PJX Resources : March 31, 2023 Interim Financial Statements

PJX RESOURCES INC.

Financial Statements

Three months ended March 31, 2023 and 2022

(UNAUDITED)

The accompanying unaudited condensed interim 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 interim 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 interim 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
May 12, 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 March 31, 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)			March 31,	December 31,
Period ended,	Note		2023		2022
ASSETS
Current assets
Cash		$	697,456	$	963,443
Amounts receivable	6		43,117		25,405
Prepayments	7(a)		21,692		26,934
BC refundable tax credits	12(a)		295,000		295,000
Total current assets			1,057,265		1,310,782
Non-current assets
Deposits	7(b)		163,340		163,791
Property and equipment	8(a)		48,156		53,341
Right-of-use asset	8(a)		1,471		3,676
Total non-current assets			212,967		220,808
Total assets			1,270,232		1,531,590
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities	14		98,743		88,871
Current lease liabilities	8(b)		2,376		4,721
Total current liabilities			101,119		93,592
Non-current liabilities
Reclamation obligation	7(c)		24,500		24,500
Total non-current liabilities			24,500		24,500
Total liabilities			125,619		118,092
SHAREHOLDERS' EQUITY
Share capital	10(b)		13,943,868		13,943,868
Warrants	11		1,748,454		1,748,454
Contributed surplus			5,803,860		5,803,860
Accumulated deficit			(20,351,569)		(20,082,684)
Total shareholders' equity			1,144,613		1,413,498
Total shareholders' equity and liabilities		$	1,270,232	$	1,531,590
Going concern (Note 1)
Commitments and contingencies (Note 9 and 13)
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 ended March 31,	Note		2023		2022
Expenses
Exploration	12(a)	$	124,548	$	140,119
General and administration	12(b)		136,947		139,726
Share based compensation	10(b)(ii)		-		2,338
Depreciation	8(a)		7,390		7,390
Total operating expenses			268,885		289,573
Loss before income taxes			(268,885)		(289,573)
Flow-through premium recoveries			-		12,983
Net loss and comprehensive loss for the period		$	(268,885)	$	(276,590)
Basic and diluted loss per share			($0.00)		($0.00)
Weighted average number of shares outstanding (basic
and diluted)			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)
March 31, 2022	Note	2023		2022
Share capital
Balance, beginning of the period	$	13,943,868	$	13,943,868
Balance, end of the period		13,943,868		13,943,868
Warrants
Balance, beginning of the period		1,748,454		1,796,164
Balance, end of the period		1,748,454		1,796,164
Contributed surplus
Balance, beginning of the period		5,803,860		5,752,848
Share based compensation	10(b)(ii)	-		2,338
Balance, end of the period		5,803,860		5,755,186
Accumulated deficit
Balance, beginning of the period		(20,082,684)		(18,601,562)
Net loss for the period		(268,885)		(276,590)
Balance, end of the period		(20,351,569)		(18,878,152)
Total shareholders' equity	$	1,144,613	$	2,617,066

See accompanying notes to the unaudited condensed interim financial statements.

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