December 31, 2024 Management Discussion and Analysis

PJX RESOURCES INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2024

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, 2024 ("Fiscal 2024") and December 31, 2023 ("Fiscal 2023") should be read in conjunction with the audited financial statements of the Company and notes thereto for the years ended December 31, 2024 and 2023.

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 23, 2025.

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 that 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.

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, 2024, the Company incurred a loss of $6,043,586 or $0.04 per share, (December 31, 2023: $1,188,186 or $0.01 per share), and reported an accumulated deficit of $27,314,456 (December 31, 2023: $21,270,870). As at December 31, 2024 the working capital of the Company was $2,118,031 (December 31, 2023: $2,435,749). 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) in the Cranbrook, B.C. area. All properties are road accessible and proximal to power, rail and workforce in the Sullivan base metal and placer gold mining district.

Highlights

Corporate

In May, 2024, Charles Fipke, Margot Naudie, and Brian Abraham agreed to join the PJX team as advisors. Their diverse and tremendous wealth of expertise and experience in various aspects of exploration, mining, financing, regulatory knowledge and working with aboriginal people will help support and benefit the company as we move forward and explore the potential of significant new discoveries in the Sullivan Mining District.

The Company held its annual and special meeting (the "Meeting") of shareholders, June 18, 2024. The Meeting was held, in part, to deliver the annual audited financial statements and related management's discussion and analysis of the Company, fix and appoint the directors of the Company, appoint the Company's auditors, and approve both the Company's Share Incentive Plan and Shareholder Rights Plan, all

as set out in the Management Information Circular that was delivered to shareholders in advance of the Meeting.

Financial

• In April 2024, the Company announced the closing of two non-brokered private placement tranches, where a total of 13,611,111 Units, for gross proceeds of $3.6 million: and
• During F2024, 700,000 warrants priced at $0.20 and 100,000 warrants priced at $0.25 were exercised, with gross proceeds of $165,000.

Additional details of warrants can be found in the Outstanding Share Data section.

Exploration

PJX drilling during 2024 encountered mineralisation and a geological environment that supports the potential to discover a Sullivan type Sedimentary Exhalative (Sedex) deposit on the Dewdney Trail Property located about 20 km east of the Sullivan mine. The world class 160 million tonne Sullivan deposit produced critical and other metals in concentrate at the Sullivan Mine for over 90 years before reserves were depleted and the mine closed in 2001.

One of the most significant new discoveries to date by PJX was made on the Dewdney Trail Property in late September 2023. Semi-massive to massive sulphide sediment hosted mineralization similar in style and grade to Sullivan deposit with zinc, lead, silver, indium and other critical metals were discovered in boulders and later in outcrop up-slope from the boulders.

Drilling during 2024 has identified 3 Sedex horizons with each horizon having the potential to host a Sullivan type deposit at depth and on strike. This is the first time in the history of the Sullivan Mining District that these 3 horizons have been identified. Drilling also intersected a Vent breccia with copper sulphide mineralisation that is indicative of a geological environment that supports the potential to discover a deposit. The presence of significant copper mineralisation suggests that this initial phase of drilling intersected a hotter part of the Sedex mineralising system and that the next phase of drilling should explore on strike and possibly higher on the mountain slope to discover the source of the high-grade zinc-lead-silver boulders found at surface.

PJX is well positioned to explore the 3 horizons to discover the source of the boulders and a potential Sullivan type deposit. In July 2024, PJX received a Multi-Year Area Based (MYAB) exploration permit amendment for the Dewdney Trail Property. The MYAB permit is good for a period of 5 years.

Exploration will focus on the potential to discover a Sullivan type deposit on the Dewdney Trail Property in 2025. PJX has also consolidated the largest land package (over 600 km²) in the Sullivan Mining District with a pipeline of drill-ready intrusive related and orogenic gold targets as well as sediment-hosted copper targets to test in the future.

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 78,000 hectares (780 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 in 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 critical 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 continue to strengthen during 2024. They are expected to remain strong amid global uncertainty and may spike to new highs due to potential stockpile shortages and the heightened demand for critical minerals. Overall, metal prices are expected to increase in the long term as economies recover, market volatility lessens and demand for metals increases in step with expanding economies, and a growing need for critical metals to power the electric revolution.

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, 2024, PJX incurred $2,893,097 in exploration expenses (net of a refundable BC Mineral Exploration Tax Credit of $26,089) compared with $576,078 in exploration expenses during Fiscal 2023.

The following schedule describes exploration expenses incurred in each property for the years ended December 31, 2024 and 2023 as well as the balances since inception.

