THIS SILVER PURCHASE AGREEMENT dated as of the 2nd day of October, 2008, BETWEEN:

THIS SILVER PURCHASE AGREEMENT dated as of the 2nd day of October, 2008,

BETWEEN:

	SILVER WHEATON CORP., a corporation existing under the
	laws of the Province of Ontario

	(“Silver Wheaton”)

	- and -

	XXXX RECLAMATION & DEVELOPMENT COMPANY
	LTD., a corporation existing under the laws of the Yukon Territory

	(“ERDC”)

	- and -

	ALEXCO RESOURCE CANADA CORP., a corporation existing
	under the laws of the Province of British Columbia

	(“ARCC” and together with ERDC, the “Owners”)

	- and -

	ALEXCO RESOURCE CORP., a corporation existing under the
	laws of the Province of British Columbia

	(“Alexco”)

WITNESSES THAT:

WHEREAS the Owners are the owners of the Mining Properties and are currently conducting, among other things, mine planning and design, equipment acquisition and site preparation and development activities at the Mining Properties with a goal of commencing commercial production at the Bellekeno Mining Properties by the Targeted Completion Date;

AND WHEREAS the Owners have agreed to sell to Silver Wheaton, and Silver Wheaton has agreed to purchase from the Owners, an amount of refined silver equal to twenty-five percent (25%) of all Payable Silver produced from the Mining Properties for so long as silver is mined, produced, extracted or otherwise recovered from the Mining Properties, subject to and in accordance with the terms and conditions of this Agreement;

AND WHEREAS the Owners are wholly-owned Subsidiaries of Alexco;

AND WHEREAS Alexco has agreed to guarantee the payment and performance of the covenants and obligations of the Owners under this Agreement;

AND WHEREAS the Owners have agreed, and have agreed to cause each Existing Owner and Future Owner, to execute the Silver Wheaton Security Agreements and to grant, or cause each Existing Owner and Future Owner to grant, charges and security interests in the Project Assets as security for the obligations of the Owners under this Agreement;

NOW THEREFORE in consideration of the mutual covenants and agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the Parties hereto, the Parties mutually agree as follows:

1.	Definitions

In this Agreement, including the recitals hereto:

(a)	“Additional Equity Contribution” has the meaning set out in Section 3(j)(i) of this Agreement.

(b)	“Additional Equity Contribution Restricted Account” has the meaning set out in Section 3(j)(i) of this Agreement.

(c)	“Additional Term” has the meaning set out in Section 7(b) of this Agreement.

(d)	“Affiliate” has, with respect to the relationship between two or more bodies corporate, the meaning given to it in the Business Corporations Act (British Columbia), and with respect to the relationship between two or more persons any of which are not bodies corporate, a person shall be deemed to be an Affiliate of another person if one of them is controlled by the same person.

(e)	“Agreement” means this silver purchase agreement and all attached schedules, in each case as the same may be supplemented, amended, restated, modified or superseded from time to time in accordance with the terms hereof.

(f)	“Alexco Assigning Party” has the meaning set out in Section 14(b) of this Agreement.

(g)	“Alexco Transfer” has the meaning set out in Section 14(a) of this Agreement.

(h)	“Annual Report” means a written report, in relation to any calendar year, detailing:

	(i)	the number of ounces of silver produced and recovered from the Mining Properties and delivered to an Offtaker in that calendar year;

	(ii)	the names and addresses of each Offtaker to which the silver referred to in subsection (i) above was delivered;

	(iii)	the number of ounces of Payable Silver which have resulted or which are estimated by the Owners to result from the silver referred to in sub-section (i) above;

	(iv)	if necessary, an adjustment between any provisional number of ounces of Payable Silver specified in an Annual Report for a preceding calendar year and the final number of ounces of Payable Silver for that calendar year;

	(v)	*[PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY]*;

	(vi)	the remaining uncredited balance of the Deposit and a calculation of how the uncredited balance of the Deposit was reduced during that calendar year; and

	(vii)	a forecast, subject to appropriate qualifications and reservations, of the number of ounces of silver expected to be produced from the Mining Properties over the next five (5) years.

(i)	“Approved Project Costs” means any costs in respect of the Initial Project that are incurred by the Owners in accordance with the Development Plan.

(j)	“Arbitration Rules” means the rules of the British Columbia International Commercial Arbitration Centre.

(k)	“Auditor’s Report” means a written report prepared by a national accounting firm in Canada that is independent of Alexco and Silver Wheaton, is mutually agreeable to the Parties and has experience

	and expertise in determining the quantity of silver mined, produced, extracted or otherwise recovered from mining projects.

(l)	“Base Case Model” means the projected production, income and expenditures of the Owners, including the methodology used in making such projections (in respect of each calendar month for the period from the Effective Date to the Targeted Completion Date and in respect of each fiscal quarter thereafter), based on the Development Plan, Reserve and Resource Statement and prudent assumptions and agreed upon as the Base Case Model by the Owners and Silver Wheaton, each acting reasonably, for purposes of this Agreement.

(m)	“Bellekeno Mining Properties” means the Mining Properties set forth in Schedule “C” attached hereto.

(n)	“Business Day” means any day other than a Saturday or Sunday or a day that is a statutory or bank holiday under the laws of the Province of British Columbia.

(o)	“Capacity Related Refund” has the meaning set out in Section 8(f) of this Agreement.

(p)	“Completion Test” means the operation of the Mine and the Mineral Processing Facility in accordance with all applicable laws, all applicable permits and licences and Prudent Operating Practices *[PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY]* to determine the average number of tons of ore extracted from the Mine and processed through the Mineral Processing Facility *[PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY]*, as certified by the Independent Project Consultant.

(q)	“Confidential Information” has the meaning set out in Section 13(a) of this Agreement.

(r)	“Confirmation Certificate” means a written certificate of the Independent Project Consultant substantially in the form as Schedule "E" attached hereto, delivered in connection with a Payment Notice, confirming, among other things, that (A) after payment of the Approved Projects Costs set out in the Payment Notice, the Payments remaining to be paid by Silver Wheaton hereunder and the funds available to the Owners (including under the Project Credit Facilities) are sufficient to achieve Initial Completion by the Targeted Completion Date *[PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY]*, and (B) the Approved Project Costs in respect of which the Owners are seeking a Payment are consistent with the Development Plan.

(s)	“Consent Agreements” has the meaning set out in Section 16(a)(v) of this Agreement.

(t)	“control” means the right, directly or indirectly, to direct or cause the direction of the management of the business or affairs of a person, whether by ownership of securities, by contract or otherwise; and “controls”, “controlled by” and “under common control with” have corresponding meanings.

(u)	“Cure Period” means a period of thirty (30) days following delivery by Silver Wheaton to the Owners of written notice of a breach or default described in Section 20(a)(i),(ii) or (iii) of this Agreement, or such longer period of time as Silver Wheaton may determine in its sole discretion.

(v)	“Default Fee” has the meaning set out in Section 20(b) of this Agreement.

(w)	“Deposit” has the meaning set out in Section 3(a) of this Agreement.

(x)	“Deposit Refund” means the remaining balance of the Deposit, if any, at the end of the Initial Term.

(y)	“Deposit Refund Notice” has the meaning set out in Section 3(h) of this Agreement.

(z)	"Development Plan" means a comprehensive plan for the Initial Project, in form and substance satisfactory to Silver Wheaton, acting reasonably, which, among other things, shall include the

	Technical Study, the Base Case Model, the Reserve and Resource Statement and sets out in reasonable detail, the Initial Project, the budget and timetable for achieving Initial Completion, the source and application of funds required to achieve Completion and to thereafter operate and maintain the Mine, as such plan may be amended from time to time with the prior written consent of Silver Wheaton, such consent not to be unreasonably withheld.

(aa)	“Dispute Notice” has the meaning set out in Section 4(c)(i) of this Agreement.

(bb)	“Effective Date” means the date of this Agreement.

(cc)	“Encumbrances” means all mortgages, charges, assignments, hypothecs, pledges, security interests, liens, restrictions and other encumbrances and adverse claims of every nature and kind.

(dd)	“Equity Contribution” means the capital cost of the Initial Project, as set forth in the initial Development Plan delivered by the Owners to Silver Wheaton under Section 3(d)(i) of this Agreement, less the aggregate amount of the Deposit and Permitted Initial Project Financing, if any.

(ee)	“Event of Default” has the meaning set out in Section 20(a) of this Agreement.

(ff)	“Existing Alexco Entity” means the Owners, Alexco and each of the Existing Owners.

(gg)	“Existing Owner” has the meaning set out in Section 16(a)(i) of this Agreement.

(hh)	“Existing Royalties” means the:

	(i)	1.5% net smelter returns royalty payable by ERDC to the Government of Canada and the Government of Yukon in accordance with the Subsidiary Agreement dated February 7, 2006 among ERDC, Alexco, the Government of Canada and the Government of Yukon;

	(ii)	1% net smelter returns royalty payable by ARCC to Springmount Operating Company Ltd. charging the Springmount Claims; and

	(iii)	the underlying net proceeds interest royalties charging portions of the Springmount Claims or a net smelter returns royalty payable to AUR Resources Inc. as may be negotiated to settle such underlying net proceeds interest royalties.

(ii)	“Final Completion” means the Mine and Mineral Processing Facility have demonstrated the ability to achieve the Final Targeted Capacity based on a Completion Test.

(jj)	“Final Targeted Capacity” means at least 400 tonnes of ore per day.

(kk)	“First Review Date” means the date that is three (3) years after the date on which Final Completion is achieved.

(ll)	“First Tranche” has the meaning set out in Section 3(a) of this Agreement.

(mm)	“Fixed Charge” has the meaning set out in Section 16(a)(iv) of this Agreement.

(nn)	“Fixed Price” means US$3.90, subject to increase on the First Review Date and annually thereafter by one percent (1%) annually (compounded).

(oo)	“Future Owner” has the meaning set out in Section 16(a)(i) of this Agreement.

(pp)	“Future Project Financing” means senior debt financing granted by Senior Project Lenders, secured against the Project Assets, in an amount sufficient, including sufficient cost overrun and working capital facilities, together, with the Owners’ capital contribution or other sources of capital,

	for the purpose of constructing a mine and other ancillary facilities on, in, under, over all or any part of the Mining Properties other than the Initial Project.

(qq)	“GSA” means the General Security Agreement made as of April 16, 2006 among ERDC, the Government of Canada and the Government of Yukon.

(rr)	“Government of Canada” means Her Majesty the Queen in right of Canada, as represented by the Minister of Indian Affairs and Northern Development.

(ss)	“Government of Yukon” means the Government of the Yukon Territory, as represented by the Minister of Energy, Mines and Resources.

(tt)	“Guarantee” has the meaning set out in Section 16(a)(i) of this Agreement.

(uu)	“Guaranteed Obligations” has the meaning set out in Section 18(f)(i) of this Agreement.

(vv)	“Independent Project Consultant” means, to the extent necessary and appropriate in the opinion of Silver Wheaton, acting reasonably, the mining consultant independent of the Owners and their Affiliates retained by Silver Wheaton at the cost and expense of the Owners or its Affiliates and, so long as no Event of Default has occurred and is continuing, with the consent of Alexco (such consent not to be unreasonably withheld or delayed) or, if there are Senior Project Lenders, such independent mining consultant retained by or on behalf of the Senior Project Lenders; *[PROPRIETARY TERMS - REDACTED FOR CONFIDENTIALITY].*

(ww)	“Independent Project Consultant Initial Report” means a favourable report of the Independent Project Consultant addressed to Silver Wheaton as to such technical matters with respect to the Development Plan as Silver Wheaton shall reasonably request, including without limitation (i) compliance of the design and components with industry standards, (ii) the reasonability of certain operating assumptions upon which the Owners’ Base Case Model is based, (iii) the reasonability of the estimated capital costs and the procurement plan, and (iv) the feasibility of achieving Initial Completion by the Targeted Completion Date.

(xx)	“Initial Completion” means the Mine and Mineral Processing Facility have demonstrated the ability to achieve the Initial Targeted Capacity based on a Completion Test.

(yy)	“Initial Project” means the design, development, engineering, construction, equipping, testing, commissioning, management, operation, maintenance and repair of the Bellekeno Mining Properties and the extraction, production, recovery, sale, transportation, storage, processing and delivery of zinc, copper and by-product metals (including silver), in concentrate, doré bars or otherwise from such deposits in accordance with the Development Plan and the Material Project Contracts.

(zz)	“Initial Targeted Capacity” means at least 250 tonnes of ore per day.

(aaa)	“Initial Term” has the meaning set out in Section 7(a) of this Agreement.

(bbb)	“Insolvency Event” means, in relation to any person, any one or more of the following events or circumstances:

	(i)	proceedings are commenced for the winding-up, liquidation or dissolution of it, unless it in good faith actively and diligently contests such proceedings resulting in a dismissal or stay thereof within sixty (60) days of the commencement of such proceedings;

	(ii)	a decree or order of a court of competent jurisdiction is entered adjudging it to be bankrupt or insolvent, or a petition seeking reorganization, arrangement or adjustment of or in respect of it is approved under applicable laws relating to bankruptcy, insolvency or relief of debtors;

	(iii)	it makes an assignment for the benefit of its creditors, or petitions or applies to any court or tribunal for the appointment of a receiver or trustee for itself or any substantial part of its property, or commences for itself or acquiesces in or approves or has filed or commenced against it any proceeding under any bankruptcy, insolvency, reorganization, arrangement or readjustment of debt law or statute or any proceeding for the appointment of a receiver or trustee for itself or any substantial part of its assets or property, or has a liquidator, administrator, receiver, trustee, conservator or similar person appointed with respect to it or any substantial portion of its property or assets; or

	(iv)	a resolution is passed for the winding-up or liquidation of it.

(ccc)	“Market Price” means the per ounce silver fixing price in U.S. dollars quoted by the London Bullion Market Association on the trading day immediately prior to the date of credit of Refined Silver by Alexco to *[PROPRIETARY STRUCTURE – REDACTED FOR CONFIDENTIALITY]*.

(ddd)	“Material Project Contracts” means the Mine Construction Contracts and all other agreements or contracts entered into by the Owners or any of their Affiliates material to the Initial Project.

(eee)	“Mine Construction Contracts” means all agreements entered into by the Owners or any of their Affiliates pertaining to the construction of the Initial Project, including the construction of the Mineral Processing Facility.

(fff)	“Mine” means the mine constructed on, in or under the Bellekeno Mining Properties.

(ggg)	“Mineral Offtake Agreement” means an agreement for the purchase and sale of Minerals or the delivery of Minerals for refining, and all amendments or addendums thereto.

(hhh)	“Mineral Processing Facility” means the mineral processing facility to be constructed by the Owners on the Mining Properties with a design throughput of at least 400 tonnes of ore per day.

(iii)	“Minerals” means any and all marketable metal bearing material in whatever form or state that is mined, extracted, removed, produced or otherwise recovered from the Mining Properties, including any such material derived from any processing or reprocessing of any tailings, waste rock or other waste products originally derived from the Mining Properties, and including ore and any other products resulting from the further milling, processing or other beneficiation of Minerals, including concentrates or doré bars.

(jjj)	“Mining Equipment” means all present and after-acquired equipment and machinery used or acquired for use in connection with the Mining Properties, including the Mineral Processing Facility.

(kkk)	“Mining Properties” means the mineral rights listed in Schedule “A1” attached hereto and all accessions thereto and successions thereof, whether created privately or through governmental action, the surface leases and fee simple lands appurtenant to the mineral rights listed in Schedule “A2” attached hereto and all accessions thereto and successions thereof, whether created privately or through governmental action.

(lll)	“Monthly Delivery Period” has the meaning set out in Section 8(b) of this Agreement.

(mmm)	“Monthly Payments” has the meaning set out in Section 3(a) of this Agreement.

(nnn)	“Monthly Report” means a written report in relation to a calendar month, detailing:

	(i)	the tonnes of ore milled at the Mineral Processing Facility;

	(ii)	the grade of ore milled at the Mineral Processing Facility;

	(iii)	the recovery rates;

	(iv)	the number of ounces of silver mined, produced, extracted or otherwise recovered from the Mining Properties and delivered to an Offtaker in that calendar month;

	(v)	a reconciliation of production to sales to Silver Wheaton relating to: (1) the opening silver produced but not delivered and that is due to an Offtaker, (2) silver produced in the applicable period, (3) silver delivered to an Offtaker in the applicable period; and (4) the closing silver produced but not delivered and that is due to an Offtaker;

	(vi)	the names and addresses of each Offtaker to which the silver referred to in subsection (iv) above was delivered;

	(vii)	the provisional number of ounces of Payable Silver estimated to result from the silver referred to in subsection (iv);

	(viii)	an adjustment between any provisional number of ounces of Payable Silver specified in a previous Monthly Report pursuant to subsection (vii) above for a preceding calendar month and the final determination of the number of ounces of Payable Silver for that preceding calendar month;

	(ix)	a list of all provisional invoices outstanding at the end of that calendar month for which a final invoice has not been issued; and

	(x)	with respect to a Monthly Report relating to a month that ends on a calendar quarter, a forecast of expected silver production from the Mining Properties for the next four (4) quarters, including, without limitation, the information described in the sub-clauses above.

(ooo)	“NI 43-101” means National Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators, or any successor instrument, rule or policy.

(ppp)	“Offtaker” means the party to a Mineral Offtake Agreement that purchases Minerals from the Owners or takes delivery of Minerals from the Owners for refining.

(qqq)	“Onek Mining Properties” means the Mining Properties set forth in Schedule “H” attached hereto.

(rrr)	“Other Properties” has the meaning set out in Section 9(b) of this Agreement.

(sss)	“Outside Completion Date” means the date that is forty-two (42) months after the Targeted Completion Date.

(ttt)	“Owners’ Dispute Notice” has the meaning set out in Section 3(h) of this Agreement.

(uuu)	“Parties” means the parties to this Agreement.

(vvv)	“Payable Silver” means the number of ounces of silver mined, produced, extracted or otherwise recovered from the Mining Properties, less the number of ounces of silver deducted on account of the processing of such silver into Refined Silver, for which net number of ounces the Owners receive payment or Refined Silver from an Offtaker pursuant to and in accordance with any Mineral Offtake Agreement.

(www)	“Payments” has the meaning set out in Section 3(a) of this Agreement.

(xxx)	“Payment Notice” means a written notice given by the Owners to Silver Wheaton in the form as Schedule "D" attached hereto.

