PJX Resources : September 30, 2022 Management Discussion and Analysis

PJX RESOURCES INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2022 and 2021

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 nine months ended September 30, 2022 ("Q3 F2022") and September 30, 2021 ("Q3 F2021") should be read in conjunction with the unaudited condensed interim financial statements of the Company and notes thereto at September 30, 2022.

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 November 21, 2022.

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 and Nine Months Ended September 30, 2022 and 2021

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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 nine months ended September 30, 2022, the Company generated a loss of $1,172,338 or $0.01 per share, (September 30, 2021: $732,095 or $0.01 per share) and reported an accumulated deficit of $19,773,900 (December 31, 2021: $18,601,652). As at September 30, 2022, the working capital of the Company was $1,518,409 (December 31, 2021: $2,663,283). Management believes that the working capital is sufficient to support operations for the next twelve months.

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's goal is to build shareholder value and community opportunity through the exploration, discovery, and development of mineral resources.

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 Q3 F2022

PJX continued to develop and advance gold and base metal targets to make new discoveries. Most companies have a limited number of targets to test. PJX continues to develop a pipeline of targets with over 20 target areas identified to date. Targets range from Sullivan type deposits to orogenic gold, sedimentary copper, and intrusive related gold and copper.

During Q3 F2022, PJX carried out considerable mapping, prospecting, rock and soil sampling on the large Lewis Ridge Target, on the Dewdney Trail Property, and the adjacent historical Estella Mine that PJX optioned from Imperial Metals in 2021. This work was done in preparation for the first phase of drilling to test the potential for zinc, lead, silver, gold, copper and/or cobalt mineralization. Drilling commenced in late August and will continue into Q4.

The Estella mine has not operated or been explored since the 1960's. Historical mining focused on the production of zinc, lead, silver, and cobalt mineralization from a vein. The vein may be similar to veins that occur proximal to the Sullivan deposit located 25 km to the west. PJX is exploring for potential Sullivan type mineralization as well as intrusive related gold-copper mineralization proximal to the Estella mine.

The Lewis Ridge target is a large geophysical anomaly identified by 3-dimensional modelling of airborne survey data. The MobileMT ("MT") conductivity geophysical anomaly with a coincident magnetic ("mag") signature is over 2.5 km long by 1 km or more in width. Additional modelling by Expert Geophysics in July suggests that the large anomaly may represent multiple separate anomalies. These anomalies may be related to separate zones with massive sulphide mineralization. The anomalies occur in a geological environment

PJX Resources Inc. Management's Discussion and Analysis for the Three and Nine Months Ended September 30, 2022 and 2021

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with potential to host Sullivan type massive sulphide mineralization.

Given the large stable of PJX properties with multiple targets, the company will also continue to explore and form strategic alliances to advance and discover multiple gold and/or base metal (copper, zinc, lead, silver) deposits.

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 50,000 hectares (500 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 $20 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 new 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 rebounded during 2021 following the downward pressure in response to fall-out from COVID-19 during 2021 and they are expected to strengthen as economies recover 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 and 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 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.

PJX Resources Inc. Management's Discussion and Analysis for the Three and Nine Months Ended September 30, 2022 and 2021

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In 2020, DLP Resources Inc. was granted an option to earn an interest in the DD Property by exploring for a Sullivan type deposit.

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.

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 grams per tonne ("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 October-November 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.

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 deposit 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 the Sullivan horizon at depth and did not encounter massive sulphide mineralization. PJX's newly discovered NMS zone occurs 300 metres ("m") below the depth of Cominco's 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 both holes intersected the same geologic horizon hosting the NMS zone.
• The NMS zone has classic Durchbewegt texture that appears similar in style to massive sulphide mineralization located within 1000 m of the economic part of the Sullivan deposit.
• Drilling during 2021 suggests the NMS zone occurs in a restricted basin that trends to the northwest toward the west gravity anomaly and needs to be tested at depth and on-strike.
• Geophysics also suggests that there is something possibly more conductive than the NMS zone at depth that is distorting the geophysics. The distortion may be caused by the presence of a super- conductor at depth below the NMS zone. Super-conductors are often associated with nickel-copper deposits, such as in Sudbury, Voisey's Bay, and Raglan.
• Specialized downhole geophysics and additional drilling to test the potential at depth is planned for 2022.

PJX Resources Inc. Management's Discussion and Analysis for the Three and Nine Months Ended September 30, 2022 and 2021

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