PJX Resources Warrant Amendment

TORONTO, ON / ACCESSWIRE / December 6, 2022 / PJX Resources Inc. ("PJX" or "the Company") (TSXV:PJX) is pleased to announce that, subject to TSX Venture Exchange approval, the Company intends to extend the expiry date of 4,574,131 share purchase warrants, (the "Warrants") by 12 months to December 17, 2023. The Warrants were issued pursuant to a private placement accepted for filing by the TSX Venture Exchange on December 27, 2019. The Warrants are exercisable at $0.30 per share and, following a previous one year term extension, are currently set to expire on December 17, 2022. All other terms of the warrants, including the exercise price, remain unchanged. Upon receipt of the approval of the TSXV of the Warrant Extension, a material change report in respect of the Warrant Extension will be filed by the Company.

A total of 179,131 of the affected Warrants are held by parties considered to be "related parties" of the Company. Therefore, the amendment of Warrants constitutes a "related party transaction" as contemplated by Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions, and TSXV Policy 5.9 - Protection of Minority Shareholders in Special Transactions. However, the exemptions from formal valuation and minority approval requirements provided for by these guidelines can be relied upon as the fair market value of the Warrants held by insiders does not exceed 25% of the market capitalization of the Company.

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 base metals (zinc, lead, copper, nickel). PJX's primary properties are located in the historical Sullivan Mine District and Vulcan Gold Belt near Cranbrook and Kimberley, British Columbia.

Please refer to our web site http://www.pjxresources.com for additional information.

FOR ADDITIONAL INFORMATION PLEASE CONTACT:
Linda Brennan, Chief Financial Officer
[phone]
[e-mail]

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.