(yyy)	“Permitted Encumbrances” means any Encumbrance in respect of the Project Assets constituted by the following:

	(i)	inchoate or statutory liens for taxes or utilities not at the time overdue;

	(ii)	any reservations or exceptions contained in the original grants of land and the terms of any lease in respect of any Mining Properties comprising the Mining Properties;

	(iii)	minor discrepancies in the legal description of the Mining Properties or any adjoining Mining Properties which would be disclosed in an up to date survey and any registered easements and registered restrictions or covenants that run with the land which do not materially detract from the value of, or materially impair the use of the Mining Properties by Alexco for the purpose of conducting and carrying out mining operations thereon;

	(iv)	rights of way for or reservations or rights of others for, sewers, water lines, gas lines, electric lines, telegraph and telephone lines, and other similar utilities, or zoning by-laws, ordinances or other restrictions as to the use of Mining Properties, which do not in the aggregate materially detract from the use of the Mining Properties by Alexco for the purpose of conducting and carrying out mining operations thereon;

	(v)	the Existing Royalties;

	(vi)	Encumbrances in favour of the Government of Canada and the Government of Yukon granted under the GSA; and

	(vii)	Encumbrances in favour of Senior Project Lenders as security for the payment and performance, when due, of obligations of the Owners under any Project Credit Facility.

(zzz)	“Permitted Initial Project Financing” means senior debt financing granted by Senior Project Lenders, secured against *[PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY]*, in an amount sufficient, including a sufficient cost overrun and working capital facilities, for the purpose of constructing the Initial Project.

(aaaa)	“person” means and includes individuals, corporations, bodies corporate, limited or general partnerships, joint stock companies, limited liability corporations, joint ventures, associations, companies, trusts, banks, trust companies, government or any other type of organization, whether or not a legal entity.

(bbbb)	*[PROPRIETARY STRUCTURE – REDACTED FOR CONFIDENTIALITY]*.

(cccc)	“Prime” means the variable annual reference rate of interest from time to time established by The Bank of Nova Scotia as its "US Base Rate" of interest for commercial loans in Canada denominated in United States dollars, provided that, if, for any reason, The Bank of Nova Scotia is no longer in operation then one of the three (3) largest chartered Canadian banks (based on assets), at the sole discretion of Silver Wheaton, shall be substituted therefore and this definition shall apply mutatis mutandi to such substitute bank.

(dddd)	“Prior Ranking Permitted Encumbrances” means (i) Permitted Encumbrances granted to Senior Project Lenders as security for the payment and performance, when due, of obligations of the Owners under any Project Credit Facility to the extent that they rank prior to the Encumbrances in favour of Silver Wheaton granted under the Silver Wheaton Security Agreements pursuant to any subordination agreement entered into pursuant to Section 16(e) or any inter-creditor agreement entered into pursuant to Section 16(f); (ii) Permitted Encumbrances that are statutory liens that secure payment of obligations not at the time overdue and rank prior to the Silver Wheaton Security Agreements by reason of the legislation creating the lien; (iii) Encumbrances that are common law liens that secure payment of obligations not at the time overdue that pursuant to common law rank

	ahead of the Silver Wheaton Security Agreements; and (iv) other than in circumstances where Prior Ranking Permitted Encumbrances is used in reference to the ranking of security interests, those Permitted Encumbrances set forth in sub-paragraphs (i)-(v) of Section 1(yyy).

(eeee)	“Project Assets” means the Mining Properties, the Mining Equipment and all other present and after-acquired personal property, used or acquired for use in connection with the Mining Properties.

(ffff)	“Project Credit Facility” means any credit facility with Senior Project Lenders in favour of any Existing Alexco Entities that evidences Permitted Initial Project Financing or Future Project Financing, as the case may be.

(gggg)	“Prudent Operating Practices” means those practices, methods and techniques that are commonly used by the Owners and other first tier firms in the international metal mining industry for the sound and efficient operation and maintenance of their metal mining operations and processing facilities.

(hhhh)	“Receiving Party” has the meaning set out in Section 13(a) of this Agreement.

(iiii)	“Refined Silver” means marketable metal bearing material in the form of silver that is refined to standards meeting or exceeding commercial standards for the sale of refined silver.

(jjjj)	“Relevant Jurisdictions” has the meaning set out in Section 3(b)(i) of this Agreement.

(kkkk)	“Relevant Payable Silver” means the provisional number of ounces of Payable Silver estimated to result from silver mined, produced, extracted or otherwise recovered from the Mining Properties and delivered to an Offtaker in the applicable calendar month, plus or minus, as the case may be, an adjustment between any provisional number of ounces of Payable Silver specified for a preceding calendar month and the final determination of the number of ounces of Payable Silver for that preceding calendar month.

(llll)	“Reserve and Resource Statement” means a statement prepared by the Owners and confirmed by the Independent Project Consultant, setting out the number of tonnes of ore and metal grades of Reserves and/or Resources as updated by the Owners in accordance with this Agreement from time to time; provided that such statement shall at a minimum set forth measured and indicated resources (as such terms are defined in and incorporated under NI 43-101 by the Canadian Institute of Mining, Metallurgy and Petroleum) of the Bellekeno Mining Properties.

(mmmm)	“Reserves” means proven and probable reserves (as such terms are defined in and incorporated under NI 43-101 by the Canadian Institute of Mining, Metallurgy and Petroleum) of the Bellekeno Mining Properties.

(nnnn)	“Resources” means measured, indicated and inferred resources (as such terms are defined in and incorporated under NI 43-101 by the Canadian Institute of Mining, Metallurgy and Petroleum) of the Bellekeno Mining Properties.

(oooo)	“Second Tranche” has the meaning set out in Section 3(a) of this Agreement.

(pppp)	“Security Agreement” has the meaning set out in Section 16(a)(iii) of this Agreement.

(qqqq)	“Security Reduction Date” means the date on which the Deposit is reduced to nil.

(rrrr)	“Senior Project Lenders” has the meaning set out in Section 16(e) of this Agreement.

(ssss)	“Share Pledge Agreement” has the meaning set out in Section 16(a)(ii) of this Agreement.

(tttt)	“Shareholder” has the meaning set out in Section 16(a)(i) of this Agreement.

(uuuu)	“Shares of ERDC” means all of the issued and outstanding shares in ERDC.

(vvvv)	“Silver in Process” has the meaning set out in Section 16(f)(ii) of this Agreement.

(wwww)	“Silver Proceeds” has the meaning set out in Section 16(f) of this Agreement.

(xxxx)	“Silver Purchase Price” has the meaning set out in Section 5(h) of this Agreement.

(yyyy)	“Silver Wheaton Security Agreements” means, collectively, the Guarantees, Security Agreements, Fixed Charges, Share Pledge Agreements and Consent Agreements which are to be executed and delivered to Silver Wheaton from time to time pursuant to this Agreement.

(zzzz)	*[PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY]*.

(aaaaa)	“Subsidiary” of any person means:

	(i)	any corporation of which more than fifty percent (50%) of the issued and outstanding equity securities having ordinary voting power to elect a majority of the directors of the corporation (irrespective of whether at the time capital stock of any other class or classes of such corporation shall or might have voting power upon the occurrence of such contingency) is at the time directly or indirectly owned or controlled by such person, by such person and one or more of its other subsidiaries or by one or more of such person’s other subsidiaries;

	(ii)	any partnership, joint venture, limited liability company or other association of which more than fifty percent (50%) of the equity interest having the power to vote, direct or control the management of such partnership, joint venture or other association is at the time owned and controlled by such person, by such person and one or more other subsidiaries or by one or more of such person’s other subsidiaries; or

	(iii)	any other person included in the financial statements of such person on a consolidated basis.

(bbbbb)	“Targeted Completion Date” means the date by which Initial Completion is scheduled to be achieved pursuant to the initial Development Plan, which date shall not be later than July 1, 2010.

(ccccc)	“Technical Study” means a detailed technical report in form and substance sufficient to permit the Owners, acting reasonably, to make a decision to bring a deposit of Minerals in the Bellekeno Mining Properties into commercial production, and showing that the placing of any part of the Bellekeno Mining Properties into commercial production is feasible and should be profitable and will include a reasonable assessment of all relevant issues including, the various categories of ore reserves and resources and their amenability to metallurgical treatment, a complete description of the work, equipment and supplies required to bring such part of the Bellekeno Mining Properties into commercial production and the estimated cost thereof, a description of the mining methods to be employed and a financial appraisal of the proposed operations and including, without limitation, the following:

	(a)	a description of that part of the Bellekeno Mining Properties to be covered by the proposed Mine;

	(b)	the estimated recoverable reserves and resources of Minerals and the estimated composition and content thereof;

	(c)	the proposed procedure for development, mining and production;

	(d)	results of ore amenability treatment tests, if any;

	(e)	the nature and extent of the facilities proposed to be acquired or constructed, which may include mill facilities if the size, extent and location of the ore body makes such mill facilities feasible, in which event the study will also include a preliminary design for such mill;

	(f)	the total costs, including capital budget, which are reasonably expected to be required to purchase, construct and install all structures, machinery and equipment required for the proposed Mine, including a schedule of timing of such requirements;

	(g)	environmental impact studies and costs of implementation;

	(h)	the period in which it is proposed the proposed Mine will be brought to commercial production;

	(i)	such other data and information as are reasonably relevant to justify development of a mine, taking into account relevant business, tax and other economic considerations; and

	(j)	detailed operating cost estimates, including initial working capital or working capital requirements for such longer period as may be reasonably justified in the circumstances.

(ddddd)	“Termination Notice” has the meaning set out in Section 7(b) of this Agreement.

(eeeee)	“Time of Delivery” has the meaning set out in Section 5(d) of this Agreement.

(fffff)	“Water Licence” means the Class A Water Licence for and in respect of the Mine and Mineral Processing Facility issued by the Yukon Water Board as established under the Waters Act (Yukon) or any subsequent entity that may be granted similar jurisdiction.

2.	Purchase and Sale of Refined Silver

(a)	Subject to and in accordance with the terms of this Agreement, from and after the Effective Date, the Owners hereby agree to sell to Silver Wheaton, and Silver Wheaton hereby agrees to purchase from the Owners, an amount of Refined Silver equal to twenty-five percent (25%) of the amount of Payable Silver produced from the Mining Properties, free and clear of all Encumbrances.

(b)	The Owners shall not be obliged to sell and deliver to Silver Wheaton the Refined Silver resulting from silver mined, produced, extracted or otherwise recovered from the Mining Properties. The Owners’ obligation to sell and deliver Refined Silver under this Agreement shall be solely to sell and deliver Refined Silver in an amount equal to twenty-five percent (25%) of the amount of Payable Silver produced from the Mining Properties in a manner consistent with the terms of this Agreement.

(c)	The Owners shall not sell to Silver Wheaton at any time during the term of this Agreement any Refined Silver that has been directly or indirectly purchased on a commodities exchange.

3.	Deposit

(a)

Subject to the terms and conditions hereof, Silver Wheaton hereby agrees to pay to the Owners US$50,000,000 (the “Deposit”) in consideration for the sale and delivery of Refined Silver under this Agreement. Silver Wheaton shall pay US$5,000,000 of the Deposit (the “First Tranche”) to the Owners upon the satisfaction and fulfillment of each of the conditions set out in Section 3(b). Silver Wheaton shall pay US$10,000,000 of the Deposit (the “Second Tranche”) to the Owners upon satisfaction and fulfillment of each of the conditions set out in Section 3(c). Silver Wheaton shall pay the balance of the Deposit to the Owners in monthly payments (the “Monthly Payments” and together with the First Tranche, the “Payments”) upon the satisfaction and fulfillment of each of the conditions set out in Sections 3(d) and (e). The Deposit shall be paid by Silver Wheaton to the

	Owners by wire transfer, in immediately available funds, to a bank account designated in writing by the Owners.

(b)	Silver Wheaton shall pay the Owners the First Tranche within five (5) Business Days after the satisfaction and fulfillment of each of the following conditions:

	(i)	the Existing Alexco Entities shall have executed and delivered the Silver Wheaton Security Agreements (other than the Consent Agreements) to Silver Wheaton and made, or arranged for, all such registrations, filings and recordings in all such jurisdictions (collectively, the “Relevant Jurisdictions”), and shall have done all such other acts and things, as may be necessary or advisable to create, perfect or preserve the Encumbrances created by the Silver Wheaton Security Agreements and to have such Encumbrances rank prior to all other Encumbrances on the Project Assets, other than Prior Ranking Permitted Encumbrances;

	(ii)	the Government of Canada and the Government of Yukon shall have agreed pursuant to Section 1.17 of the GSA to enter into a subordination agreement with Silver Wheaton, in form and substance satisfactory to Silver Wheaton, acting reasonably, whereby the security interest created under the GSA shall be subordinated to the security interests created under the Silver Wheaton Security Agreements;

	(iii)	*[PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY]*;

	(iv)	Silver Wheaton shall be satisfied, acting reasonably, that none of the agreements registered against title to the Mining Properties will limit, restrict or impair (1) the Owners from performing, fulfilling and satisfying its covenants and obligations under this Agreement, or (ii) Silver Wheaton from enforcing its rights and remedies under this Agreement or any of the Silver Wheaton Security Agreements;

	(v)	Silver Wheaton shall have received a certificate of a senior officer of each Existing Alexco Entity, in form and substance satisfactory to Silver Wheaton, acting reasonably, as to the constating documents of each Existing Alexco Entity, the resolutions of the board of directors or other comparable authority of each Existing Alexco Entity authorizing the execution, delivery and performance of the agreements to which it is a party and the transactions contemplated thereby, the names, positions and true signatures of the persons authorized to sign the agreements to which it is a party, and such other matters pertaining to the transactions contemplated hereby as Silver Wheaton may reasonably require;

	(vi)	Silver Wheaton shall have received a certificate of good standing, certificate of status or other like certificate issued by the relevant governmental authority in respect of each Existing Alexco Entity;

	(vii)	Silver Wheaton shall have received favourable opinions, in form and substance satisfactory to Silver Wheaton, acting reasonably, from legal counsel to the Existing Alexco Entities as to, among other things: (1) the legal status of the Existing Alexco Entities; (2) the authority of the Existing Alexco Entities to execute and deliver this Agreement and the Silver Wheaton Security Agreements; (3) the execution and delivery of this Agreement and the Silver Wheaton Security Agreements and the enforceability thereof against the Existing Alexco Entities; (4) the registrations, filings and recordings made in all Relevant Jurisdictions to perfect and otherwise protect the Encumbrances created by the Silver Wheaton Security Agreements; (5) the results of the usual searches that would be conducted in each of the Relevant Jurisdictions in connection with a financing secured by Encumbrances on any of the Project Assets; and (6) title to the Bellekeno Mining Properties and the Onek Mining Properties; and

	(viii)	as of the date on which payment of the First Tranche is made the Owners and Alexco shall certify to Silver Wheaton that, (A) all of the representations and warranties made by the Owners and Alexco pursuant to this Agreement are true and correct in all material respects on and as of such date; and (B) none of the Existing Alexco Entities are in breach or default (or an event which with notice or lapse of time or both would become a default) under this Agreement or any Silver Wheaton Security Agreements or under any Permitted Initial Project Financing or the GSA.

	If the conditions set forth in this Section 3(b) have not been satisfied on or before the date that is ninety (90) days from the Effective Date, then Silver Wheaton shall have the right to terminate this Agreement upon written notice to the Owners without any liability.

(c)	Silver Wheaton shall pay the Owners the Second Tranche within five (5) Business Days after the satisfaction and fulfillment of each of the following conditions:

	(i)	*[PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY]*;

	(ii)	Silver Wheaton shall have received favourable opinions, in form and substance satisfactory to Silver Wheaton, acting reasonably, from legal counsel to the Existing Alexco Entities as to title to the Mining Properties other than the Bellekeno Mining Properties and those Mining Properties that constitute the Onek deposit; and

	(iii)	as of the date on which payment of the Second Tranche is made the Owners and Alexco shall certify to Silver Wheaton that, (A) all of the representations and warranties made by the Owners and Alexco pursuant to this Agreement are true and correct in all material respects on and as of such date; and (B) none of the Existing Alexco Entities are in breach or default (or an event which with notice or lapse of time or both would become a default) under this Agreement or any Silver Wheaton Security Agreements or under any Permitted Initial Project Financing or the GSA.

	If the conditions set forth in this Section 3(c) have not been satisfied on or before the date that is ninety (90) days from the Effective Date, then, in addition to its rights and remedies under Section 20, Silver Wheaton shall have the right to terminate this Agreement upon written notice to the Owners without any liability.

(d)	Silver Wheaton shall commence paying the balance of the Deposit and pay the first Monthly Payment to meet the Owners’ monthly capital expenditures paid or accrued and relating to the construction of the Initial Project within five (5) Business Days after the satisfaction and fulfillment of each of the following conditions in accordance with the terms of this Agreement:

	(i)	Silver Wheaton shall have received the Development Plan and the Independent Project Consultant Initial Report;

	(ii)	Silver Wheaton shall have received certified copies, and be satisfied with the form and substance of, the Material Project Contracts;

	(iii)	the Owners shall have, and shall have caused each of the other parties thereto to, enter into the Consent Agreements;

	(iv)	the Independent Project Consultant shall have confirmed that the Owners have obtained and received all necessary permits, licenses, certificates, registrations and authorizations to achieve Initial Completion and thereafter operate the Mine in accordance with the Development Plan, other than the Water Licence, as are reasonably considered necessary and appropriate to have received given the current stage of development and construction of the Initial Project and the Approved Project Costs described in the Payment Notice;

	(v)	the Independent Project Consultant shall have confirmed that it is reasonably anticipated that the Owners will obtain and receive, in a timely fashion and in the ordinary course, all remaining necessary permits, licenses, certificates, registrations and authorizations to achieve Initial Completion within the time-frame required under the current Confirmation Certificate and thereafter operate the Mine in accordance with the Development Plan, other than the Water Licence;

	(vi)	the Independent Project Consultant shall have certified to Silver Wheaton that an application for the Class A Water Licence for the Initial Project has been submitted by an Owner to the Yukon Water Board and is reasonably anticipated to be issued in a timely fashion in the ordinary course no later than December 31, 2010;

	(vii)	Silver Wheaton shall have received a Payment Notice from the Owners setting out the Approved Project Costs that the first Monthly Payment will be applied to and a Confirmation Certificate of the Independent Project Consultant relating thereto;

	(viii)	Silver Wheaton shall be satisfied that the Equity Contribution has been made and applied towards Approved Project Costs;

	(ix)	the Owners shall have provided evidence satisfactory to Silver Wheaton, acting reasonably, that the aggregate principal amount of loans and advances available under Project Credit Facilities, when added to unpaid portion of the Deposit and any Additional Equity Contributions, is sufficient to achieve Initial Completion by the Targeted Completion Date and that all material conditions precedent to obtaining such loans and advances shall have been satisfied or waived; and

	(x)	as of the date on which the first Monthly Payment is made, the Owners and Alexco shall certify to Silver Wheaton that, (A) all of the representations and warranties made by the Owners and Alexco pursuant to this Agreement are true and correct in all material respects on and as of such date; and (B) none of the Existing Alexco Entities are in breach or default (or an event which with notice or lapse of time or both would become a default) under this Agreement or any Silver Wheaton Security Agreements or any Permitted Initial Project Financing or the GSA.

