If we look closely at the character riding the dinosaur we see a very familiar image (see detail below).
This guy looks like the viking-styled Galaxy Warrior Huk. The helmet is the same as Huk's helmet, and although Huk was made with an orange beard, the prototype for Huk, seen on the back of the Beast from Ferror box, has a yellow beard (shown below).
This is an amazing coincidence, and it is very possible that the inspiration for the Golden Axe barbarian did not come from Huk, but instead came from the same Frank Frazetta painting, Snow Giants, that Huk's design comes from. A detail from that painting is below.