MINERAL PROPERTIES

PJX continues to explore and advance targets to the drilling stage to discover deposits of gold and/or base metals including critical metals such as copper, zinc, and cobalt. Given the large stable of PJX properties with a pipeline of 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 significant potential to discover multiple types of deposits ranging from intrusive related copper-gold-silver and possibly molybdenum type deposits, to sediment hosted zinc- lead-silver and copper-cobalt type deposits, to orogenic gold type deposits.
• Three target areas have been identified to date. Each target area is large enough to host world class deposits, they are:
• • Estella Basin target area - sediment hosted Sullivan deposit type zinc-lead-silver potential and intrusive related gold-copper-silver-molybdenum deposit potential;
  • Lewis Ridge target area - Sullivan type (zinc, lead, silver), and/or Black Butte or Mt. Isa copper- cobalt deposit potential; and
  • Tackle Basin target area - Orogenic and/or intrusive related gold deposit potential.
• Expert Geophysics completed an 875 line-km airborne Mobile-MT and Magnetic Survey across the entire Dewdney Trail Property in 2021.
• The Estella Basin and Lewis Ridge target areas are the focus for exploration at this time.
• 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 (2.2 km² area) are encompassed by the large Dewdney Trail Property (270 km² area) 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.
• In the summer of 2023, an iron-oxide breccia zone with localized copper mineralization was discovered approximately 1500 m southeast of stacked bedding parallel quartz veins that contain up to 63 g/t gold. This new breccia zone is approximately 3 km southwest of the historical Estella Mine.
• The most significant discovery to date for PJX was made in late September 2023, when PJX's prospecting team discovered over 60 boulders with semi-massive to massive sulphide mineralization in an area about 50 m by 150 m at the base of a talus slope approximately 400 m from the historical Estella Mine.
• Former Cominco geologists that worked at the Sullivan mine confirm that the style and grade of mineralization is similar to the sediment-hosted Sullivan Mine, not the Estella Mine vein type deposit. They also confirm that this is the first time this style of mineralization with such good grades have been discovered outside the Sullivan Mine basin that is located about 20 km to the west.

Drilling during 2024 has identified 3 Sedex horizons with each horizon having the potential to host a Sullivan type deposit at depth and on strike. This is the first time in the history of the Sullivan Mining District that these 3 horizons have been identified. Drilling also intersected a Vent breccia with copper sulphide mineralisation that is indicative of a geological environment that supports the potential to discover a deposit. The presence of significant copper mineralisation suggests that this initial phase of drilling intersected a hotter part of the Sedex mineralising system and that the next phase of drilling should be carried out on strike and possibly higher on the mountain slope to discover the source of the high-grade zinc-lead-silver boulders found at surface.

The Dewdney Trail Property will continue to be a main focus of exploration for PJX in 2025.

PJX Other Properties

PJX has consolidated 100% of the mineral rights to the largest package (over 700 km²) in the Sullivan Mining District. PJX has identified and developed a pipeline of drill ready targets on these properties in addition to those mentioned on the Dewdney Trail Property. This has been achieved by compilation of an estimated $25 million in historical work by other explorers combined with PJX infilling data gaps with new surface mapping, prospecting, soil/rock sampling, geophysics, and targeted drilling and trenching over 14 years. Targets identified include gold, silver, copper, lead, zinc, cobalt and other critical mineral potential. Deposit type potential includes,

• Orogenic and/or intrusion related gold mineralization on the Zinger, Eddy, and Gold Shear Properties
• Sediment hosted copper, zinc, lead, and/or cobalt mineralization on the Zinger, Parker Copper, Eddy, Vine, West Basin and DD Properties.
• Iron-Oxide-Copper-Goldmineralization on the Eddy and Zinger Properties.

Estella Property Option

On July 29, 2021, the Company announced the option of the historical Estella Mine crown grants from Imperial Metals Corporation under the Estella Property Option Agreement.

PJX can earn a 100% interest in the Estella by making cash payments, or, at the option of PJX, share equivalent payments, to Imperial totaling $250,000 over a 5-year period as follows:

• $15,000 on signing the agreement (cash paid); and
• $20,000 on or before July 26, 2022 (cash paid); and
• $25,000 on or before July 26, 2023 (cash paid); and
• $30,000 on or before July 26, 2024 (cash paid); and
• $35,000 on or before July 26, 2025; and
• $125,000 on or before July 26, 2026.

Upon exercise of the option by PJX, Imperial will retain a Net Smelter Return Royalty ("NSR") of 2% in respect of the Estella. PJX will have the right to buy back 50% of the NSR [being a 1% NSR] for $1,000,000, and the remaining 50% of the NSR [being a 1% NSR] for an additional $1,000,000.

