20-F

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 20-F

[  ]  REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

[ X ]  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For fiscal year ended December 31, 2014

OR

[  ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to ______

OR

[  ]  SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report:

Commission file number: 001-33621

ALEXCO RESOURCE CORP.
(Exact name of Registrant as specified in its charter)

Province of British Columbia, Canada
(Jurisdiction of incorporation or organization)

     200 Granville Street, Suite 1150
Vancouver, British Columbia, Canada V6C 1S4
(Address of principal executive offices)

     Michael Clark, CFO 200 Granville Street, Suite 1150
Vancouver, British Columbia, Canada V6C 1S4
Tel: (604) 633-4888
Email: info@alexcoresources.com
(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class                                          Name of Exchange

Common Shares, no par value                     NYSE MKT LLC

Securities registered pursuant to Section 12(g) of the Act:          None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

Indicate the number of outstanding shares of each of the Registrant’s classes of capital or common stock as of the close of the period covered by the annual report: As at December 31, 2014, 69,588,898 common shares of the Registrant were issued and outstanding

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes  [  ]  No  [ X ]

If this report is an annual or transition report, indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
Yes   [  ]  No  [ X ]

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes  [ X ]  No  [  ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes  [  ]  No  [  ]

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one)

Large accelerated filer  [  ] Accelerated filer  [ X ] Non-accelerated filer  [  ]

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP  [  ]	International Finan cial Reporting Standards as issued  [ X ]	Other  [  ]
	by the International Accounting Standards Board

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow:

Item 17  [  ]    Item 18  [  ]

If this is an annual report, indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes  [  ]  No  [ X ]

TABLE OF CONTENTS

INTRODUCTION		4
CURRENCY		4
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS		4
CAUTIONARY NOTE TO UNITED STATES INVESTORS		6
REGARDING MINERAL RESERVE AND RESOURCE ESTIMATES		6
EXPLANATORY NOTE REGARDING PRESENTATION OF FINANCIAL INFORMATION		6
GLOSSARY OF MINING TERMS		6
PART I		9
ITEM 1.	IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS	9
ITEM 2.	OFFER STATISTICS AND EXPECTED TIMETABLE	9
ITEM 3.	KEY INFORMATION	9
ITEM 4.	INFORMATION ON THE COMPANY	24
ITEM 5.	OPERATING AND FINANCIAL REVIEW AND PROSPECTS	48
ITEM 6.	DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES	55
ITEM 7.	MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS	71
ITEM 8.	FINANCIAL INFORMATION	73
ITEM 9.	THE OFFER AND LISTING	73
ITEM 10	ADDITIONAL INFORMATION	75
ITEM 11	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	84
ITEM 12.	DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES	86
PART II		87
ITEM 13.	DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES	87
ITEM 14	MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS	87
ITEM 15	CONTROLS AND PROCEDURES	87
ITEM 16A	AUDIT COMMITTEE FINANCIAL EXPERT	88
ITEM 16B	CODE OF ETHICS	88
ITEM 16C	PRINCIPAL ACCOUNTANT FEES AND SERVICES	89
ITEM 16D	EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES	90
ITEM 16E	PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS	90
ITEM 16F	CHANGES IN REGISTRANTS CERTIFYING ACCOUNTANT	90
ITEM 16G	CORPORATE GOVERNANCE	90
ITEM 16H	MINE SAFETY DISCLOSURE.	90
PART III		91
ITEM 17	FINANCIAL STATEMENTS	91
ITEM 18	FINANCIAL STATEMENTS	91
ITEM 19	EXHIBITS	91

INTRODUCTION

In this Annual Report on Form 20-F, except as otherwise indicated or as the context otherwise requires, the "Company", "we", “our” or "us" or “Alexco” refers to Alexco Resource Corp. and its consolidated subsidiaries, as applicable.

CURRENCY

Unless we otherwise indicate in this Annual Report on Form 20-F, all references to "Canadian Dollars", "CDN$" or "$" are to the lawful currency of Canada and all references to "U.S. Dollars" or "US $" are to the lawful currency of the United States.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Annual Report on Form 20-F 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 the Company’s business plans, including but not limited to anticipated results and developments in the Company’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 Form 20-F. Forward-looking statements may include, but are not limited to, statements with respect to the amendments to the Silver Streaming Agreement with Silver Wheaton Corp. (“Silver Wheaton”) and its impact on the Company, additional capital requirements to pay, if the Company so chooses, the US$20 million payment under the amendments to the Silver Streaming Agreement with Silver Wheaton, additional capital requirements to finance the capacity related refund under the Silver Streaming Agreement with Silver Wheaton, additional capital requirements to fund further exploration and development work on the Company’s properties, future remediation and reclamation activities, future mineral exploration, the estimation of mineral reserves and mineral resources, the realization of mineral reserve and mineral resource estimates, future mine construction and development activities, future mine operation and production, the timing of activities, the amount of estimated revenues and expenses, the success of exploration activities, permitting time lines, requirements for additional capital and sources and uses of funds. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “estimates”, “intends”, “strategy”, “goals”, “objectives” or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be “forward-looking statements”.

While the Company has based these forward-looking statements on its expectations about future events as at the date that such statements were prepared, the statements are not a guarantee of the Company’s future performance and are subject to risks, uncertainties, assumptions and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Such factors and assumptions include, amongst others, the effects of general economic conditions, changing foreign exchange rates and actions by government authorities, uncertainties associated with negotiations and misjudgments in the course of preparing forward-looking statements. In addition, there are also known and unknown risk factors which may cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation:

• risks related to a lack of cash flow sufficient to sustain operations;

• risks related to the Company’s need for further capitalization in order to maintain commercial viability

• risks related to being in default of the Silver Streaming Agreement with Silver Wheaton;

• risks related to the Company’s potential inability to re-start mining operations at the Bellekeno Deposit;

• risks related to operating in the resource industry, which is highly speculative, and has certain inherent

• exploration risks which could have a negative effect on the Company’s operations;

• risks related to the Company’s estimates based on interpretation and assumptions and may yield less

• mineral production under actual conditions than is currently estimated;

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• risks related to the uncertainty of the mineral deposits contained in Keno Hill District being economically recoverable;

• risks related to failing to achieve production and capital and operating cost estimates or material increases in costs, which could have an adverse impact on the Company’s future cash flows, profitability, results of operations and financial condition;

• risks related to employee recruitment and retention problems, which could negatively impact the operations of the Company;

• risks related to environmental and regulatory requirements which could cause a restriction or suspension of Company operations;

• risks related to market forces outside of the Company’s control which could negatively impact the Company’s operations;

• risks related to the loss of title and ownership of its properties which would have a negative effect on the Company’s operations and valuation;

• risks related to the inherently dangerous activities of mining exploration, development and production;

• risks related to the Company failing to maintain insurance, which could negatively impact future profitability;

• risks related to the natural resource industry being highly competitive, which could restrict the Company’s growth;

• risks related to a potential shortage in equipment and supplies;;

• risks related to the volatility of silver and other metal prices;

• risks related to land reclamation requirements;

• risks related to legislation regarding climate change;

• risks related to the environmental services business associated with the Company being highly dependent upon key customers and employees

• risks related to the Company’s plans to raise additional funds, which would likely substantially dilute the interest of the Company’s shareholders;

• risks related to general economic conditions that may adversely affect the Company’s growth and profitability;

• risks related to certain of the Company’s directors and officers being involved with other natural resource companies, which may create conflicts of interest;

• risks related to the Company intending not to pay dividends;

• risks related to failure to maintain adequate internal control over financial reporting pursuant to the requirements of the Sarbanes-Oxley Act;

• risks related to the market for the Company’s common shares, which has been subject to volume and price volatility;

• risks related to the differences in United States and Canadian reporting of reserves and resources;

• risks related to U.S. investors not being able to enforce their civil liabilities against the Company or its

• directors, controlling persons and officers; and

• risks related to the Company’s classification as “foreign private issuer” and exemption from Section 14

• proxy rules and Section 16 of the Securities Exchange Act of 1934.

The above list is not exhaustive of the factors that may affect our forward-looking statements. Some of the important risks and uncertainties that could affect forward-looking statements are described further under the section heading “Item 3. Key Information – D. Risk Factors” and “Item 5. Operating and Financial Review and Prospects” below in this Annual Report on Form 20-F. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking statements. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date the statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by law. Investors are cautioned against attributing undue certainty to forward-looking statement.

The Company qualifies all the forward-looking statements contained in this Annual Report on Form 20-F by the foregoing cautionary statements.

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CAUTIONARY NOTE TO UNITED STATES INVESTORS
REGARDING MINERAL RESERVE AND RESOURCE ESTIMATES

As used in this Annual Report on Form 20-F, the terms “mineral reserve”, “proven mineral reserve” and “probable mineral reserve” are Canadian mining terms as defined in accordance with Canadian National Instrument 43-101—Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”)—CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended. These definitions differ from the definitions in the SEC’s Industry Guide 7 (“SEC Industry Guide 7”) under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”). 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 all necessary permits and governmental authorizations 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 any part or all of mineral deposits in these categories will ever be converted into reserves. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all, or any part, of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. 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 Guide 7 standards as in place tonnage and grade without reference to unit measures.

Accordingly, information contained in this Annual Report on Form 20-F and the documents incorporated by reference herein contain descriptions of our mineral deposits that 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.

EXPLANATORY NOTE REGARDING PRESENTATION OF FINANCIAL INFORMATION

The annual audited consolidated financial statements contained in this Annual Report on Form 20-F are reported in Canadian dollars. For the years ended December 31, 2014, 2013 and 2012, as presented in the annual audited consolidated financials contained in this Annual Report on Form 20-F, we prepared our consolidated financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). Statements prepared in accordance with IFRS are not comparable in all respects with financial statements that are prepared in accordance with U.S. generally accepted accounting principles (“US GAAP”).

GLOSSARY OF MINING TERMS

Ag	Silver.
Assay	In economic geology, to analyze the proportions of metal in a rock or overburden sample; to test an ore or mineral for composition, purity, weight or other properties of commercial interest.
Au	Gold.
CIM	Canadian Institute of Mining and Metallurgy.

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Deposit	A mineralized body which has been physically delineated by sufficient drilling, trenching, and/or underground work, and found to contain a sufficient average grade of metal or metals to warrant further exploration and/or development expenditures; such a deposit does not qualify as a commercially mineable ore body or as containing ore reserves, until final legal, technical, and economic factors have been resolved.
Dip	The angle at which a stratum is inclined from the horizontal.
Fold	A bend in strata or any planar structure.
g/t	Grams per tonne.
Grade	The amount of valuable metal in each tonne of ore, expressed as grams per tonne (g/t) for precious metals, as percent (%) for copper, lead, zinc and nickel.
Hectare	An area equal to 100 meters by 100 meters.
km	Kilometers.
m	Meters.
Mineral Reserve, Proven Mineral Reserve, Probable Mineral Reserve	Under CIM standards, a Mineral Reserve is the economically mineable part of a Measured or Indicated Mineral Resource demonstrated by a preliminary feasibility study or feasibility study. This study must include adequate information on mining, processing, metallurgical, economic, and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified. A Mineral Reserve includes diluting materials and allowances for losses that may occur when the material is mined.
	The terms “Mineral Reserve”, “Proven Mineral Reserve” and “Probable Mineral Reserve” used in this Form 20-F are mining terms defined under CIM standards and used in accordance with NI 43-101. Mineral Reserves, Proven Mineral Reserves and Probable Mineral Reserves presented under CIM standards may not conform with the definitions of “reserves” or “proven reserves” or “probable reserves” under SEC Industry Guide 7. See “Cautionary Note to United States Investors Regarding Mineral Reserve and Resource Estimates”.
	Mineral Reserves under CIM standards are those parts of Mineral Resources which, after the application of all mining factors, result in an estimated tonnage and grade which, in the opinion of the qualified person(s) making the estimates, is the basis of an economically viable project after taking account of all relevant processing, metallurgical, economic, marketing, legal, environment, socio-economic and government factors. Mineral Reserves are inclusive of diluting material that will be mined in conjunction with the Mineral Reserves and delivered to the treatment plant or equivalent facility. The term ‘Mineral Reserve’ needs not necessarily signify that extraction facilities are in place or operative or that all governmental approvals have been received. It does signify that there are reasonable expectations of such approvals.
	Under CIM standards, Mineral Reserves are sub-divided in order of increasing confidence into Probable Mineral Reserves and Proven Mineral Reserves. A Probable Mineral Reserve has a lower level of confidence than a Proven Mineral Reserve.
	Proven Mineral Reserve: A Proven Mineral Reserve is the economically mineable part of a Measured Mineral Resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic, and other relevant factors that demonstrate, at the time of reporting, that the economic extraction can be justified.
	Probable Mineral Reserve: A Probable Mineral Reserve is the economically mineable part of an Indicated and, in some circumstances, a Measured Mineral Resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic, and other relevant factors that demonstrate, at the time of reporting, that the economic extraction can be justified.

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Mineral Resource, Measured Mineral Resource, Indicated Mineral Resource, Inferred Mineral Resource	Under CIM standards, Mineral Resource is a concentration or occurrence of natural, solid, inorganic or fossilized organic material in or on the earth's crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge.
	The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource”, and “inferred mineral resource” used in this Form 20-F are mining terms defined under CIM standards and used in accordance with NI 43-101. They are not defined terms under SEC Industry Guide 7. See “Cautionary Note to United States Investors Regarding Mineral Reserve and Resource Estimates”.
	A mineral resource estimate is based on information on the geology of the deposit and the continuity of mineralization. Assumptions concerning economic and operating parameters, including cut-off grades and economic mining widths, based on factors typical for the type of deposit, may be used if these factors have not been specifically established for the deposit at the time of the mineral resource estimate. A mineral resource is categorized on the basis of the degree of confidence in the estimate of quantity and grade or quality of the deposit, as follows:
	Inferred Mineral Resource: Under CIM standards, an Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.
	Indicated Mineral Resource: Under CIM standards, an Indicated Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed.
	Measured Mineral Resource: Under CIM standards, a Measured Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape, physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity.

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Mineralization	The concentration of metals and their chemical compounds within a body of rock.
Ore	A metal or mineral or a combination of these of sufficient value as to quality and quantity to enable it to be mined at a profit.
Ounce or oz	A troy ounce or twenty penny weights or 480 grains or 31.103 grams.
Outcrop	An exposure of bedrock at the surface.
Pb	Lead.
Quartz	A mineral composed of silicon dioxide.
Strike	Direction or trend of a geologic structure as it intersects the horizontal.
Ton	Also referred to as “short ton”, a United States unit of weight equivalent to 2000 pounds.
Tonne	A metric unit of weight equivalent to volume multiplied by specific gravity; equivalent to 1.102 tons or 1,000 kilograms (2,204.6 pounds).
Vein	Thin sheet-like intrusion into a fissure or crack, commonly bearing quartz.
Zn	Zinc.

PART I

Item 1. Identity of Directors, Senior Management and Advisers

Not Applicable.

Item 2. Offer Statistics and Expected Timetable

Not Applicable.

Item 3. Key Information

A. Selected Financial Data

The selected financial data and the information in the following table of the Company as at and for the years ended December 31, 2014, 2013 and 2012, the six month transitional year ended December 31, 2011, and the year ended June 30, 2011 was derived from the audited consolidated financial statements of the Company.

The selected historical consolidated financial information presented below is condensed and may not contain all of the information that you should consider. This selected financial data should be read in conjunction with our annual audited consolidated financial statements, the notes thereto and the sections entitled “Item 3D. Key Information –Risk Factors” and ‘‘Item 5 — Operating and Financial Review and Prospects.’’

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(expressed in thousands of dollars, except per share amounts)	As at and for the year ended December 31, 2014	As at and for the year ended December 31, 2013	As at and for the year ended December 31, 2012	As at and for the six month transitional year ended December 31, 2011	As at and for the year ended June 30, 2011
Revenue from mining operations	361	43,114	76,725	38,639	38,269
Gross profit (loss) from mining operations	361	(29)	15,034	9,869	14,917
Revenue from environmental services	14,925	16,319	7,983	3,876	6,833
Gross profit (loss) from environmental services	4,888	8,849	2,886	279	(64)
Revenue from all operations	15,286	59,433	84,708	42,515	45,10
Gross profit from all operations	5,249	8,820	17,920	10,148	14,853
Net income (loss)	(32,772)	(50,450)	3,420	1,723	3,097
Earnings (loss) per share –
Basic	($0.50)	($0.81)	$0.06	$0.03	$0.05
Diluted	($0.50)	($0.81)	$0.06	$0.03	$0.05
Total assets	105,195	131,213	212,300	210,668	210,593
Total long-term liabilities	24,363	26,114	49,355	57,997	61,408
Dividends declared	Nil	Nil	Nil	Nil	Nil

Critical Accounting Estimates and Policies

The Company’s accounting policies are discussed in detail in our annual audited consolidated financial statements set forth in ‘‘Item 18 — Financial Statements.’’, however, accounting policies require the application of management’s judgment in respect of the following relevant matters:

(i)	future commodity prices and foreign currency exchange rates - management’s estimation of future commodity prices and foreign currency exchange rates is an important component of several estimates and assumptions management must make in preparing the financial statements, including but not limited to estimations and assumptions regarding the evaluation of the carrying amount of mineral properties and other assets, the estimation of decommissioning and rehabilitation provisions, the estimation of revenues and the value of the embedded derivative related to sales of concentrate, and the estimation of the net realizable value of inventories. Management bases its estimates of future commodity prices and foreign currency exchange rates primarily on consensus investment analyst forecasts, which are tracked and updated as published on generally a quarterly basis. Estimates are made by management regarding year-by-year prices and rates looking forward approximately three to four years, as well as for long-term prices and rates.
	With respect to estimates of future commodity prices and foreign currency exchange rates used in preparing the financial statements as at December 31, 2014, management has determined its best estimates of pricing for silver ranging from near-term US$16.75 to US$18.00 to long-term US$19.50 to US$20.00 per ounce; for gold ranging approximating US$1,225 per ounce near-term up to US$1,300 long-term; for lead ranging from near-term US$1.00 to US$1.05 to long-term US$0.94 per pound; for zinc ranging from near-term US$1.08 to US$1.18 to long-term US$1.00 per pound; and for the Canadian dollar ranging from near-term US$0.80 to US$0.85 to long term US$0.85.
	Commodity prices and foreign currency exchange rates are by nature difficult to predict and highly volatile, responding to changes in domestic, international, political, social and economic environments (see “Risk Factors”, including but not limited to “Potential Profitability of Mineral Properties Depends Upon Other Factors Beyond the Control of the Company” thereunder). Although management makes its best estimates of these prices and rates at each reporting period, such estimates are nonetheless subject to a significant amount of inherent uncertainty. Changes in such prices and rates over time could result in material adjustments in the future to other estimates and assumptions on which they are based, and material variances of actual results from prior estimates and assumptions.

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(ii)	mineral resources - the Company estimates its mineral resources based on information compiled by appropriately qualified persons relating to estimated and complex geological and engineering data including the size, depth, shape and nature of the deposit and anticipated plans for mining, as well as estimates of commodity prices, foreign exchange rates, future capital requirements and production costs. These mineral resource estimates are used by the Company in many determinations required to prepare its financial statements, including evaluating the recoverability of the carrying amount of its non-current non-financial assets; determining rates of depreciation, depletion and amortization; determining the recognition in income each period of the amount of deferred advance payments received under the silver streaming interest; and estimating amounts of deferred income taxes. Although management makes its best estimates of the Company’s mineral resources, such estimates are nonetheless subject to a significant amount of inherent uncertainty. It is possible that changes in such estimated resources over time could result in material adjustments in the future to determinations on which they are based.
(iii)	impairment of non-current non-financial assets – the Company records its interests in property, plant, equipment, mineral properties and intangible assets at cost, less related depreciation, depletion and amortization. Management reviews and evaluates the carrying value of each of its non-current non- financial assets for impairment when events or changes in circumstances indicate that the carrying amounts of the related asset may not be recoverable. If the recoverable amount, being the higher of the asset’s “fair value less cost of disposal” and “value-in-use”, is less than the carrying amount of the asset, an impairment loss is recognized and the asset is written down to recoverable value.
	As at December 31, 2014, the carrying amount of the Company’s net assets exceeded its market capitalization, which was considered an indicator of potential impairment of the carrying amount of its non-current non-financial assets. In addition, metal prices have been volatile and silver has experienced a significant decline through this period. In 2014 silver prices decreased from a high of $22.05 per ounce to a low on December 31, 2014 of $15.97 per ounce. As a result, the Company carried out a review of the carrying amounts of the non-current non-financial assets in its mining operations segment, which segment has been determined to be a cash generating unit (“CGU”) for this purpose, and recognized an impairment loss at December 31, 2014 against the mining operations segment totaling $22,921,000 before taxes, of which $18,093,000 was attributed to mineral properties and $4,828,000 to property, plant and equipment.
	In addition, management conducted a review of its exploration and evaluation assets, which are each separately assessed for impairment, and are not allocated by the Company to a CGU for impairment assessment purposes. As at December 31, 2014, and pursuant to IFRS 6 Exploration For and Evaluation of Mineral Resources, indicators were identified which suggested the carrying amounts of certain exploration and evaluation assets may exceed their recoverable amount. Included in Other Keno Hill Properties were a number of exploration properties that the Company did not have any near- term plans to conduct exploration activities. As a result exploration and evaluation properties were impaired by $7,010,000.
	Management’s estimates of many of the factors relevant to completing these assessments, including commodity prices, foreign currency exchange rates, mineral resources, and operating, capital and reclamation costs, are subject to significant risks and uncertainties that may affect the determination of the recoverability of the carrying amounts of its non-current non-financial assets. Although management has used its best estimate of these factors, it is possible that material changes could occur which may adversely affect management’s estimate of these recoverable amounts.
(iv)	decommissioning and rehabilitation provision – the Company’s decommissioning and rehabilitation provision represents the present value of expected future expenditures on reclamation and closure activities associated with its property, plant, equipment and mineral properties. The Company prepares estimates of the timing and amount of expected cash flows associated with these reclamation and closure activities, retaining independent advisors where considered appropriate. The present value of the expected future expenditures is determined using a risk-free pre-tax discount rate reflecting the time value of money and risks specific to the liability. A decommissioning and rehabilitation provision is generally recognized at the time that an environmental or other site disturbance occurs or a constructive obligation for reclamation and closure activities is determined. When the extent of disturbance increases over the life of an operation, the provision is increased accordingly.

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At December 31, 2014, the Company’s decommissioning and rehabilitation provision totaled $4,151,000 relating to reclamation and closure activities to be performed at the end of the life of the Bellekeno, Lucky Queen and Onek mines, including site reclamation and facilities removal and post- closure monitoring.

The provision has been determined by management based on the evaluations and estimations prepared internally and used in support of the determination of the reclamation security posting requirements under the operating permits issued for the mines by the Yukon Government.

Management’s determination of the Company’s decommissioning and rehabilitation provision is based on the reclamation and closure activities it anticipates as being required, the additional contingent mitigation measures it identifies as potentially being required and its assessment of the likelihood of such contingent measures being required, and its estimate of the probable costs and timing of such activities and measures. The making of such evaluations and estimates is subject to significant inherent uncertainty. The future cash flows required to settle the obligation may therefore vary materially from those anticipated by the provision currently recognized in Alexco’s balance sheet, and periodic re-evaluations of that provision may result in material changes to its balance.

Recent Changes in Accounting Policy and Disclosures

New and Amended Standards Adopted

The following new and revised standards and amendments are effective for annual periods beginning on or after January 1, 2014, and accordingly have now been adopted by the Company. The adoption of these standards and amendments has had no significant impact on the Company’s consolidated financial statements.

• Amendments to IAS 32, Financial Instruments: Presentation (effective January 1, 2014) clarifies the application of the offsetting rules and requires additional disclosure on financial instruments subject to netting arrangements.

• IAS 36, Impairment of Assets (effective January 1, 2014) modifies some of the disclosure requirements regarding the recoverable amount of non-financial assets.

• IFRIC 21, Levies (effective January 1, 2014) provides guidance on when to recognise a liability for a levy imposed by a government, other than those levies within the scope of other standards.

• IFRS 2, Share-based Payments (effective for annual periods beginning on or after July 1, 2014) clarifies the definition of a vesting condition and separately defines performance and service conditions.

• IFRS 3, Business Combinations (effective for annual periods beginning on or after July 1, 2014 requires that an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as a financial liability or as equity on the basis of the definitions of IAS 32. Additionally, it clarifies that IFRS 3 does not apply to the formation of any joint arrangement and that the scope exemption only applies in the financial statements of the join arrangement itself.

• IFRS 8, Operating Segments (effective for annual periods beginning on or after July 1, 2014) requires disclosure of the judgements made by management in aggregating operating segments, and a reconciliation of segment assets to the total assets when segment assets are reported.

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• IFRS 13, Fair Value Measurement (effective for annual periods beginning on or after July 1, 2014) clarifies that the portfolio exception in IFRS 13, which allows fair value measurement of a group of financial assets and liabilities on a net basis, applies to all contracts within the scope of IAS 39 or IFRS 9.

• IAS 19 Employee Benefits (effective for annual periods beginning on or after July 1, 2014) clarifies the requirements that relate to how contributions from employees or third parties that are linked to service should be attributed to periods of service.

• IAS 24 Related Party Disclosures (effective for annual periods beginning on or after July 1, 2014) requires a reporting entity to include as a related party, an entity that provides key management personnel services to the reporting entity or to the parent of the reporting entity

New and Amended Standards Not Yet Adopted

The Company has not applied the following revised or new IFRS that have been issued but were not yet effective at December 31, 2014. These accounting standards are not expected to have a significant effect on the Company’s accounting policies or financial statements:

• IFRS 7, Financial Instruments Disclosures (effective January 1, 2018) requires new disclosures resulting from the amendments to IFRS 9.

• IFRS 9, Financial Instruments (effective January 1, 2018) introduces new requirements for the classification and measurement of financial assets and liabilities.

In May 2014, the IASB issued IFRS 15 Revenue from Contracts with Customers ("IFRS 15") which supersedes IAS 11 Construction Contracts, IAS 18 Revenue, IFRIC 13 Customer Loyalty Programmes, IFRIC 15 Agreements for the Construction of Real Estate, IFRIC 18 Transfers of Assets from Customers, and SIC 31 Revenue Barter Transactions involving Advertising Services. IFRS 15 establishes a single fivestep model framework for determining the nature, amount, timing and uncertainty of revenue and cash flows arising from a contract with a customer. The standard is effective for annual periods beginning on or after January 1, 2017, with early adoption permitted. The Company is currently evaluating the impact the standard is expected to have on its consolidated financial statements.

Non-IFRS Measures

Adjusted Income (Loss)

Adjusted loss excludes amounts recorded with respect to impairment charges, and within this MD&A is provided before tax, net of tax and on a per-share basis. These measures are used by management to facilitate comparability between periods, and are believed to be relevant to external users for the same reason. They are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

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These adjusted income (loss) measures are reconciled to financial statement loss measures for the years ending December 31, 2014, 2013 and 2012 as follows (dollar amounts in thousands, and denominated in Canadian dollars), with adjusted income (loss) per share calculated using the same weighted average number of shares outstanding as used for the financial statement measure:

		2014			2013			2012
Income (loss) before taxes	$	(35,608	)	$	(62,079	)	$	7,979
Subtract:
Write-down of mineral properties		25,103			51,840			-
Write-down of property, plant and equipment		4,828			3,501			-
Write-down of long-term investments		-			1,785			-
Adjusted income (loss) before taxes		(5,677	)		(4,953	)		7,979
Net recovery of (provision for) income taxes, excluding deferred tax effect of above-noted write-downs		314			640			(4,559	)
Adjusted net income (loss)	$	(5,363	)	$	(4,313	)	$	3,420
Adjusted earnings (loss) per share (basic and diluted)	$	(0.08	)	$	(0.07	)	$	0.06

Exchange Rates

The following tables set out the exchange rates for one United States dollar (“US$”) expressed in terms of Canadian dollars (“Cdn$”) for (i) the average exchange rates (based on the average of the exchange rates on the last day of each month) in each of the years 2010 to 2014 and the low rate in each of those years, and (ii) the range of high and low exchange rates in each of the months October 2013 to March 2015.

The following table sets forth, for the periods indicated, the high, low, end of period and average for period noon buying rates as published by the Bank of Canada, as expressed in the amount of one United States Dollar equal to Canadian dollars.

	2015 (to April
	23)	2014	2013	2012	2011	2010
High for period	1.2803	1.1643	1.0697	1.0418	1.0604	1.0778
Low for period	1.1728	1.0614	0.9839	0.9710	0.9449	0.9946
End of period	1.2250	1.1601	1.0636	0.9949	1.0170	0.9946
Average for period	1.2415	1.1045	1.0299	0.9996	0.9891	1.0299

The following table sets forth, for each period indicated, the high and low exchange rates for one United States dollar expressed in Canadian dollars on the last day of each month during such period, based on the noon buying rate.

	October	November	December	January	February	March
	2014	2014	2014	2015	2015	2015
High	1.1289	1.1427	1.1643	1.2717	1.2717	1.2803
Low	1.1136	1.1236	1.1344	1.1728	1.2403	1.2440

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Exchange rates are based on the Bank of Canada nominal noon exchange rates. The nominal noon exchange rate on April 23, 2015 as reported by the Bank of Canada for the conversion of one United States dollar into Canadian dollars was US$1.00 = Cdn$1.2250.

B. Capitalization and Indebtedness

Not Applicable.

C. Reasons for the Offer and Use of Proceeds

Not Applicable.

D. Risk Factors

In addition to the other information presented in this Annual Report on Form 20-F, the following should be considered carefully in evaluating us and our business. This Annual Report on Form 20-F contains forward-looking statements that involve risk and uncertainties. Our actual results may differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed below and elsewhere in this Annual Report on Form 20-F.

The activities of the Company are subject to the high risk nature of its business which is the acquisition, financing, exploration, development and operation of mining properties. The following risk factors, which are not exhaustive, could materially affect the Company’s business, financial condition or results of operations and could cause actual events to differ materially from those described in forward-looking statements relating to the Company. These risks include but are not limited to the following:

Financing Risks

The Company has a lack of cash flow sufficient to sustain operations and may not begin receiving operating revenue in the foreseeable future.

The Company has not yet consistently achieved positive operating cash flow, and there are no assurances that the Company will not experience negative cash flow from operations in the future. The Company has incurred net losses in the past and may incur losses in the future and will continue to incur losses until and unless it can derive sufficient revenues from its mineral projects. Such future losses could have an adverse effect on the market price of the Company’s common shares, which could cause investors to lose part or all of their investment.

The Company requires further capitalization in order to maintain commercial viability.

The Company will require additional funds to further explore, develop and mine its properties. The Company has limited financial resources, and there is no assurance that additional funding will be available to the Company to carry out the completion of all proposed activities, for additional exploration or for the substantial capital that is typically required in order to place a property into commercial production. Although the Company has been successful in the past in obtaining financing through the sale of equity securities, there can be no assurance that the Company will be able to obtain adequate financing in the future or that the terms of such financing will be favourable. Failure to obtain such additional financing could result in the delay or indefinite postponement of further exploration and development of its properties.

Risks Related to the Company’s Mining Business

The Company is at risk of not completing the completion test and exposed to capacity related refund in 2017 under the Silver Streaming Agreement with Silver Wheaton.

The June 16, 2014 amendments under the Silver Streaming Agreement with Silver Wheaton (other than an extension of the 400 tonne per day mine and mill completion test date and certain subscription rights of Silver Wheaton to participate in financings) are subject to the Company making a US$20 million payment to Silver Wheaton. The Company will need to raise additional capital to finance this payment. There is no guarantee that the Company will be able to raise such additional capital. In the event that the Company cannot raise such additional capital, such amendments will not take effect. Without making the US$20 million payment to Silver Wheaton, to satisfy the completion test, the Company would need to recommence operations on the Keno Hill District property and operate the mine and mill at 400 tonnes per day on or before December 31, 2016. If the completion test is not satisfied by December 31, 2016, the Company would be required to pay a capacity related refund to Silver Wheaton in the maximum amount of US$9.75 million. The Company will need to raise additional capital to finance the capacity related refund and there is no guarantee that the Company will be able to raise such additional capital. In the event that the Company cannot raise such additional capital, the Company will be in default under the terms of the Silver Streaming Agreement.

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The Company may not be able to re-start mining operations at the Bellekeno Deposit.

Mining operations at the Company’s Bellekeno deposit were suspended as of early September 2013 as a result of sharp and significant declines in precious metals prices during the second quarter of 2013. Re-start of mining operations is dependent on a number of factors, including sustained improvements in silver and other commodity markets and the effectiveness of cost structure reduction measures, and the uncertainties around the achievement of these factors are significant. There is no guarantee that these factors will be achieved and mining operations will restart.

The Company operates in the resource industry, which is highly speculative, and has certain inherent exploration risks which could have a negative effect on the Company’s operations.

Mineral exploration, evaluation and development involves a high degree of risk and few properties which are explored are ultimately developed into producing mines. With respect to the Company’s properties, should any ore reserves exist, substantial expenditures will be required to confirm ore reserves which are sufficient to commercially mine, and to obtain the required environmental approvals and permitting required to commence commercial operations. Should any mineral resource be defined on such properties there can be no assurance that the mineral resource on such properties can be commercially mined or that the metallurgical processing will produce economically viable and saleable products. The decision as to whether a property contains a commercial mineral deposit and should be brought into production will depend upon the results of exploration programs and/or technical studies, and the recommendations of duly qualified engineers and/or geologists, all of which involves significant expense. This decision will involve consideration and evaluation of several significant factors including, but not limited to: (1) costs of bringing a property into production, including exploration and development work, preparation of appropriate technical studies and construction of production facilities; (2) availability and costs of financing; (3) ongoing costs of production; (4) market prices for the minerals to be produced; (5) environmental compliance regulations and restraints (including potential environmental liabilities associated with historical exploration activities); and (6) political climate and/or governmental regulation and control.

The ability of the Company to sell, and profit from the sale of any eventual production from any of the Company’s properties will be subject to the prevailing conditions in the marketplace at the time of sale. Many of these factors are beyond the control of the Company and therefore represent a market risk which could impact the long term viability of the Company and its operations.

Figures for the Company’s resources are estimates based on interpretation and assumptions and may yield less mineral production under actual conditions than is currently estimated.

In making determinations about whether to advance any of its projects to development, the Company must rely upon estimated calculations as to the mineral resources and grades of mineralization on its properties. Until ore is actually mined and processed, mineral resources and grades of mineralization must be considered as estimates only. Mineral resource estimates are imprecise and depend upon geological interpretation and statistical inferences drawn from drilling and sampling which may prove to be unreliable. The Company cannot be certain that:

• reserve, resource or other mineralization estimates will be accurate; or

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• mineralization can be mined or processed profitably.

Any material changes in mineral resource estimates and grades of mineralization will affect the economic viability of placing a property into production and a property’s return on capital. The Company’s resource estimates have been determined and valued based on assumed future prices, cut-off grades and operating costs that may prove to be inaccurate. Extended declines in market prices for silver, gold, lead, zinc and other commodities may render portions of the Company’s mineralization uneconomic and result in reduced reported mineral resources.

The Company cannot guarantee that the mineral deposits contained in the Keno Hill District are economically recoverable.

While the Company has conducted exploration activities in the Keno Hill District, other than with respect to Bellekeno, Lucky Queen and Flame & Moth, further review of historical records and additional exploration and geological testing will be required to determine whether any of the mineral deposits it contains are economically recoverable. There is no assurance that such exploration and testing will result in favourable results. The history of the Keno Hill District has been one of fluctuating fortunes, with new technologies and concepts reviving the District numerous times from probable closure until 1989, when it did ultimately close down for a variety of economic and technical reasons. Many or all of these economic and technical issues will need to be addressed prior to the commencement of any future production on the Keno Hill properties.

Failure to achieve production and capital and operating cost estimates or material increases in costs could have an adverse impact on the Company’s future cash flows, profitability, results of operations and financial condition.

Decisions by the Company to proceed with the construction and development of mines, including Bellekeno, are based on development plans which include estimates for metal production and capital and operating costs. Until completely mined and processed, no assurance can be given that such estimates will be achieved. Failure to achieve such production and capital and operating cost estimates or material increases in costs could have an adverse impact on the Company’s future cash flows, profitability, results of operations and financial condition. The Company’s actual production and capital and operating costs may vary from estimates for a variety of reasons, including: actual resources mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; short-term operating factors relating to the mineable resources, such as the need for sequential development of resource bodies and the processing of new or different resource grades; revisions to mine plans; risks and hazards associated with mining; natural phenomena, such as inclement weather conditions, water availability, floods and earthquakes; and unexpected labor shortages or strikes. Costs of production may also be affected by a variety of factors, including changing waste ratios, metallurgical recoveries, labor costs, commodity costs, general inflationary pressures and currency rates. In addition, the risks arising from these factors are further increased while any such mine is progressing through the ramp-up phase of its operations and has not yet established a consistent production track record. See also “The Company may not be able to re-start mining operations at the Bellekeno Deposit” above.

The Company may face employee recruitment and retention problems, which could negatively impact the operations of the Company.

Recruitment and retention of skilled and experienced employees is a challenge facing the mining sector as a whole. During the late 1990s and early 2000s, with unprecedented growth in the technology sector and an extended cyclical downturn in the mining sector, the number of new workers entering the mining sector was depressed and significant number of existing workers departed, leading to a so-called “generational gap” within the industry. Since the mid-2000s, this factor was exacerbated by competitive pressures as the mining sector experienced an extended cyclical upturn. Additional exacerbating factors specific to the Company include the fact that the Company’s Keno Hill District is a fly-in/fly-out operation. The Company has experienced employee recruitment and retention challenges, particularly with respect to mill operators in 2011 and through the first three quarters of 2012. There can be no assurance that such challenges won’t continue or resurface, not only with respect to the mill but in other District operational areas as well including mining and exploration. Furthermore, any re-start of mining operations will necessitate the re-hiring of mine and mill personnel.

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The Company is subject to substantial environmental and regulatory requirements which could cause a restriction or suspension of Company operations.

The current or future operations of the Company, including development activities, commencement of production on its properties and activities associated with the Company’s mine reclamation and remediation business, require permits or licences from various federal, territorial and other governmental authorities, and such operations are and will be governed by laws, regulations and agreements governing prospecting, development, mining, production, taxes, labor standards, occupational health, waste disposal, toxic substances, land use, environmental protection, mine safety and other matters. Companies engaged in the development and operation of mines and related facilities and in mine reclamation and remediation activities generally experience increased costs and delays as a result of the need to comply with the applicable laws, regulations and permits. There can be no assurance that all permits and permit modifications which the Company may require for the conduct of its operations will be obtainable on reasonable terms or that such laws and regulations would not have an adverse effect on any project which the Company might undertake, including but not limited to the Bellekeno mine project.

Failure to comply with applicable laws, regulations and permitting requirements may result in enforcement actions including orders issued by regulatory or judicial authorities causing operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment or remedial actions. Parties engaged in mining operations or in mine reclamation and remediation activities may be required to compensate those suffering loss or damage by reason of such activities and may have civil or criminal fines or penalties imposed upon them for violation of applicable laws or regulations.

Amendments to current laws, regulations and permits governing operations and activities of mining companies and mine reclamation and remediation activities could have a material adverse impact on the Company. As well, policy changes and political pressures within and on federal, territorial and First Nation governments having jurisdiction over or dealings with the Company could change the implementation and interpretation of such laws, regulations and permits, also having a material adverse impact on the Company. Such impacts could result in one or more of increases in capital expenditures or production costs, reductions in levels of production at producing properties or abandonment or delays in the development of new mining properties.

Mineral operations are subject to market forces outside of the Company’s control which could negatively impact the Company’s operations.

The potential profitability of mineral properties is dependent upon many factors beyond the Company’s control. For instance, world prices of and markets for gold, silver, lead and zinc are unpredictable, highly volatile, potentially subject to governmental fixing, pegging and/or controls and respond to changes in domestic, international, political, social and economic environments. Another factor is that rates of recovery of mined ore may vary from the rate experienced in tests and a reduction in the recovery rate will adversely affect profitability and, possibly, the economic viability of a property. Profitability also depends on the costs of operations, including costs of labor, materials, equipment, electricity, environmental compliance or other production inputs. Such costs will fluctuate in ways the Company cannot predict and are beyond the Company’s control, and such fluctuations will impact on profitability and may eliminate profitability altogether. Additionally, due to worldwide economic uncertainty, the availability and cost of funds for development and other costs have become increasingly difficult, if not impossible, to project. These changes and events may materially affect the financial performance of the Company.

The Company has no guarantee of clear title to its mineral properties and the Company could lose title and ownership of its properties which would have a negative effect on the Company’s operations and valuation.

The acquisition of title to mineral properties is a complicated and uncertain process. The properties may be subject to prior unregistered agreements of transfer or land claims, and title may be affected by undetected defects. The Company has taken steps, in accordance with industry standards, to verify mineral properties in which it has an interest. Although the Company has made efforts to ensure that legal title to its properties is properly recorded in the name of the Company, there can be no assurance that such title will ultimately be secured.

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The Company’s mineral properties could be subject to the rights and title of First Nations which would have a negative effect on the Company’s operations and valuation.

The nature and extent of First Nation rights and title remains the subject of active debate, claims and litigation in Canada, including in the Yukon and including with respect to intergovernmental relations between First Nation authorities and federal, provincial and territorial authorities. There can be no guarantee that such claims will not cause permitting delays, unexpected interruptions or additional costs for the Company’s projects. These risks may have increased after the Supreme Court of Canada decision of June 26, 2014 in Tsilhqot'in Nation v. British Columbia.

The Company’s operations are subject to the inherent risk associated with mineral exploration, development and production activities.

Mineral exploration development and production activities generally involve a high degree of risk, which even a combination of experience, knowledge and careful evaluation may not be able to overcome. Environmental hazards, industrial accidents, unusual or unexpected geological formations, fires, power outages, labor disruptions, flooding, explosions, cave-ins, land-slides and the inability to obtain suitable or adequate machinery, equipment or labor are other risks involved in the operation of mines and the conduct of exploration, development and production programs. Operations and activities in which we have a direct or indirect interest will be subject to all the hazards and risks normally incidental to exploration, development and production of precious and base metals, any of which could result in work stoppages, damage to or destruction of mines, if any, and other producing facilities, damage to life and property, environmental damage and possible legal liability for any or all damage. The occurrence of such risks could cause significant delays or cancelation in the conduct of the Company’s activities which could negatively impact profitability.

The Company’s operations contain significant uninsured risks which could negatively impact future profitability.

In the course of exploration, development and production of mineral properties, certain risks, particularly including but not limited to unexpected or unusual geological operating conditions including rock bursts, cave-ins, fires, flooding and earthquakes, may occur. It is not always possible to fully insure against such risks and the Company may decide not to insure against such risks as a result of high premiums or other reasons. Should such liabilities arise, they could reduce or eliminate any future profitability and result in increasing costs and a decline in the value of the securities of the Company.

The natural resource industry is highly competitive, which could restrict the Company’s growth.

Significant and increasing competition exists for mining opportunities internationally. There are a number of large established mining companies with substantial capabilities and far greater financial and technical resources than the Company. The Company may be unable to acquire additional attractive mining properties on terms it considers acceptable and there can be no assurance that the Company’s exploration and acquisition programs will yield any new reserves or result in any commercial mining operation.

A shortage of equipment and supplies could adversely affect the Company’s ability to operate its business.

The Company is dependent on various supplies and equipment to carry out its mineral exploration and, if warranted, development operations. The shortage of such supplies, equipment and parts could have a material adverse effect on the Company’s ability to carry out its operations and therefore limit or increase the cost of potential future production.

Changes in the market price of silver and other metals, which in the past has fluctuated widely, would affect the future profitability of the Company’s planned operations and financial condition.

The Company’s long-term viability and future profitability depend, in large part, upon the market price of silver and other metals and minerals from potential future production from its mineral properties. The market price of silver is volatile and is impacted by numerous factors beyond the Company’s control, including:

• expectations with respect to the rate of inflation;

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• the relative strength of the U.S. dollar and certain other currencies; interest rates;

• global or regional political or economic conditions;

• supply and demand for jewelry and industrial products containing metals;

• sales by central banks and other holders, speculators and producers of silver other metals in

• response to any of the above factors; and

• any executive order curtailing the production or sale of silver.

The Company cannot predict the effect of these factors on metal prices. A decrease in the market price of silver and other metals could affect the commercial viability of the Company’s properties and its anticipated development of such properties in the future. Lower silver and other commodity prices could also adversely affect the Company’s ability to finance exploration and development of its properties.

Land reclamation requirements for the Company’s properties may be burdensome and expensive.

Although variable depending on location and the governing authority, land reclamation requirements are generally imposed on mineral exploration companies (as well as companies with mining operations) in order to minimize long term effects of land disturbance.

Reclamation may include requirements to:

• control dispersion of potentially deleterious effluents;

• treat ground and surface water to drinking water standards; and

• reasonably re-establish pre-disturbance land forms and vegetation.

In order to carry out reclamation obligations imposed on the Company in connection with its potential development activities, the Company must allocate financial resources that might otherwise be spent on further exploration and development programs. If the Company is required to carry out unanticipated reclamation work, its financial position could be adversely affected.

Regulations and pending legislation governing issues involving climate change could result in increased operating costs, which could have a material adverse effect on the Company’s business.

A number of governments or governmental bodies have introduced or are contemplating regulatory changes in response to various climate change interest groups and the potential impact of climate change. Legislation and increased regulation regarding climate change could impose significant costs on the Company, and its suppliers, including costs related to increased energy requirements, capital equipment, environmental monitoring and reporting and other costs to comply with such regulations. Any adopted future climate change regulations could also negatively impact the Company’s ability to compete with companies situated in areas not subject to such limitations. Given the emotion, political significance and uncertainty around the impact of climate change and how it should be dealt with, the Company cannot predict how legislation and regulation will affect our financial condition, operating performance and ability to compete. Furthermore, even without such regulation, increased awareness and any adverse publicity in the global marketplace about potential impacts on climate change by the Company or other companies in its industry could harm its reputation. The potential physical impacts of climate change on the Company’s operations are highly uncertain, and would be particular to the geographic circumstances in areas in which it operates. These may include changes in rainfall and storm patterns and intensities, water shortages, changing sea levels and changing temperatures. These impacts may adversely impact the cost, potential production and financial performance of the Company’s operations.

Risks Related to the Company’s Environmental Services Business

The environmental services business associated with the Company is highly dependent upon key customers and employees, the loss of either could have a significant detrimental effect of the Company.

A material decline in the level of activity or reduction in industry willingness to spend capital on mine reclamation, remediation or environmental services could adversely affect demand for AEG's environmental services. Likewise, a material change in mining product commodity prices, the ability of mining companies to raise capital or changes in domestic or international political, regulatory and economic conditions could adversely affect demand for AEG's services.

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Two of AEG’s customers accounted for 32.4% and 30.0%, respectively, of environmental services revenues in the 2014 fiscal year. The loss of, or a significant reduction in the volume of business conducted with, either of these customers could have a significant detrimental effect on the Company’s environmental services business.

The patents which the Company owns or has access to or other proprietary technology may not prevent AEG's competitors from developing substantially similar technology, which may reduce AEG's competitive advantage. Similarly, the loss of access to any of such patents or other proprietary technology or claims from third parties that such patents or other proprietary technology infringe upon proprietary rights which they may claim or hold would be detrimental to AEG's reclamation and remediation business.

The Company may not be able to keep pace with continual and rapid technological developments that characterize the market for AEG's environmental services, and the Company’s failure to do so may result in a loss of its market share. Similarly, changes in existing regulations relating to mine reclamation and remediation activities could require the Company to change the way it conducts its business.

AEG is dependent on the professional skill sets of its employees, some of whom would be difficult to replace. The loss of any such employees could significantly affect AEG’s ability to service existing clients, its profitability and its ability to grow its business.

The Company’s environmental services business could be disrupted by adverse weather conditions, which could negatively affect revenue derived from that segment of the Company’s business.

The Company’s environmental services business is dependent upon certain weather conditions at the sites where its customer’s operate and require services. Adverse weather conditions could inhibit the Company from performing its services or decrease the demand for such services from the Company’s environmental services client base. Such adverse weather conditions could disrupt the Company’s environmental services business and/or reduce demand for the Company’s services which could reduce revenue.

Risks Relating to an Investment in the Common Shares of the Company

The Company plans on raising additional funds, which would likely substantially dilute the interest of the Company’s shareholders.

The Company expects to require additional funds to finance its growth and development strategy. In particular, the Company will require additional funds to satisfy its obligations under the amendments to the Silver Streaming Agreement with Silver Wheaton. If the Company elects to raise additional funds by issuing additional equity securities, such financing may substantially dilute the interests of the Company’s shareholders. The Company may also issue additional securities in the future pursuant to existing and new agreements in respect of its projects or other acquisitions and pursuant to existing securities of the Company.

General economic conditions may adversely affect the Company’s growth and profitability.

The unprecedented events in global financial markets since 2008 have had a profound impact on the global economy and led to increased levels of volatility. Many industries, including the mining industry, are impacted by these market conditions. Some of the impacts of the current financial market turmoil include contraction in credit markets resulting in a widening of credit risk, devaluations and high volatility in global equity, commodity, foreign currency exchange and precious metal markets, and a lack of market liquidity. If the current turmoil and volatility levels continue they may adversely affect the Company’s growth and profitability. Specifically:

• a global credit/liquidity or foreign currency exchange crisis could impact the cost and availability of financing and the Company’s overall liquidity;

21

• the volatility of silver and other commodity prices would impact the Company’s revenues, profits, losses and cash flow;

• volatile energy prices, commodity and consumables prices and currency exchange rates would impact the Company’s operating costs; and

• the devaluation and volatility of global stock markets could impact the valuation of the Company’s equity and other securities.

These factors could have a material adverse effect on Alexco’s financial condition and results of operations.

Certain of the Company’s directors and officers are involved with other natural resource companies, which may create conflicts of interest.

Some of the Company’s directors and officers are directors or officers of other natural resource or mining-related companies. These associations may give rise to conflicts of interest from time to time. As a result of these conflicts of interest, the Company may miss the opportunity to participate in certain transactions.

The Company does not intend to pay dividends.

The Company has not paid out any cash dividends to date and has no plans to do so in the immediate future. As a result, an investor’s return on investment will be solely determined by his or her ability to sell common shares in the secondary market.

The Company may fail to maintain adequate internal control over financial reporting pursuant to the requirements of the Sarbanes-Oxley Act.

Section 404 of the Sarbanes-Oxley Act (“SOX”) requires an annual assessment by management of the effectiveness of the Company’s internal control over financial reporting. The Company may fail to maintain the adequacy of its internal control over financial reporting as such standards are modified, supplemented or amended from time to time, and the Company may not be able to ensure that it can conclude, on an ongoing basis, that it has effective internal control over financial reporting in accordance with Section 404 of SOX. The Company’s failure to satisfy the requirements of Section 404 of SOX on an ongoing, timely basis could result in the loss of investor confidence in the reliability of its financial statements, which in turn could harm the Company’s business and negatively impact the trading price or the market value of its securities. In addition, any failure to implement required new or improved controls, or difficulties encountered in their implementation, could harm the Company’s operating results or cause it to fail to meet its reporting obligations. Future acquisitions of companies, if any, may provide the Company with challenges in implementing the required processes, procedures and controls in its acquired operations. No evaluation can provide complete assurance that the Company’s internal control over financial reporting will detect or uncover all failures of persons within the Company to disclose material information otherwise required to be reported. The effectiveness of the Company’s processes, procedures and controls could also be limited by simple errors or faulty judgments. Although the Company intends to expend substantial time and incur substantial costs, as necessary, to ensure ongoing compliance, there is no certainty that it will be successful in complying with Section 404 of SOX.

The market for the Company’s common shares has been subject to volume and price volatility which could negatively affect a shareholder’s ability to buy or sell the Company’s common shares.

The market for the common shares of the Company may be highly volatile for reasons both related to the performance of the Company, or events pertaining to the industry (i.e. mineral price fluctuation/high production costs/accidents) as well as factors unrelated to the Company or its industry such as economic recessions and changes to legislation in the countries in which it operates. In particular, market demand for products incorporating minerals in their manufacture fluctuates from one business cycle to the next, resulting in change in demand for the mineral and an attendant change in the price for the mineral. The Company’s common shares can be expected to continue to be subject to volatility in both price and volume arising from market expectations, announcements and press releases regarding the Company’s business, and changes in estimates and evaluations by securities analysts or other events or factors. In recent years the securities markets in the U.S. and Canada have experienced a high level of price and volume volatility, and the market price of securities of many companies, particularly small-capitalization companies such as the Company, have experienced wide fluctuations that have not necessarily been related to the operations, performances, underlying asset values, or prospects of such companies. For these reasons, the Company’s common shares can also be subject to volatility resulting from purely market forces over which the Company will have no control such as that experienced recently resulting from the economic downturn due to the on-going credit crisis centred in the United States and Europe. Further, despite the existence of a market for trading the Company’s common shares in Canada and U.S., shareholders of the Company may be unable to sell significant quantities of common shares in the public trading markets without a significant reduction in the price of the common shares.

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Differences in United States and Canadian reporting of reserves and resources.

The disclosure in this Annual Report on Form 20-F, including the documents incorporated herein by reference, uses terms that comply with reporting standards in Canada. The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are defined in and required to be used by the Company pursuant to NI 43-101; however, these terms are not defined terms under SEC Industry Guide 7 and normally are not permitted to be used in reports and registration statements filed with the SEC. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of the measured mineral resources, indicated mineral resources, or inferred mineral resources will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility, pre-feasibility studies or other economic studies, except in rare cases.

Investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. 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.

Further, 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 CIM Standards. These definitions differ from the definitions in SEC Industry Guide 7. 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 all necessary permits or governmental authorizations must be filed with the appropriate governmental authority.

Accordingly, information contained in this Annual Report on Form 20-F and the documents incorporated by reference herein containing descriptions of the Company’s mineral deposits may not be comparable to similar information made public by United States companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.

U.S. investors may not be able to enforce their civil liabilities against the Company or its directors, controlling persons and officers.

It may be difficult to bring and enforce suits against the Company in the United States. The Company is a Company incorporated in British Columbia under the Business Companys Act. A majority of the Company’s directors and officers are residents of Canada and other countries and a majority of the Company’s assets and its subsidiaries are located outside of the U.S. Consequently, it may be difficult for U.S. investors to effect service of process in the U.S. upon those directors or officers who are not residents of the U.S., or to realize in the U.S. upon judgments of U.S. courts predicated upon civil liabilities under U.S. securities laws. There is substantial doubt whether an original action could be brought successfully in Canada against any of such persons or the Company predicated solely upon such civil liabilities under the United States Securities Act of 1933, as amended.

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As a “foreign private issuer”, the Company is exempt from Section 14 proxy rules and Section 16 of the

Securities Exchange Act of 1934.

The Company is a “foreign private issuer” as defined in Rule 3b-4 under the United States Securities Exchange Act of 1934, as amended (the “U.S. Exchange Act”). Equity securities of the Company are accordingly exempt from Sections 14(a), 14(b), 14(c), 14(f) and 16 of the U.S. Exchange Act pursuant to Rule 3a12-3 of the U.S. Exchange Act. Therefore, the Company is not required to file a Schedule 14A proxy statement in relation to the annual meeting of shareholders. The submission of proxy and annual meeting of shareholder information on Form 6-K may result in shareholders having less complete and timely information in connection with shareholder actions. The exemption from Section 16 rules regarding reports of beneficial ownership and purchases and sales of common shares by insiders and restrictions on insider trading in our securities may result in shareholders having less data and there being fewer restrictions on insiders’ activities in our securities.

Item 4. Information on the Company

A. History and Development of the Company

General

The Company was incorporated under the Business Corporations Act (Yukon) on December 3, 2004 under the name “Alexco Resource Corp.” Effective December 28, 2007, it was continued under the Business Corporations Act (British Columbia). The Company’s head office is located at Suite 1150, 200 Granville Street, Vancouver, British Columbia, V6C 1S4, Canada, and its registered and records office is located at 10th Floor, 595 Howe Street, Vancouver, British Columbia, V6C 2T5, Canada.

At the end of its most recently completed financial year, the Company had the following wholly-owned subsidiaries:

• Alexco Keno Hill Mining Corp., organized under the laws of British Columbia;

• Alexco Exploration Canada Corp., organized under the laws of British Columbia;

• Elsa Reclamation & Development Company Ltd., organized under the laws of Yukon (“ERDC”);

• Alexco Environmental Group Inc. (formerly Access Mining Consultants Ltd.), organized under the laws of Yukon (“AEG Canada”);

• Alexco Environmental Group (US) Inc. (formerly Alexco Resource U.S. Corp.), organized under the laws of Colorado (“AEG US”); and

• Alexco Financial Guaranty Corp., organized under the laws of Colorado.

In 2005, the Company completed a series of transactions pursuant to which it acquired a number of mineral property interests and rights to certain operating contracts in Yukon Territory and British Columbia, the most significant of which properties are located in Yukon Territory’s Keno Hill Silver District (“KHSD” or the “District”).

Alexco operates two principal businesses: (i) a mining business, comprised of mineral exploration and mine development and operation in Canada, primarily in Yukon Territory; and (ii) through its Alexco Environmental Group Division (through AEG Canada and AEG US), provision of a variety of mine and industrial site related environmental services including management of the regulatory and environmental permitting process, environmental assessments, and reclamation and closure planning in Canada, the United States and elsewhere.

Three Year History

The Company’s business development over the last three years is described in the following paragraphs. The Company’s current Vice President, Exploration is, and has been through its most recently completed financial year, Alan McOnie, FAusIMM, a “qualified person” as defined in NI 43-101. Until October 2013, the Company’s Bellekeno Mine Manager was Scott Smith, P. Eng., and from October 2013 and continuing through the date hereof Scott Smith has acted as a consulting engineer to the Company. Scott Smith is a “qualified person” as defined in NI 43-101. Except where specifically indicated otherwise, during its most recently completed financial year and through the date hereof, disclosures by the Company of scientific and technical information regarding exploration projects on the Company’s mineral properties have been approved by Alan McOnie, while those regarding mine development and operations have been approved by Scott Smith.

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In June 2005, the Company was selected as the preferred purchaser of the assets of United Keno Hill Mines Limited and UKH Minerals Limited (collectively, “UKHM”) by a court appointed interim receiver and receiver-manager of UKHM. In February 2006, following negotiation of a subsidiary agreement (the “Subsidiary Agreement”) between the Government of Canada, the Government of Yukon (collectively, the “Government Group”) and the Company, the Supreme Court of Yukon conditionally approved the purchase of the assets of UKHM by Alexco through its wholly-owned subsidiary, ERDC, final closing of which acquisition was effected in December 2007. Under the terms of the Subsidiary Agreement, the Company is indemnified by the Government of Canada for all liabilities, including environmental liabilities, arising directly or indirectly as a result of the pre-existing condition of the Keno Hill mineral rights and other assets acquired from UKHM. The Subsidiary Agreement provides that ERDC may bring any mine into production on the UKHM Mineral Rights (as hereinafter defined) by designating a production unit from the mineral rights relevant to that purpose and then assuming responsibility for all costs of the production unit’s water related care and maintenance and water related components of closure reclamation. The Subsidiary Agreement further requires ERDC to pay into a separate reclamation trust a 1.5% net smelter return royalty, up to an aggregate maximum of $4 million for all production units, from any future production from the UKHM Mineral Rights, commencing once earnings from mining before interest, taxes and depreciation exceed actual exploration costs, up to a maximum of $6.2 million, plus actual development and construction capital.

Also under the Subsidiary Agreement, ERDC is retained through the Government Group as a paid contractor responsible on a continuing basis for the environmental care and maintenance and ultimate closure reclamation of the former UKHM Mineral Rights. The original Subsidiary Agreement provided that ERDC was responsible for the development of the ultimate closure reclamation plan for fees of 65% of agreed commercial contractor rates, and this plan development is currently ongoing. Upon acceptance and regulatory approval, the closure reclamation plan will be implemented by ERDC at full agreed commercial contractor rates. During the period required to develop the plan, the original Subsidiary Agreement also provided that ERDC was responsible for carrying out the environmental care and maintenance of the UKHM Mineral Rights for a reducing fixed annual fee adjusted each year for certain operating and inflationary factors.

In July 2013, an amended and restated Subsidiary Agreement (the “ARSA”) was executed with the Government of Canada. Recognizing that developing the closure reclamation plan is more complicated than originally anticipated, the ARSA provides for the Government of Canada to contribute a higher proportion of closure plan development costs than provided for under the Subsidiary Agreement, retroactive to 2009. Going forward, ERDC will receive 95% of agreed commercial contractor rates for ongoing development of the closure reclamation plan. Furthermore, with respect to care and maintenance activity during the closure reclamation planning phase, the original reducing fee scale is replaced by a fixed fee of $850,000 per year, representing approximately 50% of estimated fully-billable care and maintenance fees.

Since 2006, the Company has carried out exploration activities on several of its properties within the Keno Hill District, with a significant component of that activity having been focused on the Bellekeno property and the Bellekeno mine, which commenced commercial production effective January 1, 2011.

On October 2, 2008 (with subsequent amendments on October 20, 2008, December 10, 2008, December 22, 2009, March 31, 2010, January 15, 2013 and March 11, 2014), the Company entered into a silver streaming agreement (the "Silver Streaming Agreement") with Silver Wheaton under which Silver Wheaton will receive 25% of the life of mine silver produced by the Company from its KHSD properties. The Silver Streaming Agreement anticipated that the initial silver deliveries would come from the Bellekeno property.

Under the Silver Streaming Agreement, the Company received up-front deposit payments from Silver Wheaton totaling US$50 million, and received further payments of the lesser of US $3.90 (increasing by 1% per annum after the third year of full production) and the prevailing market price for each ounce of payable silver delivered, if as and when delivered.

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As of September 2013, Bellekeno mining operations were suspended in light of a sharply reduced silver price environment.

On June 16, 2014, Alexco entered into an agreement with Silver Wheaton to amend the original Silver Streaming Agreement such that, upon payment of US$20 million to Silver Wheaton, the fixed US$3.90 per ounce silver streaming production payment will be replaced with a variable production payment based on the spot price of silver.

The amended Silver Streaming Agreement will continue to apply to 25% of Alexco's payable silver produced at its Keno Hill District silver mining operations. The newly negotiated variable production payment is defined by a pricing curve with an apex at US$19.45 spot silver price where Silver Wheaton will make a production payment to Alexco of US$18.00 per ounce of silver delivered; that payment decreases by US$0.91 per ounce for each US$1.00 increase or decrease in silver price, returning to a fixed US$3.90 per ounce for spot silver prices of US$35.00 per ounce and higher. Upon payment of US$20 million to Silver Wheaton, the pricing amendment will be effective for a 10 year term from the time mining production re-commences in the district, with an option for Alexco to extend the amendment for another 5 or 10 years for an additional US$10 million or US$20 million, respectively.

As noted, certain of the amendments to the underlying Silver Streaming Agreement are subject to Alexco paying Silver Wheaton US$20 million by December 31, 2015 (or such later date as the parties may agree), with Silver Wheaton taking a lead role via participation in US$5 million of any Alexco equity raise in excess of $10 million.

Upon payment of US$20 million to Silver Wheaton, the deposit owing under the original Silver Streaming Agreement will be considered reduced from US$50 million to US$30 million and the deposit would therefore be considered fully repaid.

Effective on signing the amendments, the date for completion of the 400 tonne per day mine and mill completion test date was extended to December 31, 2015 and later extended to December 31, 2016. If the Company makes the US$20 million payment to Silver Wheaton by December 31, 2015, the amendments provide that the deadline for this completion test would be further extended to 24 months following the recommencement date.

In addition, the Silver Wheaton area of interest is expanded to include additional Alexco currently owned and future acquired properties within one kilometer of existing Alexco holdings in the Keno Hill District.

The Company is not obligated to make the US$20 million payment to Silver Wheaton under the amendment. However, in order for certain of the amendments to take effect (including the amendment to the fixed price), the Company will need to make this payment. The Company will require additional financing to make this payment and there is no assurance that additional financing can be obtained by December 31, 2015 (or such later date as the parties may agree). If the Company chooses to not make this US$20 million payment, the terms of the original Silver Streaming Agreement will remain in effect. See "Risk Factors".

In addition to the mining business described above, the Company also operates an environmental services business through its Alexco Environmental Group division (“AEG”). Primarily through AEG Canada, AEG US and ERDC, AEG provides a variety of mine and industrial site related environmental services including management of the regulatory and environmental permitting process, environmental assessments and reclamation and closure planning. The AEG operations also include the care and maintenance and closure reclamation activities being conducted by the Company in the Keno Hill District under the Subsidiary Agreement. Alexco also owns certain patents (the “Patents”) registered or in the process of being registered in the U.S., Canada and various other countries around the world, with terms that expire variously between 2015 and 2020. The Patents generally pertain to the in situ immobilization of metals, and are specifically suited to mine closure related remediation.

Further particulars relating to the business of AEG, including activities being conducted under the Subsidiary Agreement, are described below under “Item 4.B Business Overview – Environmental Services”.

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B. Business Overview

General

The Company operates two principal businesses: a mining business, comprised of mineral exploration and mine development and operation in Canada, primarily in Yukon Territory; and through AEG, an environmental services business, providing consulting, remediation solutions and project management services in respect of environmental permitting and compliance and site remediation, in Canada, the United States and elsewhere.

The progress on and results of work programs on the Company’s principal properties is set out in “Item 4.D Property, Plants and Equipment” of this Annual Report on Form 20-F.

Mining Business

The Company’s principal mining business activities are currently being carried out within the Keno Hill District in Yukon Territory. The District is a storied silver mining region in Canada, encompassing over 35 former mines that produced variously from approximately 1918 through 1988, with published information from the Yukon Government’s Minfile database reporting more than 217 million ounces of silver produced at average grades of 40.5 ounces per ton silver, 5.6% lead and 3.1% zinc.

The Company’s mineral property holdings within the District span a significant majority of the regional area, and most of the former mines. The KHSD property comprises the Flame & Moth, Bellekeno and Lucky Queen deposits as well as the Onek, Bermingham properties and Elsa Tailings properties. The Company holds several other less advanced property interests within the District, including but not limited to the Silver King, Husky and McQuesten and other properties, which may potentially become material properties depending on the results of exploration programs the Company may carry out on them in the future. In aggregate, Alexco’s various mineral properties within the District are comprised of mineral rights totaling approximately 717 surveyed quartz mining leases, 877 unsurveyed quartz mining claims, eight placer claims and two crown grants, in addition to five fee simple lots and seven surface leases. Of those, the mineral rights acquired from UKHM (the “UKHM Mineral Rights”) and therefore subject to the capped 1.5% net smelter return royalty provided for under the Subsidiary Agreement (see “Item 4.A History and Development of the Company – Three Year History”) total 673 quartz mining leases, 121 quartz mining claims and two crown grants.

Other non-material mineral property interests of the Company include the Sprogge and Harlan properties in the Yukon, and certain net smelter return royalties in respect of the Brewery Creek and Ida-Oro (formerly Klondike) properties in the Yukon and the Telegraph Creek, Iskut River, Kiniskan Lake and Manson Creek properties in British Columbia.

On February 15, 2012, the Company entered into a sales and purchase agreement to sell 100% of its interest in the Brewery Creek property to an unrelated third party, Till Capital Ltd. (formerly Americas Bullion Royalty Corp.). Effective September 26, 2012, the sale was completed, for proceeds of $3,205,000 cash plus 7,500,000 common shares of Till Capital Ltd. and purchase warrants to acquire a further 3,750,000 common shares for a price of $1.15 per share at any time until September 25, 2014, as well as a net smelter return royalty on gold production from Brewery Creek of between 2% and 2.75% .

Environmental Services

General

The Company’s environmental services division, AEG, is in the business of managing risk and unlocking value at mature, closed or abandoned sites through integration and implementation of the Corporation's core competencies, which include management of environmental services, implementation of innovative treatment technologies, execution of site reclamation and closure operations, and, if appropriate, rejuvenation of exploration and development activity. The Company’s principal markets for these services are in Canada, the United States and the Americas, with the Canadian market serviced primarily through AEG Canada and ERDC, the U.S. market through AEG US, and the balance of the Americas through either AEG Canada or AEG US. The Corporation provides its services to a range of industrial sectors, but with a particular focus on current and former mine sites.

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The Company offers its clients a unique combination of environmental remediation expertise in the area of site reclamation and closure, an ability to manage complex permitting and regulatory programs on a turnkey basis, and strong operations management. In addition, the Company seeks to strategically leverage off its environmental services group, accessing opportunities to enhance asset value through effective liability risk management and efficient site operations. This is accomplished through unlocking potential exploration and development opportunities at contaminated or abandoned sites through cost effective and responsible environmental remediation and liability transfer.

The Company executes its environmental services business plan by using and applying the intellectual property assets, including the Patents, and the specialized skill sets and knowledge it maintains in-house. While there are a significant number of firms providing environmental services in North America, these assets, skill sets and knowledge provide Alexco with a strong competitive advantage. Consolidated revenue from environmental services for the year ended December 31, 2014 totaled $14,925,000, compared to $16,319,000 in 2013, all of which was derived from sales to external unrelated parties. During the year ended December 31, 2014, the Company recorded revenues from two customers representing 10% or more of total environmental services revenue, in the amounts of $4,836,000 and $4,471,000. During 2013, AEG had two customers representing 10% or more of total revenue, in the amounts of $7,200,000 and $4,020,000. AEG’s largest single customer is the Government Group, with a substantial component of Government revenues earned from the Government of Canada’s Aboriginal Affairs and Northern Development Canada.

ERDC

As described above, under the Subsidiary Agreement, Alexco’s subsidiary ERDC was retained through the Government Group as a paid contractor responsible on a continuing basis for the environmental care and maintenance and ultimate closure reclamation of the former UKHM Mineral Rights.

Pursuant to the Subsidiary Agreement, ERDC shares the responsibility for the development of the ultimate closure reclamation plan with the Government of Canada, for which it would receive fees of 65% of agreed commercial contractor rates, and this plan development is currently ongoing. Upon acceptance and regulatory approval, the closure reclamation plan will be implemented by ERDC at full agreed contractor rates. During the period required to develop the plan and until the closure plan is executed, ERDC is also responsible for carrying out the environmental care and maintenance at various sites within the UKHM Mineral Rights, for a fixed annual fee adjusted each year for certain operating and inflationary factors and determined on a site-by-site basis. Under the Subsidiary Agreement, the portion of the annual fee amount so determined which was billable by ERDC in respect of each site reduced by 15% each year until all site-specific care and maintenance activities were replaced by closure reclamation activities; provided however that should a closure reclamation plan be prepared but not accepted and approved, the portion of annual fees billable by ERDC would revert to 85% until the Subsidiary Agreement was either amended or terminated. ERDC receives agreed commercial contractor rates when retained by the Government Group to provide environmental services in the Keno Hill District outside the scope of care and maintenance and closure reclamation planning under the Subsidiary Agreement. As a result of these terms, the Company has previously recognized an environmental services contract loss provision to reflect aggregate future losses estimated to be realized with respect to care and maintenance activity during the closure planning phase.

In July 2013, the Corporation executed an amended and restated Subsidiary Agreement, the ARSA, with the Government of Canada. Recognizing that developing the closure reclamation plan is more complicated than originally anticipated, the ARSA provides for the Government of Canada to contribute a higher proportion of those costs than provided for under the Subsidiary Agreement, retroactive to 2009. As a result, included in revenues for AEG for 2013 is $1,983,000 in one-time retroactive fees. Going forward, ERDC will receive 95% of agreed commercial contractor rates for ongoing development of the closure reclamation plan. Furthermore, with respect to care and maintenance activity during the closure planning phase, the original reducing fee scale is replaced by a fixed fee of $850,000 per year, representing approximately 50% of estimated fully-billable fees. As a result, included in AEG cost of sales is an $850,000 reduction in the Corporation’s environmental services contract loss provision, partially offset by a $107,000 increase due to an extension of the estimated date by which the care and maintenance phase will end to August 2018.

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Specialized Skills

At December 31, 2014, the Company had 66 permanent and seasonal employees. A total of 7 were employed in the care and maintenance of the Bellekeno mine and mill site care and maintenance, and a further 3 were employed in mineral exploration and evaluation activities. A total of 49 were employed in the environmental services business, with the remaining 7 employed in respect of executive management and administrative support. Significant aspects of both the mining business and the environmental services business require specialized skills and knowledge in areas that include geology, mining, metallurgy, engineering, environmental contamination treatment, permitting and regulatory compliance, as well as environmental and social policy issues. In the period 2010 through 2012, skill shortages within the mining industry in general, and particularly within Yukon Territory, made it more challenging to recruit and retain qualified employees in these fields. Alexco was generally successful in recruiting and retaining the key personnel necessary to its operating needs, though recruitment of skilled mill operators was an ongoing challenge for Bellekeno mine operations through mid-2012. By the end of 2012, the mill work force complement had stabilized. However, recruitment and retention of qualified employees in the mining sector remains a risk factor, and a re-start of Alexco’s mining operations will necessitate the re-hiring of mine and mill personnel.

Competitive Conditions

The Company operates in a very competitive industry, and competes with other companies, many of which have greater technical and financial facilities for the acquisition and development of mineral properties, as well as for the recruitment and retention of qualified employees and consultants.

Business Cycles

Silver, lead and zinc, are the primary metals found in the Bellekeno resource in particular and within the Keno Hill District historically. With respect to the economic climate during 2014, prices for silver steadily deteriorated through course of 2014 from a high of US$22.05 on February 24, 2014 to a low of $15.28 on November 6, 2014. Prices for lead generally held steady through most of the year though it started to decline in price in December to approximately US$0.83. The price of zinc increased during the first half of the year and steadily declined in price for the second half of the year to approximately $0.97. As at the date of this Annual Report, prices are approximately US$16.00 per ounce silver, US$0.81 per pound for lead and US$1.00 per pound for zinc and the Canadian-US exchange rate is approximately US$0.80 per CAD. Consensus investment analyst forecasts over the next two years for silver average approximately US$17.40 per ounce, for lead average approximately US$1.02 per pound, and for US$1.11 per pound, with the Canadian-US exchange rate forecast to range from US$0.80 to US$0.90 per CAD. See “Item 3. Key Information – D. Risk Factors”.

Government Regulations

The Company’s operations are subject to certain governmental laws and regulations. The Company’s properties are affected in varying degrees by government regulations relating, among other things, to the acquisition of land, pollution control and environmental protection, land reclamation, safety and production. Changes in any of these regulations or in the application of the existing regulation are beyond the control of the Company and may adversely affect its operations. Failure to comply with the conditions set out in any permit or failure to comply with the applicable statutes and regulations may result in orders to cease or curtail operations or to install additional equipment. The Company may be required to compensate those suffering loss or damage by reason of its activities. The effect of these regulations cannot be accurately predicted. See “Item 3.D Key Information - Risk Factors.”

Foreign Operations

Mineral exploration and mining activities in other jurisdictions in which the Company may acquire properties, could be affected in varying degrees by political instability and government regulations relating to the mining industry. Any changes in regulations or shifts in political conditions may adversely affect the Company’s business.

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Operations may be affected in varying degrees by government regulations with respect to restrictions on production, price controls, export controls, income taxes, expropriation of property, environmental legislation and mine safety.

Social or Environmental Policies

The Company maintains a written Code of Business Conduct and Ethics (the “Code”), compliance with which is mandatory for all directors, officers and employees, and the full text of which may be viewed at the Company’s web site. Included within the Code is a requirement that all directors, officers and employees comply with all laws and governmental regulations applicable to the Company’s activities, including but not limited to maintaining a safe and healthy work environment, promoting a workplace that is free from discrimination or harassment and conducting all activities in full compliance with all applicable environmental laws. All directors, officers and employees are required to certify in writing their acknowledgement of and compliance with the Code, at the time of hiring and at least annually thereafter. A senior executive of the Company is formally appointed the role of Company Ethics Officer, responsible for ensuring adherence to the Code, investigating any reported violations, and ensuring appropriate responses, including corrective action and preventative measures, are taken when required.

C. Organizational Structure

At the end of its most recently completed financial year, the Company had the following wholly-owned subsidiaries:

• Alexco Keno Hill Mining Corp., organized under the laws of British Columbia;

• Alexco Exploration Canada Corp., organized under the laws of British Columbia;

• Elsa Reclamation & Development Company Ltd., organized under the laws of Yukon (“ERDC”);

• Alexco Environmental Group Inc. (formerly Access Mining Consultants Ltd.), organized under the laws of Yukon (“AEG Canada”);

• Alexco Environmental Group (US) Inc. (formerly Alexco Resource U.S. Corp.), organized under the laws of Colorado (“AEG US”); and

• Alexco Financial Guaranty Corp., organized under the laws of Colorado.

D. Property, Plants and Equipment

The following is a discussion of the Company’s Mineral Properties.

KHSD Property

Overview

The Company owns access to the majority of the historic KHSD, located in Yukon, Canada. It is comprised of polymetallic silver-lead-zinc deposits occurring in the historic KHSD located in the vicinity of the village of Keno City, Yukon. There are approximately 30 known deposits in the area, many of which have been subject to small scale mining operations over the last century, and numerous prospects.

