PJX Resources (TSX-V: PJX) is trading at CA$0.19 on volume of 1,240,000 shares Thursday, up 8.6%, as the company moves into the field with a C$6.3 million non-brokered private placement behind it and a 4,000-metre drill program already underway.

The financing, announced June 18, 2026, offered up to 44 million units across four subscription categories: C$0.125 per Unit, C$0.15 per Flow-Through Unit, C$0.16 per Charity Flow-Through Unit, and C$0.18 per Charity Flow-Through Critical Metals Unit. The placement was structured to close in two or more tranches by July 15, 2026, per the company's June 18 news release on pjxresources.com.

The capital is aimed squarely at two properties in British Columbia's Sullivan Mining District. The primary target is the Dewdney Trail Property, where PJX is hunting for a Sedimentary Exhalative (Sedex) critical-metals system — the same deposit style as the historical Sullivan mine, located 25 km to the west. Sullivan operated for 90 years before closing in 2001 and was Canada's largest producer of silver, zinc, and lead.

Dewdney Trail carries three identified target areas — Estella Basin, Lewis Ridge, and Grundy Creek — each considered capable of hosting a Sedex-type deposit. The property is not without prior results: 2025 drilling intersected the Quake Zone, described in the company's release as an estimated 30-metre-thick horizon pervasively anomalous in zinc, lead, silver, copper, cobalt, gold, cadmium, and gallium. Permits to begin the 2026 drill program at Dewdney Trail were in place for July.

The second target is the Zinger Property's Gar zone, a Reduced Intrusion Related Gold System (RIRGS) target that, per the company's release, has never been drilled. Drilling there is planned for later in the summer, subject to permit renewals.

President John Keating framed the current program in the company's release: "The geological setting and results to date highlight PJX's potential to discover significant critical metal and gold mineralization in a well-established mining district with existing infrastructure. Drilling and surface sampling on the Dewdney Trail Property indicate that we are vectoring closer to a potential Sedex discovery. The Zinger Property's Gar RIRGS target has never been drilled. Permits are in place to begin drilling at Dewdney Trail in July. Drilling at the Zinger Property is planned for later in the summer, pending permit renewals."

The company's release drew comparisons between the Gar target and Snowline Gold's Valley discovery in the Yukon and Kinross Gold's Fort Knox deposit in Alaska — though those references describe geological analogues, not confirmed resource equivalence.

On the capital structure, Morningstar reported shares outstanding of 186.92 million as of its July 23, 2026 data snapshot, with a market cap of CA$32.71 million. Yahoo Finance Canada showed a market cap of CA$34.58 million and total cash of CA$1.68 million as of July 20, 2026. The actual cash position following the close of the C$6.3 million placement is not confirmed in the available source material.

What's directly ahead: the 4,000-metre Dewdney Trail drill program is active, with results pending. Zinger drilling awaits permit renewal. Those two catalysts — hole results from a property with a 30-metre anomalous horizon already in hand, and a first-ever drill test at Gar — define the near-term news flow for PJX shareholders.