Alexco Resource (AXU) 40-F 21 Mar 22 2021 FY Annual report (Canada) Financial data

Document And Entity Information

Document And Entity Information	12 Months Ended
	Dec. 31, 2021shares
Document Information [Line Items]
Document Type	40-F
Document Annual Report	true
Document Registration Statement	false
Entity File Number	001-33621
Entity Primary SIC Number	1040
Entity Tax Identification Number	91-0742812
Amendment Flag	false
Entity Incorporation, State or Country Code	A1
Entity Address, Address Line One	Suite 1225
Entity Address, Address Line Two	Two Bentall Centre
Entity Address, Address Line Three	555 Burrard Street, Box 216
Entity Address, City or Town	Vancouver
Entity Address, State or Province	BC
Entity Address, Country	CA
Entity Address, Postal Zip Code	V7X 1M9
City Area Code	604
Local Phone Number	633-4888
Document Period End Date	Dec. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Registrant Name	ALEXCO RESOURCE CORP
Entity Central Index Key	0001364128
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Shares, no par value
Trading Symbol	AXU
Security Exchange Name	NYSEAMER
Annual Information Form	true
Audited Annual Financial Statements	true
Entity Common Stock, Shares Outstanding	151,557,545
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm ID	271
Auditor Location	Vancouver, Canada
Business Contact
Document Information [Line Items]
Entity Address, Address Line One	Columbia Center
Entity Address, Address Line Two	701 Fifth Avenue
Entity Address, Address Line Three	Suite 6100
Contact Personnel Name	DL Services Inc.
Entity Address, City or Town	Seattle,
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98104
City Area Code	206
Local Phone Number	903-8800
Other Address
Document Information [Line Items]
Entity Address, Address Line One	1400 Wewatta Street
Entity Address, Address Line Two	Suite 400
Contact Personnel Name	Jason K. Brenkert
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	303
Local Phone Number	352-1133

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - CAD ($)	Dec. 31, 2021	Dec. 31, 2020
Current Assets
Cash and cash equivalents	$ 9,933,000	$ 23,742,000
Accounts and other receivables	3,073,000	1,883,000
Inventories	2,076,000	4,243,000
Prepaid expenses and other	1,171,000	1,114,000
Promissory note receivable	1,250,000
Embedded derivative asset	2,752,000
Current assets	20,255,000	30,982,000
Non-Current Assets
Restricted cash and deposits	2,990,000	2,932,000
Promissory note receivable		1,250,000
Investments	24,000	4,241,000
Mineral properties, plant and equipment	167,077,000	119,188,000
Embedded derivative asset	20,016,000	13,074,000
Total Assets	210,362,000	171,667,000
Current Liabilities
Accounts payable and accrued liabilities	13,058,000	12,311,000
Lease liabilities	3,056,000	2,855,000
Other current liabilities	709,000	220,000
Current Liabilities	16,823,000	15,386,000
Non-Current Liabilities
Lease liabilities	2,475,000	4,407,000
Decommissioning and rehabilitation provision	4,962,000	6,542,000
Total Liabilities	24,260,000	26,335,000
Shareholders' Equity	186,102,000	145,332,000
Total Liabilities and Shareholders' Equity	$ 210,362,000	$ 171,667,000