The Company’s 100% owned KHSD property encompasses the Bellekeno, Flame & Moth, Lucky Queen, Onek and Bermingham deposits (“KHSD Properties”) and comprises 717 surveyed quartz mining leases and 877 unsurveyed quartz mining claims, approximately half of which are UKHM Mineral Rights. Prior to their amalgamation within KHSD, each of the deposits was a separate property and had been subject to numerous technical reports, all NI 43-101 compliant. All of these past technical reports have now been superseded by the current PEA (as defined below).

In December 2014, the Company completed an NI 43-101 compliant preliminary economic assessment for certain of its holdings in the KHSD (the "PEA") filed on SEDAR and dated December 10, 2014, entitled “Updated Preliminary Economic Assessment for the Keno Hill Silver District Project – Phase 2, Yukon, Canada”. The PEA was compiled by SRK Consulting (Canada) Inc. (“SRK”) with contributions from a team of qualified persons.

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Preliminary Economic Assessment for the Keno Hill Silver District Project – Phase 2, Yukon, Canada”. The PEA was compiled by SRK Consulting (Canada) Inc. (“SRK”) with contributions from a team of qualified persons.

It is noted that the PEA contains references and/or assumptions relating to the dates for re-starting or continuing mining operations or development work at certain of Alexco's mineral properties. [Readers are cautioned that] such dates were projections made at the time the PEA was prepared and are not necessarily reflective of Alexco's current plans. Re-start of mining operations and/or development work is dependent on a number of factors, including sustained improvements in silver markets and the effectiveness of cost structure reduction measures. Accordingly, there is no certainty as to when these factors will be achieved or that mining operations or development work will re-start. Moreover, certain of the disclosure regarding development and scheduled production that is contained in the PEA has been updated or omitted from the PEA disclosure in the Annual Report.

The technical information regarding the KHSD Properties in this Annual Report is based upon information contained in the PEA. Readers are encouraged to read the entire PEA, which is available at www.sec.gov for detailed information regarding the KHSD Properties.

The Company’s objective is to unlock value in the silver-rich KHSD, and is focused on growth by advancing its promising district properties to development decisions.

The Bellekeno mine is one of several mineral properties held by the Company within the KHSD. The Bellekeno mine, which commenced commercial production at the beginning of calendar year 2011, operated as Canada's only primary silver mine until operations were temporarily suspended by the Company at the end of August 2013.

The current status of the Company's more advanced properties within the KHSD are listed below:

• Bellekeno mine: In production since 2011 until temporary suspension of operations at the end of August 2013.

• Lucky Queen mine: Reconditioning and development work was undertaken from early 2012 into Q2 2013, with operations temporarily suspended in March 2013.

• Onek mine: Development work was undertaken from late 2012 into Q2 2013, with operations suspended at the end of May 2013. Onek is not included in the production plan presented in the PEA report but the mineral resources were updated to include the 2012 and 2013 drilling results.

• Flame & Moth deposit: Scoping level mine planning work has been completed by SRK Consulting (Canada) Inc. (SRK), and an internal company report has been provided to the Company. The Company began surface preparations earlier in 2014 which included road upgrades, installation of services, and construction of surface infrastructure and excavation of the portal.

• Bermingham deposit: A historical, small scale silver producer, where additional exploration drilling has been done by the Company and an updated resource block model has been completed. No mine planning has been completed on the new mineral resources. This deposit is not considered in the PEA report.

The PEA is based on the Company's plan to resume underground development activities in the eastern part of the KHSD, specifically at the Bellekeno and Lucky Queen mines and the Flame & Moth deposit. The project describing the development and production plans for these three properties that support the long range feed schedule for the Company's mill facility is referred to as the KHSD Project – Phase 2, which in this Annual Report is abbreviated as the “KHSD Project”.

Location

The KHSD project is located near the village of Keno City, approximately 350 kilometres (km) north of Whitehorse, Yukon. The Company's administration and camp facilities are located at the historic company town of Elsa.

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Figure 1.1: Keno Hill Silver District Location Map (Alexco, 2013)

Ownership - Mineral Rights, Claims and Leases

Mineral exploration in the KHSD was initially permitted under the terms and conditions set out by the Yukon Government in the Class III Quartz Mining Land Use Permit – LQ00186, issued on July 5, 2006 and valid until July 4, 2011. The Company subsequently obtained a Class IV Quartz Mining Land Use Permit – LQ00240 on June 17, 2008. The two permits were amalgamated on December 8, 2008 under #LQ00240, which is valid until June 16, 2018.

All quartz mining leases have been legally surveyed; the quartz mining claims have not been legally surveyed.

The KHSD quartz mining claims and quartz mining leases are held by one of three wholly-owned subsidiaries of the Company: Elsa Reclamation & Development Company Ltd. (“ERDC”), Alexco Keno Hill Mining Company (“AKHM”), or Alexco Exploration Canada Corp. (“AECC”), except for holding a 50% share with third party individuals in three leases (Rico, Kiddo and Argentum).

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The Company’s KHSD properties cover an area of 243.7 km², and comprises 717 quartz mining leases (91.8 km²) and 877 quartz mining claims (152.0 km²) as set forth in Exhibit 15.1 hereto, which is hereby incorporated by reference.

Mineral exploration at KHSD is permitted under the terms and conditions set out by the Yukon Government in the Class IV Quartz Mining Land Use Permit – LQ00240, issued on June 17, 2008 and valid until June 16, 2018.

Central Yukon is characterized by a subarctic continental climate with cold winters and warm summers. Average temperatures in the winter are between -15 and -20 degrees Celsius (°C) while summer temperatures average around 15°C. Exploration and mining work can be carried out year-round. The landscape around the KHSD is characterized by rolling hills and mountains with a relief of up to 1,600 metres.

The Company’s rights to much of the KHSD Properties are held through ERDC. In June 2005, PricewaterhouseCoopers (“PwC”), a court appointed interim receiver and receiver-manager of United Keno Hill Mines Limited and UKH Minerals Limited (collectively “UKHM”), selected the Company as the preferred purchaser of the assets of UKHM. PwC and the Company entered into an agreement (the “Purchase Agreement”) dated August 4, 2005, as amended November 2, 2005 and January 31, 2006. The Company assigned the Purchase Agreement to its wholly owned subsidiary ERDC on February 6, 2006.

In February 2006, following the negotiation of a Subsidiary Agreement between the Government of Canada, the Government of Yukon, and the Company, the Supreme Court of Yukon approved the purchase of the assets of UKHM by the Company through its wholly-owned subsidiary ERDC. The UKHM assets comprised two Crown grants, 674 mining leases, 289 mineral claims, a concentration plant, various buildings and equipment, as well as partial ownership interest in three mining leases, mineral claims, in addition to a leasehold interest in one mineral claim.

Interim closing of the UKHM transaction was completed on April 18, 2006. The Company assumed responsibility for care and maintenance operations at the UKHM property. On the initial closing, among other things, the Company:

• Deposited C$10 M in trust to be used exclusively to fund ERDC’s contribution to the cost of the reclamation of the pre-existing environmental liabilities of the UKHM property.

• Obtained possession of the mineral claims and leases, titled property, and Crown grants of UKHM and the equipment on the UKHM properties for the purposes of contracted care and maintenance and exploration by ERDC of the UKHM property.

Title to all UKHM assets was transferred to the Company (final closing) in late November 2007, following the approval of a Type B Water Licence by the Yukon Water Board.

The Company is formulating an Existing State of Mine Closure Plan for the entire KHSD as part of its agreements with different levels of government.

Future production from the KHSD, including the Bellekeno silver mine, is subject to a 1.5% NSR royalty, capped at C$4.0 M, payable to the Government of Canada. This royalty is a condition of the Subsidiary Agreement. Payment of the royalty did not begin until all pre-production capital had been recouped plus an additional allowance for KHSD exploration of approximately C$6.2 M. As at December 31, 2014 the total amount of royalty paid was $31,658.

The Company and Silver Wheaton entered into the Silver Streaming Agreement on October 2, 2008 whereby 25% of all future silver production from KHSD properties owned or controlled by the Company at the time of the consummation of the Silver Streaming Agreement will be delivered to Silver Wheaton in exchange for a payment of US$3.90/oz as well as a payment by Silver Wheaton of US$50 M for use in the development and construction of the Bellekeno silver mine.

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On June 16, 2014, the terms of this agreement were agreed to be altered, subject to as yet unfulfilled terms. The revised agreement becomes effective upon receipt by Silver Wheaton from the Company a payment of US$20,000,000. If the payment is made by Alexco on or before December 31, 2015, the agreement will be modified as follows:

During the period commencing on the earlier of (i) the first date from and after June 16, 2014 that the Owners receive payment or Refined Silver from an Offtaker for Payable Silver pursuant to and in accordance with any Mineral Offtake Agreement, and (ii) the date that is six (6) weeks from when the Mine first produced saleable concentrates at any time after June 16, 2014 (such earlier date being referred to as the “Re-Commencement Date”), which date shall be confirmed by way of written notice from the Owners to Silver Wheaton, and ending 10 years from such date (as may be adjusted pursuant to Section 5B) (the “Fixed Price Amendment Term”), the definition of “Fixed Price” set out at Section 1(nn) of this Agreement shall have the following meaning (with “Minimum Silver Price” meaning US$3.90, subject to increase by one percent annually (compounded) beginning three years after the date of completion of the 400 tonne per day final completion test):

“Fixed Price” means: (a) if the Spot Silver Price is less than or equal to US$19.45, the amount equal to the greater of: (A) (US$18.00 + (Spot Silver Price - US$19.45) x 0.91); and (B) the Minimum Silver Price; or (b) if the Spot Silver Price is greater than USUS$19.45, the amount equal to the greater of: (A) (US$18.00 - (Spot Silver Price - US$19.45) x 0.91); and (B) the Minimum Silver Price.

Physiography

The landscape around the KHSD is characterized by rolling hills and mountains with a relief of up to 1,600 metres (m) (Figure 5.1) . The highest elevation is Keno Hill at 1,975 m. Slopes are gentle except the north slopes of Keno Hill and Sourdough Hill.

Accessibility

The KHSD is located in central Yukon. The closest sizable town is Mayo, located on the Steward River, approximately 40 km to the southwest. Mayo is accessible from Whitehorse via a 460 km all-weather road and is also serviced by the Mayo airport, which is located just to the north of Mayo. An all-weather gravel road known as the Silver Trail Highway leads from Mayo to the KHSD, the historic company town of Elsa, and the village of Keno City.

Climate

The central Yukon is characterized by a subarctic continental climate with cold winters and warm summers. Average temperatures in the winter are between -15 and -20 degrees Celsius (°C) but can reach -60°C. The summers are moderately warm with average temperatures in July around 15°C. Exploration and mining work can be carried out year-round.

Because of its northern latitude, winter days are short with the sun low on the horizon such that north-facing slopes can experience ten weeks without direct sunlight around the winter solstice. Conversely, summer days are very long, especially in early summer around the summer solstice. Annual precipitation averages 28 centimetres (cm); half of this amount falls as snow, which starts to accumulate in October and remains into May or June.

Current Infrastructure

The KHSD is well connected by a network of public and private gravel roads including the Silver Trail Highway and the Bellekeno haul road, which was built to skirt the village of Keno City. A large number of roads constructed for past mining operations are still serviceable.

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The historic company town of Elsa, located toward the western end of the KHSD, comprises several buildings that are currently being used for administrative offices, staff accommodations, core logging facilities, maintenance facilities, and storage. Warehousing and refueling facilities are also located at Elsa.

The main camp and kitchen are located at Flat Creek approximately 1 km west of Elsa.

The 400-tonne-per-day Keno Hill silver mill facility and associated tailings facilities are located in a valley near the village of Keno City, approximately 9.2 km east of Elsa.

Three phase power is available in many parts of the KHSD.

Radio communication is well established throughout the KHSD with phone service to key locations.

Local resources in terms of manpower, rental equipment, materials, and supplies are very limited.

Water

The Company has four water use permits in relation to the KHSD for use in relation to the Onek and Lucky Queen mine production (Type A Water Use Licence QZ09-092, amendment 1 expires 2020), the Bellekeno Mine production (Type A Water Use Licence QZ09-092, expires 2020), advanced exploration Type B Water Use Licence QZ07- 078/Amendment 1 QZ10- 0606, expires 2018) and care and maintenance (Type B Water Use Licence QZ12-057 expires 2018).

Geology

The Keno Hill mining camp is located in the northwestern part of the Selwyn Basin in an area where the northwest-trending Robert Service Thrust Sheet and the Tombstone Thrust Sheet overlap. The area is underlain by Upper Proterozoic to Mississippian rocks that were deposited in a shelf environment during the formation of the northern Cordilleran continental margin. The area underwent regional compressive tectonic stresses during the Jurassic and the Cretaceous, producing thrusts, folds, and penetrative fabrics of various scales.

The Robert Service Thrust Sheet lying to the south of the KHSD is composed of a Late Proterozoic to Cambrian coarse grained quartz rich turbidite succession with interbedded shales and locally limestone of the Hyland Group, Yusezyu Formation.

The Tombstone Thrust Sheet that lies to the north and underlies the KHSD consists of Devonian phyllite, felsic meta-tuffs, and metaclastic rocks of the Earn Group that is conformably overlain by the Mississippian Keno Hill Quartzite. This latter unit is locally thickened due to folding and/or thrusting and is the predominant host of the silver-lead-zinc mineralization of the KHSD. Four intrusive suites intrude the sedimentary sequence:

• Late Triassic gabbro to diorite sills.

• Early Cretaceous Tombstone granite to granodiorite.

• Mid Cretaceous diabase dykes and sills.

• Upper Cretaceous McQuesten peraluminous porphyritic granite.

The Mississippian Keno Hill Quartzite is composed of a thick Basal Quartzite Member that is overlain by the Sourdough Hill Member. The sequence was metamorphosed to greenschist facies during the Cretaceous. The Basal Quartzite Member is up to 1100 m thick and comprises quartzite interbedded with minor graphitic phyllite and is intruded by Triassic greenstone sills. The Basal Quartzite Member is the dominant host to the silver mineralization in the KHSD. The overlying Sourdough Hill Member comprises graphitic and sericitic phyllite, chloritic quartz augen phyllite, and thin limestone units. To the south, the Robert Service Thrust Fault separates the Keno Hill Quartzite from the overthrust Upper Proterozoic Hyland Group, which is comprised of predominantly meta-sedimentary chlorite and quartz-rich schist. The Keno Hill Quartzite is intruded by quartz-feldspar aplite sills or dykes that are correlated with the Early Cretaceous intrusive suite found elsewhere in the district.

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Three phases of folding are identified in the KHSD. The two earliest phases consist of isoclinal folding with subhorizontal, east- or west-trending fold axes. The later phase consists of a subvertical axial plane and moderate southeast-trending and plunging fold axis. In the KHSD, the first phases of folding formed structurally dismembered isoclinal folds of which the Basal Quartzite Member outlines synforms at Monument Hill where the Lucky Queen mine is located and at Caribou Hill, while the Bellekeno mine and the Flame & Moth prospect are located on the upper limb of a large scale anticline that closes to the north.

Within the KHSD, up to four periods of faulting are recognized. The oldest fault set consists of south-dipping foliation-parallel structures that developed contemporaneously with the first phase folding. The Robert Service Thrust Fault truncates the top of the Keno Hill Quartzite and sets the Precambrian schist of the Yusezyu Formation of the Hyland Group above the Mississippian Sourdough Hill Member of the Keno Hill Quartzite. The mineralization in the KHSD is hosted by a series of northeast-trending pre- and syn- mineral vein faults that display apparent left lateral normal displacement. These are commonly offset by post-mineralization high angle cross faults, low angle faults, and bedding faults. Most commonly, these comprise northwest-striking cross faults that show apparent right-lateral displacement.

Mineralization

The KHSD is a polymetallic silver-lead-zinc vein district with characteristics analogous to Kokanee Range (Slocan), British Columbia; Coeur d'Alene, Idaho; Freiberg and the Harz Mountains, Germany; and Príbram, Czech Republic. Common characteristics include the proximity to crustal-scale faults, affecting thick clastic metasedimentary rocks, and intrusion of felsic rocks that may have acted as a heat source driving the hydrothermal system. In the KHSD, the largest accumulation of silver, lead, and zinc minerals occurs in faults in structurally prepared competent rocks.

In general, gangue minerals include manganiferous siderite, minor calcite, and quartz. Silver occurs in argentiferous galena and argentiferous tetrahedrite. In supergene assemblages, silver can be native or in polybasite, stephanite, and pyrargyrite. Lead occurs in galena, and zinc in iron-rich sphalerite. Other sulphides include minor pyrite, arsenopyrite, and chalcopyrite.

At the district scale, the hydrothermal system exhibits sharp lateral mineralogical changes equivocally associated with temperature gradients around magmatic rocks. The hydrothermal veins also exhibit sharp vertical mineralogical zoning, historically interpreted to be lead-rich at the top to more zinc-rich at depth.

Historical Exploration and Operations

The Keno Hill mining camp area has a rich history of exploration and mining with 21 deposits having documented silver production in excess of 3,110 kilograms (100,000 ounces). Silver was first found in 1901 but small-scale mining only began in 1913. High silver prices at the end of World War I led to renewed and ultimately successful exploration activity in the area. Since then, at least 65 deposits and prospects have been identified within the area. Many small silver deposits were mined independently of each other throughout the area between 1913 and 1925.

The Treadwell Yukon Company Limited (“TYC”) consolidated a number of small mines and properties in the area in the 1920s. TYC continued to be the dominant company in the mining camp until it ceased operations in 1942 upon the untimely death of its founder Livingston Wernecke.

Keno Hill Mining Company Limited (“KHM”) acquired the interests formerly controlled by TYC in 1945. KHM was reorganized in November 1947 as United Keno Hill Mines Limited (“UKHM”) and by 1958 UKHM had acquired several properties, interests in properties, and other companies, including the assets of Galkeno Mines Limited and Canadian Northwest Mines and Oil.

Ventures Limited (later Falconbridge Nickel Mines Limited and Falconbridge Limited) acquired a controlling interest in UKHM in 1960 and assumed management control.

UKHM ceased all production in the area in 1989 and placed the active mines on care and maintenance, but continued to conduct limited underground exploration and development at the Bellekeno and Silver King mines. On February 18, 2000, UKHM was granted bankruptcy protection with PwC being appointed by the court as the interim receiver and receiver-manager of UKHM in 2001.

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In June 2005, the Company was selected as the preferred purchaser of the assets of UKHM by PwC. In February 2006, the Company's purchase of UKHM's assets through a wholly-owned subsidiary, Elsa Reclamation & Development Company Ltd. (ERDC), was approved. Under the Keno Hill Subsidiary Agreement, ERDC is indemnified against all historical liability, has property access for exploration and future development, and is not required to post security against pre-existing liabilities. ERDC received a water licence from the Yukon government in November 2007, giving the Company free and clear title to surface and subsurface claims, leases, free-hold land, buildings, and equipment at the KHSD.

The Company embarked on an aggressive surface exploration program in 2006 with continued yearly exploration programs through 2013. The Bellekeno mine reached commercial production in January 2011 with at a nominal rate of 250 tonnes per day (tpd).

Current Exploration Status

Most past exploration work in the KHSD was conducted as support to the mining activities until the mines closed in 1989. This historic work involved surface and underground drilling designed to explore areas surrounding the main underground working areas.

The current exploration program conducted by the Company is the first comprehensive exploration effort in the KHSD since 1997.

No additional surface drilling has been completed on the Lucky Queen deposit since the independent technical report was published as the intent was to access the orebody and begin development. The updated mineral resource estimate on the Bellekeno deposit incorporated the knowledge gained in the last three years of production and the results of additional underground and surface exploration drilling. The Flame & Moth updated resource estimate incorporated all drilling completed through to the end of 2012.

Current Development and Operations Status

Commercial production started at the Bellekeno silver mine on January 1, 2011 and continued at a nominal rate of 250 tpd with some 158,346 tonnes (t) being milled in 2011 and 2012. The average head grades for this period have been 794 gpt silver, 9.9% lead, and 5.3% zinc. Operations at the site were temporarily suspended at the end of August 2013.

It is noted that the PEA contains references and/or assumptions relating to the dates for re-starting or continuing mining operations or development work at certain of Alexco's mineral properties. Notwithstanding the incorporation by reference herein of the PEA and reproduction of dates below, such dates were projections made at the time the PEA was prepared and are not necessarily reflective of Alexco's current plans. Re-start of mining operations and/or development work is dependent on a number of factors, including sustained improvements in silver markets and the effectiveness of cost structure reduction measures. Accordingly, there is no certainty as to when these factors will be achieved or that mining operations or development work will re-start.

The PEA is based on the Company's plan to resume production in the eastern portion of the KHSD and it describes mining plans for the Bellekeno and Lucky Queen mines, and the Flame & Moth deposit.

The permit and amendments to existing permits required to bring the Lucky Queen deposit into commercial production were received in Q4 2012.

Development of the Lucky Queen deposit began in January 2012 with the Company re-establishing the existing portal, installing services, and beginning rehabilitation of the existing drift, which was driven in the 1980's by UKHM. Reconditioning of this drift progressed more slowly than planned with a bypass driven in one caved area, and ice occupying much of the 1,000 m length ultimately reconditioned. Despite these setbacks, the reconditioning was advanced to the planned ramp collar location prior to receiving the required permits and underground development began in early November 2012. The project was temporarily suspended in early March 2013, partly due to a need to amend the mining licence to allow storage of waste rock at the site to reduce waste haulage and storage constraints. These amendments have been put in place.

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Preliminary mine planning has been completed for the Flame & Moth deposit, and the required mining permit and amendments to existing permits/are expected to be received by the end of Q3, 2015.

Mined tonnes produced from these three mine sites will be trucked to the Company's nearby 400 tpd mill facility as scheduled in the PEA life-of-mine (“LoM”) plan. Prior to resuming production, several upgrades will be made to the mill including installation of a second ball mill which was purchased in 2013.

Development of the Onek deposit began in August 2012 with the building of a new road to access the proposed portal collar location, construction of a new haul road, excavation of the portal bench, establishing the ramp face, and the installation of ground support and services. The first ramp round was taken in early November 2012 and underground development began with the goal of reaching the target vein at the 960 elevation. On May 31, 2013, the Company announced that operations at Onek would be temporarily suspended. Onek is not included in the PEA production plan.

Mineral Resources and Mineral Reserve Estimates

The PEA is based on mineral resource estimates for three deposits that are part of the Company's KHSD project:

• Bellekeno deposit;

• Lucky Queen deposit; and

• Flame & Moth deposit.

The mineral resources have been estimated in conformity with the generally accepted CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (CIM, 2003) and are reported in accordance with the Canadian Securities Administrators' National Instrument 43-101. Mineral resources are not mineral reserves and have not demonstrated economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserve. See “Cautionary Note to United States Investors Regarding Mineral Reserve and Resource Estimates.”

In the opinion of SRK, the resource evaluations reported herein are a reasonable representation of the global polymetallic mineral resources in the Bellekeno and Lucky Queen mines, and Flame & Moth deposit at the current level of sampling.

Bellekeno Mineral Resources

The updated Bellekeno Mineral Resource Statement (Table 1.1) presented herein represents the third mineral resource evaluation prepared for the Bellekeno deposit in accordance with the Canadian Securities Administrators' National Instrument 43-101. The mineral resource model was prepared by the Company personnel under the supervision of a third party consulting geologist David Farrow, BSc (Hons), GDE, PrSciNat, PGeo (BC), of GeoStrat Consulting Services Inc. The model considers 405 core drill holes drilled by the Company during the period of 2006 to 2012 as well as historical drilling and chip data collection during production both historically and by the Company. The resource estimation work was completed by Mr. Farrow, a Qualified Person as defined in National Instrument 43-101.

Table 1.1: Updated Mineral Resource Statement for the Bellekeno Deposit, September 30, 2012

Class	Tonnes	Ag (gpt)	Pb (%)	Zn (%)
Indicated*	365,000	658	5.3	5.3
Inferred*	243,000	428	4.1	5.1

*Mineral resources are not mineral reserves and have not demonstrated economic viability. All figures have been rounded to reflect the relative accuracy of the estimates.
**Reported at a cut-off value of C$185 (US$1 = C$1)/t using consensus long term metal prices (US$) and recoveries of Ag US$22.50/oz, recovery 96%; Pb US$ 0.85/lb, recovery 97%; Zn US$ 0.95/lb, recovery 88%; Ag grades capped at 5,000 gpt.

SRK notes that since the date of the Bellekeno deposit mineral resource statement, the Company reports actual tonnes processed from the Bellekeno mine of 124,000 t at average grades of 701 gpt silver, 8.3% lead, and 4.3% zinc (from June 1, 2012 to the temporary shutdown on September 1, 2013).

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Lucky Queen Mineral Resources

The mineral resource estimate for the Lucky Queen deposit was previously prepared by SRK and published in an independent technical report on September 8, 2011 entitled "Technical Report on the Lucky Queen Deposit, Lucky Queen Property, Keno Hill District, Yukon". The Mineral Resource Statement from this report is restated below.

Table 1.2: Mineral Resource Statement for the Lucky Queen Deposit, July 27, 2011

Class	Tonnes	Ag (gpt)	Au (gpt)	Pb (%)	Zn (%)
Indicated*	124,000	1,227	0.17	2.57	1.72
Inferred*	150,000	571	0.16	1.37	0.92

*Mineral resources are not mineral reserves and have not demonstrated economic viability. All figures have been rounded to reflect the relative accuracy of the estimates.
**Reported at a cut-off value of $185 (US$1 = C$1)/t using long term metal prices (US$) and recoveries developed for the nearby Bellekeno deposit (Ag US$18.50/oz, recovery 96%; Pb US$ 0.90/lb, recovery 97%; Zn US$ 0.95/lb, recovery 88%; Au US$ 1,100/oz, recovery 72%). Ag grades capped at 6,300 gpt; Pb capped at 14.8%, Zn capped at 7%, Au grades capped at 2 gpt.

Flame & Moth Mineral Resources

The mineral resource estimate for the Flame & Moth deposit was previously prepared by the Company under the supervision of Mr. Farrow and published in the technical report entitled "Updated Technical Report on the Flame & Moth Deposit, Flame & Moth Property, Keno Hill District, Yukon" (Farrow and McOnie, 2013) on March 15, 2013. The Mineral Resource Statement from this report is restated below.

Table 1.3: Mineral Resource Statement for the Flame & Moth Deposit, January 30, 2013

Class	Tonnes	Ag (gpt)	Au (gpt)	Pb (%)	Zn (%)
Indicated*	1,378,000	516	0.42	1.72	5.70
Inferred*	107,000	313	0.27	0.86	4.21

*Mineral resources are not mineral reserves and have not demonstrated economic viability. All figures have been rounded to reflect the relative accuracy of the estimates.
**Reported at a cut-off value of $185 (US$0.96 = C$1)/t using consensus long term metal prices (US$) and recoveries developed for the nearby Bellekeno deposit (Ag US$24.00/oz, recovery 96%; Pb US$ 0.85/lb, recovery 97%; Zn US$ 0.95/lb, recovery 88%; Au US$ 1,400/oz, recovery 72%).For all veins, Ag grades capped at 3,000 gpt; Pb and Zn capped at 15% and 20%, respectively; Au grades not capped.

Onek Mineral Resources

A mineral resource for the Onek deposit was prepared by SRK in 2011 and published in a technical report entitled "Technical report on the Onek deposit, Onek Property, Keno Hill District, Yukon". The 2011 mineral resource was re-estimated as part of the PEA report and is restated below in Table 1.4.

Table 1.4: Mineral Resource Statement for the Onek deposit, SRK Consulting, October 15, 2014

Class	Tonnes	Ag (gpt)	Au (gpt)	Pb (%)	Zn (%)
Indicated*	654,000	200	0.62	1.29	12.30
Inferred*	234,000	134	0.44	1.24	8.86

*Mineral resources are not mineral reserves and have not demonstrated economic viability. All figures have been rounded to reflect the relative accuracy of the estimates.
*Reported at a dollar cut-off grade of C$185.00/t using metal prices (USD) and recoveries of Ag US$20.00/oz, recovery 96%; Pb US$ 0.90/lb, recovery 97%; Zn US$ 0.95/lb, recovery 88%; Au US$ 1,250/oz, recovery 72%. Confidence in the estimate of Inferred mineral resources is insufficient to allow the meaningful application of technical and economic parameters or to enable an evaluation of economic viability worthy of public disclosure.

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Bermingham Mineral Resources

A mineral resource estimate for the Bermingham deposit was prepared by SRK on August 8, 2012 and published in an independent technical report entitled "Technical Report on the Bermingham Deposit, Bermingham Property, Keno Hill District, Yukon". There has been no additional exploration work on the Bermingham deposit in the resource area since 2012 and the results of the mineral resource estimate are incorporated in this report. The Mineral Resource Statement from this report is restated below in Table 1.5.

Table 1.5: Mineral Resource Statement for the Bermingham deposit, SRK Consulting, October 15, 2014

Class	Tonnes	Ag (gpt)	Au (gpt)	Pb (%)	Zn (%)
Indicated*	257,000	460	0.06	2.00	2.10
Inferred*	102,000	372	0.09	1.12	1.83

*Mineral resources are not mineral reserves and have not demonstrated economic viability. All figures have been rounded to reflect the relative accuracy of the estimates.
**Reported at a dollar cut-off grade of C$185.00/t using metal prices (USD) and recoveries of Ag US$20.00/oz, recovery 96%; Pb US$ 0.90/lb, recovery 97%; Zn US$ 0.95/lb, recovery 88%; Au US$ 1,250/oz, recovery 72%. Confidence in the estimate of Inferred mineral resources is insufficient to allow the meaningful application of technical and economic parameters or to enable an evaluation of economic viability worthy of public disclosure.

Mineral Reserves

The PEA does not support a mineral reserve estimate. The "potentially mineable tonnes" on which the economic evaluation is based include both Indicated and Inferred mineral resources from all three deposits.

Mining

Mine Geotechnical and Hydrogeology

• The KHSD is known for locally challenging ground conditions that limit the choice of mining methods to fully supported methods with limited spans such as cut and fill and small scale longhole stoping with backfill.

• The Bellekeno mine was in production for close to three years. In that time, the Company has successfully gained an understanding of the structural context of the deposit, how the ground responds to mining, and the best means of controlling the ground.

• The Company has developed detailed and effective standards for ground support.

• In all mining areas, weak, wet ground conditions will result in elevated mining risk. Areas exhibiting these conditions will need to be exposed early and dewatered.

• The Flame & Moth deposit is in part situated below the floor of a valley and there is potential for water ingress from faulting, overburden materials, and surface water features.

Mining

• Planned underground mining methods include mechanized cut and fill, and drift and fill, where spans are greater than 7 m, and small scale longhole stoping.

• Net smelter return (NSR) estimates were used as a measure of resource block value.

• All three deposits exhibit good vein continuity after application of cut-off NSR values.

• Nominal production rates are: Bellekeno mine 250 tpd, Lucky Queen 100 tpd, and Flame & Moth 320 to 370 tpd.

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• Potentially mineable tonnes total of 812.9 kilotonnes (kt) with average metal grades of 754 gpt silver, 0.40 gpt gold, 2.71% lead, and 4.53% zinc, and an average NSR value of $398 per tonne (/t).

• The NSR value accounts for the impact of the renegotiated Silver Streaming Agreement with Silver Wheaton Corp. (Amendment No.7).

• Contained silver in potentially mineable tonnes is estimated at 19.7 million ounces.

• The average percentage of Inferred mineral resources in the LoM plan is approximately 6%.

• Estimated average external dilution by deposit is Bellekeno 19%, Lucky Queen 44%, and Flame & Moth 15%.

Bellekeno

• The Bellekeno deposit was being mined by underground methods including mechanized cut and fill and small scale longitudinal retreat longhole incorporating full backfilling.

• Bellekeno potentially mineable tonnes, 11% of LoM plant feed, are estimated at 86 kt with average metal grades of 660 gpt silver, 6.74% lead, and 4.15% zinc, and NSR value of $381/t.

• The mine reached commercial production at the start of 2011. Operations were temporarily suspended at the end of August 2013.

Lucky Queen

• The Lucky Queen deposit requires the use of mechanized cut and fill methods in order to extract the mineral resource due to the average 45 degree (°) dip of the deposit. Cemented rockfill is planned to provide adequate support to the hangingwall.

• Lucky Queen potentially mineable tonnes, which account for 17% of LoM plant feed, are estimated at 142 kt with average metal grades of 1,059 gpt silver, 0.12 gpt gold, 2.40% lead, and 1.42% zinc, and NSR value of $530/t.

Flame & Moth

• The Flame & Moth deposit can be mined by underground methods incorporating full backfilling without causing surface disturbance that could put the mill at risk.

• Flame & Moth's potentially mineable tonnes, 72% of LoM plant feed, are estimated at 585 kt with average metal grades of 693 gpt silver, 0.52 gpt gold, 2.19% lead, and 5.35% zinc, and NSR value of $368/t.

Mineral Processing

Metallurgical testwork has been conducted on each of the three deposits independently. Testwork performed from 1996 through 2009 was the basis for the design and construction of the Company's mill facility in 2010. Results of this testwork have been compared to actual performance in the mill, which has been processing Bellekeno ore since late 2010. Since 2011, samples from Lucky Queen and Flame & Moth mineralization were tested to assess flotation performance only. To date, no testwork has been conducted on a blended sample from any of the three deposits.

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As all three deposits appear to follow similar relationships between concentrate grade and recovery versus head grade, this suggests similar mineralogy but at significantly different grades and metal ratios. Mineralogical investigations should be conducted to confirm this assumption.

Testwork results indicated that a primary grind size finer than that currently achieved by the mill facility could increase flotation selectivity, especially for zinc, resulting in higher recoveries and concentrate grades.

The current PEA study assumes the mill facility's production will increase to the design capacity of 400 tpd once the additional ball mill is commissioned.

The LoM plan is generally based on the mill processing a variable blend of two deposits at a time, first a Bellekeno and Flame & Moth blend, and later a blend of Lucky Queen and Flame & Moth. Flame & Moth represents 72% of the total plant feed.

Relationships between silver, lead, and zinc recovery and head grade were used to estimate the concentrate recoveries for the blends expected in the PEA production plan. In addition, based on the concentrate mass recovery, the grade of minor elements was also estimated on an annual basis for the PEA production plan. These relationships are preliminary in nature and it is SRK's opinion that they need to be verified with metallurgical testwork on actual blended samples.

Environmental and Permitting

Key environmental and socio-economic considerations associated with this project include water quality, noise/traffic/dust, land/resource use and heritage resources, and community and First Nations relations. Discharges from the underground mines typically have neutral pH levels, but elevated concentrations of zinc, and sometimes cadmium. Due to the close proximity of this site to the community of Keno City, noise, dust, and traffic have been high profile issues for the project, and are the subject of ongoing discussions with the community. The Company has signed a comprehensive Cooperation and Benefits Agreement with the First Nation of Na-cho Nyak Dun to address environmental and socio-economic issues associated with the project.

The tailings and portions of the waste rock are a potential source of metal leaching. The Bellekeno mine tailings are currently stored in the dry stack tailings facility (DSTF), where they will be covered at closure. Progressive reclamation has already begun on the DSTF and the completed areas of the DSTF have been covered with soil and revegetated. This facility can be expanded to accommodate future production from other new mines (Lucky Queen and Flame & Moth). The Bellekeno underground mine practice was to use uncemented waste rock and a cemented waste rock/tailings blend as backfill. This same practice is planned to continue in future at the Bellekeno mine, but with more effort on utilizing tailings as backfill. A similar strategy is planned for the Flame and Moth deposit, while Lucky Queen requires the use of a cemented rockfill product that will be compacted to provide hangingwall support.

Waste rock generated at Bellekeno (and all of the planned mines) that has a minimal potential for metal leaching/acid rock drainage (ML/ARD) will be used in construction or stored in surface waste rock storage facilities. There are surface storage pads for temporary storage of mineralized waste rock prior to their transport underground for backfilling.

The development of the Flame & Moth deposit will generate relatively large amounts of waste rock in comparison to the Bellekeno mine, and will require a temporary stockpile (waste rock set aside for underground backfill) and a permanent stockpile for excess waste rock (potentially reduced by waste rock used for surface construction projects). The Company plans to use the majority of the excess waste rock to construct a toe berm for the expansion of the DSTF.

The Company recently revised its reclamation and closure plan to address the closure liabilities associated with the further development of Bellekeno and Lucky Queen. As part of the Quartz Mining Licence, the Government of Yukon currently holds $4.2 million in security for these operations, including the mill area and dry stack facility. This is a reasonable level of security given the current understanding of liabilities at this site. Development of the Flame & Moth deposit may require additional financial security to cover the potential costs of additional liabilities from the site – principally, the expanded DSTF and additional waste rock storage facility. Post closure water treatment is not expected to be required at Flame & Moth.

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All of the regulatory approvals required for mining activities associated with the Bellekeno and Lucky Queen deposits are currently in place. The required expansion of the DSTF and the addition of the Flame & Moth development have been reviewed under the YESAA process. YESAB has made a recommendation to the Yukon Government to allow the Project to proceed, subject to a number of specified terms and conditions (YESAB 2014). Pending formal approval, the Flame and Moth development will also require amendments to the Quartz Mining Licence and Water Use Licence, which could take two to three months and six-to nine months respectively from the time of submission. The terms and conditions for the Flame and Moth development, as outlined in Yukon Government’s Decision Document, includes additional water treatment requirements, provision for a liner under the DSTF as per the current design, additional enclosure around crusher, and ongoing increased air quality and noise monitoring.

Capital and Operating Costs

Capital Cost Estimate

Capital costs have been estimated in 2013 dollars on a quarterly basis for the period from January 1, 2015 to the end of the planned plant feed schedule in Q1 2021. In 2014, the Company began surface preparations for the Flame and Moth deposit and completed the portal excavations.

Table 1.6 shows the LoM estimate of total capital from the PEA. It is important to note that initial capital is distributed in time as defined by the pre-production periods described above. It is not all front-end loaded in the cash flow model.

Table 1.6: Capital Cost Summary

Area	Capital Costs (CDN$x1,000,000)
	Initial	Sustaining	Total
Silver Wheaton Payment	$22.5	-	$22.5
Bellekeno Mine	-	$5.2	$5.2
Lucky Queen Mine	$9.3	$9.8	$19.[1]
Flame & Moth Mine	$26.2	$10.7	$36.9
Mill	-	$2.0	$2.0
Site Services	-	$0.9	$0.9
Health & Safety	-	$0.9	$0.9
Contingency	$5.8	$2.2	$8.0
Total Capital	$63.8	[$31.7]	[$95.5]

Capital cost estimation work was undertaken as follows:

• Mine capital by SRK, representing more than 90% of the total estimate.

• Mill, site services, and health and safety capital by the Company with review by SRK.

SRK considers the accuracy of the capital cost estimate components to be at a scoping level.

Operating Cost Estimate

Site operating costs have been estimated in 2013 dollars based on SRK's review of the Company's 2012 and 2013 operating budgets and on actual reported operating costs for 2011 and 2012. SRK's operating cost estimates reflect the Company's ongoing and planned initiatives aimed at reducing the site unit operating cost.

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These initiatives include:

• Future mine operations including development and production are planned as owner operated (instead of contractor) using the Company's own equipment and workforce.

• Direct purchasing of new and used equipment for Lucky Queen and Flame & Moth instead of paying contractor monthly rental costs.

• Establishing long term supply contracts with suppliers and eliminating dependence on a contractor to supply basic materials such as ground support, explosives, and other materials.

• Upgrading the mill facility to ensure that it can reliably process 400 tpd.

• Table 1.7 shows the LoM site operating cost estimate. It is based on a LoM plant feed of 812.9 kt as shown in the economic model.

Table 1.7: LoM Site Operating Cost Summary

Area	LoM Site	Unit Cost
	Opex ($M)	($/tonne)
Mine	$127.6	$157
Mill	$56.5	$70
G&A	$23.0	$28
LoM Total Site	$207.1	$255

SRK's operating cost estimates for the three individual mines are shown in Table 1.8. The tonnes shown in the table exclude tonnes mined during pre-production. The Flame & Moth mine operating cost includes $8.1 M for equipment lease payments, equivalent to $14.39/t.

Table 1.8: Individual Mine Operating Cost Estimates

Mine	Individual	Operating	Mine
	Mine	Period	Unit Cost
	Opex ($M)	kt	($/tonne)
Bellekeno Mine	$12.3	85.7	$143
Lucky Queen	$32.56	142.2	$228
Flame & Moth	$82.9	585.0	$142
Subtotal Mines	$127.6	812.9	$157

Economics

The Company and Silver Wheaton entered into the Silver Streaming Agreement on October 2, 2008 whereby 25% of all future silver production from KHSD properties owned or controlled by the Company at the time of the consummation of the Silver Streaming Agreement will be delivered to Silver Wheaton in exchange for a payment of US$3.90 per ounce (/oz) as well as a payment by Silver Wheaton of US$50 M in 2009 and 2010 used for development and construction of the Bellekeno mine.

On June 16, 2014, the terms of this agreement were agreed to be altered, subject to as yet unfulfilled terms. The revised agreement becomes effective upon receipt by Silver Wheaton from the Company a payment of US$20,000,000. After the payment has been received, the agreement will be modified as follows:

During the period commencing on the earlier of (i) the first date from and after June 16, 2014 that the Owners receive payment or Refined Silver from an Offtaker for Payable Silver pursuant to and in accordance with any Mineral Offtake Agreement, and (ii) the date that is six (6) weeks from when the Mine first produced saleable concentrates at any time after June 16, 2014 (such earlier date being referred to as the "Re-Commencement Date"), which date shall be confirmed by way of written notice from the Owners to Silver Wheaton, and ending 10 years from such date (as may be adjusted pursuant to Section 5B) (the "Fixed Price Amendment Term"), the definition of "Fixed Price" set out at Section 1(nn) of this Agreement shall have the following meaning (with "Minimum Silver Price" meaning US$3.90, subject to increase by one percent annually (compounded) beginning three years after the date of completion of the 400 tonne per day final completion test):

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"Fixed Price" means:

(a)	if the Spot Silver Price is less than or equal to US$19.45, the amount equal to the greater of: (A) (US$18.00 + (Spot Silver Price - US$19.45) x 0.91); and (B) the Minimum Silver Price; or
(b)	if the Spot Silver Price is greater than USUS$19.45, the amount equal to the greater of: (A) (US$18.00 - (Spot Silver Price - US$19.45) x 0.91); and (B) the Minimum Silver Price.

This PEA is preliminary in nature. Approximately 6% of the "potentially mineable tonnes" disclosed in the mine plans are derived from Inferred mineral resources by the application of a cut-off net smelter return (NSR) value ($/t), and dilution and mining recovery factors. Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that this PEA will be realized.

Inputs to the economic assessment include:

• The terms of the amended Silver Streaming Agreement, Amendment No.7 dated June 16, 2014.

• LoM plant feed of 812.9 kt averaging 754 gpt silver, 0.40 gpt gold, 2.71% lead, and 4.53% zinc.

• The LoM production schedule from January 1, 2015 forward averages 398 tpd through to Q1 2021.

• Average NSR value of plant feed of US$398/t using the prices and exchange rate listed below.

• Metal prices of US$18.50/oz silver, US$1210/oz gold, US$0.98 per pound (/lb) lead, and US$1.00/lb zinc.

• Exchange rate of US$0.89/C$1.00.

• Payable silver amounting to 17.1 million ounces.

• LoM revenue of US$321 million (CDN$361 million).

• A LoM average site operating cost of $255/t processed comprised of $157/t mining, $70/t milling, and $28/t G&A.

• Capital costs totalling CDN$95.6 million including a CDN$22.5 million payment to Silver Wheaton Corp. to finalize Amendment No.7 of the Silver Streaming Agreement.

The KHSD project indicative economic results on an after tax basis are:

• Net cash contribution of $35.7 million.

• Internal rate of return (IRR) of 22.1%.

• Net present value (NPV) (5%) of $23.3 million.

• Payback period is 3.75 years from January 1, 2015.

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SRK notes that the LoM impact of the Silver Streaming Agreement is an undiscounted revenue reduction of $5.85 million for the Company.

For further disclosure concerning the Silver Streaming Agreement, see “Item 4. Information on the Company - A History and Development of the Company – Three Year History”.

SRK further notes that the PEA is based on a specifically selected mine sequencing strategy, however there are other possible scenarios for defining an overall production schedule that may warrant further study, particularly if changing metal prices or exploration results alter the mine planning context.

Risks

Mining

• Assessments of ground conditions at Lucky Queen and Flame & Moth are based solely on drill core review.

• As the overall level of extraction increases at the Bellekeno mine, it is likely that some stress induced failures will be encountered.

• Poor ground conditions, associated with a weak and wet rock masses, could increase mining costs and reduce planned extraction at Bellekeno and Lucky Queen.

• There is a possibility of significant water inflow to the planned Flame & Moth underground workings from faulting, overburden materials, and surface water features.

• Poor ground conditions, associated with a weak and wet rock mass, could increase Flame & Moth mining costs and reduce planned extraction.

• The Company must build up a skilled underground workforce to achieve the planned development and production ramp up in 2015 and 2016. There is a risk that some contractor support could be needed, increasing operating costs.

Processing

• Estimates of plant performance include uncertainty since they are based on metallurgical testwork conducted on unblended samples of grades much higher and lower than the production plan averages.

• No assessment of ball mill grindability has been done for Lucky Queen or Flame & Moth material.

• To date, only one composite sample from Flame & Moth has been tested and the results indicate that the current mill flowsheet could result in poor zinc flotation performance.

Environmental and Permitting

• There is potential for additional post-closure costs related to water treatment at the Bellekeno workings.

• The potential for high groundwater inflows to the Flame & Moth mine could create additional costs related to management and treatment of mine water.

• Development of the Flame & Moth deposit as well as the expansion of the DSTF from the currently permitted size of 322,000 t to a capacity that will accommodate Flame & Moth (estimated at a minimum of 750,000 t) will require additional permitting and possibly environmental assessment. SRK considers this a low risk, and significant delays are not anticipated.

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Project Economics

• Unless underlying fixed costs are significantly reduced, project economic results will be significantly impacted by a 15% drop in metal prices below those used in this PEA.

• The KHSD project has relatively high fixed costs related to location, climate, and the fact that operations are spread out over a large area. Overall economic results are closely linked to plant throughput rate. The risk is in maintaining the necessary plant throughput from multiple mines that are characterized by narrow vein mining in locally poor ground conditions.

Opportunities

Mining

• Depending on the impact of hydrogeology on the Flame & Moth mine plan, there may be an opportunity to achieve more than the 50% planned extraction of the barrier pillars along the Mill fault, and within crown pillar areas. Refer to report Section 0.

• Actual mining experience at Bellekeno mine has yielded more tonnage at a similar grade than predicted by previous versions of the underground mine plan (based on the same resource block model) such that the currently planned mine life could be extended.

• At the Bellekeno mine, the East zone represents an opportunity if economic conditions were to improve, particularly silver and zinc prices higher than the study prices.

• The Flame & Moth underground mine plan should be optimized based on the results of any additional metallurgical testwork and the results of further hydrogeology and mine geotechnical assessments. There may be an opportunity to increase the potentially mineable tonnes.

• Flame & Moth mining shapes are sensitive to the cut-off criteria, and higher metal prices or reduced royalties would increase the potentially mineable tonnes.

• In two of the three deposits there are some potentially mineable tonnes that were excluded from the PEA production plan for various reasons. This excluded tonnage amounts to 143 kt with average metal grades of 517 gpt silver, 3.00% lead, 4.00% zinc, and 0.07 gpt gold, representing a potential future mining opportunity.

Processing

• Additional testing of blended samples representative of the LoM production plan blends and grades may result in better flotation results than the ones estimated in this PEA.

• Additional hardness tests on Lucky Queen and Flame & Moth samples may reveal better grindability than the current expectation. Better ball mill grindability has the potential to decrease power consumption, improve mill throughput, achieve finer flotation feed size and, therefore, higher recoveries and concentrate grades.

Project Economics

• The project is sensitive to higher metal prices. A 20% increase in prices compared to the prices used in the study (silver price of US$28.80/oz for example) would increase estimated after tax net cash flow by roughly 2.2 times.

• Within the Keno Hill Silver District, Alexco has identified several high grade silver exploration/development targets that represent a pipeline of potential projects. These represent a potential opportunity to sustain a nominal plant feed rate of 400 tpd beyond Q1 2021 (Table 16.23), thus improving the project economics.

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Recommendations

Mining

• Mining sequences, monitoring, and tactical support requirements will need to be evaluated for the later stages of the Bellekeno mine plan.

• Additional hydrogeological and geotechnical evaluation needs to be undertaken at Flame & Moth to assess the impact of the hydrogeology on the proposed mining plan.

• For Flame & Moth, a system of barrier pillars will need to be designed along the Mill fault and below the overburden areas to minimize the potential for water inflow.

• The Lucky Queen underground mine plan should be optimized based on the results of additional metallurgical test results and increased understanding of the geology and geotechnical conditions resulting from planned sill drifting on vein.

• The Flame & Moth underground mine plan should be optimized based on the results of any additional metallurgical testwork and the results of further hydrogeology and mine geotechnical assessments.

Processing

• Further metallurgical testing and mineralogical analysis are recommended on additional samples representing the blends of deposits and expected grades shown in the LoM production plan.

• Additional testwork should also include ball mill grindability, flotation performance, and a range of samples to measure variability.

• Flotation conditions for Flame & Moth zinc concentrate production need to be optimized.

• Testing of additional samples for settling and geochemical characteristics is also warranted.

Environmental and Permitting

• Alexco has already initiated investigations on groundwater conditions at Flame & Moth, and geochemical characterization of waste rock from Flame & Moth. These studies will be important for developing appropriate waste and water management plans for these areas.

• Additional geochemical sampling and testing of both potentially acid or metal leaching and non-acid or metal leaching rock from all of the mines would provide a more robust data set for use in updating future closure plans."

2015 Exploration Program

Alexco is currently planning a 2015 exploration program to follow up successful results returned from the 2014 surface drilling program. Focus in 2015 will likely be on Bermingham where robust silver mineralization encountered in 2014 appears to be vectoring toward a stratigraphic – structural setting similar to that occupied by the historically mined Hector-Calumet deposit. Additionally, 2015 exploration will explore the northern part of the Bellekeno deposit.

Item 4A. Unresolved Staff Comments

None.

Item 5. Operating and Financial Review and Prospects

Overview

Our financial statements for the years ended December 31, 2014, 2013, and 2012 have been prepared in accordance with IFRS as issued by the IASB. The Company has consistently applied the same accounting policies throughout all periods presented, as if these policies had always been in effect.

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Critical accounting policies and Use of Estimates

Reference should be made to significant accounting policies contained in Note 3 of the December 31, 2014 audited consolidated financial statements of the Company attached hereto. Note 5 also contains a discussion of use of estimates and judgments. The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the period. Actual results may differ from these estimates.

A. Operating Results

The following discussion is intended to supplement the audited consolidated financial statements of the Company for the years ended December 31, 2014, 2013 and 2012, and the related notes thereto, which have been prepared in accordance with IFRS as issued by the IASB. This discussion should be read in conjunction with the audited consolidated financial statements contained in this Annual Report on Form 20-F. This discussion contains “forward-looking statements” that are subject to risk factors set out under the heading “Item 3. Key Information – D. Risk Factors”. See “Cautionary Note Regarding Forward-Looking Statements” above.

Results of Operations for fiscal year ended December 31, 2014 compared with the fiscal year ended December 31, 2013

Alexco reported a loss before taxes of $35,608,000 and a net loss of $32,772,000 for the year ended December 31, 2014, for a basic and diluted loss of $0.50 per share, on total revenues of $15,286,000. Included in these 2014 results are impairment charges on mining assets totaling $29,931,000. Excluding the effect of these impairment charges, the 2014 adjusted loss before taxes was $5,363,000. For the year ended December 31, 2013 Alexco reported a loss before taxes of $62,079,000 and a net loss of $50,450,000, for a basic and diluted loss of $0.81 per share, on total revenues of $59,433,000. Included in these 2013 results are impairment charges on mining assets and investments totaling $57,126,000 before taxes. Excluding the effect of these impairment charges, the 2013 adjusted loss before taxes was $4,953,000. The difference between years is primarily due to the effect of the suspension of Bellekeno mining operations in early September 2013, reduced gross profit on environmental services, increased mine site care and maintenance costs offset by decreased general and administrative expenses in 2014.

Alexco’s environmental services business, the Alexco Environmental Group (“AEG”), recognized revenues of $14,925,000 in the year ended December 31, 2014 for a gross profit of $4,888,000 compared to revenues of $16,319,000 and a gross profit of $8,849,000 during 2013. In July 2013, an amended and restated Subsidiary Agreement (“ARSA”) was executed with the Government of Canada. As a result of that execution, included in 2013 revenues is $1,983,000 in retroactive fees, and included in cost of sales is an $850,000 reduction in the Company’s environmental services contract loss provision. Excluding the impacts from the execution of the ARSA and from changes in the estimate of the environmental services contract loss provision, in 2014 AEG achieved a gross margin of 32.8%, compared to 42.5% in 2013. The decrease in gross margin from the prior year is a result of the AEG outsourcing certain specialty work to external consultants incurring lower margins and also due to one of AEG’s major projects shifting from engineering to earthworks which earns lower margins.

Bellekeno mining and milling operations were suspended in early September 2013 in light of the reduced silver price environment, and the 2013 results accordingly reflect only 245 days of mining operations. There were no mining operations in 2014 with the exception of $361,000 of revenues related to the final settlements of concentrates sales that were shipped in October 2013 and settled in April 2014. Revenues from mining operations at Bellekeno in 2013 totaled $43,114,000, yielding a gross loss $29,000. Metal prices for revenue recognized during 2013, weighted by dollar of revenue recognized, averaged US$23.94 per ounce for silver, US$0.98 per pound for lead and US$0.88 per pound for zinc. Silver prices for revenue recognized in the first, second and third quarters of 2013 were US$28.70, US$20.55 and US$22.06, respectively, reflecting the sharp reduction in silver prices experienced through 2013. Average mill throughput for 2013 was 271 tonnes per day (“tpd”). Total mine output during 2013 was 65,206 tonnes. Total production during 2013 was 1,408,164 ounces of silver, 10.3 million pounds of lead and 3.4 million pounds of zinc. Cash costs of production in 2013 were $14.00 per ounce of payable silver.

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Alexco’s surface exploration drill program for 2014 totaled $5,069,000 compared to $2,508,000 in 2013. Surface exploration drilling was completed as of the end of October 2014, and for the full season totalled 18,267 meters (2013 - 2,878 meters).

In June 2014, Alexco reached an agreement with Silver Wheaton to amend the Silver Streaming Agreement originally dated October 2, 2008, such that the fixed US$3.90 per ounce silver streaming production payment will be replaced with a variable production payment based on the spot price of silver, with significant positive implications for Alexco and the KHSD in general. The amended Silver Streaming Agreement applies to 25% of Alexco’s payable silver produced at its Keno Hill silver mining operations in Yukon, Canada. The amendments to the underlying Silver Streaming Agreement are subject to Alexco paying Silver Wheaton US$20 million, with Silver Wheaton taking a lead role via participation in US$5 million of any Alexco equity raise in excess of US$10 million towards the US$20 million payment. The date by which the payment is to be made was originally set at December 31, 2014, but has now been extended by agreement of the parties to December 31, 2015. If Alexco does not make the US$20 million payment, the original Silver Streaming Agreement terms will continue unamended with no other impact to Alexco.

In August 2014, the Company completed a bought deal financing pursuant to a short form prospectus, issuing 7,015,000 units at a price of $1.15 per unit for gross proceeds of $8,068,000. Each unit was comprised of one common share and one half of one common share purchase warrant, each full warrant entitling the holder to acquire one additional common share at a price of $1.40 for a period of two years after the closing date. The net cash proceeds from this financing were $7,179,000, and were used for further exploration and development activities on the KHSD property, particularly the Flame & Moth deposit, and for general working capital purposes.

In December 2014, Alexco released an updated National Instrument 43-101 compliant Preliminary Economic Assessment (“PEA”) for its 100% owned KHSD in Canada's Yukon Territory (“KHSD PEA”) (see news release dated December 23, 2014 entitled “Alexco Updates Positive Preliminary Economic Assessment for Expanded Silver Production from Keno Hill Silver District, Yukon”). This PEA consolidates into one report updated information related to construction and operation of a new underground mine at the Flame & Moth silver deposit, and includes current resource statements for the Bellekeno, Lucky Queen, Onek and Bermingham deposits. The PEA reflects one of a number of production strategies being considered in the eastern KHSD.

The Company’s cash and cash equivalents at December 31, 2014 totaled $8,639,000 compared to $8,610,000 at December 31, 2013, while net working capital totaled $11,332,000 compared to $15,316,000. The decrease in net working capital is mainly attributed to a reclassification of inventory, where $4,269,000 of ore in stockpiles has been classified as a non-current asset.

General and administrative expenses in 2014 totaled $8,466,000 compared to $12,471,000 in 2013. The significant reduction in general and administrative expenses, primarily regarding salaries and contractor costs, reflects the impact of the implementation of cost reduction measures, as well as the reduction in Bellekeno mine site overhead costs following the suspension of operations in 2013.

Mine site care and maintenance costs in 2014 totaled $3,130,000 compared to $1,210,000 in 2013. The increase in cost is due to care and maintenance in 2013 only occurring from September onward when production was suspended while 2014 was for the entire year. Included in mine site care and maintenance costs is depreciation expense of $2,486,000 in 2014 and $643,000 in 2013.

Results of Operations for fiscal year ended December 31, 2013 compared with the fiscal year ended December 31, 2012

Alexco reported a loss before taxes of $62,079,000 and a net loss of $50,450,000 for the year ended December 31, 2013, for a basic and diluted loss of $0.81 per share, on total revenues of $59,433,000. Included in these results are impairment charges on mining assets and investments totaling $57,126,000 before taxes. Excluding the effect of these impairment charges, the adjusted loss before taxes is $4,953,000 (see “Non-IFRS Measures – Adjusted Loss” on page 17), compared to income before taxes of $7,979,000 in 2012, with the difference due primarily to the effect of reduced silver production in the first quarter of 2013, combined with significantly lower silver prices in 2013 and the resultant suspension of Bellekeno mining operations effected as of early September 2013.

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Revenues from mining operations at Bellekeno in 2013 totaled $43,114,000, yielding a gross loss of $29,000. Metal prices for revenue recognized during 2013, weighted by dollar of revenue recognized, averaged US$23.94 per ounce for silver, US$0.98 per pound for lead and US$0.88 per pound for zinc, compared to US$31.54, US$0.95 and US$0.89 respectively in 2012. Silver prices for revenue recognized in the first, second and third quarters of 2013 were US$28.70, US$20.55 and US$22.06 respectively, reflecting the sharp reduction in silver prices experienced through 2013.

Bellekeno mining and milling operations were suspended in early September 2013 in light of the reduced silver price environment, and the 2013 results accordingly reflect only 245 days of mining operations. Average mill throughput for the year was 271 tonnes per day (“tpd”) compared to 260 tpd in 2012. Total mine output during the year was 65,206 tonnes, compared to mine output of 86,354 tonnes in 2012. Total production during 2013 was 1,408,164 ounces of silver, 10.3 million pounds of lead and 3.4 million pounds of zinc. Cash costs of production in 2013 were $14.00 per ounce of payable silver, compared to $11.89 in 2012.

Sharp and significant declines in precious metal prices occurred over the course of the second quarter of 2013, with silver declining from US$28.64 at the beginning of the quarter to $18.86 at June 30. At the end of May 2013, following an initial sharp decline in silver prices during April, the Corporation announced it was implementing cost savings measures, including workforce reductions, a capital projects roll-back, vendor discussions, deferral of new mine commissioning and executive and board remuneration cutbacks. A second sharp decline in silver prices then occurred in mid-June. As a result, the Corporation announced in July that it was beginning preparations to undergo a temporary and orderly suspension of operations at the Bellekeno mine prior to the onset of winter, and mining and milling operations subsequently ceased by early September.

In December 2013, Alexco completed an NI 43-101 compliant preliminary economic assessment for certain of its holdings in the eastern portion of the KHSD (“EKHSD” and the “EKHSD PEA”) (see news release dated December 5, 2013 entitled “Alexco Releases Positive Preliminary Economic Assessment for Expanded Silver Production from Eastern Keno Hill Silver District, Yukon”). The EKHSD PEA is focused on production from the Flame & Moth deposit and consolidates supplemental production initially from the Bellekeno deposit and subsequently from the Lucky Queen deposit. It reflects one of a number of production strategies considered, and work remains ongoing to optimize the plan inputs. It is anticipated that one of the most significant factors that may lead to an improvement in the underlying fixed cost structure of the Keno Hill District mining operations will be an increase in mill throughput to full capacity of 407 tonnes per day.

The Corporation’s environmental services business, the Alexco Environmental Group (“AEG”), recognized revenues of $16,319,000 in the year ended December 31, 2013 for a gross profit of $8,849,000, compared to revenues of $7,983,000 and a gross profit of $2,886,000 during 2012. In July 2013, an amended and restated Subsidiary Agreement (“ARSA”) was executed with the Government of Canada. As a result of that execution, included in 2013 revenues is $1,983,000 in retroactive fees, and included in cost of sales is an $850,000 reduction in the Corporation’s environmental services contract loss provision. The additional improvement in AEG revenues is attributed primarily to growth in AEG’s client base within the US market. Excluding the impacts from the execution of the ARSA and from changes in the estimate of the environmental services contract loss provision, in 2013 AEG achieved a gross margin of 42.5%, compared to 40.3% in 2012.

The Corporation’s cash and cash equivalents at December 31, 2013 totaled $8,610,000 compared to $23,088,000 at December 31, 2012 and $7,922,000 at September 30, 2013, while net working capital totaled $15,316,000 compared to $25,727,000 and $15,356,000 for the same dates respectively. The decrease in cash and net working capital since 2012 primarily reflects the impact of substantially reduced cash inflows from Bellekeno mining operations due to the decline in silver prices, as well as capital expenditures primarily in the first half of the year on underground rehabilitation and access development activities at the Lucky Queen and Onek deposits, exploration in the Keno Hill District, the buy-out of certain mining equipment from the contract miner at Bellekeno and the purchase of settlement shares in connection with annual grantings of awards under the Corporation’s restricted share unit plan, offset by net cash proceeds of $6.5 million from the issuance of flow-through shares in April 2013. Cash and net working capital were slightly increased over the fourth quarter, reflecting the cash-flow positive wind-up of Bellekeno mining operations, the one-time benefits realized from the execution of the ARSA, and profitable operations at AEG in general.

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General and administrative expenses in 2013 totaled $12,471,000 compared to $16,657,000 in 2012. Included in expenses in 2012 was $0.8 million in severance costs related to the departure of an executive officer of the Corporation. The balance of the reduction in general and administrative expenses reflects the impact of cost reduction measures implemented over summer 2013, as well as the reduction in Bellekeno mine site overhead costs following the suspension of operations in early September, partially offset by costs attributed to workforce reductions implemented at the end of May 2013. Severance costs related to the suspension of operations as of September 2013 were nominal as the planned nature of the suspension meant working notice could be given to affected staff.

Outlook

Alexco’s current primary focus is on further building high grade resource in the KHSD as well as developing plans to improve the underlying fixed cost structure of the Keno Hill District mining operations with the goal of re-starting mining operations. Ore throughput, grade and the influence of the Silver Wheaton silver stream have a material impact on unit costs at Keno Hill. Bringing Flame & Moth into production is a key aspect of restarting operations at Keno Hill, and the permitting process for development of the Flame & Moth deposit is well along to completion.

With respect to the economic climate during 2014, prices for silver steadily deteriorated through course of 2014 from a high of US$22.05 on February 24, 2014 to a low of $15.28 on November 6, 2014. Prices for lead generally held steady through most of the year though it started to decline in price in December to approximately US$0.83. The price of zinc increased during the first half of the year and steadily declined in price for the second half of the year to approximately $0.97. As of the end of the period covered by this Form 20-F, prices are approximately US$17.00 per ounce silver, US$0.80 per pound for lead and US$0.91 per pound for zinc and the Canadian-US exchange rate is approximately US$0.80 per CAD. Consensus investment analyst forecasts over the next two years for silver average approximately US$17.40 per ounce, for lead average approximately US$1.02 per pound, and for zinc US$1.11 per pound, with the Canadian-US exchange rate forecast to range from US$0.80 to US$0.90 per CAD (see “Risk Factors”, including but not limited to “Potential Profitability Of Mineral Properties Depends Upon Other Factors Beyond the Control of the Company” and “General Economic Conditions May Adversely Affect the Company’s Growth and Profitability” thereunder).

As noted above, the 2014 surface exploration drilling program was completed as of the end of October 2014, for a total of 18,267 meters drilled and expenditures of $5,069,000. Results from the program were released in November 2014 and January 2015. The Company is planning a 2015 exploration program to follow up successful results returned from the 2014 surface drilling program, especially the results from the Bermingham deposit.

With respect to AEG, Alexco remains engaged in the on-going environmental care and maintenance program and reclamation and closure projects at Keno Hill under its contract through ERDC with Canada and in accordance with the ARSA, and continues to service its private sector client base in the Yukon and elsewhere. AEG intends to continue expanding its environmental services activities, throughout northern and eastern Canada and the United States. AEG has developed a strong client base within the mining industry in the last several years, and has also been able to establish new lines of business related to industrial site soil remediation, water treatment and historical mine pool remediation.

B. Liquidity and Capital Resources

At December 31, 2014, the Company had cash and cash equivalents of $8,639,000, and net working capital of $11,332,000. The Company faces no known liquidity issues in any of its financial assets.

Cash used in operating activities was $723,000 for the year ended December 31, 2014 versus inflows of $3,407,000 for 2013, reflecting the impact of sharply reduced silver prices and the suspension of Bellekeno mining operations as of September 2013. Accounts receivable, inventories and accounts payable are all significantly lower, also reflecting the suspension of mining operations. Cash used in investing activities was $6,427,000 for 2014 versus $22,639,000 for 2013. Expenditures on mining operations properties were significantly reduced, to some extent because the 2013 expenditures include rehabilitation and access development activity at the Onek and Lucky Queen mines, and otherwise due primarily to decreased Bellekeno sustaining development expenditures in 2013 leading up to the suspension of mining operations in September. Expenditures on exploration and evaluation properties were similarly significantly reduced with supervision of underground exploration activity. Purchases of property, plant and equipment were significantly reduced in 2014 for the same reason. Cash generated from financing activities was $7,179,000 for 2014 versus $4,754,000 for 2013. Both years included equity financings while 2013 also included $1,869,000 of funds used to acquire RSU settlement shares.

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Under the silver streaming interest held by Silver Wheaton, Silver Wheaton is purchasing from the Company an amount of refined silver equal to 25% of the payable silver produced by the Company from its Keno Hill District mineral properties, if and when such payable silver is delivered to an off-taker and as the Company is paid for such payable silver. Silver Wheaton has paid the Company advance amounts totaling US$50 million, the last of which was received in January 2011, and for each ounce of silver purchased must pay the Company an additional cash amount of the lesser of US$3.90 (increasing by 1% per annum after the third year of full production) and the prevailing market price at the time of delivery. Contractually, the balance of advance payments received is reduced on each silver delivery by the excess of the prevailing market value of the silver at the time of delivery over the per-ounce cash amount paid by Silver Wheaton at the time of delivery. After the initial 40 year term of the streaming interest, the Company is required to refund the balance of any advance payments received and not yet reduced through silver deliveries. The Company would also be required to refund the balance of advance payments received and not yet reduced if Silver Wheaton exercised its right to terminate the streaming interest in an event of default by the Company. The Company will be required to refund a pro-rata portion of the balance of the advance payments not yet reduced to the extent the Bellekeno mine has not achieved production throughput of 400 tonnes of ore per day over a 30 day period by December 31, 2016, extended as more fully described below. The maximum amount of any such refund is US$9,750,000. Commencing January 2014, and ending the earlier of December 31, 2016 and the completion of the 400 tonnes per day throughput test, as extended by the same amendment, the Company may be required to sell more than 25% of the payable silver produced, depending on the extent by which the 400 tonnes per day test has not yet been met (the “Additional Silver Delivery Requirement”). In support of its rights under the Silver Streaming Agreement, Silver Wheaton holds a security interest in substantially all of the Company’s plant and equipment and mineral properties located within the Keno Hill District.

Effective June 16, 2014, the Company entered into an agreement with Silver Wheaton to amend the Silver Streaming Agreement, such that the fixed US$3.90 per ounce silver streaming production payment is replaced with a variable production payment based on the spot price of silver. The newly agreed variable production payment will be defined by a pricing curve with an apex at US$19.45 spot silver price where Silver Wheaton will make a production payment to the Company of US$18.00 per ounce of silver delivered; that payment decreases by US$0.91 per ounce for each US$1.00 increase or decrease in silver price, returning to a fixed US$3.90 per ounce for spot silver prices of US$35.00 per ounce and higher. The amendment will be effective for a 10 year term from the time mining production re-commences in the Keno Hill District (the “Re-Commencement Date”), with an option for the Company to extend the amendment for another 5 or 10 years for an additional payment of US$10 million or US$20 million, respectively. In addition, the Silver Wheaton area of interest will be expanded to include additional currently owned and future acquired properties of the Company within one kilometer of the Company’s existing holdings in the Keno Hill District.

The amendments to the silver streaming interest are subject to the Company paying Silver Wheaton US$20 million, with Silver Wheaton obligated to participate in US$5 million of any Alexco equity raise in excess of $10 million intended to complete the payment. Upon payment of the US$20 million to Silver Wheaton, the original amount advanced will be deemed reduced from US$50 million to US$30 million and the then-current balance of the advance amounts received will be reduced to nil. The date by which the payment is to be made was set in the original amendment agreement at December 31, 2014, but has now been extended by agreement of the parties to December 31, 2015. If Alexco does not make the US$20 million payment, the original silver streaming agreement terms will continue unamended with no other impact to Alexco. Effective immediately on signing of the amendment agreement, the date for completion of the 400 tonne per day throughput test was extended to December 31, 2015, and that date has also now been extended by agreement of the parties to December 31, 2016. If the Company makes the US$20 million payment and the amendments to the silver streaming interest become effective, the date for completion of the test will be further extended to a date that is two years from the Recommencement Date, and the Additional Silver Delivery Requirement will only apply the final six months of that two year period.

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In April 23, 2013, the Company issued 2,100,000 flow-through common shares on a private placement basis at a price of $3.35 per share for aggregate gross proceeds of $7,035,000. Net cash proceeds from the issuance were $6,483,000, after issuance costs comprised of the agent’s commission of $472,000 and other issuance costs of $80,000. As a consequence of its commitment to renounce deductible exploration expenditures to the purchasers of the flow-through shares, as of December 31, 2013 the Company was required to incur further renounceable exploration expenditures totaling $5,008,000 by December 31, 2014. Alexco incurred the required $5,008,000 of renounceable exploration expenditures by the deadline of December 31, 2014.

In August 2014, the Company completed a bought deal financing pursuant to a short form prospectus, issuing 7,015,000 units at a price of $1.15 per unit for gross proceeds of $8,067,000. Each unit was comprised of one common share and one half of one common share purchase warrant, each full warrant entitling the holder to acquire one additional common share at a price of $1.40 for a period of two years after the closing date. The net cash proceeds from this financing were $7,179,000, and are for further exploration and development activities on the KHSD property, particularly the Flame & Moth deposit, and for general working capital purposes

With its cash resources and net working capital on hand at December 31, 2014, and assuming no re-start of mining operations, Alexco anticipates it will have sufficient capital resources to carry out all of its currently-anticipated exploration and development programs, and service the working capital requirements of its mine site care and maintenance, exploration activity, environmental services business and corporate offices and administration, for at least the next 12 month period. However, re-start of mining operations is dependent on a number of factors, including sustained improvements in silver markets and the effectiveness of cost structure reduction measures, and the uncertainties around the achievement of these factors are significant. Furthermore, a re-start of mining operations is likely to require additional capital investment, significantly in excess of the capital resources currently on hand. In addition, the amendments to the Silver Wheaton Silver Streaming Agreement, which have significant positive implications to Alexco, will only be triggered by a payment of US$20 million being made by December 31, 2015. Because of these factors, combined with its long term objectives for the exploration and development of its mineral properties, the Company is likely to require additional funding.

Historically, Alexco’s main sources of funding have been from mining operations and equity issuances, though all sources of finance reasonably available to it will be considered, including but not limited to issuance of new capital, issuance of new debt and the sale of assets in whole or in part, including mineral property interests. There can be no assurance of a re-start of mining operations or continued access to finance in the future, and an inability to generate or secure such funding may require the Company to substantially curtail and defer its planned exploration and development activities.

C. Research and Development, Patents and Licences, etc.

Alexco owns certain patent rights allowed and pending related to mine reclamation and closure processes including the in situ immobilization of metals in groundwater, soils, waste stacks and pit lakes.

D. Trend Information

Silver, lead and zinc, are the primary metals found in the Bellekeno resource in particular and within the Keno Hill District historically. With respect to the economic climate during 2014, prices for silver steadily deteriorated through course of 2014 from a high of US$22.05 on February 24, 2014 to a low of $15.28 on November 6, 2014. Prices for lead generally held steady through most of the year though it started to decline in price in December to approximately US$0.83. The price of zinc increased during the first half of the year and steadily declined in price for the second half of the year to approximately $0.97. As at the date of this Annual Report, prices are approximately US$16.00 per ounce silver, US$0.81 per pound for lead and US$1.00 per pound for zinc and the Canadian-US exchange rate is approximately US$0.80 per CAD. Consensus investment analyst forecasts over the next two years for silver average approximately US$17.40 per ounce, for lead average approximately US$1.02 per pound, and for US$1.11 per pound, with the Canadian-US exchange rate forecast to range from US$0.80 to US$0.90 per CAD. See “Item 3. Key Information – D. Risk Factors”.

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E. Off-balance sheet arrangements

The Company has no off-balance sheet arrangements.

F. Tabular disclosure of contractual obligations

As of December 31, 2014, the Company had the following contractual obligations:

Contractual Obligations1 (expressed in thousands of dollars)	Payments Due by Period
	Total	Less than 1 year	1 – 3 years	3 – 5 years	After 5 years
Operating leases	$ 628	$ 487	$ 141	$ Nil	$ Nil
Purchase obligations	200	100	100	Nil	Nil
Decommissioning and rehabilitation provision (undiscounted basis)	4,780	Nil	1,713	826	2,241
Total	$ 5,608	$ 587	$ 1,954	$ 826	$ 2,241

(1) In the event of a default under the Silver Wheaton agreement and if Silver Wheaton exercises its right to terminate the streaming interest, the Corporation may be required to refund a pro-rata portion of the balance of the advance amounts not yet reduced to the extent the Bellekeno mine has not achieved production throughput of 400 tonnes of ore per day over a 30 day period by December 31, 2016. The maximum amount of any such refund is US$9,750,000.

G. Safe Harbor

The Company seeks safe harbor for our forward-looking statements contained in Items 5.E and F. See the heading “Cautionary Note Regarding Forward-Looking Statements” above.

Item 6. Directors, Senior Management and Employees

A. Directors and Senior Management

The following is a list of the Company’s directors and senior management as at December 31, 2014. Each of the Company’s directors is elected by the Company’s shareholders at an annual meeting to serve until the next annual meeting of shareholders or until a successor is elected or appointed. The Board of Directors appoints the Company’s executive officers annually after each annual meeting, to serve at the discretion of the Board of Directors.

Name and Address(1)	Office or Position Held	Principal Occupation During the Past Five Years	Previous Service as a Director
Clynton R. Nauman Washington, USA	President, Chief Executive Officer and Director(4)	President and Chief Executive Officer of the Company, since December 2004.	Since December 3, 2004
George Brack British Columbia, Canada	Chairman and Director(2)(3)(5)	Member of the Board of Directors of several publicly- listed companies since January 2009; Managing Director and Industry Head – Mining with Scotia Capital Inc., from December 2006 to January 2009.	Since December 11, 2007
Michael Winn California, USA	Director(2)(3)(5)	President of Seabord Capital Corp., providing investment analysis and financial services to companies in the oil & gas, mining and energy sectors, since January 2013; President of Terrasearch Inc., a consulting company providing analysis on mining and energy companies, from 1997 through 2012.	Since January 11, 2005
Rick Van Nieuwenhuyse British Columbia, Canada	Director(3)(4)	President and Chief Executive Officer of NovaCopper Inc., a mineral exploration and development company, since November 2011; President and Chief Executive	Since January 11, 2005

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Name and Address(1)	Office or Position Held	Principal Occupation During the Past Five Years	Previous Service as a Director
		Officer of NovaGold Resources Inc., a mineral exploration and development company, from May 1999 to November 2011.
David Searle British Columbia, Canada	Director(4)(5)	Retired. Lawyer with Fasken Martineau DuMoulin LLP, October 2001 to August 2006.	Since May 12, 2006
Terry Krepiakevich British Columbia, Canada	Director(2)	Member of the Board of Directors of several publicly- listed and private companies since July 2011; Chief Financial Officer of SouthGobi Resources Ltd., a mining company, from June 2006 to July 2011.	Since July 22, 2009
Richard N. Zimmer British Columbia, Canada	Director(4)	Member of the Board of Directors of several publicly- listed and private companies since June 2011; President and Chief Executive Officer of Far West Mining Ltd., a mining company, from 2008 to June 2011.	Since May 2, 2012
Bradley Thrall Washington, USA	Executive Vice President and Chief Operating Officer	Chief Operating Officer of the Company, since December 2004.	N/A
Michael Clark British Columbia, Canada	Chief Financial Officer, Corporate Secretary and Company Ethics Officer	Chief Financial Officer of the Company, since December 2014.	N/A
Alan McOnie Bay of Plenty, New Zealand	Vice President, Exploration	Vice President, Exploration of the Company, since December 2010; consulting geologist from 2002 to December 2010.	N/A

(2)	The information as to the jurisdiction of residence and principal occupation, not being within the knowledge of the Company, has been furnished by the respective individuals individually.
(3)	Member of the Audit Committee.
(4)	Member of the Nominating & Corporate Governance Committee.
(5)	Member of the Environmental, Health, Safety & Technical Committee.
(6)	Member of the Compensation Committee.

