June 30, 2024 Management Discussion and Analysis

PJX RESOURCES INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2024 and 2023

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 and six months ended June 30, 2024 ("Q2 F2024"), and June 30, 2023 ("Q2 F2023"), should be read in conjunction with the unaudited condensed interim financial statements of the Company and notes thereto at June 30, 2024.

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.sedarplus.com.

The date of this report is August 1, 2024.

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.sedarplus.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 and Six Months Ended June 30, 2024, and 2023

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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 six months ended June 30, 2024, the Company generated a loss of $3.520,830 or $0.02 per share, (June 30, 2023: $534,314 or $0.00 per share) and reported an accumulated deficit of $24,791,700 (December 31,

2023: $21,270,870). As at June 30, 2024, the working capital of the Company was $5,246,126 (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 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) 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 FOR Q2 F2024

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.

A total of 77,707,985 common shares were represented at the Meeting either in person or by proxy, representing approximately 44.6% of the issued and outstanding shares of the Company. All resolutions were passed by the shareholders of the Company.

PJX Resources Inc. Management's Discussion and Analysis for the Three and Six Months Ended June 30, 2024, and 2023

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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:
• 600,000 warrants priced at $0.20 and 100,000 warrants priced at $0.25 were exercised during Q2 F2024, with gross proceeds of $145,000; and
• in May, 2024, the Company granted an aggregate of 12,200,000 incentive stock options to employees, officers, directors and consultants of the Company, pursuant to the Company's Plan, at an exercise price of $0.30 per share. Out of the options granted, 12,100,000 were fully vested on granting and 100,000 vest every quarter over a period of 1 year, with the first quarter vesting three months after granting. All options granted are exercisable until May 2, 2029.

Exploration

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. Zinc, lead, silver, indium and other critical metals were discovered in boulders and later in outcrop up-slope from the boulders. The boulders are strongly magnetic and occur down slope from an approximately 500 metres ("m") diameter magnetic anomaly defined by airborne geophysics flown for PJX in 2021. This New Discovery of mineralisation at surface and geophysical anomaly have never been drilled.

Exploration work during 2024 focused on compilation of the 2023 field work with previous PJX and historical work on the Dewdney Trail Property. This compilation work has been used in conjunction with additional interpretation of existing geophysics to develop drill plans to test the New Discovery. Analytical results for more than 600 rock grab samples collected while mapping and prospecting during 2023 were also received from the lab during early 2024. These analytical results have been assessed with the geological and geophysical compilation work in preparation for follow-up field work this year in addition to drilling.

The primary focus of exploration during 2024 will be to drill test the New Discovery on the Dewdney Trail Property. The Company has received its permit amendment and work is underway to commence drilling and testing the large Sullivan style target this Summer and Fall. The company will also continue to assess the potential of gold, copper, silver, zinc, lead, and cobalt targets through field work on the Dewdney Trail and its other properties.

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.

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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 rebound during 2024. They are expected to strengthen 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 strengthen 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.

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.

PJX Resources Inc. Management's Discussion and Analysis for the Three and Six Months Ended June 30, 2024, and 2023

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• 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.
• The 2022 work identified massive pyrite mineralization with anomalous copper, cobalt, silver and nickel while drilling at the Lewis Ridge target, and quartz vein grab samples with gold, silver and copper associated with syenite (alkalic) porphyritic intrusions in the Estella Basin target area. One rock grab sample of the intrusive with quartz veins analyzed 6.9 grams per ton ("g/t ") gold, 447 g/t silver and 1.108% copper.
• 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 25 km to the west.
• The sulphide boulders with zinc (sphalerite mineral), lead (galena), and iron (pyrite and pyrrhotite) are magnetic. The boulders occur at the base of the mountain slope and down slope from a large magnetic geophysical anomaly that could be the source of the boulders.
• Further prospecting and mapping in late 2023, discovered sediment hosted zinc and lead mineralization in outcrop up slope and to the north of the boulders. This mineralization is weakly to non magnetic.
• Mineralization found in outcrop greatly increases the probability that the boulders of Sullivan grade semi-massive to massive sulphide mineralization found at the base of the mountain slope are close to their source.
• The two different styles of zinc-lead-silver mineralization with varying magnetic properties represent separate zones or horizons that could be stacked above one another or lateral to each other, similar to mineralization at the Sullivan deposit.

During July 2024, PJX received a permit amendment that allows for an expanded drilling program to test the New Discovery and other targets for 5 years. PJX can now proceed with drilling the New Discovery for the first time this Summer and Fall. The Dewdney Trail Property will continue to be a main focus of exploration in 2024.