	If the conditions set forth in this Section 3(d) have not been satisfied on or before December 31, 2009, then, in addition to its rights and remedies under Section 20, Silver Wheaton shall have the right to terminate this Agreement upon written notice to the Owners without any liability.

(e)	After the first Monthly Payment has been made, and subject to the terms of this Agreement, Silver Wheaton shall pay to the Owners Monthly Payments within five (5) Business Days after the satisfaction and fulfillment of each of the following conditions:

	(i)	Silver Wheaton shall have received a Payment Notice from the Owners in a calendar month following the calendar month in which Silver Wheaton last made a Monthly Payment, setting out the Approved Project Costs that the next Monthly Payment will be applied to and a Confirmation Certificate (with the Targeted Completion Date being read as the Outside Completion Date) of the Independent Project Consultant relating thereto; and

	(ii)	the Owners shall have certified to Silver Wheaton that, as of the date of the Payment Notice and the date on which the requested Monthly Payment is made, (A) all of the representations and warranties made by the Owners and Alexco pursuant to this Agreement are true and correct in all material respects on and as of such dates; and (B) none of the Existing Alexco Entities are in breach or default (or an event which with notice or lapse of time or both would become a default) under this Agreement or any Silver Wheaton Security Agreements or any Permitted Initial Project Financing or the GSA.

(f)	Prior to Initial Completion, the Owners shall expend all Payments it receives pursuant to this Agreement to finance the Initial Project.

(g)	Alexco shall promptly notify Silver Wheaton in writing of any material departure from or proposed change to the Development Plan.

(h)	If, by the expiry of the Initial Term, the Owners have not sold and delivered to Silver Wheaton an amount of Refined Silver sufficient to reduce the uncredited balance of the Deposit to nil, then Silver Wheaton shall notify the Owners of such failure and shall provide the Owners with its calculation of the Deposit Refund (the “Deposit Refund Notice”). The Parties agree that the uncredited balance of the Deposit shall remain refundable until it is reduced to nil and that the Deposit shall be reduced upon each delivery of Refined Silver from the Owners to Silver Wheaton in an amount equal to (i) the number of ounces of Refined Silver sold and delivered to Silver Wheaton multiplied by (ii) the excess, if any, of the Market Price over the Fixed Price. The Owners shall have the right to dispute the accuracy of any item in Silver Wheaton’s calculation of the Deposit Refund by delivering written notice of such dispute (the “Owners’ Dispute Notice”) to Silver Wheaton within thirty (30) days from the delivery of the Deposit Refund Notice. If the Owners’ have not delivered the Owners’ Dispute Notice within such thirty (30) day period, then it will be deemed to have agreed with Silver Wheaton’s calculation of the Deposit Refund. If Silver Wheaton and the Owners are unable to resolve the dispute with respect to the calculation of the Deposit Refund within ninety (90) days from the delivery of the Owners’ Dispute Notice, then the dispute shall be settled in accordance with the arbitration provisions set forth in Section 17.

(i)	The Owners shall pay the Deposit Refund (without interest) to Silver Wheaton by wire transfer, in immediately available funds, to a bank account designated in writing by Silver Wheaton within thirty (30) days after the delivery of the Deposit Refund Notice, or if the Owners dispute the accuracy of any item in Silver Wheaton’s calculation of the Deposit Refund, within thirty (30) days of the dispute being settled or resolved in accordance with the terms hereof.

(j)	*[PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY]*. If an Independent Project Consultant certifies to Silver Wheaton that the estimated remaining capital costs of the Initial Project, based upon the Development Plan are:

	(i)	more than the aggregate unspent balance of the Equity Contribution, the Deposit, the Permitted Initial Project Financing and any Additional Equity Contribution (as hereinafter defined) then the Owners shall forthwith deposit a sum equal to such excess (the “Additional Equity Contribution”) into a restricted account (the “Additional Equity Contribution Restricted Account”) before any further advance of the Deposit, which funds shall only be used by the Owners either to pay the capital costs of constructing the Initial Project in accordance with the Development Plan and in priority to any further advance of the Deposit or in accordance with sub-paragraph (ii) below; or

	(ii)	less than the aggregate unspent balance of the Equity Contribution, the Deposit, the Permitted Initial Project Financing and any Additional Equity Contribution, then the Owners shall be permitted to withdraw a sum equal to such shortfall from the balance, if any, in the Additional Equity Contribution Restricted Account;

	and such adjustments shall take place from time to time, as required. Furthermore, Silver Wheaton acknowledges that if the Owners or any of their Affiliates arrange Permitted Initial Project Financing and subsequently choose to pay out any Permitted Initial Project Financing prior to same being fully advanced, then the Owners shall be required to advance any unadvanced sum under the Permitted Initial Project Financing and if the entirety of the Permitted Initial Project Financing is unadvanced, then the Owners shall be required to fund that amount in its entirety as an Additional Equity Contribution before any further advance of the Deposit. If the Initial Project reaches Initial Completion and any portion of the Deposit remains unadvanced, and provided that an Independent

	Project Consultant certifies that the Mineral Processing Facility is capable of achieving the Final Targeted Capacity, then such portion shall be forthwith advanced to the Owners; otherwise such amount shall be advanced to the Owners once the Initial Project reaches Final Completion.

4.	Reporting Requirements

(a)	From and after the first calendar month during which silver is mined, produced, extracted or otherwise recovered from the Mining Properties, the Owners shall deliver to Silver Wheaton a Monthly Report on or before the fifth (5^th) Business Day after the last day of each calendar month.

(b)	From and after the first calendar year during which silver is mined, produced, extracted or otherwise recovered from the Mining Properties, the Owners shall deliver to Silver Wheaton an Annual Report on or before thirty (30) days after the last day of each calendar year.

(c)	If Silver Wheaton disputes an Annual Report:

	(i)	Silver Wheaton shall notify the Owners in writing within six (6) months from the date of delivery of that Annual Report that it disputes the accuracy of that Annual Report (or any part thereof) (the “Dispute Notice”);

	(ii)	Silver Wheaton and the Owners shall have thirty (30) days from the date the Dispute Notice is delivered by Silver Wheaton, in accordance with the notice provisions set out in Section 21(h), to resolve the dispute. If Silver Wheaton and the Owners have not resolved the dispute within such thirty (30) day period, then Silver Wheaton shall have the right to require the Owners to deliver an Auditor’s Report;

	(iii)	if the Auditor’s Report concludes that the number of ounces of silver mined, produced, extracted or otherwise recovered from the Mining Properties varies by five percent (5%) or less from the number of ounces of silver set out in the Annual Report, then the cost of the Auditor’s Report shall be for the account of Silver Wheaton;

	(iv)	if the Auditor’s Report concludes that the number of ounces of silver mined, produced, extracted or otherwise recovered from the Mining Properties varies by more than five percent (5%) from the number of ounces of silver set out in the Annual Report, then the cost of the Auditor’s Report shall be for the account of the Owners; and

	(v)	if either Silver Wheaton or the Owners disputes the Auditor’s Report and such dispute is not resolved between the Parties within ten (10) days after the date of delivery of the Auditor’s Report, then such dispute shall be resolved by arbitration in accordance with the arbitration provisions set out in Section 17.

5.	Delivery and Payment

(a)	*[PROPRIETARY STRUCTURE – REDACTED FOR CONFIDENTIALITY]*.

(b)	The Owners shall sell and deliver to Silver Wheaton all Refined Silver to be sold and delivered under this Agreement *[PROPRIETARY STRUCTURE – REDACTED FOR CONFIDENTIALITY]*.

(c)	The Owners shall notify Silver Wheaton in writing at least one (1) Business Day before any delivery *[PROPRIETARY STRUCTURE – REDACTED FOR CONFIDENTIALITY]*:

	(i)	the number of ounces of Refined Silver to be delivered and credited; and

	(ii)	the estimated date and time of delivery and credit.

(d)	Delivery of Refined Silver to Silver Wheaton shall be deemed to have been made at the time Refined Silver is credited to *[PROPRIETARY STRUCTURE – REDACTED FOR CONFIDENTIALITY]*

	(the “Time of Delivery”).

(e)	Title to, and risk of loss of, Refined Silver shall pass from the Owners to Silver Wheaton at the Time of Delivery.

(f)	All costs and expenses pertaining to the delivery and credit *[PROPRIETARY STRUCTURE – REDACTED FOR CONFIDENTIALITY]* shall be borne by the Owners.

(g)	At the Time of Delivery, the Owners shall deliver to Silver Wheaton an invoice setting out (i) the number of ounces of Refined Silver so credited and (ii) the Silver Purchase Price for such Refined Silver.

(h)	From and after the Effective Date, Silver Wheaton shall pay to the Owners a purchase price for each ounce of Refined Silver sold and delivered by the Owners to Silver Wheaton under this Agreement (the “Silver Purchase Price”) equal to:

	(i)	prior to the Security Reduction Date, the Market Price payable in cash; provided that if the Market Price is greater than the Fixed Price, then an amount equal to the Fixed Price will be payable to the Owners in cash for each ounce of Refined Silver sold and delivered by the Owners to Silver Wheaton under this Agreement and the amount equal to the difference between the Market Price and the Fixed Price multiplied by the number of ounces of Refined Silver at the time of each sale and delivery shall be payable by crediting such amount against the Deposit in order to reduce the uncredited balance of the Deposit until the uncredited balance of the Deposit has been credited and reduced to nil; and

	(ii)	from and after the Security Reduction Date, the lesser of the Fixed Price and the Market Price payable in cash.

		Payment by Silver Wheaton for each shipment of Refined Silver shall be made promptly and in any event not later than five (5) Business Days after:

	(iii)	credit of Refined Silver *[PROPRIETARY STRUCTURE – REDACTED FOR CONFIDENTIALITY]*; and

	(iv)	receipt of an invoice for each such credit.

(i)	If Silver Wheaton disputes the accuracy of any invoice, it shall notify the Owners within six (6) months from the earlier of (i) the date of receipt by Silver Wheaton of such invoice and (ii) the date of credit *[PROPRIETARY STRUCTURE – REDACTED FOR CONFIDENTIALITY]* of the relevant shipment of Refined Silver.

(j)	All payments for Refined Silver by Silver Wheaton to the Owners shall be made in U.S. Dollars and shall be made by wire transfer in immediately available funds to the bank account or accounts designated by the Owners in writing from time to time, without deduction or set-off.

(k)	Subject to the dispute of any payment in accordance with Section 17, any payment not made on or by the applicable payment date referred to in this Section 5 shall incur interest until such payment is made at a rate equal to *[PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY]*. In addition to the foregoing, if Silver Wheaton has not made any payment on or by the applicable payment date referred to in this Section 5 from and after the date that is thirty (30) days following delivery by the Owners to Silver Wheaton of notice of such non-payment, then the Owners shall have the right to set off against any such non-payment (including interest) and withhold from future delivery to Silver Wheaton an amount of Refined Silver equal in value to such non-payment (including interest). For the purposes of this Section 5(k), any amount of Refined Silver set off and

	withheld against any non-payment amount shall be valued at the per ounce price of silver in U.S. dollars quoted by the London Bullion Market Association on the trading day immediately prior to the date that such amount of Refined Silver would have been credited *[PROPRIETARY STRUCTURE – REDACTED FOR CONFIDENTIALITY]* in accordance with this Section 5 but for such non- payment. In addition, Silver Wheaton shall be required to pay the Silver Purchase Price on any amount of Refined Silver set off and withheld by Alexco against any such non-payment by Silver Wheaton.

(l)	Notwithstanding anything to the contrary contained in this Agreement, in the event of any total or partial loss of or damage to a shipment of any Minerals to an Offtaker prior to delivery of any such shipment to an Offtaker, the Owners shall be required to sell and deliver to Silver Wheaton an amount of Refined Silver equal to (i) twenty-five percent (25%) of the amount of Payable Silver contained in the Owners’ provisional invoice to the Offtaker, or (ii) twenty-five percent (25%) of the amount of silver for which the Owners receive final payment from the Offtaker, whichever is greater, provided that except to the extent that at the time of such loss or damage any delivery of silver in respect of such shipment has already been made pursuant to Section 5(l)(i) above, the obligation of the Owners to sell and deliver such amount of Refined Silver to Silver Wheaton shall be performed no later than the earlier of receipt by the Owners of insurance proceeds in respect of such loss or one- hundred and twenty (120) days following such loss. The Owners shall promptly notify Silver Wheaton of any loss of or damage to a shipment of Minerals to an Offtaker.

6.	Mineral Offtake Agreements

	The Owners shall not enter into any Mineral Offtake Agreement that includes the sale and purchase of silver produced from the Mining Properties or delivery of silver produced from the Mining Properties for refining, or amend or modify any such Mineral Offtake Agreement, unless the percentage of Payable Silver agreed to in any such Mineral Offtake Agreement is *[PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY]* of the silver content delivered under any such Mineral Offtake Agreement; provided that the percentage of Payable Silver may be less than *[PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY]* only if Alexco can provide evidence satisfactory to Silver Wheaton, acting reasonably, that market conditions at the time are such that a Payable Silver rate *[PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY]* is no longer standard or customary for concentrates similar in make-up and quality to those derived from the Mining Properties. Alexco shall notify Silver Wheaton in writing when it commences discussions or negotiations to enter into a new Mineral Offtake Agreement that includes the sale and purchase of silver produced from the Mining Properties or delivery of silver produced from the Mining Properties for refining, and Alexco shall provide Silver Wheaton with the proposed terms of any such agreement that pertain to the sale and purchase of silver or the delivery of silver for refining prior to entering into any such Mineral Offtake Agreement.

7.	Term

(a)	The term of this Agreement shall commence on the Effective Date and, subject to Section 7(b) and Section 8, shall continue until the date that is forty (40) years after the Effective Date (the “Initial Term”).

(b)	Silver Wheaton may terminate this Agreement at the end of the Initial Term by providing the Owners, prior to the expiry of the Initial Term, with written notice of its intention to terminate (a “Termination Notice”). If Silver Wheaton has not provided a Termination Notice prior to the expiry of the Initial Term, then this Agreement shall continue in force for successive ten (10) year periods (each, an “Additional Term”) unless and until an Additional Term is terminated in accordance with Section 7(c).

(c)	Silver Wheaton may terminate an Additional Term by providing the Owners, prior to the end of such Additional Term, with written notice of its intention to terminate the Additional Term.

8.	Completion Guarantee

(a)	The Owners shall cause the Initial Project to be constructed in accordance with the Development Plan.

(b)	The Owners shall perform and complete a Completion Test as and when determined by them[PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY]. If Initial Completion is achieved on or prior to *[PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY], then the remainder of this Section 8(b) shall not apply. If Initial Completion has not been achieved [PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY]* but the results of the last completed Completion Test *[PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY], then the Owners shall pay Silver Wheaton, by the delivery, within five (5) Business Days of the end of [PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY]* prior to Initial Completion being achieved (each an "Initial Monthly Delivery Period"), an amount of Refined Silver equal to the Refined Silver that would have otherwise been delivered to Silver Wheaton during each Initial Monthly Delivery Period if Initial Completion had been achieved. For purposes of determining the amount of Refined Silver that would have otherwise been delivered to Silver Wheaton during an Initial Monthly Delivery Period, the Refined Silver due to Silver Wheaton pursuant to Section 5(a) shall be multiplied by a fraction the numerator of which will be the Initial Targeted Capacity and the denominator of which will be the average daily throughput capacity achieved during the last completed Completion Test. For greater certainty and the avoidance of any doubt, if the Owners are required to sell and deliver Refined Silver to Silver Wheaton under this Section 8(b), then they shall not be required to sell and deliver Refined Silver to Silver Wheaton under Section 5(a) and the remainder of Section 5 shall continue to apply.

(c)	If the Owners do not perform and complete a Completion Test *[PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY]*, then the Mine will be deemed to have extracted, and the Mineral Processing Facility will be deemed to have processed, an average of 0 tons of ore per day

	*[PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY]. If at any time during the period that is [PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY]* the Owners perform and complete a Completion Test with results that are *[PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY], then Section 20(a)(ii) shall apply, unless prior to Silver Wheaton exercising its rights under Section 20(b), the Owners perform and complete a subsequent Completion Test with results that are [PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY]*.

(d)	The Owners shall perform and complete a Completion Test as and when determined by them, *[PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY]. If Final Completion is achieved on or prior to [PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY], then the remainder of this Section 8(d) and Section 8(e) shall not apply. If Final Completion has not been achieved [PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY]* but the results of the last completed Completion Test *[PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY], then the Owners shall pay Silver Wheaton, by the delivery, within five (5) Business Days of the end of each of [PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY]* being achieved (each a "Final Monthly Delivery Period"), an amount of Refined Silver equal to the Refined Silver that would have otherwise been delivered to Silver Wheaton during each Final Monthly Delivery Period if Final Completion had been achieved. For purposes of determining the amount of Refined Silver that would have been delivered to Silver Wheaton during a Final Monthly Delivery Period, the Refined Silver due to Silver Wheaton pursuant to Section 5(a) shall be multiplied by a fraction the numerator of which will be the Final Targeted Capacity and the denominator of which will be the average daily throughput capacity achieved during the last completed Completion Test. For greater certainty and the avoidance of any doubt, if the Owners are required to sell and deliver Refined Silver to Silver Wheaton under this Section 8(d),

	then they shall not be required to sell and deliver Refined Silver to Silver Wheaton under Section 5(a) and the remainder of Section 5 shall continue to apply.

(e)	If the Owners do not perform and complete a Completion Test *[PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY], then the Mine will be deemed to have extracted, and the Mineral Processing Facility will be deemed to have processed, an average of 0 tons of ore per day [PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY]. If, at any time during the period between the date that is [PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY]* the date that is the Outside Completion Date, the Owners perform and complete a Completion Test with results that are *[PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY], then Section 20(a)(iii) shall apply, unless prior to Silver Wheaton exercising its rights under Section 20(b), the Owners perform and complete a subsequent Completion Test with results that are [PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY]*.

(f)	If Final Completion has not been achieved on or prior to the Outside Completion Date, the Owners shall refund (the "Capacity Related Refund") a portion of the Deposit to Silver Wheaton within thirty (30) days of the Outside Completion Date. The amount of the Capacity Related Refund shall equal the Deposit multiplied by the percentage equal to one hundred percent (100%) less the percentage that the actual throughput attained during the most recently completed Completion Test is of the Final Targeted Capacity. *[PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY]*. Notwithstanding any payment of the Capacity Related Refund by the Owners to Silver Wheaton, the Owners shall still be required to sell to Silver Wheaton twenty-five percent (25%) of the Payable Silver mined, produced, extracted or otherwise recovered from the Mining Properties in accordance with the terms of this Agreement.

