Building out a World Class Silver Asset in Canada

Transcription

1 Building out a World Class Silver Asset in Canada April, 2018 TSX: AXR NYSE-AMERICAN: AXU

2 Cautionary Note Forward Looking Statement This presentation 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 plans, including but not limited to anticipated results and developments in Alexco s operations in future periods, planned exploration and development of its mineral properties, plans related to its business and other matters that may occur in the future, made as of the date of this presentation. Alexco does not intend, and does not assume any obligation, to update these forward looking statements, except as required by applicable law. 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 presentation, Alexco has applied several material assumptions, including, but not limited to, the assumption that: (1) additional financing may be needed to fund certain contingent payment obligations and will be available on reasonable terms; (2) additional financing needed for the capacity related refund under the Silver Purchase Agreement with Wheaton Precious Metals Corp. ( Wheaton ) will be available on reasonable terms; (3) additional financing needed for further exploration and development work on the Corporation's properties will be available on reasonable terms (4) the proposed development of its mineral projects will be viable operationally and economically and proceed as planned; (5) market fundamentals will result in sustained silver, gold, lead and zinc demand and prices, and such prices will be materially consistent with or more favourable than those anticipated in the PEA (as defined below), (6) the actual nature, size and grade of its mineral resources are materially consistent with the resource estimates reported in the supporting technical reports; (7) labor and other industry services will be available to the Corporation at prices consistent with internal estimates; (8) the continuances of existing and, in certain circumstances, proposed tax and royalty regimes; (9) that other parties will continue to meet and satisfy their contractual obligations to the Corporation; and (10) that regulatory approval of any shelf prospectus filings or any other offerings will be obtained in a timely fashion. Forward looking information contained in this presentation about prospective financial performance, financial position or cash flows is based on assumptions about future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information currently available. 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 disclosure in this presentation of scientific and technical information regarding exploration projects on Alexco s mineral properties has been reviewed and approved by Alan McOnie, FAusIMM, Vice President, Exploration, while that regarding mine development and operations has been reviewed and approved by Scott Smith, P.Eng, Mine Manager, both of whom are Qualified Persons as defined by National Instrument Standards of Disclosure for Mineral Projects. PRELIMINARY ECONOMIC ASSESSMENT CAUTIONARY STATEMENT The material scientific and technical information in respect of Alexco s Keno Hill Silver District Project in this presentation, unless otherwise indicated, is based upon information contained in the technical report dated March 29, 2017, entitled Technical Report Preliminary Economic Assessment of the Keno Hill Silver District Project, Yukon Territory, Canada Report (the PEA ). Readers are encouraged to read the PEA, which is available under the Company's profile on SEDAR, for detailed information concerning the Keno Hill Silver District. All disclosure contained in this presentation regarding the resource estimate and economic analysis on the property is fully qualified by the full disclosure contained in the PEA. Readers are cautioned that mineral resources are not mineral reserves and do not have demonstrated economic viability. The PEA is preliminary in nature. While the consolidated mine production under the PEA is derived primarily from indicated mineral resources, approximately 2% is derived from inferred mineral resources. There is no certainty that the PEA will be realized, and it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Although the PEA contemplates an initial development and construction period beginning in the first quarter of 2018, with startup of commercial production in the first quarter of 2019, commencement of development and construction remains dependent on Alexco making a development decision, which would be dependent on a number of factors, including but not limited to expectations regarding market prices for silver, lead, zinc and gold as well as the US Canadian dollar exchange rate, and the availability of development capital. Additionally, 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. 2

3 Alexco Fundamentals HIGH GRADE SILVER IN CANADA IN DEVELOPMENT, DISCIPLINED COMPETITIVE AISC ROBUST PROJECT ECONOMICS LOW CAPEX SCALEABILITY SUCCESSFUL EXPLORATION TRACK RECORD LEVERAGE Please see slide #2 for PEA cautionary statement and News Release dated March 29, 2017 entitled Alexco and Silver Wheaton Amend Silver Purchase Agreement and Alexco Announces Positive Preliminary Economic Assessment for Expanded Silver Production at Keno Hill. 3

4 Yukon A Great Place To Be Recognized as a leading global mining jurisdiction Investment Safe, tier 1 jurisdiction Government support Excellent regulatory system Mineral Endowment Historically, one of the most well known and prolific mining regions Numerous significant discoveries since 2007 in The Home of the New Gold Rush Majors have Moved In Agnico Eagle, Barrick, Goldcorp, Kinross and Newmont 4

