{"id":456487,"date":"2021-03-11T17:03:15","date_gmt":"2021-03-11T22:03:15","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=456487"},"modified":"2021-03-11T17:03:15","modified_gmt":"2021-03-11T22:03:15","slug":"alexco-announces-full-year-2020-results-and-2021-outlook","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/alexco-announces-full-year-2020-results-and-2021-outlook\/","title":{"rendered":"Alexco Announces Full Year 2020 Results and 2021 Outlook"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n (All amounts in CDN$ unless otherwise indicated)<\/b>\n <\/p>\n

\n VANCOUVER, BC<\/span>, March 11, 2021<\/span> \/PRNewswire\/ –\u00a0Alexco Resource Corp. <\/b>(NYSE American: AXU) (TSX: AXU)\u00a0(“Alexco” <\/b>or the “Company”)<\/b> today reports financial results for the quarter and year ended December 31, 2020<\/span> (“Q4 2020<\/b>” and “FY 2020<\/b>“, respectively). The Company also provides an update on capital development projects and scale up of mining operations at Keno Hill and discusses anticipated mining and exploration activities in 2021.<\/p>\n

On June 24, 2020<\/span>, the Company announced that it was moving forward to production with its Bellekeno, Flame & Moth, and Bermingham mines at Keno Hill (“KHSD<\/b>“, “Keno Hill<\/b>“, or the “District<\/b>“), subject to receipt of the final amended and renewed water use license (“WUL<\/b>“). In the third quarter of 2020 (“Q3 2020<\/b>“) and Q4 2020, the majority of corporate activity and expenditures were focused on start-up and commissioning activities associated with this decision. <\/p>\n

For FY 2020, Alexco reported an operating loss of $22.3 million<\/span> (“M<\/b>“) and an adjusted net loss from continued operations of $16.8 M<\/span>, or $0.13<\/span> per common share. As at December 31, 2020<\/span>, the Company had $23.7 M<\/span> in cash and cash equivalents and net working capital of $15.4 M<\/span>. <\/p>\n

\n
\n Key Financial Metrics<\/i>
\n <\/b>\n <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n
\n (Expressed in thousands of Canadian
dollars, except per share and share amounts)<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n For the three months ended
<\/b>
\n <\/span>
\n
\n December 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n For the years ended
<\/b>
\n <\/span>
\n
\n December 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2019<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2019<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Revenues – Reclamation Management Revenue<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 633<\/span>\n <\/p>\n<\/td>\n

\n

\n 661<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,866<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,364<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Operating Loss<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (11,605)<\/span>\n <\/p>\n<\/td>\n

\n

\n (4,598)<\/span>\n <\/p>\n<\/td>\n

\n

\n (22,333)<\/span>\n <\/p>\n<\/td>\n

\n

\n (11,928)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Adjusted Loss Before Taxes1<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (11,676)<\/span>\n <\/p>\n<\/td>\n

\n

\n (4,621)<\/span>\n <\/p>\n<\/td>\n

\n

\n (22,359)<\/span>\n <\/p>\n<\/td>\n

\n

\n (12,379)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Cash and cash equivalents<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 23,742<\/span>\n <\/p>\n<\/td>\n

\n

\n 6,841<\/span>\n <\/p>\n<\/td>\n

\n

\n 23,742<\/span>\n <\/p>\n<\/td>\n

\n

\n 6,841<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net Working Capital1<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 15,353<\/span>\n <\/p>\n<\/td>\n

\n

\n 10,090<\/span>\n <\/p>\n<\/td>\n

\n

\n 15,353<\/span>\n <\/p>\n<\/td>\n

\n

\n 10,090<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Adjusted Net Loss from Continued Operations1<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (9,547)<\/span>\n <\/p>\n<\/td>\n

\n

\n (4,753)<\/span>\n <\/p>\n<\/td>\n

\n

\n (16,842)<\/span>\n <\/p>\n<\/td>\n

\n

\n (13,188)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net Loss from Continued Operations2<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (15,817)<\/span>\n <\/p>\n<\/td>\n

\n

\n (5,560)<\/span>\n <\/p>\n<\/td>\n

\n

\n (38,570)<\/span>\n <\/p>\n<\/td>\n

\n

\n (7,699)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Shareholders<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Basic and Diluted Net Loss from Continued
Operations per Common Share<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (0.12)<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.05)<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.30)<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.07)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Adjusted\u00a0Basic and Diluted Net Loss from
Continued Operations per Common Share1<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (0.07)<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.04)<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.13)<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.12)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n
\n\n\n\n\n
\n

\n
\n 1.<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n See “Non-GAAP Measures” in Section 11 of the MD&A for the year ended December 31, 2020.<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n 2.<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Net loss for FY 2020 includes a non-cash fair value adjustment relating to the loss from the embedded
derivative asset totaling $21,728,000 (2019 \u2013 gain from the embedded derivative asset totaling $5,489,000).<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n
\n Q4 2020 and FY 2020 Highlights <\/i>
\n <\/b>\n <\/p>\n

\n
\n Corporate<\/i>
\n <\/b>\n <\/p>\n