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COEUR D’ALENE, IDAHO – Hecla Mining Company (NYSE: HL) (Hecla) and Alexco Resource Corp. (NYSE American: AXU; TSX: AXU) (Alexco) are pleased to announce a definitive agreement for Hecla to acquire all of the outstanding common shares of Alexco that Hecla does not already own. Each outstanding common share of Alexco will be exchanged for 0.116 of a share of Hecla common stock implying consideration of US$0.47 per Alexco common share and a premium of 24% based on the companies’ 5-day volume weighted average price on the NYSE and NYSE American on July 1, 2022. In addition, Hecla will (i) provide interim financing to provide working capital and ensure the development and exploration at Keno Hill continues to be advanced and (ii) subscribe for additional common shares bringing its ownership stake to 9.9%.

Hecla has also entered into an agreement with Wheaton Precious Metals Corporation (WPM) to terminate its silver streaming interest at Alexco’s Keno Hill property in exchange for US$135 million of Hecla common stock conditional upon the completion of Hecla’s acquisition of Alexco.

Benefits to Alexco Shareholders

  • Delivers an immediate up-front premium to Alexco shareholders
  • Allows advancement of Keno Hill’s development with an immediate and non-dilutive interim financing
  • Partners with the United States’ largest silver producer
  • Transitions from a single asset and its development risk to a diversified production base of long-lived mines and a portfolio of high-quality exploration projects
  • A strong balance sheet to invest in Keno Hill and continue its history of resource expansion
  • Enhanced capital markets profile with increased analyst coverage and trading liquidity