5 Keno Hill Silver District Yukon Permitting Flame & Moth, Bellekeno, Lucky Queen: Fully Permitted Bermingham: In process Infrastructure 242 sq. km, year round access and grid power Indicates Area of 2017 PEA Please see slide #2 for PEA cautionary statement. 5

6 Production Profile Keno Hill Silver District March 2017 PEA LOM TONNES AND GRADE 1,021,000 Tonnes 843 g/t Ag, 3.3% Pb, 4.6% Zn FLAME & MOTH BERMINGHAM LUCKY QUEEN BELLEKENO TONNES 683,000 TONNES 220,000 TONNES 81,000 TONNES 37,000 GRADE 666 g/t Ag GRADE 1,276 g/t Ag GRADE 1,206 g/t Ag GRADE 747 g/t Ag Please see slide #2 for PEA cautionary statement and News Release dated March 29, 2017 entitled Alexco and Silver Wheaton Amend Silver Purchase Agreement and Alexco Announces Positive Preliminary Economic Assessment for Expanded Silver Production at Keno Hill. PEA Average Metal Price and Discount Rate Assumptions: Ag USD/oz $18.60 initially and $19.35 long term, Zn USD/lb $1.07, Pb USD/lb $0.97, Au USD/oz $1,300, 5% Discount Rate. 6

7 Schematic Schedule 2018 Key Decision Point: Production Decision See slide #2 for PEA cautionary statement and News Release dated March 29, 2017 entitled Alexco and Silver Wheaton Amend Silver Purchase Agreement and Alexco Announces Positive Preliminary Economic Assessment for Expanded Silver Production at Keno Hill. See risks disclosed in Annual Information Form dated March 14, Underway Not yet started 7

8 COMMERCIAL PRODUCTION PROFILE t/d Mining Avg. Silver Period Grade Years PHASE 01 g/t Ag PHASE 4.1M 02ozs We re determined to enhance your brand We re determined to enhance your brand Years visibility with creative advertising 843 and visibility with creative advertising and marketing solutions. marketing solutions. 1 8 (LOM) g/t Ag Avg. Annualized Silver Production 3.5M ozs 1. Please see slide #2 for PEA cautionary statement and News Release dated March 29, 2017 entitled Alexco and Silver Wheaton Amend Silver Purchase Agreement and Alexco Announces Positive Preliminary Economic Assessment for Expanded Silver Production at Keno Hill. 2. AISC calculated on a produced (contained) basis net of by products, as defined by the World Gold Council. 3. This AISC estimate is based on current metal price assumptions: Ag USD/oz $16.75, Zn USD/lb $1.60, Pb USD/lb $1.17, USD/CAD $0.80, TCRC s current benchmark. The March 2017 PEA used the following metal price and discount rate assumptions: Ag USD/oz $18.60 initially and $19.35 long term, Zn USD/lb $1.07, Pb USD/lb $0.97, Au USD/oz $1,300, 5% Discount Rate. 4. The Company has already begun this investment. AISC 2 $ Initial Capex 4 PHASE 03$27M We re determined to enhance your brand visibility with creative advertising IRR and marketing solutions. $ Other 72% 8

9 AISC Build Up Production Years 1 3 1&2 Project is Economic Today $12.00 $10.00 $2.50 $1.13 $8.00 $2.75 Cost per Oz USD $6.00 $6.99 $2.49 ~$9.50 $ $4.00 $2.00 $7.03 $0.00 Direct Operating Costs TCRCs By Product Credit SLW Wheaton Stream Site G&A and Stream Sustaining Capital Corporate G&A and Exploration 1. Please see slide #2 for PEA cautionary statement and News Release dated March 29, 2017 entitled Alexco and Silver Wheaton Amend Silver Purchase Agreement and Alexco Announces Positive Preliminary Economic Assessment for Expanded Silver Production at Keno Hill. 2. AXR AISC calculated on a produced (contained) basis net of by products (as defined by the World Gold Council) for years 1 3 of PEA Commercial Production period. 3. This AISC estimate is based on current metal price assumptions: Ag USD/oz $16.75, Zn USD/lb $1.60, Pb USD/lb $1.17, USD/CAD $0.80, TCRC s current benchmark. The March 2017 PEA used the following metal price and discount rate assumptions: Ag USD/oz $18.60 initially and $19.35 long term, Zn USD/lb $1.07, Pb USD/lb $0.97, Au USD/oz $1,300, 5% Discount Rate. 9