(g)	If the Owners are required to pay Silver Wheaton a Capacity Related Refund in accordance with Section 8(f), then Final Completion shall be deemed to have been achieved.

9.	Processing/Commingling

(a)	The Owners shall process all silver mined, produced, extracted or otherwise recovered from the Mining Properties through the Mineral Processing Facility in a manner consistent with the processing methods described in the Technical Study, and sell all silver to Offtakers pursuant to each Mineral Offtake Agreement, in a prompt and timely manner.

(b)	The Owners shall process all silver mined, produced, extracted or otherwise recovered from the Mining Properties in priority to, and not commingled with, ores or other minerals derived from properties that are not one of or do not constitute part of the Mining Properties (the “Other Properties”). Notwithstanding the foregoing, the foregoing provisions of this section shall not apply if:

(i)	the Owners provide Silver Wheaton with at least ninety (90) days’ prior written notice that the Owners wish to process ore or other minerals derived from Other Properties in priority to or concurrently with silver produced from the Mining Properties; and

(ii)	the Owners and Silver Wheaton, acting reasonably, agree on a method or formula satisfactory to both of them that ensures:

	(1)	that Silver Wheaton shall not be disadvantaged in any material respect as a result of the processing of silver and/or other minerals mined, produced, extracted or otherwise recovered from Other Properties in priority to or concurrently with silver mined, produced, extracted or otherwise recovered from the Mining Properties; and

	(2)	the division of silver and/or other minerals from Other Properties and silver from the Mining Properties for the purpose of determining the quantum of silver mined, produced, extracted or otherwise recovered from the Mining Properties.

10.	Books; Records; Inspections

(a)	The Owners shall provide to Silver Wheaton at least annually, and in a timely manner, a copy of the Owners’ annual mine plan with respect to the Mining Properties, which plan shall be prepared in accordance with typical practices prevailing in the mining industry, and shall include, but not be limited to, information with respect to anticipated mining activities on the Mining Properties and the processing of Minerals.

(b)	The Owners shall keep true, complete and accurate books and records of all of its operations and activities with respect to the Mining Properties, including, but not limited to, the mining and production of Minerals therefrom and the mining, treatment, processing, milling, concentrating and transportation of Minerals. Subject to the confidentiality provisions of this Agreement, the Owners shall permit Silver Wheaton and its authorized representatives to perform audits or other reviews and examinations of its books and records relevant to the production and delivery of silver from the Mining Properties from time to time to confirm compliance with the terms of this Agreement. Silver Wheaton shall diligently complete any audit or other examination permitted hereunder. The expenses of any audit or other examination permitted hereunder shall be paid by Silver Wheaton, unless the results of such audit or other examination permitted hereunder discloses a discrepancy in the amount of silver produced and recovered from the Mining Properties of more than five percent (5%) between the books and records reviewed by Silver Wheaton and the quantity of silver contained in any Monthly Report or Annual Report, in which event the costs and expenses of such audit or other examination shall be paid by Alexco.

(c)	The Owners shall prepare technical reports on the Mining Properties in compliance with NI 43-101 as and when required by laws applicable to the Owners or its Affiliates or, at the written request of Silver Wheaton, shall provide to or assist Silver Wheaton to obtain (i) copies of any technical reports, or other technical data, records or information pertaining to the Mining Properties in the possession or control of the Owners or its Affiliates, and (ii) such other scientific and technical information as Silver Wheaton certifies as being necessary or advisable to permit Silver Wheaton to (1) prepare a technical report on the Mining Properties in accordance with NI 43-101, and (2) comply with Silver Wheaton’s disclosure obligations under applicable Canadian and U.S. securities laws.

11.	Conduct of Operations

(a)	The Owners shall carry out and perform all mining operations and activities pertaining to or in respect of the Mining Properties in a commercially prudent manner and in accordance with all applicable laws, all applicable licences, permits and other authorizations and good mining, processing, engineering and environmental practices prevailing in the mining industry. *[PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY]*.

(b)	Subject at all times to the workplace rules and supervision of the Owners, and provided any rights of access do not interfere with any exploration, development, mining or processing work conducted on the Mining Properties, the Owners hereby grant to Silver Wheaton and its representatives, at reasonable times and upon reasonable notice and at Silver Wheaton’s sole risk and expense, the right to access the Mining Properties and any other facility owned or operated by the Owners or their Affiliates where Minerals are milled, processed or smelted by the Owners’ personnel, in each case to monitor the Owners’ silver mining and processing operations on the Mining Properties and to prepare technical reports in accordance with NI 43-101.

(c)	Each of Alexco and the Owners shall at all times during the term of this Agreement do and cause to be done all things necessary or advisable to (i) maintain its corporate existence, and (ii) maintain the Mining Properties in good standing, including paying all taxes owing in respect thereof. It is acknowledged however that the Owners may abandon any of the Mining Properties or allow or permit any of the Mining Properties to lapse if it first provides evidence satisfactory to Silver

	Wheaton, acting reasonably, that it is not economical to mine Minerals from the Mining Properties that it proposes to abandon or let lapse; provided, however, if the Parties do not agree on such proposed abandonment or lapse within sixty (60) days of the dispute first arising, then Silver Wheaton shall have the right for a period of thirty (30) days thereafter to purchase and acquire the subject Mining Properties from the Owners for CAN$1.00, failing which the Owners shall be permitted to abandon the subject Mining Properties or let the subject Mining Properties lapse.

12.	Insurance

(a)	Alexco shall maintain (or shall cause to be maintained) with reputable insurance companies which are acceptable to Silver Wheaton, in its reasonable discretion, insurance (including business interruption insurance) with respect to the Mining Properties and the operations of the Owners conducted on and in respect of the Mining Properties against such casualties and contingencies and of such types and in such amounts as is customary in the case of similar operations.

(b)	Alexco will, upon request of Silver Wheaton, furnish to Silver Wheaton at reasonable intervals (but not, as long as no Event of Default shall then have occurred and be continuing, more than once in any year) a certificate setting forth the nature and extent of all insurance maintained by or on behalf of Alexco in accordance with Section 12(a) and confirming its adequacy and sufficiency. Alexco shall provide Silver Wheaton with copies of all insurance policies as in effect from time to time.

(c)	Alexco will provide Silver Wheaton with not less than twenty-one (21) days prior written notice of any proposed change of any insurance company providing insurance coverage of the nature referred to in Section 12(a), and any such change shall be consistent with the provisions of this Section 12.

(d)	Alexco shall ensure that all premiums required to be paid in respect of the policies referred to in this Section 12 shall be paid as and when the same shall become due and payable and shall otherwise comply with each other term and condition of such policies on its part to be performed.

(e)	All of the insurance policies relating to the Mining Properties and the operations conducted thereon (and all policies of reinsurance issued in connection therewith) shall, in each case, in accordance with standard practice in the mining industry having regard, inter alia, to prevailing market practice in connection with comparable facilities for projects similar to the operations carried out on the Mining Properties:

	(i)	until the Security Reduction Date, specify Silver Wheaton as an additional insured under all policies of property and marine insurance and as a loss payee under all policies of property and marine insurance, and contain such endorsements in favour of Silver Wheaton as it shall reasonably require (including that the policy shall not be invalidated as against Silver Wheaton by reason of any action or failure to act of Alexco or any other person);

	(ii)	until the Security Reduction Date, not be cancellable (or non-renewable or subject to a decrease in the scope or amount of coverage (including by way of increase in any deductible)) as against Silver Wheaton (including for failure to pay premiums) or subject to material alteration of any kind without (1) in the case of any such action, thirty (30) days (or, in the case of any failure to pay any premium in connection with any policy of reinsurance, fifteen (15)) days written notice of such action having been given by Alexco or the issuer of the relevant policy to Silver Wheaton, and (2) in the case of any such material alteration, the prior written consent of Silver Wheaton;

	(iii)	provide for waiver of any right of set-off, recoupment, subrogation, counterclaim or any other deduction, by attachment or otherwise, with respect to any liability of the beneficiary of such policy (including the incorporation of a "non-vitiation" provision), and provide that all amounts payable by reason of loss or damage to any of the project assets shall be payable in a manner which is consistent with this Section 12; and

	(iv)	until the Security Reduction Date, otherwise (including with respect to the identity of the brokers, insurers, re-insurers and/ or indemnities involved in connection with the solicitation, placement and issue of such insurance policies) be in form and substance reasonably satisfactory to Silver Wheaton.

(f)	Alexco shall not at any time do or omit to do anything whereby any insurance required to be effected hereunder would, or would be likely to, be rendered void or voidable or suspended, impaired or defeated in whole or in part.

(g)	Alexco shall make (or shall cause to be made) full disclosure of all relevant issues and facts to the issuer of each insurance policy maintained in connection with the Mining Properties and the operations conducted thereon.

(h)	All amounts received in respect of any liability, casualty or property insurance shall be paid directly to the person entitled thereto; provided that, amounts received for property damage will be used solely for the purpose of repairing or replacing such property.

(i)	In addition to the foregoing, Alexco shall ensure that each shipment of Minerals to each Offtaker is adequately insured, in such amounts and with such coverage as is customary in the mining industry.

13.	Confidentiality

(a)	Each Party (a “Receiving Party”) agrees that it shall maintain as confidential and shall not disclose, and shall cause its Affiliates, employees, officers, directors, advisors, agents and representatives to maintain as confidential and not to disclose, the terms contained in this Agreement and all information (whether written, oral or in electronic format) received or reviewed by it as a result of or in connection with this Agreement (“Confidential Information”), except in the following circumstances:

	(i)	a Receiving Party may disclose Confidential Information to its professional advisors, including its auditors, legal counsel, lenders, brokers, underwriters and investment bankers, provided that such persons are advised of the confidential nature of the confidential information, undertake to maintain the confidentiality of it and are strictly limited in their use of the confidential information to those purposes necessary for such persons to perform the services for which they were, or are proposed to be, retained by the Receiving Party;

	(ii)	subject to Section 21(k), a Receiving Party may disclose Confidential Information where that disclosure is necessary to comply with any applicable law or court order, its disclosure obligations and requirements under any securities law, rules or regulations or stock exchange listing agreements, policies or requirements or in relation to proposed credit arrangements, provided that the proposed disclosure is limited to factual matters and that the Receiving Party will have availed itself of the full benefits of any laws, rules, regulations or contractual rights as to disclosure on a confidential basis to which it may be entitled, including redacting all proprietary, structural or other confidential information prior to filing any material contract on SEDAR;

	(iii)	for the purposes of any arbitration proceeding commenced under Section 17;

	(iv)	a Receiving Party may disclose Confidential Information where such information is already public knowledge other than by a breach of the confidentiality terms of this Agreement or is known by the Receiving Party prior to the entry into of this Agreement or obtained independently of this Agreement and the disclosure of such information would not breach any other confidentiality obligations;

	(v)	with the approval of the disclosing Party; and

	(vi)	a Receiving Party may disclose Confidential Information to those of its Affiliates, agents and representatives who need to have knowledge of the Confidential Information.

(b)	Each Party shall ensure that its Affiliates, employees, directors, officers, advisors, agents, representatives and those persons listed in Section 13(a)(i), where applicable, are made aware of this Section 13 and comply with the provisions of this Section 13. Each Party shall be liable to the other Party for any improper use or disclosure of such terms or information by such persons. In addition, each Party has the right to pursue causes of action or other acts against such persons.

(c)	Notwithstanding any of the foregoing provisions of this Section 13, the Owners acknowledge and agree that certain provisions contained in this Agreement are proprietary and confidential to Silver Wheaton and that Silver Wheaton would be irreparably harmed in the event that any such provisions were publicly disclosed. The Owners agree that, in addition to its obligations under this Section 13, it shall not file this Agreement on SEDAR or any other public filing system in accordance with its continuing disclosure obligations under applicable securities laws unless and until it has (i) provided Silver Wheaton with at least two (2) weeks to advise the Owners which provisions of the Agreement should be redacted before the Agreement is filed on SEDAR or any other public filing system, and (ii) accepted Silver Wheaton redactions. Provided that, if the Silver Wheaton redactions are not acceptable by the applicable securities regulator then, subject to any appeal process (which shall be conducted by Silver Wheaton at its sole expense), and subject to the Owners providing Silver Wheaton with notice of the applicable securities regulator’s objections or order that Silver Wheaton may seek a protective order or other appropriate remedy, Alexco shall be permitted to file the Agreement with only such redactions as are so accepted and within the deadlines prescribed by the applicable securities regulator.

14.	Assignment

(a)	During the term of this Agreement, and subject to Section 14(d), the Owners shall not sell, transfer, assign, mortgage, charge, grant a right, title or interest in or to, grant or allow to exist an Encumbrance in respect of or otherwise encumber, in whole or in part, its rights and obligations under this Agreement or all or any part of the Mining Properties (each an "Alexco Transfer"), unless each of the following conditions are satisfied:

	(i)	the Owners provide Silver Wheaton with at least thirty (30) days’ prior written notice of their intent to assign, sell, transfer, mortgage, charge, grant a right, title or interest in or to, grant or allow to exist an Encumbrance in respect of or otherwise encumber their rights and obligations under this Agreement and/or sell, transfer, assign, convey or otherwise dispose of all or any part of the Mining Properties;

	(ii)	any purchaser, transferee or assignee of any obligations of the Owners under this Agreement or all or any part of the Mining Properties agrees in writing in favour of Silver Wheaton to assume, be bound by and subject to the terms of this Agreement, including this Section 14(a), and the Silver Wheaton Security Agreements then in place and applicable to the Mining Properties being subject of the Alexco Transfer and executes and delivers all such further agreements, instruments and documents, and does all such further acts and things as Silver Wheaton may reasonably require to ensure that its rights and remedies under this Agreement and the Silver Wheaton Security Agreements are not adversely affected in any material respect;

	(iii)	any purchaser, transferee or assignee of any obligations of the Owners under this Agreement has simultaneously acquired the Owners’ right, title and interest in and to the Mining Properties;

	(iv)	any mortgagee, chargee, assignee or encumbrancer of the Mining Properties or this Agreement agrees in advance in writing in favour of Silver Wheaton to assume, be bound by and subject to the terms of this Agreement in the event it takes possession of or forecloses on this Agreement, or, in the event that this Agreement is terminated during its term through any bankruptcy, insolvency or similar process, enter into a new silver purchase agreement with Silver Wheaton on the same terms as this Agreement for the remainder of the term of this Agreement. Notwithstanding the foregoing, any mortgagee, chargee, assignee or encumbrancer of the Mining Properties or this Agreement: (1) acknowledges that Silver Wheaton shall be entitled to receive the amount of Refined Silver to which it is entitled hereunder in priority to any payments to such mortgagee, chargee, assignee or encumbrancer, and (2) undertakes to obtain an agreement in writing in favour of Silver Wheaton from any subsequent purchaser, assignee or transferee of such mortgagee, chargeholder, or encumbrancer that such subsequent purchaser, assignee or transferee will be bound by the terms of this Agreement including, without limitation, this Section 14, or in the event that this Agreement is terminated during its term through any bankruptcy, insolvency or similar process, such purchaser, assignee or transferee will enter into a new silver purchase agreement with Silver Wheaton on the same terms as this Agreement for the remainder of the term of this Agreement;

	(v)	Alexco acknowledges, confirms to and agrees in favour of Silver Wheaton that its obligations under this Agreement, including its obligations under Section 18, continue in full force and effect in respect of the terms, covenants, conditions and provisions to be observed and performed by any such purchaser, transferee or assignee under this Agreement;

	(vi)	any purchaser, transferee or assignee shall have the financial, operational and technical capability to observe and perform the covenants, agreements and obligations of the Owners under this Agreement and produce similar amounts of silver from the Mining Properties as the Owners; and

	(vii)	Silver Wheaton does not suffer a material adverse effect in relation to the transactions set forth in this Agreement;

	provided that Silver Wheaton may, within thirty (30) days of receipt of notice of the proposed Alexco Transfer, if such notice is required: (1) dispute in good faith, acting reasonably, in writing, that a purchaser, transferee or assignee of this Agreement has the financial, operational or technical capability to observe and perform the covenants, agreements and obligations of the Owners under this Agreement or produce similar amounts of silver from the Mining Properties as the Owners; and/or (2) advise the Owners in writing that Silver Wheaton will suffer a material adverse effect in relation to the transactions set forth in this Agreement, acting reasonably, and describing the material adverse effect, and, in either such event, the Owners shall not complete any sale, transfer or assignment unless and until any dispute arising under this Section 14 has been finally settled or resolved in accordance with Section 17, provided Silver Wheaton acts in good faith to settle or resolve such dispute promptly and without undue delay.

(b)	Notwithstanding Section 14(a), the Owners or an Affiliate under an Alexco Transfer or successor in interest pursuant to a merger, consolidation or reorganization (an “Alexco Assigning Party”) shall be entitled to assign, sell or transfer, in whole or in part its rights and obligations under this Agreement without the consent of Silver Wheaton to an Affiliate or successor in interest pursuant to a merger, consolidation or reorganization provided:

	(i)	in the event of an assignment to an Affiliate:

		(1)	the Alexco Assigning Party provides Silver Wheaton with at least fifteen (15) days’ prior written notice of its intent to so assign, sell or transfer;

	(2)	the Affiliate agrees in writing with Silver Wheaton to assume and be bound by the terms of this Agreement and the Silver Wheaton Security Agreements then in place;

	(3)	the Affiliate has simultaneously acquired the Alexco Assigning Party’s right, title and interest in and to the Mining Properties;

	(4)	before the Affiliate ceases to be an Affiliate of the Alexco Assigning Party either (A), the interest assigned, the then effective Silver Wheaton Security Agreements and the Mining Properties must be assigned back to, and assumed by, either the Alexco Assigning Party or (B) another Alexco Affiliate or Section 14(a) shall apply; and

	(5)	Alexco acknowledges, confirms to and agrees in favour of Silver Wheaton that its obligations under this Agreement, including its obligations under Section 18, continue in full force and effect in respect of the terms, covenants, conditions and provisions to be observed and performed by any such purchaser, transferee or assignee under this Agreement.

(ii)	in the event of an assignment to a successor in interest pursuant to a merger, consolidation or reorganization, upon the completion of such transaction:

	(1)	the successor in interest confirms and acknowledges in favour of Silver Wheaton that it continues to be bound by the terms of this Agreement and the Silver Wheaton Security Agreements; and

	(2)	the successor in interest has simultaneously acquired the Alexco Assigning Party’s right, title and interest in and to the Mining Properties;

(iii)	Silver Wheaton does not suffer a material adverse effect in relation to the transactions set forth in this Agreement;

	provided that, if Silver Wheaton advises Alexco in writing within thirty (30) days of receipt of notice of the proposed assignment, sale or transfer of the Owners’ rights and obligations under this Agreement that Silver Wheaton will suffer a material adverse effect in relation to the transactions set forth in this Agreement, acting reasonably, and describing the material adverse effect, then the Owners shall not complete any assignment, sale or transfer unless and until any dispute arising under this Section 14(d) has been finally settled or resolved in accordance with Section 17, provided Silver Wheaton acts in good faith to settle or resolve such dispute promptly and without undue delay.