Family Relationships

There are no family relationships between any directors or executive officers of the Company.

Arrangements

There are no known arrangements or understandings with any major shareholders, customers, suppliers or others, pursuant to which any of the Company’s officers or directors was selected as an officer or director of the Company.

Conflicts of Interest

The directors of the Company are required by law to act honestly and in good faith with a view to the best interest of the Company and to disclose any interests which they may have in any project or opportunity of the Company. If a conflict of interest arises at a meeting of the Board of Directors, any director in a conflict will disclose his interest and abstain from voting on such matter. In determining whether or not the Company will participate in any project or opportunity, that director will primarily consider the degree of risk to which the Company may be exposed and its financial position at that time.

To the best of the Company’s knowledge, there are no known existing or potential conflicts of interest among the Company, its promoters, directors, officers or other members of management of the Company as a result of their outside business interests except that certain of the directors, officers, promoters and other members of management serve as directors, officers, promoters and members of management of other public companies, and therefore it is possible that a conflict may arise between their duties as a director, officer, promoter or member of management of such other companies.

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The directors and officers of the Company are aware of the existence of laws governing accountability of directors and officers for corporate opportunity and requiring disclosures by directors of conflicts of interest and the Company relies upon such laws in respect of any directors’ and officers’ conflicts of interest or in respect of any breaches of duty by any of its directors or officers. Such directors or officers in accordance with the Business Corporations Act (British Columbia) are required to disclose all such conflicts and to govern themselves in respect thereof to the best of their ability in accordance with the obligations imposed upon them by law.

In addition to their positions on the Board, the following directors also serve as directors of the following reporting issuers or reporting issuer equivalent(s):

Name of Director	Reporting Issuer(s) or Equivalent(s)
Clynton R. Nauman	NovaCopper Inc.	NovaGold Resources Inc.
George Brack	Capstone Mining Corp. Newstrike Capital Inc.1 Timmins Gold Corp.1	Silver Wheaton Corp. Geologix Explorations Inc.
Terry Krepiakevich	Western Lithium USA Corporation	Kaizen Discovery Inc.
David H. Searle	None
Rick Van Nieuwenhuyse	NovaCopper Inc. NovaGold Resources Inc. SolidusGold Inc.	AsiaBaseMetals Inc. Tintina Resources Inc.
Michael D. Winn	Eurasian Minerals Inc. Lara Exploration Ltd.2 Legend Gold Corp. Atico Mining Corp.	Reservoir Capital Corp. Reservoir Minerals Inc.2 Revelo Resource Corp. Nebo Capital Corp.
Richard N. Zimmer	Capstone Mining Corp.

1)	On February 17, 2015, Timmins Gold Corp. and Newstrike Capital Inc. announced an agreement to combine the two companies.
2)	Mr. Winn does not intend to stand for re-election to the Board of Lara Exploration Ltd. and Reservoir Minerals Inc. at the upcoming Annual General Meetings.

B. Compensation

The Compensation Committee is composed of George Brack, Michael Winn and David Searle, all of whom are independent directors, applying the definition set out in section 1.4 of National Instrument 52- 110 – Audit Committees (“NI 52-110”) and Rules 803A and 805(c)(1) of the NYSE MKT Company Guide.

The following Compensation Discussion and Analysis describes and explains the significant elements of the Company’s compensation program, with particular emphasis on the process for determining compensation payable to the CEO, CFO, and the three other most highly compensated executive officers whose total compensation for the most recent financial year is at least $150,000 (collectively, the “Named Executive Officers”). For the 2014 financial year, in addition to the CEO and CFO, only the Chief Operating Officer (“COO”) and Vice President, Exploration qualified as Named Executive Officers.

Objectives of Compensation Program

The objectives of the Company’s compensation program are to attract, hire, retain and inspire highly qualified executive officers and directors who will drive the success of the Company, while at the same time promote a greater alignment of interests between such executive officers and directors and the Company’s shareholders. The Company’s compensation program is designed to recruit and retain key individuals and reward individual and company performance with compensation that has long-term growth potential, while recognizing that the executives work as a team to achieve corporate results.

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Elements of Executive Compensation

Executive compensation is comprised of three main elements: base salary, annual bonus incentive and equity-based incentive awards.

1.	Base Salary – The primary element of the Corporation’s compensation program is base salary. The Corporation considers a competitive base salary to be a necessary element for attracting and retaining qualified executive officers. The amount payable to an executive officer as base salary is determined primarily by the number of years’ experience, personal performance, and by comparisons to the base salaries and total compensation paid to executives of comparable publicly-traded companies within the Canadian mining sector. For benchmarking purposes, the Corporation targets a range for executive officer base salaries at each positional level which is +/-20% of a midpoint that is developed between the median (P50) and top quartile (P75) of the comparator group.
2.	Annual Bonus – Annual performance based cash incentives are a variable compensation element intended to encourage and recognize strong levels of performance by linking compensation to achievement of corporate and individual goals and objectives. Annual bonuses awards are determined at the discretion of the Compensation Committee on a fully qualitative basis by reference to the success of the Corporation and each executive officer’s contribution in the year preceding. In making such determinations, reference is made to a number of key performance indicators, generally relative to budget expectations and achievement of corporate objectives. Specific goals are not established for bonus determination purposes, but general performance objectives are set by the CEO early in the year which are agreed upon by the Compensation Committee and ratified by the Board. Performance relative to those objectives is qualitatively assessed in the context of circumstances and challenges arising through the year. The key performance indicators referenced include company-wide safety performance; exploration success resulting in expansion of silver resource base at Keno Hill, optimization of future all-in sustaining costs; conservation of cash; preservation of balance sheet strength; financial performance relative to budget and in absolute terms; and share price performance.
3.	Equity-Based Incentive Awards – Equity-based incentive awards take the form of incentive stock options granted under the Corporation’s stock option plan and RSU plan (see “Equity Compensation Plans – Stock Option Plan” and “Equity Compensation Plans – RSU Plan” below). The award of incentive stock options and RSUs is intended to give each holder an interest in preserving and maximizing shareholder value in the longer term, to align the interests of executive officers with those of Shareholders, and to enable the Corporation to attract and retain individuals with experience and ability. Such equity-based incentive awards are considered when reviewing executive officer compensation packages as a whole. Incentive stock options generally have a five-year term for option grants commencing in 2012 (generally seven-year terms for option grants prior to 2012), are subject to vesting provisions ranging from one to two years, and carry an exercise price equal to the fair value of the common shares as at the granting date. RSU awards generally vest over three years (one third on each anniversary of award), and can be settled by a cash payment, issuance of Shares from treasury, share purchase through the open market or a combination of the foregoing. The periodic award of options and RSUs is determined by the Board based on the recommendations of the Compensation Committee, is discretionary and takes into account previous equity- based incentive awards as well as typical market practices of the comparator group of companies.

Additionally, the Company has a tax equalization policy under which employees who are not resident in Canada for tax purposes receive an additional gross-up amount for the difference between the tax paid by the employee in Canada on their compensation and the tax that would have been paid were it earned in the employee’s home jurisdiction at the highest applicable marginal rate, where such tax would be lower. The Company’s generally seeks to hire employees who are resident in Canada. However, for positions requiring technical specialization or significant senior management experience, it is sometimes necessary for the Company’s to recruit from outside of Canada. This tax equalization policy was adopted to enable the Company to competitively attract and retain such personnel.

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Summary Compensation Table

The following table is a summary of compensation paid to the Named Executive Officers for the three most recently completed financial years.

NEO Name And Principal Position	Year	Salary ($)(1)	Share- Based Awards ($)(2)	Option Based Awards ($)(3)	Non-Equity Incentive Plan Compensation		Pension Value ($)	All Other Compensation ($)(5)	Total Compensation ($)
					Annual Incentive Plans ($)(4)	Long- Term Incentive Plans ($)
Clynton R. Nauman President and CEO	2014 2013 2012	375,564 386,717 424,745	Nil 262,104 Nil	116,250 162,750 202,200	Nil Nil Nil	Nil Nil Nil	Nil Nil Nil	63,571 51,459 133,495	555,385 863,030 760,440
Michael Clark CFO(6)	2014	7,708	Nil	10,150	Nil	Nil	Nil	460	18,318
Bradley Thrall COO	2014 2013 2012	282,778 291,175 319,808	Nil 152,894 Nil	69,750 108,500 168,500	Nil Nil Nil	Nil Nil Nil	Nil Nil Nil	74,883 111,320 80,773	427,410 663,889 569,081
David Whittle Former CFO (6)	2014 2013 2012	214,667 247,333 280,000	Nil 152,894 Nil	69,750 108,500 168,500	Nil Nil 35,000	Nil Nil Nil	Nil Nil Nil	11,167 12,474 13,600	295,584 521,201 497,100
Alan McOnie Vice President, Exploration	2014 2013 2012	210,000 252,000 240,000	Nil 65,526 Nil	69,750 75,950 134,800	Nil Nil 50,000	Nil Nil Nil	Nil Nil Nil	Nil Nil 28,581	279,750 393,476 453,381

(1)	Salary is paid in US currency to Clynton Nauman and Bradley Thrall. The exchange rates used to convert the amounts to Canadian currency for the 2014, 2013, and 2012 financial years were US$1.00 = C$1.1046, US$1.00 = C$1.0301, and US$1.00 = C$0.9994, respectively.
(2)	This column includes the grant date fair value of RSUs awarded by the Corporation to the Named Executive Officers during the indicated year. All grant date fair values equal the accounting fair values determined for financial reporting purposes in accordance with IFRS 2 Share-based Payment, and were determined by reference to the share price of the Corporation at the date of grant. This fair value determination method has been used because it is the same model the Corporation uses to value RSUs for financial reporting purposes. The grant date fair value of the award for the 2013 financial year was $4.37 per RSU.
(3)	This column includes the grant date fair value of all options granted by the Corporation to the Named Executive Officers during the indicated year. All grant date fair values equal the accounting fair values determined for financial reporting purposes in accordance with IFRS 2 Share-based Payment, and were estimated using the Black-Scholes option pricing model. The grant date fair values of all options granted during the 2014 financial year were estimated by assuming a risk-free interest rate ranging from 1.2% to 1.4% per annum, an expected life of options of 4 years, an expected volatility ranging from 65% to 67%, an expected forfeiture rate of 4% and no expected dividends. The grant date fair values of all options granted during the 2013 financial year were estimated by assuming a risk-free interest rate of 1.4% per annum, an expected life of options of 4 years, an expected volatility of 70%, an expected forfeiture rate of 4% and no expected dividends. The grant date fair values of all options granted during the 2012 financial year were estimated by assuming a risk-free interest rate ranging from 1.3% to 1.5% per annum, an expected life of options of 4 years, an expected volatility ranging from 70% to 73%, an expected forfeiture rate of 9% and no expected dividends. The Black-Scholes options pricing model has been used to determine grant date fair value due to its wide acceptance across industry as an option valuation model, and because it is the same model the Corporation uses to value options for financial reporting purposes.
(4)	In prior year information circulars, annual bonuses were attributed to the financial year in which paid. Commencing with the 2013 Circular, annual bonuses are attributed to the financial year in respect of which they have been awarded.
(5)	Included in “All Other Compensation” are the amounts paid each year under the Corporation’s tax equalization policy, as well as RRSP and 401K contributions, vehicle allowances and parking fees paid by the Corporation.
(6)	On December 15, 2014 Michael Clark was appointed CFO and David Whittle resigned as CFO.

Pension Plan Benefits

The Company does not have any form of pension plan that provides for payments or benefits to the Named Executive Officers at, following, or in connection with retirement. The Company does not have any form of deferred compensation plan.

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Employment Contracts with Named Executive Officers

The Corporation entered into current employment agreements (“Executive Employment Agreements”) dated effective January 1, 2007 with Mr. Nauman and Mr. Thrall, dated effective January 24, 2011 with Mr. McOnie and dated effective December 15, 2014 with Mr. Clark.

Except for the specific duties of each Named Executive Officer and other than as set forth below, the material provisions of the Executive Employment Agreements are substantially identical. Each Executive Employment Agreement is for an indefinite period unless terminated by either the Corporation or the respective Named Executive Officer in accordance with the provisions thereof as described below.

As at December 31, 2014 and pursuant to their respective Executive Employment Agreements, Mr. Nauman, Mr. Thrall, Mr. Clark and Mr. McOnie were entitled to annual base salaries, paid semi-monthly, of US$340,000, US$256,000, $185,000 and $252,000, respectively. Such annual base salaries are subject to annual review by the Corporation.

Each Executive Employment Agreement may be terminated by the Corporation upon the Named Executive Officer dying or becoming permanently disabled or disabled for a period exceeding 180 consecutive or 180 non-consecutive days calculated on a cumulative basis over any two year period during the term of the agreement, or voluntarily by the Named Executive Officer with three months’ notice to the Corporation for Mr. Nauman, Mr. Thrall and Mr. McOnie and 2 months’ notice to the Corporation for Mr. Clark. Under each Executive Employment Agreement, in the event of termination by the Corporation without just cause or termination by the Named Executive Officer for unremedied material breach or default of the agreement by the Corporation, or in the event of termination by the Named Executive Officer upon a change of control as further described below, the Named Executive Officer will be entitled to receive a severance payment equal to all compensation (salary plus annual bonus) paid to the Named Executive Officer under the agreement for the previous fiscal year multiplied by a particular factor, and the Corporation shall also continue the Named Executive Officer’s group insurance benefits for 12 months after the date of termination for Mr. Nauman, Mr. Thrall and Mr. McOnie and six months for Mr. Clark. For Mr. McOnie, the multiplying factor is two. For Mr. Nauman and Mr. Thrall, the multiplying factor is two and a half. For Mr. Clark, the multiplying factor is currently one quarter increasing up to one after his period of employment exceeds two years. In the event of termination by the Corporation upon a Named Executive Officer dying or becoming disabled as described above and so long as the Named Executive Officer receives life insurance or long-term disability benefits under the Corporation’s benefit plans, the Named Executive Officer will be entitled to receive his then-current salary for one year. For Mr. Clark he will be entitled to his then-current salary for one year after serving in his position for period exceeding two years. If the Named Executive Officer does not receive such benefits, other than for acts of the Named Executive Officer resulting in lawful denial of such coverage, then the Named Executive Officer shall be entitled to receive the amounts due in the event of termination without cause. In the event of termination by the Corporation for just cause, or voluntary termination by the Named Executive Officer, the Named Executive Officer shall not be entitled to receive any incremental payments or benefits.

In the event that a change of control (as defined in the Executive Employment Agreements) of the Corporation occurs, each of the Named Executive Officers may terminate his obligations under the agreement by providing one month’s notice in writing to the Corporation at any time between the 90^th day and the 180^th day following the date on which there is a change of control.

If a Named Executive Officer’s employment with the Corporation is terminated, and within two years of such termination for Mr. Nauman, Mr. Thrall and Mr. McOnie, and three years for Mr. Clark, the Named Executive Officer acquires directly or indirectly other than from the Corporation or its subsidiaries any present or future interest in any mining claims or properties or mineral interests within 10 kilometres of the external boundaries of any mineral property held by the Corporation during the time the Named Executive Officer was employed by the Corporation, the Named Executive Officer will offer the Corporation, in writing, the right to acquire such interest in exchange for reimbursement of his direct or indirect acquisition costs. The Corporation shall have 30 days after receipt of such offer to accept the offer and 90 days after receipt of such offer to reimburse such costs.

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Incentive Plan Awards

Outstanding Share-Based Awards and Option-Based Awards – NEOs

The following table sets forth information concerning all awards outstanding under incentive plans of the Company at December 31, 2014, being the end of the most recently completed financial year, including awards granted before the most recently completed financial year, to each of the Named Executive Officers:

	Option-based Awards			Share-based Awards
Name	Number of securities underlying unexercised options (#)	Option exercise price ($)	Option expiration date	Value of unexercised in- the money options ($)(1)	Number of shares or units of shares that have not vested (#)	Market or payout value of share-based awards that have not vested ($)(2)	Market or payout value of vested share-based awards not paid out or distributed ($)
Clynton R. Nauman President and CEO	20,000 80,000 125,000 150,000 60,000 75,000 150,000 125,000	4.46 1.65 3.45 7.10 6.92 4.16 7.10 1.94	Feb 11, 2015 Feb 19, 2016 Mar 22, 2017 Jan 12, 2018 Jan 24, 2017 Jan 21, 2018 Jan 12, 2018 Feb 12, 2019	- - - - - - - -	40,000	24,000	Nil
Michael Clark CFO	35,000	0.60	Dec 15, 2019	-	Nil	Nil	Nil
Bradley Thrall COO	15,000 60,000 75,000 87,500 50,000 50,000 75,000	4.46 1.65 3.45 7.10 6.92 4.16 1.94	Feb 11, 2015 Feb 19, 2016 Mar 22, 2017 Jan 12, 2018 Jan 24, 2017 Jan 21, 2018 Feb 12, 2019	- - - - - - -	23,333	14,000	Nil
David Whittle Former CFO	60,000 75,000 50,000 87,500 50,000	1.65 3.45 6.92 7.10 4.16	Feb 20, 2016 Mar 22, 2017 Jan 24, 2017 Jan 12, 2018 Jan. 21, 2018	-	Nil	Nil	Nil
Alan McOnie Vice President, Exploration	3,000 10,000 60,000 40,000 35,000 75,000	4.46 3.45 7.10 6.92 4.16 1.94	Feb 11, 2015 Mar 22, 2017 Jan 12, 2018 Jan 24, 2017 Jan 21, 2018 Feb 12, 2019	- - - - - -	10,000	6,000	Nil

(1)	The “Value of unexercised in-the money options” is calculated on the basis of the difference between the closing price of the Shares on the TSX on December 31, 2014, which was $0.60, and the exercise price of the options.
(2)	The “Market or payout value of share-based awards that have not vested” is calculated at the closing price of the Shares on the TSX on December 31, 2014, which was $0.60.

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Incentive Plan Awards – Value Vested or Earning During The Year - NEOs

The following table is a summary of the value of awards vested or earned during the most recently completed financial year for the Named Executive Officers.

Name	Option-based awards – Value vested during the year ($)	Share-based awards – Value vested during the year ($)	Non-equity incentive plan compensation – Value earned during the year ($)
Clynton R. Nauman President and CEO	Nil	34,8 00	Nil
Michael Clark CFO	$10, 150	Nil	Nil
David Whittle Former CFO	Nil	20,3 00	Nil
Bradley Thrall COO	Nil	20,3 00	Nil
Alan McOnie Vice President, Exploration	Nil	8,70 0	Nil

(1) The “Share-based awards – Value vested during the year” is calculated on the closing price of the Shares on the TSX on January 28, 2014 which was $1.74, which was the vesting date.

Incentive Stock Options

At the Company’s annual general meeting held June 10, 2014, the shareholders approved the amendment of the stock option plan from a fixed to a rolling plan, under which the aggregate number of common shares issuable on exercise of stock options cannot exceed 9% of the number of common shares issued and outstanding. Generally, stock options granted have a maximum term of five years, vesting one third upon granting, one third after one year and one third after two years and exercise price determined by the directors. The exercise price may not be less than the closing quoted price of the Company’s common shares traded through the facilities of the exchange on which the Company’s common shares are listed. As at December 31, 2014, a total of 3,619,830 stock options were outstanding under the plan, and a total of 2,620,370 options remained available for granting.

The changes in incentive share options outstanding are summarized as follows:

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		Weighted	Number of
		average	shares issued
		exercise	or issuable
		price	on exercise			Amount
Balance – December 31, 2013	$	5.16	4,035,663		$	10,096
Stock options granted	$	1.88	752,000			-
Share based compensation expense		-	-			704
Options exercised		-	-			-
Options forfeited or expired	$	5.54	(1,167,833	)		(3,088	)
Balance – December 31, 2014	$	4.35	3,619,830		$	7,712
Balance – December 31, 2012	$	5.07	4,634,995		$	11,061
Stock options granted	$	4.16	641,500			-
Share based compensation expense		-	-			1,477
Options exercised	$	3.08	(45,000	)		(65	)
Options forfeited or expired	$	4.30	(1,195,832	)		(2,377	)
Balance – December 31, 2013	$	5.16	4,035,663		$	10,096

During the year ended December 31, 2014, the fair value of options at the date of grant was estimated using the Black-Scholes option pricing model, assuming a risk-free interest rate of 1.4% (2013 – 1.4) per annum, an expected life of options of 4 years (2013 – 4 years), an expected volatility of 65% based on historical volatility (2013 – 70%), an expected forfeiture rate of 4% (2013 – 4%) and no expected dividends (2013 – nil).

Incentive share options outstanding and exercisable at December 31, 2014 are summarized as follows:

	Options Outstanding				Options Exercisable
	Number of				Number of
	Shares	Average		Average	Shares		Average
	Issuable on	Remaining		Exercise	Issuable on		Exercise
Exercise Price	Exercise	Life (Years)		Price	Exercise		Price
$0.60	35,000	4.96	$	0.60	-	$	0.60
$1.65	292,500	1.21	$	1.65	292,500	$	1.65
$1.94	702,000	4.12	$	1.94	234,000	$	1.94
$3.45	758,330	2.22	$	3.45	758,330	$	3.45
$4.16	457,500	3.06	$	4.16	305,000	$	4.16
$4.46	108,000	0.12	$	4.46	108,000	$	4.46
$6.92	569,500	2.07	$	6.92	569,500	$	6.92
$7.10	693,500	3.06	$	7.10	693,500	$	7.10
$8.13	3,500	3.36	$	8.13	3,500	$	8.13
	3,619,830	2.72	$	4.35	2,964,330	$	4.79

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The weighted average share price at the date of exercise for options exercised during the year ended December 31, 2013 was $4.22.

During the year ended December 31, 2014, the Company recorded total share-based compensation expense of $704,000 (2013 – $1,473,000) related to incentive share options, of which $100,000 (2013 – $213,000) is recorded to mineral properties, $604,000 (2013 – $1,311,000) has been charged to income, and the balance reflects the changes in share-based compensation expense capitalized within opening and ending ore and concentrate inventories for the period.

Subsequent to December 31, 2014, a further 1,341,000 incentive stock options have been granted under the Company’s incentive stock option plan, another 108,000 have expired unexercised and 345,000 have been forfeited.

Restricted Share Units (“RSUs”)

On December 14, 2012, the Company initiated a long-term incentive plan which provides for the issuance of RSUs in such amounts as approved by the Company Board of Directors. The RSU plan is considered an equity-settled share-based compensation arrangement, and is administered by a trustee. Each RSU entitles the participant to receive one common share of the Company subject to vesting criteria, with RSU grants vesting one third per year over a three year period. These RSUs are settled in common shares of the Company purchased by the plan trustee through the open market at the time of granting, using funds provided by the Company. The Company is required under IFRS to consolidate the plan trust, and the outstanding number of common shares reflected in these financial statements is reduced by the number of shares held by the plan trustee for future settlements.

At the Company’s annual general meeting held June 10, 2014, the shareholders approved the amendment of the RSU plan whereby RSUs granted subsequent to the date of amendment can be settled in common shares of the Company issued from treasury, with the maximum grantable number of such RSUs fixed at 650,000. RSUs granted prior to the date of amendment can be settled only with common shares held by the plan trust and purchased through the open market at the time of granting, and not with shares issued from treasury, and do not reduce the 650,000 RSU fixed limit.

The changes in RSUs outstanding are summarized as follows:

	Number of
	shares issued
	or issuable
	on vesting			Amount
Balance – December 31, 2013	401,665		$	996
RSUs granted	283,860			-
RSUs forfeited	(30,000	)		-
Share-based compensation expense recognized	-			434
RSUs vested	(148,333	)		(623	)
Balance – December 31, 2014	507,192		$	807
Balance – December 31, 2012	130,000		$	52
RSUs granted	315,000			-
Share-based compensation expense recognized	-			1,108
RSUs vested	(43,335	)		(164	)
Balance – December 31, 2013	401,665		$	996

A total of 283,860 RSUs were granted in 2014, with total grant-date fair value determined to be $188,200. Included in general and administrative expenses for the year ended December 31, 2014 is share-based compensation expense of $434,000 (2013 – $1,108,000) related to RSU awards. As at December 31, 2014, the plan trust held 253,332 common shares of the Company for future settlement of granted RSUs.

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As of December 31, 2014, a total of 283,860 RSUs were granted under the amended RSU plan and a total of 366,140 RSUs remained available for granting.

Subsequent to December 31, 2014, a total of 135,000 RSUs have been granted under the amended RSU plan, with one third vesting one year after the date of granting, one third vesting two years after the date of granting, and the remaining third vesting three years after the date of granting.

Termination and Change of Control Benefits

For the Named Executive Officers employed by the Company as at December 31, 2014, the following table discloses the estimated incremental amounts payable to each Named Executive Officer under a number of termination or change-of-control circumstances, other than termination by the Corporation for just cause or voluntary termination by the Named Executive Officer. Amounts disclosed in the table below assume that a change of control occurred and/or the Named Executive Officer’s employment was terminated on December 31, 2014, except that for Mr. Nauman and Mr. Thrall, to provide more relevant indicative information, the amounts are based on the particular multiplier of two and a half that became effective January 1, 2014.

	Clynton R. Nauman President and CEO	Michael Clark CFO	Bradley Thrall COO	Alan McOnie Vice President, Exploration
Termination without just cause, for unremedied breach or default by the Corporation, in connection with a change of control, or in event of non-receipt of benefits upon death or disability 1 Cash severance payment Group insurance benefits Accelerated vesting of option-based awards2 Total	$1,097,839 $29,708 - $1,127,547	$185,000 $2,911 - $187,911	$894,150 $22,346 - $916,497	$504,000 $14,340 - $518,340
Termination upon death or disability where benefits due are received: One year salary	$375,564	185,000	$282,778	$252,000

1.	These figures do not include perquisites and other personal benefits where the aggregate amount of such compensation is less than $50,000.
2.	Under both the Old Stock Option Plan and the New Stock Option Plan, if a bona fide take-over bid is issued that would result in the offeror becoming a control person of the Corporation within the meaning of the Securities Act (British Columbia), all outstanding options immediately become vested for all holders and not just the Named Executive Officers.
3.	All amounts disclosed for Mr. Clark are calculated based on his term of employment exceeding two years.

Director Compensation

The Corporation’s directors are compensated for their services with an annual fee, as well as by the grant of equity-based incentive awards. Directors are also reimbursed for the cost amount of individual travel and other ancillary expenses incurred in connection with attending Board and Committee meetings. For the 2014 financial year, each director (excluding Mr. Nauman, who is an employee director and is compensated as a Named Executive Officer) received a base annualized fee of $32,000. The Chair of the Board received an additional amount of $16,000 per annum, the Chair of the Audit Committee received an additional amount of $12,000 per annum, and the Chairs of the other Committees each received an additional amount of $6,000 per chair per annum. Each non-employee director also received an RSU award under the Corporation’s New RSU Plan. The Board has also determined to implement no director fee increases for 2015.

Director Compensation Table

The following table sets forth information concerning fees and other compensation provided for the most recently completed financial year, being the year ended December 31, 2014, to the non-employee directors of the Company:

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Name	Fees earned ($)	Share- based awards ($)(1)	Option-based awards ($)	Non-equity incentive plan compensation ($)	Pension value ($)	All other compensation ($)	Total ($)
George Brack	48,000	27,200	Nil	Nil	Nil	Nil	75,200
Terry Krepiakevich	44,000	27,200	Nil	Nil	Nil	Nil	71,200
David H. Searle	38,000	27,200	Nil	Nil	Nil	Nil	65,200
Rick Van Nieuwenhuyse	32,000	27,200	Nil	Nil	Nil	Nil	59,200
Michael D. Winn	38,000	27,200	Nil	Nil	Nil	Nil	65,200
Richard N. Zimmer	38,000	27,200	Nil	Nil	Nil	Nil	65,200

(1) This column includes the grant date fair value of RSUs awarded by the Corporation to the directors during the financial year. All grant date fair values equal the accounting fair values determined for financial reporting purposes in accordance with IFRS 2 Share-based Payment, and were determined by reference to the share price of the Corporation at the date of grant. This fair value determination method has been used because it is the same model the Corporation uses to value RSUs for financial reporting purposes. The grant date fair value of the award for the 2014 financial year was $0.68 per RSU.

Outstanding Share-Based Awards and Option-Based Awards

The following table sets forth information concerning all share-based and option-based awards outstanding at the end of the most recently completed financial year, including awards granted before the most recently completed financial year, to each of the non-employee directors:

	Option-based Awards				Share-based Awards
Name	Number of securities underlying unexercised options (#)	Option exercise price ($)	Option expiration date	Value of unexercised in- the money options ($)(1)	Number of shares or units of shares that have not vested (#)	Market or payout value of share-based awards that have not vested ($)(2)	Market or payout value of vested share-based awards not paid out or distributed ($)
George Brack	30,000 75,000	1.65 3.45	Feb 19, 2016 Mar 22, 2017	- -	70,000	42,000	Nil
Terry Krepiakevich	75,000	3.45	Mar 22, 2017	-	63,333	38,000	Nil
David H. Searle	75,000	3.45	Mar 22, 2017	-	63,333	38,000	Nil
Rick Van Nieuwenhuyse	30,000 75,000	1.65 3.45	Feb 19, 2016 Mar 22, 2017	- -	63,333	38,000	Nil
Michael D. Winn	30,000 75,000	1.65 3.45	Feb 19, 2016 Mar 22, 2017	- -	63,333	38,000	Nil
Richard N. Zimmer	Nil	Nil	Nil	Nil	66,667	40,000	Nil

(1)	The “Value of unexercised in-the money options” is calculated on the basis of the difference between the closing price of the Shares on the TSX on December 31, 2014, which was $0.60, and the exercise price of the options.
(2)	The “Market or payout value of share-based awards that have not vested” is calculated based on the closing price of the Shares on the TSX on December 31, 2014, which was $0.60.

Incentive Plan Awards – Value Vested or Earned During The Year

The following table sets out the value of all incentive plan awards that vested or were earned during the most recently completed financial year, being the year ended December 31, 2014, for each of the non-employee directors:

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Name	Option-based awards – Value vested during the year ($)	Share-based awards – Value vested during the year ($)	Non-equity incentive plan compensation – Value earned during the year ($)
George Brack	Nil	11,000	Nil
Terry Krepiakevich	Nil	9,000	Nil
David H. Searle	Nil	9,000	Nil
Rick Van Nieuwenhuyse	Nil	9,000	Nil
Michael D. Winn	Nil	9,000	Nil
Richard N. Zimmer	Nil	11,000	Nil

C. Board Practices

TSX listed companies are required to describe, on an annual basis, their practices and policies with regards to corporate governance by way of a corporate governance statement contained in the Company’s annual report or information circular. The disclosure is required to be made pursuant to National Instrument 58-101 Disclosure of Corporate Governance Practices, and the guidelines contained in National Policy 58-201 Corporate Governance Guidelines, against which the Company has reviewed its own corporate governance practices. In certain cases, the Company’s practices comply with the guidelines; however, the Board considers that some of the guidelines are not suitable for the Company at its current stage of development and therefore these guidelines have not been adopted.

Independence of the Board

The Company’s Board consists of seven directors, six of whom the Company believes to be independent as at the date of this Form 20-F based upon the tests for independence set forth in NI 52-110. Mr. Nauman is not independent as he is the President and Chief Executive Officer of the Corporation. The Board’s non-executive Chair, Mr. Brack, is considered an independent director. The independent directors exercise their responsibilities for independent oversight of management through their position of parity on the Board. The Board follows a practice of having the non-executive directors meet in camera, without management being in attendance, as a standing agenda item for every Board meeting. Also, to further facilitate open and candid discussion among its independent directors, and to facilitate the Board’s exercise of independent judgment in carrying out its responsibilities, the Board encourages the Company’s independent directors to meet at any time they consider necessary without any members of management or non-independent directors being present. The Company’s auditors, legal counsel and employees may also be invited to attend meetings. In addition, a standing agenda item for every meeting of the Audit Committee, which is composed entirely of independent directors, is for the Committee to meet with the Company’s auditors in camera, without management being in attendance.

Board Mandate

The Board has adopted a written mandate. The role of the Board is to supervise management and to approve major and strategic decisions. The Board relies on management for periodic reports, and to provide the support and information necessary to enable the Board to fulfil its obligations effectively. Major matters are to be analyzed in reports prepared by management and submitted to the Board for its approval. All material transactions must be reviewed and approved by the Board prior to implementation. Any responsibility that is not delegated to senior management or a Board committee remains with the full Board.

The Board also meets to plan for the future growth of the Company; identify risks of the Company’s business, thus ensuring the implementation of appropriate systems to manage these risks; monitor senior management; ensure timely disclosure of material transactions; review and, if thought fit, approve opportunities as presented by management; and provide guidance to management. Frequency of Board meetings, as well as the nature of agenda items, change depending upon the state of the Company’s affairs and in light of opportunities or risks that the Company faces. When necessary and appropriate, issues may be approved and adopted by the Board by way of written resolutions.

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Board Chair

The Chair of the Board is a non-executive position, currently held by Mr. Brack who is considered an independent director. Under written terms of reference adopted by the Board, the Chair is responsible for managing the Board and ensuring it carries out its responsibilities effectively, independently of management and in the long-term best interests of the Company. The Chair acts as a liaison between management and the Board and as the primary representative and spokesperson for the Board, and promotes effective relations with Shareholders, other stakeholders and the public. The Chair provides leadership to and, with the Nominating & Corporate Governance Committee, assists the Board in understanding and meeting its obligations and responsibilities, including those relating to the Mandate of the Board of Directors and other corporate governance matters, and in assessing the Board’s success in meeting its obligations. The Chair is also responsible for overseeing the performance of the CEO and senior management and leading the Board’s review of the CEO’s performance, as well as providing leadership to, and acting as a sounding board and advisor for, the CEO.

Position Descriptions

The Board has developed a written position description for the Chair of the Board. The Board has also developed general terms of reference for Committees which include descriptions of roles and responsibilities for the chairs of Committees. While the Board has not developed a written position description for the Chief Executive Officer, the Board delineates the role and responsibilities of the Chief Executive Officer through reference to industry norms and past practice, and through reference to the terms of his employment agreement with the Company.

Committees

Audit Committee

The Company’s Board of Directors has a separately-designated standing Audit Committee established for the purpose of overseeing the accounting and financial reporting processes of the Company and audits of the Company’s annual financial statements in accordance with Section 3(a)(58)(A) of the Exchange Act. As of December 31, 2014, the Company’s Audit Committee is comprised of Terry Krepiakevich, George Brack and Michael Winn, with Mr. Krepiakevich serving as the Chair of the Audit Committee.

In the opinion of the Company’s Board of Directors, all the members of the Audit Committee are independent (as determined under Rule 10A-3 of the Exchange Act and Section 803A of the NYSE MKT Company Guide). The Audit Committee meets the composition requirements set forth by Section 803B(2) of NYSE MKT Company Guide. All three members of the Audit Committee are financially literate, meaning they are able to read and understand the Registrant’s financial statements and to understand the breadth and level of complexity of the issues that can reasonably be expected to be raised by the Registrant’s financial statements. Mr. Krepiakevich qualifies as a financial expert and is financially sophisticated, in that he has an understanding of generally accepted accounting principles and financial statements; is able to assess the general application of accounting principles in connection with the accounting for estimates, accruals and reserves; has experience analyzing or evaluating financial statements that entail accounting issues of equal complexity to the Company’s financial statements (or actively supervising another person who did so); and has a general understanding of internal controls and procedures for financial reporting and an understanding of audit committee functions.

The Audit Committee shall be comprised of at least three directors, who generally shall be appointed or confirmed by the Board of Directors annually. The Chair of the Audit Committee shall be appointed by the Board of Directors, failing which the members of the Audit Committee may designate a Chair by a majority vote of the full Audit Committee membership. All members of the Audit Committee shall be directors and shall meet the independence, financial literacy and experience requirements under applicable laws, rules and regulations binding on the Company from time to time, including without limitation the applicable rules of any stock exchanges upon which the Company's shares are listed and the requirements for independence and financial literacy under National Instrument 52-110 Audit Committees in Canada, Section 803A of the NYSE Amex Company Guide and Rule 10A-3 of the United States Securities Exchange Act of 1934, as amended. Furthermore, at least one member of the Audit Committee shall qualify as a “financial expert” as such term is defined in Item 407 of Regulation S-K under the Exchange Act.

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The Audit Committee meets with the CEO and CFO of the Company and the independent auditors to review and inquire into matters affecting financial reporting matters, the system of internal accounting and financial controls and procedures and the audit procedures and audit plans. The Audit Committee also recommends to the Board of Directors the independent registered public accounting firm to be appointed, subject to shareholder approval. In addition, the Audit Committee reviews and recommends to the Board of Directors for approval the annual and interim financial statements, the annual report and certain other documents required by regulatory authorities.

Compensation Committee

The Compensation Committee is composed of George Brack, Michael Winn and David Searle, all of whom are independent (as determined in Sections 803A and 805(c)(1) of the NYSE MKT Company Guide).

The Compensation Committee, under the supervision of the Board, has overall responsibility for recommending to the Board levels of compensation for the Company’s executive officers as well as certain key employees and non-executive officers, and for recommending compensation for directors, including the granting of equity-based incentive awards. The Compensation Committee is charged with determining such recommendations so as to achieve the objectives of the Corporation’s compensation program. The full responsibilities, powers and operating procedures of the Compensation Committee are outlined in its charter.

Each fall, the Compensation Committee initiates the annual compensation determination process, including retaining a compensation consultant, establishing guidance in formulating the current year’s recommendations and determining the current year’s comparator group, all to the extent considered appropriate. Over the remainder of the year, the Compensation Committee receives and reviews the advice of the compensation consultant, if retained, and the recommendations of the CEO regarding compensation determinations. Early in the new year, typically January or February once indicative full-year financial and operating results are available, the Compensation Committee determines its final recommendations to the Board regarding base salaries and equity-based incentive awards for the year commencing and annual bonus awards for the year just completed, as well as regarding director compensation for the year commencing.

The members of the Compensation Committee are David Searle, George Brack and Michael Winn, all of whom are considered independent under the tests prescribed by NI 52-110. Mr. Searle is the Chair of the Compensation Committee. He has been a member of the Compensation Committee of the Company since 2006, and is a retired partner of the law firm of Fasken Martineau DuMoulin LLP with 45 years of experience practicing law in western and northern Canada. Mr. Brack is a member of the board of directors of a number of publicly-listed companies, including being a member of the Human Resources and Compensation Committee of Capstone Mining Corp., the Human Resources Committee of Silver Wheaton Corp. and the Compensation Committee of Geologix Exploration Inc. He was also chair of the Compensation and Human Resources Committee of Aurizon Mines Ltd. prior to that company being acquired in 2013. He was Managing Director and Industry Head – Mining with Scotia Capital Inc. from 2006 to January 2009, and President of Macquarie North America Ltd. from 1999 to 2006. Mr. Winn is a member of the board of directors of a number of publicly-listed companies, including being a member of the Compensation Committees of Lara Exploration Ltd., Reservoir Capital Corp. and Atico Mining Corporation, and until 2013 he was a member of the Compensation Committee of Sprott Resources Corp. He has been President of Terrasearch Inc. since 1997. Through the combined business experiences of its members, including experience with the management of public companies generally and with financial and compensation determination matters in particular, the Board considers the Compensation Committee to possess the skills and experience necessary to make decisions on the suitability of the Company’s compensation policies and practices.

Governance and Nominating Committee

The Governance and Nominating Committee is composed of George Brack, Michael Winn and Rick Van Nieuwenhuyse, all of whom are independent directors under the tests prescribed by NI 52-110. The Governance and Nominating Committee and is responsible, among other things, for recommending candidates for nomination, appointment, election and re-election to the Board and its Committees, and for annually assessing Board performance. The Nominating & Corporate Governance Committee assesses potential Board candidates to fill perceived needs on the Board for required skills, expertise, independence and other factors. Members of the Board and representatives from industries relevant to the business of the Company are consulted for possible candidates, and search firms may be retained to the extent the Committee considers appropriate.

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D. Employees

At December 31, 2014, the Company had 66 permanent and seasonal employees. A total of 7 were employed in the care and maintenance of the Bellekeno mine and mill site care and maintenance, and a further 3 were employed in mineral exploration and evaluation activities. A total of 49 were employed in the environmental services business, with the remaining 7 employed in respect of executive management and administrative support. Significant aspects of both the mining business and the environmental services business require specialized skills and knowledge in areas that include geology, mining, metallurgy, engineering, environmental contamination treatment, permitting and regulatory compliance, as well as environmental and social policy issues. In the period 2010 through 2012, skill shortages within the mining industry in general, and particularly within Yukon Territory, made it more challenging to recruit and retain qualified employees in these fields. Alexco was generally successful in recruiting and retaining the key personnel necessary to its operating needs, though recruitment of skilled mill operators was an ongoing challenge for Bellekeno mine operations through mid-2012. By the end of 2012, the mill work force complement had stabilized. However, recruitment and retention of qualified employees in the mining sector remains a risk factor, and a re-start of Alexco’s mining operations will necessitate the re-hiring of mine and mill personnel.

E. Share Ownership

As of April 23, 2015, the Company had 69,335,566 shares outstanding. Based on information provided by such persons, as at the date hereof the directors and executive officers of the Company as a group beneficially owned, directly or indirectly, or exercised control or direction over, an aggregate of 4,769,667 common shares of the Company (including 1,940,299 shares owned by ALM Investments ULC (formerly Asset Liability Management Group ULC), a company controlled by Mr. Nauman), representing approximately 7% of the issued and outstanding common shares of the Company. In addition, the directors and executive officers of the Company as a group held stock options for the purchase of an aggregate of 2,557,500 common shares in the capital of the Company, representing approximately 57% of all outstanding options. In addition, the directors and executive officers of the Company as a group held RSUs that can be settled by way of shares issued from treasury for a further 375,000 common shares. The following table sets forth details of all Named Executive Officer and Director beneficial share ownership and percentage of ownership as of April 23, 2015.

	Number of Shares
Name of Beneficial Owner	Beneficially Held		Percent(*)
Clynton R. Nauman(1)	4,463,633	(2)	6.4%
George Brack	292,071	(3)	**
Terry Krepiakevich	65,769	(4)	**
David H. Searle	78,100	(5)	**
Rick Van Nieuwehuyse	65,769	(6)	**
Michael D. Winn	85,000	(7)	**
Richard N. Zimmer	77,066	(8)	**
Bradley Thrall	533,926	(9)	1.4%
Michael Clark	33,333	(10)	**
Alan McOnie	10,000	(11)	**

*

Where persons listed on this table have the right to obtain additional common shares through the exercise of outstanding options within 60 days from April 23, 2015, these additional shares are deemed to be outstanding for the purpose of computing the percentage of common share owned by such persons, but are not deemed to be outstanding for the purpose of computing the percentage owned by any other person. Based on 69,335,566 common shares outstanding as of April 23, 2015.

**

Less than one percent

(1) Includes 1,940,299 shares owned by ALM Investments ULC (formerly Asset Liability Management Group ULC), which company is controlled by Mr. Nauman.

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(2)	Includes 698,333shares issuable upon exercise of outstanding options within 60 days of April 23, 2015.
(3)	Includes 105,000 shares issuable upon exercise of outstanding options within 60 days of April 23, 2015.
(4)	Includes 75,000 shares issuable upon exercise of outstanding options within 60 days of April 23, 2015.
(5)	Includes 25,000 shares issuable upon exercise of outstanding options within 60 days of April 23, 2015.
(6)	Includes 105,000 shares issuable upon exercise of outstanding options within 60 days of April 23, 2015.
(7)	Includes 105,000 shares issuable upon exercise of outstanding options within 60 days of April 23, 2015.
(8)	Includes 10,000 shares issuable upon vesting of RSUs within 60 days of April 23, 2015.
(9)	Includes 455,833 shares issuable upon exercise of outstanding options within 60 days of April 23, 2015.
(10)	Includes 33,333 shares issuable upon exercise of outstanding options within 60 days of April 23, 2015.
(11)	Includes 245,000 shares issuable upon exercise of outstanding options within 60 days of April 23, 2015.

Equity Compensation Plan Information

The following table sets out information as of the end of the Company’s most recently completed financial year, December 31, 2014, with respect to compensation plans under which equity securities of the Company are authorized for issuance.

Plan Category	Number of securities to be issued upon exercise of outstanding options, warrants and rights (a)	Weighted- average exercise price of outstanding options, warrants and rights (b)	Number of securities remaining available for future issuances under equity compensation plans (excluding securities reflected in column (a)) (c)
Equity compensation plans approved by securityholders	3,903,690	$4.08	3,009,311
Equity compensation plans not approved by securityholders	Nil	Nil	Nil
Total	3,903,690	$4.08	3,009,311

Item 7. Major Shareholders and Related Party Transactions

A. Major Shareholders

As far as it is known to the Company, other than identified below, it is not directly or indirectly owned or controlled by any other Company or by the Canadian Government, or any foreign government, or by any other natural or legal person.

To the knowledge of the Company’s directors and senior officers, the following table sets forth certain information as at April 23, 2015, concerning the ownership of the Company’s common shares as to each person known by the directors and senior officers, based solely upon public records and filings, to be the direct and/or indirect owner of more than five (5%) percent of the Company’s common shares, who owned more than five percent of the outstanding shares of each class of the Company’s voting securities.

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	Number of Shares of		Percent of
Name	Common Stock Owned		Class *
Sprott Asset Management, L.P.	5,598,750		8%
Clynton Nauman	4,825,300	(1)	7%

* Where persons listed on this table have the right to obtain additional common shares through the exercise of outstanding options within 60 days from, April 23, 2015, these additional shares are deemed to be outstanding for the purpose of computing the percentage of common share owned by such persons, but are not deemed to be outstanding for the purpose of computing the percentage owned by any other person. Based on 69,335,566 common shares outstanding as of April 23, 2015.

(1) Includes 3,765,300 common shares, 990,000 common shares acquirable upon exercise of outstanding stock options and 70,000 common shares acquired through vesting of RSUs.

Changes in ownership by major shareholders

To the best of the Company’s knowledge there have been no changes in the ownership of the Company’s shares by major shareholders other than disclosed herein.

Voting Rights

The Company’s major shareholders do not have different voting rights.

Shares Held in the United States

As of April 23, 2015, there were approximately 117 registered holders of the Company’s shares in the United States, with combined holdings of 6,530,836 common shares.

Change of Control

As of the date of this Annual Report on Form 20-F, there were no arrangements known to the Company which may, at a subsequent date, result in a change of control of the Company.

Control by Others

To the best of the Company’s knowledge, the Company is not directly or indirectly owned or controlled by another Company, any foreign government, or any other natural or legal person, severally or jointly.

B. Related Party Transactions

The Company’s related parties include its subsidiaries and key management personnel.

(a) Key Management Personnel Compensation

		2014		2013		2012
Salaries and other short-term benefits	$	1,919	$	2,150	$	4,038
Termination benefits		-		-		714
Share-based compensation		830		1,923		1,738
	$	2,749	$	4,073	$	6,490

Key management includes the Company’s Board of Directors and members of senior management.

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C. Interests of Experts and Counsel

Not Applicable.

Item 8. Financial Information

A. Consolidated Statements and Other Financial Information

The following financial statements of the Company are attached to this Annual Report on Form 20-F:

• Independent Auditors’ Report;

• Consolidated Balance Sheets as at December 31, 2014 and 2013;

• Consolidated Statements of Loss and Comprehensive Loss for the years ended December 31, 2014, 2013 and 2012;

• Consolidated Statements of Cash Flows for the years ended December 31, 2014, 2013 and 2012;

• Consolidated Statements of Shareholders’ Equity for the years ended December 31, 2014, 2013 and 2012; and

• Notes to Consolidated Financial Statements for the years ended December 31, 2014, 2013 and 2012.

Legal Proceedings

The Company is not a party to any legal proceedings involving a claim for damages in excess of ten percent of the Company’s current assets, nor is a party to any regulatory actions, and is not aware of any such proceedings or actions known to be contemplated.

Dividend Policy

The Company has not paid any dividends on its common shares since its incorporation. Any decision to pay dividends on common shares in the future will be made by the Board of Directors on the basis of the earnings, financial requirements and other conditions existing at such time.

B. Significant Changes

None.

Item 9. The Offer and Listing

A. Price History of Stock

The common shares of the Company are listed and posted for trading on the Toronto Stock Exchange under the symbol “AXR”, and on the NYSE MKT Equities Exchange under the symbol “AXU”.

The following table sets forth the high and low prices expressed in Canadian dollars on the TSX and in United States dollars on NYSE MKT in the United States for the Company’s common shares for the past five years, for each quarter for the last two fiscal years, and for the last six months.

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		TSX				NYSE MKT
		(Canadian Dollars)				(United States Dollars)
Last Five Fiscal Years		High		Low		High		Low
2014	$	2.50	$	0.50	$	2.27	$	0.44
2013	$	4.71	$	0.94	$	4.72	$	0.90
2012	$	8.39	$	3.19	$	8.48	$	3.21
2011	$	9.75	$	5.87	$	10.28	$	5.73
2010	$	9.03	$	2.93	$	8.99	$	2.79

2014		High		Low		High		Low
Fourth Quarter ended December 31, 2014	$	0.77	$	0.50	$	0.69	$	0.44
Third Quarter ended September 30, 2014	$	1.53	$	0.79	$	1.44	$	0.65
Second Quarter ended June 30, 2014	$	1.77	$	0.98	$	1.66	$	0.91
First Quarter ended March 31, 2014	$	2.50	$	1.37	$	2.27	$	1.20

2013		High		Low		High		Low
Fourth Quarter ended December 31, 2013	$	1.82	$	1.20	$	1.75	$	1.15
Third Quarter ended September 30, 2013	$	2.55	$	1.06	$	2.43	$	1.03
Second Quarter ended June 30, 2013	$	3.35	$	0.94	$	3.31	$	0.90
First Quarter ended March 31, 2013	$	4.71	$	3.27	$	4.72	$	3.16

Last Six Months		High		Low		High		Low
March 2015	$	0.54	$	0.35	$	0.43	$	0.27
February 2015	$	0.68	$	0.52	$	0.55	$	0.42
January 2015	$	0.81	$	0.57	$	0.68	$	0.48
December 2014	$	0.73	$	0.53	$	0.65	$	0.46
November 2014	$	0.77	$	0.51	$	0.68	$	0.44
October 2014	$	0.75	$	0.50	$	0.69	$	0.44

B. Plan of Distribution

Not Applicable.

C. Markets

The common shares of Alexco are listed on the Toronto Stock Exchange under the symbol "AXR", and on the NYSE MKT under the symbol "AXU".

D. Selling Shareholders

Not Applicable.

E. Dilution

Not Applicable.

F. Expenses of the Issue

Not Applicable.

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Item 10 Additional Information

A. Share Capital

Not Applicable.

B. Memorandum and Articles of Association

The Company was incorporated under the Business Corporations Act (Yukon) on December 3, 2004 under the name "Alexco Resource Corp.". Effective December 28, 2007, it was continued under the British Columbia Business Corporations Act ("BCBCA"). Under the BCBCA, the Company's constating documents consist of Notice of Articles and Articles (being the equivalent of the Memorandum and Articles of Association (Bylaws)).

The Notice of Articles and Articles do not address the Company’s objects and purposes and there are no restrictions on the business the Company may carry on.

A director who has, directly or indirectly, a material interest in an existing or proposed material contract or transaction of the Company or who holds any office or possesses any property, right or interest that could result, directly or indirectly, in the creation of a duty or interest that materially conflicts with that individual's duty or interest as a director, is not entitled to vote on any directors' resolution to approve that material contract or transaction and if he shall do so his vote shall not be counted, but he shall be counted in the quorum present at the meeting at which such vote is taken. Notwithstanding the foregoing, if all of the directors have a material interest in a proposed material contract or transaction, any or all of those directors may vote on such resolution.

Part 8 of the Articles details the Company's borrowing powers. The Company, if authorized by the directors, may:

(a)	borrow money in the manner and amount, on the security, from the sources and on the terms and conditions that the directors consider appropriate;
(b)	issue bonds, debentures and other debt obligations either outright or as security for any liability or obligation of the Company or any other person and at such discounts or premiums and on such other terms as the directors consider appropriate;
(c)	guarantee the repayment of money by any other person or the performance of any obligation of any other person; and
(d)	mortgage, charge, whether by way of specific or floating charge, grant a security interest in, or give other security on, the whole or any part of the present and future assets and undertaking of the Company.

There are no age considerations pertaining to the retirement or non-retirement of directors.

A director is not required to hold a share in the capital of the Company as qualification for his or her office but must be qualified as required by the BCBCA to become, act or continue as a director.

The directors are entitled to the remuneration for acting as directors, if any, as the directors may from time to time determine. If the directors so decide, the remuneration of the directors, if any, will be determined by the shareholders. That remuneration may be in addition to any salary or other remuneration paid to any officer or employee of the Company as such, who is also a director.

The Company must reimburse each director for the reasonable expenses that he or she may incur in and about the business of the Company.

All of the authorized common shares of the Company are of the same class and, once issued, rank equally as to dividends, voting powers, and participation in assets. Holders of common shares are entitled to one vote for each share held of record on all matters to be acted upon by the shareholders. Holders of common shares are entitled to receive such dividends as may be declared from time to time by the Board of Directors, in its discretion, out of funds legally available therefor.

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Upon liquidation, dissolution or winding up of the Company, holders of common shares are entitled to receive pro rata the assets of the Company, if any, remaining after payments of all debts and liabilities. No shares have been issued subject to call or assessment. There are no pre-emptive or conversion rights and no provisions for redemption or purchase for cancellation, surrender, or sinking or purchase funds.

Unless the BCBCA or the Company’s Articles otherwise provide, any action to be taken by a resolution of the shareholders must be taken by a "special resolution". Such a "special resolution" requires a two-thirds vote of shareholders rather than a simple majority for passage. The BCBCA contains provisions which require a "special resolution" for effecting certain corporate actions. The principal corporate actions that require a "special resolution" include:

(a)	reducing share capital, subject to certain limits;
(b)	altering the Notice of Articles to change the majority required to pass a special resolution or a special separate resolution;
(c)	approving various forms of amalgamation, including an amalgamation into a foreign jurisdiction;
(d)	approving an arrangement with shareholders;
(e)	approving the disposition of the whole or substantially the whole of the undertaking of the Company;
(f)	continuing the Company into another jurisdiction; and
(g)	authorizing a voluntary liquidation or the removal of a liquidator.

Subject to BCBCA, the Company may, if authorized by resolution of the directors, purchase, redeem or otherwise acquire any of its shares at the price and upon terms determined by the directors. Notwithstanding the foregoing, the Company must not make a payment or provide any other consideration to purchase, redeem or otherwise acquire any of its shares if there are reasonable grounds for believing that:

(a)	the Company is insolvent; or
(b)	making the payment or providing the consideration would render the Company insolvent.

There is no liability to further capital calls by the Company.

There are no provisions discriminating against any existing or prospective holder of securities as a result of such shareholder owning a substantial number of shares.

The Company’s Articles provide that the Company, subject to the BCBCA, may:

(a)

by directors' resolution or by ordinary resolution, in each case as determined by the directors, create special rights or restrictions for, and attach those special rights or restrictions to, the shares of any class or series of shares, if none of those shares have been issued; or vary or delete any special rights or restrictions attached to the shares of any class or series of shares, if none of those shares have been issued; and

(b)

by special resolution of the shareholders of the class or series affected, do any of the acts in (a) above if any of the shares of the class or series of shares have been issued,

and alter its Notice of Articles and Articles accordingly.

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Subject to the foregoing and the BCBCA, the Company may also:

(a) by directors' resolution or by ordinary resolution, in each case as determined by the directors:

(i)	create one or more classes or series of shares or, if none of the shares of a class or series of shares are allotted or issued, eliminate that class or series of shares;
(ii)	increase, reduce or eliminate the maximum number of shares that the Company is authorized to issue of any class or series of shares or establish a maximum number of shares that the Company is authorized to issue out of any class or series of shares for which no maximum is established;
(iii)	subdivide or consolidate all or any of its unissued, or fully paid issued, shares;
(iv)	if the Company is authorized to issue shares of a class of shares with par value:

(1)	decrease the par value of those shares; or
(2)	if none of the shares of that class of shares are allotted or issued, increase the par value of those shares;

(v)	change all or any of its unissued shares with par value into shares without par value or any of its unissued shares without par value into shares with par value or change all or any of its fully paid issued shares with par value into shares without par value; or
(vi)	alter the identifying name of any of its shares; and

(b) by ordinary resolution otherwise alter its shares or authorized share structure;

and, if applicable, alter its Notice of Articles and, if applicable, alter its Articles accordingly.

Unless an annual general meeting is deferred or waived in accordance with the BCBCA, the Company must hold its first annual general meeting within 18 months after the date on which it was incorporated or otherwise recognized, and after that must hold an annual general meeting at least once in each calendar year and not more than 15 months after the last annual reference date at such time and place as may be determined by the directors.

The directors may, whenever they think fit, convene a general meeting. Shareholders holding in the aggregate at least 1/20 of the issued shares of the Company that carry the right to vote at general meetings may also requisition a general meeting for the purpose of transacting any business that may be transacted at a general meeting. A general meeting, if requisitioned in accordance with the BCBCA, shall be convened by the directors or, if not convened by the directors, may be convened by the requisitionists as provided in the BCBCA.

Not less than 21 days’ notice of any general meeting specifying the date, time and location of any meeting of shareholders and in case of special business, the general nature of that special business shall be given in the manner mentioned in Part 10 of the Articles or otherwise as prescribed by law to any person as may by law or under the Articles or other regulations of the Company be entitled to receive the notice from the Company. The accidental omission to send notice of any meeting of shareholders to, or the non-receipt of any notice by, any of the person entitled to notice does not invalidate any proceedings at that meeting. Any person entitled to notice of a meeting of shareholders may, in writing or otherwise, waive that entitlement or agree to reduce the period of that notice.

There are no limitations on the rights of non-resident or foreign shareholders to own securities or exercise voting rights on the securities

There is no provision of the Company’s Articles that would have an effect of delaying, deferring or preventing a change in control of the Company and that would operate only with respect to a merger, acquisition or corporate restructuring involving the Company (or any of its subsidiaries).

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There are no provisions in the Company’s Articles or in the BCBCA governing the threshold above which shareholder ownership must be disclosed. Under applicable Canadian securities laws, any person holding or having beneficial ownership or control or direction over more than 10% of the Company’s issued shares is required to file insider and other reports disclosing such shareholdings.

C. Material Contracts

The Silver Wheaton Streaming Agreement , as amended (as described under “Item 4.A History and Development of the Company – Three Year History”), is the only material contracts entered into by the Company within the year ended December 31, 2014 or before such time that are still in effect, other than in the ordinary course of business. The Silver Streaming Agreement and subsequent amendments are available on the SEDAR website at www.sedar.com under the Company’s profile.

D. Exchange Controls

Canada has no system of exchange controls. There are no Canadian restrictions on the repatriation of capital or earnings of a Canadian public company to non-resident investors. There are no laws in Canada or exchange restrictions affecting the remittance of dividends, profits, interest, royalties and other payments to non-resident holders of the Issuer’s securities, except as discussed below under “Item 10. Additional Information, E. Taxation.”

There are no limitations under the laws of Canada or in the organizing documents of the Company on the right of foreigners to hold or vote securities of the Company, except that the Investment Canada Act may require review and approval by the Minister of Industry (Canada) of certain acquisitions of “control” of the Company by a “non-Canadian”. The threshold for acquisitions of control is generally defined as being one-third or more of the voting shares of the Company. “Non-Canadian” generally means an individual who is not a Canadian citizen, or a Company, partnership, trust or joint venture that is ultimately controlled by non-Canadians.

E. Taxation

Canadian Federal Income Tax Consequences

The following summarizes the principal Canadian federal income tax consequences applicable to the holding and disposition of common shares in the capital of the Company by a holder who, for purposes of the Income Tax Act (Canada) (the “Tax Act”) and the Canada-United States Income Tax Convention, 1980, as amended (the “Treaty”), is resident in the United States, beneficially holds the common shares as capital property and does not use or hold the common shares in the course of carrying on a business in Canada (a “U.S. Holder”). The common shares will generally be considered to be capital property unless the U.S. Holder holds the common shares in the course of carrying on a business, or acquires the common shares in a transaction or transactions considered to be an adventure in the nature of trade.

This summary is based on the current provisions of the Tax Act, the regulations thereunder, all amendments thereto publicly proposed by the government of Canada, the published administrative practices of the Canada Revenue Agency and the current provisions of the Treaty. This summary does not otherwise take into account or anticipate any changes in law, whether by way of legislative, judicial or administrative action or interpretation, nor does it address any provincial, territorial or foreign (including without limitation, any United States) tax considerations.

This summary is of a general nature only and it is not intended to be, nor should it be construed to be, legal or tax advice to any particular U.S. Holder. Accordingly, U.S. Holders are urged to consult with their own tax advisors about the specific tax consequences of acquiring, holding and disposing of common shares.

A U.S. Holder will be liable to pay a Canadian withholding tax on every dividend that is or is deemed to be paid or credited to the U.S. Holder on the U.S. Holder’s common shares. The rate of withholding tax under the Tax Act is 25% of the gross amount of the dividend paid. However, the Treaty will reduce that withholding tax rate, provided the U.S. Holder is eligible for benefits under the Treaty. Where applicable, the general rate of withholding tax under the Treaty will be 15% of the gross amount of the dividend, but if the U.S. Holder is a company that owns at least 10% of the voting stock of the Company, the rate of withholding tax will be reduced to 5%. The Company will be required to withhold the applicable tax from the dividend payable to the U.S. Holder, and to remit that tax to the Receiver General for Canada on account of the U. S. Holder. Not all persons who are residents of the United States will qualify for benefits under the Treaty. U.S. Holders are advised to consult their own tax advisors in this regard.

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A U.S. Holder will generally not be subject to tax under the Tax Act in respect of a capital gain realized on the disposition or deemed disposition of a common share, unless the common share constitutes “taxable Canadian property” to the U.S. Holder for purposes of the Tax Act. Provided that the common shares are listed on a “designated stock exchange” for purposes of the Tax Act (which includes the TSX) at the time of disposition, the common shares will generally not constitute “taxable Canadian property” to a U.S. Holder unless, at any time during the 60-month period immediately preceding the disposition (i) the U.S. Holder, together with persons with whom the U.S. Holder does not deal at “arm’s length” for the purposes of the Tax Act, owned 25% or more of the issued shares of any class of shares of the Company and (ii) more than 50% of the fair market value of the common shares was derived directly or indirectly from one or a combination of real or immovable property situated in Canada, “Canadian resource properties” or “timber resource properties” (as such terms are defined in the Tax Act), or options or interests in respect of any such properties.

Provided the common shares are listed at the time of disposition on the TSX or other “recognized stock exchange” (which includes the TSX) for purposes of the Tax Act, a U.S. Holder who disposes of common shares will not be required to satisfy the obligations imposed under Section 116 of the Tax Act and, as such, the purchaser of such shares will not be required to withhold any amount on the purchase price paid and the US Holder will not have to apply to obtain a certificate of compliance related to the disposition of the common shares.

U.S. Holders whose common shares may constitute “taxable Canadian property” should consult their own tax advisors.

Certain United States Federal Income Tax Consequences

The following is a general summary of certain material U.S. federal income tax considerations applicable to a U.S. Holder (as defined below) arising from and relating to the acquisition, ownership, and disposition of common shares of the Company (“Common Shares”).

This summary is for general information purposes only and does not purport to be a complete analysis or listing of all potential U.S. federal income tax considerations that may apply to a U.S. Holder arising from and relating to the acquisition, ownership, and disposition of Common Shares. In addition, this summary does not take into account the individual facts and circumstances of any particular U.S. Holder that may affect the U.S. federal income tax consequences to such U.S. Holder, including without limitation specific tax consequences to a U.S. Holder under an applicable tax treaty. Accordingly, this summary is not intended to be, and should not be construed as, legal or U.S. federal income tax advice with respect to any U.S. Holder. This summary does not address the U.S. federal alternative minimum, U.S. federal estate and gift, U.S. state and local, and foreign tax consequences to U.S. Holders of the acquisition, ownership, and disposition of Common Shares. In addition, except as specifically set forth below, this summary does not discuss applicable tax reporting requirements. Each prospective U.S. Holder should consult its own tax advisor regarding the U.S. federal, U.S. federal alternative minimum, U.S. federal estate and gift, U.S. state and local, and foreign tax consequences relating to the acquisition, ownership, and disposition of Common Shares.

No legal opinion from U.S. legal counsel or ruling from the Internal Revenue Service (the “IRS”) has been requested, or will be obtained, regarding the U.S. federal income tax consequences of the acquisition, ownership, and disposition of Common Shares. This summary is not binding on the IRS, and the IRS is not precluded from taking a position that is different from, and contrary to, the positions taken in this summary. In addition, because the authorities on which this summary are based are subject to various interpretations, the IRS and the U.S. courts could disagree with one or more of the conclusions described in this summary.

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Scope of this Summary

Authorities
This summary is based on the Internal Revenue Code of 1986, as amended (the “Code”), Treasury Regulations (whether final, temporary, or proposed), published rulings of the IRS, published administrative positions of the IRS, the Convention Between Canada and the United States of America with Respect to Taxes on Income and on Capital, signed September 26, 1980, as amended (the “Canada-U.S. Tax Convention”), and U.S. court decisions that are applicable and, in each case, as in effect and available, as of the date of this document. Any of the authorities on which this summary is based could be changed in a material and adverse manner at any time, and any such change could be applied retroactively. This summary does not discuss the potential effects, whether adverse or beneficial, of any proposed legislation.

U.S. Holders
For purposes of this summary, the term "U.S. Holder" means a beneficial owner of Common Shares that is for U.S. federal income tax purposes:

• an individual who is a citizen or resident of the United States;

• a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) organized under the laws of the United States, any state thereof or the District of Columbia;

• an estate whose income is subject to U.S. federal income taxation regardless of its source; or

• a trust that (1) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons for all substantial decisions or (2) has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.

U.S. Holders Subject to Special U.S. Federal Income Tax Rules Not Addressed
This summary does not address the U.S. federal income tax considerations applicable to U.S. Holders that are subject to special provisions under the Code, including, but not limited to, the following U.S. Holders that: (a) are tax-exempt organizations, qualified retirement plans, individual retirement accounts, or other tax-deferred accounts; (b) are financial institutions, underwriters, insurance companies, real estate investment trusts, or regulated investment companies; (c) are broker-dealers, dealers, or traders in securities or currencies that elect to apply a mark-to-market accounting method; (d) have a “functional currency” other than the U.S. dollar; (e) own Common Shares as part of a straddle, hedging transaction, conversion transaction, constructive sale, or other arrangement involving more than one position; (f) acquired Common Shares in connection with the exercise of employee stock options or otherwise as compensation for services; (g) hold Common Shares other than as a capital asset within the meaning of Section 1221 of the Code (generally, property held for investment purposes); or (h) own, have owned or will own (directly, indirectly, or by attribution) 10% or more of the total combined voting power of the outstanding shares of the Company. This summary also does not address the U.S. federal income tax considerations applicable to U.S. Holders who are: (a) U.S. expatriates or former long-term residents of the U.S.; (b) persons that have been, are, or will be a resident or deemed to be a resident in Canada for purposes of the Income Tax Act (Canada) (the “Tax Act”); (c) persons that use or hold, will use or hold, or that are or will be deemed to use or hold Common Shares in connection with carrying on a business in Canada; (d) persons whose Common Shares constitute “taxable Canadian property” under the Tax Act; or (e) persons that have a permanent establishment in Canada for the purposes of the Canada-U.S. Tax Convention. U.S. Holders that are subject to special provisions under the Code, including, but not limited to, U.S. Holders described immediately above, should consult their own tax advisor regarding the U.S. federal, U.S. federal alternative minimum, U.S. federal estate and gift, U.S. state and local, and foreign tax consequences relating to the acquisition, ownership and disposition of Common Shares.

If an entity or arrangement that is classified as a partnership (or other “pass-through” entity) for U.S. federal income tax purposes holds Common Shares, the U.S. federal income tax consequences to such entity and the partners (or other owners) of such entity generally will depend on the activities of the entity and the status of such partners (or owners). This summary does not address the tax consequences to any such owner. Partners (or other owners) of entities or arrangements that are classified as partnerships or as “pass-through” entities for U.S. federal income tax purposes should consult their own tax advisors regarding the U.S. federal income tax consequences arising from and relating to the acquisition, ownership, and disposition of Common Shares.

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Ownership and Disposition of Common Shares

The following discussion is subject in its entirety to the rules described below under the heading “Passive Foreign Investment Company Rules.”

Taxation of Distributions
A U.S. Holder that receives a distribution, including a constructive distribution, with respect to a Common Share will be required to include the amount of such distribution in gross income as a dividend (without reduction for any foreign income tax withheld from such distribution) to the extent of the current or accumulated “earnings and profits” of the Company, as computed for U.S. federal income tax purposes. To the extent that a distribution exceeds the current and accumulated “earnings and profits” of the Company, such distribution will be treated first as a tax-free return of capital to the extent of a U.S. Holder's tax basis in the Common Shares and thereafter as gain from the sale or exchange of such Common Shares (see “Sale or Other Taxable Disposition of Common Shares” below). However, the Company may not maintain the calculations of its earnings and profits in accordance with U.S. federal income tax principles, and each U.S. Holder may have to assume that any distribution by the Company with respect to the Common Shares will constitute ordinary dividend income. Dividends received on Common Shares by corporate U.S. Holders generally will not be eligible for the “dividends received deduction”. Subject to applicable limitations and provided the Company is eligible for the benefits of the Canada-U.S. Tax Convention or the Common Shares are readily tradable on an established securities market in the United States, dividends paid by the Company to non-corporate U.S. Holders, including individuals, generally will be eligible for the preferential tax rates applicable to long-term capital gains for dividends, provided certain holding period and other conditions are satisfied, including that the Company not be classified as a PFIC (as defined below) in the tax year of distribution or in the preceding tax year. The dividend rules are complex, and each U.S. Holder should consult its own tax advisor regarding the application of such rules.

Sale or Other Taxable Disposition of Common Shares
A U.S. Holder will recognize gain or loss on the sale or other taxable disposition of Common Shares in an amount equal to the difference, if any, between (a) the amount of cash plus the fair market value of any property received and (b) such U.S. Holder’s tax basis in such Common Shares sold or otherwise disposed of. Any such gain or loss generally will be capital gain or loss, which will be long-term capital gain or loss if, at the time of the sale or other disposition, such Common Shares are held for more than one year.

Preferential tax rates apply to long-term capital gains of a U.S. Holder that is an individual, estate, or trust. There are currently no preferential tax rates for long-term capital gains of a U.S. Holder that is a corporation. Deductions for capital losses are subject to significant limitations under the Code.

Passive Foreign Investment Company Rules

If the Company were to constitute a “passive foreign investment company” (“PFIC”) for any year during a U.S. Holder’s holding period, then certain potentially adverse rules would affect the U.S. federal income tax consequences to a U.S. Holder resulting from the acquisition, ownership and disposition of Common Shares. The Company believes that it was not a PFIC for the tax year ended December 31, 2014. PFIC classification is fundamentally factual in nature, generally cannot be determined until the close of the tax year in question, and is determined annually. Consequently, there can be no assurance that the Company has never been and will not become a PFIC for any tax year during which U.S. Holders hold Common Shares.

In addition, in any year in which the Company is classified as a PFIC, a U.S. Holder will be required to file an annual report with the IRS containing such information as Treasury Regulations and/or other IRS guidance may require. A failure to satisfy such reporting requirements may result in an extension of the time period during which the IRS can assess a tax. U.S. Holders should consult their own tax advisors regarding the requirements of filing such information returns under these rules, including the requirement to file an IRS Form 8621.

The Company generally will be a PFIC under Section 1297 of the Code if, after the application of certain “look-through” rules with respect to subsidiaries in which the Company holds at least 25% of the value of such subsidiary, for a tax year, (a) 75% or more of the gross income of the Company for such tax year is passive income (the “income test”) or (b) 50% or more of the value of the Company’s assets either produce passive income or are held for the production of passive income (the “asset test”), based on the quarterly average of the fair market value of such assets. “Gross income” generally includes all sales revenues less the cost of goods sold, plus income from investments and from incidental or outside operations or sources, and “passive income” generally includes, for example, dividends, interest, certain rents and royalties, certain gains from the sale of stock and securities, and certain gains from commodities transactions. Active business gains arising from the sale of commodities generally are excluded from passive income if substantially all (85% or more) of a foreign corporation’s commodities are stock in trade or inventory, depreciable property used in a trade or business or supplies regularly used or consumed in the ordinary course of its trade or business, and certain other requirements are satisfied.

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If the Company were a PFIC in any tax year during which a U.S. Holder held Common Shares, such holder generally would be subject to special rules with respect to “excess distributions” made by the Company on the Common Shares and with respect to gain from the disposition of Common Shares. An “excess distribution” generally is defined as the excess of distributions with respect to the Common Shares received by a U.S Holder in any tax year over 125% of the average annual distributions such U.S. Holder has received from the Company during the shorter of the three preceding tax years, or such U.S. Holder’s holding period for the Common Shares. Generally, a U.S. Holder would be required to allocate any excess distribution or gain from the disposition of the Common Shares ratably over its holding period for the Common Shares. Such amounts allocated to the year of the disposition or excess distribution would be taxed as ordinary income, and amounts allocated to prior tax years would be taxed as ordinary income at the highest tax rate in effect for each such year and an interest charge at a rate applicable to underpayments of tax would apply.

While there are U.S. federal income tax elections that sometimes can be made to mitigate these adverse tax consequences (including the “QEF Election” under Section 1295 of the Code and the “Mark-to-Market Election” under Section 1296 of the Code), such elections are available in limited circumstances and must be made in a timely manner.

U.S. Holders should be aware that, for each tax year, if any, that the Company is a PFIC, the Company can provide no assurances that it will satisfy the record keeping requirements of a PFIC, or that it will make available to U.S. Holders the information such U.S. Holders require to make a QEF Election with respect to the Company or any subsidiary that also is classified as a PFIC. U.S. Holders should consult their own tax advisors regarding the potential application of the PFIC rules to the ownership and disposition of Common Shares, and the availability of certain U.S. tax elections under the PFIC rules.

Additional Considerations

Additional Tax on Passive Income

Certain individuals, estates and trusts whose income exceeds certain thresholds will be required to pay a 3.8% Medicare surtax on “net investment income” including, among other things, dividends and net gain from disposition of property (other than property held in certain trades or businesses). U.S. Holders should consult their own tax advisors regarding the effect, if any, of this tax on their ownership and disposition of Common Shares.

Receipt of Foreign Currency
The amount of any distribution paid to a U.S. Holder in foreign currency, or on the sale, exchange or other taxable disposition of Common Shares, generally will be equal to the U.S. dollar value of such foreign currency based on the exchange rate applicable on the date of receipt (regardless of whether such foreign currency is converted into U.S. dollars at that time). A U.S. Holder will have a basis in the foreign currency equal to its U.S. dollar value on the date of receipt. Any U.S. Holder who converts or otherwise disposes of the foreign currency after the date of receipt may have a foreign currency exchange gain or loss that would be treated as ordinary income or loss, and generally will be U.S. source income or loss for foreign tax credit purposes. Different rules apply to U.S. Holders who use the accrual method with respect to foreign currency received upon the sale, exchange or other taxable disposition of the Common Shares. Different rules apply to U.S. Holders who use the accrual method. Each U.S. Holder should consult its own U.S. tax advisor regarding the U.S. federal income tax consequences of receiving, owning, and disposing of foreign currency.

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Foreign Tax Credit
Subject to the PFIC rules discussed above, a U.S. Holder that pays (whether directly or through withholding) Canadian income tax with respect to dividends paid on the Common Shares generally will be entitled, at the election of such U.S. Holder, to receive either a deduction or a credit for such Canadian income tax. Generally, a credit will reduce a U.S. Holder’s U.S. federal income tax liability on a dollar-for-dollar basis, whereas a deduction will reduce a U.S. Holder’s income subject to U.S. federal income tax. This election is made on a year-by-year basis and applies to all foreign taxes paid (whether directly or through withholding) by a U.S. Holder during a year.

