Alexco Resource Corp. | Special Meeting

Special Meeting of Securityholders

Date:

Time:

Location:

August 30, 2022

10:00am (Vancouver time)

At the offices of Blake, Cassels & Graydon LLP
Suite 2600, 595 Burrard Street
Vancouver, British Columbia, V7X 1L3

Friendly Acquisition of Alexco Resource Corp. by Hecla Mining Company

This transaction delivers significant benefits to our stakeholders. By partnering with Hecla, an industry leader in high-grade narrow vein silver mining, we further position Keno Hill to achieve its full potential.

Materials

Information Circular

Proxy – Securityholders

Proxy – Shareholders

Letter of Transmittal

Shareholder Questions

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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

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Press Releases

Sept 7 - Hecla Completes Acquisition Of Alexco Resource Corp

Sept 1 - Alexco Obtains Final Order for Plan of Arrangement from the Supreme Court of British Columbia and Provides Transaction Update

Aug 30 - Alexco Announces Securityholder Approval of the Plan of Arrangement at Special Meeting and Provides Transaction Update

Aug 18 - A Second Independent Proxy Advisory Firm, Glass Lewis Recommends Alexco Shareholders Vote For The Proposed Transaction With Hecla

Aug 15 - Independent Proxy Advisory Firm ISS Recommends Alexco Shareholders Vote For The Proposed Transaction With Hecla

Aug 4 - Alexco Announces the Filing of Management Information Circular in Connection with Special Meeting to Approve Acquisition by Hecla

July 5 - Hecla Acquires Alexco Resource