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, ON / ACCESS Newswire / 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, news 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 4,000 m 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 advance 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 ("CFTU")" 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, finders' 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 warrant. Each warrant acquired entitles 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 John 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
info@pjxresources.com

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, referred 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 Resources 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 such 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 mine. 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 indicative 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, geological 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 news.

This news release uses the terms "Measured", "Indicated", and "Inferred" resources. United States investors are advised that while such terms 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.

SOURCE: PJX Resources Inc.

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