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GENERAL DISCLAIMER

Alexco Resource Corp. (“Alexco”), has taken all reasonable care in producing and publishing information contained on this web site, and will endeavor to do so regularly. Information posted on this web site is believed to be accurate at the time of posting, but may not be current when accessed, and material on this site may contain technical or other inaccuracies, omissions, or typographical errors, for which Alexco assumes no responsibility. Alexco does not warrant or make any representations regarding the use, validity, accuracy, completeness or reliability of any claims, statements or information on this site. Under no circumstances, including, but not limited to, negligence, shall Alexco be liable for any direct, indirect, special, incidental, consequential, or other damages, including but not limited to, loss of programs, loss of data, loss of use of computer of other systems, or loss of profits, whether or not advised of the possibility of damage, arising from your use, or inability to use, the material on this site. Furthermore, you may not modify or reproduce in any form, electronic or otherwise, any information on this site, except for personal use unless you have obtained Alexco’s express permission.

The information provided on this web site is provided solely for the reader’s general knowledge. The information is not intended to be a comprehensive review of all matters and developments concerning Alexco. For current information, refer to the documents filed by Alexco with Canadian and US securities regulatory authorities on the web sites www.sedar.com or sec.gov/edgar. Access to SEDAR and EDGAR’s web sites is at the risk of the user, and Alexco shall in no event be liable in any way for any damages, claims, losses or liabilities whatsoever arising or relating to accessing of SEDAR and EDGAR’s web sites.

The information provided on this site is not a substitute for obtaining independent professional advice before making any investment decisions. This web site and the information contained herein do not constitute an offer or the solicitation of an offer for the purchase of any securities of Alexco. The information on this web site is not intended in any way to qualify, modify or supplement any prospectus or other information disclosed under the corporate and securities legislation of any jurisdiction applicable to Alexco. No securities commission or similar authority in Canada or the United States of America has in any way passed on the merits of any of the information contained on this web site.

CAUTIONARY NOTES REGARDING FORWARD-LOOKING STATEMENTS

This web site contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities laws (together “forward-looking statements”) concerning Alexco’s business, including but not limited to statements with respect to results of the independent pre-feasibility study on Alexco’s Keno Hill Silver Project in Yukon, Canada (the “PFS” or the “2019 PFS”); future mineral exploration including the estimation of mineral reserves and mineral resources and the realization of mineral reserve and mineral resource estimates; future mine construction and development activities; future mine operation and production; the timing of activities and reports; the amount of estimated development and operational expenses; projected operational and economic metrics; the success of exploration and development activities; the potential upside and growth in respect of certain deposits comprising the Keno Hill Silver Project; anticipated permitting time lines; anticipated installation of certain infrastructure; projected equipment and production capacity; and potential capital, revenue and sources and uses of funds. 

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results and timing of exploration and development activities; actual results and timing of mining activities; actual results and timing of environmental services activities; actual results and timing of remediation and reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of silver, gold, lead, zinc and other commodities; possible variations in mineable resources, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; First Nation rights and title; continued capitalization and commercial viability; global economic conditions; competition; and delays in obtaining governmental approvals or financing or in the completion of development activities. Forward-looking statements are based on certain assumptions that management believes are reasonable at the time they are made. In making the forward-looking statements included in this web site, Alexco has applied several material assumptions, including, but not limited to, the assumption that Alexco will be able to raise additional capital as necessary, that the assumptions, projections and estimates in the PFS will proceed as planned, and that market fundamentals will result in sustained silver, gold, lead and zinc demand and prices. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Alexco expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation. Alexco does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable law. To the extent that such information may constitute a financial outlook within the meaning of applicable securities laws, such information has been approved by management and is provided for the purposes of providing information relating to management and Alexco’s current expectations and plans. Readers are cautioned that any such financial outlook information contained herein should not be used for purposes other than for which it is disclosed herein.

The PFS was compiled by Mining Plus with contributions from a team of Qualified Persons as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) as follows: Zach Allwright, P.Eng. of Mining Plus, Adrian Churcher, P.Eng. of Mining Plus, Hassan Ghaffari, P.Eng of TetraTech, Paul Hughes, PhD, P.Eng. of Mining Plus, Gilles Arseneau, Ph.D., P.Geo. of SRK Canada Inc., Cliff Revering, P. Eng. of SRK Canada Inc. All mineral resources in the PFS are classified following the CIM Definition Standards for Mineral Resources and Mineral Reserves (May 2014), in accordance with the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines and NI 43-101.