Complex limitations apply to the foreign tax credit, including the general limitation that the credit cannot exceed the proportionate share of a U.S. Holder’s U.S. federal income tax liability that such U.S. Holder’s “foreign source” taxable income bears to such U.S. Holder’s worldwide taxable income. In applying this limitation, a U.S. Holder’s various items of income and deduction must be classified, under complex rules, as either “foreign source” or “U.S. source.” Generally, dividends paid by a foreign corporation should be treated as foreign source for this purpose, and gains recognized on the sale of stock of a foreign corporation by a U.S. Holder should be treated as U.S. source for this purpose, except as otherwise provided in an applicable income tax treaty, and if an election is properly made under the Code. However, the amount of a distribution with respect to the Common Shares that is treated as a “dividend” may be lower for U.S. federal income tax purposes than it is for Canadian federal income tax purposes, resulting in a reduced foreign tax credit allowance to a U.S. Holder. In addition, this limitation is calculated separately with respect to specific categories of income. The foreign tax credit rules are complex, and each U.S. Holder should consult its own U.S. tax advisor regarding the foreign tax credit rules.

Backup Withholding and Information Reporting
Under U.S. federal income tax law, certain categories of U.S. Holders must file information returns with respect to their investment in, or involvement in, a foreign corporation. For example, U.S. return disclosure obligations (and related penalties) are imposed on individuals who are U.S. Holders that hold certain specified foreign financial assets in excess of certain threshold amounts. The definition of specified foreign financial assets includes not only financial accounts maintained in foreign financial institutions, but also, unless held in accounts maintained by a financial institution, any stock or security issued by a non-U.S. person, any financial instrument or contract held for investment that has an issuer or counterparty other than a U.S. person and any interest in a foreign entity. U. S. Holders may be subject to these reporting requirements unless their Common Shares are held in an account at certain financial institutions. Penalties for failure to file certain of these information returns are substantial. U.S. Holders should consult their own tax advisors regarding the requirements of filing information returns, including the requirement to file an IRS Form 8938.

Payments made within the U.S. or by a U.S. payor or U.S. middleman, of dividends on, and proceeds arising from the sale or other taxable disposition of, Common Shares will generally be subject to information reporting and backup withholding tax, at the rate of 28%, if a U.S. Holder (a) fails to furnish such U.S. Holder’s correct U.S. taxpayer identification number (generally on Form W-9), (b) furnishes an incorrect U.S. taxpayer identification number, (c) is notified by the IRS that such U.S. Holder has previously failed to properly report items subject to backup withholding tax, or (d) fails to certify, under penalty of perjury, that such U.S. Holder has furnished its correct U.S. taxpayer identification number and that the IRS has not notified such U.S. Holder that it is subject to backup withholding tax. However, certain exempt persons generally are excluded from these information reporting and backup withholding rules. Backup withholding is not an additional tax. Any amounts withheld under the U.S. backup withholding tax rules will be allowed as a credit against a U.S. Holder’s U.S. federal income tax liability, if any, or will be refunded, if such U.S. Holder furnishes required information to the IRS in a timely manner.

The discussion of reporting requirements set forth above is not intended to constitute a complete description of all reporting requirements that may apply to a U.S. Holder. A failure to satisfy certain reporting requirements may result in an extension of the time period during which the IRS can assess a tax, and under certain circumstances, such an extension may apply to assessments of amounts unrelated to any unsatisfied reporting requirement. Each U.S. Holder should consult its own tax advisor regarding the information reporting and backup withholding rules.

F. Dividends and Paying Agents

Not Applicable.

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G. Statement by Experts

Not Applicable.

H. Documents on Display

We are subject to the informational requirements of the Exchange Act and file reports and other information with the SEC. You may read and copy any of our reports and other information at, and obtain copies upon payment of prescribed fees from, the Public Reference Room maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549. In addition, the SEC maintains a Website that contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC at http://www.sec.gov. The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330.

We are required to file reports and other information with the securities commissions in Canada. You are invited to read and copy any reports, statements or other information, other than confidential filings, that we file with the provincial securities commissions. These filings are also electronically available from the Canadian System for Electronic Document Analysis and Retrieval ("SEDAR") (www.sedar.com), the Canadian equivalent of the SEC's electronic document gathering and retrieval system.

We "incorporate by reference" information that we file with the SEC, which means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is an important part of this Form 20-F and more recent information automatically updates and supersedes more dated information contained or incorporated by reference in this Form 20-F.

As a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy statements to shareholders.

We will provide without charge to each person, including any beneficial owner, to whom a copy of this Annual Report on Form 20-F has been delivered, on the written or oral request of such person, a copy of any or all documents referred to above which have been or may be incorporated by reference in this Annual Report on Form 20-F (not including exhibits to such incorporated information that are not specifically incorporated by reference into such information). Requests for such copies should be directed to us at the following address: 200 Granville Street, Suite 1150, Vancouver, British Columbia, Canada, V6C 1S4.

I. Subsidiary Information

Not Applicable.

Item 11 Quantitative and Qualitative Disclosures about Market Risk

Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its obligations. The Company’s maximum exposure to credit risk at the balance sheet date under its financial instruments is summarized as follows:

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		December 31		December 31
		2014		2013
Trade receivables, net of provision –
Currently due	$	1,171	$	729
Past due by 90 days or less, not impaired		1,249		1,448
Past due by greater than 90 days, not impaired		48		602
		2,468		2,779
Cash		2,526		4,855
Demand deposits		6,113		3,755
Term deposits		10,215		9,460
	$	18,854	$	20,849

Substantially all of the Company’s cash, demand deposits and term deposits are held with major financial institutions in Canada, and management believes the exposure to credit risk with respect to such institutions is not significant. Those financial assets that potentially subject the Company to credit risk are primarily receivables. Management actively monitors the Company’s exposure to credit risk under its financial instruments, particularly with respect to receivables. The Company considers the risk of material loss to be significantly mitigated due to the financial strength of the parties from whom the receivables are due, including with respect to trade accounts receivable as the Company’s major customers include government organizations as well as substantial corporate entities. As at December 31, 2014, trade receivables are recorded net of a recoverability provision of $479,000 (2013 – $485,000).

Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate due to changes in market interest rates. The Company has no significant exposure at December 31, 2014 or 2013 to interest rate risk through its financial instruments.

Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its obligations associated with financial liabilities. The Company has a planning and budgeting process in place by which it anticipates and determines the funds required to support its normal operating requirements as well as the growth and development of its mining projects. The Company coordinates this planning and budgeting process with its financing activities through the capital management process. The Company’s financial liabilities are comprised of its accounts payable and accrued liabilities, the contractual maturities of which at the balance sheet date are summarized as follows:

		December 31		December 31
		2014		2013
Accounts payable and accrued liabilities with contractual maturities –
Within 90 days or less	$	2,375	$	2,220
In later than 90 days, not later than one year		-		-
	$	2,375	$	2,220

Under the agreement with Silver Wheaton, as of December 31, 2016, if mining operations remain suspended or the 400 tonne per day throughput test has not yet been completed, the Company may be required to refund an amount to Silver Wheaton depending on the extent to which it has achieved such test, the maximum amount of which refund would be US$9,750,000.

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Price Risk

Under the terms of the off-take agreements by which the Bellekeno mine concentrates were sold, pricing was based on future metal prices, the final settlement of which could occur up to a number of months subsequent to initial recognition of the sale. Initial recognition of the sale is based on estimated final settlement prices, and the exposure to changes in metal prices between initial recognition and final settlement represents an embedded derivative within accounts receivable arising from sales of concentrate. The Company is primarily exposed to changes in the market price for silver, lead and zinc, all of which are actively traded commodities, the prices of which are affected by numerous macroeconomic factors such as interest rates, exchange rates, inflation or deflation, global and regional supply and demand and general worldwide political and economic conditions, as well as fluctuations of the value of the US dollar given the price of each of these metals on the world market is widely quoted in that currency. Management monitors these various factors as part of its overall capital management activities, including tracking published analyst commodity price forecasts. In situations of significant anticipated volatility in metal prices or where warranted by unique project-specific circumstances, management may consider hedging the metal prices to which it is exposed. However, it is the Company’s primary policy that it will not hedge the metal prices to which it is exposed, particularly that for silver.

Currency Risk

Substantially all of the Company’s property, plant and equipment and mineral properties are located in Canada; all of its mining operations occur in Canada; and a significant majority of its environmental services revenues are earned in Canada. However, when commercial production commenced at the Bellekeno mine, the Company’s exposure to US dollar currency risk significantly increased as sales of concentrate were effected in US dollars. In addition, a portion of its environmental services revenues, and receivables arising therefrom, are also denominated in US dollars. As well, while a significant majority of the Company’s operating costs are denominated in Canadian dollars, it does have some exposure to costs, as some accounts payable and accrued liabilities are denominated in US dollars. The Company is exposed to currency risk at the balance sheet date through the following financial assets and liabilities, which are denominated in US dollars:

		December 31			December 31
		2014			2013
Cash and demand deposits	$	6,340		$	3,027
Accounts and other receivable		1,354			1,129
Accounts payable and accrued liabilities		(421	)		(512	)
Net exposure	$	7,273		$	3,644

Based on the above net exposure at December 31, 2014, a 10% depreciation or appreciation of the US dollar against the Canadian dollar would result in an approximately $727,000 decrease or increase respectively in both net and comprehensive loss (2013 – $364,000). The Company has not employed any currency hedging programs during the current period.

Item 12. Description of Securities Other than Equity Securities

A. – C.

Not Applicable.

D. American Depository Receipts

The Company does not have securities registered as American Depository Receipts.

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Part II

Item 13. Defaults, Dividend Arrearages and Delinquencies

Not Applicable.

Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds

A.-D.

None.

E. Use of Proceeds

Not Applicable.

Item 15 Controls and Procedures

A. Disclosure Controls and Procedures

An evaluation was performed under the supervision and with the participation of the Company’s audit committee and management, including the Company’s Chief Executive Officer and the Company’s Chief Financial Officer of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Rules 13a-15(b) and 15d-15(b) of the Exchange Act as of December 31, 2014. Based on their evaluation, the Company’s Chief Executive Officer (the “CEO”) have concluded that the disclosure controls and procedures were effective to give reasonable assurance that the information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is (i) recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and (ii) accumulated and communicated to management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

B. Management’s Annual Report on Internal Control Over Financial Reporting

The Company’s management, including the Company’s CEO and CFO, is responsible for establishing and maintaining adequate internal control over the Company’s internal control over financial reporting, as such term is defined in Rule 13a-15(f) under the Exchange Act. The Company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with IFRS. The Company’s internal control over financial reporting includes policies and procedures that: pertain to the maintenance of records that, in reasonable detail accurately and fairly reflect the transactions and disposition of assets; provide reasonable assurance that transactions are recorded as necessary to permit preparation of the consolidated financial statements in accordance with IFRS and that receipts and expenditures are being made only in accordance with authorization of management and directors of the Company; and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on the consolidated financial statements.

Because of their inherent limitations, internal control over financial reporting can provide only reasonable assurance and may not prevent or detect misstatements. Furthermore, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The Company’s management, (with the participation of the CEO and the CFO), conducted an evaluation of the effectiveness of the Company’s internal control over financial reporting as of December 31, 2014. This evaluation was based on the criteria set forth in Internal Control-Integrated Framework (1992) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on its assessment, management has concluded that the Company’s internal control over financial reporting was effective as at December 31, 2014.

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The Company is required to provide an auditor’s attestation report on internal control over financial reporting for the fiscal year ended December 31, 2014. In this report, the Company’s independent registered auditor, PricewaterhouseCoopers LLP, must state its opinion as to the effectiveness of the Company’s internal control over financial reporting for the fiscal year ended December 31, 2014. PricewaterhouseCoopers LLP has audited the Company’s financial statements included in this Annual Report on Form 20-F and has issued an attestation report on the Company’s internal control over financial reporting.

C. Attestation Report of the Registered Public Accounting Firm

The effectiveness of Alexco’s internal control over financial reporting as at December 31, 2014 has been audited by PricewaterhouseCoopers LLP, Alexco’s independent auditors. PricewaterhouseCoopers LLP have expressed an unqualified opinion on the effectiveness of our internal control over financial reporting as of December 31, 2014, and their report is included with the Company’s consolidated financial statements.

D. Changes in Internal Control Over Financial Reporting

There has been no change in Alexco’s internal control over financial reporting during Alexco’s fiscal year ended December 31, 2014 that has materially affected, or is reasonably likely to materially affect, Alexco’s internal control over financial reporting.

Item 16. [Reserved]

Item 16A Audit Committee Financial Expert

The Company’s Board of Directors has determined that Mr. Krepiakevich qualifies as a financial expert (as defined in Item 407(d)(5)(ii) of Regulation S-K under the Exchange Act), is independent (as determined under Exchange Act Rule 10A-3 and Section 803A of the NYSE MKT Company Guide) and is financially sophisticated, in that he has an understanding of generally accepted accounting principles and financial statements; is able to assess the general application of accounting principles in connection with the accounting for estimates, accruals and reserves; has experience analyzing or evaluating financial statements that entail accounting issues of equal complexity to the Company’s financial statements (or actively supervising another person who did so); and has a general understanding of internal controls and procedures for financial reporting and an understanding of audit committee functions.

Mr. Krepiakevich is a member of the Board of Directors of several publicly-listed and private companies since July 2011. From June 2006 to July 2011, Mr. Krepiakevich was the Chief Financial Officer of SouthGobi Resources Ltd., a publicly-listed mining company focused on exploring and developing coal deposits in Mongolia’s South Gobi Region. 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. Prior to his position with Maynards, Mr. Krepiakevich was a senior officer in a number of private and public issuers. He is a Canadian qualified Chartered 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.

Item 16B Code of Ethics

The Company maintains a written Code of Business Conduct and Ethics (the “Code”), compliance with which is mandatory for all directors, officers and employees. Included within the Code is a requirement that all directors, officers and employees comply with all laws and governmental regulations applicable to Alexco’s activities, including but not limited to maintaining a safe and healthy work environment, promoting a workplace that is free from discrimination or harassment and conducting all activities in full compliance with all applicable environmental laws. All directors, officers and employees are required to certify in writing their acknowledgement of and compliance with the Code, at the time of hiring and at least annually thereafter. A senior executive of the Company is formally appointed the role of Company Ethics Officer, responsible for ensuring adherence to the Code, investigating any reported violations, and ensuring appropriate responses, including corrective action and preventative measures, are taken when required.

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A copy of the Code in full text is available on the Company’s website at www.alexcoresource.com and in print to any shareholder who requests it. All required substantive amendments to the code, and all waivers of the code with respect to any of the officers covered by it, will be posted on the Company’s website within five business days of the amendment or waiver, and provided in print to any shareholder who requests them.

During the fiscal year ended December 31, 2014, the Company did not substantively amend, waive or implicitly waive any provision of the Code with respect to any of the directors, officers or employees subject to it.

Item 16C Principal Accountant Fees and Services

PricewaterhouseCoopers LLP, Chartered Accountants, serve as the independent auditors for the Company and have acted as the Company’s independent auditor for the years ended December 31, 2014, 2013 and 2012. The chart below sets forth the total amount billed the Company by PricewaterhouseCoopers LLP for services performed in these periods and breaks down these amounts by category of service (for audit fees, audit-related fees, tax fees and all other fees):

PricewaterhouseCoopers LLP
Financial Year Ending	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
December 31, 2014	$288,500	$64,075	$Nil	$Nil
December 31, 2013	$343,400	$84,200	$9,500	$Nil
December 31, 2012	$395,000	$81,000	$Nil	$Nil

“Audit Fees” are the aggregate fees billed by PricewaterhouseCoopers LLP for the audits of the Company’s consolidated annual financial statements and internal control over financial reporting that are provided in connection with statutory and regulatory filings or engagements.

“Audit-Related Fees” are fees charged by PricewaterhouseCoopers LLP for assurance and related services that are reasonably related to the performance of the audit or review of the Company’s financial statements and are not reported under “Audit Fees”. This category includes but is not limited to fees billed for independent accountant review of the interim financial statements, advisory services associated with the Company’s financial reporting and fees charged for services rendered in connection with registration statements and other securities offering documents.

“Tax Fees” are fees for professional services rendered by PricewaterhouseCoopers LLP for tax compliance, tax advice on actual or contemplated transactions.

“All Other Fees” include all fees charged by PricewaterhouseCoopers LLP for products or services other than those charged for “Audit Fees”, “Audit-Related Fees” and “Tax Fees”.

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The Audit Committee approved 100% of the fees paid to the principal accountant for audit-related, tax and other fees in the fiscal year 2014. The Audit Committee nominates and engages the independent auditors to audit the financial statements, and approves all audit, audit-related services, tax services and other services provided by the Company’s independent auditors, PricewaterhouseCoopers LLP, Chartered Accountants. Any services provided by PricewaterhouseCoopers LLP that are not specifically included within the scope of the audit must be pre-approved by the audit committee prior to any engagement. The Audit Committee is permitted to approve certain fees for audit-related services, tax services and other services pursuant to a de minimus exception before the completion of the engagement. No fees paid to PricewaterhouseCoopers LLP in either of the fiscal years ended December 31, 2014 or 2013 were approved pursuant to the de minimus exception.

Item 16D Exemptions from the Listing Standards for Audit Committees

None.

Item 16E Purchases of Equity Securities by the Issuer and Affiliated Purchasers

None.

Item 16F Changes in Registrants Certifying Accountant

None.

Item 16G Corporate Governance

The Company’s common shares are listed on the NYSE MKT. Section 110 of the NYSE MKT Company Guide permits the NYSE MKT to consider the laws, customs and practices of foreign issuers in relaxing certain NYSE MKT listing criteria, and to grant exemptions from NYSE MKT listing criteria based on these considerations. A description of the significant ways in which the Company’s governance practices differ from those followed by domestic companies pursuant to NYSE MKT standards is set forth on the Company’s website at www.alexcoresource.com.

In addition, the Company may from time-to-time seek relief from NYSE MKT corporate governance requirements on specific transactions under Section 110 of the NYSE MKT Company Guide by providing written certification from independent local counsel that the non-complying practice is not prohibited by our home country law, in which case, the Company shall make the disclosure of such transactions available on its website at www.alexcoresource.com. Information contained on the Company’s website is not part of this Annual Report on Form 20-F.

A description of the significant ways in which the Company’s governance practices differ from those followed by domestic companies pursuant to NYSE MKT standards is as follows:

Shareholder Meeting Quorum Requirement: NYSE MKT minimum quorum requirement for a shareholder meeting is one-third of the outstanding shares of common stock. In addition, a company listed on NYSE MKT is required to state its quorum requirement in its by-law. The Company's quorum requirement is set forth in its charter documents under the laws of the Province of British Columbia, Canada. A quorum for a meeting of shareholders of the Company is one person present or represented by proxy.

Proxy Delivery Requirement: NYSE MKT requires the solicitation of proxies and delivery of proxy statements for all shareholder meetings, and requires that these proxies shall be solicited pursuant to a proxy statement that conforms to SEC proxy rules. The Company is a “foreign private issuer” as defined in Rule 3b-4 under the Exchange Act, as amended and the equity securities of the Company are accordingly exempt from the proxy rules set forth in Sections 14(a), 14(b), 14(c) and 14(f) of the Exchange Act. The Company solicits proxies in accordance with applicable rules and regulations in Canada.

Item 16H Mine Safety Disclosure.

Pursuant to Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, issuers that are operators, or that have a subsidiary that is an operator, of a coal or other mine in the United States are required to disclose in their periodic reports filed with the SEC information regarding specified health and safety violations, orders and citations, related assessments and legal actions, and mining-related fatalities with respect to mining operations and properties in the United States that are subject to regulation by the Federal Mine Safety and Health Administration (“MSHA”) under the Federal Mine Safety and Health Act of 1977 (the “Mine Act”). During the year ended December 31, 2014, the Company had no mines in the United States that were subject to regulation by the MSHA under the Mine Act.

90

Part III

Item 17 Financial Statements

See “Item 18 – Financial Statements”.

Item 18 Financial Statements

The Company’s financial statements are stated in Canadian Dollars and are prepared in accordance with International Financial Reporting Standards (IFRS).

The following Financial Statements pertaining to the Company are filed as part of this Annual Report on Form 20-F:

Management’s Report on Internal Control over Financial Reporting	94
Independent Auditor’s Report	95 thru 96
Consolidated Balance Sheets	97
Consolidated Statements of Loss and Comprehensive Loss	98
Consolidated Statements of Cash Flows	99
Consolidated Statements of Shareholders’ Equity	100
Notes to the Consolidated Financial Statements	101 thru 133

Item 19 Exhibits

Exhibit Number	Name
1.1	Articles of Incorporation and By-Laws
4.1	Silver Streaming Agreement dated October 2, 2008 between Alexco Resource Corp. and Silver Wheaton Corp. incorporated by reference to Exhibit 99.2 to the Company’s Form 6-K furnished to the Commission on October 15, 2008
4.2	Amendment No. 1 to Silver Streaming Agreement, dated October 20, 2008, incorporated by reference to Exhibit 99.1 to the Company’s Form 6-K furnished to the Commission on October 29, 2008
4.3	Amendment No. 2 to Silver Streaming Agreement, dated December 10, 2008, incorporated by reference to Exhibit 99.1 to the Company’s Form 6-K furnished to the Commission on January 6, 2009
4.4	Amendment No. 3 to Silver Streaming Agreement, dated December 22, 2009, incorporated by reference to Exhibit 99.1 to the Company’s Form 6-K furnished to the Commission on December 23, 2009
4.5	Amendment No. 4 to Silver Streaming Agreement, dated March 31, 2010, incorporated by reference to Exhibit 99.1 to the Company’s Form 6-K furnished to the Commission on April 8, 2010
4.6	Amendment No. 5 to Silver Streaming Agreement, dated January 15, 2013, incorporated by reference to Exhibit 99.2 to the Company’s Form 6-K furnished to the Commission on February 8, 2013
4.7	Amendment No. 6 to Silver Streaming Agreement, dated March 11, 2014,, incorporated by reference to Exhibit 99.1 to the Company’s Form 6-K furnished to the Commission on March 26, 2013
4.8	Amendment No. 7 to Silver Streaming Agreement, dated June 16, 2014, incorporated by reference to Exhibit 99.2 to the Company’s Form 6-K furnished to the Commission on June 19, 2014

91

4.9	Amendment No. 8 to Silver Streaming Agreement, dated October 29, 2014, incorporated by reference to Exhibit 99.1 to the Company’s Form 6-K furnished to the Commission on November 10, 2014
4.10	Management contract for Mr. Nauman dated January 1, 2007
4.11	Amendment to contract for Mr. Nauman dated July 1, 2013
4.12	Management contract for Mr. Thrall dated January 1, 2007
4.13	Amendment to contract for Mr. Thrall dated July 1, 2013
4.14	Management contract for Mr. McOnie dated February 2, 2011
4.15	Management contract for Mr. Clark dated December 15, 2014
8.1	List of Subsidiaries
12.1	Certification of the Principal Executive Officer pursuant to Rule 13a-14(a)
12.2	Certification of the Principal Financial Officer pursuant to Rule 13a-14(a)
13.1	Certificate of Principal Executive Officer pursuant to 18 U.S.C. Section 1350
13.2	Certificate of Principal Financial Officer pursuant to 18 U.S.C. Section 1350
15.1	Mineral Claims Information

92

Alexco Resource Corp.

Consolidated Financial Statements

For the years ended December 31, 2014, 2013 and 2012
(Expressed in Canadian Dollars)

Index	Page
Independent Auditor’s Report	95-96
Consolidated Financial Statements
Consolidated Balance Sheet	97
Consolidated Statements of Loss and Comprehensive Loss	98
Consolidated Statements of Cash Flows	99
Consolidated Statements of Shareholders’ Equity	100
Notes to the Consolidated Financial Statements	101-133

93

MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

The management of Alexco Resource Corp. is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is a process designed by, or under the supervision of, the Chief Executive Officer and the Chief Financial Officer and effected by the Board of Directors, management and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. It includes those policies and procedures that:

(i)	pertain to the maintenance of records that accurately and fairly reflect, in reasonable detail, the transactions related to and dispositions of Alexco’s assets;
(ii)	provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that Alexco receipts and expenditures are made only in accordance with authorizations of management and Alexco’s directors; and
(iii)	provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of Alexco assets that could have a material effect on Alexco’s financial statements.

Due to its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of the effectiveness of internal control over financial reporting to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management assessed the effectiveness of Alexco’s internal control over financial reporting as at December 31, 2014, based on the criteria set forth in Internal Control – Integrated Framework (1992) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on this assessment, management has concluded that Alexco’s internal control over financial reporting was effective as at December 31, 2014.

The effectiveness of Alexco’s internal control over financial reporting as at December 31, 2014 has been audited by PricewaterhouseCoopers LLP, Alexco’s independent auditors, as stated in their report which appears on the following page.

“Clynton R. Nauman”	“Michael Clark”
(signed)	(signed)
Clynton R. Nauman	Michael Clark
President and Chief Executive Officer	Chief Financial Officer
March 25, 2015

94

Independent Auditor’s Report

To the Shareholders of Alexco Resource Corp.
We have completed integrated audits of Alexco Resource Corp.’s December 31, 2014, December 31, 2013 and December 31, 2012 consolidated financial statements and its internal control over financial reporting as at December 31, 2014. Our opinions, based on our audits are presented below.

Report on the consolidated financial statements
We have audited the accompanying consolidated financial statements of Alexco Resource Corp., which comprise the consolidated balance sheets as at December 31, 2014 and December 31, 2013 and the consolidated statements of loss and comprehensive loss, cash flows and shareholders’ equity for each of the three years ended in the period ended December 31, 2014, and the related notes, which comprise a summary of significant accounting policies and other explanatory information.

Management’s responsibility for the consolidated financial statements
Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. Canadian generally accepted auditing standards also require that we comply with ethical requirements.

An audit involves performing procedures to obtain audit evidence, on a test basis, about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the company’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting principles and policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion on the consolidated financial statements.

Opinion
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Alexco Resource Corp. as at December 31, 2014 and December 31, 2013 and its financial performance and its cash flows for each of the three years in the period ended December 31, 2014 in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.

Report on internal control over financial reporting
We have also audited Alexco Resource Corp.’s internal control over financial reporting as at December 31, 2014, based on criteria established in Internal Control - Integrated Framework (1992), issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

95

Management’s responsibility for internal control over financial reporting

Management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in Management’s Report on Internal Control over Financial Reporting.

Auditor’s responsibility

Our responsibility is to express an opinion on the company’s internal control over financial reporting based on our audit. We conducted our audit of internal control over financial reporting in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

An audit of internal control over financial reporting includes obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control, based on the assessed risk, and performing such other procedures as we consider necessary in the circumstances.

We believe that our audit provides a reasonable basis for our audit opinion on the company’s internal control over financial reporting.

Definition of internal control over financial reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that: (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Inherent limitations
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

Opinion
In our opinion, Alexco Resource Corp. maintained, in all material respects, effective internal control over financial reporting as at December 31, 2014, based on criteria established in Internal Control - Integrated Framework (1992) issued by COSO.

signed “PricewaterhouseCoopers LLP”

Chartered Accountants

Vancouver, British Columbia

March 25, 2015

96

ALEXCO RESOURCE CORP.
CONSOLIDATED BALANCE SHEETS
AS AT DECEMBER 31

(expressed in thousands of Canadian dollars)
	Note		2014		2013
ASSETS
Current Assets
Cash and cash equivalents	6	$	8,639	$	8,610
Accounts and other receivables	7		3,951		4,929
Restricted cash and deposits	9		1,063		-
Inventories	8		971		5,260
Prepaid expenses and other current assets			503		437
			15,127		19,236
Non-Current Assets
Restricted cash and deposits	9		9,152		9,460
Inventories	8		4,269		-
Long-term investments	10		597		539
Property, plant and equipment	11		17,935		25,810
Mineral properties	12		57,772		75,847
Intangible assets			343		321
Total Assets		$	105,195	$	131,213
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable and accrued liabilities	14	$	2,375	$	2,220
Income taxes payable	24		23		21
Environmental services contract loss provision	15		59		1
Deferred revenue	16		1,338		172
Flow-through share premium pending renunciation			-		1,506
			3,795		3,920
Non-Current Liabilities
Environmental services contract loss provision	15		204		112
Deferred revenue	16		479		1,234
Silver streaming interest	17		18,118		18,190
Decommissioning and rehabilitation provision	18		4,151		3,803
Deferred income tax liabilities	24		1,411		2,775
Total Liabilities			28,158		30,034
Shareholders' Equity			77,037		101,179
Total Liabilities and Shareholders' Equity		$	105,195	$	131,213

COMMITMENTS 31

APPROVED ON BEHALF OF
THE BOARD OF DIRECTORS
“Terry Krepiakevich”	“George Brack”
(signed)	(signed)
________________________________	_______________________________
Director	Director

The accompanying notes are an integral part of these consolidated financial statements

ALEXCO RESOURCE CORP.
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
FOR THE YEARS ENDED DECEMBER 31

(expressed in thousands of Canadian dollars, except per share
and share amounts)	Note		2014			2013			2012
Revenues
Mining operations		$	361		$	43,114		$	76,725
Environmental services			14,925			16,319			7,983
Total revenues			15,286			59,433			84,708
Cost of Sales	21
Mining operations			-			43,143			61,691
Environmental services			10,037			7,470			5,097
Total cost of sales			10,037			50,613			66,788
Gross Profit (Loss)
Mining operations			361			(29	)		15,034
Environmental services			4,888			8,849			2,886
Total gross profit			5,249			8,820			17,920
General and administrative expenses	22		8,466			12,471			16,657
Mine site care and maintenance	23		3,130			1,210			-
Foreign exchange losses (gains)			(660	)		(182	)		324
Write-down of mineral properties	13		25,103			51,840			-
Write-down of property, plant and equipment	13		4,828			3,501			-
Loss on impaired long-term investments	10		-			2,160			-
			40,867			71,000			16,981
Operating (Loss) Income			(35,618	)		(62,180	)		939
Other Income (Expenses)
Investment income			66			246			748
Finance costs			(42	)		(47	)		(46	)
Gain on sale of mineral property	12		-			-			6,346
Derivative loss	10		(14	)		(98	)		(8	)
(Loss) Income Before Taxes			(35,608	)		(62,079	)		7,979
Income Tax Provision (Recovery)
Current	24		18			231			449
Deferred	24		(2,854	)		(11,860	)		4,110
Net (Loss) Income			(32,772	)		(50,450	)		3,420
Other Comprehensive Income (Loss)
Items that may be reclassified subsequently to net income (loss)        Cumulative translation adjustments, net of tax $251, $nil, $nil			(24	)		(311	)		23
Gain (loss) on long-term investments	10		72			(2,062	)		(32	)
Recycle loss on impaired long-term investments to statement of loss	10		-			2,160			-
TotalComprehensive(Loss)Income		$	(32,724	)	$	(50,663	)	$	3,411
(Loss) Earnings Per Share
Basic	25	$	(0.50	)	$	(0.81	)	$	0.06
Diluted	25	$	(0.50	)	$	(0.81	)	$	0.06

The accompanying notes are an integral part of these consolidated financial statements

ALEXCO RESOURCE CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31

(expressed in thousands of Canadian dollars)
		2014			2013			2012
Cash Flows from Operating Activities
Net (loss) income	$	(32,772	)	$	(50,450	)	$	3,420
Items not affecting cash from operations:
Deferred revenue		411			(570	)		30
Depletion of mineral properties		-			15,585			21,239
Environmental services contract loss provision (note 15)		150			(1,653	)		(185	)
Silver streaming interest amount recognized		(72	)		(9,892	)		(13,873	)
Depreciation of property, plant and equipment		2,906			2,915			2,807
Amortization of intangible assets		43			137			131
Share-based compensation expense		1,038			2,419			2,992
Finance costs, derivative gain and other		(598	)		(173	)		82
Write-down of inventory		-			886			-
Write-down (sale) of mineral properties		25,103			51,840			(6,346	)
Write-down of property, plant and equipment		4,828			3,501			-
Loss on impaired long-term investments		-			2,160			-
Deferred income tax recovery		(2,854	)		(11,854	)		4,110
		(1,817	)		4,851			14,407
Changes in non-cash working capital balances related to operations
Decrease in accounts and other receivables		978			4,868			1,224
Decrease in inventories		20			908			(533	)
(Increase) decrease in prepaid expenses and other current assets		(67	)		105			(307	)
Increase (decrease) in accounts payable and accrued liabilities		161			(7,195	)		(825	)
Increase (decrease) in income taxes payable		2			(130	)		91
		(723	)		3,407			14,057
Cash Flows from Investing Activities
Expenditures on mining operations properties		(699	)		(9,639	)		(18,347	)
Expenditures on exploration and evaluation properties		(5,652	)		(10,429	)		(10,163	)
Purchase of property, plant and equipment		(136	)		(2,041	)		(4,976	)
Receipt of proceeds on sale of mineral property		-			-			3,205
Receipt of up-front payment under AEG remediation services agreement		-			-			1,172
Decrease (increase) in restricted cash and deposits		60			(530	)		(4,161	)
		(6,427	)		(22,639	)		(33,270	)
Cash Flows from Financing Activities
Proceeds from issuance of shares		8,068			7,035			-
Issuance costs		(889	)		(552	)		-
Proceeds from exercise of shares options		-			140			560
Purchase of RSU settlement shares		-			(1,869	)		-
		7,179			4,754			560
Increase (decrease) in Cash and Cash Equivalents		29			(14,478	)		(18,653	)
Cash and Cash Equivalents - Beginning of Year		8,610			23,088			41,741
Cash and Cash Equivalents - End of Year		8,639			8,610			23,088

SUPPLEMENTAL CASH FLOW INFORMATION (see note 29)

The accompanying notes are an integral part of these consolidated financial statements

ALEXCO RESOURCE CORP.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013

(expressed in thousands of Canadian dollars)
																	A ccumulated
									Share								Other
	N umber o f								Optio ns			C o ntributed		A ccumulated			C o mprehensive
	Shares			A mo unt			Warrants		and R SU's			Surplus		D eficit			Inco me (Lo ss)			T o tal
BalanceDecember31,2013	62,172,233		$	157,983		$	-	$	11,092		$	7,741	$	(75,405	)	$	(232	)	$	101,179
Net loss	-			-			-		-			-		(32,772	)		-			(32,772	)
Other comprehensive loss	-			-			-		-			-		-			48			48
Equity offering, net of issuance costs (see note 19)	7,015,000			6,102			1,342		-			-		-			-			7,444
Share-based compensation expense recognized	-			-			-		1,138			-		-			-			1,138
Share options forfeited or expired	-			-			-		(3,088	)		3,088		-			-			-
Release of RSU settlement shares	148,333			623			-		(623	)		-		-			-			-
BalanceDecember31,2014	69,335,566		$	164,708		$	1,342	$	8,519		$	10,829	$	(108,177	)	$	(184	)	$	77,037
BalanceDecember31,2012	60,428,898		$	155,042		$	-	$	11,113		$	5,364	$	(24,955	)	$	(19	)	$	146,545
Net loss	-			-			-		-			-		(50,450	)		-			(50,450	)
Other comprehensive loss	-			-			-		-			-		-			(213	)		(213	)
Equity offering, net of issuance costs (see note 19)	2,100,000			4,442			-		-			-		-			-			4,442
Share-based compensation expense recognized	-			-			-		2,585			-		-			-			2,585
Exercise of share options	45,000			204			-		(65	)		-		-			-			139
Share options forfeited or expired	-			-			-		(2,377	)		2,377		-			-			-
Release of RSU settlement shares	43,335			164			-		(164	)		-		-			-			-
Purchase of RSU settlement shares	(445,000	)		(1,869	)		-		-			-		-			-			(1,869	)
BalanceDecember31,2013	62,172,233		$	157,983		$	-	$	11,092		$	7,741	$	(75,405	)	$	(232	)	$	101,179
BalanceDecember31,2011	60,039,064		$	154,154		$	-	$	8,552		$	4,739	$	(28,375	)	$	(10	)	$	139,060
Net income	-			-			-		-			-		3,420			-			3,420
Other comprehensive loss	-			-			-		-			-		-			(9	)		(9	)
Share-based compensation expense recognized	-			-			-		3,514			-		-			-			3,514
Exercise of share options	389,834			888			-		(328	)		-		-			-			560
Share options forfeited or expired	-			-			-		(625	)		625		-			-			-
BalanceDecember31,2012	60,428,898		$	155,042		$	-	$	11,113		$	5,364	$	(24,955	)	$	(19	)	$	146,545

The accompanying notes are an integral part of these consolidated financial statements

1. Description of Business and Nature of Operations

Alexco Resource Corp. (“Alexco” or the “Corporation”) was incorporated under the Business Corporations Act (Yukon) on December 3, 2004 and commenced operations on March 15, 2005. Effective December 28, 2007, it was continued under the Business Corporations Act (British Columbia). The Corporation operates two principal businesses: a mining business, comprised of mineral exploration and mine development and operation in Canada, located in the Yukon Territory; and through its Alexco Environmental Group (“AEG”), an environmental services business, providing consulting, remediation solutions and project management services in respect of environmental permitting and compliance and site remediation, in Canada and the United States.

The Corporation is in the process of exploring and developing its mineral properties. The recoverability of the amounts shown for mineral properties is dependent upon the existence of economically recoverable reserves, successful permitting, the ability of the Corporation to obtain necessary financing to complete exploration and development, and upon future profitable production or proceeds from disposition of each mineral property. Furthermore, the acquisition of title to mineral properties is a complicated and uncertain process, and while the Corporation has taken steps in accordance with common industry practice to verify its title to the mineral properties in which it has an interest, there can be no assurance that such title will ultimately be secured. The carrying amounts of mineral properties are based on costs incurred to date, adjusted for depletion and impairments, and do not necessarily represent present or future values.

As of September 2013, Bellekeno mining operations were suspended in light of a sharply reduced silver price environment. Despite the suspension and resulting lack of cash flow from mining operations, the Corporation believes that based on its current cash position and cash flows generated from its environmental business it will have sufficient funds to meet its minimum obligations, including general corporate activities, for at least the next 12 months.

Alexco is a public company which is listed on the Toronto Stock Exchange (under the symbol AXR) and the NYSE MKT Equities Exchange (under the symbol AXU). The Corporation’s corporate head office is located at Suite 1150, 200 Granville Street, Vancouver, BC, Canada, V6C 1S4.

2. Basis of Preparation and Statement of Compliance

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board, and were approved for issue by the Board of Directors on March 23, 2015.

These consolidated financial statements have been prepared on a going concern basis under the historical cost method, except for derivative financial instruments, stock-based compensation and certain financial assets which have been measured at fair value. All figures are expressed in Canadian dollars unless otherwise indicated.

3. Summary of Significant Accounting Policies

The significant accounting policies used in the preparation of these financial statements are summarized below.

(a) Basis of Consolidation

The Corporation’s consolidated financial statements include the accounts of the Corporation and its subsidiaries. Subsidiaries are entities controlled by the Corporation, where control is achieved by the Corporation being exposed to, or having rights to, variable returns from its involvement with the entity and having the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is obtained by Alexco, and are de-consolidated from the date that control ceases.

The following subsidiaries have been consolidated for all dates presented within these financial statements, and are wholly owned: Alexco Keno Hill Mining Corp. (formerly Alexco Resource Canada Corp., formerly 650399 B.C. Ltd.), Elsa Reclamation & Development Corporation Ltd. (“ERDC”), Alexco Exploration Canada Corp., Alexco Environmental Group Inc. (formerly Access Mining Consultants Ltd.), Alexco Environmental Group (U.S.) Inc. (formerly Alexco Resource U.S. Corp.) (“AEG US”), and Alexco Financial Guaranty Corp. (“AFGC”).

All significant inter-company transactions, balances, income and expenses are eliminated on consolidation.

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(b) Cash and Cash Equivalents

Cash and cash equivalents are unrestricted as to use and consist of cash on hand, demand deposits and short term interest-bearing investments with maturities of 90 days or less from the original date of acquisition and which can readily be liquidated to known amounts of cash. Redeemable interest bearing investments with maturities of up to one year are considered cash equivalents if they can readily be liquidated at any point in time to known amounts of cash, the initial period subject to an interest penalty on redemption is less than 90 days, and they are redeemable thereafter until maturity for invested value plus accrued interest.

(c) Inventories

Inventories include ore in stockpiles, concentrate and materials and supplies. Ore in stockpiles and concentrate are recorded at the lower of weighted average cost and net realizable value. Cost comprises all mining and processing costs incurred, including labor, consumables, production-related overheads, depreciation of production-related property, plant and equipment and depletion of related mineral properties. Net realizable value is estimated at the selling price in the ordinary course of business less applicable variable selling expenses. Materials and supplies are valued at the lower of cost and replacement cost, costs based on landed cost of purchase, net of a provision for obsolescence where applicable.

When inventories have been written down to net realizable value, a new assessment of net realizable value is made in each subsequent period. When circumstances that caused the write-down no longer exist or when there is clear evidence of an increase in net realizable value, the amount of the write down is reversed.

(d) Property, Plant and Equipment

Property, plant and equipment are stated at historical cost less accumulated depreciation and impairment write-downs. The cost capitalized is determined by the fair value of consideration given to acquire the asset at the time of acquisition or construction, the direct cost of bringing the asset to the condition necessary for operation, and the estimated future cost of decommissioning and removing the asset. Repairs and maintenance expenditures are charged to operations, while major improvements and replacements which extend the useful life of an asset are capitalized.

Depreciation of property, plant and equipment is calculated using the following methods:

Heavy machinery and equipment	5 years straight-line
Land and buildings	20 years straight-line
Furniture and office equipment	5 years straight-line
Computer hardware	3 years straight-line
Computer software	2 years straight-line
Leasehold improvements	Straight-line over the term of lease
Roads	5 years straight-line
Camp and other site infrastructure	10 years straight-line
Ore-processing mill components	Variously between 5 and 30 years straight-line

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized within other gains or losses in earnings.

(e) Mineral Properties

Exploration and Evaluation Properties

The Corporation capitalizes exploration and evaluation expenses at cost for expenditures incurred after it has obtained legal rights to explore a specific area and before technical feasibility and commercial viability of extracting mineral resources are demonstrable.

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All direct and indirect costs relating to the exploration of specific properties with the objective of locating, defining and delineating the resource potential of the mineral interests on specific properties are capitalized as exploration and evaluation assets, net of any directly attributable recoveries recognized, such as exploration or investment tax credits.

At each reporting date, exploration and evaluation assets are evaluated and classified as mining operations assets upon completion of technical feasibility and determination of commercial viability.

Grassroots exploration expenditures incurred prior to the Corporation acquiring or obtaining the right to acquire a mineral property are expensed.

Mining Operations Properties

Mining operations properties are recorded at cost on a property-by-property basis. The recorded cost of mining operations properties is based on acquisition costs incurred to date, including capitalized exploration and evaluation costs and capitalized development costs, less depletion, recoveries and write-offs. Capitalized development costs include costs incurred to establish access to mineable resources where such costs are expected to provide a long-term economic benefit, as well as operating costs incurred, net of the proceeds from any sales generated, prior to the time the property achieves commercial production.

Depletion of mining operations properties is calculated on the units-of-production basis using estimated mine plan resources, such resources being those defined in the mine plan on which the applicable mining activity is based. The mine plan resources for such purpose are generally as described in an economic analysis supported by a technical report compliant with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects.

(f) Intangible Assets

Customer relationships, rights to provide services and database assets acquired through business combinations, and acquired patents, are recorded at fair value at acquisition date. All of the Corporation’s intangible assets have finite useful lives, and are amortized using the straight-line method over their expected useful lives as follows:

Customer relationships	5 years
Rights to provide services and database	4 years
Patents	Over remaining life

(g) Impairment of Non-Current Non-Financial Assets

The carrying amounts of non-current non-financial assets are reviewed and evaluated for impairment when events or changes in circumstances indicate that the carrying amounts of the related asset may not be recoverable. Non-current non-financial assets include property, plant, equipment, mineral properties and finite-life intangible assets. If the recoverable amount is less than the carrying amount of the asset, an impairment loss is recognized and the asset is written down to recoverable value.

The recoverable amount is the higher of an asset’s “fair value less cost of disposal” and “value-in-use”. Where the asset does not generate cash flows that are independent from other assets, the recoverable amount of the cash-generating unit to which the asset belongs is determined, with a cash generating unit being the smallest identifiable group of assets and liabilities that generate cash inflows independent from other assets. Exploration and evaluation assets are each separately assessed for impairment, and are not allocated by the Corporation to a CGU for impairment assessment purposes. “Fair value less cost of disposal” is determined as the amount that would be obtained from the sale of the asset or cash-generating unit in an arm’s length transaction between knowledgeable and willing parties. In assessing “value-in-use”, the future cash flows expected to arise from the continuing use of the asset or cash-generating unit in its present form are estimated using assumptions that an independent market participant would consider appropriate, and are then discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and risks specific to the asset or unit.

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Where conditions that gave rise to a recognized impairment loss are subsequently reversed, the amount of such reversal is recognized into earnings immediately, though is limited such that the revised carrying amount of the asset or cash-generating unit does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset or cash generating unit.

(h) Silver Streaming Interest

Advance payments received under the silver streaming interest acquired by Silver Wheaton Corp. (“Silver Wheaton”) have been deferred and are being recognized on a units-of-production-sold basis, as a component of the cost of sales for that production. The amount recognized each period represents the proportion of silver ounces deliverable under the streaming interest on account of silver production sold that period, to the total ounces of silver which at the time are estimated as remaining to be delivered under the streaming interest. Also recognized within cost of sales each period is the actual or estimated market price of the silver ounces delivered or deliverable under the streaming interest on account of silver production sold that period, less the related per-ounce cash amount received or to be received from Silver Wheaton on such delivery.

(i) Provisions

General

Provisions are recorded when a present legal or constructive obligation exists as a result of past events, where it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made.

The expense relating to any provision is presented in profit or loss net of any reimbursement. Provisions are discounted using a current risk-free pre-tax rate that reflects where appropriate the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.

Decommissioning and Rehabilitation Provision

The Corporation recognizes a decommissioning and rehabilitation provision for statutory, contractual, constructive or legal obligations to undertake reclamation and closure activities associated with property, plant, equipment and mineral properties, generally at the time that an environmental or other site disturbance occurs or a constructive obligation for reclamation and closure activities is determined. When the extent of disturbance increases over the life of an operation, the provision is increased accordingly. Provisions are measured at the present value of the expected future expenditures required to settle the obligation, using a risk-free pre-tax discount rate reflecting the time value of money and risks specific to the liability. The liability is increased for the passage of time, and adjusted for changes to the current market-based risk-free discount rate as well as changes in the estimated amount or timing of the expected future expenditures. The associated restoration costs are capitalized as part of the carrying amount of the related asset and then depreciated accordingly.

(j) Revenue Recognition

All revenue is measured at the fair value of the consideration received or receivable when the amount of revenue can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the Corporation, and is subject to the provision that ultimate collection be reasonably assured at the time of recognition.

Revenue arising from sale of concentrate under the Corporation’s off-take agreements is recognized when the significant risks and rewards of ownership have passed, generally at the time of delivery to the smelter and when title and insurance risk has passed to the customer. Revenue from the sale of concentrate is recorded net of charges for smelter treatment and refining. The exposure to changes in metal prices between initial revenue recognition and final settlement, which could occur up to a number of months subsequent to initial recognition, represents an embedded derivative. This embedded derivative is recorded in accounts receivable and marked-to-market each period until final settlement occurs, with changes in fair value classified as an adjustment to revenue. All amounts received in respect of payable metals within concentrate are accounted for on a co-product basis and are included in revenue.

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Revenue from environmental services is recognized with reference to the stage of completion, based on an output appropriate to the particular service contract, such as performance of agreed service deliverables, or provision of billable hours under straight hourly bill contracts. Payments received prior to recognition of the related revenue are recorded as deferred revenue.

(k) Share-Based Compensation and Payments

The cost of incentive share options and other equity-settled share-based compensation and payment arrangements is recorded based on the estimated fair value at the grant date and charged to earnings over the vesting period. With respect to incentive share options, grant-date fair value is measured using the Black-Scholes option pricing model. With respect to restricted share units, grant-date fair value is determined by reference to the share price of the Corporation at the date of grant. Where share-based compensation awards are subject to vesting, each vesting tranche is considered a separate award with its own vesting period and grant-date fair value. Share-based compensation expense is recognized over the tranche’s vesting period by a charge to earnings, based on the number of awards expected to vest. The number of awards expected to vest is reviewed at least annually, with any impact being recognized immediately.

(l) Flow-Through Shares

The proceeds from the offering of flow-through shares are allocated between the shares and the sale of tax benefits when the shares are offered. The allocation is made based on the difference between the market value of the shares and the amount the investors pay for the flow through shares. A liability is recognized for the premium paid by the investors and is then recognized in the results of operations in the period the eligible exploration expenditures are incurred.

(m) Warrants

When the Corporation issues units that are comprised of a combination of shares and warrants, the value is assigned to shares and warrants based on their relative fair values. The fair value of the shares is determined by the closing price on the date of the transaction and the fair value of the warrants is determined based on a Black-Scholes option pricing model.

(n) Current and Deferred Income Taxes

Income tax expense comprises current and deferred income taxes. Current and deferred income taxes are recognized in profit or loss except to the extent that they relate to a business combination or to items recognized directly in equity or in other comprehensive income.

Current income taxes are the expected taxes payable or receivable on the taxable income or loss for the period, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to taxes payable in respect of previous periods.

Deferred income taxes are recognized using the liability method, on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. However, deferred income taxes are not recognized if they arise from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit nor loss. Deferred income taxes are determined using tax rates and laws that have been enacted or substantively enacted at the reporting date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.

Deferred income tax assets and liabilities are presented as non-current in the financial statements.

Deferred income tax assets and liabilities are offset if there is a legally enforceable right of offset, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. Deferred income tax assets are recognized to the extent that it is probable that future taxable profits will be available against which the assets can be utilized.

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(o) Translation of Foreign Currencies

The financial statements of each entity in the group are measured using the currency of the primary economic environment in which each entity operates (the “functional currency”). The consolidated financial statements are presented in Canadian dollars.

The functional currency of all entities in the Corporation group other than AEG US is the Canadian dollar, while the functional currency of AEG US is the United States dollar. The financial statements of AEG US are translated into the Canadian dollar presentation currency using the current rate method as follows:

• Assets and liabilities – at the closing rate at the date of the statement of financial position.

• Income and expenses – at the average rate of the period (as this is considered a reasonable approximation to actual rates).

• All resulting changes are recognized in other comprehensive income as cumulative translation adjustments.

When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, foreign exchange gains and losses arising from the item are considered to form part of the net investment in a foreign operation and are recognized in other comprehensive income.

When an entity disposes of its entire interest in a foreign operation, or loses control, joint control, or significant influence over a foreign operation, the foreign currency gains or losses accumulated in other comprehensive income related to the foreign operation are recognized in profit or loss. If an entity disposes of part of an interest in a foreign operation which remains a subsidiary, a proportionate amount of foreign currency gains or losses accumulated in other comprehensive income related to the subsidiary is reallocated between controlling and non-controlling interests.

(p) Earnings or Loss Per Share

Basic earnings per share is calculated by dividing the net income (loss) for the period by the weighted average number of common shares outstanding during the period.

Diluted earnings (loss) per share is calculated using the treasury share method whereby all “in the money” options, warrants and equivalents are assumed to have been exercised at the beginning of the period and the proceeds from the exercise are assumed to have been used to purchase common shares at the average market price during the period.

(q) Financial Instruments

Financial assets and financial liabilities, including derivative instruments, are initially recognized at fair value on the balance sheet when the Corporation becomes a party to their contractual provisions. Measurement in subsequent periods depends on the financial instrument’s classification.

Loans and Receivables

Cash and cash equivalents and accounts and other receivables (other than embedded derivatives) are measured at amortized cost. Where necessary, accounts and other receivables are recorded net of allowances for uncollectible amounts.

Financial Assets at Fair Value Through Profit or Loss

Derivative instruments, including embedded derivatives included within accounts receivable arising from sales of concentrates, are classified as fair value through profit or loss and accordingly are measured at fair value. Unrealized gains and losses on embedded derivatives arising from the sale of concentrates are recognized as adjustments to revenue. Unrealized gains and losses on other derivatives, if any, are recorded as part of other gains or losses in earnings.

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Held-to-Maturity Investments

Investments, including term deposits not included in cash equivalents, with fixed or determinable payments and fixed maturity and which the Corporation has the intention and ability to hold to maturity are classified as held to maturity and thus are measured at amortized cost using the effective interest method.

Available-for-Sale Financial Assets

Investments are designated as available-for-sale and measured at fair value, with unrealized gains and losses recognized in other comprehensive income. If a decline in fair value is significant or prolonged, it is deemed to be other-than-temporary and the loss is recognized in earnings. Available-for-sale investments are recorded as non-current assets unless management intends to dispose of them within twelve months of the balance sheet date.

Financial Liabilities

Financial liabilities include accounts payable and accrued liabilities, and are measured at amortized cost using the effective interest method. Financial liabilities are classified as current liabilities if payment is due within twelve months. Otherwise, they are presented as non-current liabilities.

Impairment and Uncollectibility of Financial Assets

At each reporting date, the Corporation assesses whether there is objective evidence of impairment of any financial asset measured at other than fair value, or available for sale financial assets where a decline in fair value has been recognized in other comprehensive income. If such evidence exists, the Corporation recognizes an impairment loss.

Impairment losses on financial assets carried at amortized cost are reversed in subsequent periods if the amount of the loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized.

(r) Fair Value Measurement

Where fair value is used to measure assets and liabilities in preparing these financial statements, it is estimated at the price at which an orderly transaction to sell the asset or to transfer the liability would take place between market participants at the measurement date under current market conditions. Fair values are determined from inputs that are classified within the fair value hierarchy defined under IFRS as follows:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly
Level 3 – Inputs for the asset or liability that are unobservable

4. New and Revised Accounting Standards Adopted

The following new and revised standards and amendments are effective for annual periods beginning on or after January 1, 2014, and accordingly have now been adopted by the Corporation. The adoption of these standards and amendments has had no significant impact on the Corporation’s consolidated financial statements.

• Amendments to IAS 32, Financial Instruments: Presentation (effective January 1, 2014) clarifies the application of the offsetting rules and requires additional disclosure on financial instruments subject to netting arrangements.

• IAS 36, Impairment of Assets (effective January 1, 2014) modifies some of the disclosure requirements regarding the recoverable amount of non-financial assets.

• IFRIC 21, Levies (effective January 1, 2014) provides guidance on when to recognise a liability for a levy imposed by a government, other than those levies within the scope of other standards.

• IFRS 2, Share-based Payments (effective for annual periods beginning on or after July 1, 2014) clarifies the definition of a vesting condition and separately defines performance and service conditions.

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• IFRS 8, Operating Segments (effective for annual periods beginning on or after July 1, 2014) requires disclosure of the judgements made by management in aggregating operating segments, and a reconciliation of segment assets to the total assets when segment assets are reported.

•  IFRS 13, Fair Value Measurement (effective for annual periods beginning on or after July 1, 2014) clarifies that the portfolio exception in IFRS 13, which allows fair value measurement of a group of financial assets and liabilities on a net basis, applies to all contracts within the scope of IAS 39 or IFRS 9.

• IAS 24 Related Party Disclosures (effective for annual periods beginning on or after July 1, 2014) requires a reporting entity to include as a related party, an entity that provides key management personnel services to the reporting entity or to the parent of the reporting entity

The Company has not applied the following revised or new IFRS that have been issued but were not yet effective at December 31, 2014. These accounting standards are not expected to have a significant effect on the Company’s accounting policies or financial statements:

• IFRS 7, Financial Instruments Disclosures (effective January 1, 2018) requires new disclosures resulting from the amendments to IFRS 9.

• IFRS 9, Financial Instruments (effective January 1, 2018) introduces new requirements for the classification and measurement of financial assets and liabilities.

In May 2014, the IASB issued IFRS 15 Revenue from Contracts with Customers ("IFRS 15") which supersedes IAS 11 Construction Contracts, IAS 18 Revenue, IFRIC 13 Customer Loyalty Programmes, IFRIC 15 Agreements for the Construction of Real Estate, IFRIC 18 Transfers of Assets from Customers, and SIC 31 Revenue Barter Transactions involving Advertising Services. IFRS 15 establishes a single fivestep model framework for determining the nature, amount, timing and uncertainty of revenue and cash flows arising from a contract with a customer. The standard is effective for annual periods beginning on or after January 1, 2017, with early adoption permitted. The Company is currently evaluating the impact the standard is expected to have on its consolidated financial statements.

5. Critical Judgements and Major Sources of Estimation Uncertainty

The preparation of the consolidated financial statements requires management to select accounting policies and make estimates and judgments that may have a significant impact on the consolidated financial statements. Estimates are continuously evaluated and are based on management’s experience and expectations of future events that are believed to be reasonable under the circumstances. The estimates management makes in this regard include those regarding future commodity prices and foreign currency exchange rates, which are an important component of several estimates and assumptions management must make in preparing the financial statements, including but not limited to estimations and assumptions regarding the evaluation of the carrying amount of mineral properties and other assets, the estimation of decommissioning and rehabilitation provisions, the estimation of revenues and the value of the embedded derivative related to sales of concentrate, and the estimation of the net realizable value of inventories. Management bases its estimates of future commodity prices and foreign currency exchange rates primarily on consensus investment analyst forecasts, which are tracked and updated as published on generally a quarterly basis. Actual outcomes can differ from these estimates.

The most signif• icant judgments and estimates made by management in preparing the Corporation’s financial statements are described as follows:

• Mineral Resources

The determination of the Corporation’s estimated mineral resources by appropriately qualified persons requires significant judgements regarding the interpretation of complex geological and engineering data including the size, depth, shape and nature of the deposit and anticipated plans for mining, as well as estimates of future commodity prices, foreign exchange rates, capital requirements and production costs. These mineral resource estimates are used in many determinations required to prepare the Corporation’s financial statements, including evaluating the recoverability of the carrying amount of its non-current non-financial assets; determining rates of depreciation, depletion and amortization; determining the recognition in income each period of the amount of advance payments received under the silver streaming interest; and estimating amounts of deferred income taxes.

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• Impairment of Non-Current Non-Financial Assets

The Corporation reviews and evaluates the carrying value of each of its non-current non-financial assets for impairment when events or changes in circumstances indicate that the carrying amounts of the related asset may not be recoverable. The identification of such events or changes and the performance of the assessment requires significant judgment. Furthermore, management’s estimates of many of the factors relevant to completing this assessment, including commodity prices, foreign currency exchange rates, mineral resources, and operating, capital and reclamation costs, are subject to risks and estimation uncertainties that may further affect the determination of the recoverability of the carrying amounts of its non-current non-financial assets.

In the preparation of the Corporation’s December 31, 2014 consolidated financial statements, certain indicators of potential impairment were identified, and a review of the carrying amounts of non-current non-financial assets was carried out as a result. See note 13 for details on the significant judgements, estimates and assumptions applied in carrying out this review.

• Decommissioning and Rehabilitation Provision

Management’s determination of the Corporation’s decommissioning and rehabilitation provision is based on the reclamation and closure activities it anticipates as being required, the additional contingent mitigation measures it identifies as potentially being required and its assessment of the likelihood of such contingent measures being required, and its estimate of the probable costs and timing of such activities and measures. Significant judgements must be made when determining such reclamation and closure activities and measures required and potentially required.

6. Cash and Cash Equivalents

		December 31		December 31
		2014		2013
Cash at bank and on hand	$	2,526	$	4,855
Short-term bank deposits		6,113		3,755
	$	8,639	$	8,610

7. Accounts and Other Receivables

		December 31			December 31
		2014			2013
Trade receivables	$	2,922		$	3,264
Interest and other		1,508			2,150
Less: allowance for doubtful accounts		(479	)		(485	)
	$	3,951		$	4,929

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8. Inventories

		December 31		December 31
		2014		2013
Ore in stockpiles	$	4,269	$	4,269
Materials and supplies		971		991
	$	5,240	$	5,260

As of December 31, 2014, the Company held ore in stockpiles of $4,269,000 (2013 - $4,269,000). Due to the expected timing of production recommencing, this amount was reclassified as a non-current asset as of December 31, 2014. During the year ended December 31, 2014, the cost of inventories recognized as an expense and included in mining cost of sales was $nil (2013 – $44,714,000; 2012 - $61,351,000), and also included in mining cost of sales were write-downs of lead concentrate inventory totaling $nil (2013 – $886,000; 2012 - $nil)) (see note 21).

9. Restricted Cash and Deposits

		December 31		December 31
		2014		2013
Security for remediation services agreement	$	5,800	$	4,992
Security for decommissioning obligations		4,186		4,173
Other		229		295
Restricted cash and deposits		10,215		9,460
Less: Current portion		1,063		-
	$	9,152	$	9,460

Security for remediation services agreement of $5,800,500 (US$5,000,000) as at December 31, 2014 (2013 – US$5,000,000; 2012 - US$5,000,000 ) represents security that has been posted by AEG US in support of a cost performance commitment provided under an environmental consulting and remediation services agreement with a third party customer. The current portion of $1,063,000 is the estimated security that will be applied to the environmental consulting and remediation services agreement during 2015.

10. Long-term Investments

		December 31		December 31
		2014		2013
Common shares	$	597	$	525
Warrants		-		14
	$	597	$	539

As of December 31, 2014, Alexco held 75,000 common shares of Till Capital Ltd. (“Till Capital”) (formerly Americas Bullion Royalty Corp., formerly Golden Predator Corp.). The Corporation previously held 37,500 purchase warrants exercisable for a price of $115 per share, which expired on September 25, 2014.

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During the year ended December 31, 2014, Alexco recorded a fair value adjustment gain (loss), pre-tax, to the common shares in the amount of $72,000 (2013 – ($2,062,000); 2012 - $(32,000)) to other comprehensive loss. During the second quarter of 2013, Alexco also recorded an impairment charge against the common shares investment in Till Capital in the amount of $1,785,000. That amount plus subsequent fair value adjustment losses, totaling $2,160,000, have been recycled from other comprehensive loss to current loss.

11. Property, Plant and Equipment

										Heavy
							Ore			Machinery			Leasehold
		Land and		Camp,			Processing			and			Improvements
Cost		Buildings		Roads, and			Mill			Equipment			& Other		Total
				Other Site
December 31, 2012	$	1,205	$	5,867		$	26,019		$	6,492		$	1,245	$	40,828
Additions		159		190			241			1,267			49		1,906
Write-downs				(390	)		(2,628	)		(483	)		-		(3,501	)
December 31, 2013		1,364		5,667			23,632			7,276			1,294		39,233
Additions		-		-			264			14			11		289
Write-downs				(463	)		(3,927	)		(438	)		-		(4,828	)
Disposals		-		-			-			(78	)		-		(78	)
December 31, 2014	$	1,364	$	5,204		$	19,969		$	6,774		$	1,305	$	34,616

								Heavy
						Ore		Machinery			Leasehold
Accumulated		Land and		Camp, Roads,		Processing		and			Improvements
Depreciation		Buildings		and Other Site		Mill		Equipment			& Other		Total
December 31, 2012	$	35	$	2,251	$	3,494	$	3,152		$	1,036	$	9,968
Depreciation		60		665		1,660		1,006			64		3,455
December 31, 2013		95		2,916		5,154		4,158			1,100		13,423
Depreciation		60		597		1,554		1,033			57		3,301
Disposal		-		-		-		(43	)		-		(43	)
December 31, 2014	$	155	$	3,513	$	6,708	$	5,148		$	1,157	$	16,681

								Heavy
						Ore		Machinery		Leasehold
		Land and		Camp, Roads,		Processing		and		Improvements
Net book Value		Buildings		and Other Site		Mill		Equipment		& Other		Total
December 31, 2012	$	1,170	$	3,616	$	22,525	$	3,340	$	209	$	30,860
December 31, 2013	$	1,269	$	2,751	$	18,478	$	3,118	$	194	$	25,810
December 31, 2014	$	1,209	$	1,691	$	13,261	$	1,626	$	148	$	17,935

During the year ended December 31, 2014, the Corporation recorded total depreciation of property, plant and equipment of $3,301,000 (2013 – $3,455,000; 2012 - $3,480,000), of which $2,906,000 (2013 – $2,915,000; 2012 - $2,632,000) has been charged to income with $nil (2013 – $1,997,000; 2012 - $2,356,000) recorded to mining cost of sales, $307,000 (2013 – $156,000; 2012 - $86,000) recorded in environmental services cost of sales and $2,599,000 (2013 – $762,000; 2012 - $190 000) reflected under general expenses and mine site care and maintenance.

Of the balance, $395,000 (2013 – $448,000; 2012 - $671,000) was related to property, plant and equipment used in exploration activities and has been capitalized to mineral properties, and the difference reflects the changes in depreciation capitalized within opening and ending ore and concentrate inventories for the period.

On December 31, 2014, the Corporation recorded an impairment charge to property, plant and equipment totaling $4,828,000 (2013 - $3,501,000; 2012 - $nil) (see note 13).

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12. Mineral Properties

		December		Expenditures		Depletion		Written			December 31
		31, 2013		Incurred		Recognized		Down			2014
Mineral Properties
Keno Hill District Properties –
Bellekeno	$	17,715	$	278	$	-	$	(9,844	)	$	8,149
Lucky Queen		9,084		90		-		(7,250	)		1,924
Onek		807		447		-		(999	)		255
McQuesten		3,670		20		-		-			3,690
Silver King		6,986		168		-		-			7,154
Flame & Moth		15,002		5,465		-		-			20,467
Bermingham		9,157		560		-		-			9,717
Elsa Tailings		884		-		-		-			884
Other Keno Hill Properties		12,352		-		-		(7,010	)		5,342
Other		190		-		-		-			190
Total	$	75,847	$	7,028	$	-	$	(25,103	)	$	57,772

		December		Expenditures		Depletion			Written			December 31
		31, 2012		Incurred		Recognized			Down			2013
Mineral Properties
Keno Hill District Properties –
Bellekeno	$	48,002	$	3,788	$	(13,893	)	$	(20,182	)	$	17,715
Lucky Queen		15,871		2,358		-			(9,145	)		9,084
Onek		19,120		4,200		-			(22,513	)		807
McQuesten		3,650		20		-			-			3,670
Silver King		6,983		3		-			-			6,986
Flame & Moth		11,374		3,628		-			-			15,002
Bermingham		9,003		154		-			-			9,157
Elsa Tailings		858		26		-			-			884
Other Keno Hill Properties		12,170		182		-			-			12,352
Other		190		-		-			-			190
Total	$	127,221	$	14,359	$	(13,893	)	$	(51,840	)	$	75,847

		Mining		Exploration and
		Operations		Evaluation
		Properties		Properties		Total
December 31, 2014
Cost	$	129,255	$	54,454	$	183,709
Accumulated depletion and write-downs		118,927		7,010		125,937
Net book value	$	10,328	$	47,444	$	57,772
December 31, 2013
Cost	$	128,440	$	48,241	$	176,681
Accumulated depletion and write-downs		100,834		-		100,834
Net book value	$	27,606	$	48,241	$	75,847
December 31, 2012
Cost	$	83,103	$	79,219	$	162,322
Accumulated depletion and write-downs		35,101		-		35,101
Net book value	$	48,002	$	79,219	$	127,221

During the year ended December 31, 2014, the Corporation recognized depletion with respect to Bellekeno totaling $nil (2013 – $13,893,000; 2012 - $20,827,000), of which $nil (2013 – $15,585,000; 2012 - $21,239,000) is included in mining cost of sales and the difference reflects the changes in depletion charge included within opening and ending ore and concentrate inventories for the period. Depletion for Bellekeno in 2013 and 2012 was based 100% on indicated resources, as defined in Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects.

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(a) Keno Hill District Properties

The Corporation’s mineral interest holdings in the Keno Hill District, located in Canada’s Yukon Territory, are comprised of a number of properties.

The majority of the Corporation’s mineral rights within the Keno Hill District were purchased from the interim receiver of United Keno Hill Mines Limited and UKH Minerals Limited (collectively, “UKHM”) in 2006 and are held by ERDC. As a condition of that purchase, a separate agreement was entered into between Alexco, ERDC, the Government of Canada and the Government of Yukon (the “Subsidiary Agreement”), under which the Government of Canada indemnified ERDC and Alexco from and against all liabilities arising directly or indirectly from the pre-existing condition of the former UKHM mineral rights. The Subsidiary Agreement also provided that ERDC may bring any mine into production on the former UKHM mineral rights by designating a production unit from the mineral rights relevant to that purpose and then assuming responsibility for all costs of the production unit’s water related care and maintenance and water related components of closure reclamation.

In addition, the Subsidiary Agreement detailed the basis under which ERDC was retained by the Government of Canada as a paid contractor responsible on a continuing basis for the environmental care and maintenance and ultimate closure reclamation of the former UKHM mineral rights. It provided that ERDC share the responsibility for the development of the ultimate closure reclamation plan with the Government of Canada, for which it would receive fees of 65% of agreed commercial contractor rates, and this plan development is currently ongoing. Upon acceptance and regulatory approval, the closure reclamation plan will be implemented by ERDC at full agreed contractor rates. During the period required to develop the plan and until the closure plan is executed, ERDC is also responsible for carrying out the environmental care and maintenance at various sites within the UKHM mineral rights, for a fixed annual fee adjusted each year for certain operating and inflationary factors and determined on a site-by-site basis. Under the Subsidiary Agreement, the portion of the annual fee amount so determined which was billable by ERDC in respect of each site reduced by 15% each year until all site-specific care and maintenance activities were replaced by closure reclamation activities; provided however that should a closure reclamation plan be prepared but not accepted and approved, the portion of annual fees billable by ERDC would revert to 85% until the Subsidiary Agreement was either amended or terminated. ERDC receives agreed commercial contractor rates when retained by government to provide environmental services in the Keno Hill District outside the scope of care and maintenance and closure reclamation planning under the Subsidiary Agreement.

In July 2013, the Corporation executed an amended and restated Subsidiary Agreement, the ARSA, with the Government of Canada. Recognizing that developing the closure reclamation plan is more complicated than originally anticipated, the ARSA provides for the Government of Canada to contribute a higher proportion of closure plan development costs than provided for under the Subsidiary Agreement, retroactive to 2009. As a result, included in revenues for AEG for the year ended December 31, 2013 is $1,983,000 in retroactive fees. Going forward, ERDC will receive 95% of agreed commercial contractor rates for ongoing development of the closure reclamation plan. Furthermore, with respect to care and maintenance activity during the closure reclamation planning phase, the original reducing fee scale is replaced by a fixed fee of $850,000 per year, representing approximately 50% of estimated fully-billable care and maintenance fees. As a result, included in AEG 2013 cost of sales is an $850,000 reduction in the Corporation’s environmental services contract loss provision.

Other Subsidiary Agreement terms unchanged by the ARSA include that ERDC is required to pay into a separate reclamation trust a 1.5% net smelter return royalty, to an aggregate maximum of $4 million for all production units, from any future production from the former UKHM mineral rights, commencing once earnings from mining before interest, taxes and depreciation exceed actual exploration costs, to a maximum of $6.2 million, plus actual development and construction capital. That commencement threshold was achieved during the year ended December 31, 2013, and as at December 31, 2014 a total of $32,000 in such royalties had been paid. Additionally, a portion of any future proceeds from sales of the acquired UKHM assets must also be paid into the separate reclamation trust. Also substantially unchanged by the ARSA are the pre-existing conditions indemnification and the right to bring any mine into production on the former UKHM mineral rights. The rights of the Government of Canada under the Subsidiary Agreement and the ARSA are supported by a general security agreement over all of the assets of ERDC.

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The ARSA can be terminated at ERDC’s election should a closure reclamation plan be prepared but not accepted and approved, and at the Governments’ election should ERDC be declared in default under the ARSA.

(b) Mining Operations

The Corporation’s mining operations reflect production from one mine, Bellekeno, a primary silver mine with lead, zinc and gold by-products. During the second quarter of 2013, both the Lucky Queen and Onek properties were reclassified from exploration and evaluation assets to mining operations assets as a result of the receipt of remaining operating permits, though neither property has as yet been placed into production.

From September 2013, Bellekeno mining operations have been suspended in light of a sharply reduced silver price environment. For the year ended December 31, 2014 the Corporation recorded an impairment charge to the Bellekeno, Lucky Queen and Onek mineral properties totaling $18,093,000 (2013 - $51,840,000) (see note 13).

Keno Hill Royalty Encumbrances

As noted above, under the Subsidiary Agreement and unchanged by the ARSA, the former UKHM mineral rights are subject to a 1.5% net smelter return royalty, to an aggregate maximum of $4 million for all production units. Certain of the Corporation’s non-UKHM mineral rights located within or proximal to the McQuesten property are subject to a net smelter return royalty ranging from 0.5% to 2%. Certain other of the non-UKHM mineral rights located within the McQuesten property are subject to a separate net smelter return royalty of 2% under which the Corporation makes an annual advance royalty payment of $20,000 per year. A limited number of the Corporation’s non-UKHM mineral rights located throughout the remainder of the Keno Hill District are subject to net smelter return royalties ranging from 1% to 1.5% .

(c) Brewery Creek

Effective September 26, 2012, the Corporation completed the sale of the remainder of its interest in the Brewery Creek property to a third party, Till Capital, for proceeds of $3,205,000 cash plus 7,500,000 common shares of Till Capital and purchase warrants to acquire a further 3,750,000 common shares for a price of $1.15 per share at any time until September 25, 2014, as well as a net smelter return royalty on gold production from Brewery Creek of between 2% and 2.75% . As a result, and including reversal of the decommissioning and rehabilitation provision related to the property, a gain of $6,346,000 was included in net income in 2012.

13. Impairment

During the years ended December 31, 2014 and 2013, the carrying amount of the Corporation’s net assets exceeded its market capitalization, which was considered an indicator of potential impairment of the carrying amount of its non-current non-financial assets. In addition, metal prices have been volatile and silver has experienced a significant decline through these periods. In 2014 silver prices decreased from a high of $22.05 per ounce to a low of $15.97 per ounce. As a result, at both December 31, 2014 and June 30, 2013, the Corporation carried out a review of the carrying amounts of the non-current non-financial assets in its mining operations segment, which segment has been determined to be a cash generating unit (“CGU”) for this purpose. For the purpose of the impairment tests, the Flame & Moth exploration property was combined with the mining operations assets as this is an integral part if the current mine plan.

In carrying out these reviews, the Corporation was required to make significant judgements, including with respect to the allocation of assets to the mining operations CGU, as well as the selection and application of appropriate valuation methods. The Corporation was also required to make significant estimates and assumptions, including with respect to mine plan tonnages and grades, capital and operating costs, future commodity prices, foreign currency exchange rates, discount rates and net asset value multiples. By their nature, such estimates and assumptions are subject to significant uncertainty.

Recoverable amounts were determined based on estimated fair value less cost of disposal (“FVLCD”). FVLCD for the mining operations CGU was determined based on the net present value of life-of-mine after-tax future cash flows expected to be generated within that unit. Factors were also applied for the expected benefit of potential operating cost optimizations. This estimate of FVLCD is categorized as Level 3 in the fair value hierarchy (see note 3(q)). The projected cash flows are based on the following key assumptions:

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• Total estimated production is over a 5.75 year mine life using all mineral resources that existed at December 31, 2014;

• Consensus metal prices and consensus foreign exchange rates;

• US$20,000,000 payment is made to Silver Wheaton under the June 16, 2014 amended silver streaming agreement (see note 17);

• Average silver grades of 754g/t;

• Operating costs estimated at $255 per tonne milled;

• Total development and sustaining costs estimated at approximately $73 million over life of mine; and

• Discount rate of 8%

Consensus metal and foreign exchange rate estimates for December 31, 2014 are summarized as follows:

		2016		2017		2018		2019		Long-term
Silver prices (US$/oz)	$	16.75	$	17.50	$	18.00	$	19.50	$	20.00
Gold prices (US$/oz)	$	1,225	$	1,250	$	1,250	$	1,290	$	1,300
Lead prices (US$/oz)	$	1.00	$	1.04	$	1.05	$	0.94	$	0.94
Zinc prices (US$/oz)	$	1.08	$	1.15	$	1.18	$	1.00	$	1.00
Foreign exchange rates (USD/CAD)	$	0.85	$	0.85	$	0.85	$	0.85	$	0.85

Based on the results of its review, the Corporation recognized an impairment loss at December 31, 2014 totaling $22,921,000 (June 30, 2013 - $55,341,000), attributed as follows:

	Reporting Segment		Impairment Loss		Impairment Loss
			December 31, 20141		June 30, 2013
Mineral properties:
Bellekeno	Mining operations	$	9,844	$	20,182
Lucky Queen	Mining operations		7,250		9,145
Onek	Mining operations		999		22,513
Total			18,093		51,840
Property, plant and equipment:
Ore processing mill	Mining operations		3,927		2,628
Heavy machinery and equipment	Mining operations		438		483
Camp, roads and other site	Mining operations		463		390
Total			4,828		3,501
Total impairment loss		$	22,921	$	55,341

1)   Impairment loss was prorated over the mining assets based on book value

The non-current non-financial assets in the mining operations segment were written down to their recoverable amount. Consequently, any significant negative change in the key assumptions made in determining the recoverable amount could result in an additional impairment loss.

