Document:

Exhibit 4.5 

 

FORM 51-102F3

MATERIAL CHANGE REPORT

 

ITEM 1. NAME AND ADDRESS OF ISSUER

 

Alexco Resource Corp. (the "Company")

Suite 1225, 555 Burrard Street

Vancouver, BC V7X 1M9

 

ITEM 2. DATE OF MATERIAL CHANGE

 

June 24, 2020

 

ITEM 3. NEWS RELEASE

 

Two news releases dated June 24,
2020 were issued and disseminated through the facilities of Cision and filed on the System for Electronic Document Analysis and
Retrieval (SEDAR).

 

ITEM 4. SUMMARY OF MATERIAL CHANGE

 

On June 24, 2020, the Company announced
that it had:

 

		1.	received a draft amended and renewed
                                         water use license for the Keno Hill Silver District from the Yukon Water Board and is
                                         moving forward with final development of its mines at Keno Hill, anticipating initial
                                         concentrate production and silver sales in Q4 2020;

 

		2.	entered into a non-binding term
                                         sheet to beneficially amend its silver purchase streaming agreement with Wheaton Precious
                                         Metals Corp.; and

 

		3.	entered into an agreement with
                                         a syndicate of underwriters co-led by Cormark Securities Inc. and Cantor Fitzgerald Canada
                                         Corporation (collectively, the "Underwriters"), pursuant to which
                                         the Underwriters have agreed to purchase, on a bought deal basis, 7,326,100 common shares
                                         of the Company (the "Offered Shares") at a price of $2.73 per Offered
                                         Share (the "Issue Price") for aggregate gross proceeds of $20,000,253
                                         (the "Offering").

 

The Company subsequently announced on
the same day that the Company and Underwriters have agreed to increase the size of the Offering by 2,233,900 Offered Shares, such
that the Company would issue an aggregate of 9,560,000 Offered Shares at the Issue Price for aggregate gross proceeds of $26,098,800.

 

ITEM 5.1 FULL DESCRIPTION OF MATERIAL CHANGE

 

See the two news releases dated June 24,
2020 attached as Schedule "A" and Schedule "B", respectively.

 

ITEM 5.2 DISCLOSURE FOR RESTRUCTURING TRANSACTIONS

 

Not applicable

 

    

    2 

    

 

ITEM 6. RELIANCE ON SUBSECTION 7.1(2) OF NATIONAL
INSTRUMENT 51-102

 

Not applicable

 

ITEM 7. OMITTED INFORMATION

 

There are no significant facts required to be disclosed herein
which have been omitted.

 

ITEM 8. EXECUTIVE OFFICER

 

	Contact:	Clynton R. Nauman, Executive Chairman and CEO
	 	Kettina Cordero, Director of Investor Relations
	Phone:	(778) 945-6577
	Email:	info@alexcoresource.com

 

ITEM 9. DATE OF REPORT

 

June 26, 2020

 

    

    

    

 

Schedule "A"

News Release dated June 24, 2020

 

(see attached)

 

    

    

    

 

 

 

 

ALEXCO ANNOUNCES
$20 MILLION EQUITY FINANCING

 

(All amounts expressed
in Canadian Dollars unless otherwise indicated)

 

Vancouver, June 24, 2020 –
Alexco Resource Corp. (NYSE American/TSX: AXU) (“Alexco” or the “Company”) is pleased
to announce that it has entered into an agreement with a syndicate of underwriters (the “Underwriters”), pursuant
to which the Underwriters have agreed to purchase, on a bought deal basis, 7,326,100 common shares of the Company (the “Offered
Shares”) at a price of $2.73 per Offered Share for aggregate gross proceeds of $20,000,253 (the “Offering”).

 

The Company has granted the Underwriters
an over-allotment option (the “Over-allotment Option”), exercisable in whole or in part, on and for a period
up to 30 days following the Closing Date (as defined below), to purchase up to an additional 1,098,915 Offered Shares (the “Underwriter’s
Option Shares”).

 

The Company shall pay the Underwriters
a commission equal to 6% of the gross proceeds of the Offering, including proceeds received from the exercise of the Over-Allotment
Option, subject to a 1.5% cash commission being payable on sales to members of the President's List, such President's List to
not exceed $7.5 million. The Company is pleased to announce that a lead order from Wheaton Precious Metals Corp. in the amount
of $5,000,000 was obtained in relation to the President’s List.

 

Gross proceeds from the sale of the Offered
Shares will be used to fund continuing development at Keno Hill and for general corporate and working capital purposes.

 

The closing of the Offering is expected
on or about July 7, 2020 (the “Closing Date”) and is subject to customary closing conditions including
regulatory approval from the Toronto Stock Exchange and NYSE American.

 

This news release
does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities
in any jurisdiction in which such offer, solicitation or sale would be unlawful, including in the United States. The securities
have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities
Act”) or any securities laws of any state of the United States and may not be offered or sold within the United States or
to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) unless registered
under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

 

About Alexco

 

Alexco is a Canadian primary silver company
that owns the majority of the historic high-grade Keno Hill Silver District in Canada’s Yukon Territory. Alexco has a long
history of expanding Keno Hill’s mineral resources through successful exploration and is currently advancing Keno Hill to
production.

