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«PJX RESOURCES INC. MANAGEMENT’S DISCUSSION AND ANALYSIS For the year ended December 31, 2015 PJX RESOURCES INC. MANAGEMENT’S DISCUSSION AND ...»

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PJX RESOURCES INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS

For the year ended December 31, 2015

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, 2015 (“Fiscal 2015”) and December 31, 2014 (“Fiscal 2014”) should be read in conjunction with the audited financial statements of the Company and notes thereto at December 31, 2015.

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 22, 2016.

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 PJX Resources Inc. – Management’s Discussion and Analysis for the Year Ended December 31, 2015 Page 1 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.

NATURE OF OPERATIONS AND GOING CONCERN

PJX is a Canadian corporation incorporated under the laws of Alberta on April 22, 2010, originally under the name of 1532063 Alberta Inc. On March 7, 2011, the Company obtained a Certificate of Continuance from the Registrar of Corporations for the Province of Alberta changing its jurisdiction to the Province of Ontario.

On the same date the Company changed its name to PJX Resources Inc. The Company’s corporate offices are 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 projects located near Cranbrook, British Columbia. The Company is considered to be 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 from equity issues.

Although the Company has taken steps to verify title to the properties on which it is conducting exploration and in which it has an interest, in accordance with industry standards for the current stage of exploration of such properties, these procedures do not guarantee the Company's title. Property title may be subject to government licensing requirements or regulations, social licensing requirements, unregistered prior agreements, unregistered claims, aboriginal claims, and non-compliance with regulatory and environmental requirements. The Company’s assets may also be subject to increases in taxes and royalties, renegotiation of contracts, expropriation of properties, and political uncertainty.

The Company's ability to continue as a going concern is dependent upon its ability to raise additional financing in order to fund its working capital and exploration requirements and eventually to generate positive cash flows either from operations or the sale of properties. Management believes that the working capital is sufficient to support operations for the next twelve months.

The Company’s 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’s principal mineral property is the Dewdney Trail Property. The Company holds 100% interest in the Dewdney Trail Property and 4 additional properties (the Vine (including the Vine Extension), Eddy, Zinger and West Basin). The Company also has the right to earn a 100% interest in the DD Property.

All properties are road accessible and proximal to power lines, rail and historical mining communities of Cranbrook and Kimberley, British Columbia.

The Technical Report written by R.I. Thompson, PhD, P.Eng, a Qualified Person within the meaning of National Instrument 43-101, concludes that gold showings on the Dewdney Trail Property exhibit many features in common that support potential for a large tonnage deposit of the Sediment Hosted Vein type (SHV). SHV deposits are some of the largest gold producers in the world.

PJX Resources Inc. – Management’s Discussion and Analysis for the Year Ended December 31, 2015 Page 2 Highlights for 2015 Operations

• The Annual General and Special Meeting was held on June 25, 2015. The Shareholders of record:

1. approved the Audited Financial Statements;

2. set the number of directors of the Company at six and re-elected Messrs. John Keating, James Clare, Kent Pearson, Somerset Parker, Joseph Del Campo, and Ms. Linda Brennan;

3. reappointed PricewaterhouseCoopers LLP as Auditors of the Company for the ensuing year; and

4. approved the Company’s Share Incentive Plan.

• On October 8, 2015, the Company filed a Notice of Change of Auditor on SEDAR to reflect the resignation, at the Company’s request, of PricewaterhouseCoopers LLP, Chartered Accountants, and appointment of McGovern, Hurley, Cunningham, LLP, Chartered Accountants, as successive auditors for the Company. The Change of Auditor was effective October 5, 2015.

Exploration

• Computer modelling of the Vine Property gravity geophysical survey has identified 2 separate large target areas (Eastern and Western targets) with potential to host Sedimentary Exhalative (Sedex) massive sulphide (zinc, lead, silver) mineralization.

• Drilling on the East Gravity anomaly continued to intersect mineralization and alteration that supports the potential for a Sedex massive sulphide style deposit in the area.

• Modelling and drilling on the Eastern target during 2015 suggests the potential for flat lying massive sulphides and/or folded vertically oriented massive sulphide bodies with veins or breccia zones. These styles of mineralization could be similar to what occurs at the former Sullivan mine located 35 kilometers (“km”) to the north of the Vine Property, or the Broken Hill deposit in Australia.

• Drilling on the West Gravity anomaly has intersected geology with zinc and massive iron sulphide mineralization that also support the potential for a Sedex massive sulphide type of deposit in the area.

• In February 2016, subsequent to the year end, the Company received an expanded permit from the government to drill and trench anywhere within and between the large Eastern and Western Gravity anomalies for the next 5 years on the Vine Property.

• In July 2015, PJX optioned the DD Property which management believes is the third best property in the Cranbrook area, after the Company’s Vine and West Basin Properties, with potential to host a Sedex deposit.

Financial

• In April 2015, the Company announced the completion of a non-brokered private placement for gross proceeds of $1,273,000 by 3,605,000 flow-through units at a price of $0.20 per flow-through unit and 2,760,000 non-flow-through units at a price of $0.20 per unit. Each flow-through unit consisted of one common share and one half of one non-transferable common share purchase warrant (“warrant”). Each unit consisted of one common share and one non-transferable common share purchase warrant. Each warrant, regardless of whether issued as part of a flow-through unit or a non-flow-through unit, entitles the holder to purchase one common share at an exercise price of $0.20 for 24 months following completion of the offering.

• On October 26, 2015, the Company announced the completion of a non-brokered private placement for gross proceeds of $652,500 by issuing 1,575,000 flow-through units at a price of $0.20 per PJX Resources Inc. – Management’s Discussion and Analysis for the Year Ended December 31, 2015 Page 3 flow-through unit, and 1,687,500 non-flow-through units at a price of $0.20 per unit. Each flowthrough unit consisted of one common share of the Company and one non-transferable common share purchase warrant. Each warrant, regardless of whether issued as part of a flow-through unit or a non-flow-through unit, entitles the holder to purchase one common share at an exercise price of $0.25 for 24 months following completion of the offering.

Strategy and Objectives PJX’s strategy is to build opportunity by using innovative technology and approaches to explore and develop areas with high potential for world class gold and other metal deposits.

Objectives for 2016

• Exploration during 2015 continues to support the potential for Sedex zinc, lead and silver mineralization on the Vine Property and new zones with gold potential on the Dewdney Trail and Zinger Properties. Additional drilling is planned to further test the Vine Property targets during

2016. The Zinger and Dewdney Trail gold targets will also be prioritized for testing which could include further work to refine targets, trenching and/or drilling.

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.

RESULTS OF OPERATIONS

Exploration During the year ended December 31, 2015, PJX incurred $1,037,893 in exploration expenses and received a refundable tax credit of $27,747 (net exploration expenses of $1,010,146), compared with $385,724 and $149,878, respectively) (net exploration expenses of $235,846) for Fiscal 2014.

The following schedule describes exploration expenses incurred in each project for the years ended December 31, 2015 and 2014 as well as the balances since inception.

–  –  –

Acquisition of the Mineral Properties On February 27, 2014, PJX announced that it completed a P&S Agreement with Klondike Gold Corp.

(“KG”) to acquire a 100% interest in the Vine Extension Property. Under the P&S Agreement, PJX purchased full ownership of the Property by issuing 700,000 PJX common shares to KG. In addition to receiving the Shares, KG retains a royalty equal to 1% Net Smelter Royalty (“NSR”) from minerals produced from claims comprising the Vine Extension Property.



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