CONSOLIDATED STATEMENTS OF LOSS

CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenues
Total revenues	$ 21,502,000	$ 2,866,000
Cost of Sales
Total cost of sales	29,948,000	3,300,000
Gross Loss
Total Gross Loss	(8,446,000)	(434,000)
Expenses
General and administrative expenses	10,487,000	9,615,000
Write-down of inventories	488,000	2,773,000
Mine site maintenance		9,511,000
Operating expense	10,975,000	21,899,000
Operating Loss	19,421,000	22,333,000
Other Income (Expenses)
Gain (loss) on embedded derivative asset	9,459,000	(21,728,000)
Gain on sale of net smelter return royalty	4,500,000
Other expenses	(380,000)	(26,000)
Loss Before Taxes	(5,842,000)	(44,087,000)
Income Tax Provision (Recovery)
Deferred	2,696,000	5,517,000
Net Loss from Continuing Operations	(3,146,000)	(38,570,000)
Discontinued Operations
Income (loss) net of tax from discontinued operations		7,336,000
Net Loss	(3,146,000)	(31,234,000)
Other Comprehensive Income
Gain on FVTOCI investments, net of tax	62,000	2,020,000
Items that may be reclassified subsequently to net loss
Total Comprehensive Loss	$ (3,084,000)	$ (29,214,000)
Basic loss per common share	$ (0.02)	$ (0.24)
Diluted loss per common share	$ (0.02)	$ (0.24)
Basic weighted average number of common shares outstanding	146,773,021	129,551,797
Diluted weighted average number of common shares outstanding	146,773,021	129,551,797
Mining Operations
Revenues
Total revenues	$ 19,007,000	$ 0
Cost of Sales
Total cost of sales	27,973,000	0
Gross Loss
Total Gross Loss	(8,966,000)
Expenses
Write-down of inventories		2,773,000
Other Income (Expenses)
Loss Before Taxes	(9,902,000)	(12,533,000)
Reclamation Management
Revenues
Total revenues	2,495,000	2,866,000
Cost of Sales
Total cost of sales	1,975,000	3,300,000
Gross Loss
Total Gross Loss	520,000	(434,000)
Expenses
Write-down of inventories		0
Other Income (Expenses)
Loss Before Taxes	$ 520,000	$ (434,000)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows used in operating activities
Net loss from continuing operations	$ (3,146,000)	$ (38,570,000)
Items not affecting cash from operations:
Reclamation management contract loss provision	(201,000)	122,000
Depreciation and depletion of mineral properties, plant and equipment	6,013,000	1,566,000
Share-based compensation expense	3,888,000	3,739,000
Finance costs, foreign exchange and other	506,000	523,000
Fair value adjustment on embedded derivative asset	(9,459,000)	21,728,000
Unrealized (gain) loss on investments	(10,000)	(169,000)
Gain on sale of net smelter return royalty	(4,500,000)
Write-down of inventory	488,000	2,773,000
Deferred income tax recovery	(2,696,000)	(5,517,000)
Portion of embedded derivative asset settled	(235,000)
Changes in non-cash working capital balances related to operations
Accounts and other receivables	(1,250,000)	(2,720,000)
Inventories	1,390,000	(1,247,000)
Prepaid expenses and other assets	(57,000)	(1,278,000)
Deferred revenue	(16,000)	(90,000)
Accounts payable, lease and accrued liabilities	213,000	3,020,000
Cash used in operating activities from continuing operations	(9,072,000)	(16,120,000)
Cash (used in) from operating activities from discontinued operations		417,000
Cash used in operating activities	(9,072,000)	(15,703,000)
Cash flows used in investing activities
Expenditures on mineral properties, plant and equipment	(51,702,000)	(16,974,000)
Proceeds from sale (purchase) of investments	4,289,000	(238,000)
Change in restricted cash		(216,000)
Interest received	59,000
Proceeds from sale of net smelter return royalty	4,500,000
Proceeds from sale of discontinued operations		12,100,000
Cash used in investing activities from continuing operations	(42,854,000)	(5,328,000)
Cash used in investing activities from discontinued operations		(40,000)
Cash used in investing activities	(42,854,000)	(5,368,000)
Cash flows from financing activities
Proceeds from issuance of shares	40,452,000	38,640,000
Issuance costs	(2,496,000)	(2,554,000)
Repayment of lease liabilities	(3,604,000)	(1,224,000)
Proceeds from exercise of stock options	3,765,000	2,813,000
Cash from financing activities from continuing operations	38,117,000	37,675,000
Cash used in financing activities from discontinued operations		(40,000)
Cash from financing activities	38,117,000	37,635,000
Increase (decrease) in Cash and Cash Equivalents	(13,809,000)	16,564,000
Change of Cash of Discontinued Operations		337,000
Cash and Cash Equivalents - Beginning of Year	23,742,000	6,841,000
Cash and Cash Equivalents - End of Year	$ 9,933,000	$ 23,742,000

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - CAD ($) $ in Thousands	Common Shares	Warrants	Share Options, DSU's and RSU's	Contributed surplus	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Total
Balance at Dec. 31, 2019	$ 229,112	$ 1,560	$ 8,645	$ 19,348	$ (130,713)	$ (1,282)	$ 126,670
Balance (in shares) at Dec. 31, 2019	119,150,667
Statement of equity [Line Items]
Net loss	$ 0	0	0	0	(31,234)	0	(31,234)
Other comprehensive income	0	0	0	0	0	2,020	2,020
Share-based compensation expense recognized	0	0	4,172	0	0	0	4,172
Wheaton warrants		4,800					4,800
Equity Offering, net of issuance costs	$ 36,090						36,090
Equity Offering, net of issuance costs (in shares)	15,656,675
Exercise of share options	$ 4,254		(1,440)				2,814
Exercise of share options (in shares)	2,217,499
Share options forfeited or expired			(1)	1
Release of RSU/DSU settlement shares	$ 975		(975)
Release of RSU/DSU settlement shares (in shares)	467,327
Balance at Dec. 31, 2020	$ 270,431	6,360	10,401	19,349	(161,947)	738	145,332
Balance (in shares) at Dec. 31, 2020	137,492,168
Statement of equity [Line Items]
Net loss	$ 0	0	0	0	(3,146)	0	(3,146)
Other comprehensive income						62	62
Share-based compensation expense recognized			4,820				4,820
Equity Offering, net of issuance costs	$ 37,955						37,955
Equity Offering, net of issuance costs (in shares)	10,919,220
Flow-through share premium	$ (2,686)						(2,686)
Exercise of share options	$ 5,696		(1,931)				3,765
Exercise of share options (in shares)	2,272,431
Share options forfeited or expired			(383)	383
Release of RSU/DSU settlement shares	$ 1,742		(1,742)
Release of RSU/DSU settlement shares (in shares)	873,726
Balance at Dec. 31, 2021	$ 313,138	$ 6,360	$ 11,165	$ 19,732	$ (165,093)	$ 800	$ 186,102
Balance (in shares) at Dec. 31, 2021	151,557,545

