, a seasoned team, strong treasury, and a market cap that still feels light compared to the scale of the prize.

Depending on the resource, grade, and depths, I think this could easily be a take over target.

There are plenty of majors in the area.

Copper certainly isn’t going out of style, if anything, the supply crunch is accelerating.

Majors are hungry, and this is exactly the kind of asset they like to buy: district-scale, Tier 1 jurisdiction, community relationships in place, and multiple deposits to work with.

I’ve seen how this team builds and exits companies.

While it may not be “next”, Gladiator certainly feels like it could be in line.

As always, Happy Hunting!

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