Past year: ▼ 66%(50.0c – 2.58 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
8 Sept 2022business combination▼ BadMajor
Hecla completed the acquisition. Alexco shareholders received 0.116 of a Hecla share each - about US$0.47 on the prices at announcement - ending sixteen years of Alexco ownership at Keno Hill four months after the last money was raised at C$1.75 and less than two years after the mine restarted. The Wheaton silver stream Alexco had renegotiated in 2017 was bought out by Hecla rather than by Alexco.
29 July 2022material agreement● Neutral
Hecla assigned its rights under the 4 July arrangement agreement to a wholly owned British Columbia subsidiary, the structuring step for the takeover.
29 July 2022business combination● Neutral
Obtained the British Columbia court's interim order for the shareholder, option and unit holder meeting to vote on the Hecla arrangement.
5 July 2022business combination▼ BadMajor
Hecla Mining agreed to buy Alexco at 0.116 of a Hecla share for each Alexco share - about US$0.47, a 23% premium on five-day average prices - two weeks after Alexco suspended milling and disclosed negative working capital. Hecla also agreed to fund Alexco in the interim, take a 9.9% stake, and pay Wheaton Precious Metals US$135m in stock to terminate the Keno Hill silver stream that had constrained the mine's economics since 2008.
22 June 2022production update▼ BadMajor
Suspended milling for five to six months to concentrate everything on underground development, conceding the ramp-up was running well behind schedule and that a sustainable 400 tonnes a day and cash self-sufficiency would not be reached in 2022. Cash was about C$14m against negative working capital of about C$4.5m, more financing would be needed, and restart was pushed to January 2023 - the rock was rich (ore faces at Bermingham matched or beat modelled grades of 1,900-2,000 g/t silver) but the mine could not be developed fast enough to feed the mill.
13 Apr 2022capital raising announcement▼ BadMajor
Non-brokered placement of 7,473,495 shares at C$1.75 for C$13.1m to fund the continuing ramp-up. The price is half the C$3.50 raised ten months earlier, and this is the last money Alexco raised before agreeing to be bought.
What it means for a shareholder
7.5m new shares at C$1.75 to raise about C$13.1m. That's 4.7% dilution: every existing holder's slice gets 4.7% smaller. If you held C$1,000 of shares (571 at the issue price), your slice goes from 0.000377% to 0.000359% of the company. To keep it you'd need 28 more shares - about C$49 at the issue price.
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27 Jan 2022capital raising announcement▲ Good
Closed at C$9.2m with the over-allotment in full: 3,610,425 flow-through shares.
19 Jan 2022capital raising announcement▲ Good
C$8.0m flow-through bought deal announced the same day as the expanded Bermingham resource.
18 Jan 2022resource reserve update▲ GoodMajor
Bermingham's indicated resource rose 43% to 47.2 million ounces of silver at 939 g/t and inferred 70% to 19.9 million ounces at 735 g/t - grade holding as tonnes grew, unusually. Combined with Flame & Moth the indicated resource reached 74.1 million ounces, and Alexco said it was re-evaluating the mine plan as a result.
16 Dec 2021drilling result▲ Good
Final results from the 17,742 m directional drilling programme at Bermingham Northeast Deep: 52 intercepts through a zone about 500 m along strike with at least 100 m of vertical extent, feeding a revised resource estimate.
10 June 2021capital raising announcement▲ GoodMajor
Closed at C$28.75m with the over-allotment in full: 8,214,450 shares at C$3.50, the highest price Alexco raised at in the cached record.
What it means for a shareholder
8.2m new shares at C$3.50 to raise about C$28.8m. That's 5.6% dilution: every existing holder's slice gets 5.6% smaller. If you held C$1,000 of shares (286 at the issue price), your slice goes from 0.000208% to 0.000196% of the company. To keep it you'd need 17 more shares - about C$60 at the issue price.
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4 June 2021capital raising announcement▲ GoodMajor
C$25m bought deal, the second big raise since the restart decision.
28 May 2021resource reserve update● Neutral
Qualified person's consent filed with the May 2021 Keno Hill technical report.
27 May 2021resource reserve update▲ GoodMajor
Filed an updated technical report lifting the Keno Hill reserve 22% to 1.44 million tonnes at 804 g/t silver, 3.84% zinc, 2.64% lead and 0.31 g/t gold, for 35.5 million silver ounces over eight years at an all-in sustaining cost of US$11.59 an ounce, with a mill expansion from about 400 to 550 tonnes a day in year three. The reserve rests only on drilling completed before 2019, with the 2019-2021 results still to be folded in.
28 Jan 2021capital raising announcement▲ Good
Closed at C$11.7m with the over-allotment in full: 2,704,770 flow-through shares.
21 Jan 2021capital raising announcement▲ Good
C$10.5m flow-through bought deal.
19 Jan 2021drilling result▲ Good
2020 surface drilling found high-grade silver in the Bermingham Northeast Deep zone about 150 m below the resource then being developed for ore production from Q2 2021 - grade below the part of the mine about to be mined.
15 Sept 2020drilling progress report▲ Good
Mill modifications and infrastructure work on track for commissioning and first silver concentrate in Q4 2020 - the new tailings filter press 95% and the second ball mill 75% installed - and the 2020 Bermingham deep drilling programme was extended.
27 July 2020production update▲ GoodMajor
Received the final amended and renewed water use licence for Keno Hill, removing the last permitting condition on the restart, with site activity already ramping up.
7 July 2020capital raising announcement▲ GoodMajor
Closed at C$30.0m with the over-allotment in full: 10,994,000 shares at C$2.73, the largest raise in the cached record and the money that funded the mine restart.
What it means for a shareholder
11.0m new shares at C$2.73 to raise about C$30.0m. That's 8.4% dilution: every existing holder's slice gets 8.4% smaller. If you held C$1,000 of shares (366 at the issue price), your slice goes from 0.000305% to 0.00028% of the company. To keep it you'd need 34 more shares - about C$93 at the issue price.
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24 June 2020production update▲ GoodMajor
Took the production decision: with a draft renewed water use licence in hand from the Yukon Water Board, Alexco moved to final development of the Keno Hill mines, targeting first concentrate and silver sales in Q4 2020, and signed a non-binding term sheet to amend the Wheaton Precious Metals stream again. This is the restart the whole 2015-2020 exploration and permitting effort was for.
24 June 2020capital raising announcement▲ GoodMajor
C$20m equity financing announced alongside the production decision.
24 June 2020capital raising announcement▲ GoodMajor
Upsized the same day's financing to C$26m on demand.
31 Mar 2020production update● Neutral
Set out its COVID-19 protocols for Keno Hill - essential personnel only - and its 2020 plans, a week after raising C$8.6m.
27 Mar 2020capital raising announcement▲ Good
Closed at C$8.6m with the over-allotment taken in full: 4,662,675 shares at C$1.85.
What it means for a shareholder
4.7m new shares at C$1.85 to raise about C$8.6m. That's 3.7% dilution: every existing holder's slice gets 3.7% smaller. If you held C$1,000 of shares (541 at the issue price), your slice goes from 0.00045% to 0.000434% of the company. To keep it you'd need 21 more shares - about C$39 at the issue price.
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25 Mar 2020capital raising announcement▲ Good
Priced the overnight offering at 4,054,500 shares at C$1.85 for C$7.5m.
What it means for a shareholder
4.1m new shares at C$1.85 to raise about C$7.5m. That's 3.3% dilution: every existing holder's slice gets 3.3% smaller. If you held C$1,000 of shares (541 at the issue price), your slice goes from 0.00045% to 0.000436% of the company. To keep it you'd need 18 more shares - about C$33 at the issue price.
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24 Mar 2020capital raising announcement● Neutral
Launched an overnight marketed offering of common shares as the COVID-19 sell-off ran.
18 Feb 2020resource reserve update● Neutral
The Tetra Tech pre-feasibility technical report for Keno Hill, signed 13 February 2020.
18 Feb 2020asset acquisition disposition● NeutralMajor
Sold Alexco Environmental Group to its own management, led by president Jim Harrington, for C$13.35m - C$12.1m in cash on closing and a C$1.25m note due February 2021. AEG had been part of Alexco since 2004 and was the reason Canada picked Alexco as preferred purchaser of the Keno Hill district in 2006; selling it funded the mine and left Alexco a pure silver company.
4 Dec 2019drilling result▲ Good
Final 2019 results, including a new discovery at the Inca target about 3.7 km north of Bermingham, from a 3,000 m programme testing ground with a geological setting like Bermingham's.