10 Comparison All In Sustaining Costs Calculated Using Today s Pricing and Assumptions Please see slide #2 for PEA cautionary statement and News Release dated March 29, 2017 entitled Alexco and Silver Wheaton Amend Silver Purchase Agreement and Alexco Announces Positive Preliminary Economic Assessment for Expanded Silver Production at Keno Hill. AXR AISC calculated on a produced (contained) basis net of by products (as defined by the World Gold Council) for LOM of PEA Commercial Production period using current metal price and assumptions as follows: Ag USD/oz $17.00, Zn USD/lb $1.42, Pb USD/lb $1.13, USD/CAD 0.80, TCRCs updated based on current benchmark. The March 2017 PEA used the following metal price and discount rate assumptions: Ag USD/oz $18.60 initially and $19.35 long term, Zn USD/lb $1.07, Pb USD/lb $0.97, Au USD/oz $1,300, 5% Discount Rate. As of September 11, 2017 and based on most recently available public disclosure documents. Market data used in this presentation may be based on independent reports by market research firms, or other published independent sources. Some data is also based on Alexco s good faith estimates that are derived from its review of internal data and information. Although Alexco believes these sources are reliable, Alexco has not independently reviewed the information and cannot guarantee its accuracy or completeness. 10

11 Flame & Moth Schematic Long Section Optimized Tonnes Ag Grade g/t Ozs Indicated Resource 1,679, ,883,000 PEA Mineable Resource 683, ,622,965 Optimized plan expected to reduce development from 965m to less than 700m and take ~7 months Mill First 2 years production: 743 g/t Ag Lightning Zone Christal Zone Please see slide #2 for PEA cautionary statement and News Release dated March 29, 2017 entitled Alexco and Silver Wheaton Amend Silver Purchase Agreement and Alexco Announces Positive Preliminary Economic Assessment for Expanded Silver Production at Keno Hill. 11

12 Bermingham Schematic Long Section Tonnes Ag Grade g/t Ozs Indicated Resource 858, ,324,000 PEA Mineable Resource 220,000 1,276 9,026,869 Completed 90% (as of Apr. 10, 2018) Bermingham open pit (historical) Drill stations Raise collar Bear Zone STOPES First 2 Year Production: 109,400 1,560 g/t Ag 200 m Please see slide #2 for PEA cautionary statement and News Release dated March 29, 2017 entitled Alexco and Silver Wheaton Amend Silver Purchase Agreement and Alexco Announces Positive Preliminary Economic Assessment for Expanded Silver Production at Keno Hill. FW Zone STOPES 12

13 World Class Grades & Proven Recoveries Pb Con Zn Con LOM Tonnes (dry metric tonnes) 49,243 83,453 Ag g/t 16, Pb % Zn % Recoveries Percentage Ag 94 Pb 95 Ag to Pb Con 90 See slide #2 for PEA cautionary statement and News Release dated March 29, 2017 entitled Alexco and Silver Wheaton Amend Silver Purchase Agreement and Alexco Announces Positive Preliminary Economic Assessment for Expanded Silver Production at Keno Hill. 13

14 Keno Hill District Ready for Production March 2017 PEA Silver Production & Cashflow 6.00 Commercial Production Years 1 3 Estimated Net Cashflow ~$102M Contained Silver Ozs to Concentrate Millions Commercial Production Years 4 7 Estimated Net Cashflow ~$65M Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Start of Commercial Production Contained Silver Ozs Please see slide #2 for PEA cautionary statement and News Release dated March 29, 2017 entitled Alexco and Silver Wheaton Amend Silver Purchase Agreement and Alexco Announces Positive Preliminary Economic Assessment for Expanded Silver Production at Keno Hill. 14

15 Exploration Success 80 Indicated Silver Resource Millions of Ozs Millions of ozs (Ag) / Snapshot Avg Discovery Cost +23M ozs Indicated 800 g/t ( ) +8 Years Mine Life ~$0.55/oz Ag Please see Summary of Silver Resources on Alexco s website for full mineral resource disclosure. 15