DESCRIPTION OF BUSINESS, NATURE

DESCRIPTION OF BUSINESS, NATURE OF OPERATIONS, AND COVID-19 IMPACTS	12 Months Ended
	Dec. 31, 2021
DESCRIPTION OF BUSINESS, NATURE OF OPERATIONS, AND COVID-19 IMPACTS
DESCRIPTION OF BUSINESS, NATURE OF OPERATIONS, AND COVID-19 IMPACTS	1. DESCRIPTION OF BUSINESS, NATURE OF OPERATIONS, AND COVID-19 IMPACTS Alexco Resource Corp. (“Alexco” or the “Corporation”) was incorporated under the Business Corporations Act (Yukon) on December 3, 2004 and commenced operations on March 15, 2005. Effective December 28, 2007, it was continued under the Business Corporations Act (British Columbia). The Corporation is principally engaged in the exploration, development, and operation of mineral resource properties. The Corporation's mineral resource properties are located in the Keno Hill Silver District in the Yukon Territory of Canada. Alexco is a public company which is listed on the Toronto Stock Exchange and the NYSE American Stock Exchange (under the symbol AXU). The Corporation’s corporate head office is located at Suite 1225, Two Bentall Centre, 555 Burrard Street, Box 216, Vancouver, BC, Canada, V7X 1M9. In March 2020, the World Health Organization declared a global pandemic related to COVID-19. The impacts on global commerce have been far-reaching. There is significant ongoing uncertainty surrounding COVID-19 related to COVID-19 cases at Keno Hill, government mandated workplace and travel restrictions, supply chain interruptions, and recruitment of underground miners and maintenance technicians. In December 2021, the Corporation experienced a rise in COVID-19 cases at Keno Hill. The Corporation’s COVID-19 response required mandatory self-isolation for affected employees and contractors as dictated by government health protocols, which resulted in reduced workforce availability, significantly reduced production and slower development advancement activity in December 2021. The Corporation notes that COVID-19 pandemic risk remains a risk to continued ramp-up and production activities at Keno Hill.