For December 31, 2014, sensitivities were carried out on the key assumptions used in the discounted cash flow model. Prior to the impairment charge, the carrying value of the CGU at December 31, 2014 was approximately $60,500,000. The change to the pre-tax impairment charge as a result of movements in the underlying key assumptions would be:

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		5% Change		10% Change
Average metal price	$	15,005	$	31,362
Average cost per tonne	$	7,136	$	14,272
Foreign exchange rates	$	11,798	$	22,523
		1% Change		2% Change
Discount rate applied	$	3,495	$	6,758

In addition, management conducted a review of its Exploration and evaluation assets, which are each separately assessed for impairment, and are not allocated by the Corporation to a CGU for impairment assessment purposes except the Flame & Moth mineral property. As at December 31, 2014, and pursuant to IFRS 6 Exploration For and Evaluation of Mineral Resources, indicators were identified which suggested the carrying amounts of certain exploration and evaluation assets may exceed their recoverable amount. Included in Other Keno Hill Properties were a number of exploration properties that the Corporation did not have any near-term plans to conduct exploration activities. As a result exploration and evaluation properties were impaired by $7,010,000. As at December 31, 2013 no impairment indicators were identified.

14. Accounts payable and accrued liabilities

		December 31		December 31
		2014		2013
Trade payables	$	1,287	$	1,134
Accrued liabilities and other		1,088		1,086
	$	2,375	$	2,220

15. Environmental Services Contract Loss Provision

		December 31			December 31
		2014			2013
Balance – beginning of year	$	112		$	1,767
Increase (reduction) due to changes in loss estimation		35			(743	)
Increase (reduction) due to current period loss realization		116			(911	)
Balance – end of year		263			113
Less: current portion		(59	)		(1	)
	$	204		$	112

As described in note 12(a), ERDC is responsible for carrying out environmental care and maintenance at various sites within the former UKHM mineral rights until acceptance and regulatory approval are obtained for the closure reclamation plan, for a fixed annual fee adjusted each year for certain operating and inflationary factors and determined on a site-by-site basis. Under the original Subsidiary Agreement, the portion of the site-by-site adjusted annual fee determination basis which was billable by ERDC reduced by 15% each year until all site-specific care and maintenance activities were replaced by closure reclamation activities. As a result, an environmental services contract loss provision was previously recognized to reflect aggregate future losses estimated to be realized with respect to such care and maintenance activities.

During the continual review of this contract loss provision estimate and based on ongoing discussions with Government regarding the process and timing that will be required to obtain acceptance and regulatory approval of the closure reclamation plan, at December 31, 2012 management extended the estimated date by which the care and maintenance phase will end to March 2015, which resulted in an increase of $333,000. At December 31, 2013, this estimated date was further extended to August 2018, resulting in an increase of $107,000 in the fourth quarter of 2013.

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With the execution of the ARSA (see note 12(a)), the original reducing fee scale is replaced by a fixed fee of $850,000 per year, representing approximately 50% of estimated fully-billable fees. As a result, the environmental services contract loss provision was reduced by $850,000 in the third quarter of 2013.

All changes in the contract loss provision are recorded within AEG cost of sales for the period in which they occur.

16. Deferred Revenue

		December 31			December 31
		2014			2013
Deferred revenue – total	$	1,817		$	1,406
Less: current portion		(1,338	)		(172	)
	$	479		$	1,234

In January, 2012, AEG US, a wholly owned subsidiary of the Corporation and a member of AEG, entered into an agreement with a third party customer to provide certain environmental consulting and remediation services. Under the agreement, AEG US provided certain cost performance commitments, for which an up-front payment of US$1,175,000 (CAD$1,363,118) was received. The Corporation placed US$5,000,000 (CAD$5,800,500) into escrow in support of this cost performance commitment, which is recorded in restricted cash and deposits.

The up-front payment of US$1,175,000 (CAD$1,363,118) was recorded in deferred revenue and is being recognized in revenue based on the percentage completion of the services under the remediation services agreement.

The remaining deferred revenue amounts relate to the care and maintenance phase under the Subsidiary Agreement (see note 12(a)).

17. Silver Streaming Interest

		December 31			December 31
		2014			2013
Balance – beginning of year	$	18,190		$	28,082
Amount recognized in mine site care and maintenance		(72	)		(9,892	)
Balance – end of year	$	18,118		$	18,190

Under a silver streaming interest held by Silver Wheaton Corp. (“Silver Wheaton”), Silver Wheaton is purchasing from the Corporation an amount of refined silver equal to 25% of the payable silver produced by the Corporation from its Keno Hill District mineral properties, if and when such payable silver is delivered to an off-taker and as the Corporation is paid for such payable silver. Silver Wheaton has paid the Corporation advance amounts totaling US$50 million, the last of which was received in January 2011, and for each ounce of silver purchased must pay the Corporation an additional cash amount of the lesser of US$3.90 (increasing by 1% per annum after the third year of full production) and the prevailing market price at the time of delivery. Under the agreement, the balance of the amounts advanced is reduced on each silver delivery by the excess of the prevailing market value of the silver delivered over the per-ounce cash amount paid by Silver Wheaton at the time. After the initial 40 year term of the agreement, the Corporation is required to refund the balance of any advance amounts received and not yet reduced through silver deliveries. The Corporation would also be required to refund the balance of advance amounts received and not yet reduced if Silver Wheaton exercised its right to terminate the streaming interest in an event of default by the Corporation. The Corporation will be required to refund a pro-rata portion of the balance of the advance amounts not yet reduced to the extent the Bellekeno mine has not achieved production throughput of 400 tonnes of ore per day over a 30 day period by December 31, 2016, extended as more fully described below. The maximum amount of any such refund is US$9,750,000. Commencing January 2014, and ending the earlier of December 31, 2016 and the completion of the 400 tonnes per day throughput test, as extended by the same amendment, the Corporation may be required to sell more than 25% of the payable silver produced to Silver Wheaton, depending on the extent by which the 400 tonnes per day test has not yet been met (the “Additional Silver Delivery Requirement”). In support of its rights under the silver streaming interest, Silver Wheaton holds a security interest in substantially all of the Corporation’s plant and equipment and mineral properties located within the Keno Hill District.

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Effective June 16, 2014, the Corporation entered into an agreement with Silver Wheaton to amend the silver streaming interest, such that the fixed US$3.90 per ounce silver streaming production payment is replaced with a variable production payment based on the spot price of silver. The newly agreed variable production payment will be defined by a pricing curve with an apex at US$19.45 spot silver price where Silver Wheaton will make a production payment to the Corporation of US$18.00 per ounce of silver delivered; that payment decreases by US$0.91 per ounce for each US$1.00 increase or decrease in silver price, returning to a fixed US$3.90 per ounce for spot silver prices of US$35.00 per ounce and higher. The amendment will be effective for a 10 year term from the time mining production re-commences in the Keno Hill District (the “ReCommencement Date”), with an option for the Corporation to extend the amendment for another 5 or 10 years for an additional US$10 million or US$20 million, respectively. In addition, the Silver Wheaton area of interest will be expanded to include additional currently owned and future acquired properties of the Corporation within one kilometer of the Corporation’s existing holdings in the Keno Hill District.

The amendments to the silver streaming interest are subject to the Corporation paying Silver Wheaton US$20 million, with Silver Wheaton obligated to participate in US$5 million of any Alexco equity raise in excess of $10 million intended to complete the payment. Upon payment of the US$20 million to Silver Wheaton, the original amount advanced will be deemed reduced from US$50 million to US$30 million and the then-current balance of the advance amounts received will be reduced to nil. The date by which the payment is to be made was set in the original amendment agreement at December 31, 2014, but has been extended by agreement of the parties to December 31, 2015. If Alexco does not make the US$20 million payment, the original silver streaming agreement terms will continue unamended with no other impact to Alexco. Effective immediately on signing of the amendment agreement, the date for completion of the 400 tonne per day throughput test was extended to December 31, 2015, and that date has also now been extended by agreement of the parties to December 31, 2016. If the Corporation makes the US$20 million payment and the amendments to the silver streaming interest become effective, the date for completion of the test will be further extended to a date that is two years from the Recommencement Date, and the Additional Silver Delivery Requirement will only apply the final six months of that two year period.

18. Decommissioning and Rehabilitation Provision

		December 31		December 31
		2014		2013
Balance – beginning of year	$	3,803	$	4,087
Increase (decrease) due to re-estimation		306		(331	)
Accretion expense, included in finance costs		42		47
Balance – end of year	$	4,151	$	3,803

The Corporation’s decommissioning and rehabilitation provision consists of costs expected to be required in respect of future reclamation and closure activities at the end of the life of the Bellekeno, Lucky Queen and Onek mines. These activities include water treatment, land rehabilitation, ongoing care and maintenance and other reclamation and closure related requirements.

As at December 31, 2014, the Corporation has provided reclamation security totaling $4,173,000 (2013 – $4,173,000) to the Government of Yukon in the form of term deposits held under safekeeping agreements, which funds are included in the Corporation’s non-current restricted cash and deposits.

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The total undiscounted amount of the estimated cash flows required to settle the decommissioning and rehabilitation provision is estimated to be $4,780,000 (2013 – $4,780,000), which expenditures are expected to be incurred substantially over the course of the next 15 years. In determining the carrying value of the decommissioning and rehabilitation provision as at December 31, 2014, the Corporation has used a risk-free discount rate of 2.11% (2013 – 3.0%) and an inflation rate of 2.0% (2013 – 2.0%) .

19. Shareholders’ Equity

Effective April 23, 2013, the Corporation issued 2,100,000 flow-through common shares on a private placement basis at a price of $3.35 per share for aggregate gross proceeds of $7,035,000. Of the gross proceeds, $4,830,000 has been attributed to issued common shares, and the remaining $2,205,000 has been attributed to the sale of tax benefits. Net proceeds from the issuance were $6,649,000, after issuance costs comprised of the agent’s commission of $472,000 and other issuance costs of $80,000, less the deferred income tax benefit of such costs of $166,000.

In August 2014, the Corporation issued a total of 7,015,000 units at a price of $1.15 per unit in a bought deal financing pursuant to a short form prospectus. Each unit was comprised of one common share and one half of one common share purchase warrant, with each full warrant entitling the holder to acquire an additional common share at a price of $1.40 per share at any time until August 21, 2016. The underwriter to the financing received a cash fee of 6.5% of the gross proceeds plus 455,975 compensation warrants, each warrant exercisable for one common share of the Corporation at an exercise price of $1.35 per share at any time until August 21, 2016. The net proceeds of the financing were $7,007,000 after the underwriter’s fees, including the fair value of the compensation warrants, and other issuance costs of $364,000. The fair values of the unit warrants and the compensation warrants were estimated using the Black-Scholes option pricing model, assuming a risk-free interest rate of 1.1% per annum, an expected life equal to the term of the warrants, an expected volatility of 75% and no expected dividends. A deferred income tax benefit of $266,000 was recorded on the transaction.

20. Share-Based Compensation

Incentive Stock Options

At the Corporation’s annual general meeting held June 10, 2014, the shareholders approved the amendment of the stock option plan from a fixed to a rolling plan, under which the aggregate number of common shares issuable on exercise of stock options cannot exceed 9% of the number of common shares issued and outstanding. Generally, stock options granted have a maximum term of five years, vesting one third upon granting, one third after one year and one third after two years and exercise price determined by the directors. The exercise price may not be less than the closing quoted price of the Corporation’s common shares traded through the facilities of the exchange on which the Company’s common shares are listed. As at December 31, 2014, a total of 3,619,830 stock options were outstanding under the plan, and a total of 2,620,370 options remained available for granting.

The changes in incentive share options outstanding are summarized as follows:

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		Weighted	Number of
		average	shares issued
		exercise	or issuable on
		price	exercise			Amount
Balance – December 31, 2013	$	5.16	4,035,663		$	10,096
Stock options granted	$	1.88	752,000			-
Share based compensation expense		-	-			704
Options exercised		-	-			-
Options forfeited or expired	$	5.54	(1,167,833	)		(3,088	)
Balance – December 31, 2014	$	4.36	3,619,830		$	7,712
Balance – December 31, 2012	$	5.07	4,634,995		$	11,061
Stock options granted	$	4.16	641,500			-
Share based compensation expense		-	-			1,477
Options exercised	$	3.08	(45,000	)		(65	)
Options forfeited or expired	$	4.30	(1,195,832	)		(2,377	)
Balance – December 31, 2013	$	5.16	4,035,663		$	10,096
Balance – December 31, 2011	$	4.41	4,292,661		$	8,552
Stock options granted	$	6.91	906,750			-
Share based compensation expense		-	-			3,462
Options exercised	$	1.55	(389,834	)		(328	)
Options forfeited or expired	$	6.64	(174,582	)		(625	)
Balance – December 31, 2012	$	5.07	4,634,995		$	11,061

During the year ended December 31, 2014, the fair value of options at the date of grant was estimated using the Black-Scholes option pricing model, assuming a risk-free interest rate of 1.4% (2013 – 1.4; 2012 – 1.3% to 1.5%) per annum, an expected life of options of 4 years (2013 – 4 years; 2012 – 4 years), an expected volatility of 65% based on historical volatility (2013 – 70%; 2012 – 70%), an expected forfeiture rate of 4% (2013 – 4%; 2012 – 9%) and no expected dividends (2013 – nil; 2012 - nil).

Incentive share options outstanding and exercisable at December 31, 2014 are summarized as follows:

	Options Outstanding				Options Exercisable
	Number of				Number of
	Shares	Average		Average	Shares		Average
	Issuable on	Remaining		Exercise	Issuable on		Exercise
Exercise Price	Exercise	Life (Years)		Price	Exercise		Price
$0.60	35,000	4.96	$	0.60	-	$	0.60
$1.65	292,500	1.21	$	1.65	292,500	$	1.65
$1.94	702,000	4.12	$	1.94	234,000	$	1.94
$3.45	758,330	2.22	$	3.45	758,330	$	3.45
$4.16	457,500	3.06	$	4.16	305,000	$	4.16
$4.46	108,000	0.12	$	4.46	108,000	$	4.46
$6.92	569,500	2.07	$	6.92	569,500	$	6.92
$7.10	693,500	3.06	$	7.10	693,500	$	7.10
$8.13	3,500	3.36	$	8.13	3,500	$	8.13
	3,619,830	2.72	$	4.35	2,964,330	$	4.79

The weighted average share price at the date of exercise for options exercised during the year ended December 31, 2013 and 2012 was $4.22 and $5.08, respectively.

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During the year ended December 31, 2014, the Corporation recorded total share-based compensation expense of $704,000 (2013 – $1,473,000; 2012 - $3,462,000) related to incentive share options, of which $100,000 (2013 – $213,000; 2012 - $558,000) is recorded to mineral properties, $604,000 (2013 – $1,311,000; 2012 - $2,984,000) has been charged to income, and the balance reflects the changes in share-based compensation expense capitalized within opening and ending ore and concentrate inventories for the period.

Subsequent to December 31, 2014, a further 1,341,000 incentive stock options have been granted under the Corporation’s incentive stock option plan, another 108,000 have expired unexercised and 345,000 have been forfeited.

Restricted Share Units (“RSUs”)

On December 14, 2012, the Corporation initiated a long-term incentive plan which provides for the issuance of RSUs in such amounts as approved by the Corporation’s Board of Directors. The RSU plan is considered an equity-settled share-based compensation arrangement, and is administered by a trustee. Each RSU entitles the participant to receive one common share of the Corporation subject to vesting criteria, with RSU grants vesting one third per year over a three year period. These RSUs are settled in common shares of the Corporation purchased by the plan trustee through the open market at the time of granting, using funds provided by the Corporation. The Corporation is required under IFRS to consolidate the plan trust, and the outstanding number of common shares reflected in these financial statements is reduced by the number of shares held by the plan trustee for future settlements.

At the Corporation’s annual general meeting held June 10, 2014, the shareholders approved the amendment of the RSU plan whereby RSUs granted subsequent to the date of amendment can be settled in common shares of the Corporation issued from treasury, with the maximum grantable number of such RSUs fixed at 650,000. RSUs granted prior to the date of amendment can be settled only with common shares held by the plan trust and purchased through the open market at the time of granting, and not with shares issued from treasury, and do not reduce the 650,000 RSU fixed limit.

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The changes in RSUs outstanding are summarized as follows:

	Number of
	shares issued
	or issuable
	on vesting			Amount
Balance – December 31, 2013	401,665		$	996
RSUs granted	283,860			-
RSUs forfeited	(30,000	)		-
Share-based compensation expense recognized	-			434
RSUs vested	(148,333	)		(623	)
Balance – December 31, 2014	507,192		$	807
Balance – December 31, 2012	130,000		$	52
RSUs granted	315,000			-
Share-based compensation expense recognized	-			1,108
RSUs vested	(43,335	)		(164	)
Balance – December 31, 2013	401,665		$	996
Balance – December 31, 2011	-		$	-
RSUs granted	130,000			-
Share-based compensation expense recognized	-			52
Balance – December 31, 2012	130,000		$	52

A total of 283,860 RSUs were granted in 2014, with total grant-date fair value determined to be $188,200. Included in general and administrative expenses for the year ended December 31, 2014 is share-based compensation expense of $434,000 (2013 – $1,108,000; 2012 - $52,000) related to RSU awards. As at December 31, 2014, the plan trust held 253,332 common shares of the Corporation for future settlement of granted RSUs.

As of December 31, 2014, a total of 283,860 RSUs were granted under the amended RSU plan and a total of 366,140 RSUs remained available for granting.

Subsequent to December 31, 2014, a total of 135,000 RSUs have been granted under the amended RSU plan, with one third vesting one year after the date of granting, one third vesting two years after the date of granting, and the remaining third vesting three years after the date of granting.

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21. Cost of Sales

The Corporation recorded cost of sales for the years ended December 31, 2014, 2013 and 2012 as follows:

		2014		2013			2012
Mining operations –
Inventoried costs –
Direct production costs	$	-	$	26,879		$	37,758
Depreciation, depletion and share-based compensation		-		17,835			23,993
Inventory write-down		-		886			-
Subsidiary Agreement royalty cost		-		109			-
Silver streaming interest –
Market price of deliverable silver, net of amount                     receivable on delivery		-		7,326			14,213
Silver streaming interest amount recognized		-		(9,892	)		(13,873	)
		-		43,143			61,691
Environmental services –
Direct service costs		9,730		7,314			5,011
Depreciation		307		156			86
		10,037		7,470			5,097
	$	10,037	$	50,613		$	66,788

22. General and Administrative Expenses

The Corporation recorded general and administrative expenses for the years ended December 31, 2014, 2013 and 2012 as follows:

		2014		2013		2012
General and administrative expenses
Depreciation	$	113	$	119	$	190
Amortization of intangible assets		43		114		146
Business development and investor relations		570		628		724
Office, operating and non-operating overheads		1,624		2,506		4,899
Professional		685		1,085		1,418
Regulatory		185		193		257
Salaries and contractors		4,029		5,316		6,113
Share-based compensation		986		2,060		2,438
Travel		231		450		472
	$	8,466	$	12,471	$	16,657

23. Mine Site Care and Maintenance

The Corporation recorded mine site care and maintenance expenses for the years ended December 31, 2014, 2013 and 2012 as follows:

		2014		2013		2012
Mine site care and maintenance
Depreciation	$	2,486	$	643	$	-
Office, operating and non-operating overheads		530		260		-
Professional		9		11		-
Salaries and contractors		79		224		-
Share-based compensation		23		45		-
Travel		3		27		-
	$	3,130	$	1,210	$	-

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24. Income Tax Expense

The major components of income tax expense for the years ended December 31, 2014, 2013 and 2012 are as follows:

(a) The provision for income taxes consists of:

		2014			2013			2012
Current
Income tax	$	-		$	-		$	-
Yukon mineral tax		-			220			448
US income tax		18			11			1
Total current tax provision		18			231			449
Deferred
Income tax		(2,614	)		(10,830	)		3,571
Yukon mineral tax		(240	)		(1,030	)		539
Total deferred tax provision (recovery)		(2,854	)		(11,860	)		4,110
Total income tax provision (recovery)	$	(2,836	)	$	(11,629	)	$	4,559

(b) The income tax provision differs from the amount that would result from applying the Canadian federal and provincial tax rate to income before taxes. These differences result from the following items:

		2014			2013			2012
Accounting income (loss) before taxes	$	(35,608	)	$	(62,079	)	$	7,979
Federal and provincial income tax rate of 26.00% (2013 – 25.75%)		(9,258	)		(15,960	)		1,995
Non-deductible permanent differences		16			464			937
Differences in foreign exchange rates		(6	)		(90	)		(45	)
Effect of difference in tax rates		(1,419	)		(2,544	)		336
Change in benefits not recognized		8,035			7,411			280
Yukon mineral tax		(243	)		(804	)		846
Change in estimate		36			(105	)		189
Other		3			(1	)		21
		6,422			4,331			2,564
Provision for (recovery of) income taxes	$	(2,836	)	$	(11,629	)		4,559

During the year, the Canadian statutory tax rate increased to 26.00% due to legislated provincial tax rate changes.

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(c) The movement in deferred tax assets and liabilities during the year by type of temporary difference, without taking into consideration the offsetting balances within the same tax jurisdiction, is as follows:

Deferred tax liabilities		Mineral			Inventory			Property,			Yukon			Other			Total
		Property						Plant and			Mining
		Interest						Equipment			Tax
December 31, 2012	$	(17,757	)	$	(671	)	$	(4,843	)	$	(1,272	)	$	(895	)	$	(25,438	)
Credited (charged) to the      income statement		7,240			545			2,903			1,028			632			12,348
Charged directly to equity		-			-			-			-			-			-
December 31, 2013	$	(10,517	)	$	(126	)	$	(1,940	)	$	(244	)	$	(263	)	$	(13,090	)
Credited (charged) to the     income statement		(1,598	)		-			(381	)		244			(111	)		(1,846	)
Charged directly to equity		-			-			-			-			-			-
Charged (credited) to OCI		-			-			-			-			36			36
December 31, 2014	$	(12,115	)	$	(126	)	$	(2,321	)	$	-		$	(338	)	$	(14,900	)

Deferred tax assets		Mineral			Loss		Property,			Decommissioning			Other			Total
		Property			Carry		Plant and			and rehabilitation
		Interest			Forward		Equipment			provision
December 31, 2012	$	3,621		$	4,849	$	451		$	1,157		$	1,265		$	11,343
Credited (charged) to the       income statement		(1,121	)		552		(6	)		(16	)		(602	)		(1,193	)
Charged directly to equity		-			-		-			-			165			165
December 31, 2013	$	2,500		$	5,401	$	445		$	1,141		$	828		$	10,315
Credited (charged) to the      income statement		2,721			451		(13	)		80			(331	)		2,908
Charged directly to equity		-			-		-			-			266			266
December 31, 2014	$	5,221		$	5,852	$	432		$	1,221		$	763		$	13,489

Net deferred tax liabilities

December 31, 2013	$	(2,775	)
Credited (charged) to the income statement		1,349
Charged directly to equity		266
Charged (credited) to OCI		(251	)
December 31, 2014	$	(1,411	)

(d) At December 31, 2014, the Corporation has unrecognized tax attributes, noted below, that are available to offset future taxable income. However, these tax attributes relate to capital items in nature which can only be offset capital gain or relate to subsidiaries that have a history of losses; therefore may not be used to offset taxable income.

Unused non-capital losses	$	13,340
Mineral property interest		35,586
Other		10,735
	$	59,661

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As at December 31, 2014, the Corporation has available non-capital losses for income tax purposes in Canada and the US which are available to be carried forward to reduce taxable income in future years and for which no deferred income tax asset has been recognized, and which expire as follows:

		Canada		US		Total
2028		-		333		333
2029		-		850		850
2030		-		1,024		1,024
2031		-		834		834
2032		303		60		363
2033		2,228		-		2,228
2034		7,708		-		7,708
	$	10,239	$	3,101	$	13,340

25. Loss Per Share

The following table sets forth the computation of basic and diluted loss per share for the years ended December 31, 2014, 2013 and 2012:

		2014			2013			2012
Numerator
Net loss for the year	$	(32,772	)	$	(50,450	)	$	3,420
Denominator
For basic – weighted average number of shares        outstanding		65,100,203			61,968,376			60,256,688
Effect of dilutive securities – incentive share options		-			-			800,174
For diluted – adjusted weighted average number of         shares outstanding		65,100,203			61,968,376			61,056,862
Loss Per Share
Basic	$	(0.50	)	$	(0.81	)	$	0.06
Diluted	$	(0.50	)	$	(0.81	)	$	0.06

Incentive stock options to acquire 3,585,000 shares (2013 – 3,743,000) were outstanding at December 31, 2014 but were not included in the computation of diluted earnings per share for the year then ended because to do so would have been anti-dilutive given the Corporation recorded a net loss in that year. Incentive stock options to acquire 2,154,000 shares were outstanding at December 31, 2012 but were not included in the computation of diluted earnings per share for the year then ended because to do so would have been anti-dilutive given their exercise price was greater than the average market price of the Corporation's shares over that year.

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26. Financial Instruments

Financial Assets and Liabilities

Information regarding the carrying amounts of the Corporation’s financial assets and liabilities is summarized as follows:

	Fair Value
	Hierarchy
	Classification		2014			2013
Loans and receivables –        Cash and cash equivalents	Level 1	$	8,639		$	8,610
Accounts receivable other than those arising from sales           of concentrates	Level 2		3,951			4,873
			12,590			13,483
Fair value through profit or loss –        Accounts receivable arising from sales of concentrates	Level 2		-			56
Long-term investment in warrants	Level 2		-			14
			-			70
Held to maturity investments –     Restricted cash and deposits –         Term deposits	Level 2		10,215			9,460
Available for sale –          Long-term investment in common shares	Level 1		597			525
Financial liabilities –           Accounts payable and accrued liabilities	Level 2		(2,375	)		(2,220	)
		$	21,027		$	21,318

The carrying amounts of all of the Corporation’s financial assets and liabilities reasonably approximate their fair values.

Accounts receivable arising from sales of concentrates includes exposure to changes in metal prices between initial revenue recognition and final settlement, which could occur up to a number of months subsequent to initial recognition. Measurement of such exposure is based on estimated prices for contained payable metal on which final settlement will be determined, with such estimates based on quoted forward prices.

All term deposits carried initial maturity periods of twelve months or less and are high grade, low risk investments held with major financial institutions in Canada, generally yielding between 1% and 2% per annum.

Financial Instrument Risk Exposure

The Corporation’s activities expose it to a variety of financial risks: market risk (including price risk, currency risk and interest rate risk), credit risk and liquidity risk. Risk management is carried out by management under policies approved by the Board of Directors. Management identifies and evaluates the financial risks in co-operation with the Corporation’s operating units. The Corporation’s overall risk management program seeks to minimize potential adverse effects on the Corporation’s financial performance, in the context of its general capital management objectives as further described in note 27.

Price Risk

Under the terms of the off-take agreements by which the Bellekeno mine concentrates were sold, pricing was based on future metal prices, the final settlement of which could occur up to a number of months subsequent to initial recognition of the sale. Initial recognition of the sale is based on estimated final settlement prices, and the exposure to changes in metal prices between initial recognition and final settlement represents an embedded derivative within accounts receivable arising from sales of concentrate. The Corporation is primarily exposed to changes in the market price for silver, lead and zinc, all of which are actively traded commodities, the prices of which are affected by numerous macroeconomic factors such as interest rates, exchange rates, inflation or deflation, global and regional supply and demand and general worldwide political and economic conditions, as well as fluctuations of the value of the US dollar given the price of each of these metals on the world market is widely quoted in that currency. Management monitors these various factors as part of its overall capital management activities, including tracking published analyst commodity price forecasts. In situations of significant anticipated volatility in metal prices or where warranted by unique project-specific circumstances, management may consider hedging the metal prices to which it is exposed. However, it is the Corporation’s primary policy that it will not hedge the metal prices to which it is exposed, particularly that for silver.

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Currency Risk

Substantially all of the Corporation’s property, plant and equipment and mineral properties are located in Canada; all of its mining operations occur in Canada; and a significant majority of its environmental services revenues are earned in Canada. However, when commercial production commenced at the Bellekeno mine, the Corporation’s exposure to US dollar currency risk significantly increased as sales of concentrate were effected in US dollars. In addition, a portion of its environmental services revenues, and receivables arising therefrom, are also denominated in US dollars. As well, while a significant majority of the Corporation’s operating costs are denominated in Canadian dollars, it does have some exposure to costs, as some accounts payable and accrued liabilities are denominated in US dollars. The Corporation is exposed to currency risk at the balance sheet date through the following financial assets and liabilities, which are denominated in US dollars:

		December 31			December 31
		2014			2013
Cash and demand deposits	$	6,340		$	3,027
Accounts and other receivable		1,354			1,129
Accounts payable and accrued liabilities		(421	)		(512	)
Net exposure	$	7,273		$	3,644

Based on the above net exposure at December 31, 2014, a 10% depreciation or appreciation of the US dollar against the Canadian dollar would result in an approximately $727,000 decrease or increase respectively in both net and comprehensive loss (2013 – $364,000). The Corporation has not employed any currency hedging programs during the current period.

Interest Rate Risk

The Corporation has no significant exposure at December 31, 2014 or 2013 to interest rate risk through its financial instruments.

Credit Risk

Credit risk is the risk of financial loss to the Corporation if a customer or counterparty to a financial instrument fails to meet its obligations. The Corporation’s maximum exposure to credit risk at the balance sheet date under its financial instruments is summarized as follows:

		December 31		December 31
		2014		2013
Trade receivables, net of provision –
Currently due	$	1,171	$	729
Past due by 90 days or less, not impaired		1,224		1,448
Past due by greater than 90 days, not impaired		48		602
		2,443		2,779
Cash		2,526		4,855
Demand deposits		6,113		3,755
Term deposits		10,215		9,460
	$	21,322	$	20,849

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Substantially all of the Corporation’s cash, demand deposits and term deposits are held with major financial institutions in Canada, and management believes the exposure to credit risk with respect to such institutions is not significant. Those financial assets that potentially subject the Corporation to credit risk are primarily receivables. Management actively monitors the Corporation’s exposure to credit risk under its financial instruments, particularly with respect to receivables. The Corporation considers the risk of material loss to be significantly mitigated due to the financial strength of the parties from whom the receivables are due, including with respect to trade accounts receivable as the Corporation’s major customers include government organizations as well as substantial corporate entities. As at December 31, 2014, trade receivables are recorded net of a recoverability provision of $479,000 (2013 – $485,000).

Liquidity Risk

Liquidity risk is the risk that the Corporation will not be able to meet its obligations associated with financial liabilities. The Corporation has a planning and budgeting process in place by which it anticipates and determines the funds required to support its normal operating requirements as well as the growth and development of its mining projects. The Corporation coordinates this planning and budgeting process with its financing activities through the capital management process described in note 1. The Corporation’s financial liabilities are comprised of its accounts payable and accrued liabilities, the contractual maturities of which at the balance sheet date are summarized as follows:

		December 31		December 31
		2014		2013
Accounts payable and accrued liabilities with contractual maturities –     Within 90 days or less	$	2,375	$	2,220
In later than 90 days, not later than one year		-		-
	$	2,375	$	2,220

27. Management of Capital

The capital managed by the Corporation includes the components of shareholders’ equity as described in the consolidated statements of shareholders’ equity. The Corporation is not subject to externally imposed capital requirements.

The Corporation’s objectives of capital management are to create long-term value and economic returns for its shareholders. It does this by seeking to maximize the availability of finance to fund the growth and development of its mining projects, and to support the working capital required to maintain its ability to continue as a going concern. The Corporation manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of its assets, seeking to limit shareholder dilution and optimize its cost of capital while maintaining an acceptable level of risk. To maintain or adjust its capital structure, the Corporation considers all sources of finance reasonably available to it, including but not limited to issuance of new capital, issuance of new debt and the sale of assets in whole or in part, including mineral property interests. The Corporation’s overall strategy with respect to management of capital at December 31, 2014 remains fundamentally unchanged from the year ended December 31, 2013.

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28. Supplemental Cash Flow Information

Supplemental cash flow information with respect to the years ended December 31, 2014 and 2013 is summarized as follows:

		2014			2013
Operating Cash Flows Arising From Interest and Taxes
Interest received	$	111		$	265
Interest paid	$	-		$	-
Income taxes paid	$	-		$	(361	)
Non-Cash Investing and Financing Transactions
Capitalization of share-based compensation to mineral properties	$	100		$	213
Capitalization of depreciation to mineral properties	$	395		$	448
Capitalization of re-estimation of decommissioning and rehabilitation provision	$	115		$	(164	)
Increase (decrease) in non-cash working capital related to:
Mining operations properties	$	-		$	2,963
Exploration and evaluation properties	$	(2	)	$	3,210
Property, plant and equipment	$	8		$	4
Prepaid expenses and other current assets	$	-		$	-

29. Segmented Information

The Corporation had two operating segments during the years ended December 31, 2014, 2013 and 2012, being environmental services carried out through AEG, providing consulting and project management services in respect of environmental permitting and compliance and site remediation and reclamation; and mining operations, including the operating Bellekeno mine, producing silver, lead and zinc in the form of concentrates (suspended in September 2013). The Corporation also had two non-operating segments, being exploration of mineral properties, which includes exploration and evaluation activities; and the corporate segment, which includes the Corporation’s executive head office and general corporate administration. Reportable segments are identified based on differences in products, services and business activities. Inter-segment transactions are recorded at amounts that reflect normal third-party terms and conditions, with inter-segment profits eliminated from the cost base of the segment incurring the charge. During the second quarter of 2013, both the Lucky Queen and Onek property assets were transferred from the exploration segment to the mining operations segment, as a result of the receipt of remaining operating permits. Revenue from non-Canadian customers of both operating segments was derived primarily from the United States.

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As at and for the year ended		Environmental			Mining
December 31, 2014		Services			Operations			Exploration			Corporate			Total
Segment revenues –
External customers –
Canadian	$	9,182		$	-		$	-		$	-		$	9,182
Non-Canadian		5,743			361			-			-			6,104
Intersegment		3,595			-			-			-			3,595
Total segment revenues		18,520			361			-			-			18,881
Intersegment revenues eliminated        on consolidation		(3,595	)		-			-			-			(3,595	)
Total revenues as reported		14,925			361			-			-			15,286
Cost of sales		10,037			-			-			-			10,037
Depreciation and amortization		68			-			-			89			157
Share-based compensation		244			-			-			742			986
Other G&A expenses		3,168			86			-			4,069			7,323
Other mine site care and         maintenance		-			3,130			-			-			3,130
Foreign exchange gain		(323	)		436			-			(773	)		(660	)
Investment income		(1	)		-			-			(65	)		(66	)
Finance costs		-			42			-			-			42
Derivative loss		-			-			-			14			14
Write-down of mineral        properties					18,093			7,010						25,103
Write-down of         property, plant and            equipment					1,212			3,616						4,828
Segment income (loss) before taxes	$	1,732		$	(22,638	)	$	(10,626	)	$	(4,076	)	$	(35,608	)
Total assets	$	11,609		$	21,612		$	63,503		$	8,471		$	105,195

As at and for the year ended		Environmental			Mining
December 31, 2013		Services			Operations			Exploration		Corporate			Total
Segment revenues –
External customers –
Canadian	$	10,516		$	-		$	-	$	-		$	10,516
Non-Canadian		5,803			43,114			-		-			48,917
Intersegment		2,734			-			-		-			2,734
Total segment revenues		19,053			43,114			-		-			62,167
Intersegment revenues eliminated on consolidation		(2,734	)		-			-		-			(2,734	)
Total revenues as reported		16,319			43,114			-		-			59,433
Cost of sales		7,470			43,143			-		-			50,613
Depreciation and amortization		141			-			-		735			876
Share-based compensation		393			464			-		1,203			2,060
Other G&A expenses		3,187			2,550			-		5,008			10,745
Foreign exchange gain		3			(254	)		-		69			(182	)
Investment income		(5	)		1			-		(242	)		(246	)
Finance costs		-			47			-		-			47
Derivative loss		-			-			-		98			98
Write-down of mineral properties		-			51,840			-		-			51,840
Write-down of property, plant and equipment		-			3,501			-		-			3,501
Loss on impaired long term
investments		-			-			-		2,160			2,160
Segment income (loss) before taxes	$	5,130		$	(58,178	)	$	-	$	(9,031	)	$	(62,079	)
Total assets	$	12,940		$	37,417		$	72,494	$	8,362		$	131,213

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As at and for the year ended		Environmental			Mining
December 31, 2012		Services			Operations		Exploration			Corporate			Total
Segment revenues –
External customers –
Canadian	$	5,298		$	-	$	-		$	-		$	5,298
Non-Canadian		2,685			76,725		-			-			79,410
Intersegment		4,011			-		-			-			4,011
Total segment revenues		11,994			76,725		-			-			88,719
Intersegment revenues eliminated     on consolidation		(4,011	)		-		-			-			(4,011	)
Total revenues as reported		7,983			76,725		-			-			84,708
Cost of sales		5,097			61,691		-			-			66,788
Depreciation and amortization		207			-		-			129			336
Share-based compensation		652			352		-			1,434			2,438
Other G&A expenses		2,906			1,717		-			9,258			13,881
Foreign exchange gain		138			27		-			159			324
Investment income		(9	)		-		-			(739	)		(748	)
Finance costs		-			46		-			-			46
Gain on sale of mineral property		-			-		-			(6,344	)		(6,344	)
Derivative loss		57			-		(55	)		6			8
Segment income (loss) before taxes	$	(1,065	)	$	12,892	$	55		$	(3,903	)	$	7,979
Total assets	$	12,305		$	87,483	$	84,405		$	28,107		$	212,300

For the 12 month periods ended December 31, 2014, 2013 and 2012, revenue from mining operations was derived as follows from payable metals contained in concentrate:

		2014			2013			2012
Silver	$	243		$	34,668		$	63,731
Lead		(18	)		10,926			16,275
Zinc		(3	)		2,822			4,256
Gold		162			525			509
		384			48,941			84,771
Smelter treatment and refining charges		(23	)		(5,827	)		(8,046	)
Reported mining operations revenue	$	361		$	43,114		$	76,725

30. Related Party Transactions

The Corporation’s related parties include its subsidiaries and key management personnel.

(b) Key Management Personnel Compensation

		2014		2013		2012
Salaries and other short-term benefits	$	1,919	$	2,150	$	4,038
Termination benefits		-		-		714
Share-based compensation		830		1,923		1,738
	$	2,749	$	4,073	$	6,490

Key management includes the Corporation’s Board of Directors and members of senior management.

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31. Commitments

As at December 31, 2014, the Corporation’s contractual obligations are as follows:

(a) The Corporation has entered into various operating lease contracts for office space, motor vehicles and office equipment. The future minimum payments under these leases as are as follows:

2015		487
2016		81
2017		60
	$	628

(b) The Corporation’s other contractual obligations, including with respect to capital asset expenditures, totaled approximately $200,000.

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SIGNATURE

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this Annual Report on Form 20-F on its behalf.

Dated: April 23, 2015	ALEXCO RESOURCE CORP.
	By: /s/ Clynton R. Nauman
	Clynton R. Nauman, President and Chief Executive Officer
	(Principal Executive Officer)

EX-1.1

EXHIBIT 1.1

ARTICLES OF INCORPORATION AND BYLAWS

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1.	INTERPRETATION
1.1	Definitions

In these Articles, unless the context otherwise requires:

(1)	"appropriate person" has the meaning assigned in the Securities Transfer Act;
(2)	"board of directors", "directors" and "board" mean the directors or sole director of the Company for the time being;
(3)	"Business Corporations Act" means the Business Corporations Act (British Columbia) from time to time in force and all amendments thereto and includes all regulations and amendments thereto made pursuant to that Act;
(4)	"Interpretation Act" means the Interpretation Act (British Columbia) from time to time in force and all amendments thereto and includes all regulations and amendments thereto made pursuant to that Act;
(5)	"legal personal representative" means the personal or other legal representative of a shareholder;
(6)	"protected purchaser" has the meaning assigned in the Securities Transfer Act;
(7)	"registered address" of a shareholder means the shareholder's address as recorded in the central securities register;
(8)	"seal" means the seal of the Company, if any;
(9)	"securities legislation" means statutes concerning the regulation of securities markets and trading in securities and the regulations, rules, forms and schedules under those statutes, all as amended from time to time, and the blanket rulings and orders, as amended from time to time, issued by the securities commissions or similar regulatory authorities appointed under or pursuant to those statutes; "Canadian securities legislation" means the securities legislation in any province or territory of Canada and includes the Securities Act (British Columbia); and "U.S. securities legislation" means the securities legislation in the federal jurisdiction of the United States and in any state of the United States and includes the Securities Act of 1933 and the Securities Exchange Act of 1934; and
(10)	"Securities Transfer Act" means the Securities Transfer Act (British Columbia) from time to time in force and all amendments thereto and includes all regulations and amendments thereto made pursuant to that Act.
1.2	Business Corporations Act and Interpretation Act Definitions Applicable

The definitions in the Business Corporations Act and the definitions and rules of construction in the Interpretation Act, with the necessary changes, so far as applicable, and unless the context requires otherwise, apply to these Articles as if they were set out herein. If there is a conflict between a definition in the Business Corporations Act and a definition or rule in the Interpretation Act relating to a term used in these Articles, the definition in the Business Corporations Act will prevail in relation to the use of the term in these Articles. If there is a conflict or inconsistency between these Articles and the Business Corporations Act, the Business Corporations Act will prevail.

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2.	SHARES AND SHARE CERTIFICATES
2.1	Authorized Share Structure

The authorized share structure of the Company consists of shares of the class or classes and series, if any, described in the Notice of Articles of the Company.

2.2 Form of Share Certificate

Each share certificate issued by the Company must comply with, and be signed as required by, the Business Corporations Act.

2.3 Shareholder Entitled to Certificate or Acknowledgment

Each shareholder is entitled, without charge, to (a) one share certificate representing the shares of each class or series of shares registered in the shareholder's name or (b) a non-transferable written acknowledgment of the shareholder's right to obtain such a share certificate, provided that in respect of a share held jointly by several persons, the Company is not bound to issue more than one share certificate or acknowledgment and delivery of a share certificate or acknowledgment to one of several joint shareholders or to a duly authorized agent of one of the joint shareholders will be sufficient delivery to all.

2.4 Delivery by Mail

Any share certificate or non-transferable written acknowledgment of a shareholder's right to obtain a share certificate may be sent to the shareholder by mail at the shareholder's registered address and neither the Company nor any director, officer or agent of the Company is liable for any loss to the shareholder because the share certificate or acknowledgement is lost in the mail or stolen.

2.5 Replacement of Worn Out or Defaced Certificate or Acknowledgement

If the directors are satisfied that a share certificate or a non-transferable written acknowledgment of the shareholder's right to obtain a share certificate is worn out or defaced, they must, on production to them of the share certificate or acknowledgment, as the case may be, and on such other terms, if any, as they think fit:

(1)	order the share certificate or acknowledgment, as the case may be, to be cancelled; and
(2)	issue a replacement share certificate or acknowledgment, as the case may be.
2.6	Replacement of Lost, Stolen or Destroyed or Wrongfully Taken Certificate or Acknowledgment

If a person entitled to a share certificate claims that the share certificate has been lost, destroyed or wrongfully taken, the Company must issue a new share certificate, if that person:

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(1)	so requests before the Company has notice that the share certificate has been acquired by a protected purchaser;
(2)	provides the Company with an indemnity bond sufficient in the Company’s judgment to protect the Company from any loss that the Company may suffer by issuing a new certificate; and
(3)	satisfies any other reasonable requirements imposed by the directors.

A person entitled to a share certificate may not assert against the Company a claim for a new share certificate where a share certificate has been lost, apparently destroyed or wrongfully taken if that person fails to notify the Company of that fact within a reasonable time after that person has notice of it and the Company registers a transfer of the shares represented by the certificate before receiving a notice of the loss, apparent destruction or wrongful taking of the share certificate.

2.7 Recovery of New Share Certificate

If, after the issue of a new share certificate, a protected purchaser of the original share certificate presents the original share certificate for the registration of transfer, then in addition to any rights on the indemnity bond, the Company may recover the new share certificate from a person to whom it was issued or any person taking under that person other than a protected purchaser.

2.8 Recovery of New Share Certificate

If a shareholder surrenders a share certificate to the Company with a written request that the Company issue in the shareholder's name two or more share certificates, each representing a specified number of shares and in the aggregate representing the same number of shares as represented by the share certificate so surrendered, the Company must cancel the surrendered share certificate and issue replacement share certificates in accordance with that request.

2.9 Recovery of New Share Certificate

There must be paid as a fee to the Company for the issuance of any share certificate under Articles 2.5, 2.6 or 2.8, the amount, if any, determined by the directors, which must not exceed the amount prescribed under the Business Corporations Act.

2.10 Recovery of New Share Certificate

Except as required by law or statute or these Articles, no person will be recognized by the Company as holding any share upon any trust, and the Company is not bound by or compelled in any way to recognize (even when having notice thereof) any equitable, contingent, future or partial interest in any share or fraction of a share or (except as required by law or statute or these Articles or as ordered by a court of competent jurisdiction) any other rights in respect of any share except an absolute right to the entirety thereof in the shareholder.

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3.	ISSUE OF SHARES
3.1	Directors Authorized

Subject to the Business Corporations Act and the rights, if any, of the holders of issued shares of the Company, the Company may issue, allot, sell or otherwise dispose of the unissued shares, and issued shares held by the Company, at the times, to the persons, including directors, in the manner, on the terms and conditions and for the issue prices (including any premium at which shares with par value may be issued) that the directors may determine. The issue price for a share with par value must be equal to or greater than the par value of the share.

3.2 Commissions and Discounts

The Company may at any time, pay a reasonable commission or allow a reasonable discount to any person in consideration of that person purchasing or agreeing to purchase shares of the Company from the Company or any other person or procuring or agreeing to procure purchasers for shares of the Company.

3.3 Brokerage

The Company may pay such brokerage fee or other consideration as may be lawful for or in connection with the sale or placement of its securities.

3.4 Conditions of Issue

Except as provided for by the Business Corporations Act, no share may be issued until it is fully paid. A share is fully paid when:

(1) consideration is provided to the Company for the issue of the share by one or more of the following:

(a)	past services performed for the Company;
(b)	property;
(c)	money; and

(2)	the directors in their discretion have determined that the value of the consideration received by the Company is equal to or greater than the issue price set for the share under Article 3.1.
3.5	Share Purchase Warrants and Rights

Subject to the Business Corporations Act, the Company may issue share purchase warrants, options, convertible debentures and rights upon such terms and conditions as the directors determine, which share purchase warrants, options, convertible debentures and rights may be issued alone or in conjunction with debentures, debenture stock, bonds, shares or any other securities issued or created by the Company from time to time.

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4.	SHARE REGISTERS
4.1	Central Securities Register and Any Branch Securities Register

As required by and subject to the Business Corporations Act, the Company must maintain a central securities register and may maintain a branch securities register. The directors may, subject to the Business Corporations Act, appoint an agent to maintain the central securities register or any branch securities register. The directors may also appoint one or more agents, including the agent which keeps the central securities register, as transfer agent for its shares or any class or series of its shares, as the case may be, and the same or another agent as registrar for its shares or such class or series of its shares, as the case may be. The directors may terminate such appointment of any agent at any time and may appoint another agent in its place.

4.2 Closing Register

The Company must not at any time close its central securities register.

5.	SHARE TRANSFERS
5.1	Registering Transfers

Subject to the Business Corporations Act, a transfer of a share of the Company must not be registered unless the Company or the transfer agent or registrar for the class or series of shares to be transferred has received:

(1)	in the case of a share certificate that has been issued by the Company in respect of the share to be transferred, that share certificate and a duly signed written instrument of transfer (which may be on a separate document or endorsed on the share certificate) made by the shareholder or other appropriate person or by an agent who has actual authority to act on behalf of that person;
(2)	in the case of a non-transferable written acknowledgment of the shareholder’s right to obtain a share certificate that has been issued by the Company in respect of the share to be transferred, a duly signed written instrument of transfer that directs that the transfer of the shares be registered, made by the shareholder or other appropriate person or by an agent who has actual authority to act on behalf of that person;
(3)	in the case of a share that is an uncertificated share, a duly signed written instrument of transfer that directs that the transfer of the share be registered, made by the shareholder or other appropriate person or by an agent who has actual authority to act on behalf of that person; and
(4)	such other evidence, if any, as the Company or the transfer agent or registrar for the class or series of share to be transferred may require to prove the title of the transferor or the transferor's right to transfer the share,that the written instrument of transfer is genuine and authorized and that the transfer is rightful or to a protected purchaser.

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For the purpose of this Article, delivery or surrender to the transfer agent or registrar which maintains the Company's central securities register or a branch securities register, if applicable, will constitute receipt by or surrender to the Company.

5.2 Form of Instrument of Transfer

The instrument of transfer in respect of any share of the Company must be either in the form, if any, on the back of the Company's share certificates or in any other form that may be approved by the directors or the transfer agent for the class or series of shares to be transferred.

5.3 Transferor Remains Shareholder

Except to the extent that the Business Corporations Act otherwise provides, the transferor of shares is deemed to remain the holder of the shares until the name of the transferee is entered in a securities register of the Company in respect of the transfer.

5.4 Signing of Instrument of Transfer

If a shareholder, or his or her duly authorized attorney, signs an instrument of transfer in respect of shares registered in the name of the shareholder, the signed instrument of transfer constitutes a complete and sufficient authority to the Company and its directors, officers and agents to register the number of shares specified in the instrument of transfer or specified in any other manner, or, if no number is specified, all the shares represented by the share certificates or set out in the written acknowledgments deposited with the instrument of transfer:

(1)	in the name of the person named as transferee in that instrument of transfer; or
(2)	if no person is named as transferee in that instrument of transfer, in the name of the person on whose behalf the instrument is deposited for the purpose of having the transfer registered.

5.5 Enquiry as to Title Not Required

Neither the Company nor any director, officer or agent of the Company is bound to inquire into the title of the person named in the instrument of transfer as transferee or, if no person is named as transferee in the instrument of transfer, of the person on whose behalf the instrument is deposited for the purpose of having the transfer registered or is liable for any claim related to registering the transfer by the shareholder or by any intermediate owner or holder of the shares, of any interest in the shares, of any share certificate representing such shares or of any written acknowledgment of a right to obtain a share certificate for such shares.

5.6 Transfer Fee

There must be paid as a fee to the Company, in relation to the registration of any transfer, the amount, if any, determined by the directors.

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6.	TRANSMISSION OF SHARES
6.1	Legal Personal Representative Recognized on Death

In the case of the death of a shareholder, the legal personal representative of the shareholder, or, in the case of shares registered in the shareholder's name and the name of another person in joint tenancy, the surviving joint holder will be the only person recognized by the Company as having any title to the shareholder's interest in the shares. Before recognizing a person as a legal personal representative of the shareholder, the directors may require the original grant of probate or letters of administration or a court certified copy of them or the original or a court certified or authenticated copy of the grant of representation, will, order or other instrument or other evidence of the death under which title to the shares or securities is claimed to vest.

6.2 Rights of Legal Personal Representative

The legal personal representative of a shareholder has the same rights, privileges and obligations with respect to the shares as were held by the shareholder, including the right to transfer the shares in accordance with these Articles, if appropriate evidence of appointment or incumbency within the meaning of s. 87 of the Securities Transfer Act has been deposited with the Company. This Article 6.2 does not apply in the case of the death of a shareholder with respect to shares registered in the shareholder's name and the name of another person in joint tenancy.

7.	ACQUISITION OF COMPANY'S SHARES
7.1	Company Authorized to Purchase or Otherwise Acquire Shares

Subject to Article 7.2, the special rights or restrictions attached to the shares of any class or series of shares and the Business Corporations Act, the Company may, if authorized by resolution of the directors, purchase, redeem or otherwise acquire any of its shares at the price and upon the terms determined by the directors.

7.2 No Purchase, Redemption or Other Acquisition When Insolvent

The Company must not make a payment or provide any other consideration to purchase, redeem or otherwise acquire any of its shares if there are reasonable grounds for believing that:

(1)	the Company is insolvent; or
(2)	making the payment or providing the consideration would render the Company insolvent.
7.3	Redemption of Shares

If the Company proposes to redeem some but not all of the shares of any class, the directors may, subject to any special rights and restrictions attached to such class of shares, determine the manner in which the shares to be redeemed shall be selected.

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7.4 Sale and Voting of Purchased, Redeemed or Otherwise Acquired Shares

If the Company retains a share which it has redeemed, purchased or otherwise acquired, the Company may sell, gift or otherwise dispose of the share, but, while such share is held by the Company, it:

(1)	is not entitled to vote the share at a meeting of its shareholders;
(2)	must not pay a dividend in respect of the share; and
(3)	must not make any other distribution in respect of the share.
8.	BORROWING POWERS
8.1	Powers of Company

The Company, if authorized by the directors, may:

(1)	borrow money in the manner and amount, on the security, from the sources and on the terms and conditions that the directors consider appropriate;
(2)	issue bonds, debentures and other debt obligations either outright or as security for any liability or obligation of the Company or any other person and at such discounts or premiums and on such other terms as the directors consider appropriate;
(3)	guarantee the repayment of money by any other person or the performance of any obligation of any other person; and
(4)	mortgage, charge, whether by way of specific or floating charge, grant a security interest in, or give other security on, the whole or any part of the present and future assets and undertaking of the Company.
8.2	Bonds, Debentures, Debt

Any bonds, debentures or other debt obligations of the Company may be issued at a discount, premium or otherwise, or with special privileges as to redemption, surrender, drawing, allotment of or conversion into or exchange for shares or other securities, attending and voting at general meetings of the Company, appointment of directors or otherwise and may, by their terms, be assignable free from any equities between the Company and the person to whom they were issued or any subsequent holder thereof, all as the directors may determine.

9.	ALTERATIONS
9.1	Alteration of Authorized Share Structure

Subject to Article 9.2 and the Business Corporations Act, the Company may:

(1) by directors' resolution or by ordinary resolution, in each case as determined by the directors:

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(a)	create one or more classes or series of shares or, if none of the shares of a class or series of shares are allotted or issued, eliminate that class or series of shares;
(b)	increase, reduce or eliminate the maximum number of shares that the Company is authorized to issue of any class or series of shares or establish a maximum number of shares that the Company is authorized to issue out of any class or series of shares for which no maximum is established;
(c)	subdivide or consolidate all or any of its unissued, or fully paid issued, shares;
(d)	if the Company is authorized to issue shares of a class of shares with par value:

(i)	decrease the par value of those shares; or
(ii)	if none of the shares of that class of shares are allotted or issued, increase the par value of those shares;

(e)	change all or any of its unissued shares with par value into shares without par value or any of its unissued shares without par value into shares with par value or change all or any of its fully paid issued shares with par value into shares without par value; or
(f)	alter the identifying name of any of its shares; and

(2) by ordinary resolution otherwise alter its shares or authorized share structure;

and, if applicable, alter its Notice of Articles and, if applicable, alter its Articles accordingly.

9.2 Special Rights or Restrictions

Subject to the Business Corporations Act, the Company may:

(1)

by directors' resolution or by ordinary resolution, in each case as determined by the directors, create special rights or restrictions for, and attach those special rights or restrictions to, the shares of any class or series of shares, if none of those shares have been issued; or vary or delete any special rights or restrictions attached to the shares of any class or series of shares, if none of those shares have been issued; and

(2)

by special resolution of the shareholders of the class or series affected, do any of the acts in (1) above if any of the shares of the class or series of shares have been issued,

and alter its Notice of Articles and Articles accordingly.

9.3 Change of Name

The Company may by directors' resolution or by ordinary resolution, in each case as determined by the directors, authorize an alteration to its Notice of Articles in order to change its name and may, by directors' resolution or ordinary resolution, in each case as determined by the directors, adopt or change any translation of that name.

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9.4 Other Alterations

The Company, save as otherwise provided by these Articles and subject to the Business Corporations Act, may:

(1)	by directors' resolution or by ordinary resolution, in each case as determined by the directors, authorize alterations to the Articles that are procedural or administrative in nature or are matters that pursuant to these Articles are solely within the directors' powers, control or authority; and
(2)	if the Business Corporations Act does not specify the type of resolution and these Articles do not specify another type of resolution, by ordinary resolution alter these Articles.

10.	MEETINGS OF SHAREHOLDERS
10.1	Annual General Meetings

Unless an annual general meeting is deferred or waived in accordance with the Business Corporations Act, the Company must hold its first annual general meeting within 18 months after the date on which it was incorporated or otherwise recognized, and after that must hold an annual general meeting at least once in each calendar year and not more than 15 months after the last annual reference date at such time and place as may be determined by the directors.

10.2 Resolution Instead of Annual General Meeting

If all the shareholders who are entitled to vote at an annual general meeting consent by a unanimous resolution to all of the business that is required to be transacted at that annual general meeting, the annual general meeting is deemed to have been held on the date of the unanimous resolution. The shareholders must, in any unanimous resolution passed under this Article 10.2, select as the Company's annual reference date a date that would be appropriate for the holding of the applicable annual general meeting.

10.3 Calling of Meetings of Shareholders

The directors may, at any time, call a meeting of shareholders to be held at such time and place as may be determined by the directors.

10.4 Location of Meetings of Shareholders

A meeting of the Company may be held:

(1)	in the Province of British Columbia;
(2)	at another location outside British Columbia if that location is:

(a)	approved by resolution of the directors before the meeting is held; or
(b)	approved in writing by the Registrar of Companies before the meeting is held.

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10.5 Notice for Meetings of Shareholders

Subject to Article 10.2, the Company must send notice of the date, time and location of any meeting of shareholders (including, without limitation, any notice specifying the intention to propose a resolution as an exceptional resolution, a special resolution or a special separate resolution, and any notice to consider approving an amalgamation into a foreign jurisdiction, an arrangement or the adoption of an amalgamation agreement, and any notice of a general meeting, class meeting or series meeting), in the manner provided in these Articles, or in such other manner, if any, as may be prescribed by directors' resolution (whether previous notice of the resolution has been given or not), to each shareholder entitled to attend the meeting, to each director and to the auditor of the Company, unless these Articles otherwise provide, at least the following number of days before the meeting:

(1)	if and for so long as the Company is a public company, 21 days; or
(2)	otherwise, 10 days.
10.6	Notice of Resolution to which Shareholders May Dissent

The Company must send to each of its shareholders, whether or not their shares carry the right to vote, a notice of any meeting of shareholders at which a resolution entitling shareholders to dissent is to be considered specifying the date of the meeting and containing a statement advising of the right to send a notice of dissent together with a copy of the proposed resolution at least the following number of days before the meeting:

(1)	if and for so long as the Company is a public company, 21 days; or
(2)	otherwise, 10 days.
10.7	Record Date for Notice

The directors may set a date as the record date for the purpose of determining shareholders entitled to notice of any meeting of shareholders. The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the Business Corporations Act, by more than four months. The record date must not precede the date on which the meeting is held by fewer than:

(1)	if and for so long as the Company is a public company, 21 days; or
(2)	otherwise, 10 days.

If no record date is set, the record date is 5 p.m. on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the meeting.

10.8 Record Date for Voting

The directors may set a date as the record date for the purpose of determining shareholders entitled to vote at any meeting of shareholders. The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the Business Corporations Act, by more than four months. If no record date is set, the record date is 5 p.m. on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the meeting.

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10.9 Failure to Give Notice and Waiver of Notice

The accidental omission to send notice of any meeting of shareholders to, or the non-receipt of any notice by, any of the persons entitled to notice does not invalidate any proceedings at that meeting. Any person entitled to notice of a meeting of shareholders may, in writing or otherwise, waive that entitlement or may agree to reduce the period of that notice. Attendance of a person at a meeting of shareholders is a waiver of entitlement to notice of the meeting unless that person attends the meeting for the express purpose of objecting to the transaction of any business on the grounds that the meeting is not lawfully called.

10.10 Notice of Special Business at Meetings of Shareholders

If a meeting of shareholders is to consider special business within the meaning of Article 11.1, the notice of meeting or a circular prepared in connection with the meeting must:

(1)	state the general nature of the special business; and
(2)	if the special business includes considering, approving, ratifying, adopting or authorizing any document or the signing of or giving of effect to any document, have attached to it a copy of the document or state that a copy of the document will be available for inspection by shareholders:

(a)	at the Company's records office, or at such other reasonably accessible location in British Columbia as is specified in the notice ; and
(b)	during statutory business hours on any one or more specified days before the day set for the holding of the meeting.

11.	PROCEEDINGS AT MEETINGS OF SHAREHOLDERS
11.1	Special Business

At a meeting of shareholders, the following business is special business:

(1)	at a meeting of shareholders that is not an annual general meeting, all business is special business except business relating to the conduct of or voting at the meeting;
(2)	at an annual general meeting, all business is special business except for the following:

(a)	business relating to the conduct of or voting at the meeting;
(b)	consideration of any financial statements of the Company presented to the meeting;
(c)	consideration of any reports of the directors or auditor;
(d)	the setting or changing of the number of directors;

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(e)	the election or appointment of directors;
(f)	the appointment of an auditor;
(g)	the setting of the remuneration of an auditor;
(h)	business arising out of a report of the directors not requiring the passing of a special resolution or an exceptional resolution; and
(i)	any other business which, under these Articles or the Business Corporations Act, may be transacted at a meeting of shareholders without prior notice of the business being given to the shareholders.

11.2 Special Majority

The majority of votes required for the Company to pass a special resolution at a general meeting of shareholders is two-thirds of the votes cast on the resolution.

11.3 Quorum

Subject to the special rights or restrictions attached to the shares of any class or series of shares, the quorum for the transaction of business at a meeting of shareholders is one person present or represented by proxy.

11.4 Persons Entitled to Attend Meeting

In addition to those persons who are entitled to vote at a meeting of shareholders, the only other persons entitled to be present at the meeting are the directors, the president (if any), the secretary (if any), the assistant secretary (if any), any lawyer for the Company, the auditor of the Company, any persons invited to be present at the meeting by the directors or by the chair of the meeting and any persons entitled or required under the Business Corporations Act or these Articles to be present at the meeting; but if any of those persons does attend the meeting, that person is not to be counted in the quorum and is not entitled to vote at the meeting unless that person is a shareholder or proxyholder entitled to vote at the meeting.

11.5 Requirement of Quorum

No business, other than the election of a chair of the meeting and the adjournment of the meeting, may be transacted at any meeting of shareholders unless a quorum of shareholders entitled to vote is present at the commencement of the meeting, but such quorum need not be present throughout the meeting.

11.6 Lack of Quorum

If, within one-half hour from the time set for the holding of a meeting of shareholders, a quorum is not present:

(1) in the case of a general meeting requisitioned by shareholders, the meeting is dissolved, and

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(2)	in the case of any other meeting of shareholders, the meeting stands adjourned to the same day in the next week at the same time and place.
11.7	Lack of Quorum at Succeeding Meeting

If, at the meeting to which the meeting referred to in Article 11.6(2) was adjourned, a quorum is not present within one-half hour from the time set for the holding of the meeting, the person or persons present and being, or representing by proxy, one or more shareholders entitled to attend and vote at the meeting shall constitute a quorum.

11.8 Chair

The following individual is entitled to preside as chair at a meeting of shareholders:

(1)	the chair of the board, if any; or
(2)	if the chair of the board is absent or unwilling to act as chair of the meeting, the president, if any.

11.9 Selection of Alternate Chair

If, at any meeting of shareholders, there is no chair of the board or president willing to act as chair of the meeting or present within 15 minutes after the time set for holding the meeting, or if the chair of the board and the president have advised the secretary, if any, or any director present at the meeting, that they will not be present at the meeting, the directors present must choose a director, officer or corporate counsel to be chair of the meeting or if none of the above persons are present or if they decline to take the chair, the shareholders entitled to vote at the meeting who are present in person or by proxy may choose any person present at the meeting to chair the meeting.

11.10 Adjournments

The chair of a meeting of shareholders may, and if so directed by the meeting must, adjourn the meeting from time to time and from place to place, but no business may be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place.

11.11 Notice of Adjourned Meeting

It is not necessary to give any notice of an adjourned meeting of shareholders or of the business to be transacted at an adjourned meeting of shareholders except that, when a meeting is adjourned for 30 days or more, notice of the adjourned meeting must be given as in the case of the original meeting.

11.12 Decisions by Show of Hands or Poll

Subject to the Business Corporations Act, every motion put to a vote at a meeting of shareholders will be decided on a show of hands unless a poll, before or on the declaration of the result of the vote by show of hands, is directed by the chair or demanded by any shareholder entitled to vote who is present in person or by proxy.

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11.13 Declaration of Result

The chair of a meeting of shareholders must declare to the meeting the decision on every question in accordance with the result of the show of hands or the poll, as the case may be, and that decision must be entered in the minutes of the meeting. A declaration of the chair that a resolution is carried by the necessary majority or is defeated is, unless a poll is directed by the chair or demanded under Article 11.12, conclusive evidence without proof of the number or proportion of the votes recorded in favour of or against the resolution.

11.14 Motion Need Not be Seconded

No motion proposed at a meeting of shareholders need be seconded unless the chair of the meeting rules otherwise, and the chair of any meeting of shareholders is entitled to propose or second a motion.

11.15 Casting Vote

In the case of an equality of votes, the chair of a meeting of shareholders, either on a show of hands or on a poll, does not have a second or casting vote in addition to the vote or votes to which the chair may be entitled as a shareholder.

11.16 Manner of Taking Poll

Subject to Article 11.17, if a poll is duly demanded at a meeting of shareholders:

(1) the poll must be taken:

(a)	at the meeting, or within seven days after the date of the meeting, as the chair of the meeting directs; and
(b)	in the manner, at the time and at the place that the chair of the meeting directs;

(2)	the result of the poll is deemed to be the decision of the meeting at which the poll is demanded; and
(3)	the demand for the poll may be withdrawn by the person who demanded it.

11.17 Demand for Poll on Adjournment

A poll demanded at a meeting of shareholders on a question of adjournment must be taken immediately at the meeting.

11.18 Chair Must Resolve Dispute

In the case of any dispute as to the admission or rejection of a vote given on a poll, the chair of the meeting must determine the dispute, and his or her determination made in good faith is final and conclusive.

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11.19 Casting of Votes

On a poll, a shareholder entitled to more than one vote need not cast all the votes in the same way.

11.20 No Demand for Poll on Election of Chair

No poll may be demanded in respect of the vote by which a chair of a meeting of shareholders is elected.

11.21 Demand for Poll Not to Prevent Continuance of Meeting

The demand for a poll at a meeting of shareholders does not, unless the chair of the meeting so rules, prevent the continuation of the meeting for the transaction of any business other than the question on which a poll has been demanded.

11.22 Retention of Ballots and Proxies

The Company must, for at least three months after a meeting of shareholders, keep each ballot cast on a poll and each proxy voted at the meeting, and, during that period, make them available for inspection during normal business hours by any shareholder or proxy holder entitled to vote at the meeting. At the end of such three month period, the Company may destroy such ballots and proxies.

12.	VOTES OF SHAREHOLDERS
12.1	Number of Votes by Shareholder or by Shares

Subject to any special rights or restrictions attached to any shares and to the restrictions imposed on joint shareholders under Article 12.3:

(1)	on a vote by show of hands, every person present who is a shareholder or proxy holder and entitled to vote on the matter has one vote; and
(2)	on a poll, every shareholder entitled to vote on the matter has one vote in respect of each share entitled to be voted on the matter and held by that shareholder and may exercise that vote either in person or by proxy.

12.2 Votes of Persons in Representative Capacity

A person who is not a shareholder may vote at a meeting of shareholders, whether on a show of hands or on a poll, and may appoint a proxy holder to act at the meeting, if, before doing so, the person satisfies the chair of the meeting, or the directors, that the person is a legal personal representative or a trustee in bankruptcy for a shareholder who is entitled to vote at the meeting.

12.3 Votes by Joint Holders

If there are joint shareholders registered in respect of any share:

(1) any one of the joint shareholders may vote at any meeting of shareholders, personally or by proxy, in respect of the share as if that joint shareholder were solely entitled to it; or

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(2) if more than one of the joint shareholders is present at any meeting of shareholders, personally or by proxy, and more than one of them votes in respect of that share, then only the vote of the joint shareholder present whose name stands first on the central securities register in respect of the share will be counted.

12.4 Legal Personal Representatives as Joint Shareholders

Two or more legal personal representatives of a shareholder in whose sole name any share is registered are, for the purposes of Article 12.3, deemed to be joint shareholders registered in respect of that share.

12.5 Representative of a Corporate Shareholder

If a corporation that is not a subsidiary of the Company is a shareholder, that corporation may appoint a person to act as its representative at any meeting of shareholders of the Company, and:

(1) for that purpose, the instrument appointing a representative must be received:

(a)	at the registered office of the Company or at any other place specified, in the notice calling the meeting, for the receipt of proxies, at least the number of business days specified in the notice for the receipt of proxies, or if no number of days is specified, two business days before the day set for the holding of the meeting or any adjourned meeting; or
(b)	by the chair of the meeting at the meeting or adjourned meeting or by a person designated by the chair of the meeting or adjourned meeting;

(2) if a representative is appointed under this Article 12.5:

(a)	the representative is entitled to exercise in respect of and at that meeting the same rights on behalf of the corporation that the representative represents as that corporation could exercise if it were a shareholder who is an individual, including, without limitation, the right to appoint a proxy holder; and
(b)	the representative, if present at the meeting, is to be counted for the purpose of forming a quorum and is deemed to be a shareholder present in person at the meeting.

Evidence of the appointment of any such representative may be sent to the Company by written instrument, fax or any other method of transmitting legibly recorded messages. Notwithstanding the foregoing, a corporation that is a shareholder may appoint a proxy holder.

12.6 When Proxy Provisions Do Not Apply to the Company

If and for so long as the Company is a public company or is a pre-existing reporting company which has the Statutory Reporting Company Provisions as part of these Articles or to which the Statutory Reporting Company Provisions apply, Articles 12.7 to 12.16 apply only insofar as they are not inconsistent with any Canadian securities legislation applicable to the Company, any U.S. securities legislation applicable to the Company or any rules of an exchange on which securities of the Company are listed.

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12.7 Appointment of Proxy Holders

Every shareholder of the Company, including a corporation that is a shareholder but not a subsidiary of the Company, entitled to vote at a meeting of shareholders may, by proxy, appoint up to two proxy holders to attend and act at the meeting in the manner, to the extent and with the powers conferred by the proxy.

12.8 Alternate Proxy Holders

A shareholder may appoint one or more alternate proxy holders to act in the place of an absent proxy holder.

12.9 When Proxy Holder Need Not Be Shareholder

A person must not be appointed as a proxy holder unless the person is a shareholder, although a person who is not a shareholder may be appointed as a proxy holder if:

(1)	the person appointing the proxy holder is a corporation or a representative of a corporation appointed under Article 12.5;
(2)	the Company has at the time of the meeting for which the proxy holder is to be appointed only one shareholder entitled to vote at the meeting;
(3)	the shareholders present in person or by proxy at and entitled to vote at the meeting for which the proxy holder is to be appointed, by a resolution on which the proxy holder is not entitled to vote but in respect of which the proxy holder is to be counted in the quorum, permit the proxy holder to attend and vote at the meeting; or
(4)	the Company is a public company or is a pre-existing reporting company which has the Statutory Reporting Company Provisions as part of these Articles or to which the Statutory Reporting Company Provisions apply.

12.10 Deposit of Proxy

A proxy for a meeting of shareholders must:

(1)	be received at the registered office of the Company or at any other place specified, in the notice calling the meeting, for the receipt of proxies, at least the number of business days specified in the notice, or if no number of days is specified, two business days before the day set for the holding of the meeting or any adjourned meeting; or
(2)	unless the notice provides otherwise, be received, at the meeting or any adjourned meeting, by the chair of the meeting or any adjourned meeting or by a person designated by the chair of the meeting or adjourned meeting.

A proxy may be sent to the Company by written instrument, fax or any other method of transmitting legibly recorded messages.

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12.11 Validity of Proxy Vote

A vote given in accordance with the terms of a proxy is valid notwithstanding the death or incapacity of the shareholder giving the proxy and despite the revocation of the proxy or the revocation of the authority under which the proxy is given, unless notice in writing of that death, incapacity or revocation is received:

(1)	at the registered office of the Company, at any time up to and including the last business day before the day set for the holding of the meeting or any adjourned meeting at which the proxy is to be used; or
(2)	at the meeting or any adjourned meeting by the chair of the meeting or adjourned meeting, before any vote in respect of which the proxy has been given or has been taken.

12.12 Form of Proxy

A proxy, whether for a specified meeting or otherwise, must be either in the following form or in any other form approved by the directors or the chair of the meeting:

[name of company]
(the "Company")

The undersigned, being a shareholder of the Company, hereby appoints [name] or, failing that person, [name], as proxy holder for the undersigned to attend, act and vote for and on behalf of the undersigned at the meeting of shareholders of the Company to be held on [month, day, year] and at any adjournment of that meeting.

Number of shares in respect of which this proxy is given (if no number is specified, then this proxy is given in respect of all shares registered in the name of the undersigned):

Signed [month, day, year]

[Signature of shareholder]

[Name of shareholder—printed]

12.13 Revocation of Proxy

Subject to Article 12.14, every proxy may be revoked by an instrument in writing that is received:

(1)	at the registered office of the Company at any time up to and including the last business day before the day set for the holding of the meeting or any adjourned meeting at which the proxy is to be used; or
(2)	at the meeting or any adjourned meeting, by the chair of the meeting or adjourned meeting, before any vote in respect of which the proxy has been given has been taken.

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12.14 Revocation of Proxy Must Be Signed

An instrument referred to in Article 12.13 must be signed as follows:

(1)	if the shareholder for whom the proxy holder is appointed is an individual, the instrument must be signed by the shareholder or his or her legal personal representative or trustee in bankruptcy;
(2)	if the shareholder for whom the proxy holder is appointed is a corporation, the instrument must be signed by the corporation or by a representative appointed for the corporation under Article 12.5.

12.15 Chair May Determine Validity of Proxy

The chair of any meeting of shareholders may determine whether or not a proxy deposited for use at the meeting, which may not strictly comply with the requirements of this Part 12 as to form, execution, accompanying documentation, time of filing or otherwise, shall be valid for use at such meeting and any such determination made in good faith shall be final, conclusive and binding upon such meeting.

12.16 Production of Evidence of Authority to Vote

The chair of any meeting of shareholders may, but need not, inquire into the authority of any person to vote at the meeting and may, but need not, demand from that person production of evidence as to the existence of the authority to vote.

13.	DIRECTORS
13.1	First Directors; Number of Directors

The first directors are the persons designated as directors of the Company in the Notice of Articles that applies to the Company when it is recognized under the Business Corporations Act. The number of directors, excluding additional directors appointed under Article 14.8, is set at:

(1)	subject to paragraphs (2) and (3), the number of directors that is equal to the number of the Company's first directors;
(2)	if the Company is a public company, the greater of three and the most recently set of:

(a)	the number of directors elected by ordinary resolution (whether or not previous notice of the resolution was given); and
(b)	the number of directors set under Article 14.4;

(3) if the Company is not a public company, the most recently set of:

(a)	the number of directors elected by ordinary resolution (whether or not previous notice of the resolution was given); and
(b)	the number of directors set under Article 14.4.

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13.2 Change in Number of Directors

If the number of directors is set under Articles 13.1(2)(a) or 13.1(3)(a):

(1)	the shareholders may elect or appoint the directors needed to fill any vacancies in the board of directors up to that number;
(2)	if the shareholders do not elect or appoint the directors needed to fill any vacancies in the board of directors up to that number contemporaneously with the setting of that number, then the directors, subject to Article 14.8, may appoint, or the shareholders may elect or appoint, directors to fill those vacancies.

13.3 Directors' Acts Valid Despite Vacancy

An act or proceeding of the directors is not invalid merely because fewer than the number of directors set or otherwise required under these Articles is in office.

13.4 Qualifications of Directors

A director is not required to hold a share of the Company as qualification for his or her office but must be qualified as required by the Business Corporations Act to become, act or continue to act as a director.

13.5 Remuneration of Directors

The directors are entitled to the remuneration for acting as directors, if any, as the directors may from time to time determine. If the directors so decide, the remuneration of the directors, if any, will be determined by the shareholders. That remuneration may be in addition to any salary or other remuneration paid to any officer or employee of the Company as such, who is also a director.

13.6 Reimbursement of Expenses of Directors

The Company must reimburse each director for the reasonable expenses that he or she may incur in and about the business of the Company.

13.7 Special Remuneration for Directors

If any director performs any professional or other services for the Company that in the opinion of the directors are outside the ordinary duties of a director, or if any director is otherwise specially occupied in or about the Company's business, he or she may be paid remuneration fixed by the directors, or, at the option of that director, fixed by ordinary resolution, and such remuneration may be either in addition to, or in substitution for, any other remuneration that he or she may be entitled to receive.

