An anonymous director reports

ALEXCO ANNOUNCES C$5 MILLION FLOW-THROUGH EQUITY FINANCING

Alexco Resource Corp. has entered into an agreement with Canaccord Genuity Corp. (the underwriter), pursuant to which the underwriter has agreed to purchase, on a bought deal basis, 2,325,600 flow-through common shares at a price of $2.15 per flow-through share for aggregate gross proceeds of $5,000,040. In addition, the company will grant the underwriter an overallotment option, exercisable prior to the closing of the underwritten offering, to purchase from the company flow-through shares to raise additional proceeds of up to $2,042,500.

The underwriter will receive a cash commission on the sale of the securities representing 6 per cent of the aggregate gross proceeds raised, including that number of broker warrants as is equal to 3 per cent of the number of flow-through shares sold under the offering. Each broker warrant shall be exercisable for one common share of the company at a price of $2.15 at any time up to 24 months after closing.

The net proceeds from the sale of the flow-through shares will be used for expenditures on the company's Keno Hill district exploration properties, which qualify as Canadian exploration expenses (within the meaning of the Income Tax Act (Canada)). The company will renounce such Canadian exploration expenses with an effective date of no later than Dec. 31, 2017. With completion of this offering, the company is fully financed for all planned 2017 expenditures.

Closing of the offering is anticipated to occur on or around May 30, 2017, and is subject to certain conditions including, but not limited to, the receipt of all applicable regulatory approvals, including approval of the Toronto Stock Exchange and NYSE MKT LLC.

About Alexco Resource Corp.

Alexco owns the Bellekeno silver mine, one of several mineral properties held by the company which encompass substantially all of the historical Keno Hill silver district located in the Yukon.

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