PJX Resources : December 31, 2025 Management Discussion and Analysis

About this update from Pjx Resources Inc.

PJX RESOURCES INC. MANAGEMENT'S DISCUSSION AND ANALYSIS For the year ended December 31, 2025 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, 2025 ("Fiscal 2025") and December 31, 2024 ("Fiscal 2023") should be read in conjunction with the audited financial statements of the Company and notes thereto for the years ended December 31, 2025 and 2024. 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 28, 2026. 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, ...

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