16 Exploration Transitioning to Long Term Exploration Strategy 1. Add ounces/replace mined ounces every year 2. Explore deep targets systematic, long term 3. Test next ranking targets target new Bermingham like targets Within the 2 circles alone, 125 M oz of Ag at +20 oz/t Ag grade has been either mined (historically +100M oz) or identified by Alexco (+23M oz) 1 km Hector Open Pit Bermingham Open Pit Production data from CATHRO, R.J., Great mining camps of Canada 1. The history and Geology of the Keno Hill Silver Camp, Yukon Territory. In: Geoscience Canada Volume 33 Number 3 (September 2006), p

17 Bermingham Resource Upside Open Showing significant silver true width intercepts (from 2017 exploration program) (vertical long section looking northwest) 100 m 4.2m at 46.5oz/t 1.0m at 88.6oz/t 2.4m at 38.3oz/t Planned stope areas: 220,000 tonnes 1,276 g/t 5.1m at 39.0oz/t 5.1m at 49.5oz/t 3.4m at 54.0oz/t 5.0m at 79.2oz/t Category Tonnes Current Resource 4.2m at 81.0oz/t Ag Pb Zn Contained (g/t) (%) (%) Ag (oz) Indicated 858, % 1.70% 17,324,000 Inferred 220, % 2.20% 5,446,000 See slide #2 for PEA cautionary statement and News Release dated March 29, 2017 entitled Alexco and Silver Wheaton Amend Silver Purchase Agreement and Alexco Announces Positive Preliminary Economic Assessment for Expanded Silver Production at Keno Hill. See News Release dated November 7, 2017 entitled Alexco Completes 2017 Surface Exploration Program, Expands Bermingham Silver Deposit, Advances Underground Development. 17

18 Attractive Valuation Enterprise Value / M&I Resources Ag (CAD/oz) 25.00x 20.00x 15.00x 10.00x 5.00x 0.00x Silvercorp Metals Inc. Excellon Resources Inc. Enterprise Value / M&I Resources Ag (oz) Hecla Mining Co. Great Panther Silver Ltd. First Majestic Silver Corp. Endeavour Silver Corp. Americas Silver Corp. Pan American Silver Corp. Alexco Resource Corp. SSR Mining (Silver Standard Resources Inc.) Based on most recently available public disclosure documents as at January 5, Market data used in this presentation may be based on independent reports by market research firms, or other published independent sources. Some data is also based on Alexco s good faith estimates that are derived from its review of internal data and information. Although Alexco believes these sources are reliable, Alexco has not independently reviewed the information and cannot guarantee its accuracy or completeness. Enterprise value is defined as company market capitalization plus debt minus total cash and cash equivalents. Aurcana Corp. 18

19 Alexco Environmental Group (AEG) Successful Environmental Business Patented Remediation Technologies 2017 Revenue $10.7M, 37% Margin Signature Projects: Schwartzwalder, Cañon City, Globeville, Globe King(CO) Keno Hill (YK) 19

20 Financial Stability Cash Position Dec 31, 2017 Share Structure $7.1M 116M $17.9M 102M Unrestricted Cash Key Shareholders Restricted Cash Market Cap: $193M (CAD) (April 10, 2018) Management and Insiders 7.0% Wheaton Precious Metals 3.0% Old Mutual Global Investors 1.6% ETF Managers Group 1.4% Issued & Outstanding Fully Diluted Working Capital: $18M Available Credit Facility: US $15M Analyst Coverage Canaccord Genuity Kevin Mackenzie Cantor Fitzgerald Mike Kozak Cormark Securities Tyron Breytenback Roth Capital Partners Jake Sekelsky Scarsdale Equities Mike Niehueser 20

21 Near Term Catalysts Completion of Bermingham Decline 580 m decline, on schedule for completion in early Q2, 2018 Bermingham Underground Drilling Immediately upon completion of the decline, begin a 5,000 m underground drill program Flame and Moth Decline Upon completion of Bermingham decline, move to Flame & Moth to begin 965m decline Program is scheduled to take ~8 months at a cost of ~$11M Optimization work potentially reduced decline length by 300 m Prefeasibility Level Study Currently underway, the study is scheduled for completion in Q Will incorporate results from the 2017 surface drill program and the 2018 underground drill program at Bermingham Growth in AEG Business 21