CAUTIONARY NOTE TO U.S. INVESTORS - INFORMATION CONCERNING PREPARATION OF RESOURCE ESTIMATES

The material scientific and technical information in respect of Alexco’s Keno Hill Silver District Project in this web site, unless otherwise indicated, is based upon information contained in the technical report dated May 8, 2019 entitled “NI 43-101 Technical Report Prefeasibility Study of the Keno Hill Silver District Project, Yukon Territory, Canada” (the “PFS”). Readers are encouraged to read the PFS, which is available under the Company’s profile on SEDAR, for detailed information concerning the Keno Hill Silver District. All disclosure contained in this web site regarding the mineral reserves and mineral resource estimates and economic analysis on the property is fully qualified by the full disclosure contained in the PFS.

A production decision which is made without a feasibility study of mineral reserves demonstrating economic and technical viability carries additional potential risks which include, but are not limited to, the risk that additional detailed work may be necessary with respect to mine design and mining schedules, metallurgical flow sheets and process plant designs, and the noted inherent risks pertaining to the inclusion of approximately 2% inferred mineral resources in the mine plan.

Information on this web site has been prepared and disclosed in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. Unless otherwise indicated, all resource and reserve estimates disclosed on this web site have been prepared in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the applicable standards developed by the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”). NI 43-101 contains rules developed by the Canadian Securities Administrators that establish standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. NI 43-101 permits the disclosure by an issuer of an historical estimate with respect to a mineral deposit that was made before it entered into an agreement to acquire an interest in the property that contains such deposit, which historical estimate may use historical terminology that does not otherwise comply with NI 43-101 if the disclosure: (a) identifies the source and date of the historical estimate, including any existing technical report; (b) comments on the relevance and reliability of the historical estimate; (c) to the extent known, provides the key assumptions, parameters and methods used to prepare the historical estimate; (d) states whether the historical estimate uses categories other than those prescribed by NI 43-101 and if so includes an explanation of the differences; (e) includes any more recent estimates or data available to the issuer; (f) comments on what work needs to be done to upgrade or verify the historical estimate as current mineral resources or mineral reserves; and (g) states with equal prominence that a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and that the issuer is not treating the historical estimate as current mineral resources or mineral reserves.

The terms “mineral reserve”, “proven mineral reserve” and “probable mineral reserve” are Canadian mining terms as defined in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) - CIM Definition Standards for Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended. These definitions differ materially from the definitions in SEC Industry Guide 7 (“SEC Industry Guide 7”) under the United States Securities Act of 1933, as amended.  Under SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves, and the primary environmental analysis or report must be filed with the appropriate governmental authority. In addition, the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms under SEC Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. Investors are cautioned not to assume that all or any part of a mineral deposit in these categories will ever be converted into SEC Industry Guide 7 reserves. Under Canadian rules, inferred mineral resources can only be used in economic studies as provided under NI 43-101. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. An “inferred mineral resource” is that part of a mineral resource for which quantity and grade or quality are estimated on the basis or limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. And inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource and must not be converted to a mineral reserve. It is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC Industry Guide 7 standards as in place tonnage and grade without reference to unit measures. Accordingly, information contained in this presentation regarding descriptions of the Corporation’s mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder, including SEC Industry Guide 7.

QUALIFIED PERSONS

Except where specifically indicated otherwise, the disclosure in this web site of scientific and technical information regarding exploration projects on Alexco’s mineral properties has been prepared by or under the supervision of Alan McOnie, FAusIMM, Vice President, Exploration, while that regarding mine development and operations has been reviewed and approved by Neil Chambers, P.Eng., Mine Superintendent, each of whom is a Qualified Person as defined by NI 43-101 and has approved the disclosure herein. The technical information in this document was reviewed by Zach Allwright, P.Eng. and Adrian Churcher,P.Eng. both of Mining Plus, Gilles Arseneau, Ph.D., P.Geo. and Cliff Revering, Ph.D., P. Geo both of SRK Canada Inc. and Hassan Ghaffarhi, P.Eng of Tetra Tech, each of whom is a Qualified Person and has approved the disclosure herein.

All material technical information included herein has been disclosed by Alexco in its public filings, and the viewer is particularly directed to Alexco’s most recently filed AIF and U.S. Form 40-F and its most recently filed interim and annual financial statements and related management’s discussion and analysis; as well as the remaining filings comprising Alexco’s continuous disclosure records.

THIRD PARTY LINKS

To facilitate visitor access, Alexco has provided the web site addresses to Canadian and US regulatory authorities, and third-party that are arm’s-length to Alexco. The viewer should be aware that Alexco does not control any third-party site and is not responsible for the content of any such third-party site. Alexco is providing such web site addresses to visitors only as a reference and such reference does not imply any endorsement, review, investigation or verification of any kind whatsoever by Alexco in respect of any third-party web site or any information contained therein.

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