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Alexco Obtains Interim Order and Provides Transaction Update

Press Release

Alexco Obtains Interim Order and Provides Transaction Update

July 28, 2022 – Alexco Resource Corp. (NYSE American/TSX: AXU) (“Alexco” or the “Company”) announced today that it obtained an interim order (the “Interim Order”) from the Supreme Court of British Columbia (the “Court”) on July 27, 2022, authorizing the holding of its special meeting (the “Meeting”) and matters relating to the conduct of the Meeting. At the Meeting, shareholders, optionholders, restricted share unit (“RSU”) holders, and deferred share unit (“DSU”) holders of Alexco (collectively, the “Securityholders”) will be asked to consider and, if deemed advisable, pass a special resolution (the “Arrangement Resolution”) to approve an arrangement (the “Arrangement”), in accordance with the terms of the arrangement agreement entered into by the Company and Hecla Mining Company (NYSE: HL) (“Hecla”) on July 4, 2022, as assigned and amended (the “Arrangement Agreement”), pursuant to which 1080980 B.C. Ltd. (“108”) agreed to acquire all of the issued and outstanding Alexco Shares that it does not already own by way of a statutory plan of arrangement (the “Plan of Arrangement”) under section 288 of the Business Corporations Act (British Columbia).

Alexco also announces that it executed an assignment and amendment agreement dated July 25, 2022 (the “Amending Agreement”) with Hecla and 108 to amend the Arrangement Agreement, pursuant to which Hecla has assigned its obligations under the Arrangement Agreement, such that 108 will become the purchaser under the Plan of Arrangement. The Amending Agreement is available on SEDAR (www.sedar.com) under Alexco’s issuer profile.

An Alexco information circular will be mailed on or before August 8, 2022 to Securityholders of record as of July 20, 2022. The Meeting will be held on August 30, 2022 at 10:00 a.m. (Vancouver time) at the offices of Blake, Cassels & Graydon LLP, 595 Burrard Street, Suite 2600, Vancouver, British Columbia, V7X 1L3. Assuming no adjournment or postponement to the Meeting, the cut-off time to vote by proxy will be 10:00 a.m. (Vancouver time) on August 26, 2022.

The proposed closing date of the Arrangement is September 7, 2022, subject to obtaining Court, Securityholder and regulatory approval and the satisfaction of conditions set forth in the Arrangement Agreement.

About Alexco

Alexco is the owner and operator of the historic Keno Hill Silver District in Canada’s Yukon Territory, one of the highest-grade silver deposits in the world.

Contact

Clynton R. Nauman, Chairman and Chief Executive Officer
Rajni Bala, Investor Relations and Communications Lead
Phone: (778) 945-6577
Email: [email protected]
Website: www.alexcoresource.com

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