13.8 Gratuity, Pension or Allowance on Retirement of Director

Unless otherwise determined by ordinary resolution, the directors on behalf of the Company may pay a gratuity or pension or allowance on retirement to any director or to his or her spouse or dependants and may make contributions to any fund and pay premiums for the purchase or provision of any such gratuity, pension or allowance.

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14.	ELECTION AND REMOVAL OF DIRECTORS
14.1	Election at Annual General Meeting

At every annual general meeting and in every unanimous resolution contemplated by Article 10.2:

(1)	the shareholders entitled to vote at the annual general meeting for the election of directors must elect, or in the unanimous resolution appoint, a board of directors consisting of the number of directors for the time being set under these Articles; and
(2)	those directors whose term of office expires at the annual general meeting cease to hold office immediately before the election or appointment of directors under paragraph (1), but are eligible for re-election or re-appointment.

14.2 Consent to be a Director

No election, appointment or designation of an individual as a director is valid unless:

(1)	that individual consents to be a director in the manner provided for in the Business Corporations Act;
(2)	that individual is elected or appointed at a meeting at which the individual is present and the individual does not refuse, at the meeting, to be a director; or
(3)	with respect to first directors, the designation is otherwise valid under the Business Corporations Act.

14.3 Failure to Elect or Appoint Directors

If:

(1)	the Company fails to hold an annual general meeting, and all the shareholders who are entitled to vote at an annual general meeting fail to pass the unanimous resolution contemplated by Article 10.2, on or before the date by which the annual general meeting is required to be held under the Business Corporations Act; or
(2)	the shareholders fail, at the annual general meeting or in the unanimous resolution contemplated by Article 10.2, to elect or appoint any directors;

then each director then in office continues to hold office until the earlier of:

(3)	when his or her successor is elected or appointed; and
(4)	when he or she otherwise ceases to hold office under the Business Corporations Act or these Articles.

14.4 Places of Retiring Directors Not Filled

If, at any meeting of shareholders at which there should be an election of directors, the places of any of the retiring directors are not filled by that election, those retiring directors who are not re-elected and who are asked by the newly elected directors to continue in office will, if willing to do so, continue in office to complete the number of directors for the time being set pursuant to these Articles until further new directors are elected at a meeting of shareholders convened for that purpose. If any such election or continuance of directors does not result in the election or continuance of the number of directors for the time being set pursuant to these Articles, the number of directors of the Company is deemed to be set at the number of directors actually elected or continued in office.

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14.5 Directors May Fill Casual Vacancies

Any casual vacancy occurring in the board of directors may be filled by the directors.

14.6 Remaining Directors' Power to Act

The directors may act notwithstanding any vacancy in the board of directors, but if the Company has fewer directors in office than the number set pursuant to these Articles as the quorum of directors, the directors may only act for the purpose of appointing directors up to that number or of calling a meeting of shareholders for the purpose of filling any vacancies on the board of directors or, subject to the Business Corporations Act, for any other purpose.

14.7 Shareholders May Fill Vacancies

If the Company has no directors or fewer directors in office than the number set pursuant to these Articles as the quorum of directors, the shareholders may elect or appoint directors to fill any vacancies on the board of directors.

14.8 Additional Directors

Notwithstanding Articles 13.1 and 13.2, between annual general meetings or unanimous resolutions contemplated by Article 10.2, the directors may appoint one or more additional directors, but the number of additional directors appointed under this Article 14.8 must not at any time exceed:

(1)	one-third of the number of first directors, if, at the time of the appointments, one or more of the first directors have not yet completed their first term of office; or
(2)	in any other case, one-third of the number of the current directors who were elected or appointed as directors other than under this Article 14.8.

Any director so appointed ceases to hold office immediately before the next election or appointment of directors under Article 14.1(1), but is eligible for re-election or re-appointment.

14.9 Ceasing to be a Director

A director ceases to be a director when:

(1)	the term of office of the director expires;
(2)	the director dies;

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(3)	the director resigns as a director by notice in writing provided to the Company or a lawyer for the Company; or
(4)	the director is removed from office pursuant to Articles 14.10 or 14.11.

14.10 Removal of Director by Shareholders

The Company may remove any director before the expiration of his or her term of office by special resolution. In that event, the shareholders may elect, or appoint by ordinary resolution, a director to fill the resulting vacancy. If the shareholders do not elect or appoint a director to fill the resulting vacancy contemporaneously with the removal, then the directors may appoint or the shareholders may elect, or appoint by ordinary resolution, a director to fill that vacancy.

14.11 Removal of Director by Directors

The directors may remove any director before the expiration of his or her term of office if the director is convicted of an indictable offence, or if the director ceases to be qualified to act as a director of a company and does not promptly resign, and the directors may appoint a director to fill the resulting vacancy.

15.	ALTERNATE DIRECTORS
15.1	Appointment of Alternate Director

Any director (an "appointor") may by notice in writing received by the Company appoint any person (an "appointee") who is qualified to act as a director to be his or her alternate to act in his or her place at meetings of the directors or committees of the directors at which the appointor is not present unless (in the case of an appointee who is not a director) the directors have reasonably disapproved the appointment of such person as an alternate director and have given notice to that effect to his or her appointor within a reasonable time after the notice of appointment is received by the Company.

15.2 Notice of Meetings

Every alternate director so appointed is entitled to notice of meetings of the directors and of committees of the directors of which his or her appointor is a member and to attend and vote as a director at any such meetings at which his or her appointor is not present.

15.3 Alternate for More Than One Director Attending Meetings

A person may be appointed as an alternate director by more than one director, and an alternate director:

(1)	will be counted in determining the quorum for a meeting of directors once for each of his or her appointors and, in the case of an appointee who is also a director, once more in that capacity;
(2)	has a separate vote at a meeting of directors for each of his or her appointors and, in the case of an appointee who is also a director, an additional vote in that capacity;

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(3)	will be counted in determining the quorum for a meeting of a committee of directors once for each of his or her appointors who is a member of that committee and, in the case of an appointee who is also a member of that committee as a director, once more in that capacity; and
(4)	has a separate vote at a meeting of a committee of directors for each of his or her appointors who is a member of that committee and, in the case of an appointee who is also a member of that committee as a director, an additional vote in that capacity.

15.4 Consent Resolutions

Every alternate director, if authorized by the notice appointing him or her, may sign in place of his or her appointor any resolutions to be consented to in writing.

15.5 Alternate Director Not an Agent

Every alternate director is deemed not to be the agent of his or her appointor.

15.6 Revocation of Appointment of Alternate Director

An appointor may at any time, by notice in writing received by the Company, revoke the appointment of an alternate director appointed by him or her.

15.7 Ceasing to be an Alternate Director

The appointment of an alternate director ceases when:

(1)	his or her appointor ceases to be a director and is not promptly re-elected or re-appointed;
(2)	the alternate director dies;
(3)	the alternate director resigns as an alternate director by notice in writing provided to the Company or a lawyer for the Company;
(4)	the alternate director ceases to be qualified to act as a director; or
(5)	his or her appointor revokes the appointment of the alternate director.

15.8 Remuneration and Expenses of Alternate Director

The Company may reimburse an alternate director for the reasonable expenses that would be properly reimbursed if he or she were a director, and the alternate director is entitled to receive from the Company such proportion, if any, of the remuneration otherwise payable to the appointor as the appointor may from time to time direct.

16.	POWERS AND DUTIES OF DIRECTORS
16.1	Powers of Management

The directors must, subject to the Business Corporations Act and these Articles, manage or supervise the management of the business and affairs of the Company and have the authority to exercise all such powers of the Company as are not, by the Business Corporations Act or by these Articles, required to be exercised by the shareholders of the Company.

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16.2 Appointment of Attorney of Company

The directors may from time to time, by power of attorney or other instrument, under seal if so required by law, appoint any person to be the attorney of the Company for such purposes, and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the directors under these Articles and excepting the power to fill vacancies in the board of directors, to remove a director, to change the membership of, or fill vacancies in, any committee of the directors, to appoint or remove officers appointed by the directors and to declare dividends) and for such period, and with such remuneration and subject to such conditions as the directors may think fit. Any such power of attorney may contain such provisions for the protection or convenience of persons dealing with such attorney as the directors think fit. Any such attorney may be authorized by the directors to sub-delegate all or any of the powers, authorities and discretions for the time being vested in him or her.

17.	INTERESTS OF DIRECTORS AND OFFICERS
17.1	Obligation to Account for Profits

A director or senior officer who holds a disclosable interest (as that term is used in the Business Corporations Act) in a contract or transaction into which the Company has entered or proposes to enter is liable to account to the Company for any profit that accrues to the director or senior officer under or as a result of the contract or transaction only if and to the extent provided in the Business Corporations Act.

17.2 Restrictions on Voting by Reason of Interest

A director who holds a disclosable interest in a contract or transaction into which the Company has entered or proposes to enter is not entitled to vote on any directors' resolution to approve that contract or transaction, unless all the directors have a disclosable interest in that contract or transaction, in which case any or all of those directors may vote on such resolution.

17.3 Interested Director Counted in Quorum

A director who holds a disclosable interest in a contract or transaction into which the Company has entered or proposes to enter and who is present at the meeting of directors at which the contract or transaction is considered for approval may be counted in the quorum at the meeting whether or not the director votes on any or all of the resolutions considered at the meeting.

17.4 Disclosure of Conflict of Interest or Property

A director or senior officer who holds any office or possesses any property, right or interest that could result, directly or indirectly, in the creation of a duty or interest that materially conflicts with that individual's duty or interest as a director or senior officer, must disclose the nature and extent of the conflict as required by the Business Corporations Act.

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17.5 Director Holding Other Office in the Company

A director may hold any office or place of profit with the Company, other than the office of auditor of the Company, in addition to his or her office of director for the period and on the terms (as to remuneration or otherwise) that the directors may determine.

17.6 No Disqualification

No director or intended director is disqualified by his or her office from contracting with the Company either with regard to the holding of any office or place of profit the director holds with the Company or as vendor, purchaser or otherwise, and no contract or transaction entered into by or on behalf of the Company in which a director is in any way interested is liable to be voided for that reason.

17.7 Professional Services by Director or Officer

Subject to the Business Corporations Act, a director or officer, or any person in which a director or officer has an interest, may act in a professional capacity for the Company, except as auditor of the Company, and the director or officer or such person is entitled to remuneration for professional services as if that director or officer were not a director or officer.

17.8 Director or Officer in Other Corporations

A director or officer may be or become a director, officer or employee of, or otherwise interested in, any person in which the Company may be interested as a shareholder or otherwise, and, subject to the Business Corporations Act, the director or officer is not accountable to the Company for any remuneration or other benefits received by him or her as director, officer or employee of, or from his or her interest in, such other person.

18.	PROCEEDINGS OF DIRECTORS
18.1	Meetings of Directors

The directors may meet together for the conduct of business, adjourn and otherwise regulate their meetings as they think fit, and meetings of the directors held at regular intervals may be held at the place, at the time and on the notice, if any, as the directors may from time to time determine.

18.2 Voting at Meetings

Questions arising at any meeting of directors are to be decided by a majority of votes and, in the case of an equality of votes, the chair of the meeting does not have a second or casting vote.

18.3 Chair of Meetings

The following individual is entitled to preside as chair at a meeting of directors:

(1)	the chair of the board, if any;
(2)	in the absence of the chair of the board or if designated by the chair, the president, a director or other officer; or

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(3) any other director or officer chosen by the directors if:

(a)	neither the chair of the board nor the president is present at the meeting within 15 minutes after the time set for holding the meeting;
(b)	neither the chair of the board nor the president is willing to chair the meeting; or
(c)	the chair of the board and the president have advised the secretary, if any, or any other director, that they will not be present at the meeting.

18.4 Meetings by Telephone or Other Communications Medium

A director may participate in a meeting of the directors or of any committee of the directors:

(1)	in person;
(2)	by telephone; or
(3)	with the consent of all directors who wish to participate in the meeting, by other communications medium;

if all directors participating in the meeting, whether in person or by telephone or other communications medium, are able to communicate with each other. A director who participates in a meeting in a manner contemplated by this Article 18.4 is deemed for all purposes of the Business Corporations Act and these Articles to be present at the meeting and to have agreed to participate in that manner.

18.5 Calling of Meetings

A director may, and the secretary or an assistant secretary of the Company, if any, on the request of a director must, call a meeting of the directors at any time.

18.6 Notice of Meetings

Other than for meetings held at regular intervals as determined by the directors pursuant to Article 18.1 or as provided in Article 18.7, reasonable notice of each meeting of the directors, specifying the place, day and time of that meeting must be given to each of the directors and the alternate directors by any method set out in Article 24.1 or orally or by telephone.

18.7 When Notice Not Required

It is not necessary to give notice of a meeting of the directors to a director or an alternate director if:

(1)	the meeting is to be held immediately following a meeting of shareholders at which that director was elected or appointed, or is the meeting of the directors at which that director is appointed; or
(2)	the director or alternate director, as the case may be, has waived notice of the meeting.

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18.8 Meeting Valid Despite Failure to Give Notice

The accidental omission to give notice of any meeting of directors to, or the non-receipt of any notice by, any director or alternate director, does not invalidate any proceedings at that meeting.

18.9 Waiver of Notice of Meetings

Any director or alternate director may send to the Company a document signed by him or her waiving notice of any past, present or future meeting or meetings of the directors and may at any time withdraw that waiver with respect to meetings held after that withdrawal. After sending a waiver with respect to all future meetings and until that waiver is withdrawn, no notice of any meeting of the directors need be given to that director or, unless the director otherwise requires by notice in writing to the Company, to his or her alternate director, and all meetings of the directors so held are deemed not to be improperly called or constituted by reason of notice not having been given to such director or alternate director. Attendance of a director or alternate director at a meeting of directors is a waiver of notice of the meeting unless that director or alternate director attends the meeting for the express purpose of objecting to the transaction of any business on the grounds that the meeting is not lawfully called.

18.10 Quorum

The quorum necessary for the transaction of the business of the directors may be set by the directors and, if not so set, is deemed to be set at a majority of directors or, if the number of directors is set at one, is deemed to be set at one director, and that director may constitute a meeting.

18.11 Validity of Acts Where Appointment Defective

Subject to the Business Corporations Act, an act of a director or officer is not invalid merely because of an irregularity in the election or appointment or a defect in the qualification of that director or officer.

18.12 Consent Resolutions in Writing

A resolution of the directors or of any committee of the directors may be passed without a meeting:

(1)	in all cases, if each of the directors entitled to vote on the resolution consents to it in writing; or
(2)	in the case of a resolution to approve a contract or transaction in respect of which a director has disclosed that he or she has or may have a disclosable interest, if each of the other directors who have not made such a disclosure consents in writing to the resolution.

A consent in writing under this Article 18.12 may be by any written instrument, fax, e-mail or any other method of transmitting legibly recorded messages in which the consent of the director is evidenced, whether or not the signature of the director is included in the record. A consent in writing may be in two or more counterparts which together are deemed to constitute one consent in writing. A resolution of the directors or of any committee of the directors passed in accordance with this Article 18.12 is effective on the date stated in the consent in writing or on the latest date stated on any counterpart and is deemed to be a proceeding at a meeting of the directors or of the committee of the directors and to be as valid and effective as if it had been passed at a meeting of the directors or of the committee of the directors that satisfies all the requirements of the Business Corporations Act and all the requirements of these Articles relating to meetings of the directors or of a committee of the directors.

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19.	EXECUTIVE AND OTHER COMMITTEES
19.1	Appointment and Powers of Executive Committee

The directors may, by resolution, appoint an executive committee consisting of the director or directors that they consider appropriate, and during the intervals between meetings of the board of directors, all of the directors' powers are delegated to the executive committee, except:

(1)	the power to fill vacancies in the board of directors;
(2)	the power to remove a director;
(3)	the power to change the membership of, or fill vacancies in, any committee of the directors; and
(4)	such other powers, if any, as may be set out in the resolution or any subsequent directors' resolution.

19.2 Appointment and Powers of Other Committees

The directors may, by resolution:

(1)	appoint one or more committees (other than the executive committee) consisting of the director or directors that they consider appropriate;
(2)	delegate to a committee appointed under paragraph (1) any of the directors' powers, except:

(a)	the power to fill vacancies in the board of directors;
(b)	the power to remove a director;
(c)	the power to change the membership of, or fill vacancies in, any committee of the directors; and
(d)	the power to appoint or remove officers appointed by the directors; and

(3) make any delegation referred to in paragraph (2) subject to the conditions set out in the resolution or any subsequent directors' resolution.

19.3 Obligations of Committees

Any committee appointed under Articles 19.1 or 19.2, in the exercise of the powers delegated to it, must:

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(1)	conform to any rules that may from time to time be imposed on it by the directors; and
(2)	report every act or thing done in exercise of those powers at such times and in such manner and form as the directors may require.

19.4 Powers of Board

The directors may, at any time, with respect to a committee appointed under Articles 19.1 or 19.2:

(1)	revoke or alter the authority given to the committee, or override a decision made by the committee, except as to acts done before such revocation, alteration or overriding;
(2)	terminate the appointment of, or change the membership of, the committee; and
(3)	fill vacancies in the committee.

19.5 Committee Meetings

Subject to Article 19.3(1) and unless the directors otherwise provide in the resolution appointing the committee or in any subsequent resolution, with respect to a committee appointed under Articles 19.1 or 19.2:

(1)	the committee may meet and adjourn as it thinks proper;
(2)	the committee may elect a chair of its meetings but, if no chair of a meeting is elected, or if at a meeting the chair of the meeting is not present within 15 minutes after the time set for holding the meeting, the directors present who are members of the committee may choose one of their number to chair the meeting;
(3)	a majority of the members of the committee constitutes a quorum of the committee; and
(4)	questions arising at any meeting of the committee are determined by a majority of votes of the members present, and in the case of an equality of votes, the chair of the meeting does not have a second or casting vote.

20.	OFFICERS
20.1	Directors May Appoint Officers

The directors may, from time to time, appoint such officers, if any, as the directors determine and the directors may, at any time, terminate any such appointment.

20.2 Functions, Duties and Powers of Officers

The directors may, for each officer:

(1)	determine the functions and duties of the officer;
(2)	delegate to the officer any of the powers exercisable by the directors on such terms and conditions and with such restrictions as the directors think fit; and

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(3) revoke, withdraw, alter or vary all or any of the functions, duties and powers of the officer.

20.3 Qualifications

No officer may be appointed unless that officer is qualified in accordance with the Business Corporations Act. One person may hold more than one position as an officer of the Company. Any person appointed as the chair of the board or as the managing director must be a director. Any other officer need not be a director.

20.4 Remuneration and Terms of Appointment

All appointments of officers are to be made on the terms and conditions and at the remuneration (whether by way of salary, fee, commission, participation in profits or otherwise) that the directors think fit and are subject to termination at the pleasure of the directors, and an officer may in addition to such remuneration be entitled to receive, after he or she ceases to hold such office or leaves the employment of the Company, a pension or gratuity.

21.	INDEMNIFICATION
21.1	Definitions

In this Article 21:

(1)	"eligible penalty" means a judgment, penalty or fine awarded or imposed in, or an amount paid in settlement of, an eligible proceeding;
(2)	"eligible proceeding" means a legal proceeding or investigative action, whether current, threatened, pending or completed, in which a director, former director or alternate director of the Company (an "eligible party") or any of the heirs and legal personal representatives of the eligible party, by reason of the eligible party being or having been a director or alternate director of the Company:

(a)	is or may be joined as a party; or
(b)	is or may be liable for or in respect of a judgment, penalty or fine in, or expenses related to, the proceeding;

(3) "expenses" has the meaning set out in the Business Corporations Act.

21.2 Mandatory Indemnification of Eligible Parties

The directors must cause the Company to indemnify its directors and officers, and former directors and officers, and alternate directors, and their respective heirs and personal or other legal representatives to the greatest extent permitted by the Business Corporations Act. Without limiting the generality of the foregoing and subject to the Business Corporations Act, the Company must indemnify a director, former director or alternate director of the Company and his or her heirs and legal personal representatives against all eligible penalties to which such person is or may be liable, and the Company must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by such person in respect of that proceeding. Each director and alternate director is deemed to have contracted with the Company on the terms of the indemnity contained in this Article 21.2.

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21.3 Permitted Indemnification

Subject to any restrictions in the Business Corporations Act and these Articles, the Company may indemnify any person.

21.4 Non-Compliance with Business Corporations Act

The failure of a director, alternate director or officer of the Company to comply with the Business Corporations Act or these Articles or, if applicable, any former Companies Act or former Articles, does not invalidate any indemnity to which he or she is entitled under this Part 21.

21.5 Company May Purchase Insurance

The Company may purchase and maintain insurance for the benefit of any person (or his or her heirs or legal personal representatives) who:

(1)	is or was a director, alternate director, officer, employee or agent of the Company;
(2)	is or was a director, alternate director, officer, employee or agent of a corporation at a time when the corporation is or was an affiliate of the Company;
(3)	at the request of the Company, is or was a director, alternate director, officer, employee or agent of a corporation or of a partnership, trust, joint venture or other unincorporated entity; or
(4)	at the request of the Company, holds or held a position equivalent to that of a director, alternate director or officer of a partnership, trust, joint venture or other unincorporated entity;

against any liability incurred by him or her as such director, alternate director, officer, employee or agent or person who holds or held such equivalent position.

22.	DIVIDENDS
22.1	Payment of Dividends Subject to Special Rights

The provisions of this Part 22 are subject to the rights, if any, of shareholders holding shares with special rights as to dividends.

22.2 Declaration of Dividends

Subject to the Business Corporations Act, the directors may from time to time declare and authorize payment of such dividends as they may consider appropriate.

22.3 No Notice Required

The directors need not give notice to any shareholder of any declaration under Article 22.2.

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22.4 Record Date

The directors may set a date as the record date for the purpose of determining shareholders entitled to receive payment of a dividend. The record date must not precede the date on which the dividend is to be paid by more than two months. If no record date is set, the record date is 5 p.m. on the date on which the directors pass the resolution declaring the dividend.

22.5 Manner of Paying Dividend

A resolution declaring a dividend may direct payment of the dividend wholly or partly in money or by the distribution of specific assets or of fully paid shares or of bonds, debentures or other securities of the Company or any other corporation, or in any one or more of those ways.

22.6 Settlement of Difficulties

If any difficulty arises in regard to a distribution under Article 22.5, the directors may settle the difficulty as they deem advisable, and, in particular, may:

(1)	set the value for distribution of specific assets;
(2)	determine that money in substitution for all or any part of the specific assets to which any shareholders are entitled may be paid to any shareholders on the basis of the value so fixed in order to adjust the rights of all parties; and
(3)	vest any such specific assets in trustees for the persons entitled to the dividend.

22.7 When Dividend Payable

Any dividend may be made payable on such date as is fixed by the directors.

22.8 Dividends to be Paid in Accordance with Number of Shares

All dividends on shares of any class or series of shares must be declared and paid according to the number of such shares held.

22.9 Receipt by Joint Shareholders

If several persons are joint shareholders of any share, any one of them may give an effective receipt for any dividend, bonus or other money payable in respect of the share.

22.10 Dividend Bears No Interest

No dividend bears interest against the Company.

22.11 Fractional Dividends

If a dividend to which a shareholder is entitled includes a fraction of the smallest monetary unit of the currency of the dividend, that fraction may be disregarded in making payment of the dividend and that payment represents full payment of the dividend.

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22.12 Payment of Dividends

Any dividend or other distribution payable in money in respect of shares may be paid by cheque, made payable to the order of the person to whom it is sent, and mailed to the registered address of the shareholder, or in the case of joint shareholders, to the registered address of the joint shareholder who is first named on the central securities register, or to the person and to the address the shareholder or joint shareholders may direct in writing. The mailing of such cheque will, to the extent of the sum represented by the cheque (plus the amount of the tax required by law to be deducted), discharge all liability for the dividend unless such cheque is not paid on presentation or the amount of tax so deducted is not paid to the appropriate taxing authority.

22.13 Capitalization of Retained Earnings or Surplus

Notwithstanding anything contained in these Articles, the directors may from time to time capitalize any retained earnings or surplus of the Company and may from time to time issue, as fully paid, shares or any bonds, debentures or other securities of the Company as a dividend representing the retained earnings or surplus so capitalized or any part thereof.

23.	ACCOUNTING RECORDS AND AUDITOR
23.1	Recording of Financial Affairs

The directors must cause adequate accounting records to be kept to record properly the financial affairs and condition of the Company and to comply with the Business Corporations Act.

23.2 Inspection of Accounting Records

Unless the directors determine otherwise, or unless otherwise determined by ordinary resolution, no shareholder of the Company is entitled to inspect or obtain a copy of any accounting records of the Company.

23.3 Remuneration of Auditors

The directors may set the remuneration of the auditors. If the directors so decide, the remuneration of the auditors will be determined by the shareholders.

24.	NOTICES
24.1	Method of Giving Notice

Unless the Business Corporations Act or these Articles provide otherwise, a notice, statement, report or other record required or permitted by the Business Corporations Act or these Articles to be sent by or to a person may be sent by any one of the following methods:

(1) mail addressed to the person at the applicable address for that person as follows:

(a)	for a record mailed to a shareholder, the shareholder's registered address;
(b)	for a record mailed to a director or officer, the prescribed address for mailing shown for the director or officer in the records kept by the Company or the mailing address provided by the recipient for the sending of that record or records of that class; or

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(c) in any other case, the mailing address of the intended recipient;

(2) delivery at the applicable address for that person as follows, addressed to the person:

(a)	for a record delivered to a shareholder, the shareholder's registered address;
(b)	for a record delivered to a director or officer, the prescribed address for delivery shown for the director or officer in the records kept by the Company or the delivery address provided by the recipient for the sending of that record or records of that class; or
(c)	in any other case, the delivery address of the intended recipient;

(3)	unless the intended recipient is the auditor of the Company, sending the record by fax to the fax number provided by the intended recipient for the sending of that record or records of that class;
(4)	unless the intended recipient is the auditor of the Company, sending the record by email to the email address provided by the intended recipient for the sending of that record or records of that class; or
(5)	physical delivery to the intended recipient.

24.2 Deemed Receipt

A notice, statement, report or other record that is:

(1)	mailed to a person by ordinary mail to the applicable address for that person referred to in Article 24.1 is deemed to be received by the person to whom it was mailed on the day (Saturdays, Sundays and holidays excepted) following the date of mailing;
(2)	faxed to a person to the fax number provided by that person referred to in Article 24.1 is deemed to be received by the person to whom it was faxed on the day it was faxed; and
(3)	e-mailed to a person to the e-mail address provided by that person referred to in Article 24.1 is deemed to be received by the person to whom it was e-mailed on the date it was e- mailed.

24.3 Certificate of Sending

A certificate signed by the secretary, if any, or other officer of the Company or of any other corporation acting in that capacity on behalf of the Company stating that a notice, statement, report or other record was sent in accordance with Article 24.1 is conclusive evidence of that fact.

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24.4 Notice to Joint Shareholders

A notice, statement, report or other record may be provided by the Company to the joint shareholders of a share by providing such record to the joint shareholder first named in the central securities register in respect of the share.

24.5 Notice to Legal Personal Representatives and Trustees

A notice, statement, report or other record may be provided by the Company to the persons entitled to a share in consequence of the death, bankruptcy or incapacity of a shareholder by:

(1) mailing the record, addressed to them:

(a)	by name, by the title of the legal personal representative of the deceased or incapacitated shareholder, by the title of trustee of the bankrupt shareholder or by any similar description; and
(b)	at the address, if any, supplied to the Company for that purpose by the persons claiming to be so entitled; or

(2) if an address referred to in paragraph (1)(b) has not been supplied to the Company, by giving the notice in a manner in which it might have been given if the death, bankruptcy or incapacity had not occurred.

24.6 Undelivered Notices

If on two consecutive occasions, a notice, statement, report or other record is sent to a shareholder pursuant to Article 24.1 and on each of those occasions any such record is returned because the shareholder cannot be located, the Company shall not be required to send any further records to the shareholder until the shareholder informs the Company in writing of his or her new address.

25.	SEAL
25.1	Who May Attest Seal

Except as provided in Articles 25.2 and 25.3, the Company's seal, if any, must not be impressed on any record except when that impression is attested by the signatures of:

(1)	any two directors;
(2)	any officer, together with any director;
(3)	if the Company only has one director, that director; or
(4)	any one or more directors or officers or persons as may be determined by the directors.

25.2 Sealing Copies

For the purpose of certifying under seal a certificate of incumbency of the directors or officers of the Company or a true copy of any resolution or other document, despite Article 25.1, the impression of the seal may be attested by the signature of any director or officer or the signature of any other person as may be determined by the directors.

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25.3 Mechanical Reproduction of Seal

The directors may authorize the seal to be impressed by third parties on share certificates or bonds, debentures or other securities of the Company as they may determine appropriate from time to time. To enable the seal to be impressed on any share certificates or bonds, debentures or other securities of the Company, whether in definitive or interim form, on which facsimiles of any of the signatures of the directors or officers of the Company are, in accordance with the Business Corporations Act or these Articles, printed or otherwise mechanically reproduced, there may be delivered to the person employed to engrave, lithograph or print such definitive or interim share certificates or bonds, debentures or other securities one or more unmounted dies reproducing the seal and such persons as are authorized under Article 25.1 to attest the Company's seal may in writing authorize such person to cause the seal to be impressed on such definitive or interim share certificates or bonds, debentures or other securities by the use of such dies. Share certificates or bonds, debentures or other securities to which the seal has been so impressed are for all purposes deemed to be under and to bear the seal impressed on them.

DuMoulin Black LLP

EX-4.10

EXHIBIT 4.10

MANAGEMENT CONTRACT FOR MR. NAUMAN

EX-4.11

EXHIBIT 4.11

AMENDMENT TO MANAGEMENT CONTRACT FOR MR. NAUMAN

EX-4.12

EXHIBIT 4.12

MANAGEMENT CONTRACT FOR MR. THRALL

EX-4.13

EXHIBIT 4.13

AMENDMENT TO MANAGEMENT CONTRACT FOR MR. THRALL

EX-4.14

EXHIBIT 4.14

MANAGEMENT CONTRACT FOR MR. MCONIE

EX-4.15

EXHIBIT 4.15

MANAGEMENT CONTRACT FOR MR. CLARK

EX-8.1

EXHIBIT 8.1

LIST OF SUBSIDIARIES

At the end of its most recently completed financial year, the Company had the following wholly-owned subsidiaries:

• Alexco Keno Hill Mining Corp., organized under the laws of British Columbia;

• Alexco Exploration Canada Corp., organized under the laws of British Columbia;

• Elsa Reclamation & Development Company Ltd., organized under the laws of Yukon;

• Alexco Environmental Group Inc. (formerly Access Mining Consultants Ltd.), organized under the laws of Yukon;

• Alexco Environmental Group (US) Inc. (formerly Alexco Resource U.S. Corp.), organized under the laws of Colorado; and

• Alexco Financial Guaranty Corp., organized under the laws of Colorado.

EX-12.1

EXHIBIT 12.1

CERTIFICATION

I, Clynton R. Nauman, certify that:

1.	I have reviewed this Annual Report on Form 20-F of Alexco Resource Corp.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;
4.	The Company’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:
	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	(c)	Evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	(d)	Disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the Company's most recent annual report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting; and
5.	The Company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company's auditors and the audit committee of the Company's board of directors (or persons performing the equivalent functions):
	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and
	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting.

Date: April 23, 2015	/s/ Clynton R. Nauman
	Clynton R. Nauman, Chief Executive Officer

EX-12.2

EXHIBIT 12.2

CERTIFICATION

I, Michael Clark, certify that:

1.	I have reviewed this Annual Report on Form 20-F of Alexco Resource Corp.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;
4.	The Company's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:
	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	(c)	Evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	(d)	Disclosed in this report any change in the Company's internal control over financial reporting that occurred during the Company's most recent annual report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting; and
5.	The Company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company's auditors and the audit committee of the Company's board of directors (or persons performing the equivalent functions):
	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and
	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting.

Date: April 23, 2015	/s/ Michael Clark
	Michael Clark, Chief Financial Officer

EX-13.1

EXHIBIT 13.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with this Annual Report on Form 20-F of Alexco Resource Corp. (the "Company") for the year ended December 31, 2014 as filed with the Securities and Exchange Commission on the date hereof (the "Report"). I, Clynton R. Nauman, Chief Executive Officer of the Company, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

(1)	the Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: April 23, 2015	/s/ Clynton R. Nauman
	Clynton R. Nauman, Chief Executive Officer

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request. The foregoing certification is being furnished solely pursuant to 18 U.S.C. §1350 and is not being filed as part of the annual report or as a separate disclosure document.

EX-13.2

EXHIBIT 13.2

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with this Annual Report on Form 20-F of Alexco Resource Corp. (the "Company") for the year ended December 31, 2014 as filed with the Securities and Exchange Commission on the date hereof (the "Report"). I, Michael Clark, Chief Financial Officer of the Company, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

(1)	the Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: April 23, 2015	/s/ Michael Clark
	Michael Clark, Chief Financial Officer

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request. The foregoing certification is being furnished solely pursuant to 18 U.S.C. §1350 and is not being filed as part of the annual report or as a separate disclosure document.

EX-15.1

EXHIBIT 15.1

MINERAL TENURE INFORMATION

ClaimName	Quartz	Grant	Lease	Owner	Staking Date	Recorded Date	Expiry Date
	Claim	Number	Number
43	301305615	YC32217		AlexcoExplorationCa nadaCorp. 100%	21/08/2004	23/08/2004	31/12/2018
83	301508717	56501	NM00059	ElsaRecl amation&DevelopmentCompanyLtd. 100%	17/09/1947	24/09/1947	24/07/2021
"X"	301420279	15331	NM00244	ElsaRecl amation&DevelopmentCompanyLtd. 100%	09/05/1929	30/05/1929	28/02/2024
A.A.	301381019	56502	NM00060	ElsaRecl amation&DevelopmentCompanyLtd. 100%	17/09/1947	24/09/1947	24/07/2021
ABEL	301459554	55590	NM00297	AlexcoKenoHillMiningCorp.100%	08/10/1946	28/03/1947	23/02/2025
ACEHI	301536375	55548	NM00322	ElsaRecl amation&DevelopmentCompanyLtd   100%	17/10/1946	13/02/1947	08/02/2025
ACEHI1	301438253	55549	NM00323	ElsaRecl amation& DevelopmentCompanyLtd. 100%	17/10/1946	13/ 02/1947	08/02/2025
ACEHI10	301321731	55559	NM00331	ElsaRecl amation&DevelopmentCompanyLtd. 100%	17/10/1946	14/02/1947	08/02/2025
ACEHI11	301321732	55560	NM00332	ElsaRecl amation&DevelopmentCompanyLtd. 100%	17/10/1946	14/02/1947	08/02/2025
ACEHI2	301438252	55550	NM00324	ElsaRecl amation&DevelopmentCompanyLtd. 100%	17/10/1946	13/02/1947	08/02/2025
ACEHI4	301432492	55552	NM00325	ElsaRecl amation&DevelopmentCompanyLtd. 100%	17/10/1946	14/02/1947	08/02/2025
ACEHI5	301560276	55553	NM00326	ElsaRecl amation&DevelopmentCompanyLtd. 100%	17/10/1946	14/02/1947	08/02/2025
ACEHI6	301518062	55555	NM00327	ElsaRecl amation &DevelopmentCompanyLtd. 100%	17/10/1946	14/ 02/1947	08/02/2025
ACEHI7	301297440	55556	NM00328	ElsaRecl amation&DevelopmentCompanyLtd. 100%	17/10/1946	14/02/1947	08/02/2025
ACEHI8	301484074	55557	NM00329	ElsaRecl amation&DevelopmentCompanyLtd. 100%	17/10/1946	14/02/1947	08/02/2025
ACEHI9	301419162	55558	NM00330	ElsaRecl amation&DevelopmentCompanyLtd. 100%	17/10/1946	14/02/1947	08/02/2025
ACREFRACTIO N	301336568	56575	NM00170	ElsaRecl amation&DevelopmentCompanyLtd. 100%	14/07/1948	21/07/1948	12/06/2022
ADA	301418684	14858		ElsaRecl amation&DevelopmentCompanyLtd. 100%	30/07/1923	30/08/1923	31/12/2017
ADAMFRACTIO N	301458313	83011	NM00593	ElsaRecl amation&DevelopmentCompanyLtd. 100%	29/06/1963	09/07/1963	02/11/2027
ADONAIS	301407911	55477	OM00013	ElsaRecl amation&DevelopmentCompanyLtd. 100%	31/08/1946	24/01/1947	15/12/2017
Ag	301577588	YC02775		AlexcoExplorationCa nadaCorp. 100%	09/07/2001	10/07/2001	31/12/2021
AGRAM	301344981	62132	NM00555	AlexcoKenoHillMiningCorp.100%	03/06/1952	17/06/1952	02/11/2027
AJAX	301298153	12840	NM00361	ElsaRecl amation&DevelopmentCompanyLtd. 100%	09/09/1919	28/10/1919	30/04/2025
AJAX	301548115	14466	OM00033	ElsaRecl amation&DevelopmentCompanyLtd. 100%	30/09/1921	07/12/1921	18/08/2018
ALBERTAL	301463551	80178	NM00499	ElsaRecl amation&DevelopmentCompanyLtd. 100%	07/12/1956	13/12/1956	26/11/2025
Alex1	301471041	YC48132		AlexcoKenoHillMiningCorp.100%	26/05/2006	02/06/2006	31/12/2019
Alex10	301491169	YC48141		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex100	301458352	YC48231		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex101	301356595	YC48232		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex102	301555169	YC48233		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex103	301323578	YC48234		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex104	301377561	YC48235		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex105	301376213	YC48236		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex106	301457825	YC48237		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex107	301555180	YC48238		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex108	301589018	YC48239		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex109	301589017	YC48240		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex11	301584394	YC48142		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex110	301308670	YC48241		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex111	301461093	YC48242		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex112	301297793	YC48243		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex113	301574209	YC48244		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex114	301396508	YC48245		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex115	301361398	YC48246		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex116	301435752	YC48247		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex117	301382840	YC48248		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex118	301532328	YC48249		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex119	301532327	YC48250		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex12	301584185	YC48143		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex120	301465838	YC48251		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex121	301397007	YC48252		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex122	301365617	YC48253		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex123	301384597	YC48254		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex124	301405863	YC48255		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex125	301436132	YC48256		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex126	301406116	YC48257		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex127	301517484	YC48258		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2019
Alex128	301550054	YC48259		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2019
Alex129	301550051	YC48260		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2019
Alex13	301526776	YC48144		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex130	301337119	YC48261		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2019
Alex131	301384655	YC48262		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex132	301436106	YC48263		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex133	301475191	YC48264		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex134	301469176	YC48265		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex135	301493025	YC48266		AlexcoKenoHillMining Corp.100%	23/05/2006	02/06/2006	31/12/2019
Alex136	301550260	YC48267		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex137	301419883	YC48268		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019

ClaimName	Quartz	Grant	Lease	Owner	Staking Date	Recorded Date	Expiry Date
	Claim	Number	Number
Alex138	301339029	YC48269		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex139	301339028	YC48270		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex14	301390378	YC48145		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex140	301576139	YC48271		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex141	301514438	YC48272		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex142	301362785	YC48273		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex143	301457589	YC48274		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex144	301372905	YC48275		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex145	301351900	YC48276		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex146	301558446	YC48277		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex147	301314383	YC48278		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex148	301510937	YC48279		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex149	301510936	YC48280		AlexcoKenoHillMiningCorp.100%	15/05/2006	02/06/2006	31/12/2019
Alex15	301346550	YC48146		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex 150	301421158	YC48281		AlexcoKenoHillMiningCorp.100%	15/05/2006	02/06/2006	31/12/2019
Alex151	301491998	YC48282		AlexcoKenoHillMiningCorp.100%	15/05/2006	02/06/2006	31/12/2019
Alex152	301348904	YC48283		AlexcoKenoHillMiningCorp.100%	15/05/2006	02/06/2006	31/12/2019
Alex153	301475326	YC48284		AlexcoKenoHillMiningCorp.100%	15/05/2006	02/06/2006	31/12/2019
Alex154	301386984	YC48285		AlexcoKenoHillMiningCorp.100%	15/05/2006	02/06/2006	31/12/2019
Alex155	301299909	YC48286		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex156	301412731	YC48287		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex157	301431841	YC48288		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex158	301457272	YC48289		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex159	301457274	YC48290		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex16	301461406	YC48147		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex160	301429808	YC48291		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex161	301531282	YC48292		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex162	301575639	YC48293		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex163	301473994	YC48294		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex164	301573967	YC48295		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex165	301490756	YC48296		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex166	301561660	YC48297		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex167	301522321	YC48298		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex168	301494164	YC48299		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex169	301457273	YC48300		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex17	301456267	YC48148		AlexcoKenoHillMiningCorp.100%	26/05/2006	02/06/2006	31/12/2020
Alex170	301429809	YC48301		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex171	301531283	YC48302		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex172	301575638	YC48303		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex173	301473996	YC48304		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex174	301573968	YC48305		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex175	301490760	YC48306		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2023
Alex176	301561661	YC48307		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2023
Alex177	301522322	YC48308		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex178	301494157	YC48309		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex179	301494158	YC48310		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2020
Alex18	301526350	YC48149		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2020
Alex180	301583618	YC48311		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2020
Alex181	301438785	YC48312		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2020
Alex182	301372666	YC48313		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2020
Alex183	301332547	YC48314		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2020
Alex184	301530439	YC48315		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2020
Alex185	301587926	YC48316		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2020
Alex186	301337500	YC48317		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2020
Alex187	301408492	YC48318		AlexcoKenoHillMiningCorp.100%	16/05/2006	02/06/2006	31/12/2020
Alex188	301319782	YC48319		AlexcoKenoHillMiningCorp.100%	16/05/2006	02/06/2006	31/12/2020
Alex189	301319784	YC48320		AlexcoKenoHillMiningCorp.100%	16/05/2006	02/06/2006	31/12/2020
Alex19	301526349	YC48150		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2020
Alex190	301346229	YC48321		AlexcoKenoHillMiningCorp.100%	16/05/2006	02/06/2006	31/12/2020
Alex191	301566117	YC48322		AlexcoKenoHillMiningCorp.100%	16/05/2006	02/06/2006	31/12/2020
Alex192	301508599	YC48323		AlexcoKenoHillMiningCorp.100%	16/05/2006	02/06/2006	31/12/2020
Alex193	301434995	YC48324		AlexcoKenoHillMiningCorp.100%	16/05/2006	02/06/2006	31/12/2020
Alex194	301547550	YC48325		AlexcoKenoHillMiningCorp.100%	16/05/2006	02/06/2006	31/12/2020
Alex195	301342910	YC48326		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex196	301415477	YC48327		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex197	301566646	YC48328		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex198	301384417	YC48329		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex199	301384422	YC48330		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020

ClaimName	Quartz	Grant	Lease	Owner	Staking Date	Recorded Date	Expiry Date
	Claim	Number	Number
Alex2	301381728	YC48133		AlexcoKenoHillMiningCorp.100%	26/05/2006	02/06/2006	31/12/2019
Alex20	301483793	YC48151		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2020
Alex200	301493676	YC48331		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex201	301365640	YC48332		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex202	301545382	YC48333		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex203	301367301	YC48334		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex204	301491962	YC48335		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex205	301352429	YC48336		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex206	301562622	YC48337		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex207	301449049	YC48338		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex208	301366915	YC48548		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex209	301509315	YC48339		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2020
Alex21	301366972	YC48152		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2020
Alex210	301509316	YC48340		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2020
Alex 211	301498969	YC48341		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2020
Alex212	301323390	YC48342		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2020
Alex213	301292581	YC48343		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2020
Alex214	301443669	YC48344		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2020
Alex215	301415208	YC48345		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2020
Alex216	301514536	YC48346		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2020
Alex217	301519741	YC48347		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2020
Alex218	301594235	YC48348		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2020
Alex219	301362128	YC48349		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2020
Alex22	301542406	YC48153		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2020
Alex220	301362129	YC48350		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2020
Alex221	301559986	YC48351		AlexcoKenoHillMiningCorp.100%	24/05/2006	02/06/2006	31/12/2020
Alex222	301497078	YC48352		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2020
Alex223	301330828	YC48353		AlexcoKenoHillMiningCorp.100%	24/05/2006	02/06/2006	31/12/2020
Alex224	301578301	YC48354		AlexcoKenoHillMiningCorp.100%	24/05/2006	02/06/2006	31/12/2020
Alex225	301357470	YC48355		AlexcoKenoHillMining Corp.100%	24/05/2006	02/06/2006	31/12/2020
Alex226	301342378	YC48356		AlexcoKenoHillMiningCorp.100%	24/05/2006	02/06/2006	31/12/2020
Alex227	301390269	YC48357		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2020
Alex228	301298748	YC48358		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2020
Alex229	301335702	YC48359		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2019
Alex23	301297083	YC48154		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2020
Alex230	301335699	YC48360		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2019
Alex231	301440456	YC48361		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2019
Alex232	301454791	YC48362		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2019
Alex233	301326780	YC48363		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2019
Alex234	301434188	YC48364		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2019
Alex235	301456724	YC48365		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2019
Alex236	301340018	YC48366		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2019
Alex237	301589381	YC48367		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex238	301553553	YC48368		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex239	301378713	YC48369		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex24	301495143	YC48155		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2020
Alex240	301378712	YC48370		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex241	301366067	YC48371		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex242	301317723	YC48372		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex243	301318903	YC48373		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex244	301333078	YC48374		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex245	301326298	YC48375		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex246	301307724	YC48376		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex247	301345058	YC48377		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex248	301537862	YC48378		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex249	301442926	YC48379		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex25	301516758	YC48156		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2020
Alex250	301442920	YC48380		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex251	301476181	YC48381		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex252	301387628	YC48382		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex253	301356856	YC48383		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex254	301554009	YC48384		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex255	301533325	YC48385		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex256	301345916	YC48386		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex257	301575556	YC48387		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex258	301373708	YC48388		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex259	301342494	YC48389		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2019
Alex26	301571686	YC48157		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2020

ClaimName	Quartz	Grant	Lease	Owner	Staking Date	Recorded Date	Expiry Date
	Claim	Number	Number
Alex260	301342496	YC48390		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2019
Alex261	301425381	YC48391		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2019
Alex262	301398119	YC48392		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2019
Alex263	301488257	YC48393		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2019
Alex264	301300027	YC48549		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2019
Alex265	301516532	YC48394		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex266	301312385	YC48395		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex267	301443706	YC48396		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex268	301410079	YC48397		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex269	301535287	YC48398		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex27	301447829	YC48158		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2020
Alex270	301494040	YC48399		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex271	301342495	YC48400		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex272	301425382	YC48401		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex 273	301398118	YC48402		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex274	301488256	YC48403		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex275	301516533	YC48404		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex276	301312386	YC48405		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2019
Alex277	301443705	YC48406		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2023
Alex278	301410080	YC48407		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2023
Alex279	301535286	YC48408		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2023
Alex28	301487784	YC48159		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2023
Alex280	301494041	YC48409		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2023
Alex287	301494039	YC48410		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2020
Alex288	301335885	YC48411		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2020
Alex289	301582405	YC48412		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2020
Alex29	301487783	YC48160		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2020
Alex290	301297682	YC48413		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2020
Alex291	301450603	YC48414		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2020
Alex292	301395309	YC48415		AlexcoKenoHillMining Corp.100%	23/05/2006	02/06/2006	31/12/2020
Alex293	301578050	YC48416		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2020
Alex294	301470928	YC48417		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2020
Alex295	301338237	YC48418		AlexcoKenoHillMiningCorp.100%	16/05/2006	02/06/2006	31/12/2020
Alex296	301321283	YC48419		AlexcoKenoHillMiningCorp.100%	16/05/2006	02/06/2006	31/12/2020
Alex297	301321282	YC48420		AlexcoKenoHillMiningCorp.100%	16/05/2006	02/06/2006	31/12/2020
Alex298	301466352	YC48421		AlexcoKenoHillMiningCorp.100%	16/05/2006	02/06/2006	31/12/2020
Alex299	301323888	YC48422		AlexcoKenoHillMiningCorp.100%	16/05/2006	02/06/2006	31/12/2020
Alex3	301330916	YC48134		AlexcoKenoHillMiningCorp.100%	26/05/2006	02/06/2006	31/12/2019
Alex30	301494927	YC48161		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2020
Alex300	301514590	YC48423		AlexcoKenoHillMiningCorp.100%	16/05/2006	02/06/2006	31/12/2020
Alex301	301413152	YC48424		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex302	301322715	YC48425		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex303	301496923	YC48426		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex304	301417359	YC48427		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex305	301592381	YC48428		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex306	301476886	YC48429		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex307	301476885	YC48430		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex308	301392661	YC48431		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex309	301398179	YC48432		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex31	301484178	YC48162		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2019
Alex310	301430316	YC48433		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex311	301460277	YC48434		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex312	301580438	YC48435		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex313	301312976	YC48436		AlexcoKenoHillMiningCorp.100%	16/05/2006	02/06/2006	31/12/2020
Alex314	301519303	YC48437		AlexcoKenoHillMiningCorp.100%	16/05/2006	02/06/2006	31/12/2020
Alex315	301479051	YC48438		AlexcoKenoHillMiningCorp.100%	16/05/2006	02/06/2006	31/12/2020
Alex316	301547156	YC48439		AlexcoKenoHillMiningCorp.100%	16/05/2006	02/06/2006	31/12/2020
Alex317	301547155	YC48440		AlexcoKenoHillMiningCorp.100%	16/05/2006	02/06/2006	31/12/2020
Alex318	301522887	YC48441		AlexcoKenoHillMiningCorp.100%	16/05/2006	02/06/2006	31/12/2020
Alex319	301457439	YC48442		AlexcoKenoHillMiningCorp.100%	16/05/2006	02/06/2006	31/12/2020
Alex32	301419289	YC48163		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2019
Alex320	301349123	YC48443		AlexcoKenoHillMiningCorp.100%	16/05/2006	02/06/2006	31/12/2020
Alex321	301506651	YC48444		AlexcoKenoHillMiningCorp.100%	16/05/2006	02/06/2006	31/12/2020
Alex322	301342802	YC48445		AlexcoKenoHillMiningCorp.100%	16/05/2006	02/06/2006	31/12/2020
Alex323	301557941	YC48446		AlexcoKenoHillMiningCorp.100%	16/05/2006	02/06/2006	31/12/2020
Alex324	301427073	YC48447		AlexcoKenoHillMiningCorp.100%	16/05/2006	02/06/2006	31/12/2020
Alex325	301462014	YC48448		AlexcoKenoHillMiningCorp.100%	16/05/2006	02/06/2006	31/12/2020
Alex326	301520850	YC48449		AlexcoKenoHillMiningCorp.100%	16/05/2006	02/06/2006	31/12/2020

ClaimName	Quartz	Grant	Lease	Owner	Staking Date	Recorded Date	Expiry Date
	Claim	Number	Number
Alex327	301520851	YC48450		AlexcoKenoHillMiningCorp.100%	19/05/2006	02/06/2006	31/12/2020
Alex328	301343280	YC48451		AlexcoKenoHillMiningCorp.100%	16/05/2006	02/06/2006	31/12/2020
Alex329	301338258	YC48452		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex33	301556455	YC48164		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex330	301434215	YC48453		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex331	301308293	YC48454		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex332	301570126	YC48455		AlexcoKeno HillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex333	301370955	YC48456		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2019
Alex334	301566335	YC48457		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2019
Alex335	301544673	YC48458		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2019
Alex336	301507182	YC48459		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2019
Alex337	301507183	YC48460		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2019
Alex338	301308302	YC48461		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2019
Alex339	301539261	YC48462		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2019
Alex 34	301588327	YC48165		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex340	301459573	YC48463		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2019
Alex341	301442982	YC48464		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2019
Alex342	301522706	YC48465		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2019
Alex343	301463688	YC48466		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2019
Alex344	301402712	YC48467		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2019
Alex345	301577479	YC48468		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2019
Alex346	301335158	YC48469		AlexcoKenoHillMiningCorp. 100%	21/05/2006	02/06/2006	31/12/2019
Alex347	301335157	YC48470		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2019
Alex348	301504188	YC48471		AlexcoKenoHillMiningCorp.100%	15/05/2006	02/06/2006	31/12/2019
Alex349	301408577	YC48472		AlexcoKenoHillMiningCorp.100%	15/05/2006	02/06/2006	31/12/2019
Alex35	301562623	YC48166		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex350	301377394	YC48473		AlexcoKenoHillMiningCorp.100%	15/05/2006	02/06/2006	31/12/2019
Alex351	301355987	YC48474		AlexcoKenoHillMiningCorp.100%	15/05/2006	02/06/2006	31/12/2019
Alex352	301585381	YC48475		AlexcoKenoHillMiningCorp.100%	15/05/2006	02/06/2006	31/12/2019
Alex353	301560005	YC48476		AlexcoKenoHillMining Corp.100%	20/05/2006	02/06/2006	31/12/2019
Alex354	301538824	YC48477		AlexcoKenoHillMiningCorp.100%	15/05/2006	02/06/2006	31/12/2019
Alex355	301487228	YC48478		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex356	301412773	YC48479		AlexcoKenoHillMiningCorp.100%	15/05/2006	02/06/2006	31/12/2019
Alex357	301412771	YC48480		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex358	301355864	YC48481		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex359	301307966	YC48482		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex36	301362974	YC48167		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex360	301564123	YC48483		AlexcoKeno HillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex361	301574106	YC48484		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex362	301562578	YC48485		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex363	301467697	YC48486		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex364	301538821	YC48487		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex365	301369567	YC48488		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex366	301459107	YC48489		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex367	301459106	YC48490		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex368	301357768	YC48491		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex369	301395613	YC48492		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex37	301320219	YC48168		AlexcoKenoHillMiningCorp.100%	15/05/2006	02/06/2006	31/12/2019
Alex371	301475230	YC48493		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex372	301471685	YC48494		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex373	301531596	YC48495		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex374	301495920	YC48496		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex375	301337011	YC48497		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex376	301586194	YC48498		AlexcoKenoHillMiningCorp.100%	02/06/2006	02/06/2006	31/12/2019
Alex377	301400001	YC48499		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2023
Alex379	301459108	YC48500		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex38	301481438	YC48169		AlexcoKenoHillMiningCorp.100%	15/05/2006	02/06/2006	31/12/2019
Alex380	301357767	YC48501		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex381	301395612	YC48502		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex382	301475232	YC48503		AlexcoKenoHillMiningCorp.100%	23/05/2006	02/06/2006	31/12/2019
Alex383	301471686	YC48504		AlexcoKenoHillMiningCorp.100%	24/05/2006	02/06/2006	31/12/2019
Alex384	301531599	YC48505		AlexcoKenoHillMiningCorp.100%	24/05/2006	02/06/2006	31/12/2019
Alex386	301495919	YC48506		AlexcoKenoHillMiningCorp.100%	24/05/2006	02/06/2006	31/12/2019
Alex39	301481437	YC48170		AlexcoKenoHillMiningCorp.100%	15/05/2006	02/06/2006	31/12/2019
Alex4	301592514	YC48135		AlexcoKenoHillMiningCorp.100%	26/05/2006	02/06/2006	31/12/2019
Alex40	301552348	YC48171		AlexcoKenoHillMiningCorp.100%	15/05/2006	02/06/2006	31/12/2019
Alex400	301337010	YC48507		AlexcoKenoHillMiningCorp.100%	24/05/2006	02/06/2006	31/12/2016
Alex401	301586195	YC48508		AlexcoKenoHillMiningCorp.100%	24/05/2006	02/06/2006	31/12/2016

ClaimName	Quartz	Grant	Lease	Owner	Staki ng Date	Recorded Date	Expiry Date
	Claim	Number	Number
Alex403	301400003	YC48509		AlexcoKenoHillMiningCorp.100%	24/05/2006	02/06/2006	31/12/2016
Alex404	301400002	YC48510		AlexcoKenoHillMiningCorp.100%	24/05/2006	02/06/2006	31/12/2016
Alex41	301587530	YC48172		AlexcoKenoHillMiningCorp.100%	15/05/2006	02/06/2006	31/12/2019
Alex42	301298555	YC48173		AlexcoKenoHillMiningCorp.100%	15/05/2006	02/06/2006	31/12/2019
Alex423	301462345	YC48511		AlexcoKenoHillMiningCorp.100%	24/05/2006	02/06/2006	31/12/2016
Alex424	301377383	YC48512		AlexcoKenoHillMiningCorp.100%	24/05/2006	02/06/2006	31/12/2016
Alex425	301441470	YC48513		AlexcoKeno HillMiningCorp.100%	24/05/2006	02/06/2006	31/12/2016
Alex429	301317879	YC48514		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2020
Alex43	301484586	YC48174		AlexcoKenoHillMiningCorp.100%	15/05/2006	02/06/2006	31/12/2019
Alex430	301344157	YC48515		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2020
Alex431	301557745	YC48516		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2020
Alex432	301582038	YC48517		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2020
Alex433	301566110	YC48518		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2020
Alex434	301307530	YC48519		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2020
Alex 435	301307527	YC48520		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2020
Alex436	301462321	YC48521		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2020
Alex437	301519055	YC48522		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2020
Alex438	301505419	YC48523		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2020
Alex439	301546319	YC48524		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2020
Alex44	301447313	YC48175		AlexcoKenoHillMiningCorp.100%	15/05/2006	02/06/2006	31/12/2019
Alex440	301443523	YC48525		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2020
Alex441	301490804	YC48526		AlexcoKenoHillMiningCorp. 100%	18/05/2006	02/06/2006	31/12/2020
Alex442	301383316	YC48527		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex443	301335346	YC48528		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex444	301471936	YC48529		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex445	301471937	YC48530		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex446	301358280	YC48531		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex447	301504732	YC48532		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex448	301401547	YC48533		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex449	301440011	YC48534		AlexcoKenoHillMining Corp.100%	17/05/2006	02/06/2006	31/12/2020
Alex45	301582701	YC48176		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2019
Alex450	301581600	YC48535		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex451	301444212	YC48536		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex452	301484996	YC48537		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex453	301382939	YC48538		AlexcoKenoHillMiningCorp.100%	17/05/2006	02/06/2006	31/12/2020
Alex454	301397389	YC48539		AlexcoKenoHillMiningCorp.100%	16/05/2006	02/06/2006	31/12/2020
Alex455	301397387	YC48540		AlexcoKenoHillMiningCorp.100%	16/05/2006	02/06/2006	31/12/2020
Alex456	301385670	YC48541		AlexcoKeno HillMiningCorp.100%	16/05/2006	02/06/2006	31/12/2020
Alex457	301307169	YC48542		AlexcoKenoHillMiningCorp.100%	16/05/2006	02/06/2006	31/12/2020
Alex458	301489191	YC48543		AlexcoKenoHillMiningCorp.100%	16/05/2006	02/06/2006	31/12/2020
Alex459	301537460	YC48544		AlexcoKenoHillMiningCorp.100%	16/05/2006	02/06/2006	31/12/2020
Alex46	301389604	YC48177		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2019
Alex460	301408393	YC48545		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2020
Alex461	301451787	YC48546		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2020
Alex462	301498702	YC48547		AlexcoKenoHillMiningCorp.100%	18/05/2006	02/06/2006	31/12/2020
Alex463	301428894	YC56176		AlexcoKenoHillMiningCorp.100%	12/06/2007	12/06/2007	12/12/2019
Alex464	301558155	YC56177		AlexcoKenoHillMiningCorp.100%	12/06/2007	12/06/2007	12/12/2019
Alex465	301407175	YC56178		AlexcoKenoHillMiningCorp.100%	12/06/2007	22/06/2007	22/12/2019
Alex466	301539032	YC56179		AlexcoKenoHillMiningCorp.100%	12/06/2007	22/06/2007	22/12/2019
Alex467	301539033	YC56180		AlexcoKenoHillMiningCorp.100%	09/06/2007	22/06/2007	22/12/2019
Alex468	301440302	YC56181		AlexcoKenoHillMiningCorp.100%	12/06/2007	22/06/2007	22/12/2019
Alex469	301468105	YC56182		AlexcoKenoHillMiningCorp.100%	09/06/2007	22/06/2007	22/12/2019
Alex47	301560848	YC48178		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2019
Alex470	301405015	YC56183		AlexcoKenoHillMiningCorp.100%	12/06/2007	22/06/2007	22/12/2019
Alex471	301548985	YC56184		AlexcoKenoHillMiningCorp.100%	09/06/2007	22/06/2007	22/12/2019
Alex472	301374257	YC56185		AlexcoKenoHillMiningCorp.100%	12/06/2007	22/06/2007	22/12/2019
Alex473	301486666	YC56186		AlexcoKenoHillMiningCorp.100%	09/06/2007	22/06/2007	22/12/2019
Alex474	301482108	YC56187		AlexcoKenoHillMiningCorp.100%	12/06/2007	22/06/2007	22/12/2019
Alex475	301362903	YC56188		AlexcoKenoHillMiningCorp.100%	09/06/2007	22/06/2007	22/12/2019
Alex476	301449018	YC56189		AlexcoKenoHillMiningCorp.100%	12/06/2007	22/06/2007	22/12/2019
Alex477	301449017	YC56190		AlexcoKenoHillMiningCorp.100%	09/06/2007	22/06/2007	22/12/2019
Alex478	301580942	YC56191		AlexcoKenoHillMiningCorp.100%	12/06/2007	22/06/2007	22/12/2019
Alex479	301555388	YC56192		AlexcoKenoHillMiningCorp.100%	09/06/2007	22/06/2007	22/12/2019
Alex48	301409448	YC48179		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2019
Alex480	301415210	YC56193		AlexcoKenoHillMiningCorp.100%	09/06/2007	22/06/2007	22/12/2019
Alex481	301413914	YC56194		AlexcoKenoHillMiningCorp.100%	09/06/2007	22/06/2007	22/12/2019
Alex482	301292933	YC56195		AlexcoKenoHillMiningCorp.100%	09/06/2007	22/06/2007	22/12/2019
Alex483	301514641	YC56196		AlexcoKenoHillMiningCorp.100%	10/06/2007	22/06/2007	22/12/2019

ClaimName	Quartz	Grant	Lease	Owner	Staking Date	Recorded Date	Expiry Date
	Claim	Number	Number
Alex484	301334591	YC56197		AlexcoKenoHillMiningCorp.100%	09/06/2007	22/06/2007	22/12/2019
Alex485	301304368	YC56198		AlexcoKenoHillMiningCorp.100%	10/06/2007	22/06/2007	22/12/2019
Alex486	301454942	YC56199		AlexcoKenoHillMiningCorp.100%	09/06/2007	22/06/2007	22/12/2019
Alex487	301449019	YC56200		AlexcoKenoHillMiningCorp.100%	10/06/2007	22/06/2007	22/12/2019
Alex488	301580939	YC56201		AlexcoKenoHillMiningCorp.100%	09/06/2007	22/06/2007	22/12/2019
Alex489	301555390	YC56202		AlexcoKenoHillMiningCorp.100%	10/06/2007	22/06/2007	22/12/2019
Alex49	301409447	YC48180		AlexcoKeno HillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2019
Alex490	301415212	YC56203		AlexcoKenoHillMiningCorp.100%	09/06/2007	22/06/2007	22/12/2019
Alex491	301413915	YC56204		AlexcoKenoHillMiningCorp.100%	10/06/2007	22/06/2007	22/12/2019
Alex492	301292934	YC56205		AlexcoKenoHillMiningCorp.100%	09/06/2007	22/06/2007	22/12/2019
Alex493	301514642	YC56206		AlexcoKenoHillMiningCorp.100%	10/06/2007	22/06/2007	22/12/2019
Alex494	301334590	YC56207		AlexcoKenoHillMiningCorp.100%	09/06/2007	22/06/2007	22/12/2019
Alex495	301304362	YC56208		AlexcoKenoHillMiningCorp.100%	10/06/2007	22/06/2007	22/12/2019
Alex496	301454943	YC56209		AlexcoKenoHillMiningCorp.100%	10/06/2007	22/06/2007	22/12/2019
Alex 497	301454941	YC56210		AlexcoKenoHillMiningCorp.100%	10/06/2007	22/06/2007	22/12/2019
Alex498	301405400	YC56211		AlexcoKenoHillMiningCorp.100%	10/06/2007	22/06/2007	22/12/2019
Alex499	301454332	YC56212		AlexcoKenoHillMiningCorp.100%	10/06/2007	22/06/2007	22/12/2019
Alex5	301549734	YC48136		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex50	301314667	YC48181		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2019
Alex500	301583808	YC56213		AlexcoKenoHillMiningCorp.100%	10/06/2007	22/06/2007	22/12/2019
Alex501	301381944	YC56214		AlexcoKenoHillMiningCorp.100%	10/06/2007	22/06/2007	22/12/2019
Alex502	301350476	YC56215		AlexcoKenoHillMiningCorp. 100%	11/06/2007	22/06/2007	22/12/2019
Alex503	301570239	YC56216		AlexcoKenoHillMiningCorp.100%	11/06/2007	22/06/2007	22/12/2019
Alex504	301572103	YC56217		AlexcoKenoHillMiningCorp.100%	11/06/2007	22/06/2007	22/12/2019
Alex505	301478979	YC56218		AlexcoKenoHillMiningCorp.100%	11/06/2007	22/06/2007	22/12/2019
Alex506	301534654	YC56219		AlexcoKenoHillMiningCorp.100%	11/06/2007	22/06/2007	22/12/2019
Alex507	301534653	YC56220		AlexcoKenoHillMiningCorp.100%	11/06/2007	22/06/2007	22/12/2019
Alex508	301494596	YC56221		AlexcoKenoHillMiningCorp.100%	11/06/2007	22/06/2007	22/12/2019
Alex509	301572254	YC56222		AlexcoKenoHillMiningCorp.100%	11/06/2007	22/06/2007	22/12/2019
Alex51	301359036	YC48182		AlexcoKenoHillMining Corp.100%	21/05/2006	02/06/2006	31/12/2019
Alex510	301520714	YC56223		AlexcoKenoHillMiningCorp.100%	11/06/2007	22/06/2007	22/12/2019
Alex511	301478542	YC56224		AlexcoKenoHillMiningCorp.100%	09/06/2007	22/06/2007	22/12/2019
Alex512	301340210	YC56225		AlexcoKenoHillMiningCorp.100%	10/06/2007	22/06/2007	22/12/2019
Alex513	301324328	YC56226		AlexcoKenoHillMiningCorp.100%	10/06/2007	22/06/2007	22/12/2019
Alex514	301517941	YC56227		AlexcoKenoHillMiningCorp.100%	12/06/2007	22/06/2007	22/12/2019
Alex515	301449042	YC56228		AlexcoKenoHillMiningCorp.100%	12/06/2007	22/06/2007	22/12/2019
Alex516	301471706	YC56229		AlexcoKenoHillMiningCorp.100%	12/06/2007	22/06/2007	22/12/2019
Alex517	301471708	YC56230		AlexcoKeno HillMiningCorp.100%	12/06/2007	22/06/2007	22/12/2019
Alex518	301556918	YC56231		AlexcoKenoHillMiningCorp.100%	12/06/2007	22/06/2007	22/12/2019
Alex519	301317484	YC56232		AlexcoKenoHillMiningCorp.100%	12/06/2007	22/06/2007	22/12/2019
Alex52	301325939	YC48183		AlexcoKenoHillMiningCorp.100%	21/05/2006	02/06/2006	31/12/2019
Alex520	301569034	YC56233		AlexcoKenoHillMiningCorp.100%	12/06/2007	22/06/2007	22/12/2019
Alex521	301541812	YC56234		AlexcoKenoHillMiningCorp.100%	12/06/2007	22/06/2007	22/12/2019
Alex522	301392881	YC56235		AlexcoKenoHillMiningCorp.100%	12/06/2007	22/06/2007	22/12/2019
Alex523	301356832	YC56236		AlexcoKenoHillMiningCorp.100%	12/06/2007	22/06/2007	22/12/2019
Alex524	301391478	YC56237		AlexcoKenoHillMiningCorp.100%	11/06/2007	22/06/2007	22/12/2019
Alex525	301360646	YC56238		AlexcoKenoHillMiningCorp.100%	12/06/2007	22/06/2007	22/12/2019
Alex526	301495674	YC56239		AlexcoKenoHillMiningCorp.100%	11/06/2007	22/06/2007	22/12/2019
Alex527	301495673	YC56240		AlexcoKenoHillMiningCorp.100%	11/06/2007	22/06/2007	22/12/2019
Alex528	301464865	YC56241		AlexcoKenoHillMiningCorp.100%	11/06/2007	22/06/2007	22/12/2019
Alex529	301389488	YC56242		AlexcoKenoHillMiningCorp.100%	11/06/2007	22/06/2007	22/12/2019
Alex53	301427518	YC48184		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex530	301325166	YC56243		AlexcoKenoHillMiningCorp.100%	11/06/2007	22/06/2007	22/12/2019
Alex531	301492294	YC56244		AlexcoKenoHillMiningCorp.100%	11/06/2007	22/06/2007	22/12/2019
Alex532	301386881	YC56245		AlexcoKenoHillMiningCorp.100%	11/06/2007	22/06/2007	22/12/2019
Alex533	301445396	YC56246		AlexcoKenoHillMiningCorp.100%	11/06/2007	22/06/2007	22/12/2019
Alex534	301489063	YC56247		AlexcoKenoHillMiningCorp.100%	11/06/2007	22/06/2007	22/12/2019
Alex535	301512411	YC56248		AlexcoKenoHillMiningCorp.100%	11/06/2007	22/06/2007	22/12/2019
Alex536	301545865	YC56249		AlexcoKenoHillMiningCorp.100%	11/06/2007	22/06/2007	22/12/2019
Alex537	301545863	YC56250		AlexcoKenoHillMiningCorp.100%	11/06/2007	22/06/2007	22/12/2019
Alex538	301343684	YC56251		AlexcoKenoHillMiningCorp.100%	11/06/2007	22/06/2007	22/12/2019
Alex539	301582319	YC56252		AlexcoKenoHillMiningCorp.100%	11/06/2007	22/06/2007	22/12/2019
Alex54	301418200	YC48185		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex540	301365554	YC56253		AlexcoKenoHillMiningCorp.100%	11/06/2007	22/06/2007	22/12/2019
Alex541	301437614	YC56254		AlexcoKenoHillMiningCorp.100%	11/06/2007	22/06/2007	22/12/2019
Alex542	301341015	YC56255		AlexcoKenoHillMiningCorp.100%	11/06/2007	22/06/2007	22/12/2019
Alex543	301430964	YC56256		AlexcoKenoHillMiningCorp.100%	11/06/2007	22/06/2007	22/12/2019
Alex544	301549583	YC56257		AlexcoKenoHillMiningCorp.100%	11/06/2007	22/06/2007	22/12/2019

ClaimName	Quartz	Grant	Lease	Owner	Staking Date	Recorded Date	Expiry Date
	Claim	Number	Number
Alex545	301359969	YC56258		AlexcoKenoHillMiningCorp.100%	11/06/2007	22/06/2007	22/12/2019
Alex546	301399033	YC56259		AlexcoKenoHillMiningCorp.100%	11/06/2007	22/06/2007	22/12/2019
Alex547	301399035	YC56260		AlexcoKenoHillMiningCorp.100%	11/06/2007	22/06/2007	22/12/2019
Alex548	301437009	YC56261		AlexcoKenoHillMiningCorp.100%	11/06/2007	22/06/2007	22/12/2019
Alex549	301379590	YC56262		AlexcoKenoHillMiningCorp.100%	11/06/2007	22/06/2007	22/12/2019
Alex55	301306449	YC48186		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex550	301400083	YC56263		AlexcoKeno HillMiningCorp.100%	11/06/2007	22/06/2007	22/12/2019
Alex551	301487573	YC56264		AlexcoKenoHillMiningCorp.100%	11/06/2007	22/06/2007	22/12/2019
Alex552	301510547	YC56265		AlexcoKenoHillMiningCorp.100%	12/06/2007	22/06/2007	22/12/2019
Alex553	301308476	YC56266		AlexcoKenoHillMiningCorp.100%	11/06/2007	22/06/2007	22/12/2019
Alex554	301387824	YC56267		AlexcoKenoHillMiningCorp.100%	12/06/2007	22/06/2007	22/12/2019
Alex556	301573649	YC56268		AlexcoKenoHillMiningCorp.100%	12/06/2007	22/06/2007	22/12/2019
Alex558	301322104	YC56269		AlexcoKenoHillMiningCorp.100%	12/06/2007	22/06/2007	22/12/2019
Alex56	301365929	YC48187		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex 560	301322094	YC56270		AlexcoKenoHillMiningCorp.100%	22/06/2007	22/06/2007	22/12/2019
Alex562	301420708	YC56271		AlexcoKenoHillMiningCorp.100%	12/06/2007	22/06/2007	22/12/2019
Alex564	301442770	YC56272		AlexcoKenoHillMiningCorp.100%	10/06/2007	22/06/2007	22/12/2019
Alex565	301427349	YC56273		AlexcoKenoHillMiningCorp.100%	10/06/2007	13/06/2007	13/12/2019
Alex57	301416541	YC48188		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex58	301471301	YC48189		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex59	301471300	YC48190		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex6	301483564	YC48137		AlexcoKenoHillMiningCorp. 100%	20/05/2006	02/06/2006	31/12/2019
Alex60	301385242	YC48191		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex601	301366499	YC56874		AlexcoKenoHillMiningCorp.100%	14/07/2007	24/07/2007	31/12/2016
Alex602	301515774	YC56875		AlexcoKenoHillMiningCorp.100%	14/07/2007	24/07/2007	31/12/2016
Alex603	301310894	YC56876		AlexcoKenoHillMiningCorp.100%	14/07/2007	24/07/2007	31/12/2016
Alex604	301419750	YC56877		AlexcoKenoHillMiningCorp.100%	14/07/2007	24/07/2007	31/12/2016
Alex605	301593789	YC56878		AlexcoKenoHillMiningCorp.100%	14/07/2007	24/07/2007	31/12/2016
Alex606	301461362	YC56879		AlexcoKenoHillMiningCorp.100%	14/07/2007	24/07/2007	31/12/2016
Alex61	301420296	YC48192		AlexcoKenoHillMining Corp.100%	20/05/2006	02/06/2006	31/12/2019
Alex62	301336387	YC48193		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex63	301394570	YC48194		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex64	301576551	YC48195		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex65	301353779	YC48196		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex66	301541186	YC48197		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex67	301585483	YC48198		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex68	301551889	YC48199		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex69	301471302	YC48200		AlexcoKeno HillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex7	301553022	YC48138		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex70	301385244	YC48201		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex71	301420297	YC48202		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex72	301336384	YC48203		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex73	301394569	YC48204		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex74	301576552	YC48205		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex75	301353780	YC48206		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex76	301541185	YC48207		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex77	301585486	YC48208		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex78	301551888	YC48209		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex79	301551890	YC48210		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex8	301364142	YC48139		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex80	301377257	YC48211		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex81	301296086	YC48212		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex82	301434923	YC48213		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex83	301408499	YC48214		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex84	301568052	YC48215		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex85	301416469	YC48216		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex86	301593952	YC48217		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex87	301473673	YC48218		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex88	301356680	YC48219		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex89	301356679	YC48220		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex9	301364140	YC48140		AlexcoKenoHillMiningCorp.100%	20/05/2006	02/06/2006	31/12/2019
Alex90	301483395	YC48221		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex91	301396181	YC48222		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex92	301545716	YC48223		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex93	301450552	YC48224		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex94	301424094	YC48225		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex95	301363148	YC48226		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex96	301426341	YC48227		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020