22 PRELIMINARY ECONOMIC ASSESSMENT CAUTIONARY STATEMENT Appendix 22

23 Keno Hill District Amended Silver Stream $14 POTENTIAL WHEATON PRODUCTION PAYMENT AS APPLIED TO MARCH 2017 PEA STREAM % 25% Silver Wheaton Production Payment USD/oz $12 $10 $8 $6 $4 $2 VARIABLE PRODUCTION PAYMENT FLOOR PRICE AND GRADE CEILING PRICE AND GRADE Production Payment is Defined as a Percentage of Spot Silver Prices $13/Oz Ag and 600 g/t $25/Oz Ag and/or 1,400 g/t $ $13 $14 $15 $16 $17 $18 $19 $20 $21 $22 $23 $24 $25 Ag Spot Price USD/oz Ag Head Grade 600 g/t PEA Ag Head Grade 843 g/t Ag Head Grade 1100, g/t Please see slide #2 for PEA cautionary statement and News Release dated March 29, 2017 entitled Alexco and Silver Wheaton Amend Silver Purchase Agreement and Alexco Announces Positive Preliminary Economic Assessment for Expanded Silver Production at Keno Hill. 23

24 Keno Hill District Amended Silver Stream $800 Alexco Total PEA Gross Revenue at Ag Spot Prices (USD) $700 Gross Revenue USD Millions $600 $500 $400 $300 $200 $100 $ $10 $11 $12 $13 $14 $15 $16 $17 $18 $19 $20 $21 $22 $23 $24 $25 $26 $27 $28 $29 $30 Ag Spot Price USD/oz 25% Wheaton 75% Silver Spot Price Please see slide #2 for PEA cautionary statement and News Release dated March 29, 2017 entitled Alexco and Silver Wheaton Amend Silver Purchase Agreement and Alexco Announces Positive Preliminary Economic Assessment for Expanded Silver Production at Keno Hill. 24

25 Resource Table Category Property Tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Contained Ag (oz) Indicated Bellekeno Deposit 262, n/a 3.5% 5.3% 4,927,000 Lucky Queen Deposit 132,300 1, % 1.6% 4,964,000 Flame & Moth Deposit 1,679, % 5.3% 26,883,000 Onek 700, % 11.9% 4,300,000 Bermingham 858, % 1.7% 17,324,000 Total Indicated Sub Surface 3,631, % 5.6% 58,398,000 Elsa Tailings 2,490, % 0.7% 9,527,000 Total Indicated All Deposits 6,121, % 3.6% 67,925,000 Inferred Bellekeno Deposit 243, n/a 4.1% 5.1% 3,344,000 Lucky Queen Deposit 257, % 0.8% 3,922,000 Flame & Moth Deposit 365, % 4.3% 4,180,000 Onek 285, % 8.3% 1,082,000 Bermingham 220, % 2.2% 5,446,000 Total Inferred 1,371, % 4.3% 17,974,000 Historical Silver King Resources Proven, probable and indicated 99,000 1,354 n/a 1.6% 0.1% 4,310,000 Inferred 22,500 1,456 n/a 0.1% n/a 1,057,000 Please see slide #2 for PEA cautionary statement and News Release dated March 29, 2017 entitled Alexco and Silver Wheaton Amend Silver Purchase Agreement and Alexco Announces Positive Preliminary Economic Assessment for Expanded Silver Production at Keno Hill. 25

26 Key Management Experienced Team, CEO & President are the Founders of Alexco Clynt Nauman, Chairman & CEO,has over 35 years of diversified experience in the mineral industry, ranging from exploration and business development to operations and business management in the precious metals, base metals and coal sectors. Mr. Nauman is also currently the CEO of Asset Liability Management Group and has held various executive and operations positions with Nerco Minerals and Coal companies (now Rio Tinto), Kennecott and Viceroy Resource Corp. Mr. Nauman holds a BSc (Hons) in geology from Otago University, New Zealand. Brad Thrall, President, has over 25 years of experience and accomplishments in mine operations management, environmental management and mine closure planning and execution. Mr. Thrall has held a number of operations management positions with Viceroy Resource, Barrick Gold and Goldcorp and is also currently the President of Asset Liability Management Group. Mr. Thrall holds a B.Sc. in Metallurgical Engineering from South Dakota School of Mines and Technology and an MBA from the University of Colorado. Michael Clark, CFO, is a Canadian qualified Chartered Professional Accountant with over fourteen years of experience, including ten years in senior financial roles within the junior mining sector. Prior to joining Alexco in December 2014, he was with Goldgroup Mining for five years, and held the position of Chief Financial Officer. Mr. Clark also serves on the Board of the Burnaby Hospital Foundation. Alan McOnie, Vice President Exploration, has over 30 years experience as a professional geologist in mineral exploration, government and the precious metal industry. He holds a BSc in Geology from the University of Otago, New Zealand and an MSc in Geology from the University of Toronto. Prior to joining Alexco, Mr. McOnie worked as a geological and GIS mapping consultant in Australia, New Zealand, and North America, including Alexco s Keno Hill Project, and has held management and senior management level positions all through his career. 26

