PJX Resources : December 31, 2022 Management Discussion and Analysis

PJX RESOURCES INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2022

PJX RESOURCES INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS

The following discussion and analysis ("MD&A") of the operating results and financial condition of PJX Resources Inc. ("PJX" or the "Company") for the fiscal years ended December 31, 2022 ("Fiscal 2022") and December 31, 2021 ("Fiscal 2021") should be read in conjunction with the audited financial statements of the Company and notes thereto at December 31, 2022.

The audited financial statements were prepared in accordance with International Financial Reporting Standards ("IFRS"). All monetary amounts are expressed in Canadian dollars.

Additional information has been filed electronically through the System for Electronic Document Analysis and Retrieval ("SEDAR") and is available online at www.sedar.com.

The date of this report is April 13, 2023.

APPROVAL

The Board of Directors of the Company has approved the disclosure contained in this MD&A.

FORWARD LOOKING INFORMATION

The Company's MD&A contains statements that constitute "forward-looking statements" within the meaning of National Instrument 51-102,Continuous Disclosure Obligations of the Canadian Securities Administrators. Forward-looking information includes, but is not limited to, information concerning PJX's exploration program and planned gold production as well as PJX's strategies and future prospects. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or statements t hat certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Assumptions upon which such forward-looking information is based include, without limitation, availability of skilled labour, equipment, and materials. Many of these assumptions are based on factors and events that are not within the control of PJX and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking information include changes in market conditions, variations in ore reserves, resources, grade or recovery rates, risks relating to international operations (including legislative, political, social, or economic developments in the jurisdictions in which PJX operates), economic factors, government regulation and approvals, environmental and reclamation risks, actual results of exploration activities, fluctuating metal prices and currency exchange rates, costs, changes in project parameters, conclusions of economic evaluations, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and the availability of skilled labour, failure of plant, equipment or processes to operate as anticipated, capital expenditures and requirements for additional capital, risks associated with internal control over financial reporting, and other risks of the mining industry as well as those risk factors discussed in the Long Form Prospectus of PJX available at www.sedar.com. Although PJX has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. PJX undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by

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applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.

NATURE OF OPERATIONS AND GOING CONCERN

PJX is a Canadian corporation with corporate offices located at 5600 One First Canadian Place, Toronto, Ontario. The Company is listed on the TSX Venture Exchange.

The principal activities of the Company are mineral exploration properties located near Cranbrook, British Columbia. The Company is considered to be in the exploration stage, has no producing properties and, consequently, has no current operating income or cash flow. Financing of the Company's activities to date has been obtained primarily from equity issues.

The financial statements of the Company have been prepared using generally accepted accounting principles applicable to a going concern, which contemplate the realization of assets and settlement of liabilities in the normal course of business as they come due in the foreseeable future. For the year ended December 31, 2022, the Company incurred a loss of $1,481,121 or $0.01 per share, (December 31, 2021: $874,927 or $0.01 per share), and reported an accumulated deficit of $20,082,684 (December 31, 2021: $18,601,562). As at December 31, 2022 the working capital of the Company was $1,217,190 (December 31, 2021: $2,663,283). Management believes that the working capital is sufficient to support operations for the next twelve months. However, additional funding will be required to allow the Company to continue operating and to fund future exploration and development programs. These factors indicate the existence of material uncertainties that cast significant doubt about the Company's ability to continue as a going concern. The Company will continue to explore financing alternatives to raise capital. Although PJX has been successful in these activities in the past, the Company has no assurance on the success or sufficiency of these initiatives or that such financing will be available on acceptable terms.

The Company's financial statements do not reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and balance sheet classifications that would be necessary if the going concern assumption were inappropriate, and these adjustments could be material.

COMPANY OVERVIEW

The Company holds 100% interest in 8 properties (the Vine, Gold Shear, DD, Eddy, Parker Copper, Zinger, Dewdney Trail, and West Basin). All properties are road accessible and proximal to power, rail and workforce in the Sullivan base metal and placer gold mining district.

Highlights

Corporate

The Annual General and Special Meeting was held on June 28, 2022. The Shareholders of record:

1. approved the Audited Financial Statements for the period ended December 31, 2021;
2. set the number of directors of the Company at six and elected Messrs. John Keating, James Clare, Vic Bradley, Trygve Hoy, Joseph Del Campo, and Ms. Linda Brennan;
3. appointed McGovern Hurley LLP as Auditors of the Company for the ensuing year; and
4. approved the Company's Share Incentive Plan.

Financial

On May 10, 2022, a total of 12,296,276 warrants expiring on May 15, 2022, and exercisable at $0.25 were extended by an additional year to May 15, 2023. All other terms remain unchanged.

On September 26, 2022, a total of 9,350,400 warrants expiring on October 5, 2022, and exercisable at $0.20 were extended by an additional year to October 5, 2023. All other terms remain unchanged.

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On November 24, 2022, a total of 5,802,157 warrants expiring on December 5, 2022, and exercisable at $0.25 were extended by an additional year to December 5, 2023. All other terms remain unchanged.

On December 13,2022, the Company extended the term of 4,574,131 share purchase warrants exercisable at $0.30 and expiring on December 17, 2022, for one additional year to December 17, 2023. All other terms remained unchanged.