 

Contact

 

Clynton R. Nauman, Chairman and Chief
Executive Officer

Kettina Cordero, Director of Investor
Relations

Phone: (778) 945-6577

Email:  info@alexcoresource.com

 

	Head
    Office	T.
    604 633 4888
	Alexco
    Resource Corp.	F.
    604 633 4887
	Suite 1225, Two Bentall
    Centre, 555 Burrard Street, Box 216	 
	Vancouver, BC  V7X
    1M9	 
	Canada	 

 

     

    	 		 

    

 

 

 

Some statements (“forward-looking
statements”) in this news release contain forward-looking information concerning the proposed Offering, anticipated
closing of the Offering, potential exercise by the Underwriters of their Over-allotment Option to acquire Underwriter’s
Option Shares, and anticipated use of proceeds. Forward-looking statements are subject to a variety of known and unknown risks,
uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking
statements. Such factors include, among others, risks related to regulatory approval of the Offering; risks and uncertainties
relating to the COVID-19 pandemic including but not limited to business closures, quarantines and a general reduction in consumer
activity; actual results and timing of exploration and development, mining, environmental services and remediation and reclamation
  activities; future prices of silver, gold, lead, zinc and other commodities; possible variations in mineral resources, grade
or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks
of the mining industry; First Nation rights and title; continued capitalization and commercial viability; global economic conditions;
competition; and delays in obtaining governmental approvals or financing or in the completion of development activities. Forward-looking
statements are based on certain assumptions that management believes are reasonable at the time they are made. In making the forward-looking
statements included in this news release, Alexco has applied several material assumptions, including, but not limited to, all
regulatory approvals of the Offering will be obtained in a timely manner; all conditions precedent to completion of the Offering
will be fulfilled in a timely manner; that the circumstances surrounding the COVID-19 pandemic, although evolving, will stabilize
or at least not worsen; that the extent to which COVID-19 may impact the Company, including without limitation disruptions to
the mobility of Company personnel, costs associated with implementation of health and safety protocols, increased labour and transportation
costs, and other related impacts, will not change in a materially adverse manner; Alexco will be able to raise additional capital
as necessary, that the proposed exploration and development activities will proceed as planned, and that market fundamentals will
result in sustained silver, gold, lead and zinc demand and prices. There can be no assurance that forward-looking statements will
prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Alexco
expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new
information, future events or otherwise, except as otherwise required by applicable securities legislation.

 

    	 		Page 2 of 2

     

    

 

Schedule "B"

News Release dated June 24, 2020

 

(see attached)

 

     

     

    

  

 

 

ALEXCO MOVES FORWARD TO PRODUCTION AT
KENO HILL

 

Alexco Also Announces Receipt of Draft
Water Use License and Changes to Silver Streaming Agreement

 

(All amounts expressed in Canadian Dollars
unless otherwise indicated)

 

Vancouver, June 24, 2020 –
Alexco Resource Corp. (NYSE American/TSX: AXU) (“Alexco” or the “Company”) is pleased
to announce that it has received a draft amended and renewed water use license (the “WUL”) for the Keno Hill
Silver District (the “District” or “Keno Hill”) from the Yukon Water Board. With the draft
terms and conditions of the water license now issued and established (please see Appendix I hereto for details of certain terms
of the draft WUL), the Company is moving forward with final development of its mines at Keno Hill, anticipating initial concentrate
production and silver sales in Q4 2020. The Company has also entered into a non-binding term sheet (the “Term Sheet”)
to beneficially amend its silver purchase streaming agreement with Wheaton Precious Metals Corp. (“Wheaton”).

 

Keno Hill Capital Development and
Operations

 

During 2020 Alexco has been steadily moving
forward with surface capital projects at Keno Hill, primarily mill related refurbishments and improvements as well as long lead-time
underground equipment procurement in anticipation of ore production, mill commissioning, and concentrate sales in Q4 2020. With
the renewed WUL process now nearly complete, the Company has begun preparations to restart underground development work in the
Flame & Moth and Bermingham declines where a total of approximately 300 meters (“m”) of ramp development
needs to be driven in each mine to reach the first ore access levels. Level access development, ventilation raises, and initial
cut and fill ore headings are scheduled for completion in late Q4 2020 with increasing ore production rates anticipated at each
deposit in Q1 2021. In the meantime, the Bellekeno mine will be rehabilitated and approximately 20,000 tonnes of ore extracted
during the Q3 and Q4 of 2020 and used for mill commissioning and initial concentrate production. Final commissioning and initial
silver sales are scheduled in Q4 2020 (please see Appendix II hereto for a summary of the operational and financial highlights
for Keno Hill). With the anticipated increase in site development activity, the health and safety of our employees and the communities
in which we operate remains the top priority for the Company. Strict health and safety protocols remain in place at Keno Hill and
we continue to follow the guidelines of the Yukon Government with respect to travel restrictions.

 

Separately, Alexco is also mobilizing personnel
and equipment to begin the Bermingham deep surface exploration drilling program in July. This 4,000+ m drilling campaign will test
for offsets and extensions of the previously discovered silver mineralization approximately 200 m vertically below the NE Zone
of the Bermingham deposit, which overall contains an Indicated Mineral Resource of 32.9 million ounces of silver at an average
grade of 930 grams per tonne (“g/t”) silver. The 2020 exploration drilling will be focused at depth, approximately
250 m along strike northeast of the silver mineralization discovered in 2019, where best results returned 1,414 g/t silver over
an estimated true width of 8.15 m in the Bermingham Footwall vein structure.

