PJX Resources Completes $6.3M Non-Brokered Private Placement and Commenced Exploration of Critical Metal and GOLD Targets IN Southeastern British Columbia’S Sullivan Mining District
TSX VENTURE: PJX.V
OTCQB: PJXRF
PJX RESOURCES COMPLETES $6.3M NON-BROKERED PRIVATE PLACEMENT AND
COMMENCED EXPLORATION OF CRITICAL METAL AND GOLD TARGETS IN
SOUTHEASTERN BRITISH COLUMBIA’S SULLIVAN MINING DISTRICT
Toronto, Ontario – July 23, 2026 - PJX Resources Inc. (“PJX” or the “Company”) is pleased to announce the close
of the second tranche of our previously announced (see June 18 and July 8, 2026, new s releases) non-brokered
private placement (the “Private Placement” or “offering”) for gross proceeds of $6.3 million.
John Keating, President of PJX, commented : “This financing will allow PJX to focus on two priority discovery
opportunities for critical metals and gold in an established Canadian mining district. An initial 4,000m drill
program has commenced to test for a potential Sullivan -style Sedimentary Exhalative (Sedex) critical -metals
discovery on the Dewdney Trail Property. At the Zinger Property, prospecting, mapping and surface sampling for
gold are underway at the Gar target in advan ce of receiving permits to drill a potential Reduced Intrusion
Related Gold System (RIRGS) for the first time. Together, these targets give PJX a rare opportunity to pursue
two distinct discovery catalysts in a proven mining district with strong infrastructure advantages. (see more
below)”
Private Placement
The Company issued units on a non -flow through basis (each a “Unit”), “flow through” basis (each a “Flow
Through Unit (“FTU”), and a Charity Flow -through basis (each a “Charity Flow -through Unit (“CF TU”)” or a
“Charity Flow -through Critical Metals Unit (“CFTUCM”). The subscription prices for each of the foregoing are
$0.125 for a Unit, $0.15 per FTU, $0.168 per CFTU, and $0.18 per CFTUCM. The first tranche closed on July 6,
2026 with gross proceeds of $3,422,040. In the second tranche, the Company issued 8,270,000 CFTU and
8,270,000 CFTUCM with gross proceeds of $2,877,960. The cumulative total gross proceeds for the Offering is
$6,300,000.
Subject to TSXV approval, f inders’ fees comprised of $ 74,725 cash and 597,800 non-transferable warrants may
be paid in respect of the second tranche of the Offering. The warrants entitle the holder to purchase one
common share at an exercise price of $0.20 for 24 months following completion of this tranche of the Offering.
Each Unit and each Flow -through Unit, regardless of whether it is a FTU, CFTU or CFTUCM, 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 warra nt. Each warrant acquired entitle s the holder to purchase one common
share at an exercise price of $0.20 for 24 months following completion of this tranche of the Offering.
All securities issuable in connection with the Offering will be subject to a statutory hold period in Canada which
will run for four months plus a day from the date of the closing of each tranche of the Offering. The Private
Placement is subject to compliance with applicable securities laws and to receipt of the final approval and
acceptance of the TSX Venture Exchange.
The Company intends to use the net proceeds of the Private Placement for expenditures on its properties
located in Cranbrook, British Columbia, and for general working capital purposes. The Company will expend an
amount equal to the gross proceeds received by the Company from the sale of the Flow Through Units, pursuant
to the provisions in the Income Tax Act (Canada), to incur eligible “Canadian exploration expenses” that qualify
as “flow-through critical mineral mining expenditures” as both terms are defined in the Income Tax Act (Canada)
(the “Qualifying Expenditures”) related to the Company’s projects in British Columbia, on or before December
31, 2026, and to renounce all the Qualifying Expenditures in favour of the subscribers of the Flow Through Units
effective December 31, 2026.