Exploration

Exploration during Q4 and throughout 2022 focused primarily on the Dewdney Trail Property. This work has resulted in the discovery of a new, potentially large mineralizing system with gold, silver and copper associated with syenite (alkalic) intrusions. Mineralization occurs with veining in a cluster of alkalic multiphased porphyritic intrusions. One rock grab sample of intrusive with quartz veins analyzed 6.9 g/t gold, 447 g/t silver and 1.108% copper.

Geological, geophysical and mineralogical data support the discovery of a large mineralized magmatic centre on the Dewdney Trail Property. Intrusive related copper-gold-silver-molybdenum deposits, such as the Butte Mining District in Montana, are associated with such magmatic centres. The Dewdney Trail Property will be the main focus of exploration in 2023.

Down hole geophysics was carried out to explore for the extension of the New Massive Sulphide (NMS) zone intersected at a depth of 800 metres ("m") on the Vine Property. Down hole survey results combined with surface geophysics suggest that the NMS zone may extend to the northwest with a possible target depth of 1500 m.

Subsequent to year end, the compilation of results received for 4 holes, drilled on the Dewdney Trail Property in late 2022 as a preliminary test of the large 2.5 kilometre (km) long Lewis Ridge Electromagnetic (EM) and magnetic anomaly, suggest the potential for additional intrusive related gold mineralization as well as the possibility for cobalt mineralization.

Subsequent to the year end, in February, 2023, DLP Resources Inc. ("DLP") returned the DD Property to PJX. PJX Resources retains a 100% interest in the DD Property and DLP will provide all related exploration data. DLP has indicated that they will now focus on Sullivan-typezinc-lead-silver targets on the Moby Dick and NZOU properties. PJX has a 50% interest in the Moby Dick Property with the right to earn a 50% interest in the NZOU Property which are both adjacent to the DD Property. See Subsequent Events.

PJX will continue to develop and advance gold and base metal targets to make new discoveries. Most companies have a limited number of targets to test. PJX continues to develop a pipeline of targets with over 20 target areas identified to date. Targets range from Sullivan type deposits to orogenic gold, sedimentary copper, and intrusive related gold, copper, and silver.

Given the large stable of PJX properties with multiple targets, the company will continue to explore and form strategic alliances to discover and advance multiple gold and/or base metal (copper, zinc, lead, silver) deposits.

Strategy and Objectives

PJX's strategy is to generate value and opportunity for shareholders and local communities by using innovative technology and approaches to explore and develop areas with high potential for world class gold and base metal deposits.

The Company has strategically consolidated the mineral rights to over 60,000 hectares (600 square km) of land in the Sullivan (zinc-lead-silver) mining district and the Vulcan Gold Belt. The Company has

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collected and compiled an estimated $35 million of historical data. New exploration technologies and more advanced mapping and sampling techniques have been used to fill gaps in the data that can be used to vector exploration toward discovering one or multiple deposits. This work has identified over 20 gold and base metal target areas to explore and test by drilling. The Company is now systematically testing these target areas for gold, zinc, lead, silver or copper deposit potential. The Company also continues to develop strategic partnerships to help advance the exploration and discovery potential of the many target areas.

Key Performance Drivers

The Company has assembled a team with more than 150 years of working experience in the mining and exploration industry and meeting its related challenges. Management believes it is well positioned to attract investor interest given its 100% interest in a large land package with favourable geology to host world class deposits in a proven mining camp. The Company continues to focus resources on exploration activities to discover a gold or base metal deposit.

The ability of the Company to continue exploration is primarily dependent on the ability to raise capital in the market. Equity capital interest in PJX depends on the price of gold and other metals, exploration results and the market's appetite for risk.

Market volatility, the price of metals and appetite for risk cannot be controlled by the Company. Demand for gold, silver and base metals is forecasted to continue to grow in the long term, while supply for some metals is expected to decline as a number of mines have closed and new world class deposits are not being discovered. Gold and base metal prices continued to rebound during 2022 following the downward pressure in response to fall-out from COVID-19. They are expected to strengthen amid global uncertainty and may spike to new highs due to potential stockpile shortages. Gold and silver markets may rise significantly in the short term in response to current economic, social and political challenges created by the COVID-19 pandemic, rising inflation and interest rates amid the Ukraine crisis. Overall, metal prices are expected to strengthen in the long term as economies recover, market volatility lessens and demand for metals increases in step with expanding economies.

Ability to Deliver Results

In addition to legal and capital market expertise, PJX's Board is made up of members with experience in all aspects of the minerals and metals industry from early-stage exploration through to production stage companies. In order to advance its exploration projects effectively, the Company contracts experienced mineral exploration professionals with many years of working experience specific to our geographic regions of interest.

RESULTS OF OPERATIONS

Exploration

During the year ended December 31, 2022, PJX incurred $966,114 in exploration expenses compared with $1,008,241 in exploration expenses during the same period of Fiscal 2021 after estimated BC Mineral Exploration Tax Credit (METC) refunds of $160,000 and $135,000 respectively. The Company does not know when the funds will be received nor if it will receive the entire amounts applied for.

The following schedule describes exploration expenses incurred in each property for the years ended December 31, 2022 and 2021 as well as the balances since inception.

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