ALEXCO ANNOUNCES FULL 2021 RESULTS AND 2022 OUTLOOK

VANCOUVER, BC, March 21, 2022

VANCOUVER, BC, March 21, 2022 /PRNewswire/ - Alexco Resource Corp. (NYSE: AXU) (TSX: AXU) ("Alexco" or the "Company") today reports financial results for quarter and year ended December 31, 2021 ("Q4 2021" and "FY 2021", respectively). The Company also provides an update on the scale-up of mining operations at Keno Hill and discusses anticipated mining and exploration activities in 2022.

• Ramp-up of mining and milling operations continued throughout Q4 2021 and into 2022 in anticipation of reaching sustainable design capacity (400 tonnes per operating day ("tpd")):
• Initial ore production from Bermingham was achieved in August and continued throughout Q4 2021 with long-hole production from the 1150 level continuing into Q1 2022. At Flame & Moth, the primary ramp reached the first two ore access levels with initial ore production commencing in the first quarter of 2022 ("Q1 2022"). Additionally, in March 2022 the vent and secondary escape raise at Flame & Moth broke through to surface, a key deliverable for establishing the final ventilation infrastructure necessary for increased ore production.
• Current mining operations in the first half of 2022 are focused on extracting the remaining ore from the initial longhole stope(s) at Bermingham, while also reaching the high grade 1120 level at Bermingham early in the second quarter of 2022 ("Q2 2022") as well as extracting ore from both the 815 and 835 levels at Flame & Moth where several ore faces are now available.
• Metallurgical performance in Q4 2021 continued to meet design expectations, despite a reduction in available ore to process. Several mill operating campaigns have demonstrated mill throughput capacity at and above a 400 tpd run rate.
• As a result of operational delays in Q4 2021, which continued into the first two months of 2022, the overall ramp-up plan is running approximately three to four months behind schedule with design capacity expected to be reached in the third quarter of 2022.
  
  
• Updated Bermingham Resource Estimate
• On January 18, 2022, the Company reported an updated and expanded mineral resource estimate for the Company's Bermingham deposit, increasing the indicated mineral resource estimate from 33.0 million ounces to 47.2 million ounces of contained silver at an average grade of 939 grams per tonne ("g/t") silver ("Ag"). In addition, the inferred mineral resource estimate increased from 11.7 million ounces to 19.9 million ounces at and average grade of 735 g/t Ag.

"Our recent progress on ramp-up of production has certainly not been up to our expectations," said Clynton Nauman, Chairman and CEO of Alexco, "but considering the environment we have been operating in, and the challenges our team has overcome to get us to this point, I am excited for what the next few months will look like. The early part of 2022 was a very challenging time for us at site, primarily due to a significant reduction in our available workforce from COVID isolation requirements following routine testing and equipment availability issues resulting in a considerable reduction in productivity. I believe much of that is behind us now, and we are close to finally achieving what we have been working towards for the past 18 months. We are in the ore at both of our new mines, our capital improvements at the mill and across the district have been completed, and our silver production is just now starting to ramp up. In 2022 we will also be undertaking a 15,000 meter surface drilling program focused on identifying and testing new prospective areas adjacent to the Bermingham deposit, especially areas projected to contain structural characteristics and architecture similar our discovery at Bermingham. As I have said numerous times before, we still have work ahead of us at Keno Hill, but I am optimistic now that we can see the finish line and that we will reach our objective of reaching cash flow self sufficiency, and operating a safe, sustainable, and profitable operation in the second half of this year."