(c)	During the term of this Agreement, Silver Wheaton shall be entitled at any time and from time to time to mortgage, charge, grant a security interest in, grant or allow to exist an Encumbrance in any of its rights and benefits under this Agreement without the prior written consent of any of the Parties; provided that Silver Wheaton gives the Owners at least fifteen (15) days prior written notice of its intention to mortgage, charge, grant a securing interest in, grant or allow to exist an Encumbrance in any of its rights and benefits under this Agreement.

(d)	Until the date on which Silver Wheaton has paid the Deposit in full to the Owners, Silver Wheaton shall not sell, transfer or assign all or any part of its interest in this Agreement to any purchaser, transferee or assignee unless:

	(i)	such person shall have the financial capability to observe and perform the covenants, agreements and obligations of Silver Wheaton under this Agreement;

	(ii)	such person agrees in writing in favour of the Owners to be bound by and subject to the terms of this Agreement, including this Section 14(d); and

(iii)

the sale, transfer or assignment by Silver Wheaton pertains to all, and not less than all of the interests of Silver Wheaton in this Agreement.

If the Owners dispute in good faith that a purchaser, transferee or assignee of this Agreement has the financial capability to observe and perform the covenants, agreements and obligations of Silver Wheaton under this Agreement, then Silver Wheaton shall be entitled to complete any sale, transfer or assignment before such dispute has been finally settled or resolved in its favour in accordance with Section 17, provided that Silver Wheaton agrees in writing in favour of the Owners to continue to be bound by the terms of this Agreement until the dispute is finally settled or resolved.

(e)	Upon payment of the Deposit in full by Silver Wheaton to the Owners, Silver Wheaton shall be entitled to sell, transfer or assign all or any part of its interest in this Agreement to any purchaser, transferee or assignee without the prior consent of any Party.

15.	Disposition of Minerals

The Owners shall not sell, transfer or otherwise dispose of any precious Minerals pursuant to an arrangement which is substantially similar in nature to this Agreement, or grant any royalty interest payable on any precious Minerals, other than [PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY] as may be consented to by Silver Wheaton.

16.	Security

(a)	As security for the payment and performance, when due, of all the obligations of the Owners under this Agreement, the Owners shall:

	(i)	cause each Affiliate (an “Existing Owner”) that now owns any Project Assets, each Affiliate (a “Future Owner”) that becomes an owner of any Project Assets after the Effective Date and each existing and future shareholder (each, a "Shareholder") of ERDC, to execute and deliver a guarantee (a "Guarantee"), in form and substance satisfactory to Silver Wheaton, acting reasonably, guaranteeing the payment and performance, when due, of all the covenants and obligations of the Owners or any assignee under this Agreement;

	(ii)	cause each Shareholder to enter into, as security for its Guarantee, a share pledge agreement (a “Share Pledge Agreement”) in form and substance satisfactory to Silver Wheaton, acting reasonably, granting a security interest, subject to Prior Ranking Permitted Encumbrances, in all Shares of ERDC now or hereafter held by a Shareholder;

	(iii)	grant, and shall cause each Existing Owner and Future Owner to grant, to and in favour of Silver Wheaton, a security interest, subject to Prior Ranking Permitted Encumbrances, in and over all present and after-acquired personal property comprising the Project Assets pursuant to one or more security agreements (individually a "Security Agreement"), in form and substance satisfactory to Silver Wheaton, acting reasonably;

	(iv)	grant, and shall cause each Existing Owner and Future Owner to grant, to and in favour of Silver Wheaton, subject to Prior Ranking Permitted Encumbrances, a fixed and specific mortgage and charge (a "Fixed Charge"), in form and substance satisfactory to the Silver Wheaton, acting reasonably, on all Mining Properties; and

	(v)	enter into, and cause the other parties to the Mine Construction Contracts to enter into, one or more consent agreements (collectively the "Consent Agreements") in favour of Silver Wheaton, in form and substance satisfactory to Silver Wheaton, acting reasonably, which would, among other things, consent to security interests in the Mine Construction Contracts being granted in favour of Silver Wheaton, provide Silver Wheaton with a reasonable opportunity to cure any default under, and to otherwise preserve the value of, the Mine

Construction Contracts and, upon a default, to assign the Mine Construction Contracts pursuant to the Security Agreements.

(b)	As soon as practicable after the execution and delivery of this Agreement, and in any event not later than forty-five (45) days thereafter the Owners shall, and shall cause each of the Existing Owners and each Shareholder to, (A) execute and deliver the Silver Wheaton Security Agreements required to be executed and delivered to Silver Wheaton pursuant to Section 16(a) (other than the Consent Agreements); and (B) make all such registrations, filings and recordings, and do all such other acts and things as may be necessary or advisable, to create, perfect or preserve the mortgages, charges and security interests purporting to be created thereby and to have such mortgages, charges and security interests rank prior to all other Encumbrances on the Project Assets and the Shares of ERDC, other than Prior Ranking Permitted Encumbrances.

(c)	Within five (5) Business Days of:

	(i)	entering into any Mine Construction Contract entered into after the date hereof, the Owners shall, and shall cause each of the other parties thereto to, enter into the Consent Agreements required to be delivered to Silver Wheaton in respect thereof pursuant to Section 16(a); and

	(ii)	an Affiliate becoming a Future Owner or a person becoming a Shareholder, the Owners shall cause (A) such Future Owner or Shareholder to (1) execute and deliver the Silver Wheaton Security Agreements required to be executed and delivered by the Future Owner or the Shareholder to Silver Wheaton pursuant to Section 16(a); and (2) make all such registrations, filings and recordings, and do all such other acts and things as may be necessary or advisable, to create, perfect or preserve the security interests purporting to be created thereby and to have such security interests rank prior to all other Encumbrances on the Project Assets or the Shares of ERDC, other than Prior Ranking Permitted Encumbrances; and (B) an opinion of legal counsel to the Future Owner or the Shareholder, in form and substance satisfactory to Silver Wheaton, acting reasonably, to be delivered to Silver Wheaton, in respect of the Silver Wheaton Security Agreements to be executed and delivered by a Shareholder pursuant to Section 16(a) (such opinions shall be consistent with the opinions delivered to Silver Wheaton pursuant to Section 3(b)(vii)).

(d)	The Owners shall, and shall cause each Existing Owner, Future Owner and Shareholder to, execute and deliver all such further agreements, instruments and documents and do all such further acts and things as Silver Wheaton may from time to time reasonably require to obtain, perfect and preserve a first ranking security interest on the Project Assets and the Shares of ERDC, subject only to Prior Ranking Permitted Encumbrances, as security for the payment and performance, when due, of all obligations of the Owners under this Agreement and all obligations of each Shareholder under the Guarantees. In addition to the foregoing, in the event any of the Mining Properties (or any part thereof) is converted into a new mineral tenure or interest, then the Owners shall, and shall cause each Existing Owner and Future Owner to, execute and deliver all agreements, documents, instruments and registrations, and do all such further acts and things as Silver Wheaton may require, to obtain perfect and preserve a first ranking security interest in such new mineral tenure or interest, subject only to Prior Ranking Permitted Encumbrances, as security for the payment and performance, when due, of all obligations of the Owners under this Agreement.

(e)	If, after the Silver Wheaton Security Agreements have been executed and delivered to Silver Wheaton, the Owners wish to grant an Encumbrance on any *[PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY]* to one or more reputable financial institutions ("Senior Project Lenders") as security for the payment or performance of any Permitted Initial Project Financing, then Silver Wheaton will, in good faith, subordinate its security interest in and to *[PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY]* to and in favour of the Senior Project Lenders.

(f)	The Owners shall not enter into, and shall ensure that any of its Affiliates do not enter into, any Future Project Financing, and shall not create or grant, and shall ensure that any Future Owner does not create or grant any Encumbrance over, any of the Project Assets as security for the payment or performance of any Future Project Financing, until Final Completion has been achieved and, until the Security Reduction Date, Silver Wheaton is satisfied that there is a reasonable expectation that the Mining Properties to be developed with the use of any Future Project Financing will produce Refined Silver. If the foregoing conditions have been satisfied and the Owners or a Shareholder wishes to grant an Encumbrance on any or all of the Project Assets or Shares of ERDC to one or more Senior Project Lenders as security for the payment or performance of any Future Project Financing, then Silver Wheaton will, in good faith, negotiate an inter-creditor agreement with the Owners, each Shareholder and the Senior Project Lenders, *[PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY]*.

(g)	On the Security Reduction Date, provided no Event of Default exists and is continuing, Silver Wheaton shall terminate and discharge the Security Agreements and Consent Agreements (the Guarantees and Fixed Charges will remain in effect until all the obligations to Silver Wheaton under this Agreement shall have been satisfied in full).

17.	Dispute Resolution

Any matter in this Agreement in dispute between the Parties which has not been resolved by the Parties within the time frames specified herein (or where no time frames are specified, within fifteen (15) days of the delivery of notice by either Party of such dispute), including the determination of the scope or applicability of this Agreement to arbitrate, shall be referred to binding arbitration. Such referral to binding arbitration shall be to a qualified single arbitrator pursuant to the Arbitration Rules, as may be amended from time to time, which rules shall govern such arbitration proceeding except to the extent modified by the rules for arbitration set out in Schedule “B”. The determination of such arbitrator shall be final and binding upon the Parties and the costs of such arbitration shall be as determined by the arbitrator. Judgment on the award may be entered in any court having jurisdiction. This Section shall not preclude the Parties from seeking provisional remedies in aid of arbitration from a court of competent jurisdiction. The Parties covenant and agree that they shall conduct all aspects of such arbitration having regard at all times to expediting the final resolution of such arbitration.

18.	Alexco Guarantee and Indemnity

(a)	Alexco hereby absolutely, unconditionally and irrevocably guarantees the prompt and complete observance and performance of all the terms, covenants, conditions and provisions to be observed or performed by the Owners pursuant to this Agreement and shall perform such terms, covenants, conditions and provisions upon the default or non-performance thereof by the Owners. The foregoing agreement of Alexco is absolute, unconditional, present and continuing and is in no way conditional or contingent upon any event, circumstance, action or omission which might in any way discharge a guarantor or surety in whole or in part.

(b)	Alexco shall indemnify and save Silver Wheaton and its directors, officers, employees, agents and Affiliates harmless from and against any and all losses, liabilities, damages (excluding punitive damages), injuries, costs or expenses (including legal costs or expenses) suffered or incurred by any of the foregoing persons that arise out of or relate to any failure of Alexco to timely and fully perform or cause to be performed all of the terms, covenants, conditions and provisions to be observed or performed by the Owners pursuant to this Agreement.

(c)	Subject to the provisions of Section 18(d), Alexco shall not transfer or assign all or any part of its obligations set forth in this Section 18 without the prior written consent of Silver Wheaton, such consent which may be arbitrarily withheld.

(d)	Alexco shall not consolidate, amalgamate with, or merge with or into, or transfer all or substantially all its assets to, or reorganize, reincorporate or reconstitute into or as another entity unless, at the

	time of such consolidation, amalgamation, merger, reorganization, reincorporation, reconstitution or transfer the resulting, surviving or transferee entity agrees to assume in favour of Silver Wheaton all the obligations of Alexco under this Agreement.

(e)	The provisions of this Section 18 shall survive any expiry or termination of this Agreement with respect to all of the terms, covenants, conditions and provisions to be observed or performed by Alexco pursuant to this Agreement up to and including the date of expiry or termination.

(f)	The obligations of Alexco under this Section 18 are continuing, unconditional and absolute and, without limiting the generality of the foregoing, will not be released, discharged, limited or otherwise affected by (and Alexco hereby consents to or waives, as applicable, to the fullest extent permitted by applicable law):

	(i)	any extension, other indulgence, renewal, settlement, discharge, compromise, waiver, subordination or release in respect of any obligations guaranteed pursuant to this Section 18 (collectively, the “Guaranteed Obligations”);

	(ii)	any modification or amendment of or supplement to the Guaranteed Obligations, including any increase or decrease in the amounts payable thereunder;

	(iii)	any release, non-perfection or invalidity of any direct or indirect security for any Guaranteed Obligations;

	(iv)	any winding-up, dissolution, insolvency, bankruptcy, reorganization or other similar proceeding affecting the Owners or any other person or their property;

	(v)	the existence of any claim, set-off or other rights which Alexco may have at any time against the Owners, Silver Wheaton or any other person;

	(vi)	any invalidity, illegality or unenforceability relating to or against the Owners or any provision of applicable law or regulation purporting to prohibit the payment by the Owners of any amount in respect of the Guaranteed Obligations;

	(vii)	any limitation, postponement, prohibition, subordination or other restriction on the rights of Silver Wheaton to payment of the Guaranteed Obligations (except for any postponements contemplated by this Agreement);

	(viii)	any release, substitution or addition of any co-signer, endorser or other guarantor of the Guaranteed Obligations;

	(ix)	any defence arising by reason of any failure of Silver Wheaton to make any presentment, demand for performance, notice of non-performance, protest or any other notice, including notice of acceptance of this Agreement, partial payment or non-payment of any Guaranteed Obligations or the existence, creation or incurring of new or additional Guaranteed Obligations;

	(x)	any defence arising by reason of any failure of Silver Wheaton to proceed against the Owners or any other person, to proceed against, apply or exhaust any security held from the Owners or any other person for the Guaranteed Obligations, to proceed against, apply or exhaust any security held from Alexco or any other person for the Guaranteed Obligations or to pursue any other remedy in the power of Silver Wheaton whatsoever;

	(xi)	any law which provides that the obligation of a guarantor must neither be larger in amount nor in other respects more burdensome than that of the principal obligation or which reduces a guarantor’s obligation in proportion to the principal obligation;

	(xii)	any defence arising by reason of any incapacity, lack of authority, or other defence of the Owners or any other person, or by reason of any limitation, postponement, prohibition on Silver Wheaton’s right to payment of any Guaranteed Obligations, or by reason of the cessation from any cause whatsoever of the liability of the Owners or any other person in respect of any Guaranteed Obligations, or by reason of any act or omission of Silver Wheaton or others which directly or indirectly results in the discharge or release of the Owners or any other person or all or any part of the Guaranteed Obligations or any security or guarantee therefor, whether by contract, operation of law or otherwise;

	(xiii)	any defence arising by reason of any failure by Silver Wheaton to obtain, perfect or maintain a perfected or prior (or any) security interest in or lien or encumbrance upon any property of the Owners or any other person, or by reason of any interest of Silver Wheaton in any property, whether as owner thereof or the holder of a security interest therein or lien or encumbrance thereon, being invalidated, voided, declared fraudulent or preferential or otherwise set aside, or by reason of any impairment by Silver Wheaton of any right to recourse or collateral;

	(xiv)	any defence arising by reason of the failure of Silver Wheaton to marshal any property;

	(xv)	any defence based upon any failure of Silver Wheaton to give to the Owners or Alexco notice of any sale or other disposition of any property securing any Guaranteed Obligations or any guarantee thereof, or any defect in any notice that may be given in connection with any sale or other disposition of any such property, or any failure of Silver Wheaton to comply with any applicable law in enforcing any security interest in or lien upon any such property, including any failure by Silver Wheaton to dispose of any such property in a commercially reasonable manner;

	(xvi)	any dealing whatsoever with the Owners or any other person or any security, whether negligently or not, or any failure to do so;

	(xvii)	any defence based upon or arising out of any bankruptcy, insolvency, reorganization, moratorium, arrangement, readjustment of debt, liquidation or dissolution proceeding commenced by or against the Owners or any other person, including any discharge of, or bar against collecting, any Guaranteed Obligations, in or as a result of any such proceeding; or

	(xviii)	any other act or omission to act or delay of any kind by the Owners, Silver Wheaton, or any other person or any other circumstance whatsoever, whether similar or dissimilar to the foregoing, which might, but for the provisions of this paragraph (f), constitute a legal or equitable discharge, limitation or reduction of the obligations of Alexco hereunder (other than the payment or performance in full of all of the Guaranteed Obligations). The foregoing provisions of this paragraph (f) apply (and the waivers set out therein will be effective) even if the effect of any action (or failure to take action) by Silver Wheaton is to destroy or diminish any subrogation rights of Alexco or any rights of Alexco to proceed against the Owners for reimbursement or to recover any contribution from any other guarantor or any other right or remedy of Alexco.

(g)

Silver Wheaton shall not be bound to exhaust its recourse against the Owners or any other persons or to realize on any securities it may hold in respect of the Guaranteed Obligations before being entitled to payment or performance from Alexco under this Section 18 and Alexco hereby renounces all benefits of discussion and division.

