0000950123-10-003811 Sample Contracts

UNDERWRITING AGREEMENT
Underwriting Agreement • January 20th, 2010 • Alexco Resource Corp • Gold and silver ores • British Columbia

The undersigned, Canaccord Financial Ltd. (“Canaccord”) and Cormark Securities Inc. (collectively, the “Underwriters” and each individually, an “Underwriter”), understand that Alexco Resource Corp. (the “Company”) proposes to issue and sell 7,350,000 common shares of the Company (individually a “Share” and, collectively, the “Shares”).

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