The 14 Estella crown grants are encompassed by and, for reporting purposes, included in PJX's large Dewdney Trail Property. The Dewdney Trail Property and the Estella claims have potential to host intrusive related gold and copper deposits as well as sedimentary hosted massive silver-lead-zinc mineralization similar to the historical Kootenay King Mine located approximately 5 km to the south, and the Sullivan Mine located 25 km to the west. The Estella crown grants have had no significant work or exploration since the late 1960's. Optioning the Estella Mine crown grants allows PJX to fully explore the Dewdney Trail Property.

In conclusion, PJX remains focused on advancing priority copper, zinc, lead, cobalt and other critical metals as well as gold and silver targets with the potential to discover multiple deposits.

SELECTED ANNUAL INFORMATION

The following table provides selected financial information and should be read in conjunction with the Company's financial statements.

The Company incurred a loss of $6,043,586 for the year ended December 31, 2024, compared with a loss of $1,188,186 for Fiscal 2023. The main drivers for both fiscal year losses were general and administration expenses and exploration expenditures as detailed below.

General and administration:

The following schedule describes general and administration expenses incurred by the Company during the fiscal years ended December 31, 2024, and 2023:

The most significant changes in general and administration expenses during the year ended December 31, 2024, when compared to Fiscal 2023, were:

• The increase in salaries and benefits of $132,577 corresponds to increases in salaries and the payment of bonuses to senior executives during Fiscal 2024;
• The increase in professional fees expenses of $64,021 is due to an increase in accounting and auditing fees for approximately $42,000 and an increase in legal fees of approximately $26,000;
• The increase in investor relations fees of $24,923 relates mainly to increases in investor conferences for approximately $24,000, other miscellaneous promotional expenses increases for approximately $8,000 and a decrease in investor relation travelling expenses for approximately $9,000.

Exploration:

The following schedule describes exploration expenses incurred by the Company during the fiscal years ended December 31, 2024 and 2023, segregated by project:

Exploration expenses during 2024 and 2023 were concentrated at Dewdney Trial Property where a total of $2,876,679 were incurred during 2024 (2023: $516,086). Work at other projects was limited during both fiscal years.

At the Dewdney Trail Property overall exploration expenses increased by approximately $2.4 millions. The increase was principally due to an increase in drilling for approximately $2.3 million, and reductions in geology expenditures of approximately $120,000.

The following schedule describes exploration expenses incurred by the Company during the fiscal years ended December 31, 2024 and 2023, segregated by nature in all its projects:

Further discussion of the work undertaken on each of these properties can be found in the Exploration section of this document.

LIQUIDITY AND CAPITAL RESOURCES

On November 24, 2023, the Company closed a non-brokered private placement of 21,610,038 units through the issuance of 13,816,422 Flow Through Units at a price of $0.105 per Flow Through Unit and 7,793,616 Non-flow Through Units at a price of $0.09 per Unit for total proceeds of $2,152,150.

On December 8, 2023, the Company closed a private placement of 5,100,000 Flow Through Units. The Offering closed with the issuance of 5,250,000 Flow Through Units at a price of $0.105 per Flow Through Unit for total proceeds of $551,250.

On April 15 and April 17, 2024, the Company closed two non-brokered private placement tranches, where a cumulative total of 13,611,111 units were issued, for gross proceeds of $3.6 million.

As of December 31, 2024, the Company had total current assets of $2,670,786 (cash, amounts receivable and prepayments) that will be used for general and administrative expenses as well as exploration on its properties.

The working capital of the Company has decreased from $2,435,749 at December 31, 2023, to $2,118,031 at December 31, 2024.

See also the Commitments and Obligations section below.

Outlook

The Company has no producing properties and, consequently, has no current operating income or cash flow. The Company's access to capital may not be available on terms acceptable to the Company or at all. Financing of the Company's activities to date has been obtained from equity issues. The continuing short- term development of the Company's properties therefore depends on the Company's ability to obtain additional financing through equity investments. For the year ended December 31, 2024, the Company incurred a loss of $6,043,586 or $0.04 per share and reported an accumulated deficit of $27,314,456. As at December 31, 2024, the working capital of the Company was $2,118,031. The Company's current cash position will enable it to fund the Corporation's operating and exploration expenses for the next twelve months.

The Company constantly reviews future exploration plans related to advancing its properties. The work plan will consider what work will be most beneficial for each project and the Company as balanced against the cash balance and market conditions affecting future funding. The Company is focused on ensuring capital resources are spent in the most efficient manner.

SUMMARY OF QUARTERLY RESULTS

The following table sets forth a breakdown of the most relevant components of the Company's costs and results of operations for each of the eight most recently completed quarters: