Mr. John Keating reports

PJX RESOURCES ANNOUNCES CLOSING OF OVER SUBSCRIBED NON-BROKERED PRIVATE PLACEMENT

PJX Resources Inc. has closed the previously announced (see Nov. 14 and Nov. 21, 2023, press releases), and oversubscribed, non-brokered private placement of 21,610,038 units through the issuance of 13,816,422 flow-through units at a price of 10.5 cents per flow-through unit and 7,793,616 non-flow-through units at a price of nine cents per unit for total proceeds of $2,152,150.

Each flow-through unit consists of one common share to be issued as a flow-through share within the meaning of the Income Tax Act (Canada) and one common share purchase warrant. Each unit consists of one common share and one common share purchase warrant. Each warrant, whether acquired as part of a flow-through unit or unit, entitles the holder to purchase one common share at an exercise price of 20 cents for 24 months following completion of the offering.

Subject to TSX Venture Exchange approval, finders' fees of $30,337.20 cash and 291,709 finders' warrants will be paid in relation to the completion of the offering. The finders warrants will entitle the holder to purchase one common share at an exercise price of 20 cents for 24 months following completion of the offering.

The securities issuable in connection with this offering will be subject to a hold period in Canada which will run for four months from the date of the closing of the offering.

John Keating, president of PJX, commented: "The strength in demand for this financing reflects the significance of what we recently discovered. Our discovery of boulders with Sullivan deposit style and grade of mineralization may be the most compelling evidence of the potential to discover another Sullivan-type deposit in 130 years since the Sullivan was discovered in 1892 (see news releases Oct. 12 and Nov. 14)."

Additional analyses are pending. These results will be compiled with recent mapping, prospecting and other data to prepare maps with geological cross-sections for presentation in January. PJX plans to commence drilling as soon as the snow recedes which is expected to occur in late spring 2024.

The completion of the offering may constitute a related party transaction within the meaning of Multilateral Instrument 61-101 as certain insiders of the company participated in the offering. The company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the offering by insiders did not exceed 25 per cent of the market capitalization of the company, as determined in accordance with MI 61-101. The company also made the offering available to subscribers who receive suitability advice from a registered investment dealer in accordance with applicable prospectus exemptions in certain Canadian jurisdictions. The company confirms that there is no material fact or material change about the company that has not been generally disclosed.

The company intends to use the net proceeds of the offering for expenditures on its properties located in Cranbrook, B.C., and for general working capital. The gross proceeds from the issuance of the flow-through shares shall be used to finance exploration expenditures on the Cranbrook properties, with a focus toward exploration on the Dewdney Trail property. Flow-through units will qualify as Canadian exploration expenses (as defined in the Income Tax Act (Canada)).

The offering has received conditional approval from the TSX-V.

About PJX Resources Inc.

PJX is a mineral exploration company focused on building shareholder value and community opportunity through the exploration and development of mineral resources with a focus on gold, silver and critical metals, including copper, zinc, cobalt, cadmium, indium and others. PJX's primary properties are road accessible, close to power and rail, and located in the historical mining area of Cranbrook and Kimberley, B.C.

We seek Safe Harbor.