Alexco Receives Final Order of Settlement Scheme from British Columbia Supreme Court and Provides Transaction Updates

VANCOUVER, BC, September 1, 2022 /PRNewswire/ – Alexco Resource Corp. (NYSE American: AXU) (TSX: AXU) (“Alexco” or the “Company”) announced today that the company has received a final decision from the Supreme Court of British Columbia Approval of previously announced acquisition of Alexco by 1080980B.c. GmbH. (“108“), a subsidiary of Hecla Mining Company (NYSE: HL) (“Hekla“) by way of an arrangement plan (the “arrangement“). Under the terms of the Agreement, Alexco shareholders (the “shareholders“) will receive 0.116 ordinary shares in the capital of Hekla for each Alexco Share held (the “thoughtfulness“).

The agreement remains subject to the satisfaction or waiver of customary closing conditions and is expected to close September 7, 2022. Upon closing of the agreement, Alexco’s common stock is expected to be delisted from the Toronto Stock Exchange and the NYSE American. It is also expected that an application will be made to remove the Company from being a reporting issuer in applicable jurisdictions after the closing of the Arrangement.

Information on the procedure for exchanging shares for a fee is contained in the company’s information circular dated July 28, 2022 (the “Circular“). The circular is available on SEDAR under the Company’s profile at www.sedar.com and on the Company’s website at https://alexcoresource.com/investors/special-meeting-of-shareholders/.

About Alexco

Alexco is a Canadian primary silver company that owns and operates most of the historic Keno Hill Silver District in canada Yukon Territoryone of the highest quality silver mines in the world.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements related to future events or future performance. All statements contained herein, other than statements of historical fact, are forward-looking statements. Forward-looking statements contained herein include, without limitation, statements relating to the completion and timing of the Agreement; the fulfillment or waiver of any condition preceding the transaction; the consideration to be received from Shareholders; the anticipated benefits of the arrangement; the timing and receipt of other regulatory approvals and approvals; the delisting of Alexco stock; and the intention that Alexco will cease to be a reporting issuer. Such forward-looking statements reflect management’s current beliefs and are based on assumptions and information currently available to the Company, including assumptions about the capabilities of Alexco and Hekla Obtain necessary regulatory and other third party approvals in a timely manner and on satisfactory terms; the fulfillment or waiver of the terms for the timely completion of the Agreement and the completion of the Agreement on the expected terms; expected compliance with the terms of the Arrangement Agreement, as transferred and amended (the “Arrangement Agreement”) and related agreements; the adequacy of our and Heclas financial resources; favorable equity and debt capital markets; and stability in the financial capital markets. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause our actual results, performance or achievements or other future events to differ materially from the future results, performance or achievements expressed or implied by such forward-looking statements . These risks, uncertainties and other factors include, among others: the risk that the Arrangement will not be completed as planned or at all or on the terms set out in the Arrangement Agreement; the failure of the company and Hekla obtaining the necessary governmental and other third party approvals or otherwise complying with the terms of entering into the Arrangement in a timely manner or at all may result in the Arrangement not being entered into on the proposed terms or at all; changes in laws, regulations and governmental practices; if a third party makes a Superior Offer (as defined in the Arrangement Agreement), the Arrangement may not be completed and the Company may be required to pay the Closing Fee (as defined in the Arrangement Agreement); If the Arrangement is not completed and the Company continues as an independent entity, there is a risk that the Company’s announcement of the Arrangement and the provision of significant resources by the Company to complete the Arrangement could impact the Company’s current business relationships and could have a material adverse impact on the Company’s current and future business, financial condition and prospects; future prices of silver, gold, lead, zinc and other commodities; market competition; and the geopolitical, economic and legal climate affecting Alexco and Hekla operate in; and the additional risks and uncertainties identified in Alexco’s filings with Canadian securities regulators on SEDAR Canada (available at www.sedar.com) and with the SEC on EDGAR (available at www.sec.gov/edgar.shtml). These forward-looking statements are made as of the date of this release and, except as required by applicable securities laws, the Company undertakes no obligation to update or revise them to reflect new events or circumstances.

SOURCE Alexco Resource Corp.