In connection with the proposed transaction, Alexco will file proxy soliciting materials with the SEC and/or
Canadian regulatory authorities. The information contained in any such filing may not be complete and may be updated, amended or changed. SHAREHOLDERS ARE URGED TO READ SUCH MATERIALS WHEN AVAILABLE AND ANY OTHER RELEVANT MATERIALS FILED WITH
THE SEC AND/OR CANADIAN REGULATORY AUTHORITIES CAREFULLY IN THEIR ENTIRETY BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE PROPOSED TRANSACTION BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND
THE PARTIES THERETO.
Proxy solicitation materials will be mailed to Alexcos shareholders seeking their approval of the Transaction. Anyone may also
obtain a copy of such materials free of charge once available by directing a request to: Alexco Resource Corp., Suite 1225, Two Bentall Centre, 555 Burrard Street, Box 216, Vancouver, British Columbia, V7X 1M9, Attention: Investor Relations or,
Hecla Mining Company, 6500 N. Mineral Drive, Suite 200, Coeur dAlene, ID 83815-9408; Investor Relations; 1-800-HECLA91 (1-800-432-5291). In addition, any relevant materials filed with the SEC will be available free of charge at the SECs website at www.sec.gov and under
Alexcos profile on the SEDAR website at www.sedar.com. Interested persons may also access copies of such documentation filed with the SEC by visiting Alexcos website at www.alexcoresource.com.
Participants in Solicitation
Hecla, Alexco, their
respective directors and certain of their respective executive officers may be considered participants in the solicitation of proxies in connection with the proposed transaction. Information about the directors and executive officers of Hecla is set
forth in its Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC on February 23, 2022, its proxy statement for its 2022 annual meeting of shareholders, which
was filed with the SEC on April 12, 2022, and its Current Report on Form 8-K, which was filed with the SEC on May 27, 2022. These documents may be obtained free of charge from the SECs website
at www.sec.gov and Heclas website at www.hecla-mining.com. Information about the directors and executive officers of Alexco is set forth in its Management Information Circular filed on SEDAR on May 5, 2022. This document may be obtained
free of charge from SEDAR at www.sedar.com and Alexcos website at www.alexcoresource.com. Other information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or
otherwise, will be contained in the Alexco information circular and other relevant materials to be filed on SEDAR and with the SEC when they become available. These documents may be obtained free of charge from SEDAR at www.sedar.com and the
SECs website at www.sec.gov and Alexcos website at www.alexcoresource.com.
Cautionary Statements to Investors on Forward-Looking
Statements
This prospectus 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. 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) the Companys plan to increase its investment in operations and exploration programs with the goal of further accelerating production, earnings and cash flow growth; (ii) the expected completion of the
Alexco acquisition late in September 2022; (iii) Hecla could become the largest silver producer in Canada; (iv) upon completion of the Alexco acquisition, the Company expects to focus on (1) development and drilling at the Bermingham and
Flame & Moth deposits in Alexcos Keno Hill project (Keno Hill) over the next 12-18 months to open multiple sources of feed, (2) to complete certain underground infrastructure
projects at Keno Hill, and (3) to make improvements to the processing facility at Keno Hill; (v) at the Bermingham deposit, development will focus on the Bear zone to open working faces in addition to infill definition drilling; and
(vi) at the Flame & Moth deposit, the Company anticipates advancing development and conducting infill drilling focusing on the upper Lightning zone.
Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements
to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. The factors that could cause actual results to differ materially from those projected in the forward-looking
statements include but are not limited to: (i) Hecla and Alexcos ability to complete the proposed transaction, (ii) Heclas ability to successfully develop and drill at Keno
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