This Management’s Discussion and Analysis (“MD&A”) of Alexco Resource Corp. (“Alexco” or the
“Corporation”) is dated September 17, 2010 and provides an analysis of Alexco’s consolidated financial results
for the year ended June 30, 2010 compared to those of the previous year.
The following information should be read in conjunction with the Corporation’s June 30, 2010 audited
consolidated financial statements with accompanying notes, which were prepared in accordance with Canadian
generally accepted accounting principles (“Canadian GAAP”). All dollar figures are expressed in Canadian
dollars (C$ or CAD) unless otherwise stated. These documents and additional information on the Corporation
are available on the Corporation’s website at www.alexcoresource.com or on SEDAR at www.sedar.com.
Except where specifically indicated otherwise, technical information included in this MD&A regarding Alexco’s
mineral properties has been prepared by or under the supervision of Stan Dodd, L.Geo., Vice President,
Exploration for Alexco and a Qualified Person as defined by National Instrument 43-101 - Standards of
Disclosure for Mineral Projects (“NI 43-101”).
Selected Annual Information
Selected annual information from the Corporation’s three most recently completed financial years is summarized
During the year ended June 30, 2010, Alexco made significant progress in the construction and development of
the Bellekeno underground mine and ore processing facility, located in the Keno Hill silver district in Canada’s
Yukon Territory. The construction and development project was formally initiated in November 2009 following
completion of a favourable Development Plan for the Bellekeno mine. As at June 30, 2010, approximately $20.7
million in Bellekeno mine construction and development capital expenditures had been incurred since the initiation
of construction activity. By July 31, 2010, such incurred construction and development capital expenditures