Dewdney Trail Property – Priority Critical-Metals Target with Sullivan-Style Potential
At the Dewdney Trail Property, PJX has identified three prospective target areas —Estella Basin, Lewis Ridge, and
Grundy Creek—each with potential to host a Sedex -type deposit. The Estella Basin is the most advanced target
with Sullivan style and grade mineralization identified in surface boulders (Photos A and B). In 2025, drilling
intersected the Quake Zone, an estimated 30 m thick horizon entirely anomalous in zinc, lead, silver, copper,
cobalt, gold, cadmium, and gallium. These results point to a significant mineralizing system and provide clear
vectors for follow-up exploration. The opportunity is further strengthened by its location, approximately 25 km
east of the historical Sullivan mine, which operated for more than 90 years and produced more than 297 million
ounces of silver, 8.4 million tonnes of lead, and 7.9 million tonnes of zinc, plus additional gold, tin, copper,
cadmium, antimony, and bismuth in concentrate, according to British Columbia Ministry of Mines reports (Table
1 below). PJX’s 2026 exploration will use the Quake Zone as a vector to discover the source of boulders with
Sullivan style and grade mineralization.
Zinger Property – Drill-Ready Gold Opportunity with RIRGS Scale Potential
At the Zinger Property, the undrilled Gar target offers a compelling potential RIRGS gold opportunity with visible
gold, strong geochemical and geophysical support, and geological characteristics comparable to Snowline Gold’s
Valley RIRGS discovery in the Yukon (Table 2). Visible gold at the Gar target occurs in sheeted and structurally
controlled quartz veins within a mid-Cretaceous granodiorite-to -granitic intrusion (Photo C). Previously
announced grab samples from sheeted veins in outcrop and boulders returned gold values ranging from
anomalous levels up to 28,841 ppb (28.84 g/t). Visible gold occurs as individual grains and with pyrite (Photos D
and E). Historical soil sampling has outlined a 1,600 m long gold -in-soil anomaly associated with the Gar
intrusion. Airborne magnetic geophysical data further supports the potential for a cluster of RIRGS targets in the
area, giving PJX multiple gold targets to advance through drilling and follow -up exploration (see March 18, 2026,
news release). Drilling at the Zinger Property is planned for later in the summer, pending permit renewals.
Dewdney Trail and Zinger Property target areas can be accessed by road, with some holes expected to be
supported by helicopter from Cranbrook, approximately a 15-minute flight to either property.”
Photo A – Sample STM-23-7 (9.33% zinc, 2.48% lead, 14.62 g/t silver,
495 ppm or 0.05% copper) Estella Basin discovery of Sullivan style and
grade boulder in talus at bottom of slope. Alternating dark and light
coloured beds are sulphide- rich beds of zinc, lead and iron that have
broken apart by basin disruption as evidenced by the Quake zone. The
source of this bedded sulpide mineralization may be stratigraphically
below or on strike with the large Quake zone intersected by drilling in
2025.
Photo B – Sample STM-23-8 (3.55% zinc, 0.98% lead, 7.5 g/t
silver, 442 ppm or 0.04% copper). Estella Basin of discovery
of Sullivan style and grade boulder found at bottom of slope.
Although the overall grade of this sample is lower it tells an
important story. The individual massive sphalerite
fragments are an indicator of the potential for much higher
grade bands with zinc rich massive sulphides beds similar to
what occurs at the Sullivan.
Table 1 – Historical Sullivan Mine - Total Production (source: MINFILE Production Detail Report, BC Geological Survey,
Ministry of Energy, Mines and Petroleum Resources, 2025).