 

	Head
    Office	T.
    604 633 4888
	Alexco
    Resource Corp.	F.
    604 633 4887
	Suite 1225, Two Bentall
    Centre, 555 Burrard Street, Box 216	 
	Vancouver, BC  V7X
    1M9	 
	Canada	 

 

     

    	 		 

    

 

 

 

Amendment to Wheaton Streaming Agreement

 

Alexco and Wheaton have entered into a
non-binding Term Sheet to simplify as well as modify the Wheaton silver purchase agreement, originally dated October 2, 2008
and as subsequently amended. The parties will enter into an amended and restated agreement to address all amendments to date, including
the current proposed amendments. The anticipated effect of the such amendments is two-fold as follows:

 

		1.	During the initial two years or eight million ounces of payable silver production, Wheaton will
continue to receive 25% of the payable silver stream; however, the silver production payment to Alexco will be adjusted on a curve
that reduces downside pricing risk, and enhances upside opportunity (the “Initial Production Payment”). By way of example,
in the initial two-year production period and assuming a nominal US$17 per ounce silver pricing market the Wheaton production payment
(to Alexco) will increase by approximately 70% per ounce of silver relative to the existing agreement; and

 

		2.	Following the initial two-year period, Wheaton will continue to receive 25% of the life of mine
payable silver from Keno Hill; however, the production payment will revert to a defined range governed by upper and lower numeric
criteria (90% and 10%) based on the silver spot price at the time of delivery of metal to Wheaton.

 

For clarification, the percentage of the
market price which comprises production payment will be determined as follows:

 

	Until the earlier of: (i) two years from first shipment of concentrate; and (ii) delivery of 2 million silver ounces to Wheaton	90 – ((Market Price – 15) * 10); and
	Thereafter:	90 – ((Market Price – 13) * 8),

 

subject to a maximum of 90% and a minimum
of 10% in both cases.

 

And for clarification,
using the example set out above, using an approximate silver spot price of US$17 determination of the production payment from Wheaton
will be derived as follows:

 

	Initial Production Payment	
        90 – ((17 – 15) * 10) = 70% * $17 spot price
        = US$11.90/oz Silver

        (Cdn equivalent $16.22/oz Silver using USD/CAD 1.3633)

	Subsequent Production Payment	
        90 – ((17 – 13) * 8) = 58%
        * $17 spot price = US$9.86/oz Silver

        (Cdn equivalent $13.44/oz Silver using
        USD/CAD 1.3633)

 

As
consideration of the foregoing amendments, Alexco has agreed, subject to TSX and NYSE American approval, to issue to Wheaton 2
million common share purchase warrants (the “Warrants”), whereby each Warrant would entitle Wheaton to purchase
one common share of the Company at an exercise price of $3.50 for a period of five (5) years from the date of issuance.

 

Clynton Nauman, CEO and Chairman of Alexco
commented, “The receipt of the draft Water Use License provides us with the proposed terms and conditions of the final WUL
and represents an important regulatory hurdle we had to clear to be able to make a final production decision at Keno Hill. We worked
for approximately two and a half years to renew and amend our primary WUL, but also used that time to de-risk the project and add
value through exploration. The majority of the remaining capital investment in this project is related to underground development
in the first two years of the project. To that end, I want to thank the Wheaton team for working with us to mitigate pricing
risk in the critical first two years by materially increasing the silver production payment while also simplifying the streaming
agreement to deliver benefits to both parties over the longer term. As previously mentioned, we have continued with optimization
studies and moved steadily forward with mill improvements and other capital projects at site and we are well-positioned for the
final push to production. Lastly but most importantly, on completion of a $20 million equity financing we will be fully financed
through production with a fair amount of flexibility.”

 

    Page 2 of 5

     

    

 

 

 

Brad Thrall, President of Alexco added,
 “As per our March 2019 PFS, underground mining will start in the past producing Bellekeno mine, while we resume underground
development at the Bermingham and Flame & Moth deposits. We have started to deploy resources while continuing to observe
the strict COVID-19 health and safety protocols that are still in place to protect the well-being of our employees, contractors,
and communities. In this scenario, we are confident that we can achieve first concentrate production in Q4 2020 ramping up to full
capacity production of 400 tonnes per day in the first half of 2021. I would like to thank our employees, the First Nation of Na-Cho
Nyak Dun, the Yukon Government, and our long-time shareholders for their dedication and support during the past couple of years.
We look forward to updating you on our progress as Alexco becomes Canada’s only primary silver producer.”

 

Qualified Persons

 

The disclosure
in this news release of scientific and technical information regarding exploration projects on Alexco’s mineral properties
has been reviewed and approved by Alan McOnie, FAusIMM, Vice President, Exploration, while the information regarding mine development
and operations has been reviewed and approved by Neil Chambers, P.Eng., Chief Mine Engineer, both of whom are Qualified Persons
as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

 

About Alexco

 

Alexco is a Canadian primary silver company
that owns the majority of the historic high-grade Keno Hill Silver District in Canada’s Yukon Territory. Alexco has a long
history of expanding Keno Hill’s mineral resources through successful exploration and is currently advancing Keno Hill to
production. In 2019, the Company published a positive pre-feasibility study that estimates production of 1.18 million tonnes of
ore at an average rate of 430 tonnes per day at an average grade of 805 grams per tonne silver over an 8-year mine life from the
Flame & Moth, Bermingham, Bellekeno and Lucky Queen deposits. Keno Hill has excellent potential to continue growing through
continued exploration of the known deposits and other highly prospective areas in the District.

 

Contact

 

Clynton R. Nauman, Chairman and Chief
Executive Officer

Kettina Cordero, Director of Investor
Relations

Phone: (778) 945-6577

Email:  info@alexcoresource.com

 

    Page 3 of 5

     

    

 

 

 

Some statements (“forward-looking
statements”) in this news release contain forward-looking information concerning the non-binding Term Sheet with Wheaton,
plans related to Alexco’s business and other matters that may occur in the future, made as of the date of this news release.
Forward-looking statements may include, but are not limited to, statements with respect to the anticipated receipt of the WUL;
the proposed amendments to the silver purchase streaming agreement with Wheaton; plans with respect to development and operations
at the Keno Hill project; compliance with health and safety protocols as well as the guidelines of the Yukon Government with respect
to travel restrictions. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other
factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements.
Such factors include, among others; risks and uncertainties relating to the COVID-19 pandemic including but not limited to business
closures, quarantines and a general reduction in consumer activity; actual results and timing of exploration and development, mining,
environmental services and remediation and reclamation  activities; future prices of silver, gold, lead, zinc and other commodities;
possible variations in mineral resources, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated;
accidents, labour disputes and other risks of the mining industry; First Nation rights and title; continued capitalization and
commercial viability; global economic conditions; competition; and delays in obtaining governmental approvals or financing or in
the completion of development activities. Forward-looking statements are based on certain assumptions that management believes
are reasonable at the time they are made. In making the forward-looking statements included in this news release, Alexco has applied
several material assumptions, including, but not limited to, the assumption that the final WUL will be issued in a timely manner
on substantially the same terms and conditions as set out in the draft WUL; all conditions precedent to the entry into an amended
and restated agreement with Wheaton as contemplated in the non-binding Term Sheet will be satisfied as anticipated and in a timely
manner; all regulatory approvals of the issuance of Warrants to Wheaton will be obtained in a timely manner;; that the circumstances
surrounding the COVID-19 pandemic, although evolving, will stabilize or at least not worsen; that the extent to which COVID-19
may impact the Company, including without limitation disruptions to the mobility of Company personnel, costs associated with implementation
of health and safety protocols, increased labour and transportation costs, and other related impacts, will not change in a materially
adverse manner; Alexco will be able to raise additional capital as necessary, that the proposed exploration and development activities
will proceed as planned, and that market fundamentals will result in sustained silver, gold, lead and zinc demand and prices. There
can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ
materially from those anticipated in such statements. Alexco expressly disclaims any intention or obligation to update or revise
any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required
by applicable securities legislation.

 

    Page 4 of 5

     

    

 

 

 

Appendix I

 

Comments on Draft Amended and Renewed
Water Use License

 

The Company has received from the Yukon
Water Board a draft of the renewed and amended Keno Hill WUL. The WUL authorizes Alexco to source and use water as well as deposit
designated waste streams into approved facilities in and around planned production centers at the Bellekeno, Flame &
Moth and Bermingham mines as well as the mill facility. The term of the license is 17 years. The Lucky Queen and Onek deposits,
which are permitted under the Quartz Mining License, are not included in the renewed WUL. These deposits are not included in the
first five years of the Company’s production plan. For complete details on the terms and conditions of the draft WUL, a
copy can be found on the Yukon Water Board’s website at https://apps.gov.yk.ca/waterline/f?p=127:LOGIN.

 

Appendix II

 

Keno Hill Highlights – 2019
Pre-feasibility Study1

 

	Operational Highlights
	Mine life	8 years
	Mine plan	1.18 million tonnes at average 805 g/t Ag
	Mining operation	Underground mining – cut and fill/longhole
	Annual Ag production	~4 million ounces Ag/year
	Processing rate	400 tpd; increasing to 550 tpd in year 3/4
	All-in Sustaining Costs2	~US$11.94/oz Ag (net of by-product credits)
	Financial Highlights 
	Pre-production Capex	$17.9 M
	Working Capital 	$5.3 M
	Average LOM net smelter return	$554/tonne of ore
	Direct operating costs 	$321/tonne of ore
	After tax NPV	$101.3 M
	After Tax IRR	74%

 

1 Refer to news release
dated March 28, 2019 entitled “Alexco Announces Positive Pre-Feasibility Study for Expanded Silver Production at Keno
Hill Silver District, available at www.alexcoresource.com

2 AISC is a non-GAAP measure
calculated on a produced (contained) basis net of by-products, as defined by the World Gold Council. Calculated using the following
Average Prices: Ag US$ 17.91/oz, Au US$ 1,325/oz, Pb US$ 1.00/lb, Zn US$ 1.22/lb. and US$/CDN$ FX of $0.76.

 

    Page 5 of 5

     

    

 

 

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR DISSEMINATION IN THE U.S.

 

ALEXCO ANNOUNCES UPSIZED EQUITY FINANCING
TO $26 MILLION

 

(All amounts expressed
in Canadian Dollars unless otherwise indicated)

 

Vancouver, June 24, 2020 –
Alexco Resource Corp. (NYSE American/TSX: AXU) (“Alexco” or the “Company”) is pleased
to announce that in connection with its previously announced bought deal financing, the Company and a syndicate of underwriters
co-led by Cormark Securities Inc. and Cantor Fitzgerald Canada Corporation (collectively, the “Underwriters”)
have agreed to increase the size of the previously announced financing. The Company will now issue 9,560,000 common shares of
the Company (the “Offered Shares”) at a price of $2.73 per Offered Share for aggregate gross proceeds of $26,098,800
(the “Offering”).

 

The Company and the Underwriters have
also agreed to increase the over-allotment option granted to the Underwriters (the “Over-allotment Option”),
exercisable in whole or in part, on and for a period up to 30 days following the Closing Date (as defined below), to purchase
up to an additional 1,434,000 Offered Shares (the “Underwriter’s Option Shares”).

 

The Company shall pay the Underwriters
a commission equal to 6% of the gross proceeds of the Offering, including proceeds received from the exercise of the Over-Allotment
Option, subject to a 1.5% cash commission being payable on sales to members of the President's List, such President's List to
not exceed $10 million.

 

Gross proceeds from the sale of the Offered
Shares will be used to fund continuing development at Keno Hill and for general corporate and working capital purposes.

 

The closing of the Offering is expected
on or about July 7, 2020 (the “Closing Date”) and is subject to customary closing conditions including
regulatory approval from the Toronto Stock Exchange and NYSE American.

 

This news release does not constitute
an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful, including in the United States. The securities have not been and
will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any
securities laws of any state of the United States and may not be offered or sold within the United States or to, or for the account
or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities
Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

 

About Alexco

 

Alexco is a Canadian primary silver company
that owns the majority of the historic high-grade Keno Hill Silver District in Canada’s Yukon Territory. Alexco has a long
history of expanding Keno Hill’s mineral resources through successful exploration and is currently advancing Keno Hill to
production.

 

	Head
    Office	 	 	     T.
                                         604 633 4888	 
	Alexco Resource Corp.	 	 	     F.
                                         604 633 4887	 
	Suite 1225, Two
    Bentall Centre, 555 Burrard Street, Box 216	 	 	 	 
	Vancouver, BC V7X 1M9	 	 	 	 
	Canada	 	 	 	 

     

     

    

 

 

 

Contact

 

Clynton R. Nauman, Chairman and Chief
Executive Officer

Kettina Cordero, Director of Investor Relations

Phone: (778) 945-6577

Email: info@alexcoresource.com

 

Some statements (“forward-looking
statements”) in this news release contain forward-looking information concerning the Offering and the use of proceeds
thereof, the non-binding Term Sheet with Wheaton, plans related to Alexco’s business and other matters that may occur in
the future, made as of the date of this news release. Forward-looking statements may include, but are not limited to, statements
with respect to the anticipated receipt of the WUL; the proposed amendments to the silver purchase streaming agreement with Wheaton;
plans with respect to development and operations at the Keno Hill project; compliance with health and safety protocols as well
as the guidelines of the Yukon Government with respect to travel restrictions; the proposed Offering, anticipated closing of the
Offering, potential exercise by the Underwriters of their Over-allotment Option to acquire Underwriter’s Option Shares,
and anticipated use of proceeds. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties
and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking
statements. Such factors include, among others, risks related to regulatory approval of the Offering; risks and uncertainties
relating to the COVID-19 pandemic including but not limited to business closures, quarantines and a general reduction in consumer
activity; actual results and timing of exploration and development, mining, environmental services and remediation and reclamation
  activities; future prices of silver, gold, lead, zinc and other commodities; possible variations in mineral resources, grade
or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks
of the mining industry; First Nation rights and title; continued capitalization and commercial viability; global economic conditions;
competition; and delays in obtaining governmental approvals or financing or in the completion of development activities. Forward-looking
statements are based on certain assumptions that management believes are reasonable at the time they are made. In making the forward-looking
statements included in this news release, Alexco has applied several material assumptions, including, but not limited to, the
assumption that the final WUL will be issued in a timely manner on substantially the same terms and conditions as set out in the
draft WUL; all conditions precedent to the entry into an amended and restated agreement with Wheaton as contemplated in the non-binding
Term Sheet will be satisfied as anticipated and in a timely manner; all regulatory approvals of the issuance of Warrants to Wheaton
will be obtained in a timely manner; all regulatory approvals of the Offering will be obtained in a timely manner; all conditions
precedent to completion of the Offering will be fulfilled in a timely manner; that the circumstances surrounding the COVID-19
pandemic, although evolving, will stabilize or at least not worsen; that the extent to which COVID-19 may impact the Company,
including without limitation disruptions to the mobility of Company personnel, costs associated with implementation of health
and safety protocols, increased labour and transportation costs, and other related impacts, will not change in a materially adverse
manner; Alexco will be able to raise additional capital as necessary, that the proposed exploration and development activities
will proceed as planned, and that market fundamentals will result in sustained silver, gold, lead and zinc demand and prices.
There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements. Alexco expressly disclaims any intention or obligation to update
or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise
required by applicable securities legislation.

 

Page 2 of 2Exhibit 4.6

 

FORM 51-102F3

MATERIAL CHANGE REPORT

 

ITEM 1. NAME AND ADDRESS OF ISSUER

 

Alexco Resource Corp. (the "Company")

Suite 1225, 555 Burrard Street

Vancouver, BC V7X 1M9

 

ITEM 2. DATE OF MATERIAL CHANGE

 

March 24, 2020, March 25, 2020 and March 27,
2020

 

ITEM 3. NEWS RELEASE

 

News releases issued on March 24,
2020, March 25, 2020 and March 27, 2020, respectively, were disseminated through the facilities of Cision and filed
on the System for Electronic Document Analysis and Retrieval (SEDAR).

 

ITEM 4. SUMMARY OF MATERIAL CHANGE

 

On March 24, 2020, the Company announced
an over-night public offering (the "Offering") of common shares of the Company and filed a preliminary prospectus
supplement in connection with the Offering, with the definitive price of the Offering to be determined in the context of the market.

 

On March 25, 2020, the Company entered
into an underwriting agreement with a syndicate of underwriters co-led by Cormark Securities Inc. and Cantor Fitzgerald Canada
Corporation, and including Canaccord Genuity Corp. (collectively the "Underwriters") to sell 4,054,500 common
shares at a price of $1.85 per share (the "Offering Price") for gross proceeds of $7.5 million. The Company had
also granted to the Underwriters an option (the "Over-Allotment Option"), exercisable to purchase up to an additional
608,175 common shares at the Offering Price.

 

On March 27, 2020, the Company announced
that the Offering was completed on the terms as previously announced, with the Over-Allotment Option having been exercised in
full.

 

ITEM 5.1 FULL DESCRIPTION OF MATERIAL CHANGE

 

See news release dated March 24,
2020 attached as Schedule "A", news release dated March 25, 2020 attached as Schedule "B", and the
news release dated March 27, 2020 attached as Schedule "C".

 

ITEM 5.2 DISCLOSURE FOR RESTRUCTURING TRANSACTIONS

 

Not applicable

 

ITEM 6. RELIANCE ON SUBSECTION 7.1(2) OF NATIONAL
INSTRUMENT 51-102

 

Not applicable

 

    

    2

    

 

ITEM 7. OMITTED INFORMATION

 

There are no significant facts required to be disclosed herein
which have been omitted.

 

ITEM 8. EXECUTIVE OFFICER

 

	Contact:	Clynton R. Nauman, Executive Chairman and CEO
	 	Kettina Cordero, Director of Investor Relations
	Phone:	(778) 945-6577
	Email:	info@alexcoresource.com

 

ITEM 9. DATE OF REPORT

 

April 3, 2020

 

    

    

    

 

Schedule "A"

News Release dated March 24, 2020

 

(see attached)

     

     

    

 

 

 

PRESS RELEASE

 

ALEXCO ANNOUNCES OVER-NIGHT MARKETED
PUBLIC OFFERING

 

Vancouver, March 24, 2020 –
Alexco Resource Corp. (NYSE American: AXU; TSX: AXU) (“Alexco” or the “Company”) has today filed a
preliminary prospectus supplement in connection with an over-night marketed public offering (the “Offering”) of common
shares of the Company (the “Common Shares”). The definitive price shall be determined in the context of the market
and the size of the Offering is not to be less than $5,000,000. It is expected that Cormark Securities Inc. and a syndicate of
underwriters (collectively the “Underwriters”) will enter into a definitive underwriting agreement with the Company
on the successful marketing of the Offering. The Underwriters also have an option to sell that number of additional Common Shares
equal to 15% of the number of Common Shares (the “Option Shares”) sold pursuant to the Offering at the offering price
for market stabilization purposes and price to cover over-allotments for a period of 30 days after the date of Closing provided
that the aggregate number of Common Shares to be issued by the Company pursuant to the Offering.

 

The proceeds from the sale of the Common
Shares will be used for preservation and measured advancement of mine development activity at Keno Hill, exploration and for general
working capital purposes.

 

The Offering will be made by way of a
prospectus supplement (the “Prospectus Supplement”) to the Company’s existing Canadian base shelf prospectus
(the “Base Shelf Prospectus”) and related U.S. registration statement on Form F-10 (SEC File No. 333-227024)
(the “Registration Statement”). The U.S. form of Base Shelf Prospectus is included in the Registration Statement.
The Prospectus Supplement has been filed with the securities commissions in each of the provinces of British Columbia, Alberta,
Ontario, Saskatchewan and Manitoba and the United States Securities and Exchange Commission (the “SEC”). The Canadian
Prospectus Supplement (together with the related Canadian Base Shelf Prospectus) is available on SEDAR at www.sedar.com. The United
States Prospectus Supplement (together with U.S. Base Shelf Prospectus and the Registration Statement) will be available on the
SEC’s website at www.sec.gov. Alternatively, the Canadian Prospectus Supplement (together with the related Canadian Base
Shelf Prospectus) and the United States Prospectus Supplement (together with the related United States Base Shelf Prospectus and
the Registration Statement) may be obtained, when available, upon request by contacting the Company or Cormark Securities Inc.
Royal Bank Plaza, North Tower, Suite 1800, Bay Street, Toronto, Ontario M5J 2J2.

 

Closing is expected on or about March 27,
2020 and is subject to regulatory approval including that of the Toronto Stock Exchange and NYSE American.

 

This press release does not constitute
an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws
of any such jurisdiction. The securities being offered have not been approved or disapproved by any regulatory authority, nor
has any such authority passed upon by the accuracy or adequacy of the Prospectus Supplements, the Base Shelf Prospectuses or the
Registration Statement.

 

About Alexco

 

Alexco is a Canadian primary silver company
that owns the majority of the historic high-grade Keno Hill Silver District (the “District”) in Canada’s Yukon
Territory. Alexco has a long history of expanding Keno Hill’s mineral resources through successful exploration and is currently
advancing a development plan for the District. Alexco is in the final phase of the permitting process and is currently advancing
key surface infrastructure while it awaits the final permit to make a positive construction decision.

 

	Head
Office	 	 	T.
604 633 4888	 
	Alexco Resource
    Corp.	 	 	     F.
                                         604 633 4887	 
	Suite 1225, Two
    Bentall Centre, 555 Burrard Street, Box 216	 	 	 	 
	Vancouver, BC V7X 1M9	 	 	 	 
	Canada	 	 	 	 

     

     

    

 

 

 

Contact

 

Clynton R. Nauman, Executive Chairman
and Chief Executive Officer

Kettina Cordero, Director of Investor Relations

Phone: (778) 945-6577

Email: info@alexcoresource.com

 

Some statements (“forward-looking
statements”) in this news release contain forward-looking information concerning the Offering and the use of proceeds
thereof, plans related to Alexco’s business and other matters that may occur in the future, made as of the date of this
news release. Forward-looking statements may include, but are not limited to, statements with respect to the proposed Offering,
anticipated closing of the Offering, potential exercise by the Underwriter of its option to acquire Underwriter’s Option
Shares, and anticipated use of proceeds. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties
and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking
statements. Such factors include, among others, risks related to regulatory approval of the Offering; risks and uncertainties
relating to the outbreak of COVID-19 including but not limited to business closures, quarantines and a general reduction in consumer
activity; actual results and timing of exploration and development, mining, environmental services and remediation and reclamation
  activities; future prices of silver, gold, lead, zinc and other commodities; possible variations in mineral resources, grade
or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks
of the mining industry; First Nation rights and title; continued capitalization and commercial viability; global economic conditions;
competition; and delays in obtaining governmental approvals or financing or in the completion of development activities. Forward-looking
statements are based on certain assumptions that management believes are reasonable at the time they are made. In making the forward-looking
statements included in this news release, Alexco has applied several material assumptions, including, but not limited to, the
assumption that regulatory approval of the Offering will be obtained in a timely manner; all conditions precedent to completion
of the Offering will be fulfilled in a timely manner; Alexco will be able to raise additional capital as necessary, that the proposed
exploration and development activities will proceed as planned, and that market fundamentals will result in sustained silver,
gold, lead and zinc demand and prices. There can be no assurance that forward-looking statements will prove to be accurate and
actual results and future events could differ materially from those anticipated in such statements. Alexco expressly disclaims
any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future
events or otherwise, except as otherwise required by applicable securities legislation.

 

Page 2
of 2

     

     

    

 

Schedule "B"

News Release dated March 25, 2020

 

(see attached)

     

     

    

 

 

 

Alexco Announces $7.5 Million

Common Share Public Offering

 

March 25, 2020 – Alexco
Resource Corp. (NYSE AMERICAN: AXU; TSX: AXU) (“Alexco” or the “Company”) is pleased to announce that
further to its previously announced over-night marketed public offering (the “Offering”) of common shares of the Company
(the “Common Shares”), it has entered into an underwriting agreement with a syndicate of underwriters co-led by Cormark
Securities Inc. and Cantor Fitzgerald Canada Corporation, and including Canaccord Genuity Corp. (collectively the “Underwriters”)
to sell 4,054,500 Common Shares at a price of $1.85 per share (the “Offering Price”) for gross proceeds of $7.5 million.
The Company has granted to the Underwriters an option (the “Over-Allotment Option”), exercisable in whole or in part,
in the sole discretion of the Underwriters, for a period of 30 days from and including the closing of the Offering, to purchase
up to an additional 608,175 Common Shares (“Option Shares”) at the Offering Price. If the Over-Allotment Option is
exercised in full, the total gross proceeds to the Company will be $8.6 million.

 

The Company shall pay the Underwriters
a commission equal to 6.0% of the gross proceeds of the Offering, including proceeds received from the exercise of the Over-Allotment
Option, if any.

 

The Company intends to use the net proceeds
of the Offering for preservation and measured advancement of mine development activity at Keno Hill, exploration and for general
working capital purposes.

 

The Offering will be made by way of a
prospectus supplement (the “Prospectus Supplement”) to the Company’s existing Canadian base shelf prospectus
(the “Base Shelf Prospectus”) and related U.S. registration statement on Form F-10 (SEC File No. 333-227024)
(the “Registration Statement”). The U.S. form of Base Shelf Prospectus is included in the Registration Statement.
The Prospectus Supplement has been filed with the securities commissions in each of the provinces of British Columbia, Alberta,
Ontario, Saskatchewan and Manitoba and the United States Securities and Exchange Commission (the “SEC”). The Canadian
Prospectus Supplement (together with the related Canadian Base Shelf Prospectus) is available on SEDAR at www.sedar.com. The United
States Prospectus Supplement (together with U.S. Base Shelf Prospectus and the Registration Statement) will be available on the
SEC’s website at www.sec.gov. Alternatively, the Canadian Prospectus Supplement (together with the related Canadian Base
Shelf Prospectus) and the United States Prospectus Supplement (together with the related United States Base Shelf Prospectus and
the Registration Statement) may be obtained upon request by contacting the Company or Cormark Securities Inc. Royal Bank Plaza,
North Tower, Suite 1800, Bay Street, Toronto, Ontario M5J 2J2.

 

Closing is expected on or about March 27,
2020 and is subject to regulatory approval including that of the Toronto Stock Exchange and NYSE American.

 

This press release does not constitute
an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws
of any such jurisdiction. The securities being offered have not been approved or disapproved by any regulatory authority, nor
has any such authority passed upon by the accuracy or adequacy of the Prospectus Supplements, the Base Shelf Prospectuses or the
Registration Statement.

 

About Alexco

 

Alexco is a Canadian primary silver company
that owns the majority of the historic high-grade Keno Hill Silver District (the “District”) in Canada’s Yukon
Territory. Alexco has a long history of expanding Keno Hill’s mineral resources through successful exploration and is currently
advancing a development plan for the District. Alexco is in the final phase of the permitting process and is currently advancing
key surface infrastructure while it awaits the final permit to make a positive construction decision.

 

	Head
    Office	 	 	     T.
                                         604 633 4888	 
	Alexco Resource Corp.	 	 	     F.
                                         604 633 4887	 
	Suite 1225, Two
    Bentall Centre, 555 Burrard Street, Box 216	 	 	 	 
	Vancouver, BC V7X 1M9	 	 	 	 
	Canada	 	 	 	 

     

     

    

 

 

 

Contact

 

Clynton R. Nauman, Executive Chairman
and Chief Executive Officer

Kettina Cordero, Director of Investor Relations

Phone: (778) 945-6577

Email: info@alexcoresource.com

 

Some statements (“forward-looking
statements”) in this news release contain forward-looking information concerning the Offering and the use of proceeds thereof,
plans related to Alexco’s business and other matters that may occur in the future, made as of the date of this news release.
Forward-looking statements may include, but are not limited to, statements with respect to the proposed Offering, anticipated
closing of the Offering, potential exercise by the Underwriters of their option to acquire Option Shares, and anticipated use
of proceeds. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which
could cause actual events or results to differ from those expressed or implied by the forward-looking statements. Such factors
include, among others, risks related to regulatory approval of the Offering; risks and uncertainties relating to the outbreak
of COVID-19 including but not limited to business closures, quarantines and a general reduction in consumer activity; actual results
and timing of exploration and development, mining, environmental services and remediation and reclamation activities; future prices
of silver, gold, lead, zinc and other commodities; possible variations in mineral resources, grade or recovery rates; failure
of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry;
First Nation rights and title; continued capitalization and commercial viability; global economic conditions; competition; and
delays in obtaining governmental approvals or financing or in the completion of development activities. Forward-looking statements
are based on certain assumptions that management believes are reasonable at the time they are made. In making the forward-looking
statements included in this news release, Alexco has applied several material assumptions, including, but not limited to, the
assumption that regulatory approval of the Offering will be obtained in a timely manner; all conditions precedent to completion
of the Offering will be fulfilled in a timely manner; Alexco will be able to raise additional capital as necessary, that the proposed
exploration and development activities will proceed as planned, and that market fundamentals will result in sustained silver,
gold, lead and zinc demand and prices. There can be no assurance that forward-looking statements will prove to be accurate and
actual results and future events could differ materially from those anticipated in such statements. Alexco expressly disclaims
any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future
events or otherwise, except as otherwise required by applicable securities legislation.

 

Page 2
of 2

     

     

    

 

Schedule "C"

News Release dated March 27, 2020

 

(see attached)

 

    

     

    

 

 

 

Alexco Closes $8.6 Million

Common Share Public Offering

 

March 27, 2020 – Alexco Resource
Corp. (NYSE AMERICAN: AXU; TSX: AXU) (“Alexco” or the “Company”) announces that is has closed the previously
announced over-night marketed public offering (the “Offering”) of common shares of the Company (the “Common Shares”),
with a syndicate of underwriters co-led by Cormark Securities Inc. and Cantor Fitzgerald Canada Corporation, and including Canaccord
Genuity Corp. (collectively the “Underwriters”). With full subscription of the over-allotment option, the Company has
issued 4,662,675 Common Shares at a price of $1.85 per share (the “Offering Price”) for gross proceeds of $8,625,948.75.

 

In connection with the Offering, the Company
has paid the Underwriters a cash commission equal to 6.0% of the gross proceeds of the Offering.

 

The Company intends to use the net proceeds
of the Offering for preservation and measured advancement of mine development activity at Keno Hill, exploration and for general
working capital purposes.

 

The Offering was made by way of a prospectus
supplement (the “Prospectus Supplement”) to the Company’s existing Canadian base shelf prospectus (the “Base
Shelf Prospectus”) and related U.S. registration statement on Form F-10 (SEC File No. 333-227024) (the “Registration
Statement”) filed under the Canada/U.S. multijurisdictional disclosure system.

 

This press release does not constitute
an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws
of any such jurisdiction. The securities have not been approved or disapproved by any regulatory authority, nor has any such authority
passed upon by the accuracy or adequacy of the Prospectus Supplement, the Base Shelf Prospectus or the Registration Statement.

 

About Alexco

 

Alexco is a Canadian primary silver company
that owns the majority of the historic high-grade Keno Hill Silver District (the “District”) in Canada’s Yukon
Territory. Alexco has a long history of expanding Keno Hill’s mineral resources through successful exploration and is currently
advancing a development plan for the District. Alexco is in the final phase of the permitting process and is currently advancing
key surface infrastructure while it awaits the final permit to make a positive construction decision.

 

Contact

 

Clynton R. Nauman, Executive Chairman
and Chief Executive Officer

Kettina Cordero, Director of Investor Relations

Phone: (778) 945-6577

Email: info@alexcoresource.com

 

	Head Office	T. 604 633 4888
	Alexco Resource Corp.	F. 604 633 4887
	Suite 1225, Two Bentall Centre, 555 Burrard
Street, Box 216	 
	Vancouver, BC V7X 1M9	 
	Canada	 

 

    

    

    

 

 

 

Some statements (“forward-looking
statements”) in this news release contain forward-looking information concerning the Offering and the use of proceeds thereof,
plans related to Alexco’s business and other matters that may occur in the future, made as of the date of this news release.
Forward-looking statements may include, but are not limited to, statements with respect to the proposed Offering and anticipated
use of proceeds. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors
which could cause actual events or results to differ from those expressed or implied by the forward-looking statements. Such factors
include, among others, risks and uncertainties relating to the outbreak of COVID-19 including but not limited to business closures,
quarantines and a general reduction in consumer activity; actual results and timing of exploration and development, mining, environmental
services and remediation and reclamation activities; future prices of silver, gold, lead, zinc and other commodities; possible
variations in mineral resources, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents,
labour disputes and other risks of the mining industry; First Nation rights and title; continued capitalization and commercial
viability; global economic conditions; competition; and delays in obtaining governmental approvals or financing or in the completion
of development activities. Forward-looking statements are based on certain assumptions that management believes are reasonable
at the time they are made. In making the forward-looking statements included in this news release, Alexco has applied several material
assumptions, including, but not limited to, the assumption that Alexco will be able to raise additional capital as necessary, that
the proposed exploration and development activities will proceed as planned, and that market fundamentals will result in sustained
silver, gold, lead and zinc demand and prices. There can be no assurance that forward-looking statements will prove to be accurate
and actual results and future events could differ materially from those anticipated in such statements. Alexco expressly disclaims
any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events
or otherwise, except as otherwise required by applicable securities legislation.

 

		Page 2 of 2

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