27 Board of Directors Richard Zimmer, P. Eng., MBA, Lead Director, was formerly the President and CEO of Far West Mining Ltd. He has over 35 years of mining experience, including 15 years with Teck Cominco Limited, where he was Vice President and Project Manager of Teck Pogo Inc. Mr. Zimmer is currently a director for Capstone Mining Corp. and Magellan Minerals Ltd., both publicly traded companies. He is a member of the Canadian Institute of Mining and Metallurgy and the Association of Professional Engineers of British Columbia. He holds a Bachelor of Science (Chemistry and Mathematics) from the University of Manitoba, a Bachelor of Engineering (Mining) from the University of Alberta, and an MBA from the University of Saskatchewan. Clynt Nauman, Chairman & CEO,has over 35 years of diversified experience in the mineral industry, ranging from exploration and business development to operations and business management in the precious metals, base metals and coal sectors. Mr. Nauman is also currently the CEO of Asset Liability Management Group and has held various executive and operations positions with Nerco Minerals and Coal companies (now Rio Tinto), Kennecott and Viceroy Resource Corp. Mr. Nauman holds a BSc (Hons) in geology from Otago University, New Zealand. Terry Krepiakevich, CPA, CA, ICD.D, was formerly the Chief Financial Officer of SouthGobi Resources Ltd., a TSX and Hong Kong publicly listed mining company. Previously, Mr. Krepiakevich was Chief Financial Officer for Extreme CCTV Inc., a publicly traded company on the TSX involved in manufacturing high tech surveillance equipment, and Vice President Finance and Chief Financial Officer of Maynards Industries Ltd., a private firm specializing in retailing, auctioneering, liquidating, and mergers and acquisition services. He is a Canadian qualified Chartered Professional Accountant and was employed with the international accounting firm Peat Marwick Thorne (KPMG), where he worked with a number of companies in mining and related industries. Elaine M. Sanders, CPA, CA, CPA (Illinois), is Chief Financial Officer and Corporate Secretary of NovaCopper Inc. and has more than 20 years of experience in audit, finance, and accounting with public and private companies. Ms. Sanders has been involved with numerous financings and acquisitions, and has listed companies on both the TSX and NYSE AMERICAN. Ms. Sanders is responsible for all aspects of financial services, financial reporting, and corporate governance at NovaCopper Inc. Ms. Sanders holds a Bachelor of Commerce degree from the University of Alberta, is a Canadian qualified Chartered Professional Accountant and a Certified Public Accountant in the United States. Rick Van Nieuwenhuyse, M.Sc, is President and CEO of NovaCopper Inc., with over 25 years of world wide experience in the natural resource sector. Prior to establishing NovaCopper, Mr. Van Nieuwenhuyse was founder, President and CEO of NovaGold Resources Inc., and prior to that was Vice President of Exploration for Placer Dome Inc. He brings years of working experience and knowledge of Alaska and Western Canada to the Company, managing projects from grassroots discovery through to advanced feasibility studies and production. Mr. Van Nieuwenhuyse holds a Candidature degree in Science from the Université de Louvain, Belgium, and an M.Sc. in geology from the University of Arizona. Michael Winn is President of Terrasearch Inc., a consulting company that provides analysis of mining and energy companies. Mr. Winn has worked in the oil and gas industry since 1983 and the mining industry since 1992, and is also a director of several TSX listed companies involved in mineral exploration in Canada, Latin America, Europe and Africa. Mr. Winn has completed graduate course work in accounting and finance and holds a B.Sc. in geology from the University of Southern California. 27

28 World Silver Demand 29

29 Gold/Silver Price Ratio Feb Source: Macrotrends 29

30 Contact Us Alexco Resource Corp. Corporate Office Suite 1225, Two Bentall Centre 555 Burrard Street, Box 216 Vancouver, BC V7X 1M9, Canada Phone: (604) Fax: (604) IR Contact: Lisa May 30