19.	Representations, Warranties and Indemnities

(a)	Each of Alexco, ERDC and ARCC, acknowledging that Silver Wheaton is entering into this Agreement in reliance thereon, hereby jointly and severally represents and warrants to Silver Wheaton as follows:

	(i)	Each of them is a company duly incorporated and validly existing under the laws of its incorporating jurisdiction and is up to date in respect of all filings required by law;

	(ii)	All requisite corporate acts and proceedings have been done and taken by it, including obtaining all requisite board of directors’ approval, with respect to entering into this Agreement and performing its obligations hereunder;

	(iii)	It has the requisite corporate power, capacity and authority to enter into this Agreement and to perform its obligations hereunder;

	(iv)	This Agreement and the exercise of its rights and performance of its obligations hereunder do not and will not, (1) conflict with any agreement, mortgage, bond or other instrument to which it is a party or which is binding on its assets, (2) conflict with its constating or constitutive documents, or (3) conflict with or violate any applicable law;

	(v)	No regulatory or third party consents or approvals are required to be obtained by it in connection with the execution and delivery or the performance by it of this Agreement or the transactions contemplated hereby;

	(vi)	This Agreement has been duly and validly executed and delivered by it and constitutes a legal, valid and binding obligation of the Party, enforceable against it in accordance with its terms;

	(vii)	It has not made an assignment for the benefit of creditors or is the voluntary or involuntary subject of any proceedings under any bankruptcy or insolvency law, no receiver or receiver/manager has been appointed for all or any substantial part of its assets or business and its corporate existence has not been terminated by voluntary or involuntary dissolution or winding up (other than by way of amalgamation or reorganization) and it is not now aware of any circumstance which, with notice or the passage of time, or both, would give rise to any of the foregoing;

	(viii)	No person has any agreement, option, right of first refusal or right, title or interest or right capable of becoming an agreement, option, right of first refusal or right, title or interest, in or to the Mining Properties or the silver produced from the Mining Properties;

	(ix)	The Owners have all necessary corporate power to be the registered or recorded holder of the Mining Properties and all other assets and undertaking used in connection with the Mining Properties and are in compliance with all applicable laws, licences, registrations, permits, consents and qualifications to which the Mining Properties are subject;

	(x)	The Owners are the registered or recorded owner of a 100% legal and beneficial right, title and interest in and to the Mining Properties, free and clear of all Encumbrances, other than the Permitted Encumbrances;

	(xi)	Other than the Permitted Encumbrances, no Encumbrances have been granted in respect of or registered or recorded against title to the Mining Properties. The Owners have paid all taxes, fees, assessments or other amounts required to keep the Mining Properties in good standing;

	(xii)	The Mining Properties constitute all of the real property that comprises the interest of the Owners and its Affiliates in the Keno Hill Mining District;

	(xiii)	The map of the Mining Properties attached hereto as Schedule “A3” depicts the location of the Mining Properties and the Keno Hill mining district with reasonable accuracy;

	(xiv)	To the knowledge of the Owners and Alexco, there has been no change to the ownership interest of the Owners in the Mining Properties as set forth in the title opinions of MacDonald & Company dated December 7, 2007 and February 14, 2008, and no Encumbrances have been created, granted or registered against, over or in respect of the Mining Properties since the dates of such title opinions;

	(xv)	To the knowledge of the Owners and Alexco, title to the Mining Properties is not subject to claims of aboriginal title and neither Alexco nor the Owners nor any Affiliate of Alexco has received notice of any such actual or potential claim;

	(xvi)	The Owners are the owner of a 100% legal and beneficial right, title and interest in and to all the personal property assets and chattels used in connection with the Mining Properties;

	(xvii)	Neither the Owners nor Alexco have been notified that any of them are a party to any action, suit, proceeding, investigation or claim affecting or in respect of the Mining Properties or any other material asset or property of the Owners, Alexco or any part thereof, and to the knowledge of the Owners and Alexco, no such action, suit, proceeding, investigation or claim is threatened or outstanding. Neither the Owners, Alexco, the Mining Properties nor any of the Owner’s other material assets or properties is subject to any outstanding judgment, order, writ, injunction or decree that limits or restricts or may limit or restrict the Owners or Alexco from performing, fulfilling and satisfying their respective covenants and obligations under this Agreement;

	(xviii)	To its knowledge, it has made available to Silver Wheaton all material information in its control or possession relating to the mineralization or potential mineralization of the Mining Properties; and

	(xix)	At the Time of Delivery, (A) the Owners will be the legal and beneficial owner of the Refined Silver *[PROPRIETARY STRUCTURE – REDACTED FOR CONFIDENTIALITY]*, (B) the Owners will have good, valid and marketable title to such Refined Silver, and (C) such Refined Silver, will be free and clear of all Encumbrances.

(b)	Silver Wheaton, acknowledging that Alexco is entering into this Agreement in reliance thereon, hereby represents and warrants to the Owners and Alexco as follows:

	(i)	It is a company duly continued and validly existing under the laws of the Province of Ontario and is up to date in respect of all filings required by law;

	(ii)	All requisite corporate acts and proceedings have been done and taken by it, including obtaining all requisite board of directors’ approval, with respect to entering into this Agreement and performing its obligations hereunder;

	(iii)	It has the requisite corporate power, capacity and authority to enter into this Agreement and to perform its obligations hereunder;

	(iv)	This Agreement and the exercise of its rights and performance of its obligations hereunder do not and will not (1) conflict with any agreement, mortgage, bond or other instrument to which it is a party or which is binding on its assets, (2) conflict with its constating or constitutive documents, or (3) conflict with or violate any applicable law;

	(v)	No regulatory or third party consents or approvals are required to be obtained by it in connection with the execution and delivery or the performance by it of this Agreement or the transactions contemplated hereby;

	(vi)	This Agreement has been duly and validly executed and delivered by it and constitutes a legal, valid and binding obligation of the Party, enforceable against it in accordance with its terms; and

	(vii)	It has not made an assignment for the benefit of creditors or is the voluntary or involuntary subject of any proceedings under any bankruptcy or insolvency law, no receiver or receiver/manager has been appointed for all or any substantial part of its assets or business and its corporate existence has not been terminated by voluntary or involuntary dissolution or winding up (other than by way of amalgamation or reorganization) and it is not now aware of any circumstance which, with notice or the passage of time, or both, would give rise to any of the foregoing.

(c)	Alexco and the Owners agree to jointly and severally indemnify and save harmless Silver Wheaton and its directors, officers, employees, Affiliates and agents from and against any and all damages, claims, losses, liabilities, fines, penalties and expenses (including legal fees but excluding indirect or consequential damages) suffered or incurred by any of the foregoing persons in connection with (i) any inaccuracy in or default or breach of any representation or warranty of the Owners or Alexco contained in this Agreement, or (ii) any breach or non-performance by the Owners or Alexco of any covenant to be performed by it pursuant to this Agreement. This Section 19(c) shall survive the termination of this Agreement.

(d)	Silver Wheaton agrees to indemnify and save harmless Alexco and its directors, officers, employees, Affiliates and agents from and against any and all damages, claims, losses, liabilities, fines, penalties and expenses (including legal fees but excluding indirect and consequential damages) suffered or incurred by any of the foregoing persons in connection with (i) any inaccuracy in or default or breach of any representation or warranty of Silver Wheaton contained in this Agreement, or (ii) any breach or non-performance by Silver Wheaton or any permitted assignee of any covenant to be performed by it pursuant to this Agreement. This Section 19(d) shall survive the termination of this Agreement.

20.	Events of Default and Remedies

(a)	Each of the following events or circumstances constitutes an event of default (each, an “Event of Default”):

	(i)	the Owners fail to sell and deliver Refined Silver to Silver Wheaton in accordance with Section 5 of this Agreement within five (5) Business Days of the date by which the Owners are required to sell and deliver Refined Silver;

	(ii)	the Owners do not perform and complete a Completion Test on or before the six (6) month anniversary of the Targeted Completion Date and/or, at any time during the period that is thirty (30) months from the Targeted Completion Date, the Owners perform and complete a Completion Test with results that are less than fifty percent (50%) of the Initial Targeted Capacity;

	(iii)	the Owners do not perform and complete a new Completion Test within six (6) months of the thirty (30) month anniversary of the Targeted Completion Date and/or if, at any time during the period between the date that is thirty (30) months from the Targeted Completion Date and the date that is the Outside Completion Date, the Owners perform and complete a Completion Test with results that are less than fifty percent (50%) of the Final Targeted Capacity;

	(iv)	if applicable, the Owners do not deliver the amount of Refined Silver required under Sections 8(b) or (d);

	(v)	the Owners fail to pay the Capacity Related Refund in accordance with Section 8(f);

	(vi)	the Water Licence has not been issued to and in the name of the an Owner by December 31, 2010;

	(vii)	the Owners are in breach or default of any of its representations, warranties, covenants or obligations set forth in this Agreement in any material respect, including the delivery of Monthly Reports and Annual Reports in accordance with the terms of this Agreement, and such breach or default is not remedied within the Cure Period;

	(viii)	Alexco is in breach or default of any of its representations or warranties set forth in this Agreement in any material respect and such breach or default is not remedied within the Cure Period;

	(ix)	Alexco is in breach or default of any of its covenants or obligations set forth in this Agreement in any material respect, other than its covenants and obligations set forth in Section 18 of this Agreement, and such breach or default is not remedied within the Cure Period;

	(x)	Alexco is in breach or default of any of its covenants or obligation set forth in Section 18 of this Agreement;

	(xi)	the Existing Alexco Entities are in breach or default (or an event which with notice or lapse of time or both would become a default) under any of the Silver Wheaton Security Agreements or any Permitted Initial Project Financing or the GSA;

	(xii)	the conditions set forth in Section 3(c) have not been satisfied in full on or before the date that is ninety (90) days from the Effective Date;

	(xiii)	the conditions set forth in Section 3(d) have not been satisfied by the Owners by December 31, 2009; and

	(xiv)	upon the occurrence of an Insolvency Event affecting either or both of the Owners or Alexco; provided that any action under any bankruptcy or insolvency law which is frivolous or vexatious, which is contested by the Party made subject to the Insolvency Event in good faith and which is discharged or dismissed within sixty (60) days from commencement, shall not constitute an Insolvency Event for the purpose of this section.

(b)

If an Event of Default occurs and is continuing, Silver Wheaton shall have the right, upon written notice to the Owners, at its option and in addition to and not in substitution for any other remedies available at law or equity, to demand repayment of the outstanding balance of the Deposit, if any, calculated under Section 3(f), at the time of the occurrence of such Event of Default, together with any and all damages or losses resulting or arising from the occurrence of an Event of Default (the “Default Fee”). The Default Fee shall accrue interest at a rate of [PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY] per annum, compounded monthly, from the date of demand until the Default Fee is paid in full. Upon demand from Silver Wheaton, which demand shall include a calculation of the Default Fee, the Owners shall promptly pay the Default Fee to Silver Wheaton by wire transfer, in immediately available funds, to a bank account designated by Silver Wheaton. For greater certainty, in the event the Owners are required to pay the Default Fee under this Section 20(b), the provisions of Section 3 requiring the payment of a Deposit Refund will no longer be applicable and upon payment of the Default Fee to Silver Wheaton then the obligation of the Owners to sell Refined Silver to Silver Wheaton, as set out in Section 2(a), will no longer be applicable.

21.	General Provisions

(a)	*[PROPRIETARY TERMS – REDACTED FOR CONFIDENTIALITY]*.

(b)	Each Party shall execute all such further instruments and documents and do all such further actions as may be necessary to effectuate the documents and transactions contemplated in this Agreement, in each case at the cost and expense of the Party requesting such further instrument, document or action, unless expressly indicated otherwise.

(c)	Where any representation or warranty contained in this Agreement is expressly qualified by reference to the “knowledge” of the Owners and Alexco, it shall be deemed to refer to the actual knowledge of any director or officer of the Owners and Alexco, and all knowledge which such persons would have if such person made due enquiry into the relevant subject matter having regard to the role and responsibilities of such person as a director or officer of the Owners and Alexco.

(d)	Nothing herein shall be construed to create, expressly or by implication, a joint venture, mining partnership, commercial partnership, agency relationship, fiduciary relationship, or other partnership relationship between Silver Wheaton, the Owners and Alexco.

(e)	This Agreement shall be governed by and construed under the laws of the Province of British Columbia and the federal laws of Canada applicable therein (without regard to its laws relating to any conflicts of laws). The United Nations Vienna Convention on Contracts for the International Sale of Goods shall not apply to this Agreement. Subject to Section 17 hereof:

	(i)	The courts of British Columbia have jurisdiction to settle any dispute arising out of or in connection with this Agreement; and

	(ii)	The Parties agree that the courts of British Columbia are the most appropriate and convenient courts to settle any such dispute.

(f)	Time is of the essence in this Agreement.

(g)	If any provision of this Agreement is wholly or partially invalid, this Agreement shall be interpreted as if the invalid provision had not been a part hereof so that the invalidity shall not affect the validity of the remainder of the Agreement which shall be construed as if the Agreement had been executed without the invalid portion. It is hereby declared to be the intention of the Parties that this Agreement would have been executed without reference to any portion which may, for any reason, hereafter be declared or held invalid.

(h)	Any notice or other communication (in each case, a “notice”) required or permitted to be given hereunder shall be in writing and shall be delivered by hand or transmitted by facsimile transmission addressed to:

	(i)	If to the Owners or Alexco to:

		Alexco Resource Corp. Xxxxx 0000- 000 Xxxxxxxxx Xxxxxx Xxxxxxxxx, Xxxxxxx Xxxxxxxx X0X 0X0

		Attention: President and Chief Executive Officer Fax: (000) 000-0000

		with a copy to:

		Fasken Xxxxxxxxx LLP 0000-000 Xxxxxxx Xxxxxx Xxxxxxxxx, Xxxxxxx Xxxxxxxx X0X 0X0

		Attention: Xxxx Xxxxx Fax: (000) 000-0000

	(ii)	If to Silver Wheaton, to:

		Silver Wheaton Corp. Park Place Suite 3150, 000 Xxxxxxx Xxxxxx Xxxxxxxxx, Xxxxxxx Xxxxxxxx X0X 0X0

		Attention: President and Chief Executive Officer Fax No.: 000-000-0000

Any notice given in accordance with this section, if transmitted by facsimile transmission, shall be deemed to have been received on the next Business Day following transmission or, if delivered by hand, shall be deemed to have been received when delivered.

(i)	All of the obligations and covenants of the Owners under this Agreement shall be deemed to be joint and several obligations and covenants.

(j)	The schedules which are attached to this Agreement are incorporated into this Agreement by reference and are deemed to form an integral part hereof.

(k)	The Parties shall jointly plan and co-ordinate, and shall cause their respective Affiliates to jointly plan and co-ordinate, any public notices, press releases, and any other publicity concerning this Agreement and the transactions contemplated by this Agreement and no Party or its Affiliates shall act in this regard without the prior approval of the other Party, such approval not to be unreasonably withheld or delayed, unless such disclosure is required to meet timely disclosure obligations of any Party or its Affiliates under applicable laws or stock exchange rules in circumstances where prior consultation with the other Party is not practicable, and to the extent reasonably practicable, a copy of such disclosure is provided to the other Party at such time as it is made publicly available.

(l)	Any reference in this Agreement to a statute or a regulation or rule promulgated under a statute or to any provision contained therein shall be a reference to the statute, regulation, rule or provision as may be amended, restated, re-enacted or replaced from time to time.

(m)	For the purpose of this Agreement, if, for any reason, the London Bullion Market Association is no longer in operation or the price of silver is not confirmed, acknowledged by or quoted by the London Bullion Market Association, the Market Price shall be determined by reference to the price of silver on another commercial exchange mutually acceptable to the Parties.

(n)	This Agreement may not be changed, amended or modified in any manner, except pursuant to an instrument in writing signed on behalf of each of the Parties. The failure by any Party to enforce at any time any of the provisions of this Agreement shall in no way be construed to be a waiver of any such provision unless such waiver is acknowledged in writing, nor shall such failure affect the validity of this Agreement or any part thereof or the right of any Party to enforce each and every provision. No waiver or breach of this Agreement shall be held to be a waiver of any other or subsequent breach.

(o)	The Parties hereby agree that any rule of construction to the effect that any ambiguity is to be resolved against the drafting Party shall not be applicable in the interpretation of this Agreement.

(p)	This Agreement may be executed in one or more counterparts, and by the Parties in separate counterparts, each of which when executed shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement.

(q)	This Agreement is for the sole benefit of the Parties and their successors and permitted assigns and, except as expressly contemplated herein, nothing herein is intended to or shall confer upon any other person any legal or equitable right, benefit or remedy of any nature or kind whatsoever under or by reason of this Agreement.

(r)	This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and cancels and supersedes any prior understandings and agreements between the Parties with respect thereto.

(s)	Any waiver of, or consent to depart from, the requirements of any provision of this Agreement shall be effective only if it is in writing and signed by the Party giving it, and only in the specific instance and for the specific purpose for which it has been given. No failure on the part of any Party to exercise, and no delay in exercising, any right under this Agreement shall operate as a waiver of such right. No single or partial exercise of any such right shall preclude any other or further exercise of such right or the exercise of any other right.

(t)	This Agreement shall endure to the benefit of and shall be binding on and enforceable by the Parties and their respective successors and permitted assigns.

[Remainder of Page Left Intentionally Blank]

IN WITNESS WHEREOF the Parties have executed this Silver Purchase Agreement as of the day and year first above written.

	SILVER WHEATON CORP.
	Per:	Signed
	Name:
	Title:

	Per:	Signed
	Name:
	Title:

	XXXX RECLAMATION & DEVELOPMENT COMPANY LTD.
	Per:	Signed
	Name:
	Title:

	Per:	Signed
	Name:
	Title:

	ALEXCO RESOURCE CANADA CORP.
	Per:	Signed
	Name:
	Title:

	Per:	Signed
	Name:
	Title:

	ALEXCO RESOURCE CORP.

	Per:	Signed
	Name:
	Title:

	Per:	Signed
	Name:
	Title:

This is Schedule “A1” to the Silver Purchase Agreement between

Silver Wheaton Corp., Xxxx Reclamation &

Development Company Ltd., Alexco Resource Canada Corp. and

Alexco Resource Corp.

dated October 2, 2008

Mining Properties – Mineral Rights

ALEXCO RESOURCE CORP.					KENO HILL PROPERTY
Grant	Claim Name	Nbr	Lease	Owner	Record Date	Expiry Date	Hectares	Acres	NTS	Xxx	Xxxxxx Xx.	Xxxxxxxx
00000	XXXXX		3360	ERDC	May 4, 1920	November 25, 2008	17.8	43.63	105M14	104	55064	Mayo
16204	THISTLE		3354	ERDC	August 12, 1926	December 3, 2008	18.3	45.83	105M14	177	55096	Mayo
13093	CHIEF	4	3365	ERDC	June 9, 1920	December 6, 2008	18.6	46.09	105M14	295	55080	Mayo
38857	M.T.		3361	ERDC	October 1, 1935	December 6, 2008	3.4	8.2	105M13	281	55080	Mayo
38873	NEIN		3366	ERDC	December 4, 1935	December 6, 2008	1.4	2.89	105M14	284	55080	Mayo
38882	SLIVER		3363	ERDC	March 31, 1936	December 6, 2008	1.7	5.9	105M14	283	55080	Mayo
55039	SIS		3362	ERDC	September 3, 1937	December 6, 2008	4.3	10.27	105M14	296	41801	Mayo
55091	IKE		3364	ERDC	August 12, 1938	December 6, 2008	3.4	8.76	105M14	293	55053	Mayo
12814	MINTO		3355	ERDC	August 17, 1919	December 16, 2008	18.7	46.44	105M14	49	18252	Mayo
13038	XXXXX		3358	ERDC	May 6, 1920	December 17, 2008	17.6	43.68	105M14	101	18256	Mayo
13222	LAKOTA		3356	ERDC	July 9, 1920	December 29, 2008	3.3	8.27	105M14	110	55064	Mayo
13151	BLUE STONE		3357	ERDC	June 16, 1920	December 31, 2008	11.9	29.35	105M14	105	55064	Mayo
13586	XXXX		3359	ERDC	November 12, 1920	December 31, 2008	4.1	10.05	105M14	111	55064	Mayo
12779	ROULETTE		3386	ERDC	August 27, 1919	January 26, 2009	20.6	51.65	105M14	17	16735	Mayo
13143	BLUE XXXX		3387	ERDC	June 16, 1920	January 31, 2009	16.8	41.5	105M14	106	55064	Mayo
13787	XXXX		3388	ERDC	June 21, 1921	January 31, 2009	2.9	7.44	105M14	112	55064	Mayo
12780	RICO		3380	ERDC	August 27, 1919	February 16, 2009	20.5	51.12	105M14	18	16735	Mayo
12816	SOLO	2	3383	ERDC	October 18, 1919	February 18, 2009	20.5	50.12	105M14	21	16735	Mayo
12784	KENO		3382	ERDC	September 10, 1919	February 23, 2009	20.6	50.46	105M14	19	16735	Mayo
12783	SCOTTY		3381	ERDC	September 10, 1919	February 24, 2009	20.5	50.44	105M14	20	16735	Mayo
83132	TECH		3384	ERDC	August 13, 1963	February 28, 2009	7	17.2	105M14	1126	52867	Mayo
83532	XXXXX	3	3385	ERDC	July 17, 1964	February 28, 2009	22.1	11.26	105M14	1154	52868	Mayo
12909	XXXXXXX		3389	ERDC	December 17, 1919	March 24, 2009	17.3	42.67	105M14	48	16982	Mayo
13452	RICO		3390	50% ERDC	October 2, 1920	March 28, 2009	20.2	49.57	105M14	151A	18945	Mayo
13622	TRAVICE		3391	ERDC	April 23, 1921	April 22, 2009	20.1	49.81	105M14	141	54104	Mayo

ALEXCO RESOURCE CORP.

