ALEXCO ANNOUNCES FIRST QUARTER 2022 RESULTS - 12.05.22 - News

VANCOUVER, BC, May 12, 2022

VANCOUVER, BC, May 12, 2022 /PRNewswire/ - Alexco Resource Corp. (NYSE American: AXU) (TSX: AXU) ("Alexco" or the "Company") today reports financial results for the quarter ended March 31, 2022 ("Q1 2022"). The Company also provides an update on capital development projects, scale-up of mining operations, and exploration activities at Keno Hill.

Mining Operations - Ramp-up of mining and milling operations continued in Q1 2022:

At the Bermingham mine, longhole stoping of ore continued at the 1150 level. In Q1 2022, 4,575 ore tonnes were mined from the Bermingham mine, of which 1,666 ore tonnes were mined in March.
At the Flame & Moth mine, the primary ramp reached the first two ore access levels with initial cut and fill ore production achieved in January 2022. In Q1 2022, 3,517 ore tonnes were mined of which 1,972 ore tonnes were mined in March. In addition, in Q1 2022, a primary ventilation and secondary escape raise was completed and will be fully operational in Q2 2022, allowing for expanded activity underground as scheduled.

Exploration:

In May 2022, the Company intends to commence a 15,000 meter surface exploration drilling program primarily stepping out along favourable permissive structural and stratigraphic trends adjacent to and in the vicinity of the Bermingham deposit. This work will be focused to the west in the vicinity of the Coral Wigwam deposit, and to the northeast towards the Hector-Calumet deposit, as well as broader exploration drilling in other areas.
On January 18, 2022, the Company reported the expansion of the Bermingham Indicated Resource (see press release dated January 18, 2022, entitled "Alexco Reports 43% Expansion of Bermingham Indicated Resource to 47 Million Ounces of Silver at 939 Grams per Tonne; Remains Open").

Other Activities Subsequent to Period End:

On April 13, 2022, the Company completed a non-brokered private placement offering of 7,473,495 common shares at a price of $1.75 per share, resulting in gross proceeds of $13,078,616.
On April 29, 2022, the Company sold to Victoria Gold Corp. ("Victoria") all of its rights, benefits and interests in and to the remaining option consideration payable to Alexco by Banyan Gold Corp. under the option agreement with Banyan in exchange for 447,142 shares of Victoria. On May 4, 2022, the Victoria shares were sold for net proceeds of $6,000,000 after selling costs and commissions.

Key Performance Metrics

Operations

Q1 2022

Q4 2021

∆-Q4 vs Q1

Ore tonnes mined

ARIVA.DE Börsen-Geflüster

Kurse

Alexco Resource

-

0,00%

8,092

4,996

62%

Ore tonnes milled

7,609

7,091

7%

Mill throughput (tonnes per operating day)¹

317

253

25%

Ore tonnes stockpiled

1,849

1,366

35%

Underground development meters

81

195

(58%)

Head grade

Silver (grams per tonne ("g/t"))

357

547

(35%)

Lead

1.1%

3.1%

(65%)

Zinc

2.4%

2.7%

(11%)

Recoveries

Silver

93%

96%

(3%)

Lead in lead concentrate

87%

90%

(3%)

Zinc in zinc concentrate

63%

62%

2%

Concentrate production and grades

Lead concentrate produced (tonnes)

227

351

(35%)

Silver grade (g/t)

10,369

10,179

2%

Lead grade

33%

57%

(42%)

Zinc concentrate produced (tonnes)

247

240

3%

Silver grade (g/t)

774

568

36%

Zinc grade

47%

50%

(6%)

Contained metal in concentrate produced

Silver (ounces)

81,725

119,177

(31%)

Lead (pounds)

165,086

436,877

(62%)

Zinc (pounds)

255,515

262,897

(3%)

Financials

(expressed in thousands of Canadian dollars,
except per share amounts)

Q1 2022

Q4 2021

Revenues – Mining operations

2,052

2,814

Revenues – Reclamation management

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