ClaimName	Quartz	Grant	Lease	Owner	Staking Date	Recorded Date	Expiry Date
	Claim	Number	Number
Alex97	301483143	YC48228		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex98	301400925	YC48229		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
Alex99	301400927	YC48230		AlexcoKenoHillMiningCorp.100%	22/05/2006	22/05/2006	31/12/2020
ALICE	301293450	55573	NM00276	ElsaRecl amation&DevelopmentCompanyLtd. 100%	25/10/1946	17/02/1947	18/04/2024
ALICE	301492958	59013	NM00070	ElsaRecl amation&DevelopmentCompanyLtd. 100%	28/08/1948	01/09/1948	08/08/2021
ALICE1	301370765	62317	NM00470	ElsaRecl amation&DevelopmentCompanyLtd. 100%	25/07/1953	05/08/1953	26/11/2025
ALICE2	301431044	62318	NM00471	ElsaReclamation&DevelopmentCompanyLtd. 100%	25/07/1953	05/08/1953	26/11/2025
ALLA4	301485411	YB29727		ElsaRecl amation&DevelopmentCompanyLtd. 100%	15/03/1993	19/03/1993	31/12/2021
ALLA5	301506932	YB29728		ElsaRecl amation&DevelopmentCompanyLtd. 100%	16/03/1993	19/03/1993	31/12/2021
ALLA6	301377164	YB29729		ElsaRecl amation&DevelopmentCompanyLtd. 100%	16/03/1993	19/03/1993	31/12/2021
ANDY	301297778	81223	NM00651	ElsaRecl amation&DevelopmentCompanyLtd. 100%	21/06/1962	26/06/1962	12/03/2031
ANEROID	301507869	13108	NM00058	ElsaRecl amation&DevelopmentCompanyLtd. 100%	27/04/1920	10/06/1920	18/07/2021
ANTHONY	301354042	12909	NM00642	ElsaRecl amation&DevelopmentCompanyLtd. 100%	13/10/1919	17/12/1919	24/03/2030
APEXFR.	301405479	56443	OM00022	ElsaRecl amation&DevelopmentCompanyLtd. 100%	11/07/1947	15/ 07/1947	15/12/2017
APOLLO	301392671	55476	OM00014	ElsaRecl amation&DevelopmentCompanyLtd. 100%	31/08/1946	23/01/1947	15/12/2017
ARCTIC	301532178	14089	4088	ElsaRecl amation&DevelopmentCompanyLtd. 100%	03/05/1921	26/07/1921	19/12/2014
ARDELLE	301303309	16589	NM00351	ElsaRecl amation&DevelopmentCompanyLtd. 100%	12/06/1925	23/07/1925	30/03/2025
ARETHUSA	301423641	55474	OM00016	ElsaRecl amation&DevelopmentCompanyLtd. 100%	31/08/1946	23/01/1947	15/12/2017
ARGENTUM	301296081	16393	NM00174	NoraEthelSwenson50%,ElsaRecl amation&	02/02/1928	25/02/1928	16/11/2022
				DevelopmentCompanyLtd.50%
ARIZONA	301409963	16561	4126	ElsaRecl amation&DevelopmentCompanyLtd. 100%	02/06/1925	30/06/1925	27/01/2016
ARNOLD	301309921	14225	NM00134	ElsaRecl amation &DevelopmentCompanyLtd. 100%	18/07/1921	24/ 09/1921	07/05/2022
ARTEMIS	301416698	55475	OM00015	ElsaRecl amation&DevelopmentCompanyLtd. 100%	31/08/1946	23/01/1947	15/12/2017
ASTORIA	301311681	38819	NM00163	ElsaRecl amation&DevelopmentCompanyLtd. 100%	28/10/1934	19/11/1934	12/06/2022
ATLANTIC	301552570	14998	4094	ElsaRecl amation&DevelopmentCompanyLtd. 100%	18/06/1924	14/07/1924	29/01/2015
AUGUST	301506607	38687	OM00036	ElsaRecl amation&DevelopmentCompanyLtd. 100%	13/08/1930	16/09/1930	18/08/2018
B&H	301470817	62200	NM00370	ElsaRecl amation&DevelopmentCompanyLtd. 100%	25/07/1952	04/08/1952	30/04/2025
BALTO	301421831	55429	NM00533	AlexcoKenoHillMiningCorp.100%	25/05/1946	06/06/1946	02/11/2027
BANKER	301406372	59373	NM00195	ElsaRecl amation&DevelopmentCompanyLtd. 100%	28/07/1949	29/07/1949	16/06/2023
BANKER1	301368511	59374	NM00196	ElsaRecl amation&DevelopmentCompanyLtd. 100%	28/07/1949	29/07/1949	16/06/2023
BANKER2	301417726	59375	NM00197	ElsaRecl amation&DevelopmentCompanyLtd. 100%	28/07/1949	29/07/1949	16/06/2023
BANKER3	301464972	59376	NM00198	ElsaRecl amation&DevelopmentCompanyLtd. 100%	28/07/1949	29/07/1949	16/06/2023
BarbOne	301356592	YB43712		ElsaRecl amation&DevelopmentCompanyLtd. 100%	12/10/1994	12/10/1994	31/12/2020
BARKERJr	301340915	14446	NM00061	ElsaRecl amation&DevelopmentCompanyLtd. 100%	13/10/1921	01/12/1921	24/07/2021
BARKY	301546608	55569	NM00014	ElsaRecl amation&DevelopmentCompanyLtd. 100%	24/10/1946	17/02/1947	27/07/2019
BEAR	301523038	15306	NM00097	ElsaRecl amation&DevelopmentCompanyLtd. 100%	27/10/1928	29/11/1928	26/08/2021
BEE	301436712	55048	NM00109	ElsaRecl amation&DevelopmentCompanyLtd. 100%	01/10/1937	29/10/1937	28/08/2021
BELLYORK	301471863	14826		ElsaRecl amation&DevelopmentCompanyLtd. 100%	04/06/1923	09/07/1923	31/12/2017
BEN	301462927	59518	NM00005	ElsaRecl amation&DevelopmentCompanyLtd. 100%	01/11/1949	01/11/1949	27/07/2019
BERRHOME	301494248	59474	NM00098	ElsaRecl amation&DevelopmentCompanyLtd. 100%	31/08/1949	03/09/1949	26/08/2021
BERRMAC1	301562605	59121	NM00138	ElsaRecl amation&DevelopmentCompanyLtd. 100%	04/11/1948	10/11/1948	07/05/2022
BERRMAC2	301341070	59122	NM00139	ElsaRecl amation&DevelopmentCompanyLtd. 100%	04/11/1948	10/11/1948	07/05/2022
BERRMAC3	301371334	59123	NM00140	ElsaRecl amation&DevelopmentCompanyLtd. 100%	04/11/1948	10/11/1948	07/05/2022
BERRMAC4	301472704	59124	NM00141	ElsaRecl amation&DevelopmentCompanyLtd. 100%	04/11/1948	10/11/1948	07/05/2022
BERRNAT	301398777	59476	NM00143	ElsaRecl amation&DevelopmentCompanyLtd. 100%	31/08/1949	03/09/1949	07/05/2022
BES	301441783	56533	NM00436	ElsaRecl amation&DevelopmentCompanyLtd. 100%	09/06/1948	23/06/1948	26/11/2025
BETS	301363768	59342	NM00018	ElsaRecl amation&DevelopmentCompanyLtd. 100%	14/07/1949	19/07/1949	27/07/2019
BETTY	301481399	56524	NM00062	ElsaRecl amation&DevelopmentCompanyLtd. 100%	05/06/1948	11/06/1948	24/07/2021
BILLYS	301370973	38831	NM00164	ElsaRecl amation&DevelopmentCompanyLtd. 100%	25/04/1935	15/05/1935	12/06/2022
BINGO	301477894	55371	NM00365	ElsaRecl amation&DevelopmentCompanyLtd. 100%	20/07/1945	25/10/1945	30/04/2025
BIRMINGHAM	301310522	14084	4096	ElsaRecl amation&DevelopmentCompany Ltd.100%	03/05/1921	25/07/1921	15/01/2015
BLACKCAP	301316283	12869	NM00175	ElsaRecl amation&DevelopmentCompanyLtd. 100%	27/09/1919	12/11/1919	19/11/2022
BLACKMAGGI E	301465651	13480	4161	ElsaRecl amation&DevelopmentCompanyLtd. 100%	13/08/1920	13/10/1920	03/09/2016
BLOOD	301310888	62272	NM00344	ElsaRecl amation&DevelopmentCompanyLtd. 100%	13/09/1952	17/09/1952	15/02/2025
Blue	301295084	YC01993		AlexcoExplorationCa nadaCorp. 100%	09/09/1999	10/09/1999	31/12/2017
BLUEBELL	301353476	13143	NM00617	ElsaRecl amation&DevelopmentCompanyLtd. 100%	07/05/1920	16/06/1920	31/01/2030
BLUEBIRD	301569229	59160	NM00015	ElsaRecl amation&DevelopmentCompanyLtd. 100%	11/11/1948	22/11/1948	27/07/2019
BLUEFOX10	301416424	59366	NM00209	ElsaRecl amation&DevelopmentCompanyLtd. 100%	15/07/1949	19/07/1949	20/07/2023
BLUEFOX2	301377372	59343	NM00202	ElsaRecl amation&DevelopmentCompanyLtd. 100%	15/07/1949	19/07/1949	27/07/2023
BLUEFOX3	301363053	59359	NM00201	ElsaRecl amation&DevelopmentCompanyLtd. 100%	15/07/1949	19/07/1949	27/07/2023
BLUEFOX4	301363054	59360	NM00203	ElsaRecl amation&DevelopmentCompanyLtd. 100%	15/07/1949	19/07/1949	20/07/2023
BLUEFOX5	301551598	59361	NM00204	ElsaRecl amation&DevelopmentCompanyLtd. 100%	15/07/1949	19/07/1949	20/07/2023
BLUEFOX6	301513722	59362	NM00205	ElsaRecl amation&DevelopmentCompanyLtd. 100%	15/07/1949	19/07/1949	20/07/2023
BLUEFOX7	301347490	59363	NM00206	ElsaRecl amation&DevelopmentCompany Ltd.100%	15/07/1949	19/07/1949	20/07/2023
BLUEFOX8	301362720	59364	NM00207	ElsaRecl amation&DevelopmentCompanyLtd. 100%	15/07/1949	19/07/1949	20/07/2023
BLUEFOX9	301496174	59365	NM00208	ElsaRecl amation&DevelopmentCompanyLtd. 100%	15/07/1949	19/07/1949	20/07/2023
BlueFr.2	301320061	YC90545		AlexcoExplorationCa nadaCorp. 100%	17/09/2011	20/09/2011	31/12/2016
BlueFr.3	301492119	YC90546		AlexcoExplorationCa nadaCorp. 100%	17/09/2011	20/09/2011	31/12/2016

ClaimName	Quartz	Grant	Lease	Owner	Staking Date	Recorded Date	Expiry Date
	Claim	Number	Number
BLUEROCK	301303615	13122	NM00044	ElsaRecl amation&DevelopmentCompanyLtd. 100%	28/04/1920	12/06/1920	14/11/2020
BLUESTONE	301478360	13151	NM00636	ElsaRecl amation&DevelopmentCompanyLtd. 100%	07/05/1920	16/06/1920	31/12/2029
BLUEFOX1	301320168	59351	NM00210	ElsaReclamation&DevelopmentCompanyLtd. 100%	15/07/1949	19/07/1949	27/07/2023
BOB	301317841	59543	NM00189	ElsaRecl amation&DevelopmentCompanyLtd. 100%	14/04/1950	01/05/1950	09/02/2023
BOB	301469174	55394		ElsaRecl amation&DevelopmentCompanyLtd. 100%	07/02/1946	05/03/1946	31/12/2017
BOBBIE10	301506665	59494	NM00192	ElsaRecl amation&Development CompanyLtd.100%	03/09/1949	06/09/1949	12/02/2023
BOBBIE2	301549441	59486	NM00456	ElsaRecl amation&DevelopmentCompanyLtd. 100%	03/09/1949	06/09/1949	26/11/2025
BOBBIE3	301340745	59487	NM00457	ElsaRecl amation&DevelopmentCompanyLtd. 100%	03/09/1949	06/09/1949	26/11/2025
BOBBIE4	301480163	59488	NM00458	ElsaRecl amation&DevelopmentCompanyLtd. 100%	03/09/1949	06/09/1949	26/11/2025
BOBBIE7	301359405	59491	NM00190	ElsaRecl amation&DevelopmentCompanyLtd. 100%	03/09/1949	06/09/1949	12/02/2023
BOBBIE9	301404292	59493	NM00191	ElsaRecl amation&DevelopmentCompanyLtd. 100%	03/09/1949	06/09/1949	12/02/2023
BOKA	301476454	55365	NM00275	ElsaRecl amation&DevelopmentCompanyLtd. 100%	08/07/1945	25/10/1945	18/04/2024
BOYLE	301367376	59026	NM00064	ElsaRecl amation&Development CompanyLtd.100%	11/09/1948	13/09/1948	24/07/2021
BOYLE	301495251	15250	NM00063	ElsaRecl amation&DevelopmentCompanyLtd. 100%	15/07/1928	06/08/1928	24/07/2021
BRIDGETTE	301495253	15249	NM00242	ElsaRecl amation&DevelopmentCompanyLtd. 100%	15/07/1928	06/08/1928	28/02/2024
BRISTOL	301469791	59316	NM00287	ElsaRecl amation&DevelopmentCompanyLtd. 100%	11/07/1949	19/07/1949	27/06/2024
BRITANNIA	301378057	12988	NM00274	ElsaRecl amation&DevelopmentCompanyLtd. 100%	10/03/1920	09/04/1920	18/04/2024
BUCK	301357367	62152	NM00319	ElsaRecl amation&DevelopmentCompanyLtd. 100%	14/06/1952	02/07/1952	01/02/2025
BUCKEYE	301370540	59041	NM00171	ElsaRecl amation&DevelopmentCompanyLtd. 100%	20/09/1948	21/09/1948	12/06/2022
BUCKO	301568363	59795	NM00572	ElsaRecl amation&DevelopmentCompanyLtd. 100%	29/09/1950	02/10/1950	02/11/2027
BUCONJO1	301416752	55504	NM00302	ElsaRecl amation&DevelopmentCompanyLtd. 100%	14/09/1946	01/ 02/1947	31/01/2025
BUCONJO10	301548045	55513	NM00311	ElsaRecl amation&DevelopmentCompanyLtd. 100%	15/09/1946	03/02/1947	31/01/2025
BUCONJO11	301495692	55514	NM00312	ElsaRecl amation&DevelopmentCompanyLtd. 100%	15/09/1946	03/02/1947	31/01/2025
BUCONJO12	301299426	55515	NM00313	ElsaRecl amation&DevelopmentCompanyLtd. 100%	19/09/1946	03/02/1947	31/01/2025
BUCONJO13	301395565	55516	NM00314	ElsaRecl amation&DevelopmentCompanyLtd. 100%	19/09/1946	03/02/1947	31/01/2025
BUCONJO14	301537659	55517	NM00315	ElsaRecl amation&DevelopmentCompanyLtd. 100%	24/09/1946	03/02/1947	31/01/2025
BUCONJO15	301422752	55518	NM00316	ElsaRecl amation&DevelopmentCompanyLtd. 100%	19/09/1946	03/02/1947	31/01/2025
BUCONJO16	301561188	62154	NM00317	ElsaRecl amation&DevelopmentCompanyLtd. 100%	16/06/1952	02/07/1952	31/01/2025
BUCONJO2	301295001	55505	NM00303	ElsaRecl amation&DevelopmentCompanyLtd. 100%	14/09/1946	01/02/1947	31/01/2025
BUCONJO3	301462291	55506	NM00304	ElsaRecl amation&DevelopmentCompanyLtd. 100%	14/09/1946	01/02/1947	31/01/2025
BUCONJO4	301363770	55507	NM00305	ElsaRecl amation&DevelopmentCompanyLtd. 100%	14/09/1946	01/02/1947	31/01/2025
BUCONJO5	301449201	55508	NM00306	ElsaRecl amation&DevelopmentCompanyLtd. 100%	14/09/1946	01/02/1947	31/01/2025
BUCONJO6	301485512	55509	NM00307	ElsaRecl amation&DevelopmentCompanyLtd. 100%	14/09/1946	01/02/1947	31/01/2025
BUCONJO7	301485510	55510	NM00308	ElsaRecl amation&DevelopmentCompanyLtd. 100%	14/09/1904	01/02/1947	31/01/2025
BUCONJO8	301549642	55511	NM00309	ElsaRecl amation&DevelopmentCompanyLtd. 100%	15/09/1946	03/02/1947	31/01/2025
BUCONJO9	301511468	55512	NM00310	ElsaRecl amation&DevelopmentCompanyLtd. 100%	15/09/1946	03/02/1947	31/01/2025
BUCONJOFRACTIO	301297467	55503	NM00301	ElsaRecl amation&DevelopmentCompanyLtd. 100%	14/09/1946	01/02/1947	31/01/2025
BUDDY	301295904	14884	NM00065	ElsaRecl amation&DevelopmentCompanyLtd. 100%	02/09/1923	22/10/1923	24/07/2021
BULLFROG	301337568	13454	4261	ElsaRecl amation&DevelopmentCompanyLtd. 100%	29/07/1920	02/10/1920	30/03/2017
Bulldozer1	301478939	YA39498		ElsaRecl amation&DevelopmentCompanyLtd. 100%	03/04/1979	04/04/1979	31/12/2021
BULLDOZERF2	301311688	YC90503		AlexcoExplorationCa nadaCorp. 100%	26/08/2012	27/08/2012	31/12/2021
Bunk	301439879	83133	NM00656	ElsaRecl amation&DevelopmentCompanyLtd. 100%	12/08/1963	13/08/1963	12/03/2031
BUNKER	301470384	59534	NM00543	AlexcoKenoHillMiningCorp.100%	18/03/1950	01/04/1950	02/11/2027
BUNKERNO.1	301566195	59535	NM00544	AlexcoKenoHillMinin gCorp.100%	18/03/ 1950	01/04/1950	02/11/2027
BUNNY	301429339	13058	NM00035	ElsaRecl amation&DevelopmentCompanyLtd. 100%	03/04/1920	11/05/1920	25/04/2020
BUNNY	301489518	16166	NM00084	ElsaRecl amation&DevelopmentCompanyLtd. 100%	08/06/1926	12/07/1926	20/08/2021
BUNT	301317574	59542	NM00186	ElsaRecl amation&DevelopmentCompanyLtd. 100%	14/04/1950	01/05/1950	09/02/2023
BUSH	301550442	14445	NM00099	ElsaRecl amation&DevelopmentCompanyLtd. 100%	11/10/1921	01/12/1921	26/08/2021
CACHI1	301322042	59420	NM00100	ElsaRecl amation&DevelopmentCompanyLtd. 100%	27/07/1949	10/08/1949	26/08/2021
CACHI2	301320921	59421	NM00101	ElsaRecl amation&DevelopmentCompanyLtd. 100%	27/07/1949	10/08/1949	26/08/2021
CACHI3	301319191	59422	NM00102	ElsaRecl amation&DevelopmentCompanyLtd. 100%	27/07/1949	10/08/1949	26/08/2021
CAIN	301456212	55587	NM00294	AlexcoKenoHillMiningCorp.100%	08/10/1946	28/03/1947	23/02/2025
CAKE	301515955	62341	NM00288	ElsaRecl amation&DevelopmentCompanyLtd. 100%	11/11/1953	20/11/1953	27/06/2024
CALF	301355065	62282	NM00280	ElsaRecl amation&DevelopmentCompanyLtd. 100%	21/09/1952	02/10/1952	18/04/2024
CALUMET1	301491524	13114	NM00290	ElsaRecl amation&DevelopmentCompanyLtd. 100%	27/04/1920	11/06/1920	15/08/2024
CALUMET2	301341510	15319	NM00243	ElsaRecl amation&DevelopmentCompany Ltd.100%	01/03/1929	27/03/1929	28/02/2024
CAMARRILA	301593289	59249	NM00268	ElsaRecl amation&DevelopmentCompanyLtd. 100%	28/05/1949	31/05/1949	18/01/2024
CAMEO	301366749	59248	NM00267	ElsaRecl amation&DevelopmentCompanyLtd. 100%	28/05/1949	31/05/1949	18/01/2024
CAMOROTE	301540294	13175	NM00666	ElsaRecl amation&DevelopmentCompanyLtd. 100%	05/05/1920	19/06/1920	31/10/2033
CANADA	301469698	55484	NM00135	ElsaRecl amation&DevelopmentCompanyLtd. 100%	26/08/1946	24/01/1947	07/05/2022
CANADIAN	301313566	12970	NM00041	ElsaRecl amation&DevelopmentCompanyLtd. 100%	19/09/1919	04/03/1920	14/08/2020
CAPSTAN	301593290	59250	NM00269	ElsaRecl amation&DevelopmentCompanyLtd. 100%	28/05/1949	31/05/1949	18/01/2024
CARIBOU	301584734	12878	NM00021	ElsaRecl amation&DevelopmentCompanyLtd. 100%	06/09/1919	26/11/1919	14/09/2019
Carol	301533659	81152		AlexcoKenoHill MiningCorp.100%	29/05/1962	04/06/1962	31/12/2019
Carol1	301493768	80239		AlexcoKenoHillMiningCorp.100%	08/10/1957	16/10/1957	31/12/2019
Carol2	301493766	80240		AlexcoKenoHillMiningCorp.100%	08/10/1957	16/10/1957	31/12/2019
Carol3	301532633	80241		AlexcoKenoHillMiningCorp.100%	08/10/1957	16/10/1957	31/12/2019
Carol4	301553430	80242		AlexcoKenoHillMiningCorp.100%	08/10/1957	16/10/1957	31/12/2019

ClaimName	Quartz	Grant	Lease	Owner	Staking Date	Recorded Date	Expiry Date
	Claim	Number	Number
Carol5	301548858	80348		AlexcoKenoHillMiningCorp.100%	26/06/1959	02/07/1959	31/12/2019
Case1	301427365	Y68414		ElsaRecl amation&DevelopmentCompanyLtd. 100%	03/08/1972	17/08/1972	31/12/2020
Case2	301587203	Y68415		ElsaRecl amation&DevelopmentCompanyLtd. 100%	03/08/1972	17/08/1972	31/12/2020
Case3	301358711	Y68416		ElsaRecl amation&DevelopmentCompanyLtd. 100%	07/08/1972	17/08/1972	31/12/2020
CAT	301562313	62236	NM00403	ElsaRecl amation&DevelopmentCompanyLtd. 100%	25/08/1952	27/08/1952	12/06/2025
CATHY	301415454	81226	NM00653	ElsaRecl amation& DevelopmentCompanyLtd. 100%	20/06/1962	26/06/1962	12/03/2031
CATHYFRACTION	301549208	83012	NM00594	ElsaRecl amation&DevelopmentCompanyLtd. 100%	29/06/1963	09/07/1963	02/11/2027
CHANCE	301292670	38779	NM00665	ElsaRecl amation&DevelopmentCompanyLtd. 100%	29/03/1934	18/04/1934	17/06/2033
CHANCE	301575827	55120	OM00020	ElsaRecl amation&DevelopmentCompanyLtd. 100%	05/11/1938	28/11/1938	15/12/2017
CHARITY	301402158	59796	NM00573	ElsaRecl amation&DevelopmentCompanyLtd. 100%	29/09/1950	02/10/1950	02/11/2027
CHIEF	301441641	13089	OM00039	ElsaRecl amation&DevelopmentCompanyLtd. 100%	16/04/1920	08/06/1920	18/08/2018
CHIEF2	301378056	13088	OM00038	ElsaRecl amation&DevelopmentCompanyLtd. 100%	16/04/1920	08/06/1920	18/08/2018
CHIEF3	301485129	13092	NM00103	ElsaRecl amation&DevelopmentCompany Ltd.100%	18/04/1920	08/06/1920	26/08/2021
CHIEF4	301509937	13093	NM00627	ElsaRecl amation&DevelopmentCompanyLtd. 100%	18/04/1920	09/06/1920	06/12/2029
Chiko1	301540633	YC02670		AlexcoKenoHillMiningCorp.100%	12/10/2000	27/10/2000	31/12/2018
Chiko10	301457003	YC02679		AlexcoKenoHillMiningCorp.100%	14/10/2000	27/10/2000	31/12/2018
Chiko2	301535189	YC02671		AlexcoKenoHillMiningCorp.100%	12/10/2000	27/10/2000	31/12/2018
Chiko3	301494909	YC02672		AlexcoKenoHillMiningCorp.100%	12/10/2000	27/10/2000	31/12/2018
Chiko4	301463080	YC02673		AlexcoKenoHillMiningCorp.100%	12/10/2000	27/10/2000	31/12/2018
Chiko5	301308862	YC02674		AlexcoKenoHillMiningCorp.100%	12/10/2000	27/10/2000	31/12/2018
Chiko6	301439320	YC02675		AlexcoKeno HillMiningCorp.100%	12/10/2000	27/10/2000	31/12/2018
Chiko7	301413480	YC02676		AlexcoKenoHillMiningCorp.100%	14/10/2000	27/10/2000	31/12/2018
Chiko8	301361259	YC02677		AlexcoKenoHillMiningCorp.100%	14/10/2000	27/10/2000	31/12/2018
ChikoFr.9	301394927	YC02678		AlexcoKenoHillMiningCorp.100%	14/10/2000	27/10/2000	31/12/2018
CITY	301321397	62284	NM00467	ElsaRecl amation&DevelopmentCompanyLtd. 100%	27/09/1952	02/10/1952	26/11/2025
CLIMBEAGLE	301345408	59475	NM00104	ElsaRecl amation&DevelopmentCompanyLtd. 100%	31/08/1949	03/09/1949	26/08/2021
CLIMBER	301538880	59120	NM00105	ElsaRecl amation&DevelopmentCompanyLtd. 100%	04/11/1948	10/11/1948	26/08/2021
CLOSURE	301566811	80358	NM00580	ElsaRecl amation&DevelopmentCompanyLtd. 100%	09/07/1959	21/07/1959	02/11/2027
COMPLEX	301438221	55421	NM00023	ElsaRecl amation&DevelopmentCompanyLtd. 100%	25/05/1946	16/08/1946	28/08/2019
CON	301396075	62153	NM00320	ElsaRecl amation&DevelopmentCompanyLtd. 100%	14/06/1952	02/07/1952	01/02/2025
CORA	301327616	55480	NM00031	ElsaRecl amation&DevelopmentCompanyLtd. 100%	26/08/1946	24/01/1947	11/02/2020
CORA	301578106	56473	NM00601	ElsaRecl amation&DevelopmentCompanyLtd. 100%	11/08/1947	25/08/1947	22/07/2028
CORA2	301401195	56574	NM00162	ElsaRecl amation&DevelopmentCompanyLtd. 100%	09/07/1948	21/07/1948	02/06/2022
CORAFr2	301536926	59765	NM00055	ElsaRecl amation&DevelopmentCompanyLtd. 100%	23/09/1950	27/09/1950	17/06/2021
CORAL	301347307	14094	NM00363	ElsaRecl amation&DevelopmentCompanyLtd. 100%	04/05/1921	26/07/1921	30/04/2025
CROESUS	301390769	55420	NM00564	ElsaRecl amation &DevelopmentCompanyLtd. 100%	22/05/1946	27/ 05/1946	02/11/2027
CUB	301575416	13418	NM00372	ElsaRecl amation&DevelopmentCompanyLtd. 100%	26/07/1920	25/09/1920	10/05/2025
D.C.	301457641	59005	NM00509	ElsaRecl amation&DevelopmentCompanyLtd. 100%	11/08/1948	26/08/1948	01/11/2026
DAISYFRACTION	301307131	59645	NM00545	AlexcoKenoHillMiningCorp.100%	15/07/1950	22/07/1950	02/11/2027
DARWIN	301516147	14883	4091	ElsaRecl amation&DevelopmentCompanyLtd. 100%	16/09/1923	18/10/1923	28/01/2015
DAVID	301410790	16097	NM00531	AlexcoKenoHillMiningCorp.100%	14/11/1925	08/12/1925	02/11/2027
DAWSON	301587609	62367	NM00472	ElsaRecl amation&DevelopmentCompanyLtd. 100%	19/06/1954	21/06/1954	26/11/2025
DECHUCK	301544131	59367	NM00176	ElsaRecl amation&DevelopmentCompanyLtd. 100%	21/07/1949	25/07/1949	19/11/2022
DELIA	301389044	55315	NM00046	ElsaRecl amation&DevelopmentCompanyLtd. 100%	22/09/1944	19/02/1945	14/11/2020
DENTON	301506148	59253	NM00270	ElsaRecl amation&DevelopmentCompanyLtd. 100%	01/06/1949	03/06/1949	18/01/2024
DENVER	301485213	14846	4086	ElsaRecl amation&DevelopmentCompanyLtd. 100%	17/07/1923	11/08/1923	14/10/2014
DEVON	301406304	55577	NM00277	ElsaRecl amation&DevelopmentCompanyLtd. 100%	19/09/1946	20/03/1947	18/04/2024
Dice1	301391229	YA40163		ElsaRecl amation&DevelopmentCompanyLtd. 100%	14/06/1979	29/06/1979	29/12/2018
Dice11	301366865	YA40173		ElsaRecl amation&DevelopmentCompanyLtd. 100%	15/06/1979	29/06/1979	29/12/2018
Dice12	301321292	YA40174		ElsaRecl amation&DevelopmentCompanyLtd. 100%	15/06/1979	29/06/1979	29/12/2018
Dice13	301513251	YA40175		ElsaRecl amation&DevelopmentCompanyLtd. 100%	15/06/1979	29/ 06/1979	29/12/2018
Dice14	301453869	YA40176		ElsaRecl amation&DevelopmentCompanyLtd. 100%	15/06/1979	29/06/1979	29/12/2018
Dice2	301542163	YA40164		ElsaRecl amation&DevelopmentCompanyLtd. 100%	14/06/1979	29/06/1979	29/12/2018
Dice3	301372727	YA40165		ElsaRecl amation&DevelopmentCompanyLtd. 100%	14/06/1979	29/06/1979	29/12/2018
Dice4	301425666	YA40166		ElsaRecl amation&DevelopmentCompanyLtd. 100%	14/06/1979	29/06/1979	29/12/2018
Dice5	301578502	YA40167		ElsaRecl amation&DevelopmentCompanyLtd. 100%	14/06/1979	29/06/1979	29/12/2018
Dice6	301398402	YA40168		ElsaRecl amation&DevelopmentCompanyLtd. 100%	14/06/1979	29/06/1979	29/12/2018
Dice7	301505626	YA40169		ElsaRecl amation&DevelopmentCompanyLtd. 100%	14/06/1979	29/06/1979	29/12/2018
Dice8	301505627	YA40170		ElsaRecl amation&DevelopmentCompanyLtd. 100%	14/06/1979	29/06/1979	29/12/2018
Dice9	301466043	YA40171		ElsaRecl amation&DevelopmentCompanyLtd. 100%	15/06/1979	29/06/1979	29/12/2018
DIVIDE	301333402	55362	NM00430	ElsaRecl amation&DevelopmentCompanyLtd. 100%	08/07/1945	25/10/1945	26/11/2025
DIVORCE	301387999	62283	NM00466	ElsaRecl amation&DevelopmentCompanyLtd. 100%	21/09/1952	02/10/1952	26/11/2025
DIXIE	301379835	14903	4110	ElsaRecl amation&DevelopmentCompanyLtd. 100%	31/10/1923	21/11/1923	07/10/2015
DIXIE	301536650	55585	NM00567	ElsaRecl amation&DevelopmentCompanyLtd. 100%	10/11/1946	20/03/1947	02/11/2027
DOE	301380081	55333	OM00018	ElsaRecl amation& DevelopmentCompanyLtd. 100%	23/05/1945	16/ 10/1945	15/12/2017
DohFr.	301325277	YC57134		AlexcoExplorationCa nadaCorp. 100%	04/08/2007	21/08/2007	31/12/2018
DollyVarden	301298885	14228	4254	ElsaRecl amation&DevelopmentCompanyLtd. 100%	24/07/1921	24/09/1921	15/02/2017
DONFRACTION	301376886	61599	NM00550	AlexcoKenoHillMiningCorp.100%	23/05/1951	25/05/1951	02/11/2027

ClaimName	Quartz	Grant	Lease	Owner	Staking Date	Recorded Date	Expiry Date
	Claim	Number	Number
DONFRACTION	301520449	61733	NM00397	ElsaRecl amation&DevelopmentCompanyLtd. 100%	07/07/1951	19/07/1951	12/06/2025
DONNIE	301418995	16497	NM00669	ElsaRecl amation&DevelopmentCompanyLtd. 100%	20/07/1924	28/08/1924	24/11/2033
DONNIE	301590453	15393	NM00559	ElsaRecl amation&DevelopmentCompanyLtd. 100%	17/07/1929	26/08/1929	02/11/2027
DORA	301544534	59692	NM00200	AlexcoKenoHillMiningCorp.100%	11/09/1950	19/09/1950	29/07/2023
DOT	301465224	61021	NM00574	ElsaRecl amation&DevelopmentCompanyLtd. 100%	26/10/1950	27/10/1950	02/11/2027
DOUBT	301557333	62294	NM00404	ElsaRecl amation&DevelopmentCompanyLtd. 100%	04/10/1952	11/10/1952	12/06/2025
DOUG1	301541557	YB28942		AlexcoKeno HillMiningCorp.100%	31/08/1992	04/09/1992	31/12/2024
DOUG2	301353289	YB28943		AlexcoKenoHillMiningCorp.100%	31/08/1992	04/09/1992	31/12/2024
DOUG3	301526566	YB28944		AlexcoKenoHillMiningCorp.100%	31/08/1992	04/09/1992	31/12/2024
DOUG4	301510736	YB28945		AlexcoKenoHillMiningCorp.100%	31/08/1992	04/09/1992	31/12/2024
Doug5	301362307	YB28998		AlexcoKenoHillMiningCorp.100%	10/09/1992	25/09/1992	31/12/2024
Doug6	301526947	YB28999		AlexcoKenoHillMiningCorp.100%	10/09/1992	25/09/1992	31/12/2024
Doug7	301456954	YB29000		AlexcoKenoHillMiningCorp.100%	10/09/1992	25/09/1992	31/12/2024
Doug8	301296328	YB29001		AlexcoKenoHillMiningCorp.100%	10/09/1992	25/09/1992	31/12/2024
DOUG 9	301505702	YB29395		AlexcoKenoHillMiningCorp.100%	18/11/1992	18/11/1992	31/12/2024
DOUGLAS	301305128	55440	NM00431	ElsaRecl amation&DevelopmentCompanyLtd. 100%	01/07/1946	06/07/1946	26/11/2025
DRAKE	301364478	62268	NM00340	ElsaRecl amation&DevelopmentCompanyLtd. 100%	13/09/1952	17/09/1952	15/02/2025
DREADNAUGHT	301445577	14223	NM00071	ElsaRecl amation&DevelopmentCompanyLtd. 100%	17/07/1921	24/09/1921	08/08/2021
DUCE	301400920	62271	NM00343	ElsaRecl amation&DevelopmentCompanyLtd. 100%	13/09/1952	17/09/1952	15/02/2025
DUDE	301505862	59932	NM00548	AlexcoKenoHillMiningCorp.100%	05/10/1950	11/10/1950	02/11/2027
DUNCAN1	301591441	59468	NM00367	ElsaRecl amation&DevelopmentCompanyLtd. 100%	17/08/1949	19/08/1949	30/04/2025
DUNCAN2	301380076	59469	NM00368	ElsaRecl amation&DevelopmentCompany Ltd.100%	17/08/1949	19/08/1949	30/04/2025
DUNCAN3	301380077	59470	NM00369	ElsaRecl amation&DevelopmentCompanyLtd. 100%	17/08/1949	19/08/1949	30/04/2025
DuncanFr.4	301541674	YC90504		AlexcoExplorationCa nadaCorp. 100%	13/09/2013	13/09/2013	13/09/2014
DUPLEX	301485511	55499	NM00026	ElsaRecl amation&DevelopmentCompanyLtd. 100%	12/09/1946	01/02/1947	12/10/2019
EAGLE	301449451	16588	NM00350	ElsaRecl amation&DevelopmentCompanyLtd. 100%	12/06/1925	23/07/1925	30/03/2025
EDBO	301376500	61908	NM00462	ElsaRecl amation&DevelopmentCompanyLtd. 100%	07/08/1951	22/08/1951	26/11/2025
EDBO2	301495553	61909	NM00463	ElsaRecl amation&DevelopmentCompanyLtd. 100%	07/08/1951	22/08/1951	26/11/2025
EDITHCAVELL1	301313881	59478	NM00449	ElsaRecl amation&DevelopmentCompanyLtd. 100%	03/09/1949	06/09/1949	26/11/2025
EDITHCAVELL2	301519817	59479	NM00450	ElsaRecl amation&DevelopmentCompanyLtd. 100%	03/09/1949	06/09/1949	26/11/2025
EDITHCAVELL3	301519816	59480	NM00451	ElsaRecl amation&DevelopmentCompanyLtd. 100%	03/09/1949	06/09/1949	26/11/2025
EDITHCAVELL4	301484434	59481	NM00452	ElsaRecl amation&DevelopmentCompanyLtd. 100%	03/09/1949	06/09/1949	26/11/2025
EDITHCAVELL5	301462029	59482	NM00453	ElsaRecl amation&DevelopmentCompanyLtd. 100%	03/09/1949	06/09/1949	26/11/2025
EDITHCAVELL6	301326274	59483	NM00454	ElsaRecl amation&DevelopmentCompanyLtd. 100%	03/09/1949	06/09/1949	26/11/2025
EDITHCAVELL7	301479985	59484	NM00455	ElsaRecl amation&DevelopmentCompanyLtd. 100%	03/09/1949	06/09/1949	26/11/2025
EDITHCAVELL8	301348893	59485	NM00597	ElsaRecl amation&DevelopmentCompanyLtd. 100%	03/09/1949	06/09/1949	26/11/2027
EDITHCAVELL9	301473758	59670	NM00386	ElsaRecl amation&DevelopmentCompanyLtd. 100%	05/08/1950	16/08/1950	22/05/2025
EFFIE	301333785	16496	NM00085	ElsaRecl amation&DevelopmentCompanyLtd. 100%	04/08/1924	28/08/1924	20/08/2021
EILEEN	301445383	56591	NM00355	ElsaRecl amation&DevelopmentCompanyLtd. 100%	19/08/1948	20/08/1948	30/03/2025
EILEEN	301576492	59754	NM00020	ElsaRecl amation&DevelopmentCompanyLtd. 100%	24/09/1950	26/09/1950	27/07/2019
ELI	301426300	55319	NM00563	ElsaRecl amation&DevelopmentCompanyLtd. 100%	12/10/1944	19/02/1945	02/11/2027
ELI2	301322040	59419	NM00570	ElsaRecl amation&DevelopmentCompanyLtd. 100%	20/07/1949	08/08/1949	02/11/2027
ELINOR1	301426422	59296	NM00072	ElsaRecl amation&DevelopmentCompanyLtd. 100%	20/06/1949	30/06/1949	08/08/2021
ELINOR2	301541936	59302	NM00073	ElsaRecl amation&DevelopmentCompanyLtd. 100%	20/06/1949	30/06/1949	08/08/2021
ELINOR3	301391049	59297	NM00074	ElsaRecl amation&DevelopmentCompanyLtd. 100%	20/06/1949	30/06/1949	08/08/2021
ELINOR4	301570062	59298	NM00075	ElsaRecl amation&DevelopmentCompanyLtd. 100%	20/06/1949	30/06/1949	08/08/2021
ELSA	301299394	16523	4262	ElsaRecl amation&DevelopmentCompanyLtd. 100%	13/09/1924	11/10/1924	12/05/2017
ELSIEFRACTIONA	301406194	13169	OM00027	ElsaRecl amation&DevelopmentCompanyLtd. 100%	11/05/1920	18/06/1920	08/01/2018
ENDYMION	301487238	55473	OM00017	ElsaRecl amation&DevelopmentCompanyLtd. 100%	31/08/1946	23/01/1947	15/12/2017
ERICA	301332649	62247	NM00465	ElsaRecl amation&DevelopmentCompanyLtd. 100%	04/09/1952	05/09/1952	26/11/2025
ETHEL	301467842	38737	NM00066	ElsaRecl amation&DevelopmentCompanyLtd. 100%	22/03/1932	11/04/1932	24/07/2021
ETTA	301362753	14169	4089	ElsaRecl amation&DevelopmentCompanyLtd. 100%	10/07/1921	14/09/1921	19/12/2014
EUREKA	301302141	14327	OM00025	ElsaRecl amation&DevelopmentCompanyLtd. 100%	21/08/1921	11/10/1921	15/12/2017
EUREKA	301447521	12877	NM00038	ElsaRecl amation&DevelopmentCompanyLtd. 100%	31/08/1919	26/11/1919	20/08/2020
EVY	301384457	59519	NM00542	AlexcoKenoHillMiningCorp.100%	24/11/1949	30/11/1949	02/11/2027
EVY	301523202	61916	NM00554	AlexcoKenoHillMiningCorp.100%	16/08/1951	29/08/1951	02/11/2027
EXTENSION	301510102	16087	OM00024	ElsaRecl amation&DevelopmentCompanyLtd. 100%	19/10/1925	24/11/1925	15/12/2017
EXTENSION	301494998	16026	NM00348	ElsaRecl amation&DevelopmentCompanyLtd. 100%	29/07/1925	31/08/1925	30/03/2025
FAIRFRACTION	301535012	62944	NM00474	ElsaRecl amation&DevelopmentCompanyLtd. 100%	30/12/1955	06/01/1956	26/11/2025
FALLOT	301573308	61725	NM00525	ElsaRecl amation&DevelopmentCompanyLtd. 100%	09/07/1951	16/07/1951	01/11/2026
FALLS1	301497752	59437	NM00510	ElsaRecl amation&DevelopmentCompanyLtd. 100%	16/08/1949	19/08/1949	01/11/2026
FALLS10	301322328	59446	NM00519	ElsaRecl amation&DevelopmentCompanyLtd. 100%	16/08/1949	19/08/1949	01/11/2026
FALLS11	301433203	59447	NM00520	ElsaRecl amation&DevelopmentCompanyLtd. 100%	17/08/1949	19/08/1949	01/11/2026
FALLS12	301486341	59448	NM00521	ElsaRecl amation&DevelopmentCompanyLtd. 100%	17/08/1949	19/08/1949	01/11/2026
FALLS13	301323075	59449	NM00522	ElsaRecl amation&DevelopmentCompanyLtd. 100%	17/08/1949	19/08/1949	01/11/2026
FALLS14	301323076	59450	NM00523	ElsaRecl amation&DevelopmentCompanyLtd. 100%	17/08/1949	19/08/1949	01/11/2026
FALLS15	301464426	59451	NM00524	ElsaRecl amation&DevelopmentCompanyLtd. 100%	17/08/1949	19/08/1949	01/11/2026
FALLS16	301332260	59452	NM00384	ElsaRecl amation&DevelopmentCompanyLtd. 100%	16/08/1949	19/08/1949	22/05/2025

ClaimName	Quartz	Grant	Lease	Owner	Staking Date	Recorded Date	Expiry Date
	Claim	Number	Number
FALLS2	301434897	59438	NM00511	ElsaRecl amation&DevelopmentCompanyLtd. 100%	16/08/1949	19/08/1949	01/11/2026
FALLS3	301538691	59439	NM00512	ElsaRecl amation&DevelopmentCompanyLtd. 100%	16/08/1949	19/08/1949	01/11/2026
FALLS4	301538693	59440	NM00513	ElsaRecl amation&DevelopmentCompanyLtd. 100%	16/08/1949	19/08/1949	01/11/2026
FALLS5	301340515	59441	NM00514	ElsaRecl amation&DevelopmentCompanyLtd. 100%	16/08/1949	19/08/1949	01/11/2026
FALLS6	301517704	59442	NM00515	ElsaRecl amation&DevelopmentCompanyLtd. 100%	16/08/1949	19/08/1949	01/11/2026
FALLS7	301489600	59443	NM00516	ElsaRecl amation&DevelopmentCompanyLtd. 100%	16/08/1949	19/08/1949	01/11/2026
FALLS8	301574878	59444	NM00517	ElsaRecl amation&DevelopmentCompanyLtd. 100%	16/08/1949	19/08/1949	01/11/2026
FALLS9	301516342	59445	NM00518	ElsaRecl amation&DevelopmentCompanyLtd. 100%	16/08/1949	19/08/1949	01/11/2026
FIGTREE	301490900	14085	4098	ElsaRecl amation&DevelopmentCompanyLtd. 100%	03/05/1921	25/07/1921	08/01/2015
FILL	301437188	80347	NM00578	ElsaRecl amation&DevelopmentCompanyLtd. 100%	03/06/1959	10/06/1959	02/11/2027
FILTERFRACTION	301346341	62826	NM00289	ElsaRecl amation&DevelopmentCompanyLtd. 100%	16/06/1955	23/06/1955	27/06/2024
FINAL	301410303	80359	NM00581	ElsaRecl amation&DevelopmentCompanyLtd. 100%	09/07/1959	21/07/1959	02/11/2027
FISHER	301317985	12876	NM00022	ElsaRecl amation&Development CompanyLtd.100%	02/09/1919	26/11/1919	14/09/2019
FLAME	301437244	38643	4175	ElsaRecl amation&DevelopmentCompanyLtd. 100%	13/10/1929	13/11/1929	29/11/2016
FLYFRACTION	301336917	55527	NM00377	ElsaRecl amation&DevelopmentCompanyLtd. 100%	18/09/1946	04/02/1947	22/05/2025
FORAKERFRACTIO	301316285	12870	OM00009	ElsaRecl amation&DevelopmentCompanyLtd. 100%	01/10/1919	13/11/1919	27/12/2017
FOREST	301294812	13412		ElsaRecl amation&DevelopmentCompanyLtd. 100%	24/07/1920	24/09/1920	31/12/2017
FOX	301293424	61877	NM00553	AlexcoKenoHillMiningCorp.100%	13/08/1951	15/08/1951	02/11/2027
FOX	301354432	55592	NM00539	AlexcoKenoHillMiningCorp.100%	12/10/1946	28/03/1947	02/11/2027
FOX	301327865	12845	NM00056	ElsaRecl amation&DevelopmentCompanyLtd. 100%	04/09/1919	28/10/1919	11/03/2021
FRANCES3	301495109	55599	NM00261	ElsaRecl amation&DevelopmentCompanyLtd. 100%	29/03/1947	18/ 04/1947	09/01/2024
FRANCES4	301459553	55600	NM00262	ElsaRecl amation&DevelopmentCompanyLtd. 100%	29/03/1947	18/04/1947	09/01/2024
FRANCES5	301548439	56401	NM00263	ElsaRecl amation&DevelopmentCompanyLtd. 100%	29/03/1947	18/04/1947	09/01/2024
FRANCES6	301576807	56402	NM00264	ElsaRecl amation&DevelopmentCompanyLtd. 100%	29/03/1947	18/04/1947	09/01/2024
FRANCES7	301389553	56403	NM00265	ElsaRecl amation&DevelopmentCompanyLtd. 100%	29/03/1947	18/04/1947	09/01/2024
FRANCES8	301366525	56404	NM00266	ElsaRecl amation&DevelopmentCompanyLtd. 100%	29/03/1947	18/04/1947	09/01/2024
FRANK	301582502	14220	NM00076	ElsaRecl amation&DevelopmentCompanyLtd. 100%	17/07/1921	24/09/1921	08/08/2021
FRIENDSHIP	301314692	13152	4066	ElsaRecl amation&DevelopmentCompanyLtd. 100%	07/05/1920	16/ 06/1920	30/01/2014
FROG	301554103	55317	NM00132	ElsaRecl amation&DevelopmentCompanyLtd. 100%	11/10/1944	19/02/1945	03/02/2022
FRONTIER	301370329	59125	OM00041	ElsaRecl amation&DevelopmentCompanyLtd. 100%	11/11/1948	13/11/1948	06/01/2019
GAILFRACTION	301500122	80517	NM00584	ElsaRecl amation&DevelopmentCompanyLtd. 100%	19/07/1960	04/08/1960	02/11/2027
Galaxy	301353338	Y69403		ElsaRecl amation&DevelopmentCompanyLtd. 100%	22/05/1973	05/06/1973	31/12/2017
Galena	301425124	YA77506		ElsaRecl amation&DevelopmentCompanyLtd. 100%	06/06/1984	13/06/1984	31/12/2018
GALENAFARM	301467013	13032	NM00193	ElsaRecl amation&DevelopmentCompanyLtd. 100%	04/03/1920	06/05/1920	22/03/2023
GALENAHILL	301409803	38812	4071	ElsaRecl amation&DevelopmentCompanyLtd. 100%	03/10/1934	12/ 11/1934	14/04/2014
GIBRALTAR	301578840	14816	NM00106	ElsaRecl amation&DevelopmentCompanyLtd. 100%	28/02/1923	13/04/1923	26/08/2021
GLORIAFRACTION	301335782	84616	OM00003	ElsaRecl amation&DevelopmentCompanyLtd. 100%	06/08/1965	24/08/1965	08/10/2017
GNAT	301335916	80361	NM00583	ElsaRecl amation&DevelopmentCompanyLtd. 100%	15/07/1959	22/07/1959	02/11/2027
GOPHER	301302929	55386	NM00050	ElsaRecl amation&DevelopmentCompanyLtd. 100%	09/08/1945	26/10/1945	14/11/2020
GRACE	301302892	59821	NM00460	ElsaRecl amation&DevelopmentCompanyLtd. 100%	01/10/1950	02/10/1950	26/11/2025
GREENBACK	301344316	15304	4256	ElsaRecl amation&DevelopmentCompanyLtd. 100%	04/10/1928	27/11/1928	13/03/2017
GREENSTONE	301422777	14336	NM00649	ElsaRecl amation&DevelopmentCompanyLtd. 100%	24/08/1921	19/10/1921	28/05/2030
GRETA	301458463	55593	NM00540	AlexcoKenoHillMiningCorp.100%	16/10/1946	28/03/1947	02/11/2027
GROUNDHOG	301344346	12817	NM00273	ElsaRecl amation&DevelopmentCompanyLtd. 100%	04/09/1919	20/10/1919	18/04/2024
GROUSE	301311037	61600	NM00551	AlexcoKenoHillMiningCorp.100%	13/05/1951	25/05/1951	02/11/2027
GRUBSTAKE	301435443	15305	NM00086	ElsaRecl amation&DevelopmentCompanyLtd. 100%	10/10/1928	27/11/1928	20/08/2021
HAP	301520629	80357	NM00579	ElsaRecl amation&DevelopmentCompanyLtd. 100%	09/07/1959	21/07/1959	02/11/2027
HAPPY	301515572	10269	NM00011	ElsaRecl amation&DevelopmentCompanyLtd. 100%	05/07/1936	22/07/1936	27/07/2019
HARDIX	301400072	59315	NM00087	ElsaRecl amation&DevelopmentCompanyLtd. 100%	25/06/1949	13/07/1949	20/08/2021
HARDWICK	301468168	55177	NM00364	ElsaRecl amation&DevelopmentCompanyLtd. 100%	08/10/1940	19/12/1940	30/04/2025
HARRIETT	301460571	56525	NM00353	ElsaRecl amation&DevelopmentCompanyLtd. 100%	12/06/1948	14/06/1948	30/03/2025
HAVLOCK	301401979	59030	NM00137	ElsaRecl amation&DevelopmentCompanyLtd. 100%	13/09/1948	17/09/1948	07/05/2022
HAWKSNEST	301377738	16025	NM00668	ElsaRecl amation&DevelopmentCompanyLtd. 100%	28/07/1925	31/08/1925	24/11/2033
HAY	301591715	55428	NM00054	ElsaRecl amation&DevelopmentCompanyLtd.	02/06/1946	19/08/1946	14/11/2020
HECLA	301297834	55582	NM00565	ElsaRecl amation&DevelopmentCompanyLtd. 100%	24/10/1946	20/03/1947	02/11/2027
HECTOR	301357708	16326	NM00663	ElsaRecl amation&DevelopmentCompanyLtd. 100%	09/05/1927	30/05/1927	17/06/2033
HELEN	301324349	14908	NM00425	ElsaRecl amation&DevelopmentCompanyLtd. 100%	01/11/1923	27/11/1923	26/11/2025
HELEN	301409870	55364	OM00007	ElsaRecl amation&DevelopmentCompanyLtd. 100%	08/07/1945	25/ 10/1945	01/11/2017
HENRY	301312442	55318	NM00429	ElsaRecl amation&DevelopmentCompanyLtd. 100%	11/10/1944	19/02/1945	26/11/2025
HESPERIDES	301515565	55478	OM00012	ElsaRecl amation&DevelopmentCompanyLtd. 100%	31/08/1946	24/01/1947	15/12/2017
HIGHLANDER	301357146	13072	NM00034	ElsaRecl amation&DevelopmentCompanyLtd. 100%	03/04/1920	04/06/1920	25/04/2020
HILL	301423463	56506	4160	ElsaRecl amation&DevelopmentCompanyLtd. 100%	21/11/1947	28/11/1947	23/05/2016
HOBO	301511640	56577	NM00067	ElsaRecl amation&DevelopmentCompanyLtd. 100%	19/07/1948	03/08/1948	24/07/2021
HOBO	301521442	38720	NM00248	ElsaRecl amation&DevelopmentCompanyLtd. 100%	04/07/1931	24/07/1931	28/02/2024
HOBO3	301560377	61209	NM00387	ElsaRecl amation&DevelopmentCompanyLtd. 100%	04/12/1950	18/12/1950	22/05/2025
Hoito1	301360986	YC02323		AlexcoKenoHillMiningCorp.100%	11/12/1999	29/12/1999	29/12/2022
Hoito2	301434561	YC02324		AlexcoKenoHillMiningCorp.100%	11/12/1999	29/12/1999	29/12/2022
Hoito3	301364057	YC02325		AlexcoKenoHillMiningCorp.100%	12/12/1999	29/12/1999	29/12/2022

ClaimName	Quartz	Grant	Lease	Owner	Staking Date	Recorded Date	Expiry Date
	Claim	Number	Number
Hoito4	301392994	YC02326		AlexcoKenoHillMiningCorp.100%	12/12/1999	29/12/1999	29/12/2022
Hoito5	301433603	YC02327		AlexcoKenoHillMiningCorp.100%	12/12/1999	29/12/1999	29/12/2022
Hoito6	301539408	YC02328		AlexcoKenoHillMiningCorp.100%	12/12/1999	29/12/1999	29/12/2022
Hoito7	301590016	YC02329		AlexcoKenoHillMiningCorp.100%	12/12/1999	29/12/1999	29/12/2022
Hoito8	301590017	YC02330		AlexcoKenoHillMiningCorp.100%	12/12/1999	29/12/1999	29/12/2022
HOLIDAY1	301484331	56592	NM00225	ElsaRecl amation&DevelopmentCompanyLtd. 100%	15/08/1948	23/08/1948	22/08/2023
HOLIDAY10	301391439	56600	NM00232	Elsa Reclamation&DevelopmentCompanyLtd. 100%	14/08/1948	23/08/1948	22/08/2023
HOLIDAY11	301329791	59001	NM00233	ElsaRecl amation&DevelopmentCompanyLtd. 100%	14/08/1948	23/08/1948	22/08/2023
HOLIDAY12	301379049	59002	NM00234	ElsaRecl amation&DevelopmentCompanyLtd. 100%	14/08/1948	23/08/1948	22/08/2023
HOLIDAY13	301433987	59003	NM00235	ElsaRecl amation&DevelopmentCompanyLtd. 100%	14/08/1948	23/08/1948	22/08/2023
HOLIDAY14	301503644	59004	NM00236	ElsaRecl amation&DevelopmentCompanyLtd. 100%	14/08/1948	23/08/1948	22/08/2023
HOLIDAY2	301430648	56593	NM00226	ElsaRecl amation&DevelopmentCompanyLtd. 100%	15/08/1948	23/08/1948	22/08/2023
HOLIDAY3	301561037	56594	NM00227	ElsaRecl amation&DevelopmentCompanyLtd. 100%	12/08/1948	23/08/1948	22/08/2023
HOLIDAY4	301455809	56595	NM00228	ElsaRecl amation&DevelopmentCompanyLtd. 100%	12/08/1948	23/08/1948	22/08/2023
HOLIDAY7	301392939	56597	NM00229	ElsaRecl amation&DevelopmentCompanyLtd. 100%	12/08/1948	23/08/1948	22/08/2023
HOLIDAY8	301445842	56598	NM00230	ElsaRecl amation&DevelopmentCompanyLtd. 100%	12/08/1948	23/08/1948	22/08/2023
HOLIDAY9	301375501	56599	NM00231	ElsaRecl amation&DevelopmentCompanyLtd. 100%	14/08/1948	23/08/1948	22/08/2023
HOMESTAKE	301390869	13133	4114	ElsaRecl amation&DevelopmentCompanyLtd. 100%	29/04/1920	15/06/1920	27/02/2015
HONEYMOON1	301488457	59171	NM00279	ElsaRecl amation&DevelopmentCompanyLtd. 100%	16/01/1949	25/01/1949	18/04/2024
HONEYMOON2	301509539	59172	NM00379	ElsaRecl amation&DevelopmentCompany Ltd.100%	16/01/1949	25/01/1949	22/05/2025
HONEYMOON3	301504071	59173	NM00380	ElsaRecl amation&DevelopmentCompanyLtd. 100%	16/01/1949	25/01/1949	22/05/2025
HONEYMOON4	301468851	59174	NM00381	ElsaRecl amation&DevelopmentCompanyLtd. 100%	16/01/1949	25/01/1949	22/05/2025
HONEYMOON5	301450456	59175	NM00382	ElsaRecl amation&DevelopmentCompanyLtd. 100%	16/01/1949	25/01/1949	22/05/2025
HONEYMOON6	301573853	59176	NM00383	ElsaRecl amation&DevelopmentCompanyLtd. 100%	16/01/1949	25/01/1949	22/05/2025
HOPE	301338283	55377	NM00366	ElsaRecl amation&DevelopmentCompanyLtd. 100%	04/08/1945	26/10/1945	30/04/2025
HORSESHOE	301459555	55589	NM00296	AlexcoKenoHillMiningCorp.100%	08/10/1946	28/03/1947	23/02/2025
HUB	301301073	55273	NM00298	ElsaRecl amation&DevelopmentCompanyLtd. 100%	21/10/1943	27/05/1944	30/01/2025
HUSKY	301566930	55536	NM00212	ElsaRecl amation&DevelopmentCompanyLtd. 100%	15/10/1946	12/02/1947	10/08/2023
HUSKY1	301385950	55537	NM00213	ElsaRecl amation&DevelopmentCompanyLtd. 100%	15/10/1946	12/02/1947	10/08/2023
HUSKY12	301464666	56576	NM00224	ElsaRecl amation&DevelopmentCompanyLtd. 100%	19/07/1948	21/07/1948	10/08/2023
HUSKY2	301498725	55538	NM00214	ElsaRecl amation&DevelopmentCompanyLtd. 100%	15/10/1946	12/02/1947	10/08/2023
HUSKY3	301315734	55539	NM00215	ElsaRecl amation&DevelopmentCompanyLtd. 100%	15/10/1946	22/10/1946	10/08/2023
HUSKY4	301315737	55540	NM00216	ElsaRecl amation&DevelopmentCompanyLtd. 100%	15/10/1946	22/10/1946	10/08/2023
HUSKY5	301565497	55541	NM00217	ElsaRecl amation&DevelopmentCompanyLtd. 100%	15/10/1946	22/10/1946	10/08/2023
HUSKY6	301365599	55542	NM00218	ElsaRecl amation&DevelopmentCompanyLtd. 100%	15/10/1946	22/10/1946	10/08/2023
HUSKY7	301471674	55543	NM00219	ElsaRecl amation&DevelopmentCompanyLtd. 100%	15/10/1946	22/10/1946	10/08/2023
HUSKY8	301559284	55544	NM00220	ElsaRecl amation&DevelopmentCompanyLtd. 100%	15/10/1946	12/02/1947	10/08/2023
HUSKY9	301454744	55545	NM00221	ElsaRecl amation&DevelopmentCompanyLtd. 100%	15/10/1946	22/10/1946	10/08/2023
HUXLEY	301371597	14087	4097	ElsaRecl amation&DevelopmentCompanyLtd. 100%	03/05/1921	26/07/1921	20/01/2015
IDOL	301327617	55479	NM00602	ElsaRecl amation&DevelopmentCompanyLtd. 100%	26/08/1946	24/01/1947	22/07/2029
IKWOGGY	301555545	16554	NM00247	ElsaRecl amation&DevelopmentCompanyLtd. 100%	29/05/1925	15/06/1925	28/02/2024
INCA	301566127	59385	NM00272	ElsaRecl amation&DevelopmentCompanyLtd. 100%	23/07/1949	29/07/1949	18/01/2024
INCAFRACTION	301500003	80346	NM00577	ElsaRecl amation&DevelopmentCompanyLtd. 100%	23/04/1959	30/04/1959	02/11/2027
INDIANA	301541537	56567	NM00169	ElsaRecl amation&DevelopmentCompanyLtd. 100%	26/06/1948	28/06/1948	12/06/2022
IRENE	301314732	55326	NM00373	ElsaRecl amation&DevelopmentCompanyLtd. 100%	06/04/1945	16/10/1945	22/05/2025
IVAN	301401952	13799		ElsaRecl amation&DevelopmentCompanyLtd. 100%	12/05/1921	23/06/1921	31/12/2017
IVY	301481801	12810	NM00394	ElsaRecl amation&DevelopmentCompanyLtd. 100%	23/08/1919	14/10/1919	12/06/2025
JACK	301479649	61744	NM00398	ElsaRecl amation&DevelopmentCompanyLtd. 100%	14/07/1951	20/07/1951	12/06/2025
JARRET1	301446175	YB29440		AlexcoKenoHillMining Corp.100%	18/12/1992	18/12/1992	31/12/2024
Jarret2	301360648	YC01768		AlexcoKenoHillMiningCorp.100%	24/04/1999	30/04/1999	31/12/2021
JAY	301594353	55427	NM00053	ElsaRecl amation&DevelopmentCompanyLtd. 100%	01/06/1946	19/08/1946	14/11/2020
JEAN	301351724	16524	4263	ElsaRecl amation&DevelopmentCompanyLtd. 100%	12/09/1924	11/10/1924	19/05/2017
JEAN	301481802	12809	NM00393	ElsaRecl amation&DevelopmentCompanyLtd. 100%	23/08/1919	10/10/1919	12/06/2025
JEANFRACTIONAL	301309263	84626	OM00005	ElsaRecl amation&DevelopmentCompanyLtd. 100%	20/08/1965	26/08/1965	08/10/2017
JEFFREYSPECIAL	301344314	15294	NM00180	ElsaRecl amation&DevelopmentCompanyLtd. 100%	06/09/1928	28/09/1928	02/02/2023
JEFFYFRACTION	301366632	81139	NM00587	ElsaRecl amation&DevelopmentCompanyLtd. 100%	29/05/1962	31/05/1962	02/11/2027
JENBET	301486840	55581	NM00133	ElsaRecl amation&DevelopmentCompanyLtd. 100%	24/10/1946	20/03/1947	03/02/2022
JENNY3	301423902	83532	NM00624	ElsaRecl amation&DevelopmentCompanyLtd. 100%	15/07/1964	17/07/1964	28/02/2030
JENNYFRACTIO N	301501519	81228	NM00588	ElsaRecl amation&DevelopmentCompanyLtd. 100%	13/06/1962	28/06/1962	02/11/2027
JENNYTOOFRA CT	301455740	83003	NM00590	ElsaRecl amation&DevelopmentCompanyLtd. 100%	05/06/1963	12/06/1963	02/11/2027
JESSIE	301504268	38694	4075	ElsaRecl amation&DevelopmentCompanyLtd. 100%	26/10/1930	21/11/1930	14/04/2014
JESSIE1	301411555	59178	NM00237	ElsaRecl amation&DevelopmentCompanyLtd. 100%	20/01/1949	25/01/1949	29/08/2023
JESSIE3	301357159	59180	NM00238	ElsaRecl amation&DevelopmentCompanyLtd. 100%	20/01/1949	25/01/1949	29/08/2023
JEWEL	301406575	38744	4073	ElsaRecl amation&DevelopmentCompanyLtd. 100%	20/06/1932	21/07/1932	14/04/2014
JIBNO.2	301489743	61598	NM00549	AlexcoKenoHillMiningCorp.100%	16/05/1951	25/05/1951	02/11/2027
JIGGYWIG	301337751	15366	NM00008	ElsaRecl amation&DevelopmentCompanyLtd. 100%	09/06/1929	18/07/1929	27/07/2019
JIMMIE	301360369	55330	NM00047	ElsaRecl amation&DevelopmentCompanyLtd. 100%	01/05/1945	16/10/1945	14/11/2020
JOCK	301483959	38715	NM00664	ElsaRecl amation&DevelopmentCompanyLtd. 100%	03/05/1931	20/05/1931	17/06/2033

ClaimName	Quartz	Grant	Lease	Owner	Staking Date	Recorded Date	ExpiryDate
	Claim	Number	Number
Joe 2	301532523	84489		AlexcoKenoHillMiningCorp.100%	28/05/1965	02/06/1965	31/12/2019
Joe No.1	301513612	80453		AlexcoKenoHillMiningCorp.100%	18/07/1960	27/05/1960	31/12/2019
JOY FRACTION	301556160	61919	NM00399	ElsaRecl amation&DevelopmentCompanyLtd. 100%	30/08/1951	31/08/1951	12/06/2025
Joyce	301300840	82531	NM00655	ElsaRecl amation&DevelopmentCompanyLtd. 100%	05/03/1963	12/03/1963	12/03/2031
JUMBO	301403790	14880	NM00107	ElsaRecl amation&DevelopmentCompanyLtd. 100%	29/09/1923	17/10/1923	26/08/2021
JUNE	301412252	62992	NM00614	ElsaRecl amation&DevelopmentCompanyLtd. 100%	24/06/1956	11/07/1956	21/08/2029
JUNE	301410754	59274	OM00008	ElsaReclamation&DevelopmentCompanyLtd. 100%	12/06/1949	22/06/1949	01/11/2017
K1	301331956	YC42549		AlexcoKenoHill MiningCorp.100%	04/12/2005	15/12/2005	15/12/2020
K10	301472500	YC42558		AlexcoKenoHillMiningCorp.100%	30/11/2005	15/12/2005	15/12/2020
K100	301479976	YC56127		AlexcoKenoHillMiningCorp.100%	15/06/2007	15/06/2007	31/12/2020
K101	301389826	YC56128		AlexcoKenoHillMiningCorp.100%	15/06/2007	15/06/2007	31/12/2020
K102	301588932	YC56129		AlexcoKenoHillMiningCorp.100%	15/06/2007	15/06/2007	31/12/2024
K103	301382261	YC56155		AlexcoKenoHillMiningCorp.100%	21/06/2007	22/06/2007	31/12/2017
K104	301310094	YC56156		AlexcoKenoHillMiningCorp. 100%	21/06/2007	22/06/2007	31/12/2017
K105	301586979	YC56157		AlexcoKenoHillMiningCorp.100%	21/06/2007	22/06/2007	31/12/2017
K106	301522288	YC56158		AlexcoKenoHillMiningCorp.100%	21/06/2007	22/06/2007	31/12/2017
K107	301361388	YC56159		AlexcoKenoHillMiningCorp.100%	21/06/2007	22/06/2007	31/12/2017
K11	301399736	YC42559		AlexcoKenoHillMiningCorp.100%	30/11/2005	15/12/2005	15/12/2020
K12	301399737	YC42560		AlexcoKenoHillMiningCorp.100%	30/11/2005	15/12/2005	15/12/2020
K13	301470862	YC42561		AlexcoKenoHillMiningCorp.100%	30/11/2005	15/12/2005	15/12/2020
K14	301423169	YC42562		AlexcoKenoHillMiningCorp.100%	30/11/2005	15/12/2005	15/12/2020
K15	301411886	YC42563		AlexcoKenoHill MiningCorp.100%	30/11/2005	15/12/2005	15/12/2020
K16	301309433	YC42564		AlexcoKenoHillMiningCorp.100%	30/11/2005	15/12/2005	15/12/2020
K17	301575479	YC42565		AlexcoKenoHillMiningCorp.100%	30/11/2005	15/12/2005	15/12/2020
K18	301548725	YC42566		AlexcoKenoHillMiningCorp.100%	30/11/2005	15/12/2005	15/12/2020
K19	301588008	YC42567		AlexcoKenoHillMiningCorp.100%	30/11/2005	15/12/2005	15/12/2020
K2	301331955	YC42550		AlexcoKenoHillMiningCorp.100%	04/12/2005	15/12/2005	15/12/2020
K20	301537099	YC42568		AlexcoKenoHillMiningCorp.100%	29/11/2005	15/12/2005	15/12/2020
K21	301474190	YC42569		AlexcoKenoHillMiningCorp.100%	30/11/2005	15/12/2005	15/12/2020
K22	301474191	YC42570		AlexcoKeno HillMiningCorp.100%	30/11/2005	15/12/2005	15/12/2020
K23	301438699	YC42571		AlexcoKenoHillMiningCorp.100%	30/11/2005	15/12/2005	15/12/2020
K24	301299183	YC42572		AlexcoKenoHillMiningCorp.100%	30/11/2005	15/12/2005	15/12/2020
K25	301565113	YC42573		AlexcoKenoHillMiningCorp.100%	30/11/2005	15/12/2005	15/12/2020
K26	301306374	YC42574		AlexcoKenoHillMiningCorp.100%	30/11/2005	15/12/2005	15/12/2020
K27	301510972	YC42575		AlexcoKenoHillMiningCorp.100%	03/12/2005	15/12/2005	15/12/2021
K28	301498476	YC42576		AlexcoKenoHillMiningCorp.100%	03/12/2005	15/12/2005	15/12/2021
K29	301434977	YC42577		AlexcoKenoHillMiningCorp.100%	03/12/2005	15/12/2005	15/12/2021
K3	301537431	YC42551		AlexcoKenoHillMiningCorp.100%	04/12/2005	15/12/2005	15/12/2020
K30	301394754	YC42578		AlexcoKenoHillMiningCorp.100%	03/12/2005	15/12/2005	15/12/2021
K31	301358540	YC42579		AlexcoKenoHillMiningCorp.100%	03/12/2005	15/12/2005	15/12/2021
K32	301358541	YC42580		AlexcoKenoHillMiningCorp.100%	03/12/2005	15/12/2005	15/12/2021
K33	301553489	YC42581		AlexcoKenoHillMiningCorp.100%	01/12/2005	15/12/2005	15/12/2020
K34	301448908	YC42582		AlexcoKenoHillMiningCorp.100%	01/12/2005	15/12/2005	15/12/2020
K35	301315517	YC42583		AlexcoKenoHillMiningCorp.100%	01/12/2005	01/12/2005	31/12/2020
K36	301492961	YC42584		AlexcoKenoHillMiningCorp. 100%	01/12/2005	01/12/2005	31/12/2020
K37	301373022	YC42585		AlexcoKenoHillMiningCorp.100%	01/12/2005	01/12/2005	31/12/2020
K38	301546634	YC42586		AlexcoKenoHillMiningCorp.100%	01/12/2005	01/12/2005	31/12/2020
K39	301411341	YC42587		AlexcoKenoHillMiningCorp.100%	01/12/2005	15/12/2005	15/12/2020
K4	301395322	YC42552		AlexcoKenoHillMiningCorp.100%	04/12/2005	15/12/2005	15/12/2020
K40	301306602	YC42588		AlexcoKenoHillMiningCorp.100%	01/12/2005	15/12/2005	15/12/2020
K41	301569252	YC42589		AlexcoKenoHillMiningCorp.100%	03/12/2005	15/12/2005	15/12/2016
K42	301569250	YC42590		AlexcoKenoHillMiningCorp.100%	03/12/2005	15/12/2005	15/12/2016
K43	301506820	YC42591		AlexcoKenoHillMining Corp.100%	04/12/2005	15/12/2005	15/12/2016
K44	301334319	YC42592		AlexcoKenoHillMiningCorp.100%	04/12/2005	15/12/2005	15/12/2016
K45	301477140	YC42593		AlexcoKenoHillMiningCorp.100%	04/12/2005	15/12/2005	15/12/2016
K46	301443874	YC42594		AlexcoKenoHillMiningCorp.100%	04/12/2005	15/12/2005	15/12/2016
K47	301543106	YC42595		AlexcoKenoHillMiningCorp.100%	04/12/2005	15/12/2005	15/12/2016
K48	301342030	YC42596		AlexcoKenoHillMiningCorp.100%	04/12/2005	15/12/2005	15/12/2016
K49	301374516	YC42597		AlexcoKenoHillMiningCorp.100%	03/12/2005	03/12/2005	31/12/2016
K5	301588244	YC42553		AlexcoKenoHillMiningCorp.100%	04/12/2005	15/12/2005	15/12/2020
K50	301477536	YC42598		AlexcoKeno HillMiningCorp.100%	03/12/2005	15/12/2005	15/12/2016
K51	301577349	YC42599		AlexcoKenoHillMiningCorp.100%	03/12/2005	15/12/2005	31/12/2016
K52	301569251	YC42600		AlexcoKenoHillMiningCorp.100%	03/12/2005	03/12/2005	03/12/2016
K53	301506821	YC42601		AlexcoKenoHillMiningCorp.100%	05/12/2005	05/12/2005	31/12/2017
K54	301334320	YC42602		AlexcoKenoHillMiningCorp.100%	05/12/2005	15/12/2005	15/12/2017
K55	301477139	YC42603		AlexcoKenoHillMiningCorp.100%	05/12/2005	15/12/2005	15/12/2017
K56	301443873	YC42604		AlexcoKenoHillMiningCorp.100%	05/12/2005	15/12/2005	15/12/2017
K57	301543105	YC42605		AlexcoKenoHillMiningCorp.100%	05/12/2005	15/12/2005	15/12/2018

 

