UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form 6-K
REPORT
OF FOREIGN PRIVATE ISSUER
PURSUANT
TO RULE 13a-16 OR 15d-16
UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of September 2022. |
Commission File
Number 001-33621 |
ALEXCO RESOURCE
CORP.
(Translation
of registrant's name into English)
Suite 1225,
Two Bentall Centre
555 Burrard
Street, Box 216
Vancouver,
BC V7X 1M9 Canada
(Address of principal executive office)
Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F.
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]
SUBMITTED
HEREWITH
SIGNATURES
Pursuant to
the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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ALEXCO RESOURCE CORP. |
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(Registrant) |
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By: |
/s/ Mike Clark |
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Date: September 7, 2022 |
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Mike Clark
Chief Financial Officer |
Exhibit 99.1
HECLA COMPLETES ACQUISITION OF ALEXCO RESOURCE
CORP
VANCOUVER, BC, Sept. 7, 2022 /CNW/ - Hecla Mining
Company (NYSE:HL) (Hecla) and Alexco Resource Corp. (NYSE American: AXU) (TSX: AXU) (Alexco) announced today completion of the Alexco
acquisition.
"With the world's increasing demand for silver
for clean energy, Hecla is helping meet that demand as the world's fastest growing established silver miner," said Phillips S. Baker,
Jr., Hecla's President & CEO. "Since 2010, Hecla has increased silver production by more than 25%. With the additional production
from Alexco's Keno Hill, and the continued production growth from Greens Creek and Lucky Friday, we expect Hecla to produce 17-20 million
ounces per year in the next few years, which is 30 to 55% more than 2021. Hecla's silver production is in the United States where it already
produces 40% of all the silver mined and, with Keno Hill, Hecla is on the path of being Canada's largest silver producer as well."
"The Keno Hill property is in a premier
mining jurisdiction where the First Nation of the Na-Cho Nyak Dun and Yukon governments are supportive of mining. Like
our other operations where we have had decades of mining and have become an integral part of the communities, we look forward to
doing the same in the Yukon," Baker added.
Baker said, "Keno Hill currently has an almost
decade-long high-grade reserve life, which we expect to extend as we drill on identified resources. With the fully operational mill and
development that is in place we don't anticipate a large capital program to bring the mine into production. Over the coming months Hecla
plans to invest in development, infrastructure, and equipment so there are adequate mining faces and good working conditions to bring
Keno Hill to full and consistent production by the end of 2023."
As part of the acquisition, Hecla issued 17,992,875 million
shares of its common stock to Alexco shareholders for a total consideration of approximately $69 million based on a share exchange
ratio of 0.116 of a Hecla share for each Alexco common share. Concurrent with the acquisition, the silver streaming interest at Alexco's
Keno Hill property held by Wheaton Precious Metals Corp was terminated in exchange for US$135 million of Hecla common stock, in the form
of 34,800,989 million shares of Hecla common stock based on the 5-day VWAP of $3.88 per share. As part of the transaction, Hecla
provided Alexco with a US$30 million secured loan facility, of which US$25 million was drawn when the transaction closed.
ABOUT HECLA
Founded in 1891, Hecla Mining Company (NYSE:HL) is
the largest silver producer in the United States. In addition to operating mines in Alaska, Idaho and Quebec, Canada, the Company owns
a number of exploration properties and pre-development projects in world-class silver and gold mining districts throughout North America.
Cautionary Statements to Investors on Forward-Looking
Statements
This news release contains "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws, including Canadian securities
laws. When a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation
or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties
and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking
statements. Forward-looking statements often address our expected future business and financial performance and financial condition and
often contain words such as "anticipate," "intend," "plan," "will," "could," "would,"
"estimate," "should," "expect," "believe," "project," "target," "indicative,"
"preliminary," "potential" and similar expressions. Forward-looking statements in this news release may include, without
limitation: (i) Hecla could be the largest silver producer in the U.S. and Canada; (ii) the Keno Hill mine will resume production in the
future; (iii) Hecla may produce 17-20 million ounces per year in the next few years; (iv) Keno Hill's mine life may be extended; (v) Hecla
does not anticipate a large capital program to bring Keno Hill into production and (vi) Hecla expects to invest in development, infrastructure,
and equipment at Keno Hill to obtain adequate mining faces and good working conditions to make Keno Hill a consistent producer by the
end of 2023. The material factors or assumptions used to develop such forward-looking statements or forward-looking information include
that Hecla's plans for development and production will proceed as expected and will not require revision as a result of risks or uncertainties,
whether known, unknown or unanticipated, to which Hecla's operations are subject.