KENO HILL PROPERTY

Grant

Claim Name

Nbr

Lease

Owner

Record Date

Expiry Date

Hectares

Acres

NTS

Xxx

Xxxxxx Xx.

Xxxxxxxx

00000

XXXX

0000

XXXX

July 13, 1920

April 27, 2009

19.2

47.25

105M14

143

55056

Mayo

13276

LAKE

3393

ERDC

August 25, 1920

April 27, 2009

19.6

49.09

105M14

144

55056

Mayo

13277

LAKE

3394

ERDC

August 25, 1920

April 27, 2009

19.3

47.14

105M14

145

55056

Mayo

14288

SEXTANT

3425

ERDC

October 4, 1921

May 15, 2009

0.25

0.64

105M14

123

55064

Mayo

YC48208

Alex

ARCC

May 22, 2006

May 22, 2009

105M13

Mayo

YC48209

Alex

ARCC

May 22, 2006

May 22, 2009

105M13

Mayo

YC48210

Alex

ARCC

May 22, 2006

May 22, 2009

105M13

Mayo

YC48211

Alex

ARCC

May 22, 2006

May 22, 2009

105M13

Mayo

YC48212

Alex

ARCC

May 22, 2006

May 22, 2009

105M13

Mayo

YC48213

Alex

ARCC

May 22, 2006

May 22, 2009

105M13

Mayo

YC48214

Alex

ARCC

May 22, 2006

May 22, 2009

105M13

Mayo

YC48215

Alex

ARCC

May 22, 2006

May 22, 2009

105M13

Mayo

YC48258

Alex

127

ARCC

May 22, 2006

May 22, 2009

105M13

Mayo

YC48259

Alex

128

ARCC

May 22, 2006

May 22, 2009

105M13

Mayo

YC48260

Alex

129

ARCC

May 22, 2006

May 22, 2009

105M13

Mayo

YC48261

Alex

130

ARCC

May 22, 2006

May 22, 2009

105M13

Mayo

14336

GREENSTONE

3426

ERDC

October 19, 1921

May 28, 2009

3.2

7.86

105M14

124

55064

Mayo

YC48132

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48133

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48134

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48135

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48136

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48137

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48138

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48139

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48140

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48141

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48142

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48143

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48144

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48145

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48146

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48147

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

ALEXCO RESOURCE CORP.

KENO HILL PROPERTY

Grant

Claim Name

Nbr

Lease

Owner

Record Date

Expiry Date

Hectares

Acres

NTS

Xxx

Xxxxxx Xx.

Xxxxxxxx

XX00000

Alex

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48163

Alex

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48164

Alex

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48165

Alex

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48166

Alex

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48167

Alex

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48168

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48169

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48170

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48171

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48172

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48173

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48174

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48175

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48176

Alex

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48177

Alex

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48178

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48179

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48180

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48181

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48182

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48183

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48184

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48185

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48186

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48187

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48188

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48189

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48190

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48191

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48192

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48193

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48194

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

ALEXCO RESOURCE CORP.

KENO HILL PROPERTY

Grant

Claim Name

Nbr

Lease

Owner

Record Date

Expiry Date

Hectares

Acres

NTS

Xxx

Xxxxxx Xx.

Xxxxxxxx

XX00000

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48196

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48197

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48198

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48199

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48200

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48201

Alex

ERDC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48202

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48203

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48204

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48205

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48206

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48207

Alex

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48262

Alex

131

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48263

Alex

132

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48264

Alex

133

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48265

Alex

134

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48266

Alex

135

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48267

Alex

136

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48268

Alex

137

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48269

Alex

138

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48270

Alex

139

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48271

Alex

140

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48272

Alex

141

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48273

Alex

142

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48274

Alex

143

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48275

Alex

144

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48276

Alex

145

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48277

Alex

146

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48278

Alex

147

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48279

Alex

148

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48280

Alex

149

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48281

Alex

150

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

ALEXCO RESOURCE CORP.

KENO HILL PROPERTY

Grant

Claim Name

Nbr

Lease

Owner

Record Date

Expiry Date

Hectares

Acres

NTS

Xxx

Xxxxxx Xx.

Xxxxxxxx

XX00000

Alex

151

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48283

Alex

152

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48284

Alex

153

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48285

Alex

154

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48286

Alex

155

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48287

Alex

156

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48288

Alex

157

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48289

Alex

158

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48290

Alex

159

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48291

Alex

160

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48292

Alex

161

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48293

Alex

162

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48294

Alex

163

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48295

Alex

164

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48296

Alex

165

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48297

Alex

166

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48298

Alex

167

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48299

Alex

168

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48300

Alex

169

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48301

Alex

170

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48302

Alex

171

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48303

Alex

172

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48304

Alex

173

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48305

Alex

174

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48306

Alex

175

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48307

Alex

176

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48308

Alex

177

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48309

Alex

178

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48310

Alex

179

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48311

Alex

180

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48312

Alex

181

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48313

Alex

182

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48314

Alex

183

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

ALEXCO RESOURCE CORP.

KENO HILL PROPERTY

Grant

Claim Name

Nbr

Lease

Owner

Record Date

Expiry Date

Hectares

Acres

NTS

Xxx

Xxxxxx Xx.

Xxxxxxxx

XX00000

Alex

184

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48316

Alex

185

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48317

Alex

186

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48359

Alex

229

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48360

Alex

230

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48361

Alex

231

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48362

Alex

232

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48363

Alex

233

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48364

Alex

234

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48365

Alex

235

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48366

Alex

236

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48367

Alex

237

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48368

Alex

238

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48369

Alex

239

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48370

Alex

240

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48371

Alex

241

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48372

Alex

242

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48373

Alex

243

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48374

Alex

244

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48375

Alex

245

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48376

Alex

246

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48377

Alex

247

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48378

Alex

248

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48379

Alex

249

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48380

Alex

250

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48381

Alex

251

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48382

Alex

252

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48383

Alex

253

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48384

Alex

254

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48385

Alex

255

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48386

Alex

256

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48387

Alex

257

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48388

Alex

258

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

ALEXCO RESOURCE CORP.

KENO HILL PROPERTY

Grant

Claim Name

Nbr

Lease

Owner

Record Date

Expiry Date

Hectares

Acres

NTS

Xxx

Xxxxxx Xx.

Xxxxxxxx

XX00000

Alex

259

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48390

Alex

260

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48391

Alex

261

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48392

Alex

262

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48393

Alex

263

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48394

Alex

265

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48396

Alex

267

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48398

Alex

269

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48400

Alex

271

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48402

Alex

273

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48404

Alex

275

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48406

Alex

277

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48410

Alex

287

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48411

Alex

288

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48412

Alex

289

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48413

Alex

290

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48414

Alex

291

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48415

Alex

292

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48456

Alex

333

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48457

Alex

334

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48458

Alex

335

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48459

Alex

336

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48460

Alex

337

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48461

Alex

338

ARCC

June 2, 2006

June 2, 2009

105M13

Mayo

YC48462

Alex

339

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48463

Alex

340

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48464

Alex

341

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48465

Alex

342

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48466

Alex

343

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48467

Alex

344

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48468

Alex

345

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48469

Alex

346

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48470

Alex

347

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

ALEXCO RESOURCE CORP.

KENO HILL PROPERTY

Grant

Claim Name

Nbr

Lease

Owner

Record Date

Expiry Date

Hectares

Acres

NTS

Xxx

Xxxxxx Xx.

Xxxxxxxx

XX00000

Alex

348

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48472

Alex

349

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48473

Alex

350

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48474

Alex

351

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48475

Alex

352

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48476

Alex

353

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48477

Alex

354

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48478

Alex

355

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48479

Alex

356

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48480

Alex

357

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48481

Alex

358

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48507

Alex

400

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48508

Alex

401

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48509

Alex

403

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

YC48510

Alex

404

ARCC

June 2, 2006

June 2, 2009

105M14

Mayo

Y 69403

Galaxy

ERDC

June 5, 1973

June 5, 2009

9.3

105M14

Mayo

Y 87462

Snowdrift

ERDC

March 21, 1974

June 5, 2009

21.3

105M13

Mayo

Y 87463

Snowdrift

ERDC

March 21, 1974

June 5, 2009

14.6

105M13

Mayo

Y 87464

Snowdrift

ERDC

March 21, 1974

June 5, 2009

20.1

105M13

Mayo

Y 87465

Snowdrift

ERDC

March 21, 1974

June 5, 2009

105M13

Mayo

Y 87466

Snowdrift

ERDC

March 21, 1974

June 5, 2009

21.3

105M13

Mayo

Y 87467

Snowdrift

ERDC

March 21, 1974

June 5, 2009

105M13

Mayo

Y 87468

Snowdrift

ERDC

March 21, 1974

June 5, 2009

21.6

105M13

Mayo

Y 87469

Snowdrift

ERDC

March 21, 1974

June 5, 2009

20.4

105M13

Mayo

Y 88686

Snowdrift

ERDC

June 5, 1974

June 5, 2009

1.3

105M13

Mayo

Y 97220

Snowdrift

ERDC

December 23, 1974

June 5, 2009

22.2

105M13

Mayo

Y 97221

Snowdrift

ERDC

December 23, 1974

June 5, 2009

20.8

105M13

Mayo

Y 97222

Snowdrift

ERDC

December 23, 1974

June 5, 2009

105M13

Mayo

Y 97223

Snowdrift

ERDC

December 23, 1974

June 5, 2009

20.5

105M13

Mayo

YA01413

Snowdrift

ERDC

October 8, 1975

June 5, 2009

105M13

Mayo

YA01415

Snowdrift

ERDC

October 8, 1975

June 5, 2009

105M13

Mayo

YA77506

Galena

ERDC

June 13, 1984

June 13, 2009

105M14

Mayo

YC56120

93 F

ARCC

June 13, 2007

June 13, 2009

105M14

Mayo

ALEXCO RESOURCE CORP.

KENO HILL PROPERTY

Grant

Claim Name

Nbr

Lease

Owner

Record Date

Expiry Date

Hectares

Acres

NTS

Xxx

Xxxxxx Xx.

Xxxxxxxx

XX00000

94 F

ARCC

June 13, 2007

June 13, 2009

105M14

Mayo

YC56219

Alex

506

ARCC

June 22, 2007

June 22, 2009

106D03

Mayo

YC56223

Alex

510

ARCC

June 22, 2007

June 22, 2009

106D03

Mayo

YC56245

Alex

532

ARCC

June 22, 2007

June 22, 2009

105M14

Mayo

YC56249

Alex

536

ARCC

June 22, 2007

June 22, 2009

105M14

Mayo

YC56250

Alex

537

ARCC

June 22, 2007

June 22, 2009

105M14

Mayo

YC56251

Alex

538

ARCC

June 22, 2007

June 22, 2009

105M14

Mayo

YC56253

Alex

540

ARCC

June 22, 2007

June 22, 2009

105M14

Mayo

YC56254

Alex

541

ARCC

June 22, 2007

June 22, 2009

106D03

Mayo

YC56255

Alex

542

ARCC

June 22, 2007

June 22, 2009

106D03

Mayo

YC56256

Alex

543

ARCC

June 22, 2007

June 22, 2009

106D03

Mayo

YC56257

Alex

544

ARCC

June 22, 2007

June 22, 2009

106D03

Mayo

YC56258

Alex

545

ARCC

June 22, 2007

June 22, 2009

106D03

Mayo

YC56260

Alex

547

ARCC

June 22, 2007

June 22, 2009

105M14

Mayo

YC56176

Alex

463

ARCC

June 12, 2007

December 12, 2009

105M14

Mayo

YC56177

Alex

464

ARCC

June 12, 2007

December 12, 2009

105M14

Mayo

YC56273

Alex

565

ARCC

June 13, 2007

December 13, 2009

106D03

Mayo

YC56178

Alex

465

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56179

Alex

466

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56180

Alex

467

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56181

Alex

468

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56182

Alex

469

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56183

Alex

470

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56184

Alex

471

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56185

Alex

472

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56186

Alex

473

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56187

Alex

474

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56188

Alex

475

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56189

Alex

476

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56190

Alex

477

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56191

Alex

478

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56192

Alex

479

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56193

Alex

480

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

ALEXCO RESOURCE CORP.

KENO HILL PROPERTY

Grant

Claim Name

Nbr

Lease

Owner

Record Date

Expiry Date

Hectares

Acres

NTS

Xxx

Xxxxxx Xx.

Xxxxxxxx

XX00000

Alex

481

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56195

Alex

482

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56196

Alex

483

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56197

Alex

484

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56198

Alex

485

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56199

Alex

486

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56200

Alex

487

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56201

Alex

488

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56202

Alex

489

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56203

Alex

490

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56204

Alex

491

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56205

Alex

492

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56206

Alex

493

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56207

Alex

494

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56208

Alex

495

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56209

Alex

496

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56210

Alex

497

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56211

Alex

498

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56212

Alex

499

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56213

Alex

500

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56214

Alex

501

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56215

Alex

502

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56216

Alex

503

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56217

Alex

504

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56218

Alex

505

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56220

Alex

507

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56221

Alex

508

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56222

Alex

509

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56224

Alex

511

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56225

Alex

512

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56226

Alex

513

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56227

Alex

514

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56228

Alex

515

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

ALEXCO RESOURCE CORP.

KENO HILL PROPERTY

Grant

Claim Name

Nbr

Lease

Owner

Record Date

Expiry Date

Hectares

Acres

NTS

Xxx

Xxxxxx Xx.

Xxxxxxxx

XX00000

Alex

516

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56230

Alex

517

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56231

Alex

518

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56232

Alex

519

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56233

Alex

520

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56234

Alex

521

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56235

Alex

522

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56236

Alex

523

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56237

Alex

524

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56238

Alex

525

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56239

Alex

526

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56240

Alex

527

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56241

Alex

528

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56242

Alex

529

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56243

Alex

530

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56244

Alex

531

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56246

Alex

533

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56247

Alex

534

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56248

Alex

535

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56252

Alex

539

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56259

Alex

546

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56261

Alex

548

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56262

Alex

549

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56263

Alex

550

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56264

Alex

551

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56265

Alex

552

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56266

Alex

553

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

YC56267

Alex

554

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56268

Alex

556

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56269

Alex

558

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56270

Alex

560

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56271

Alex

562

ARCC

June 22, 2007

December 22, 2009

106D03

Mayo

YC56272

Alex

564

ARCC

June 22, 2007

December 22, 2009

105M14

Mayo

ALEXCO RESOURCE CORP.

KENO HILL PROPERTY

Grant

Claim Name

Nbr

Lease

Owner

Record Date

Expiry Date

Hectares

Acres

NTS

Xxx

Xxxxxx Xx.

Xxxxxxxx

00000

XX XXXXX

0000

ERDC

June 21, 1956

March 12, 2010

14.63

105M14

1173

53032

Mayo

81223

ANDY

3440

ERDC

June 26, 1962

March 12, 2010

7.5

18.45

105M14

1166

53055

Mayo

81225

XXXX X.

3441

ERDC

June 26, 1962

March 12, 2010

33.76

105M14

1165

53055

Mayo

81226

XXXXX

3442

ERDC

June 26, 1962

March 12, 2010

17.1

42.49

105M14

1163

53033

Mayo

81227

3443

ERDC

June 26, 1962

March 12, 2010

15.3

37.79

105M14

1162

53033

Mayo

82531

Xxxxx

3444

ERDC

March 12, 1963

March 12, 2010

3.8

9.2

105M14

1110

52067

Mayo

83133

Bunk

3446

ERDC

August 13, 1963

March 12, 2010

50.76

105M14

1144

52862

Mayo

83533

U.K. Xx.

0000

XXXX

July 17, 1964

March 12, 2010

6.6

15.91

105M14

1143

52865

Mayo

81721

X.X.

3447

ERDC

July 10, 1962

July 10, 2010

11.4

105M14

1108

52065

Mayo

14233

XXXXXX

3448

ERDC

September 24, 1921

September 24, 2010

2.4

6.24

105M14

109

55064

Mayo

12818

KING

3451

ERDC

October 20, 1919

September 27, 2010

51.65

105M14

156

54080

Mayo

12990

SILVER XXXX

3449

ERDC

April 15, 1920

September 28, 2010

13.6

33.25

105M14

122

55064

Mayo

14833

TUNNEL

3450

ERDC

July 19, 1923

September 30, 2010

2.7

6.42

105M14

142

54104

Mayo

62950

ORCHID

ERDC

May 30, 1956

October 31, 2010

105M13

Mayo

62951

ORCHID

ERDC

May 30, 1956

October 31, 2010

27.7

105M13

Mayo

62952

ORCHID

ERDC

May 30, 1956

October 31, 2010

20.9

105M13

Mayo

62953

ORCHID

ERDC

May 30, 1956

October 31, 2010

20.8

105M13

Mayo

62954

ORCHID

ERDC

May 30, 1956

October 31, 2010

20.7

105M13

Mayo

62955

ORCHID

ERDC

May 30, 1956

October 31, 2010

20.7

105M13

Mayo

62956

ORCHID

ERDC

May 30, 1956

October 31, 2010

105M13

Mayo

62957

ORCHID

ERDC

May 30, 1956

October 31, 2010

20.4

105M13

Mayo

62958

ORCHID

ERDC

May 30, 1956

October 31, 2010

21.3

105M13

Mayo

62959

ORCHID

ERDC

May 30, 1956

October 31, 2010

19.9

105M13

Mayo

62960

ORCHID

ERDC

May 30, 1956

October 31, 2010

12.7

105M13

Mayo

62961

ORCHID

ERDC

May 30, 1956

October 31, 2010

14.9

105M13

Mayo

62964

ORCHID

ERDC

May 30, 1956

October 31, 2010

12.3

105M13

Mayo

62965

ORCHID

ERDC

May 30, 1956

October 31, 2010

13.1

105M13

Mayo

62966

ORCHID

ERDC

May 30, 1956

October 31, 2010

20.2

105M14

Mayo

62967

ORCHID

ERDC

May 30, 1956

October 31, 2010

17.3

105M14

Mayo

YC48395

Alex

266

ARCC

June 2, 2006

December 31, 2010

105M14

Mayo

YC48397

Alex

268

ARCC

June 2, 2006

December 31, 2010

105M14

Mayo

YC48399

Alex

270

ARCC

June 2, 2006

December 31, 2010

105M14

Mayo

YC48401

Alex

272

ARCC

June 2, 2006

December 31, 2010

105M14

Mayo

ALEXCO RESOURCE CORP.