Vine Property

• The Vine Property occurs within a sedimentary basin called the Vine Basin that is geologically similar to the Sullivan Basin hosting the Sullivan Mine located about 35 km to the north.
• In the 1980s, Cominco believed that massive sulphide mineralization (zinc, lead, copper, silver, and gold) found at surface in the vertical dipping Vine vein may represent remobilized mineralization from a horizontal Sullivan type deposit at depth. Cominco drilled to test for a Sullivan deposit at the Lower- Middle Aldridge Contact (LMC) depth but did not encounter massive sulphide mineralization.
• In 2019, PJX discovered a New Massive Sulphide ("NMS") zone that was intersected 300 m below the LMC, Cominco's depth of drilling.
• A hole drilled by Kokanee Exploration in 1990 intersected a 3.4 m wide massive sulphide zone, with bedded and Durchbewegt textures, approximately 700 m south of PJX's 2019 drill hole. PJX's management and consulting geologist believe that the Kokanee and PJX holes both intersected the same geologic horizon.
• PJX's NMS zone also has Durchbewegt texture which is a style of massive sulphide mineralization that occurs within 1000 m of the economic part of the Sullivan Mine.
• Drilling during 2021 suggests the NMS zone occurs in a restricted basin that trends northwest toward the west gravity anomaly and needs to be tested at depth and on-strike.

PJX Resources Inc. Management's Discussion and Analysis for the Three and Six Months Ended June 30, 2024, and 2023

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• Down hole geophysics during 2022 explored for the extension of the NMS zone intersected at a depth of 800 m. Down hole survey results combined with surface geophysics also suggest that the NMS zone may extend to the northwest with a possible target depth of 1500 m. Additional surface geophysics to the northwest will be planned prior to the next phase of drilling.

Gold Shear Property

• Historical and recent exploration support the potential for shear zone hosted, orogenic type, high-grade gold mineralization.
• The high-grade David Gold Zone of the Gold Shear Property was first discovered in 1990 by prospecting.
• Eight of 12 rock grab samples taken by PJX from the David Gold Zone in 2019 have over 68 g/t gold; the highest is 193.90 g/t gold.
• PJX's surface mapping, and compilation of historical 1990 drilling by Dragoon Resources Ltd, suggest that high-grade gold mineralization may occur as elongated zones that plunge to the north within the north trending David Shear.
• PJX drilling to date confirms the high-grade nature of gold mineralization in the David Gold Zone.
• Drilling in late 2021, tested along strike and down the interpreted plunge of the David Gold Zone. Drill results received in April 2022 extend the David Gold Zone to the north. The results also identified possible structural controls that influence high-grade gold mineralization. These results will be used to assess and develop targets to test on strike of the David Gold zone on the Gold Shear Property and PJX's adjacent Eddy property.

Zinger Property

• The Zinger Property has multiple large target areas with potential to host orogenic gold and intrusive related gold type deposits. Two large target areas identified to date are the South and Northwest target areas.
• South target area has orogenic style gold mineralization with locally high concentrations of gold in soil (898 visible gold grains in one sample) and in rock grab samples (up to 34 g/t gold) in outcrop along a 6 km structural trend. Re-evaluation of drilling and geophysics suggests that gold may concentrate where vertical fold structures intersect sub-horizontal fold structures at depth.
• Northwest target area has intrusive related gold mineralization associated with multiple intrusives along a 10 km trend. Expert Geophysics flew a 548 line-km airborne Mobile-MT and Mag Survey over the Gar and the Leader intrusives. 3D inversion and interpretation of Mag and Mobile-MT data by Expert Geophysics has helped identify multiple targets.
• • Gar target - intrusive related gold target possibly similar to Fort Knox deposit in Alaska. Nuggety gold in sheeted veins associated with a 1600 m gold in soil anomaly that has not been previously tested by geophysics or drilling. The area has limited outcrop exposure. PJX grab samples of veins in altered granite returned gold values ranging from anomalous to 28.84 g/t gold.
  • North Gar target - possible second gold bearing intrusive and is located adjacent to the Gar intrusive. Geophysical signature appears to be larger than the GAR target and has an orientation that is the same as gold bearing sheeted veins in the Gar intrusive. North Gar target is hidden under alluvium/overburden.
  • PGC (Porphyry Gold-Copper) target - Expert Geophysics' interpretation of mag data has identified a donut shaped anomaly that resembles a magnetic signature for a gold-rich copper porphyry target. This is the first target of its type in the Sullivan Mining District. The target occurs in an area covered by alluvium/overburden. Prospecting and soil sampling are planned as part of the next phase to assess the target, prior to possible drilling.

Other Properties

Surface mapping, prospecting, sampling and/or geophysics were carried out during the year to identify new target areas and advance other existing gold, silver, zinc, lead or copper showings to a drill ready stage on other PJX properties.