BASIS OF PREPARATION AND STATEM

BASIS OF PREPARATION AND STATEMENT OF COMPLIANCE	12 Months Ended
	Dec. 31, 2021
BASIS OF PREPARATION AND STATEMENT OF COMPLIANCE
BASIS OF PREPARATION AND STATEMENT OF COMPLIANCE	2. BASIS OF PREPARATION AND STATEMENT OF COMPLIANCE These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS") and were approved for issue by the Board of Directors on March 21, 2022. These consolidated financial statements have been prepared under the historical cost method, except for those assets and liabilities that are measured at revalued amounts or fair values at the end of each reporting period. All figures are expressed in Canadian dollars unless otherwise indicated.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies used in the preparation of these financial statements are summarized below. (a) Basis of Consolidation The Corporation’s consolidated financial statements include the accounts of the Corporation and its subsidiaries. Subsidiaries are entities controlled by the Corporation, where control is achieved by the Corporation being exposed to, or having rights to, variable returns from its involvement with the entity and having the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is obtained by Alexco, and are de-consolidated from the date that control ceases. The following subsidiaries have been consolidated for all dates presented within these financial statements, and are wholly owned: Alexco Keno Hill Mining Corp. (“AKHM”), Elsa Reclamation & Development Company Ltd. (“ERDC”), and Alexco Exploration Canada Corp. (“AECC”). All significant inter-company transactions, balances, income and expenses are eliminated on consolidation. (b) Cash and Cash Equivalents Cash and cash equivalents are unrestricted as to use and consist of cash on hand, demand deposits and short term interest-bearing investments with maturities of 90 days or less from the original date of acquisition and which can readily be liquidated to known amounts of cash. Redeemable interest-bearing investments with maturities of up to one year are considered cash equivalents if they can readily be liquidated at any point in time to known amounts of cash and they are redeemable thereafter until maturity for invested value plus accrued interest. (c) Inventories Inventories include ore in stockpiles on the surface and underground, concentrate and materials and supplies. Ore in stockpiles and concentrate are recorded at the lower of weighted average cost and net realizable value. Cost comprises all mining and processing costs incurred, including labor, materials and supplies, production-related overheads, depreciation of production-related plant and equipment and depletion of related mineral properties. Net realizable value is calculated as the estimated price at the time of sale based on prevailing and future metal prices less estimated future production costs to convert the inventories into saleable form and estimated costs to sell. Materials and supplies are valued at the lower of weighted average cost, based on landed cost of purchase, and net realizable value, net of a provision for obsolescence where applicable. Any write-downs of inventories to net realizable value are recorded within the statement of loss. If there is a subsequent increase in the value of inventories, the previous write-downs to net realizable value are reversed to cost to the extent that the related inventories have not been sold. (d) Mineral Properties, Plant and Equipment Mineral properties Mineral properties are recorded at cost on a property-by-property basis. The recorded cost of mineral properties is based on acquisition costs incurred to date, including capitalized exploration and evaluation costs and capitalized development costs, less depletion, recoveries and write-offs. Capitalized development costs include costs incurred to establish access to mineable reserves where such costs are expected to provide a long-term economic benefit. Depletion of mining properties is calculated on the units-of-production basis using estimated mine plan reserves, such reserves being those defined in the mine plan on which the applicable mining activity is based. The mine plan reserves for such purpose are generally as described in an economic analysis supported by a technical report compliant with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects Construction in progress Construction in progress includes mineral properties, plant and equipment in the course of construction for the Corporation’s own use. Costs recorded for assets under construction are capitalized as construction in progress. On completion, the cost of construction is transferred to the appropriate category of mineral properties, plant and equipment. No depreciation is recorded until the assets are substantially complete and available for their intended use. Plant and equipment Plant and equipment are stated at historical cost less accumulated depreciation and accumulated impairment. The cost capitalized is determined by the purchase price or construction costs, the direct cost of bringing the asset to the condition necessary for operation, and the estimated future cost of decommissioning and removing the asset. Repairs and maintenance expenditures are charged to operations, while major improvements and replacements which extend the useful life of an asset are capitalized. Depreciation of plant and equipment is calculated using the following methods: ​ Heavy machinery and equipment 5 years straight-line Buildings 20 years straight-line Leasehold improvements & Other Over the term of lease, and 2 – 5 years straight-line Roads, Camp and other site infrastructure 5 - 10 years straight-line Ore-processing mill components Estimated life of mine ​ Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized within other gains or losses in earnings. Right of use (“ROU”) assets ROU assets are initially recorded at cost, which comprises the initial amount of the lease liability and any initial direct costs incurred less any lease payments made at or before the initial recognition date. ROU assets are depreciated on a straight-line basis over the estimated useful life of the asset if the Corporation expects to take ownership of the asset at the end of the lease term, or over the lease term if the Corporation does not expect to take ownership of the asset at the end of the lease term. The lease term includes periods covered by an option to extend if the Corporation’s intention is to exercise that option. ROU assets are periodically reduced by impairment losses, if any, and adjusted for re-measurements of the lease obligation. Exploration and evaluation properties The Corporation capitalizes exploration and evaluation expenses at cost for expenditures incurred after it has obtained legal rights to explore a specific area and before technical feasibility and commercial viability of extracting mineral resources are demonstrable. All direct and indirect costs relating to the exploration of specific properties with the objective of locating, defining and delineating the resource potential of the mineral interests on specific properties are capitalized as exploration and evaluation assets, net of any directly attributable