Warlord 3 (Oct/Nov 76) was delayed a few months while DC waited for sales reports to come in. It seems so strange that, of all the Conan "clones," this was the one they had the least faith in, giving it a try-out, and then holding off on continuing it. Perhaps it was a good thing that they did, as the art in issue 3 is the best so far, and the issue also introduces some new concepts that would develop over the next few years.
Travis Morgan is leading his army as they overthrow Deimos' forces in the towns controlled by Shamballah. He is gaining more followers, but all is not perfect. The townspeople are not so glad of his actions, as Deimos tends to send more troops to punish the towns that have aided Morgan, and Machiste tells his friend that, with more followers, his original band are grumbling about their share of the coming spoils getting larger. None of this really bothers Morgan, who has discovered that he is really enjoying the constant warfare that has become his life.
Morgan sees a multi-coloured unicorn and goes off to try to catch it, but winds up getting caught himself, by lizard men, as is seen on the cover. The lizard men worship Travis Morgan's airplane, which he bailed from in 1st Issue Special. It crashed onto the lizard men's temple, and they view it as a god. They are preparing to sacrifice Morgan when Machiste shows up to help his friend.
The "old god" of the lizard men turns out to be a giant snake. Morgan retrieves his gun from the plane, and uses the ejector seat as a deadly weapon, killing the giant snake.
As the story ends Morgan and Machiste note that the lizard men live in the ruins of what was clearly one a very high tech city. Machiste insists he has never seen anything like it in Skartaris. Morgan says that he will return one day to check it out further (and thankfully this does wind up happening down the road). The last panel is a real tease, as we, but not the characters, see a control board with a map of the surface world that includes a continent that no longer exists.