PJX Resources Inc. Management's Discussion and Analysis for the Three and Six Months Ended June 30, 2024, and 2023

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• The Eddy Property is adjacent to and on strike with the David Gold Zone on the Gold Shear Property. Three orogenic gold type targets (MC, Hill Vein and Red Zone) have been identified to date. Rock grab or chip samples from outcrop returned high-grade gold mineralization up to 108 g/t gold from the Hill Vein, 34 g/t gold from the MC and a 45cm rock chip sample of 79 g/t gold from the Red Zone area. Additional high-grade gold mineralization has been found on strike with these showings. These showings require additional surface work prior to drilling. During Q4, F2023, PJX staked an historical high grade orogenic and/or intrusion related gold showing. The small staked claim sits within PJX's Eddy Property claim boundary. The showing was last drilled in the early 2000's. Compilation of historical data suggests the mineralization may not have been fully tested at depth.
• The Parker Copper Property was staked in late 2018 to cover new showings of sediment hosted copper mineralization. The alteration and style of copper mineralization is similar to sediment hosted copper deposits (Montanore, Spar Lake) in correlative rocks in the United States and the Kamoa deposit in Congo. Prospecting in 2020 and 2021 suggests the favourable copper horizon may continue down dip to the west and along strike to the north. Follow up work was not continued in 2022 as the Company focussed its work on its core properties.
• The DD Property and adjacent Moby Dick Property occur within a sedimentary basin, called the Panda Basin, that is geologically similar to the Vine Basin and to the Sullivan Basin that is located about 45 km to the northeast. Historic holes drilled to test the geological horizon that hosts the Sullivan deposit in the vicinity of the Properties encountered geology that supports the potential for a Sullivan Type Deposit. In 2022, DLP optioned the DD Property to earn an interest through a combination of work commitments and cash payments over 4 years. Drilling by DLP in 2021 and 2022 tested a number of large MT targets defined by Quantec Geophysics. One hole intersected an extensive thickness (168 m) of fragmentals, from 1705 m depth, with abundant pyrrhotite and hydrothermal alteration that supports the potential for Sullivan type mineralization. In February, 2023, DLP returned the DD Property to PJX. PJX Resources retains a 100% interest in the DD and a 50% interest in the small Moby Dick Property.

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 - subsequent to quarter end); 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

PJX Resources Inc. Management's Discussion and Analysis for the Three and Six Months Ended June 30, 2024, and 2023

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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 gold, silver, zinc, lead, and copper targets with the potential to discover multiple deposits.

RESULTS OF OPERATIONS

Six months ended June 30, 2024:

The following section describe the most significant financial results of operations for the six months ended June 30, 2024, compared to the six months ended June 30, 2023.

Share based compensation

On May 3, 2024, the Company granted an aggregate of 12,200,000 incentive stock options to employees, officers, directors, and consultants of the Company, pursuant to the Company's Plan, at an exercise price of $0.30 per share. Out of the options granted, 12,100,000 were fully vested on granting and 100,000 vest every quarter over a period of 1 year, with the first quarter vesting on granting. All options granted are exercisable until May 2, 2029. The fair value of each option was estimated on the date of the grant using the Black-Scholes option pricing model, with the following assumptions: share price of $0.29, expected dividend yield of 0%, expected volatility of 109%; risk-free interest rate of 3.73%; and an expected average life of 5 years. The fair value of all these options was estimated at $2,808,199 of which $2,790,934 has been vested as of June 30, 2024.

Exploration

The following schedules describe exploration expenses, segregated by project and by function, incurred by PJX for the six months ended June 30, 2024, and 2023:

PJX Resources Inc. Management's Discussion and Analysis for the Three and Six Months Ended June 30, 2024, and 2023

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The Dewdney Trail Property was the principal exploration target for PJX during the six months ended June 30, 2024, with $315,024 in exploration incurred, compared to $227,153 incurred during the comparative period.

The Company incurred total exploration expenses of $296,606 (net of refundable tax credits of $26,089), principally related to geology and geophysics for approximately $139,000, laboratory for approximately $77,000, permitting for $18,488 and drilling related expenses for approximately $34,000.

No significant amounts were incurred in other properties during the six months period ended June 30, 2024.

General and administration ("G&A")

The following schedule describes the general and administration expenses incurred by the Company for the six months ended June 30, 2024, compared to the same period of Fiscal 2023:

The most significant changes in general and administration expenses during the six months ended June 30, 2024, when compared to the same period of Fiscal 2023, were:

• The increase in listing and regulatory fees of $41,776 relates to expenses incurred in relation to the financing closed during April 2024;
• The increase in professional fees of $21,553 principally relates to increases in accounting and audit fees of approximately $5,600 and legal fees for approximately $13,200;
• Gross salaries increased by $110,118 for the six months comparative period as a result of retroactive salary adjustments and bonuses granted to senior management. Gross salaries allocated to exploration expenses increased from $33,278 for the six months ended June 30, 2023 to $49,864 for the six months ended June 30, 2024.

PJX Resources Inc. Management's Discussion and Analysis for the Three and Six Months Ended June 30, 2024, and 2023

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