Claim Name	Quartz	Grant	Lease	Owner	Staking Date	Recorded Date	Expiry Date
	Claim	Number	Number
K 58	301342031	YC42606		Alexco Keno Hill Mining Corp. 100%	05/12/2005	15/12/2005	15/12/2018
K 59	301374517	YC42607		Alexco Keno Hill Mining Corp. 100%	05/12/2005	15/12/2005	15/12/2018
K 6	301561832	YC42554		Alexco Keno Hill Mining Corp. 100%	04/12/2005	15/12/2005	15/12/2020
K 60	301477537	YC42608		Alexco Keno Hill Mining Corp. 100%	05/12/2005	15/12/2005	15/12/2018
K 61	301577347	YC42609		Alexco Keno Hill Mining Corp. 100%	05/12/2005	15/12/2005	15/12/2020
K 62	301577348	YC42610		Alexco Keno Hill Mining Corp. 100%	05/12/2005	15/12/2005	15/12/2020
K 63	301553488	YC42611		Alexco Keno Hill Mining Corp. 100%	01/12/2005	15/12/2005	15/12/2020
K 64	301344704	YC42612		Alexco Keno Hill Mining Corp. 100%	01/12/2005	15/12/2005	15/12/2020
K 65	301351071	YC42613		Alexco Keno Hill Mining Corp. 100%	01/12/2005	15/12/2005	15/12/2020
K 66	301462591	YC42614		Alexco Keno Hill Mining Corp. 100%	01/12/2005	15/12/2005	15/12/2020
K 67	301392669	YC42615		Alexco Keno Hill Mining Corp. 100%	01/12/2005	15/12/2005	15/12/2020
K 68	301557335	YC42616		Alexco Keno Hill Mining Corp. 100%	01/12/2005	15/12/2005	15/12/2020
K 69	301336742	YC42617		Alexco Keno Hill Mining Corp. 100%	02/12/2005	15/12/2005	15/12/2020
K 7	301545646	YC42555		Alexco Keno Hill Mining Corp. 100%	30/11/2005	15/12/2005	15/12/2020
K 70	301349325	YC42618		Alexco Keno Hill Mining Corp. 100%	02/12/2005	15/12/2005	15/12/2020
K 71	301568982	YC42619		Alexco Keno Hill Mining Corp. 100%	02/12/2005	15/12/2005	15/12/2020
K 72	301568983	YC42620		Alexco Keno Hill Mining Corp. 100%	02/12/2005	15/12/2005	15/12/2020
K 73	301327089	YC42621		Alexco Keno Hill Mining Corp. 100%	02/12/2005	15/12/2005	15/12/2020
K 74	301432598	YC42622		Alexco Keno Hill Mining Corp. 100%	02/12/2005	15/12/2005	15/12/2020
K 75	301479702	YC42623		Alexco Keno Hill Mining Corp. 100%	02/12/2005	15/12/2005	15/12/2020
K 76	301359491	YC42624		Alexco Keno Hill Mining Corp. 100%	02/12/2005	15/12/2005	15/12/2020
k 77	301434316	YC42625		Alexco Keno Hill Mining Corp. 100%	05/12/2005	15/12/2005	15/12/2020
k 78	301379645	YC42626		Alexco Keno Hill Mining Corp. 100%	05/12/2005	15/12/2005	15/12/2020
K 79	301474659	YC42627		Alexco Keno Hill Mining Corp. 100%	02/12/2005	15/12/2005	15/12/2017
K 8	301315648	YC42556		Alexco Keno Hill Mining Corp. 100%	30/11/2005	15/12/2005	15/12/2020
K 80	301593004	YC42628		Alexco Keno Hill Mining Corp. 100%	05/12/2005	15/12/2005	15/12/2017
K 81	301403674	YC42629		Alexco Keno Hill Mining Corp. 100%	02/12/2005	15/12/2005	15/12/2017
K 82	301403671	YC42630		Alexco Keno Hill Mining Corp. 100%	02/12/2005	15/12/2005	15/12/2017
K 83	301548654	YC42631		Alexco Keno Hill Mining Corp. 100%	02/12/2005	15/12/2005	15/12/2017
K 84	301582464	YC42632		Alexco Keno Hill Mining Corp. 100%	02/12/2005	15/12/2005	15/12/2017
K 85	301428960	YC42633		Alexco Keno Hill Mining Corp. 100%	05/12/2005	15/12/2005	15/12/2018
K 87	301321194	YC55953		Alexco Keno Hill Mining Corp. 100%	26/05/2007	28/05/2007	31/12/2020
K 88	301387401	YC56115		Alexco Keno Hill Mining Corp. 100%	13/06/2007	13/06/2007	31/12/2017
K 89	301333767	YC56116		Alexco Keno Hill Mining Corp. 100%	12/06/2007	13/06/2007	31/12/2020
K 9	301562690	YC42557		Alexco Keno Hill Mining Corp. 100%	30/11/2005	15/12/2005	15/12/2020
K 90	301305604	YC56117		Alexco Keno Hill Mining Corp. 100%	12/06/2007	13/06/2007	31/12/2019
K 91	301462676	YC56118		Alexco Keno Hill Mining Corp. 100%	11/06/2007	13/06/2007	31/12/2018
K 92	301396907	YC56119		Alexco Keno Hill Mining Corp. 100%	11/06/2007	13/06/2007	31/12/2018
K 93	301396902	YC56120		Alexco Keno Hill Mining Corp. 100%	13/06/2007	13/06/2007	31/12/2018
K 94	301427475	YC56121		Alexco Keno Hill Mining Corp. 100%	13/06/2007	13/06/2007	31/12/2018
K 95	301301352	YC56122		Alexco Keno Hill Mining Corp. 100%	14/06/2007	15/06/2007	31/12/2018
K 96	301448458	YC56123		Alexco Keno Hill Mining Corp. 100%	14/06/2007	15/06/2007	31/12/2018
K 97	301397428	YC56124		Alexco Keno Hill Mining Corp. 100%	14/06/2007	15/06/2007	15/12/2018
K 98	301562195	YC56125		Alexco Keno Hill Mining Corp. 100%	14/06/2007	15/06/2007	15/12/2018
K 99	301405207	YC56126		Alexco Keno Hill Mining Corp. 100%	14/06/2007	15/06/2007	15/12/2018
K Fr. 109	301498622	YC90502		Alexco Exploration Canada Corp. 100%	19/08/2012	10/09/2012	10/09/2018
K Fr. 110	301351640	YC90501		Alexco Exploration CanadaCorp. 100%	19/08/2012	10/09/2012	10/09/2018
K.P.O.	301392030	80345		Elsa Reclamation & Development Company Ltd. 100%	07/10/1958	14/10/1958	31/12/2020
K.P.O. 1	301315039	80082		Elsa Reclamation & Development Company Ltd. 100%	05/10/1956	05/10/1956	31/12/2020
K.P.O. 13	301492543	80362		Elsa Reclamation & Development Company Ltd. 100%	15/07/1959	24/07/1959	31/12/2020
K.P.O. 15	301421507	80364		Elsa Reclamation & Development Company Ltd. 100%	15/07/1959	24/07/1959	31/12/2020
K.P.O. 17	301355387	80366		Elsa Reclamation & Development Company Ltd. 100%	15/07/1959	24/07/1959	31/12/2020
K.P.O. 18	301379555	80367		Elsa Reclamation & Development Company Ltd. 100%	15/07/1959	24/07/1959	31/12/2020
K.P.O. 19	301301907	80368		Elsa Reclamation & Development Company Ltd. 100%	15/07/1959	24/07/1959	31/12/2020
K.P.O. 2	301314641	80083		Elsa Reclamation & Development Company Ltd. 100%	05/10/1956	05/10/1956	31/12/2020
K.P.O. 20	301501245	80369		Elsa Reclamation & Development Company Ltd. 100%	15/07/1959	24/07/1959	31/12/2020
K.P.O. 21	301501247	80370		Elsa Reclamation & Development Company Ltd. 100%	16/07/1959	24/07/1959	31/12/2020
K.P.O. 23	301439096	80372		Elsa Reclamation & Development Company Ltd. 100%	16/07/1959	24/07/1959	31/12/2020
K.P.O. 25	301500943	80374		Elsa Reclamation & Development Company Ltd. 100%	17/07/1959	24/07/1959	31/12/2020
K.P.O. 27	301308850	80376		Elsa Reclamation & Development Company Ltd. 100%	18/07/1959	24/07/1959	31/12/2020
K.P.O. 29	301378767	80378		Elsa Reclamation & Development Company Ltd. 100%	19/07/1959	28/07/1959	31/12/2020
K.P.O. 3	301593803	80084		Elsa Reclamation & Development Company Ltd. 100%	05/10/1956	05/10/1956	31/12/2020
K.P.O. 4	301360044	80085		Elsa Reclamation & Development Company Ltd. 100%	05/10/1956	05/10/1956	31/12/2020
K 108 F	301364791	YC69940	NM00641	Alexco Keno Hill Mining Corp. 100%	02/09/2008	10/09/2008	23/02/2030
KANGAROO FRACTI	301528103	80561	NM00586	Elsa Reclamation & Development Company Ltd. 100%	18/10/1960	25/10/1960	02/11/2027
KARIN	301375111	62248	NM00526	Elsa Reclamation & Development Company Ltd. 100%	04/09/1952	05/09/1952	01/11/2026
KARL	301398480	62198	NM00401	Elsa Reclamation & Development Company Ltd. 100%	21/07/1952	04/ 08/1952	12/06/2025
KAY R.	301327309	59177	NM00286	Elsa Reclamation & Development Company Ltd. 100%	19/01/1949	25/01/1949	27/06/2024

ClaimName	Quartz	Grant	Lease	Owner	Staking Date	Recorded Date	Expiry Date
	Claim	Number	Number
KAYE	301312253	59336	NM00017	Elsa Reclamation & Development Company Ltd. 100%	14/07/1949	19/07/1949	27/07/2019
KENO	301387915	55024	OM00035	Elsa Reclamation & Development Company Ltd. 100%	14/10/1936	30/10/1936	18/08/2018
KENO	301476790	16556	4257	Elsa Reclamation & Development Company Ltd. 100%	29/05/1925	18/06/1925	21/03/2017
KENO	301497618	12784	NM00622	Elsa Reclamation & Development Company Ltd. 100%	29/07/1919	10/09/1919	23/02/2030
KENO	301548213	55579	NM00278	Elsa Reclamation & Development Company Ltd. 100%	19/09/1946	20/03/1947	18/04/2024
KENT	301352597	62295	NM00468	Elsa Reclamation & Development Company Ltd. 100%	04/10/1952	11/10/1952	26/11/2025
KID	301318601	12812	4109	Elsa Reclamation & Development Company Ltd. 100%	17/08/1919	16/ 10/1919	19/10/2015
KID	301470648	62310	NM00469	Elsa Reclamation & Development Company Ltd. 100%	02/07/1953	15/07/1953	26/11/2025
KIDDO	301490961	13060	NM00024	John Hawthorne - 50%, Elsa Reclamation & Development Company Ltd. 50%	03/04/1920	11/05/1920	11/11/2019
KIJO	301323848	56419	NM00088	Elsa Reclamation & Development Company Ltd. 100%	31/05/1947	10/06/1947	20/08/2021
KIM	301569396	15264	NM00346	Elsa Reclamation & Development Company Ltd. 100%	28/07/1928	10/08/1928	30/03/2025
KING	301568278	62270	NM00342	Elsa Reclamation & Development Company Ltd. 100%	13/09/1952	17/09/1952	15/02/2025
KING	301568117	12818	NM00660	Elsa Reclamation & Development Company Ltd. 100%	04/09/1919	20/10/1919	27/09/2031
KLONDIKE	301587435	15323	NM00181	Elsa Reclamation & Development Company Ltd. 100%	07/03/1929	25/04/1929	02/02/2023
LADUE	301581982	13558	NM00603	Elsa Reclamation & Development Company Ltd. 100%	11/09/1920	05/11/1920	07/07/2029
LAKE 1	301325287	13225	NM00645	Elsa Reclamation & Development Company Ltd. 100%	08/06/1920	13/07/1920	27/04/2030
LAKE 2	301452368	13276	NM00646	Elsa Reclamation & Development Company Ltd. 100%	08/06/1920	25/08/1920	27/04/2030
LAKE 3	301355354	13277	NM00647	Elsa Reclamation & Development Company Ltd. 100%	08/06/1920	25/08/1920	27/04/2030
Lakehead 10	301463424	YB64191		Alexco Keno Hill Mining Corp. 100%	27/06/1995	28/06/1995	31/12/2023
Lakehead 11	301478248	YB64194		Alexco Keno Hill Mining Corp. 100%	29/06/1995	30/06/1995	31/12/2023
Lakehead 12	301511843	YB64195		Alexco Keno Hill Mining Corp. 100%	29/06/1995	30/06/1995	31/12/2023
Lakehead 13	301343385	YB64196		Alexco Keno Hill Mining Corp. 100%	29/06/1995	30/06/1995	31/12/2023
Lakehead 3	301562510	YB64192		Alexco Keno Hill Mining Corp. 100%	29/06/1995	30/06/1995	31/12/2023
Lakehead 4	301553479	YB64193		Alexco Keno Hill Mining Corp. 100%	29/06/1995	30/06/1995	31/12/2023
Lakehead 5	301459305	YB64186		Alexco Keno Hill Mining Corp. 100%	27/06/1995	28/06/1995	31/12/2023
Lakehead 6	301395524	YB64187		Alexco Keno Hill Mining Corp. 100%	27/06/1995	28/06/1995	31/12/2023
Lakehead 7	301338059	YB64188		Alexco Keno Hill Mining Corp. 100%	27/06/1995	28/06/1995	31/12/2023
Lakehead 8	301372824	YB64189		Alexco Keno Hill Mining Corp. 100%	27/06/1995	28/06/1995	31/12/2023
Lakehead 9	301372825	YB64190		Alexco Keno Hill Mining Corp. 100%	27/06/1995	28/06/1995	31/12/2023
LAKOTA	301551900	13222	NM00635	Elsa Reclamation & Development Company Ltd. 100%	07/06/1920	09/07/1920	31/12/2029
LAMBFRACTION	301396258	62051	NM00400	Elsa Reclamation & Development Company Ltd. 100%	26/10/1951	07/11/1951	12/06/2025
LASTCHANCE	301348810	12961	NM00028	Elsa Reclamation & Development Company Ltd. 100%	06/09/1919	26/02/1920	05/02/2020
LEBLANC	301309132	62977	NM00650	Elsa Reclamation & Development Company Ltd. 100%	10/06/1956	21/06/1956	12/03/2031
Lem 1	301520112	YA17395	NM00638	Alexco Keno Hill Mining Corp. 100%	04/11/1977	14/11/1977	23/02/2030
Lem 10	301482060	YA17404		Alexco Keno Hill Mining Corp. 100%	10/11/1977	14/11/1977	31/12/2016
Lem 11	301520114	YA17405		Alexco Keno Hill Mining Corp. 100%	10/11/1977	14/11/1977	31/12/2016
Lem 2	301568759	YA17396	NM00639	Alexco Keno Hill Mining Corp. 100%	04/11/1977	14/11/1977	23/02/2030
Lem 3	301343117	YA17397	NM00640	Alexco Keno Hill Mining Corp. 100%	04/11/1977	14/11/1977	23/02/2030
Lem 4	301514886	YA17398		Alexco Keno Hill Mining Corp. 100%	04/11/1977	14/11/1977	31/12/2016
Lem 5	301386506	YA17399		Alexco Keno Hill Mining Corp. 100%	10/11/1977	14/11/1977	31/12/2016
Lem 6	301365888	YA17400		Alexco Keno Hill Mining Corp. 100%	10/11/1977	14/11/1977	31/12/2016
Lem 7	301556118	YA17401		Alexco Keno Hill Mining Corp. 100%	10/11/1977	14/11/1977	31/12/2016
Lem 8	301458721	YA17402		Alexco Keno Hill Mining Corp. 100%	10/11/1977	14/11/1977	31/12/2016
Lem 9	301395640	YA17403		Alexco Keno Hill Mining Corp. 100%	10/11/1977	14/11/1977	31/12/2016
LEO	301309240	61635		Elsa Reclamation & Development Company Ltd. 100%	10/06/1951	11/06/1951	31/12/2020
LEO 1	301378141	59710		Elsa Reclamation & Development Company Ltd. 100%	23/09/1950	26/09/1950	31/12/2020
LEO 10	301532583	59850		Elsa Reclamation & Development Company Ltd. 100%	27/09/1950	02/10/1950	31/12/2020
LEO 11	301434812	59851		Elsa Reclamation & Development Company Ltd. 100%	27/09/1950	02/10/1950	31/12/2020
LEO 12	301398057	59852		Elsa Reclamation & Development Company Ltd. 100%	27/09/1950	02/10/1950	31/12/2020
LEO 13	301401020	59853		Elsa Reclamation & Development Company Ltd. 100%	27/09/1950	02/10/1950	31/12/2020
LEO 14	301583619	59854		Elsa Reclamation & Development Company Ltd. 100%	27/09/1950	02/10/1950	31/12/2020
LEO 15	301300247	59855		Elsa Reclamation & Development Company Ltd. 100%	27/09/1950	02/10/1950	31/12/2020
LEO 16	301536732	59856		Elsa Reclamation & Development Company Ltd. 100%	27/09/1950	02/10/1950	31/12/2020
LEO 17	301295824	59857		Elsa Reclamation & Development Company Ltd. 100%	27/09/1950	02/10/1950	31/12/2020
LEO 18	301325259	59941		Elsa Reclamation & Development Company Ltd. 100%	09/10/1950	12/10/1950	31/12/2020
LEO 19	301542166	59942		Elsa Reclamation & Development Company Ltd. 100%	09/10/1950	12/10/1950	31/12/2020
LEO 2	301546430	59711		Elsa Reclamation & Development Company Ltd. 100%	23/09/1950	26/09/1950	31/12/2020
LEO 3	301568138	59712		Elsa Reclamation & Development Company Ltd. 100%	23/09/1950	26/ 09/1950	31/12/2020
LEO 4	301575515	59714		Elsa Reclamation & Development Company Ltd. 100%	23/09/1950	26/09/1950	31/12/2020
LEO 5	301400276	59715		Elsa Reclamation & Development Company Ltd. 100%	23/09/1950	26/09/1950	31/12/2020
LEO 6	301348859	59716		Elsa Reclamation & Development Company Ltd. 100%	23/09/1950	26/09/1950	31/12/2020
LEO 7	301491498	59717		Elsa Reclamation & Development Company Ltd. 100%	23/09/1950	26/09/1950	31/12/2020
LEO 8	301450543	59718		Elsa Reclamation & Development Company Ltd. 100%	23/09/1950	26/09/1950	31/12/2020
LEO 9	301532581	59849		Elsa Reclamation & Development Company Ltd. 100%	27/09/1950	02/10/1950	31/12/2020
LILL	301386724	16512	NM00671	Elsa Reclamation & Development Company Ltd. 100%	14/08/1924	09/09/1924	24/11/2033
LILY	301441246	14222	NM00501	Elsa Reclamation & Development Company Ltd. 100%	17/07/1921	24/09/1921	31/03/2026
LIME	301385974	55442	NM00284	Elsa Reclamation & Development Company Ltd. 100%	21/07/1946	30/07/1946	27/06/2024

ClaimName	Quartz	Grant	Lease	Owner	Staking Date	Recorded Date	Expiry Date
	Claim	Number	Number
LINK	301453668	15364	4258	Elsa Reclamation & Development Company Ltd. 100%	07/06/1929	16/07/1929	22/03/2017
LION	301309727	12830	4108	Elsa Reclamation & Development Company Ltd. 100%	27/08/1919	23/10/1919	24/10/2015
LITEFRACTION	301366024	82289	NM00589	Elsa Reclamation & Development Company Ltd. 100%	01/08/1962	07/08/1962	02/11/2027
LITTLE CHARLIE	301457304	14229	NM00077	Elsa Reclamation & Development Company Ltd. 100%	18/08/1921	24/09/1921	08/08/2021
LITTLE FRACTION	301295330	15329	4255	Elsa Reclamation & Development Company Ltd. 100%	07/04/1929	16/05/1929	08/03/2017
LITTLE GIRL	301473893	55269	NM00045	Elsa Reclamation & Development Company Ltd. 100%	28/06/1943	09/11/1943	14/11/2020
LIZZIE	301474819	12821	NM00423	Elsa Reclamation & Development Company Ltd. 100%	07/09/1919	20/10/1919	26/11/2025
LJ 1	301300835	YD63291		Alexco Exploration Canada Corp. 100%	20/12/2010	22/12/2010	22/12/2020
LJ 10	301319137	YD63300		Alexco Exploration Canada Corp. 100%	20/12/2010	22/12/2010	22/12/2020
LJ 11	301492721	YC90548		Alexco Exploration Canada Corp. 100%	31/08/2011	02/09/2011	31/12/2020
LJ 2	301427214	YD63292		Alexco Exploration Canada Corp. 100%	20/12/2010	22/12/2010	22/12/2020
LJ 3	301390195	YD63293		Alexco Exploration Canada Corp. 100%	20/12/2010	22/12/2010	22/12/2020
LJ 4	301398612	YD63294		Alexco Exploration Canada Corp. 100%	20/12/2010	22/12/2010	22/12/2020
LJ 5	301589297	YD63295		Alexco Exploration Canada Corp. 100%	20/12/2010	22/12/2010	22/12/2020
LJ 6	301458330	YD63296		Alexco Exploration Canada Corp. 100%	20/12/2010	22/12/2010	22/12/2020
LJ 7	301423027	YD63297		Alexco Exploration Canada Corp. 100%	20/12/2010	22/12/2010	22/12/2020
LJ 8	301524657	YD63298		Alexco Exploration Canada Corp. 100%	20/12/2010	22/12/2010	22/12/2020
LJ 9	301537539	YD63299		Alexco Exploration Canada Corp. 100%	20/12/2010	22/12/2010	22/12/2020
LONE STAR	301476212	12965	NM00030	Elsa Reclamation & Development Company Ltd. 100%	02/09/1919	01/03/1920	20/02/2020
LOON	301535448	59673	NM00396	Elsa Reclamation & Development Company Ltd. 100%	07/09/1950	08/09/1950	12/06/2025
LOOS	301393877	56516	NM00321	Elsa Reclamation & Development Company Ltd. 100%	18/04/1948	21/04/1948	02/02/2025
LORNE	301295002	55495	NM00025	Elsa Reclamation & Development Company Ltd. 100%	14/09/1946	01/02/1947	12/10/2019
LOTUS	301464988	13019	NM00625	Elsa Reclamation & Development Company Ltd. 100%	22/02/1920	04/05/1920	25/11/2029
LOUIS 1	301313122	56405	NM00433	Elsa Reclamation & Development Company Ltd. 100%	29/03/1947	18/04/1947	26/11/2025
LOUIS 2	301416691	56406	NM00596	Elsa Reclamation & Development Company Ltd. 100%	22/03/1947	18/04/1947	26/11/2027
LOUIS 3	301447938	56407	NM00434	Elsa Reclamation & Development Company Ltd. 100%	22/03/1947	18/04/1947	26/11/2025
LOUIS 4	301386521	56408	NM00435	Elsa Reclamation & Development Company Ltd. 100%	22/03/1947	18/04/1947	26/11/2025
LOUISE	301582503	14219	NM00078	Elsa Reclamation & Development Company Ltd. 100%	17/07/1921	24/09/1921	08/08/2021
LOVIE	301506822	55501	NM00300	Elsa Reclamation & Development Company Ltd. 100%	15/09/1946	01/02/1947	30/01/2025
LUCKY	301361913	16585	2198	Elsa Reclamation & Development Company Ltd. 100%	09/06/1925	11/06/1925	29/03/2017
LUCKY QUEEN	301337145	13021	4067	Elsa Reclamation & Development Company Ltd. 100%	18/02/1920	04/05/1920	17/02/2014
LUCKY STRIKE	301493113	16552	2204	Elsa Reclamation & Development Company Ltd. 100%	22/05/1925	15/06/1925	14/06/2017
LUNA	301486868	13586	NM00637	Elsa Reclamation & Development Company Ltd. 100%	09/09/1920	12/11/1920	31/12/2029
M.T.	301324917	38857	NM00632	Elsa Reclamation & Development Company Ltd. 100%	22/08/1935	01/10/1935	06/12/2029
MABEL	301429773	2201	OM00028	Elsa Reclamation & Development Company Ltd. 100%	23/02/1913	17/03/1913	15/02/2018
MAGGIE	301377309	14233	NM00659	Elsa Reclamation & Development Company Ltd. 100%	28/06/1921	24/09/1921	24/09/2031
MAGGIE	301421267	62202	NM00464	Elsa Reclamation & Development Company Ltd. 100%	31/07/1952	05/08/1952	26/11/2025
MALCOM	301325608	56529	NM00502	Alexco Keno Hill Mining Corp. 100%	12/06/1948	14/06/1948	28/11/2025
Man	301390098	YC02774		Alexco Exploration Canada Corp. 100%	09/07/2001	10/07/2001	31/12/2021
MAPLE LEAF	301309725	12829	4111	Elsa Reclamation & Development Company Ltd. 100%	27/08/1919	23/10/1919	15/10/2015
MARG	301384463	59520	NM00385	Elsa Reclamation & Development Company Ltd. 100%	10/12/1949	14/12/1949	22/05/2025
MARIE ELENA	301325609	56530	NM00508	Elsa Reclamation & Development Company Ltd. 100%	11/06/1948	17/06/1948	01/11/2026
MARMOT	301418386	55385	NM00049	Elsa Reclamation & Development Company Ltd. 100%	09/08/1945	26/10/1945	14/11/2020
MARY	301341625	13787	NM00618	Elsa Reclamation & Development Company Ltd. 100%	09/05/1921	21/06/1921	31/01/2030
Mary 1	301586489	YB29002		Alexco Keno Hill Mining Corp. 100%	10/09/1902	25/09/1992	31/12/2023
Mary 2	301332792	YB29003		Alexco Keno Hill Mining Corp. 100%	10/09/1992	25/09/1992	31/12/2023
Mary 3	301425041	YB29004		Alexco Keno Hill Mining Corp. 100%	10/09/1902	25/09/1992	31/12/2027
Mary 4	301317968	YB29005		Alexco Keno Hill Mining Corp. 100%	10/09/1902	25/09/1992	31/12/2027
MARY 6	301350479	YB29394		Alexco Keno Hill Mining Corp. 100%	18/11/1992	18/11/1992	31/12/2023
Mary A 0	301493240	YC10995		Alexco Keno Hill Mining Corp. 100%	19/08/2003	02/09/2003	31/12/2020
Mary B 0	301507472	YC10996		Alexco Keno Hill Mining Corp. 100%	19/08/2003	02/09/2003	31/12/2020
MARYL.	301572037	59014	NM00136	Elsa Reclamation & Development Company Ltd. 100%	28/08/1948	01/09/1948	07/05/2022
MASTIFF	301309485	14168	4087	Elsa Reclamation & Development Company Ltd. 100%	10/07/1921	14/09/1921	14/11/2014
MATHOLE	301586453	12937	4163	Elsa Reclamation & Development Company Ltd. 100%	12/10/1919	03/01/1920	07/09/2016
MATTAGAMI	301425730	59255	NM00271	Elsa Reclamation & Development Company Ltd. 100%	01/06/1949	03/06/1949	18/01/2024
MAY	301380868	38748	4162	Elsa Reclamation & Development Company Ltd. 100%	25/07/1932	15/08/1932	03/09/2016
MAYO	301363771	55497	NM00027	Elsa Reclamation & Development Company Ltd. 100%	12/09/1946	01/02/1947	12/10/2019
MAYO	301432182	56573	NM00438	Elsa Reclamation & Development Company Ltd. 100%	22/06/1948	12/07/1948	26/11/2025
MAYO	301464993	12919	4113	Elsa Reclamation & Development Company Ltd. 100%	09/09/1919	22/12/1919	21/12/2015
McCARTHY FRACTI	301412802	38619	OM00026	Elsa Reclamation & Development Company Ltd. 100%	15/08/1929	19/09/1929	08/01/2018
METEOR	301446787	62131	NM00006	Elsa Reclamation & Development Company Ltd. 100%	15/06/1952	16/ 06/1952	27/07/2019
MIDWAY	301410073	14088	4090	Elsa Reclamation & Development Company Ltd. 100%	03/05/1921	26/07/1921	30/12/2014
MIKE	301391438	56590	NM00568	Elsa Reclamation & Development Company Ltd. 100%	12/08/1948	18/08/1948	02/11/2027
MIKE	301546083	59764	NM00571	Elsa Reclamation & Development Company Ltd. 100%	21/09/1950	26/09/1950	02/11/2027
MINERVA	301302900	16571	4134	Elsa Reclamation & Development Company Ltd. 100%	29/05/1925	07/07/1925	22/03/2016
MINERVA JR.	301350260	16040	4135	Elsa Reclamation & Development Company Ltd. 100%	17/08/1925	23/09/1925	14/04/2016
MINK FRACTION	301419795	62837	NM00406	Elsa Reclamation & Development Company Ltd. 100%	26/07/1955	03/08/1955	12/06/2025
MINTO	301303624	12814	NM00633	Elsa Reclamation & Development Company Ltd. 100%	16/08/1919	17/08/1919	16/12/2029

ClaimName	Quartz	Grant	Lease	Owner	Staking Date	Recorded Date	Expiry Date
	Claim	Number	Number
MINT O2	301464989	12920	NM00424	Elsa Reclamation & Development Company Ltd. 100%	10/09/1919	22/12/1919	26/11/2025
MIRAMICHI	301577055	12879	NM00039	Elsa Reclamation & Development Company Ltd. 100%	30/08/1919	26/09/1919	16/09/2020
Mo	301337001	81227	NM00654	Elsa Reclamation & Development Company Ltd. 100%	20/06/1962	26/06/1962	12/03/2031
MOHAWK	301305447	15236	4136	Elsa Reclamation & Development Company Ltd. 100%	16/05/1928	13/06/1928	20/04/2016
Mom 1	301381194	YC32221		Alexco Exploration Canada Corp. 100%	19/08/2004	23/08/2004	31/12/2018
Mom 2	301504668	YC32222		Alexco Exploration Canada Corp. 100%	19/08/2004	23/08/2004	31/12/2018
Mom 3	301380433	YC32223		Alexco Exploration Canada Corp. 100%	19/08/2004	23/08/2004	31/12/2018
Mom 4	301513745	YC32224		Alexco Exploration Canada Corp. 100%	19/08/2004	23/08/2004	31/12/2018
Mom 5	301424926	YC32225		Alexco Exploration Canada Corp. 100%	17/08/2004	23/08/2004	31/12/2018
Mom 6	301537438	YC32226		Alexco Exploration Canada Corp. 100%	17/08/2004	23/08/2004	31/12/2018
Mom 7	301382522	YC32227		Alexco Exploration Canada Corp. 100%	18/08/2004	23/08/2004	31/12/2018
Mom 8	301352333	YC32228		Alexco Exploration Canada Corp. 100%	18/08/2004	23/08/2004	31/12/2018
MONARCH	301531786	55443	NM00432	Elsa Reclamation & Development Company Ltd. 100%	22/07/1946	26/08/1946	26/11/2025
MONOPLY	301413533	16568	NM00672	Elsa Reclamation & Development Company Ltd. 100%	28/05/1925	07/07/1925	24/11/2033
MONTE CARLO	301365377	16569	NM00673	Elsa Reclamation & Development Company Ltd. 100%	05/06/1925	07/07/1925	24/11/2033
MONTY	301524415	55312	NM00165	Elsa Reclamation & Development Company Ltd. 100%	24/07/1944	13/02/1945	12/06/2022
MOOSE	301382751	12819	NM00037	Elsa Reclamation & Development Company Ltd. 100%	02/09/1919	20/10/1919	21/08/2020
MORGAN	301451849	62267	NM00339	Elsa Reclamation & Development Company Ltd. 100%	13/09/1952	17/09/1952	15/02/2025
MOSS	301334278	55332	NM00374	Elsa Reclamation & Development Company Ltd. 100%	22/05/1945	16/10/1945	22/05/2025
MOSSBACK	301325340	62366	NM00358	Elsa Reclamation & Development Company Ltd. 100%	30/05/1954	08/06/1954	30/03/2025
MOTH	301416581	38642	4176	Elsa Reclamation & Development Company Ltd. 100%	10/10/1929	13/11/1929	08/12/2016
NABOB	301367229	13025	NM00012	Elsa Reclamation & Development Company Ltd. 100%	07/03/1920	05/05/1920	27/07/2019
NAETHING	301299840	14990	NM00359	Elsa Reclamation & Development Company Ltd. 100%	10/06/1924	09/07/1924	12/04/2025
NANCE	301395059	59341	NM00019	Elsa Reclamation & Development Company Ltd. 100%	14/07/1949	19/07/1949	27/07/2019
NANCY	301578220	15374	NM00427	Elsa Reclamation & Development Company Ltd. 100%	21/06/1929	24/07/1929	26/11/2025
NAPOLEON	301577057	12880	NM00033	Elsa Reclamation & Development Company Ltd. 100%	16/09/1919	28/11/1919	13/03/2020
NEIN	301559432	38873	NM00630	Elsa Reclamation & Development Company Ltd. 100%	31/10/1935	04/12/1935	06/12/2029
NEWLYWED 1	301590619	59169	NM00443	Elsa Reclamation & Development Company Ltd. 100%	16/01/1949	25/01/1949	26/11/2025
NEWLYWED 2	301590620	59170	NM00444	Elsa Reclamation & Development Company Ltd. 100%	16/01/1949	25/01/1949	26/11/2025
NIKKA	301591671	55583	NM00566	Elsa Reclamation & Development Company Ltd. 100%	23/10/1946	20/03/1947	02/11/2027
NIP FRACTION	301396510	83004	NM00591	Elsa Reclamation & Development Company Ltd. 100%	10/06/1963	12/06/1963	02/11/2027
NM	301330748	62235	NM00576	Elsa Reclamation & Development Company Ltd. 100%	26/08/1952	27/08/1952	02/11/2027
NO CASH	301470654	16511	NM00670	Elsa Reclamation & Development Company Ltd. 100%	09/08/1924	09/09/1924	24/11/2033
No name	301522081	YC39585		Alexco Exploration Canada Corp. 100%	24/08/2005	01/09/2005	31/12/2014
NODFR.	301534111	16170	OM00023	Elsa Reclamation & Development Company Ltd. 100%	13/06/1926	13/07/1926	15/12/2017
NOIDER	301359292	38658	NM00504	Elsa Reclamation & Development Company Ltd. 100%	07/01/1930	27/01/1930	01/11/2026
North F.	301471526	YC10897		Alexco Keno Hill Mining Corp. 100%	07/08/2003	08/08/2003	31/12/2020
NORTH FRACTION	301363562	83010	NM00592	Elsa Reclamation & Development Company Ltd. 100%	24/06/1963	25/06/1963	02/11/2027
NORTH STAR	301405573	16012	NM00347	Elsa Reclamation & Development Company Ltd. 100%	08/07/1925	14/08/1925	30/03/2025
NORTH STAR	301481469	13415	NM00173	Elsa Reclamation & Development Company Ltd. 100%	24/07/1920	25/09/1920	13/11/2022
O No Fr.	301565664	YC57135		Alexco Exploration Canada Corp. 100%	22/08/2007	22/08/2007	31/12/2018
O.K. 1	301304706	Y33741		Alexco Keno Hill Mining Corp. 100%	10/12/1970	11/12/1970	31/12/2019
O.K. 10	301558108	Y85968		Alexco Keno Hill Mining Corp. 100%	02/10/1973	10/10/1973	31/12/2019
O.K. 2	301515142	Y33742		Alexco Keno Hill Mining Corp. 100%	10/12/1970	11/12/1970	31/12/2019
O.K. 3	301524893	Y56174		Alexco Keno Hill Mining Corp. 100%	11/09/1971	15/09/1971	31/12/2019
O.K. 4	301566493	Y56175		Alexco Keno Hill Mining Corp. 100%	11/09/1971	15/09/1971	31/12/2019
O.K. 5	301572244	Y85963		Alexco Keno Hill Mining Corp. 100%	02/10/1973	10/10/1973	31/12/2019
O.K. 6	301345007	Y85964		Alexco Keno Hill Mining Corp. 100%	02/10/1973	10/10/1973	31/12/2019
O.K. 7	301458286	Y85965		Alexco Keno Hill Mining Corp. 100%	02/10/1973	10/10/1973	31/12/2019
O.K. 8	301415249	Y85966		Alexco Keno Hill Mining Corp. 100%	02/10/1973	10/10/1973	31/12/2019
O.K. 9	301477759	Y85967		Alexco Keno Hill Mining Corp. 100%	02/10/1973	10/10/1973	31/12/2019
OBOE	301410305	80360	NM00582	Elsa Reclamation & Development Company Ltd. 100%	15/07/1959	22/07/1959	02/11/2027
OHIO	301367568	56566	NM00168	Elsa Reclamation & Development Company Ltd. 100%	26/06/1948	28/06/1948	12/06/2022
OK FRACTION	301465714	13094	NM00556	Elsa Reclamation & Development Company Ltd. 100%	18/04/1920	09/06/1920	02/11/2027
One	301341824	YC01994		Alexco Exploration Canada Corp. 100%	23/09/1999	28/09/1999	09/09/2018
ONEK	301318109	61596	NM00461	Elsa Reclamation & Development Company Ltd. 100%	15/05/1951	21/05/1951	26/11/2025
ORANGE	301334059	14086	4092	Elsa Reclamation & Development Company Ltd. 100%	03/05/1921	25/07/1921	21/01/2015
ORCHID 10	301348526	62959		Elsa Reclamation & Development Company Ltd. 100%	18/05/1956	30/05/1956	31/12/2018
ORCHID 11	301348527	62960		Elsa Reclamation & Development Company Ltd. 100%	18/05/1956	30/05/1956	31/12/2018
ORCHID 12	301487899	62961		Elsa Reclamation & Development Company Ltd. 100%	18/05/1956	30/05/1956	31/12/2018
ORCHID 13	301510094	80123	NM00490	Elsa Reclamation & Development Company Ltd. 100%	07/12/1956	13/12/1956	26/11/2025
ORCHID 14	301331813	80124	NM00491	Elsa Reclamation & Development Company Ltd. 100%	07/12/1956	13/12/1956	26/11/2025
ORCHID 17	301383073	62964		Elsa Reclamation & Development Company Ltd. 100%	18/05/1956	30/05/1956	31/12/2018
ORCHID 19	301548881	62966		Elsa Reclamation & Development Company Ltd. 100%	18/05/1956	30/05/1956	31/12/2018
ORCHID 2	301473184	62951		Elsa Reclamation & Development Company Ltd. 100%	16/05/1956	30/05/1956	31/12/2018
ORCHID 21	301506546	62968		Elsa Reclamation & Development Company Ltd. 100%	18/05/1956	30/05/1956	31/12/2020
ORCHID 22	301593758	62969		Elsa Reclamation & Development Company Ltd. 100%	18/05/1956	30/05/1956	31/12/2020
ORCHID 23	301593759	62970		Elsa Reclamation & Development Company Ltd. 100%	18/05/1956	30/05/1956	31/12/2020

ClaimName	Quartz	Grant	Lease	Owner	Staking Date	Recorded Date	Expiry Date
	Claim	Number	Number
ORCHID 24	301568081	62971		Elsa Reclamation & Development Company Ltd. 100%	18/05/1956	30/05/1956	31/12/2020
ORCHID 28	301378518	62975	NM00482	Elsa Reclamation & Development Company Ltd. 100%	19/05/1956	30/05/1956	26/11/2025
ORCHID 29	301508102	62976	NM00483	Elsa Reclamation & Development Company Ltd. 100%	19/05/1956	30/05/1956	26/11/2025
ORCHID 30	301417561	80179	NM00500	Elsa Reclamation & Development Company Ltd. 100%	07/05/1957	10/05/1957	26/11/2025
ORCHID 34	301543007	80120	NM00487	Elsa Reclamation & Development Company Ltd. 100%	04/12/1956	13/12/1956	26/11/2025
ORCHID 35	301587255	80121	NM00488	Elsa Reclamation & Development Company Ltd. 100%	07/12/1956	13/12/1956	26/11/2025
ORCHID 36	301466353	80122	NM00489	Elsa Reclamation & Development Company Ltd. 100%	07/12/1956	13/12/1956	26/11/2025
ORCHID 39	301507599	80164	NM00494	Elsa Reclamation & Development Company Ltd. 100%	27/03/1957	03/04/1957	26/11/2025
ORCHID 4	301573606	62953		Elsa Reclamation & Development Company Ltd. 100%	16/05/1956	30/05/1956	31/12/2018
ORCHID 40	301552626	80165	NM00495	Elsa Reclamation & Development Company Ltd. 100%	27/03/1957	03/04/1957	26/11/2025
ORCHID 43	301459936	80168	NM00498	Elsa Reclamation & Development Company Ltd. 100%	27/03/1957	03/04/1957	26/11/2025
ORCHID 44	301593352	80169		Elsa Reclamation & Development Company Ltd. 100%	27/03/1957	03/04/1957	31/12/2020
ORCHID 45	301593351	80170		Elsa Reclamation & Development Company Ltd. 100%	27/03/1957	03/04/1957	31/12/2020
Orchid 46	301518813	Y68364		Elsa Reclamation & Development Company Ltd. 100%	12/07/1972	19/07/1972	31/12/2020
Orchid 47	301521878	Y68365		Elsa Reclamation & Development Company Ltd. 100%	12/07/1972	19/07/1972	31/12/2020
Orchid 48	301586662	Y68366		Elsa Reclamation & Development Company Ltd. 100%	12/07/1972	19/07/1972	31/12/2020
Orchid 49	301476683	Y68367		Elsa Reclamation & Development Company Ltd. 100%	12/07/1972	19/07/1972	31/12/2020
Orchid 50	301543531	Y68368		Elsa Reclamation & Development Company Ltd. 100%	12/07/1972	19/07/1972	31/12/2020
Orchid 51	301445740	Y68369		Elsa Reclamation & Development Company Ltd. 100%	12/07/1972	19/07/1972	31/12/2020
Orchid 52	301445739	Y68370		Elsa Reclamation & Development Company Ltd. 100%	12/07/1972	19/07/1972	31/12/2020
Orchid 53	301568443	Y68371		Elsa Reclamation & Development Company Ltd. 100%	12/07/1972	19/07/1972	31/12/2020
ORCHID 6	301430944	62955		Elsa Reclamation & Development Company Ltd. 100%	16/05/1956	30/05/1956	31/12/2018
ORCHID 7	301538273	62956		Elsa Reclamation & Development Company Ltd. 100%	16/05/1956	30/05/1956	31/12/2018
ORCHID 8	301464155	62957		Elsa Reclamation & Development Company Ltd. 100%	16/05/1956	30/05/1956	31/12/2018
ORCHID 9	301575670	62958		Elsa Reclamation & Development Company Ltd. 100%	16/05/1956	30/05/1956	31/12/2018
ORPHAN	301395925	12852	NM00179	Elsa Reclamation & Development Company Ltd. 100%	15/09/1919	31/10/1919	18/01/2023
OUTCAST FRACTIO	301469673	13542	NM00530	Elsa Reclamation & Development Company Ltd. 100%	01/10/1920	25/10/1920	18/11/2026
OVERTIME 1	301440229	56581	NM00187	Elsa Reclamation & Development Company Ltd. 100%	07/08/1948	13/08/1948	09/02/2023
OVERTIME 13	301312372	56583	NM00439	Elsa Reclamation & Development Company Ltd. 100%	07/08/1948	13/08/1948	26/11/2025
OVERTIME 14	301537124	56584	NM00440	Elsa Reclamation & Development Company Ltd. 100%	07/08/1948	13/08/1948	26/11/2025
OVERTIME 15	301544690	56585	NM00441	Elsa Reclamation & Development Company Ltd. 100%	09/08/1948	13/08/1948	26/11/2025
OVERTIME 16	301412774	56586	NM00442	Elsa Reclamation & Development Company Ltd. 100%	09/08/1948	13/08/1948	26/11/2025
OVERTIME 17	301422782	59453	NM00445	Elsa Reclamation & Development Company Ltd. 100%	17/08/1949	19/08/1949	26/11/2025
OVERTIME 18	301559197	59454	NM00446	Elsa Reclamation & Development Company Ltd. 100%	17/08/1949	19/08/1949	26/11/2025
OVERTIME 19	301547964	59455	NM00447	Elsa Reclamation & Development Company Ltd. 100%	17/08/1949	19/08/1949	26/11/2025
OVERTIME 2	301321083	56582	NM00188	Elsa Reclamation & Development Company Ltd. 100%	07/08/1948	13/08/1948	09/02/2023
OVERTIME 20	301481693	59456	NM00448	Elsa Reclamation & Development Company Ltd. 100%	17/08/1949	19/08/1949	26/11/2025
OXO	301551001	59040	NM00285	Elsa Reclamation & Development Company Ltd. 100%	18/09/1948	21/09/1948	27/06/2024
PACIFIC	301511205	14999	4095	Elsa Reclamation & Development Company Ltd. 100%	18/06/1924	14/07/1924	29/01/2015
PACSAX	301581099	59294	NM00178	Elsa Reclamation & Development Company Ltd. 100%	20/06/1949	30/06/1949	29/12/2022
Paddy	301443240	59313		Alexco Keno Hill Mining Corp. 100%	29/06/1949	08/07/1949	31/12/2019
Paddy 2	301414632	83253		Alexco Keno Hill Mining Corp. 100%	09/10/1963	16/10/1963	31/12/2019
Paddy 3	301531666	83254		Alexco Keno Hill Mining Corp. 100%	09/10/1963	16/10/1963	31/12/2019
Paddy 4	301550740	83721		Alexco Keno Hill Mining Corp. 100%	25/10/1964	26/10/1964	31/12/2019
Paddy 5	301459713	83722		Alexco Keno Hill Mining Corp. 100%	25/10/1964	26/10/1964	31/12/2019
PAGODA	301486629	14093	NM00089	Elsa Reclamation & Development Company Ltd. 100%	04/05/1921	26/07/1921	20/08/2021
PAL OF MINE	301530576	16564	OM00031	Elsa Reclamation & Development Company Ltd. 100%	18/05/1925	30/06/1925	28/05/2018
PASCO	301407641	14091	NM00362	Elsa Reclamation & Development Company Ltd. 100%	04/05/1921	26/07/1921	30/04/2025
PATRICIA	301507036	2203	NM00318	Elsa Reclamation & Development Company Ltd. 100%	25/03/1913	08/04/1913	01/02/2025
PEACH	301382750	12820	NM00360	Elsa Reclamation & Development Company Ltd. 100%	04/09/1919	20/10/1919	30/04/2025
PEARL	301484707	55206	NM00562	Elsa Reclamation & Development Company Ltd. 100%	14/08/1941	30/10/1941	02/11/2027
PERRY FRACTIONA	301333531	12873	OM00010	Elsa Reclamation & Development Company Ltd. 100%	01/10/1919	14/11/1919	28/12/2017
PHOENIX	301484866	13158	3537	Elsa Reclamation & Development Company Ltd. 100%	01/05/1920	17/06/1920	27/02/2013
PIL	301331323	55500	NM00299	Elsa Reclamation & Development Company Ltd. 100%	14/09/1946	01/02/1947	30/01/2025
PINOCHLE	301487822	12785	3749	Elsa Reclamation & Development Company Ltd. 100%	30/07/1919	11/09/1919	29/10/2014
PIRATE	301351117	55561	NM00166	Elsa Reclamation & Development Company Ltd. 100%	31/10/1946	17/02/1947	12/06/2022
PIRATE 1	301594523	55562	NM00167	Elsa Reclamation & Development Company Ltd. 100%	31/10/1946	17/02/1947	12/06/2022
PIRATE 2	301354352	55563	NM00333	Elsa Reclamation & Development Company Ltd. 100%	31/10/1946	17/02/1947	08/02/2025
PIRATE 3	301558478	55564	NM00334	Elsa Reclamation & Development Company Ltd. 100%	31/10/1946	17/02/1947	15/02/2025
PIRATE 4	301453368	55565	NM00335	Elsa Reclamation & Development Company Ltd. 100%	31/10/1946	17/02/1947	15/02/2025
PIRATE 5	301310812	55566	NM00336	Elsa Reclamation & Development Company Ltd. 100%	31/10/1946	17/02/1947	15/02/2025
PIRATE 6	301436608	55567	NM00337	Elsa Reclamation & Development Company Ltd. 100%	31/10/1946	17/02/1947	15/02/2025
PIRATE 7	301460037	55568	NM00338	Elsa Reclamation & Development Company Ltd. 100%	31/10/1946	17/02/1947	15/02/2025
PIRATE EAST	301526989	59299	NM00172	Elsa Reclamation & Development Company Ltd. 100%	22/06/1949	30/06/1949	12/06/2022
PLATA	301594011	16499	NM00349	Elsa Reclamation & Development Company Ltd. 100%	07/08/1924	28/08/1924	30/03/2025
POCA PLATA	301493430	13182	NM00615	Elsa Reclamation & Development Company Ltd. 100%	07/05/1920	21/06/1920	30/09/2029
POO FRACTION	301463151	56559	NM00239	Elsa Reclamation & Development Company Ltd. 100%	23/06/1948	25/06/1948	29/08/2023
PORCUPINE	301333459	12875	4065	Elsa Reclamation & Development Company Ltd. 100%	03/10/1919	15/11/1919	21/01/2014

ClaimName	Quartz	Grant	Lease	Owner	Staking Date	Recorded Date	Expiry Date
	Claim	Number	Number
PORCUPINE	301352953	16553	4265	Elsa Reclamation & Development Company Ltd. 100%	28/05/1925	15/06/1925	20/06/2017
PORKY	301405440	55389	NM00052	Elsa Reclamation & Development Company Ltd. 100%	12/08/1945	26/10/1945	14/11/2020
PREMIER	301466396	55029	NM00183	Elsa Reclamation & Development Company Ltd. 100%	19/01/1937	15/02/1937	02/02/2023
PRINCE	301594385	55308	NM00506	Elsa Reclamation & Development Company Ltd. 100%	18/06/1944	12/02/1945	01/11/2026
PRINCESS FRACTI	301476749	62558	NM00473	Elsa Reclamation & Development Company Ltd. 100%	10/10/1954	27/10/1954	26/11/2025
PRO	301581474	55588	NM00295	Alexco Keno Hill Mining Corp. 100%	08/10/1946	28/03/1947	23/02/2025
PUEBLO	301484276	59387	NM00569	Elsa Reclamation & Development Company Ltd. 100%	21/07/1949	29/ 07/1949	02/11/2027
PUNCH	301353801	16558	OM00040	Elsa Reclamation & Development Company Ltd. 100%	28/05/1925	18/06/1925	29/12/2019
QUAIL	301425175	59275	NM00541	Alexco Keno Hill Mining Corp. 100%	13/06/1949	22/06/1949	02/11/2027
QUAIL FRACTION	301591063	59824	NM00547	Alexco Keno Hill Mining Corp. 100%	22/09/1950	02/10/1950	02/11/2027
QUEEN	301568277	62269	NM00341	Elsa Reclamation & Development Company Ltd. 100%	13/09/1952	17/09/1952	15/02/2025
QUEST	301428540	56522	NM00111	Alexco Keno Hill Mining Corp. 100%	05/06/1948	08/06/1948	19/06/2021
QUILL	301327074	59273	NM00112	Alexco Keno Hill Mining Corp. 100%	12/06/1949	21/06/1949	19/06/2021
R.J.	301308420	81721	NM00658	Elsa Reclamation & Development Company Ltd. 100%	02/07/1962	10/07/1962	10/07/2031
RAM	301383252	13073	NM00042	Elsa Reclamation & Development Company Ltd. 100%	10/04/1920	04/06/1920	17/10/2020
RAND	301560149	55436	NM00283	Elsa Reclamation & Development Company Ltd. 100%	10/06/1946	24/06/1946	27/06/2024
RANDO	301573080	55022	NM00561	Elsa Reclamation & Development Company Ltd. 100%	01/10/1936	28/10/1936	02/11/2027
Raven	301364545	YB43729		Elsa Reclamation & Development Company Ltd. 100%	18/10/1994	18/10/1994	31/12/2017
READY CASH	301406028	14227	NM00090	Elsa Reclamation & Development Company Ltd. 100%	17/07/1921	24/09/1921	20/08/2021
RENO	301380934	12800	4112	Elsa Reclamation & Development Company Ltd. 100%	05/08/1919	01/10/1919	19/10/2015
RENO	301470646	62309	NM00405	Elsa Reclamation & Development Company Ltd. 100%	02/07/1952	15/07/1952	12/06/2025
REVENGE FRACTIO	301465790	84617	2231	Elsa Reclamation & Development Company Ltd. 100%	06/08/1965	24/08/1965	08/10/2017
REX	301511572	55586	NM00293	Alexco Keno Hill Mining Corp. 100%	08/10/1946	28/03/1947	23/02/2025
REX	301318421	55387	NM00051	Elsa Reclamation & Development Company Ltd. 100%	10/08/1945	26/10/1945	14/11/2020
REX(F)	301406237	56578	NM00354	Elsa Reclamation & Development Company Ltd. 100%	25/07/1948	03/08/1948	30/03/2025
RICO	301520811	12780	NM00619	Elsa Reclamation & Development Company Ltd. 100%	21/07/1919	27/08/1919	18/02/2030
RICO	301451275	13452	NM00643	Evelyn Crandall Exec Est. Bessie E.Stewart 50%, Elsa Reclamation & Development Company Ltd. 50%	02/08/1920	02/10/1920	28/03/2030
RING	301317204	16350	NM00036	Alexco Keno Hill Mining Corp. 100%	31/07/1927	27/08/1927	19/08/2020
RIO	301324348	14898	4070	ElsaRecl amation&DevelopmentCompanyLtd. 100%	12/10/1923	15/11/1923	14/04/2014
ROAD	301415603	55384	NM00507	ElsaRecl amation&DevelopmentCompanyLtd. 100%	06/08/1945	26/10/1945	01/11/2026
ROBIN	301429191	55341	NM00048	ElsaRecl amation&DevelopmentCompanyLtd. 100%	09/06/1945	17/10/1945	14/11/2020
ROCK	301573330	59683	NM00546	Alexco Keno Hill Mining Corp. 100%	11/09/1950	19/09/1950	02/11/2027
ROCKET FRACTION	301423878	62339	NM00291	ElsaRecl amation&DevelopmentCompanyLtd. 100%	01/10/1953	02/10/1953	13/07/2024
ROSE	301351975	55526	NM00376	ElsaRecl amation&DevelopmentCompanyLtd. 100%	18/09/1946	04/02/1947	22/05/2025
ROSEMARY	301404708	55271	NM00529	ElsaRecl amation&DevelopmentCompanyLtd. 100%	01/07/1943	09/11/1943	09/11/2026
ROULETTE	301520813	12779	NM00616	ElsaRecl amation&DevelopmentCompanyLtd. 100%	10/07/1919	27/08/1919	26/01/2030
ROY	301390795	13709	NM00558	ElsaRecl amation&DevelopmentCompany Ltd.100%	12/04/1921	28/05/1921	02/11/2027
ROZ FRACTION	301335949	61976	NM00575	ElsaRecl amation&DevelopmentCompanyLtd. 100%	19/09/1951	19/09/1951	02/11/2027
RUBE	301325081	62199	NM00402	ElsaRecl amation&DevelopmentCompanyLtd. 100%	21/07/1952	04/08/1952	12/06/2025
RUBY	301299835	14989	NM00667	ElsaRecl amation&DevelopmentCompanyLtd. 100%	09/06/1924	09/07/1924	24/11/2033
SADIE	301444472	13038	NM00634	ElsaRecl amation&DevelopmentCompanyLtd. 100%	18/03/1920	06/05/1920	17/12/2029
SAM	301411834	55327	2221	ElsaRecl amation&DevelopmentCompanyLtd. 100%	10/04/1945	16/10/1945	15/12/2017
SANTIAGO	301503436	55214	NM00009	ElsaRecl amation&DevelopmentCompanyLtd. 100%	06/11/1941	23/02/1942	27/07/2019
SAXON	301532180	14090	NM00091	ElsaRecl amation&DevelopmentCompanyLtd. 100%	03/05/1921	26/07/1921	20/08/2021
SCOT	301518667	13591	NM00557	ElsaRecl amation&DevelopmentCompanyLtd. 100%	06/01/1921	18/02/1921	02/11/2027
SCOTTY	301420109	12783	NM00621	ElsaRecl amation&DevelopmentCompanyLtd. 100%	29/07/1919	10/09/1919	24/01/2030
SEGLE	301553005	56534	NM00437	ElsaRecl amation&DevelopmentCompanyLtd. 100%	09/06/1948	23/06/1948	26/11/2025
SEXTANT	301573235	14288	NM00648	ElsaRecl amation&DevelopmentCompanyLtd. 100%	08/08/1921	04/10/1921	15/05/2030
SHAMR OCK	301387065	12803	2116	ElsaRecl amation&DevelopmentCompanyLtd. 100%	04/08/1919	08/10/1919	28/04/2015
SHAMR OCK	301476610	55309	NM00428	ElsaRecl amation&DevelopmentCompanyLtd. 100%	27/06/1944	12/02/1945	26/11/2025
SHEPHERD	301498983	12931	NM00177	ElsaRecl amation&DevelopmentCompanyLtd. 100%	15/10/1919	31/12/1919	19/11/2022
SILVER BELL	301441643	12990	NM00661	ElsaRecl amation&DevelopmentCompanyLtd. 100%	20/02/1920	15/04/1920	28/09/2031
SILVER FR.	301391117	38730	2223	ElsaRecl amation&DevelopmentCompanyLtd. 100%	20/08/1931	16/09/1931	15/12/2017
SILVER HOARD	301313565	13069	NM00013	ElsaRecl amation&DevelopmentCompanyLtd. 100%	07/03/1920	31/05/1920	27/07/2019
SILVER SPOON	301523251	14216	NM00079	ElsaRecl amation&DevelopmentCompanyLtd. 100%	17/07/1921	24/09/1921	08/08/2021
SIS	301305920	55039	NM00631	ElsaRecl amation&DevelopmentCompanyLtd. 100%	13/08/1937	03/09/1937	06/12/2029
SISTER	301340527	59027	NM00068	ElsaRecl amation&DevelopmentCompanyLtd. 100%	11/09/1948	13/09/1948	24/07/2021
SIWASH	301324436	12915	NM00040	ElsaRecl amation&DevelopmentCompanyLtd. 100%	22/09/1919	19/12/1919	13/08/2020
SLIVER	301299423	38882	NM00629	ElsaRecl amation&DevelopmentCompanyLtd. 100%	16/03/1936	31/03/1936	06/12/2029
SLOPE 2	301350404	59436	NM00249	ElsaRecl amation&DevelopmentCompanyLtd. 100%	16/08/1949	19/08/1949	19/12/2023
SMILES	301354043	13009	NM00199	Alexco Keno Hill Mining Corp. 100%	13/02/1920	28/04/1920	29/07/2023
SNOW	301355470	62946	NM00476	ElsaRecl amation&DevelopmentCompanyLtd. 100%	08/02/1956	10/02/1956	26/11/2025
Snowdrift	301378909	Y88686		ElsaRecl amation&DevelopmentCompanyLtd. 100%	31/05/1974	05/06/1974	31/12/2021
Snowdrift 1	301295631	Y87462		ElsaRecl amation&DevelopmentCompanyLtd. 100%	15/03/1974	21/03/1974	31/12/2021
Snowdrift 10	301577238	Y87471		ElsaRecl amation&DevelopmentCompanyLtd. 100%	18/03/1974	21/03/1974	31/12/2021
Snowdrift 11	301481484	Y87472		ElsaRecl amation&DevelopmentCompanyLtd. 100%	18/03/1974	21/03/1974	31/12/2021
Snowdrift 12	301331167	Y97219		ElsaRecl amation&DevelopmentCompanyLtd. 100%	18/12/1974	23/12/1974	31/12/2021

ClaimName	Quartz	Grant	Lease	Owner	Staking Date	Recorded Date	Expiry Date
	Claim	Number	Number
Snowdrift 13	301331166	Y97220		Elsa Reclamation & Development Company Ltd. 100%	18/12/1974	23/12/1974	31/12/2020
Snowdrift 14	301431732	Y97221		Elsa Reclamation & Development Company Ltd. 100%	18/12/1974	23/12/1974	31/12/2020
Snowdrift 15	301451659	Y97222		Elsa Reclamation & Development Company Ltd. 100%	18/12/1974	23/12/1974	31/12/2020
Snowdrift 16	301314917	Y97223		Elsa Reclamation & Development Company Ltd. 100%	18/12/1974	23/12/1974	31/12/2020
Snowdrift 17	301339549	YA01412		Elsa Reclamation & Development Company Ltd. 100%	22/09/1975	08/10/1975	31/12/2021
Snowdrift 18	301396089	YA01413		Elsa Reclamation & Development Company Ltd. 100%	22/09/1975	08/10/1975	31/12/2020
Snowdrift 19	301410140	YA01414		Elsa Reclamation & Development Company Ltd. 100%	22/09/1975	08/10/1975	31/12/2021
Snowdrift 2	301374320	Y87463		Elsa Reclamation & Development Company Ltd. 100%	15/03/1974	21/03/1974	31/12/2021
Snowdrift 20	301318093	YA01415		Elsa Reclamation & Development Company Ltd. 100%	22/09/1975	08/10/1975	31/12/2020
Snowdrift 21	301344158	YA01416		Elsa Reclamation & Development Company Ltd. 100%	22/09/1975	08/10/1975	31/12/2021
Snowdrift 3	301388290	Y87464		Elsa Reclamation & Development Company Ltd. 100%	15/03/1974	21/03/1974	31/12/2021
Snowdrift 4	301554818	Y87465		Elsa Reclamation & Development Company Ltd. 100%	18/03/1974	21/ 03/1974	31/12/2020
Snowdrift 5	301410161	Y87466		Elsa Reclamation & Development Company Ltd. 100%	18/03/1974	21/03/1974	31/12/2020
Snowdrift 6	301396767	Y87467		Elsa Reclamation & Development Company Ltd. 100%	18/03/1974	21/03/1974	31/12/2020
Snowdrift 7	301417063	Y87468		Elsa Reclamation & Development Company Ltd. 100%	18/03/1974	21/03/1974	31/12/2020
Snowdrift 8	301421163	Y87469		Elsa Reclamation & Development Company Ltd. 100%	18/03/1974	21/03/1974	31/12/2020
Snowdrift 9	301421164	Y87470		Elsa Reclamation & Development Company Ltd. 100%	18/03/1974	21/03/1974	31/12/2021
Snowdrift Fr. 17	301306581	YC90547		Alexco Exploration Canada Corp. 100%	31/08/2011	02/09/2011	31/12/2017
SOL	301439411	55446	NM00536	Alexco Keno Hill Mining Corp. 100%	20/08/1946	21/08/1946	02/11/2027
SOLO 2	301309839	12816	NM00620	Elsa Reclamation & Development Company Ltd. 100%	15/08/1919	18/10/1919	18/02/2030
SOLOFRACTION	301550271	59630	NM00459	Elsa Reclamation & Development Company Ltd. 100%	18/07/1950	21/07/1950	26/11/2025
SOLOMAN	301473361	55445	NM00535	Alexco Keno Hill Mining Corp. 100%	16/08/1946	16/08/1946	02/11/2027
Son 1	301453371	YC32218		Alexco Exploration Canada Corp. 100%	17/08/2004	23/08/2004	31/12/2018
Son 2	301335710	YC32219		Alexco Exploration Canada Corp. 100%	17/08/2004	23/08/2004	31/12/2018
Son 3	301335709	YC32220		Alexco Exploration Canada Corp. 100%	17/08/2004	23/08/2004	31/12/2018
Son 4	301547017	YC39676		Alexco Exploration Canada Corp. 100%	26/08/2005	01/09/2005	31/12/2019
Son 5	301440042	YC39586		Alexco Exploration Canada Corp. 100%	08/09/2005	12/09/2005	31/12/2019
Son 6	301322651	YC39587		Alexco Exploration Canada Corp. 100%	08/09/2005	12/09/2005	31/12/2019
South F	301560753	YC01212		Alexco Keno Hill Mining Corp. 100%	04/07/1998	06/07/1998	31/12/2020
SPENCER	301379834	14893	4093	Elsa Reclamation & Development Company Ltd. 100%	01/10/1923	14/11/1923	27/01/2015
Spider	301322024	YC02773		Alexco Exploration Canada Corp. 100%	06/07/2001	10/07/2001	31/12/2021
SPOT	301295602	38813	NM00160	Elsa Reclamation & Development Company Ltd. 100%	08/10/1934	12/11/1934	02/06/2022
STANWIX	301520284	55307	NM00184	Elsa Reclamation & Development Company Ltd. 100%	06/06/1944	12/02/1945	02/02/2023
STAURT	301580734	13721	NM00108	Elsa Reclamation & Development Company Ltd. 100%	26/04/1921	07/06/1921	26/08/2021
STONE	301338356	13035	NM00503	Elsa Reclamation & Development Company Ltd. 100%	18/03/1920	06/ 05/1920	01/11/2026
STONEFRACTION	301434932	83023	NM00595	Elsa Reclamation & Development Company Ltd. 100%	15/07/1963	16/07/1963	02/11/2027
SUDDO 1	301446537	59457	NM00250	Elsa Reclamation & Development Company Ltd. 100%	16/08/1949	19/08/1949	19/12/2023
SUDDO 10	301567012	59466	NM00259	Elsa Reclamation & Development Company Ltd. 100%	16/08/1949	19/08/1949	19/12/2023
SUDDO 11	301376665	59467	NM00260	Elsa Reclamation & Development Company Ltd. 100%	16/08/1949	19/08/1949	19/12/2023
SUDDO 2	301362343	59458	NM00251	Elsa Reclamation & Development Company Ltd. 100%	16/08/1949	18/08/1949	19/12/2023
SUDDO 3	301320644	59459	NM00252	Elsa Reclamation & Development Company Ltd. 100%	16/08/1949	19/08/1949	19/12/2023
SUDDO 4	301320643	59460	NM00253	Elsa Reclamation & Development Company Ltd. 100%	16/08/1949	19/08/1949	19/12/2023
SUDDO 5	301412966	59461	NM00254	Elsa Reclamation & Development Company Ltd. 100%	16/08/1949	19/08/1949	19/12/2023
SUDDO 6	301536139	59462	NM00255	Elsa Reclamation & Development Company Ltd. 100%	16/08/1949	19/08/1949	19/12/2023
SUDDO 7	301314657	59463	NM00256	Elsa Reclamation & Development Company Ltd. 100%	16/08/1949	19/08/1949	19/12/2023
SUDDO 8	301354636	59464	NM00257	Elsa Reclamation & Development Company Ltd. 100%	16/08/1949	19/08/1949	19/12/2023
SUDDO 9	301512643	59465	NM00258	Elsa Reclamation & Development Company Ltd. 100%	16/08/1949	19/08/1949	19/12/2023
SUNRISE	301496460	55433	NM00534	Alexco Keno Hill Mining Corp. 100%	15/06/1946	20/06/1946	02/11/2027
SURPLOMB 2	301509515	84580	2228	Elsa Reclamation & Development Company Ltd. 100%	07/07/1965	14/07/1965	08/10/2017
SURPLOMB 3	301328478	84581	2229	Elsa Reclamation & Development Company Ltd. 100%	10/07/1965	14/07/1965	08/10/2017
SUSYQ.	301568201	81225	NM00652	Elsa Reclamation & Development Company Ltd. 100%	15/06/1962	26/06/1962	12/03/2031
SWISS	301474260	15303	OM00037	Elsa Reclamation & Development Company Ltd. 100%	29/09/1928	26/10/1928	18/08/2018
SYLDIX	301425682	59293	NM00080	Elsa Reclamation & Development Company Ltd. 100%	17/06/1949	30/06/1949	08/08/2021
SYLVIA	301305193	14307	NM00241	Elsa Reclamation & Development Company Ltd. 100%	20/07/1921	06/10/1921	28/02/2024
TAKU	301515860	55334	NM00240	Elsa Reclamation & Development Company Ltd. 100%	23/05/1945	16/10/1945	07/09/2023
TALISMAN	301299478	59327	NM00407	Elsa Reclamation & Development Company Ltd. 100%	13/07/1949	19/ 07/1949	19/06/2025
TARM	301489037	61601	NM00552	Alexco Keno Hill Mining Corp. 100%	13/05/1951	25/05/1951	02/11/2027
TECH	301463768	83132	NM00623	Elsa Reclamation & Development Company Ltd. 100%	06/08/1963	13/08/1963	28/02/2030
TESS	301539422	84628	2233	Elsa Reclamation & Development Company Ltd. 100%	27/08/1965	09/09/1965	08/10/2017
THELMA	301428164	16313	NM00182	Elsa Reclamation & Development Company Ltd. 100%	14/03/1927	07/04/1927	02/02/2023
THISTLE	301438547	16204	NM00626	Elsa Reclamation & Development Company Ltd. 100%	16/07/1926	12/08/1926	03/12/2029
THUNDERBIRD	301531212	55520	NM00538	Alexco Keno Hill Mining Corp. 100%	15/09/1946	04/02/1947	02/11/2027
TICK	301479582	15207	NM00281	Elsa Reclamation & Development Company Ltd. 100%	31/03/1928	28/04/1928	27/06/2024
TIGER	301521233	12807	4107	Elsa Reclamation & Development Company Ltd. 100%	27/08/1919	10/ 10/1919	27/10/2015
TILLY	301443295	14885	NM00069	Elsa Reclamation & Development Company Ltd. 100%	02/09/1923	22/10/1923	24/07/2021
TINCAN	301370949	13027	NM00007	Elsa Reclamation & Development Company Ltd. 100%	07/03/1920	05/05/1920	27/07/2019
TIPTOP	301465011	59335	NM00010	Elsa Reclamation & Development Company Ltd. 100%	15/07/1949	19/07/1949	15/05/2020
TIPPY	301524210	16253	4074	Elsa Reclamation & Development Company Ltd. 100%	20/09/1926	06/10/1926	14/04/2014

ClaimName	Quartz	Grant	Lease	Owner	Staking Date	Recorded Date	Expiry Date
	Claim	Number	Number
TIPTOE	301409234	59295	NM00110	Elsa Reclamation & Development Company Ltd. 100%	20/06/1949	30/06/1949	29/08/2021
TIPTOP	301564287	55065	NM00010	Elsa Reclamation & Development Company Ltd. 100%	04/03/1938	28/03/1938	27/07/2019
TOM BOY	301324243	56505	NM00092	Elsa Reclamation & Development Company Ltd. 100%	06/10/1947	10/10/1947	22/08/2021
TOMTOM	301392279	38741	4072	Elsa Reclamation & Development Company Ltd. 100%	30/05/1932	20/06/1932	14/04/2014
Toni 1	301475586	Y31586		Alexco Keno Hill Minin Corp. 100%	29/11/1968	02/12/1968	31/12/2019
Toni 2	301593863	Y31587		Alexco Keno Hill Minin Corp. 100%	29/11/1968	02/12/1968	31/12/2019
TOO GOOD	301385884	16079	4076	Elsa Reclamation & Development Company Ltd. 100%	12/09/1925	29/11/1925	11/06/2014
TOPOLO	301418068	56504	NM00093	Elsa Reclamation & Development Company Ltd. 100%	15/09/1947	26/09/1947	22/08/2021
TRAVICE	301499540	13622	NM00644	Elsa Reclamation & Development Company Ltd. 100%	12/03/1921	23/04/1921	22/04/2030
TREASURE ISLAND	301400503	59161	NM00016	Elsa Reclamation & Development Company Ltd. 100%	18/11/1948	22/11/1948	27/07/2019
TREY	301515468	62281	NM00345	Elsa Reclamation & Development Company Ltd. 100%	27/09/1952	02/10/1952	15/02/2025
TRIANGLE	301336515	14332	NM00604	Elsa Reclamation & Development Company Ltd. 100%	24/08/1921	18/10/1921	11/07/2029
TUNDRA	301388856	12838	NM00043	Elsa Reclamation & Development Company Ltd. 100%	06/09/1919	27/10/1919	01/11/2020
TUNNEL	301505690	14833	NM00662	Elsa Reclamation & Development Company Ltd. 100%	04/06/1923	19/ 07/1923	30/09/2031
Twins 7	301431968	YC02322		Alexco Keno Hill Minin Corp. 100%	14/12/1999	29/12/1999	29/12/2021
U.N.	301553999	55525	NM00375	Elsa Reclamation & Development Company Ltd. 100%	18/09/1946	04/02/1947	22/05/2025
U.K. No. 17	301571398	83533	NM00657	Elsa Reclamation & Development Company Ltd. 100%	14/07/1964	17/07/1964	12/03/2031
UK 1	301520269	62723	NM00606	Elsa Reclamation & Development Company Ltd. 100%	22/03/1955	29/03/1955	30/04/2029
UK 13	301298027	62735	NM00610	Elsa Reclamation & Development Company Ltd. 100%	22/03/1955	29/03/1955	30/04/2029
UK 14	301297866	62736	NM00611	Elsa Reclamation & Development Company Ltd. 100%	22/03/1955	29/03/1955	30/04/2029
UK 15	301359790	62835	NM00612	Elsa Reclamation & Development Company Ltd. 100%	06/07/1955	08/07/1955	30/04/2029
UK 16	301514990	62836	NM00613	Elsa Reclamation & Development Company Ltd. 100%	06/07/1955	08/07/1955	30/04/2029
UK 2	301423322	62724	NM00607	Elsa Reclamation & Development Company Ltd. 100%	22/03/1955	29/03/1955	30/04/2029
UK 7	301515155	62729	NM00608	Elsa Reclamation & Development Company Ltd. 100%	22/03/1955	29/03/1955	30/04/2029
UK 8	301515156	62730	NM00609	Elsa Reclamation & Development Company Ltd. 100%	22/03/1955	29/03/1955	30/04/2029
UNCLESAM	301375873	12923	4068	Elsa Reclamation & Development Company Ltd. 100%	12/10/1919	26/12/1919	12/03/2014
UPTON	301317372	14002	NM00029	Elsa Reclamation & Development Company Ltd. 100%	07/05/1921	25/06/1921	05/02/2020
V.D.	301473895	55270	NM00505	Elsa Reclamation & Development Company Ltd. 100%	29/06/1943	09/11/1943	01/11/2026
V.O.	301364953	56503	NM00352	Elsa Reclamation & Development Company Ltd. 100%	17/09/1947	24/09/1947	30/03/2025
VALLEY	301365262	59338	NM00142	Elsa Reclamation & Development Company Ltd. 100%	15/07/1949	19/07/1949	07/05/2022
VANKEUREN	301408181	16271	NM00194	Elsa Reclamation & Development Company Ltd. 100%	01/09/1926	23/10/1926	22/02/2023
VANGUARDFRAC.	301383230	13258	NM00211	Alexco Keno Hill Minin Corp. 100%	19/06/ 1920	28/07/1920	13/09/2023
VENTURE	301387884	16375	NM00282	Elsa Reclamation & Development Company Ltd. 100%	04/09/1927	18/10/1927	27/06/2024
Venus 3	301368535	Y33308		Elsa Reclamation & Development Company Ltd. 100%	05/04/1970	06/04/1970	31/12/2018
Venus 4	301375853	Y97333		Elsa Reclamation & Development Company Ltd. 100%	08/05/1975	09/05/1975	31/12/2018
VENUS FRACTION 1	301314910	80227	NM00527	Elsa Reclamation & Development Company Ltd. 100%	20/06/1957	03/07/1957	07/11/2026
VENUS FRACTION 2	301415330	80228	NM00528	Elsa Reclamation & Development Company Ltd. 100%	20/06/1957	03/07/1957	07/11/2026
VERNA	301521836	13156	OM00034	Elsa Reclamation & Development Company Ltd. 100%	05/05/1920	17/06/1920	18/08/2018
VIMY	301539276	15346	NM00426	Elsa Reclamation & Development Company Ltd. 100%	31/05/1929	21/06/1929	26/11/2025
VIOLA	301353318	13153	4069	Elsa Reclamation & Development Company Ltd. 100%	18/05/1920	16/06/1920	14/03/2014
VIOLA	301420047	38723	NM00560	Elsa Reclamation & Development Company Ltd. 100%	27/07/1931	14/08/1931	02/11/2027
WALLEYE	301481499	14092	NM 00081	Elsa Reclamation & Development Company Ltd. 100%	04/05/1921	26/07/1921	08/08/2021
WALSH	301507872	12998	NM00032	Elsa Reclamation & Development Company Ltd. 100%	28/02/1920	17/04/1920	28/02/2020
WANDERER	301361992	55361	NM00161	Elsa Reclamation & Development Company Ltd. 100%	04/07/1945	25/10/1945	02/06/2022
WARREN	301462290	55496	NM00131	Elsa Reclamation & Development Company Ltd. 100%	15/09/1946	01/02/1947	03/02/2022
WARRIOR	301582815	13367	2114	Elsa Reclamation & Development Company Ltd. 100%	12/08/1920	12/10/1920	27/02/2015
WASP	301587293	15365	2201	Elsa Reclamation & Development Company Ltd. 100%	11/06/1929	11/07/1929	27/03/2017
WATCH	301387148	13109	NM00130	Elsa Reclamation & Development Company Ltd. 100%	27/04/1920	10/06/1920	18/07/2021
WEATHER FRACTIO	301559680	62945	NM00475	Elsa Reclamation & Development Company Ltd. 100%	30/12/1955	06/01/1956	26/11/2025
Webfoot	301394433	YB65005		Elsa Reclamation & Development Company Ltd. 100%	28/09/1995	29/09/1995	31/12/2017
Wedge 1	301475757	YC10946		Alexco Keno Hill Minin Corp. 100%	09/09/2003	09/09/2003	31/12/2020
Wedge 2	301405822	YC10993		Alexco Keno Hill Minin Corp. 100%	10/09/2003	18/09/2003	31/12/2020
Wedge 3	301520984	YC10994		Alexco Keno Hill Minin Corp. 100%	10/09/2003	18/09/2003	31/12/2020
WESTON	301547332	16557	2133	Elsa Reclamation & Development Company Ltd. 100%	30/05/1925	18/06/1925	07/03/2016
WETT	301322440	14231	NM00094	Elsa Reclamation & Development Company Ltd. 100%	18/07/1921	24/09/1921	20/08/2021
WHIPSAW	301556538	14081	OM00011	Elsa Reclamation & Development Company Ltd. 100%	11/06/1921	23/07/1921	15/12/2017
WHITEHORSE	301387150	13110	OM00032	Elsa Reclamation & Development Company Ltd. 100%	27/04/1920	10/06/1920	05/08/2018
WIGWAM	301521642	14095	NM00082	Elsa Reclamation & Development Company Ltd. 100%	04/05/1921	26/07/1921	08/08/2021
WILDCAT	301574959	56500	NM00185	Elsa Reclamation & Development Company Ltd. 100%	18/09/1947	22/09/1947	02/02/2023
WILDMAN	301417679	56417	NM00378	Elsa Reclamation & Development Company Ltd. 100%	05/06/1947	10/06/1947	22/05/2025
WILDCAT	301480017	55426	NM00532	Alexco Keno Hill Minin Corp. 100%	25/05/1946	03/06/1946	02/11/2027
WILLIAM FOURTH	301489786	14404	NM00605	Elsa Reclamation & Development Company Ltd. 100%	20/09/1921	05/11/1921	11/07/2029
WILLOW	301531211	55519	NM00537	Alexco Keno Hill Minin Corp. 100%	05/09/1946	04/02/1947	02/11/2027
WINFRED	301300368	16083	NM00083	Elsa Reclamation & Development Company Ltd. 100%	11/09/1925	20/11/1925	08/08/2021
WINSOME	301586201	16498	NM00095	Elsa Reclamation & Development Company Ltd. 100%	04/08/1924	28/08/1924	20/08/2021
WOLVERINE	301421852	12871	3750	Elsa Reclamation & Development Company Ltd. 100%	03/10/1919	13/11/1919	30/10/2014
WRENFRACTION	301307996	80518	NM00585	Elsa Reclamation & Development Company Ltd. 100%	19/07/1960	04/08/1960	02/11/2027
YUKON	301431193	55392		Elsa Reclamation & Development Company Ltd. 100%	03/11/1945	30/01/1946	31/12/2017

ClaimName	Quartz	Grant	Lease	Owner	StakingDate	RecordedDate	ExpiryDate
	Claim	Number	Number
YUKON	301531248	56515	NM00096	Elsa Reclamation & DevelopmentCompanyLtd. - 100%	15/04/1948	19/04/1948	22/08/2021
ZELMA1	301570618	62312	NM00391	ElsaRecl amation & DevelopmentCompanyLtd. - 100%	19/07/1953	31/07/1953	22/05/2025
ZELMA2	301481957	62313	NM00392	ElsaRecl amation & DevelopmentCompanyLtd. - 100%	19/07/1953	31/07/1953	22/05/2025
ZELMA3	301403007	62314	NM00356	ElsaRecl amation & DevelopmentCompanyLtd. - 100%	19/07/1953	31/07/1953	30/03/2025
ZELMA4	301502868	62315	NM00357	ElsaRecl amation & DevelopmentCompanyLtd. - 100%	19/07/1953	31/07/1953	30/03/2025