PJX Resources : March 31, 2023 Management Discussion and Analysis

PJX RESOURCES INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three months ended March 31, 2023 and 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 three months ended March 31, 2023 ("Q1 F2023"), and March 31, 2022 ("Q1 F2022"), should be read in conjunction with the unaudited condensed interim financial statements of the Company and notes thereto at March 31, 2023.

The unaudited condensed interim 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 May 12, 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 applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.

PJX Resources Inc. Management's Discussion and Analysis for the Three Months Ended March 31, 2023, and 2022

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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 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 unaudited condensed interim financial statements 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 three months ended March 31, 2023, the Company generated a loss of $268,885 or $0.01 per share, (March 31, 2022: $276,590 or $0.00 per share) and reported an accumulated deficit of $20,351,569 (December 31, 2022: $20,082,684). As at March 31, 2023, the working capital of the Company was $956,146 (December 31, 2022: $1,217,190).

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 unaudited condensed interim 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 FOR Q1 F2023

Compilation of 2022 mapping, prospecting, drilling, and rock/core/soil geochem results received from the 2022 field season was a focus of work during Q1 and into Q2.

The Dewdney Trail Property has significant potential to discover multiple types of deposits ranging from intrusive related copper-gold-silver and possibly molybdenum type deposits, to sediment hosted copper- cobalt type deposits.

Dewdney Trail Property rock grab samples of alkalic (syenite) intrusions with quartz veins have returned anomalous to significant gold, copper and silver with one sample analysis of 6.9 g/t gold, 447 g/t silver and 1.108% copper. Breccias also occur proximal to the intrusions. During Q1, results of three grab samples from the margins of one breccia area were announced that analyzed 8.79 %, 3.35 %, and 2.01% copper.

Core analyses received were compiled and announced during Q1, from drilling in late 2022 at the Lewis Ridge target on the Dewdney Trail Property. Massive sulphide mineralization intersected in one of the holes had anomalous copper, cobalt, nickel and silver. The mineralization occurs with quartz-dolomite gangue in metasediments and is possibly similar in style to mineralization at the Sheep Creek (Black Butte) copper- cobalt deposit located to the south in Montana.

PJX Resources Inc. Management's Discussion and Analysis for the Three Months Ended March 31, 2023, and 2022

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Subsequent to Q1, further compilation of geological, geophysical and geochemical data has identified an additional large copper-gold porphyry type target. The target is defined by a donut shaped magnetic anomaly with anomalous gold, copper, silver, arsenic and molybdenum in soils proximal to the target. Copper-gold porphyry type deposits are known to have a donut shaped magnetic anomaly. The multi- element soil anomalies of gold, copper, silver, arsenic, and molybdenum are also consistent with intrusive related/porphyry type deposits.

Drilling and exploration are planned to test these target areas during 2023. Given the large stable of PJX properties with multiple targets, the company will also continue to explore and form strategic alliances to discover and advance multiple gold and/or base metal (copper, cobalt, zinc, lead, silver) targets with deposit potential.

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 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 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

PJX Resources Inc. Management's Discussion and Analysis for the Three Months Ended March 31, 2023, and 2022

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mineral exploration professionals with many years of working experience specific to our geographic regions of interest.

MINERAL PROPERTIES

PJX continues to explore and advance targets to the drilling stage to discover gold and/or base metal (copper, zinc, lead, silver) deposits. Given the large stable of PJX properties with multiple targets, the company is at a stage to form strategic alliances to advance some of the targets.

In February 2021, PJX and Osisko Gold Royalties Ltd ("OR") signed an Investment Agreement whereby OR purchased a 0.5% NSR royalty interest in PJX's 4 gold properties (Gold Shear, Eddy, Zinger and Dewdney Trail) for $1 million, and made an equity investment in PJX of $1 million as a way to have an interest in all PJX properties.

A summary of the Company's properties appears below. Please visit www.pjxresources.comfor additional information.

Dewdney Trail Property

• The Dewdney Trail Property has potential to host orogenic gold, intrusive related gold-copper-silver,sediment-hostedcopper-cobalt, as well as Sullivan type zinc-lead-silver massive sulphide deposits.
• In September 2021, PJX announced that two large target areas (Tackle Basin and Lewis Ridge) containing gold, copper, zinc, lead, and/or silver in soils have been identified along a 10 km trend to date.
• • Tackle Basin is an area approximately 2 km x 2 km with gold in soils at the headwaters of Wildhorse creek that produced an estimated 1.4 million ounces of placer gold since 1864.
  • Lewis Ridge is an area approximately 3 km x 2 km with a multi-element signature of gold, copper, zinc, lead, bismuth, molybdenum, arsenic and silver in soil. This geochemical signature supports the potential for a range of possible deposits including an intrusive related gold-copper deposit at depth or a Sullivan type zinc-lead-silver massive sulphide deposit.
• Expert Geophysics completed an 851 line-km airborne Mobile-MT and Magnetic Survey across the entire Dewdney Trail Property in 2021.
• In July 2021, PJX completed a 5-year option agreement to acquire 100% interest in the historical Estella Mine (the "Estella") crown grant claims from Imperial Metals Corporation ("Imperial"). The 14 Estella claims are encompassed by the large Dewdney Trail Property and occur within the Estella Basin target area. The Estella mine produced lead, zinc, and silver from a vein. The Estella claims have had no significant work or exploration since the mine ceased operating in the 1960's.
• Geological mapping, prospecting, geochem surveys, and preliminary drilling (1980 m) during 2022 focused on exploring the Lewis Ridge target, a 2.5 km long Mobile-MT anomaly with a coincident mag signature, and on exploring the Estella Basin target area.
• 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 multi-phased 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.
• During Q1, F2023, the compilation of results received for 4 holes, drilled in late 2022, as a preliminary test of the large 3 km long Lewis Ridge EM and magnetic anomaly suggest the potential for additional intrusive related gold mineralization as well as the possibility for copper-cobalt mineralization possibly similar in style to mineralization at the Sheep Creek (Black Butte) copper-cobalt deposit located to the south in Montana.
• • Hole DTLR22-01 intersected a porphyritic syenite/alkalic dyke with anomalous gold (198 ppb) from 80.78 to 83.12 m (2.34 m core length). This hole is approximately 3 kilometres north of the Estella Basin.

PJX Resources Inc. Management's Discussion and Analysis for the Three Months Ended March 31, 2023, and 2022

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