KENO HILL PROPERTY

Grant

Claim Name

Nbr

Lease

Owner

Record Date

Expiry Date

Hectares

Acres

NTS

Xxx

Xxxxxx Xx.

Xxxxxxxx

XX00000

Alex

274

ARCC

June 2, 2006

December 31, 2010

105M14

Mayo

YC48405

Alex

276

ARCC

June 2, 2006

December 31, 2010

105M14

Mayo

YC48407

Alex

278

ARCC

June 2, 2006

December 31, 2010

105M14

Mayo

YC48408

Alex

279

ARCC

June 2, 2006

December 31, 2010

105M14

Mayo

YC48409

Alex

280

ARCC

June 2, 2006

December 31, 2010

105M14

Mayo

YC48482

Alex

359

ARCC

June 2, 2006

December 31, 2010

105M14

Mayo

YC48483

Alex

360

ARCC

June 2, 2006

December 31, 2010

105M14

Mayo

YC48484

Alex

361

ARCC

June 2, 2006

December 31, 2010

105M14

Mayo

YC48485

Alex

362

ARCC

June 2, 2006

December 31, 2010

105M14

Mayo

YC48486

Alex

363

ARCC

June 2, 2006

December 31, 2010

105M14

Mayo

YC48487

Alex

364

ARCC

June 2, 2006

December 31, 2010

105M14

Mayo

YC48488

Alex

365

ARCC

June 2, 2006

December 31, 2010

105M14

Mayo

YC48489

Alex

366

ARCC

June 2, 2006

December 31, 2010

105M14

Mayo

YC48490

Alex

367

ARCC

June 2, 2006

December 31, 2010

105M14

Mayo

YC48491

Alex

368

ARCC

June 2, 2006

December 31, 2010

105M14

Mayo

YC48492

Alex

369

ARCC

June 2, 2006

December 31, 2010

105M14

Mayo

YC48493

Alex

371

ARCC

June 2, 2006

December 31, 2010

105M14

Mayo

YC48494

Alex

372

ARCC

June 2, 2006

December 31, 2010

105M14

Mayo

YC48495

Alex

373

ARCC

June 2, 2006

December 31, 2010

105M14

Mayo

YC48496

Alex

374

ARCC

June 2, 2006

December 31, 2010

105M14

Mayo

YC48497

Alex

375

ARCC

June 2, 2006

December 31, 2010

105M14

Mayo

YC48498

Alex

376

ARCC

June 2, 2006

December 31, 2010

105M14

Mayo

YC48499

Alex

377

ARCC

June 2, 2006

December 31, 2010

105M14

Mayo

YC48500

Alex

379

ARCC

June 2, 2006

December 31, 2010

105M14

Mayo

YC48501

Alex

380

ARCC

June 2, 2006

December 31, 2010

105M14

Mayo

YC48502

Alex

381

ARCC

June 2, 2006

December 31, 2010

105M14

Mayo

YC48503

Alex

382

ARCC

June 2, 2006

December 31, 2010

105M14

Mayo

YC48504

Alex

383

ARCC

June 2, 2006

December 31, 2010

105M14

Mayo

YC48505

Alex

384

ARCC

June 2, 2006

December 31, 2010

105M14

Mayo

YC48506

Alex

386

ARCC

June 2, 2006

December 31, 2010

105M14

Mayo

YC48549

Alex

264

ARCC

June 2, 2006

December 31, 2010

105M14

Mayo

YC42600

ARCC

December 3, 2005

December 3, 2011

105M14

Mayo

YC42598

ARCC

December 15, 2005

December 15, 2011

105M14

Mayo

ALEXCO RESOURCE CORP.

KENO HILL PROPERTY

Grant

Claim Name

Nbr

Lease

Owner

Record Date

Expiry Date

Hectares

Acres

NTS

Xxx

Xxxxxx Xx.

Xxxxxxxx

00000

Paddy

ARCC-SPR

July 8, 1949

December 31, 2011

105M14

Mayo

80239

Xxxxx

ARCC-SPR

October 16, 1957

December 31, 2011

105M14

Mayo

80240

Xxxxx

ARCC-SPR

October 16, 1957

December 31, 2011

105M14

Mayo

80241

Xxxxx

ARCC-SPR

October 16, 1957

December 31, 2011

105M14

Mayo

80242

Xxxxx

ARCC-SPR

October 16, 1957

December 31, 2011

105M14

Mayo

80348

Xxxxx

ARCC-SPR

July 2, 1959

December 31, 2011

105M14

Mayo

80453

Xxx No.

ARCC-SPR

May 27, 1960

December 31, 2011

105M14

Mayo

81152

Xxxxx

ARCC-SPR

June 4, 1962

December 31, 2011

105M14

Mayo

83253

Paddy

ARCC-SPR

October 16, 1963

December 31, 2011

105M14

Mayo

83254

Paddy

ARCC-SPR

October 16, 1963

December 31, 2011

105M14

Mayo

83721

Paddy

ARCC-SPR

October 26, 1964

December 31, 2011

105M14

Mayo

83722

Paddy

ARCC-SPR

October 26, 1964

December 31, 2011

105M14

Mayo

84489

Xxx

ARCC-SPR

June 2, 1965

December 31, 2011

105M14

Mayo

Y 31586

Xxxx

ARCC-SPR

December 2, 1968

December 31, 2011

105M14

Mayo

Y 31587

Xxxx

ARCC-SPR

December 2, 1968

December 31, 2011

105M14

Mayo

Y 33741

O.K.

ARCC-SPR

December 11, 1970

December 31, 2011

105M14

Mayo

Y 33742

O.K.

ARCC-SPR

December 11, 1970

December 31, 2011

105M14

Mayo

Y 56174

O.K.

ARCC-SPR

September 15, 1971

December 31, 2011

105M14

Mayo

Y 56175

O.K.

ARCC-SPR

September 15, 1971

December 31, 2011

105M14

Mayo

Y 85963

O.K.

ARCC-SPR

October 10, 1973

December 31, 2011

105M14

Mayo

Y 85964

O.K.

ARCC-SPR

October 10, 1973

December 31, 2011

105M14

Mayo

Y 85965

O.K.

ARCC-SPR

October 10, 1973

December 31, 2011

105M14

Mayo

Y 85966

O.K.

ARCC-SPR

October 10, 1973

December 31, 2011

105M14

Mayo

Y 85967

O.K.

ARCC-SPR

October 10, 1973

December 31, 2011

105M14

Mayo

Y 85968

O.K.

ARCC-SPR

October 10, 1973

December 31, 2011

105M14

Mayo

YC42599

ARCC

December 15, 2005

December 31, 2011

105M14

Mayo

YC56117

90 F

ARCC

June 13, 2007

December 31, 2011

105M14

Mayo

YC56866

Alex

555

ARCC

July 24, 2007

December 31, 2011

105M14

Mayo

YC56867

Alex

557

ARCC

July 24, 2007

December 31, 2011

105M14

Mayo

YC56868

Alex

559

ARCC

July 24, 2007

December 31, 2011

105M14

Mayo

YC56869

Alex

561

ARCC

July 24, 2007

December 31, 2011

105M14

Mayo

YC56870

Alex

566

ARCC

July 24, 2007

December 31, 2011

105M14

Mayo

YC56871

Alex

568

ARCC

July 24, 2007

December 31, 2011

105M14

Mayo

ALEXCO RESOURCE CORP.

KENO HILL PROPERTY

Grant

Claim Name

Nbr

Lease

Owner

Record Date

Expiry Date

Hectares

Acres

NTS

Xxx

Xxxxxx Xx.

Xxxxxxxx

XX00000

Alex

570

ARCC

July 24, 2007

December 31, 2011

105M14

Mayo

YC56873

Alex

572

ARCC

July 24, 2007

December 31, 2011

105M14

Mayo

YC56875

Alex

602

ARCC

July 24, 2007

December 31, 2011

105M14

Mayo

YC56877

Alex

604

ARCC

July 24, 2007

December 31, 2011

105M14

Mayo

YC56878

Alex

605

ARCC

July 24, 2007

December 31, 2011

105M14

Mayo

YC56879

Alex

606

ARCC

July 24, 2007

December 31, 2011

105M14

Mayo

16326

XXXXXX

3519

ERDC

May 30, 1927

June 17, 2012

49.73

105M14

276

55080

Mayo

38715

JOCK

3517

ERDC

May 20, 1931

June 17, 2012

20.1

49.56

105M14

277

55080

Mayo

38779

CHANCE

3518

ERDC

April 18, 1934

June 17, 2012

0.82

2.17

105M13

282

55080

Mayo

13175

CAMOROTE

3527

ERDC

June 19, 1920

October 31, 2012

19.2

47.84

105M14

162

53800

Mayo

YA17395

Lem

ARCC-SPR

November 14, 1977

November 14, 2012

105M14

Mayo

YA17396

Lem

ARCC-SPR

November 14, 1977

November 14, 2012

105M14

Mayo

YA17397

Lem

ARCC-SPR

November 14, 1977

November 14, 2012

105M14

Mayo

YA17398

Lem

ARCC-SPR

November 14, 1977

November 14, 2012

105M14

Mayo

YA17399

Lem

ARCC-SPR

November 14, 1977

November 14, 2012

105M14

Mayo

YA17400

Lem

ARCC-SPR

November 14, 1977

November 14, 2012

105M14

Mayo

YA17401

Lem

ARCC-SPR

November 14, 1977

November 14, 2012

105M14

Mayo

YA17402

Lem

ARCC-SPR

November 14, 1977

November 14, 2012

105M14

Mayo

YA17403

Lem

ARCC-SPR

November 14, 1977

November 14, 2012

105M14

Mayo

YA17404

Lem

ARCC-SPR

November 14, 1977

November 14, 2012

105M14

Mayo

YA17405

Lem

ARCC-SPR

November 14, 1977

November 14, 2012

105M14

Mayo

14989

RUBY

3525

ERDC

July 9, 1924

November 24, 2012

0.5

1.11

105M14

160

53801

Mayo

16025

HAWKS NEST

3524

ERDC

August 31, 1925

November 24, 2012

15.1

37.4

105M14

222

55107

Mayo

16497

XXXXXX

3521

ERDC

August 28, 1924

November 24, 2012

20.2

48.63

105M14

218

55107

Mayo

16511

NO CASH

3526

ERDC

September 9, 1924

November 24, 2012

18.3

45.26

105M14

223

55107

Mayo

16512

LILL

3520

ERDC

September 9, 1924

November 24, 2012

18.4

45.6

105M14

224

55107

Mayo

16568

MONOPLY

3522

ERDC

July 7, 1925

November 24, 2012

8.9

21.96

105M14

225

55107

Mayo

16569

MONTE CARLO

3523

ERDC

July 7, 1925

November 24, 2012

51.15

105M13

228

FB20919

Mayo

YC42549

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42550

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42551

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42552

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42553

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

ALEXCO RESOURCE CORP.

KENO HILL PROPERTY

Grant

Claim Name

Nbr

Lease

Owner

Record Date

Expiry Date

Hectares

Acres

NTS

Xxx

Xxxxxx Xx.

Xxxxxxxx

XX00000

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42555

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42556

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42557

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42558

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42559

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42560

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42561

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42562

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42563

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42564

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42565

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42566

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42567

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42568

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42569

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42570

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42571

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42572

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42573

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42574

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42575

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42576

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42577

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42578

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42579

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42580

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42581

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42582

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42587

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42588

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42589

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42590

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

ALEXCO RESOURCE CORP.

KENO HILL PROPERTY

Grant

Claim Name

Nbr

Lease

Owner

Record Date

Expiry Date

Hectares

Acres

NTS

Xxx

Xxxxxx Xx.

Xxxxxxxx

XX00000

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42592

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42593

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42594

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42595

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42596

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42602

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42603

ARCC

December 15, 2005

December 15, 2012

105M13

Mayo

YC42604

ARCC

December 15, 2005

December 15, 2012

105M13

Mayo

YC42605

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42608

ARCC

December 15, 2005

December 15, 2012

105M13

Mayo

YC42609

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42610

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42611

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42612

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42613

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42614

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42615

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42616

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42617

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42618

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42619

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42620

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42621

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42622

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42623

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42624

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42625

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42626

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42630

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42631

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42632

ARCC

December 15, 2005

December 15, 2012

105M14

Mayo

YC42633

ARCC

December 15, 2005

December 15, 2012

105M13

Mayo

ALEXCO RESOURCE CORP.

KENO HILL PROPERTY

Grant

Claim Name

Nbr

Lease

Owner

Record Date

Expiry Date

Hectares

Acres

NTS

Xxx

Xxxxxx Xx.

Xxxxxxxx

00000

XXXXXX

XXXX

September 24, 1920

December 31, 2012

5.4

105M14

Mayo

13799

XXXX

ERDC

June 23, 1921

December 31, 2012

7.4

105M14

Mayo

14826

XXXX YORK

ERDC

July 9, 1923

December 31, 2012

0.97

105M14

Mayo

14858

ADA

ERDC

August 30, 1923

December 31, 2012

6.1

105M14

Mayo

55392

YUKON

ERDC

January 30, 1946

December 31, 2012

14.6

105M14

Mayo

55394

XXX

ERDC

March 5, 1946

December 31, 2012

17.1

105M14

Mayo

59710

XXX

ERDC 65%-Cima 35%

September 26, 1950

December 31, 2012

20.6

105M13

Mayo

59711

XXX

ERDC 65%-Cima 35%

September 26, 1950

December 31, 2012

19.7

105M13

Mayo

59712

XXX

ERDC 65%-Cima 35%

September 26, 1950

December 31, 2012

20.5

105M13

Mayo

59714

XXX

ERDC 65%-Cima 35%

September 26, 1950

December 31, 2012

18.4

105M13

Mayo

59715

XXX

ERDC 65%-Cima 35%

September 26, 1950

December 31, 2012

20.6

105M13

Mayo

59716

XXX

ERDC 65%-Cima 35%

September 26, 1950

December 31, 2012

105M13

Mayo

59717

XXX

ERDC 65%-Cima 35%

September 26, 1950

December 31, 2012

105M13

Mayo

59718

XXX

ERDC 70%-Cima 30%

September 26, 1950

December 31, 2012

15.8

105M13

Mayo

59849

XXX

ERDC 70%-Cima 30%

October 2, 1950

December 31, 2012

20.3

105M13

Mayo

59850

XXX

ERDC 70%-Cima 30%

October 2, 1950

December 31, 2012

16.6

105M13

Mayo

59851

XXX

ERDC 70%-Cima 30%

October 2, 1950

December 31, 2012

19.7

105M13

Mayo

59852

XXX

ERDC 70%-Cima 30%

October 2, 1950

December 31, 2012

16.3

105M13

Mayo

59853

XXX

ERDC 70%-Cima 30%

October 2, 1950

December 31, 2012

20.1

105M13

Mayo

59854

XXX

ERDC 70%-Cima 30%

October 2, 1950

December 31, 2012

18.3

105M13

Mayo

59855

XXX

ERDC 70%-Cima 30%

October 2, 1950

December 31, 2012

22.6

105M13

Mayo

59856

XXX

ERDC 70%-Cima 30%

October 2, 1950

December 31, 2012

105M13

Mayo

59857

XXX

ERDC 70%-Cima 30%

October 2, 1950

December 31, 2012

12.6

105M13

Mayo

59941

XXX

ERDC 70%-Cima 30%

October 12, 1950

December 31, 2012

16.1

105M13

Mayo

59942

XXX

ERDC 70%-Cima 30%

October 12, 1950

December 31, 2012

20.2

105M13

Mayo

61635

XXX

ERDC 70%-Cima 30%

June 11, 1951

December 31, 2012

15.4

105M13

Mayo

62968

ORCHID

ERDC

May 30, 1956

December 31, 2012

22.7

105M14

Mayo

62969

ORCHID

ERDC

May 30, 1956

December 31, 2012

18.8

105M14

Mayo

62970

ORCHID

ERDC

May 30, 1956

December 31, 2012

22.2

105M14

Mayo

62971

ORCHID

ERDC

May 30, 1956

December 31, 2012

17.5

105M14

Mayo

80082

K.P.O.

ERDC 70%-Cima 30%

October 5, 1956

December 31, 2012

20.7

105M13

Mayo

80083

K.P.O.

ERDC 70%-Cima 30%

October 5, 1956

December 31, 2012

13.1

105M13

Mayo

80084

K.P.O.

ERDC 70%-Cima 30%

October 5, 1956

December 31, 2012

20.4

105M13

Mayo

ALEXCO RESOURCE CORP.

KENO HILL PROPERTY

Grant

Claim Name

Nbr

Lease

Owner

Record Date

Expiry Date

Hectares

Acres

NTS

Xxx

Xxxxxx Xx.

Xxxxxxxx

00000

K.P.O.

ERDC 70%-Cima 30%

October 5, 1956

December 31, 2012

16.3

105M13

Mayo

80169

ORCHID

ERDC

April 3, 1957

December 31, 2012

6.8

105M14

Mayo

80170

ORCHID

ERDC

April 3, 1957

December 31, 2012

105M14

Mayo

80345

K.P.O.

ERDC 70%-Cima 30%

October 14, 1958

December 31, 2012

3.7

105M13

Mayo

80362

K.P.O.

ERDC 70%-Cima 30%

July 24, 1959

December 31, 2012

12.4

105M13

Mayo

80364

K.P.O.

ERDC 70%-Cima 30%

July 24, 1959

December 31, 2012

20.8

105M13

Mayo

80366

K.P.O.

ERDC 70%-Cima 30%

July 24, 1959

December 31, 2012

21.4

105M13

Mayo

80367

K.P.O.

ERDC 70%-Cima 30%

July 24, 1959

December 31, 2012

105M13

Mayo

80368

K.P.O.

ERDC 70%-Cima 30%

July 24, 1959

December 31, 2012

20.9

Document Metadata

Table of Contents

THIS SILVER PURCHASE AGREEMENT dated as of the 2nd day of October, 2008, BETWEEN: