PJX Resources : June 30, 2023 Interim Financial Statements

PJX RESOURCES INC.

Financial Statements

Six months ended June 30, 2023 and 2022

(UNAUDITED)

The accompanying unaudited condensed financial statements of PJX Resources Inc. (the "Company") are the responsibility of the Board of Directors.

These unaudited condensed interim financial statements have been prepared by management, on behalf of the Board of Directors, in accordance with the accounting policies disclosed in the notes to the unaudited condensed interim financial statements. Where necessary, management has made informed judgments and estimates in accounting for transactions which were not complete at the end of the reporting period. In the opinion of management, the unaudited condensed financial statements have been prepared within acceptable limits of materiality and are in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board.

Management has established processes, which are in place to provide it sufficient knowledge to support management representations that it has exercised reasonable diligence that (i) financial statements do not contain any untrue statement of material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it is made, as of the date of, and for the periods presented by, the financial statements and (ii) the financial statements fairly present in all material respects the financial condition, results of operations and cash flows of the Company, as of the date of and for the periods presented by the financial statements.

The Board of Directors is responsible for reviewing and approving the unaudited condensed interim financial statements together with other financial information of the Company and for ensuring that management fulfills its financial reporting responsibilities. An Audit Committee assists the Board of Directors in fulfilling this responsibility. The Audit Committee meets with management to review the financial reporting process and the unaudited condensed financial statements together with other financial information of the Company. The Audit Committee reports its findings to the Board of Directors for its consideration in approving the unaudited condensed interim financial statements together with other financial information of the Company for issuance to the shareholders.

Management recognizes its responsibility for conducting the Company's affairs in compliance with established financial standards, and applicable laws and regulations, and for maintaining proper standards of conduct for its activities.

(signed)	(signed)
John Keating	Linda Brennan
President and Chief Executive Officer	Chief Financial Officer
Toronto, Canada
August 22, 2023

Notice of Disclosure of Non-auditor Review of Condensed Interim Financial Statements

Pursuant to National Instrument 51-102, Part 4, subsection 4.3(3)(a) issued by the Canadian Securities Administrators, if an auditor has not performed a review of the unaudited condensed interim financial statements, they must be accompanied by a notice indicating that the condensed interim financial statements have not been reviewed by an auditor.

The accompanying unaudited condensed interim financial statements of the Company for the interim periods ended June 30, 2023 and 2022 have been prepared in accordance with International Financial Reporting Standards ("IFRS") accounting principles and are the responsibility of the Company's management.

The Company's independent auditors, McGovern Hurley LLP, have not performed a review of these condensed interim financial statements in accordance with the standards established by the Canadian Institute of Chartered Accountants for a review of financial statements by an entity's auditor.

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PJX Resources Inc.
CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION
(Expressed in Canadian dollars)
(Unaudited)			June 30,	December 31,
Periods ended,	Note		2023		2022
ASSETS
Current assets
Cash		$	628,218	$	963,443
Amounts receivable	6		-		25,405
Prepayments	7(a)		48,598		26,934
BC refundable tax credits	12(a)		90,086		295,000
Total current assets			766,902		1,310,782
Non-current assets
Deposits	7(b)		170,395		163,791
Property and equipment	8(a)		59,286		53,341
Right-of-use asset	8(a)		-		3,676
Total non-current assets			229,681		220,808
Total assets			996,583		1,531,590
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities	14		92,899		88,871
Current lease liabilities	8(b)		-		4,721
Total current liabilities			92,899		93,592
Non-current liabilities
Reclamation obligation	7(c)		24,500		24,500
Total non-current liabilities			24,500		24,500
Total liabilities			117,399		118,092
SHAREHOLDERS' EQUITY
Share capital	10(b)		13,943,868		13,943,868
Warrants	11		1,211,134		1,748,454
Contributed surplus			6,341,180		5,803,860
Accumulated deficit			(20,616,998)		(20,082,684)
Total shareholders' equity			879,184		1,413,498
Total shareholders' equity and liabilities		$	996,583	$	1,531,590
Going concern (Note 1)
Commitments and contingencies (Note 9 and 13)
Subsequent event (Note 15)
Approved by the Board of Directors:
(Signed) John Keating		(Signed) Linda Brennan
John Keating, Director		Linda Brennan, Director

See accompanying notes to the unaudited condensed interim financial statements.

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PJX Resources Inc.
CONDENSED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(Expressed in Canadian dollars)
(Unaudited)			Three months		Six months
Periods ended June 30,	Note		2023		2022		2023		2022
Expenses
Exploration	12(a)	$	128,967	$	162,551	$	253,515	$	302,670
General and administration	12(b)		129,532		115,194		266,479		254,920
Share based compensation	10(b)(ii)		-		964		-		3,302
Depreciation	8(a)		6,930		7,391		14,320		14,781
Total operating expenses			265,429		286,100		534,314		575,673
Loss before income taxes			(265,429)		(286,100)		(534,314)		(575,673)
Flow-through premium recoveries			-		22,881		-		35,864
Net loss and comprehensive
loss for the period		$	(265,429)	$	(263,219)	$	(534,314)	$	(539,809)
Basic and diluted loss per share			($0.00)		($0.00)		($0.00)		($0.00)
Weighted average number of
shares outstanding (basic and
diluted)			133,216,488	123,824,694		133,216,488	133,216,488

See accompanying notes to the unaudited condensed interim financial statements.

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PJX Resources Inc.
CONDENSED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(Expressed in Canadian dollars)
(Unaudited)			Three months		Six months
Periods ended June 30, 2023	Note		2023		2022		2023		2022
Share capital
Balance, beginning of the period		$	13,943,868	$	13,943,868	$	13,943,868	$	13,943,868
Balance, end of the period			13,943,868		13,943,868		13,943,868		13,943,868
Warrants
Balance, beginning of the period			1,748,454		1,796,164		1,748,454		1,796,164
Warrants expired	11		(537,320)		-		(537,320)		-
Balance, end of the period			1,211,134		1,796,164		1,211,134		1,796,164
Contributed surplus
Balance, beginning of the period			5,803,860		5,755,186		5,803,860		5,752,848
Warrants expired	11		537,320		-		537,320		-
Share based compensation	10(b)(ii)		-		964		-		3,302
Balance, end of the period			6,341,180		5,756,150		6,341,180		5,756,150
Accumulated deficit
Balance, beginning of the period			(20,351,569)		(18,878,152)		(20,082,684)		(18,601,562)
Net loss for the period			(265,429)		(263,219)		(534,314)		(539,809)
Balance, end of the period			(20,616,998)		(19,141,371)		(20,616,998)		(19,141,371)
Total shareholders' equity		$	879,184	$	2,354,811	$	879,184	$	2,354,811

See accompanying notes to the unaudited condensed interim financial statements.

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