Characteristic Reduced Intrusion Related Gold PJX Gar Intrusion Target
Visible Gold Yes Yes
Gold occurs in Sheeted & structurally controlled
quartz veins
Sheeted & structurally controlled quartz
veins
Country rocks Sediments, hornfels, skarn Sediments, hornfels, skarn
Associated Elements Bismuth, Tellurium, Tungsten,
Molybdenum
Bismuth, Molybdenum, Tungsten,
Tellurium
Intrusion Type Granite to Granodiorite Granite to Granodiorite
Intrusion Age Cretaceous Cretaceous
Intrusion grain size Porphyritic to equigranular - medium
to coarse grained
Equigranular - medium to coarse grained
Geophysical Signature Magnetic Low Magnetic Low
Structural Influence Yes – shears & faults Yes – shears & faults
Sulphide content Low Low
Hydrothermal Alteration Not significant Not significant
Table 2 - Gar characteristics similar to Reduced Intrusion Related Gold Systems (RIRGS) such as Fort Knox
or Snowline Gold’s Valley Discovery.
Photo C - Sheeted vein in Gar intrusion, 1365 ppb (1.36 g/t) gold.
Photo D -Visible Gold in quartz vein in Gar Intrusion
(magnified photo).
Photo E -Visible Gold with Pyrite in quartz vein in Gar
Intrusion (magnified photo).
Figure 1- PJX Properties (color coded) in the Sullivan Mining District that includes the Vulcan Gold
Belt (Vulcan Tectonic Zone) defined by 65 km of creeks with placer gold. PJX has identified more than
10 highly prospective gold target areas (yellow dots). Gar is a Reduced Intrusion Related Gold System
(RIRGS) type target on the Zinger Property. PJX also has more than 10 silver, zinc, lead, copper,
and/or critical metals targets (red dots). Estella Basin, Lewis Ridge, and Grundy Creek are priority
Sullivan Sedex type targets on the Dewdney Trail Property.
Qualified Person
The geological disclosure and content of this news release has been reviewed and approved by Jo hn Keating,
P.Geo. (a qualified person for the purpose of National Instrument 43 -101 Standards of Disclosure for Mineral
Projects). Mr. Keating is the President, Chief Executive Officer and a Director of PJX.
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, zinc, lead, copper,
cobalt and other critical metals. PJX has consolidated 100% of the mineral rights to the largest land package (750
km²) in the historical Sullivan Mine District and Vulcan Gold Belt near Cranbrook and Kimberley, British Columbia
(Figure 1). PJX has developed a pipeline of more than 15 priority targets to be tested by PJX and /or companies
interested in partnering to test often drill ready targets with gold, silver, copper, zinc and other critical metal
deposit potential. The Mining district has excellent road, rail, and power infrastructure with a workforce and
communities familiar with mining. Please refer to our web site http://www.pjxresources.com for additional
information.
For additional information please contact:
Linda Brennan, Chief Financial Officer
(416) 799-9205
Cautionary Note Regarding Forward-Looking Information
The information in this news release has been prepared as at the date noted above. Certain statements in this news release, r eferred to herein as
"forward-looking statements", constitute "forward- looking statements" under the provisions of Canadian provincial securities laws. These
statements can be identified by the use of words such as "expected", "may", "will" or similar terms.
Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by PJX Re sources
Inc. as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies.
Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by suc h forward-looking
statements. Readers are cautioned not to place undue reliance on these forward -looking statements, which speak only as of the date made.
Except as otherwise required by law, PJX Resources Inc. expressly disclaims any obligation or undertaking to release publicly any updates or
revisions to any such statements to reflect any change in PJX Resources Inc.’s expectations or any change in events, conditions or circumstances on
which any such statement is based.
Cautionary Note to US Investors:
This news release may contain information about adjacent properties on which PJX Resources Inc. has no right to explore or mi ne. We advise U.S.
investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned
that mineral deposits on adjacent properties are not indicat ive of mineral deposits on our properties. This news release may contain forward -
looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geologic al
interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward -looking statements address future events and
conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such ews
This n release uses the terms "Measured", "Indicated", and "Inferred" resources. United States investors are advised that while such term s are
recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them . "Inferred
Mineral Resources" have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed
that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred
Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or
any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not
to assume that all or any part of a Mineral Resource is economically or legally mineable.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.