Estimates or expectations of future events or results
are based upon certain assumptions, which may prove to be incorrect, which could cause actual results to differ from forward-looking statements.
Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological
and other physical conditions; (ii) permitting, development, operations and expansion of Hecla's projects being consistent with current
expectations and mine plans; (iii) political/regulatory developments in any jurisdiction in which Hecla operates being consistent with
its current expectations; (iv) the exchange rate for the USD/CAD being approximately consistent with current levels; (v) certain price
assumptions for gold, silver, lead and zinc; (vi) prices for key supplies being approximately consistent with current levels; (vii) the
accuracy of our current mineral reserve and mineral resource estimates; (viii) Hecla's plans for development and production will proceed
as expected and will not require revision as a result of risks or uncertainties, whether known, unknown or unanticipated; (ix) counterparties
performing their obligations under hedging instruments and put option contracts; * sufficient workforce is available and trained to perform
assigned tasks; (xi) weather patterns and rain/snowfall within normal seasonal ranges so as not to impact operations; (xii) relations
with interested parties, including Native Americans, remain productive; (xiii) economic terms can be reached with third-party mill operators
who have capacity to process our ore; (xiv) maintaining availability of water rights; (xv) factors do not arise that reduce available
cash balances; and (xvi) there being no material increases in our current requirements to post or maintain reclamation and performance
bonds or collateral related thereto.
In addition, material risks that could cause actual
results to differ from forward-looking statements include, but are not limited to: (i) gold, silver and other metals price volatility;
(ii) operating risks; (iii) currency fluctuations; (iv) increased production costs and variances in ore grade or recovery rates from those
assumed in mining plans; (v) community relations; (vi) conflict resolution and outcome of projects or oppositions; (vii) litigation, political,
regulatory, labor and environmental risks; (viii) exploration risks and results, including that mineral resources are not mineral reserves,
they do not have demonstrated economic viability and there is no certainty that they can be upgraded to mineral reserves through continued
exploration; (ix) the failure of counterparties to perform their obligations under hedging instruments; * we take a material impairment
charge on our Nevada operations; (xi) we are unable to remain in compliance with all terms of the credit agreement in order to maintain
continued access to the revolver, and (xii) we are unable to refinance the maturing senior notes. For a more detailed discussion of such
risks and other factors, see Hecla's 2021 Form 10-K, filed on February 23, 2022, with the Securities and Exchange Commission (SEC), as
well as Hecla's other SEC filings, including its Quarterly Report on Form 10-Q filed with the SEC on August 5, 2022. Hecla does not undertake
any obligation to release publicly revisions to any "forward-looking statement," including, without limitation, outlook, to
reflect events or circumstances after the date of this news release or to reflect the occurrence of unanticipated events, except as may
be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued "forward-looking
statement" constitutes a reaffirmation of that statement. Continued reliance on "forward-looking statements" is at investors'
own risk.
View original content:https://www.prnewswire.com/news-releases/hecla-completes-acquisition-of-alexco-resource-corp-301619766.html
SOURCE Alexco Resource Corp.
View original content: http://www.newswire.ca/en/releases/archive/September2022/07/c3704.html
%CIK: 0001364128
For further information: Anvita M. Patil, Vice President - Investor
Relations and Treasurer; Cheryl Turner, Communications Coordinator; 800-HECLA91 (800-432-5291), Investor Relations, Email: hmc-info@hecla-mining.com,
Website: www.hecla-mining.com
CO: Alexco Resource Corp.
CNW 17:30e 07-SEP-22
This regulatory filing also includes additional resources:
ex991.pdf
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