recoveries recognized, such as exploration or investment tax credits. The Corporation has elected to follow a policy of applying the consideration received from the silver streaming arrangement with Wheaton Precious Metals Corp. (“Wheaton”) explained further in Note 9 as a credit to the carrying value of the exploration and evaluation properties. Accordingly, the consideration received has been applied as an offset against the mineral interest asset. Exploration and evaluation assets are evaluated and may be classified as mineral properties upon achieving technical feasibility and determination of commercial viability. Upon reclassification, the assets are tested for impairment. (e) Impairment The carrying amounts of mineral properties, plant and equipment and exploration and evaluation properties are reviewed and evaluated for indications of impairment. If any such indication exists, an estimate of the recoverable amount is undertaken. If the recoverable amount is less than the carrying amount of the asset, an impairment loss is recognized and the asset is written down to recoverable value. The recoverable amount is the higher of an asset’s “fair value less cost of disposal” and “value-in-use”. Where the asset does not generate cash flows that are independent from other assets, the recoverable amount of the cash-generating unit (“CGU”) to which the asset belongs is determined, with a CGU being the smallest identifiable group of assets and liabilities that generate cash inflows independent from other assets. Exploration and evaluation assets are each separately assessed for impairment, and are not allocated by the Corporation to a CGU for impairment assessment purposes. “Fair value less cost of disposal” is determined as the amount that would be obtained from the sale of the asset or CGU in an arm’s length transaction between knowledgeable and willing parties. In assessing “value-in-use”, the future cash flows expected to arise from the continuing use of the asset or CGU in its present form are estimated using assumptions that an independent market participant would consider appropriate, and are then discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and risks specific to the asset or CGU. Where conditions that gave rise to a recognized impairment loss are subsequently reversed, the amount of such reversal is recognized into earnings immediately, though is limited such that the revised carrying amount of the asset or CGU does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset or CGU. (f) Lease liabilities The lease liability is measured at the present value of the expected lease payments over the lease term, discounted at the implicit rate in the lease; if the rate cannot be determined, the incremental borrowing rate of the asset or asset grouping is used. The lease liability is increased for the passage of time and payments on the lease are offset against the lease liability. The liability is subsequently re-measured when there is a change in the lease agreement, such as a change in future lease payments or if the Corporation decides to purchase, extend or terminate the lease option. When the lease liability is re-measured, an adjustment is applied to the carrying value of the ROU asset. (g) Provisions General Provisions are recorded when a present legal or constructive obligation exists as a result of past events, where it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made. Decommissioning and rehabilitation provision The Corporation recognizes a decommissioning and rehabilitation provision for statutory, contractual, constructive or legal obligations to undertake reclamation and closure activities associated with mineral properties, plant and equipment, generally at the time that an environmental or other site disturbance occurs or a constructive obligation for reclamation and closure activities is determined. When the extent of disturbance increases over the life of an operation, the provision is increased accordingly. Provisions are measured at the present value of the expected future expenditures required to settle the obligation, using a risk-free pre-tax discount rate reflecting the time value of money and risks specific to the liability. The liability is increased for the passage of time, and adjusted for changes to the current market-based risk-free discount rate as well as changes in the estimated amount or timing of the expected future expenditures. The associated restoration costs are capitalized as part of the carrying amount of the related asset and then depreciated accordingly. (h) Revenue Recognition The Corporation's sources of mining operations revenue are from the sale of concentrate and from the provision of extraction services. Revenue relating to the sale of concentrate and extraction services is recognized when control of the concentrate is transferred to the customer in an amount that reflects the consideration the Corporation expects to receive. In determining whether the Corporation has satisfied a performance obligation, it considers the indicators of the transfer of control, which include, but are not limited to, whether: it has a present right to payment; it has transferred physical possession of the asset to the customer; the customer has the significant risks and rewards of ownership of the asset; and the customer has legal title to the asset. The Corporation's performance obligations relate primarily to the delivery of concentrate to its Offtaker and delivery of silver under the silver purchase agreement ("SPA") with Wheaton Precious Metals Corp. ("Wheaton"). Revenue from sale of concentrate under the Corporation's offtake agreement is recognized at the point when control is transferred to the Offtaker, typically when the concentrate is loaded for transport. The initial sales price is based on the forward market price when the concentrate is loaded. The final sales price is subject to average metals prices during a quotational period, typically one or three months after the date of the concentrate's arrival at the smelter. When the concentrate is loaded for transport, the Corporation prepares a provisional invoice for 90%of the value of the shipment. Once the quotational period has ended and final weights, assays and settlement prices are known, the Corporation prepares a final invoice for the remaining value of the shipment. If the quotational period for a shipment has not ended prior to period end, the trade receivable is remeasured to fair value by reference to forward market prices with the impact of changes in the forward market prices recognized as a gain or loss presented as a component of revenue on the statement of income or loss. Revenue from the sale of concentrate is recorded net of transportation, treatment and refining charges. Upon entering into the silver purchase agreement with Wheaton, it was determined that the contract was a partial sale of a mineral interest and a related contract to provide extraction services. Revenue from extraction services is recognized at the point when concentrate has been delivered to the Offtaker, which occurs when the concentrate is loaded for transport. Revenue from extraction services is recognized using a transaction price of US$3.90 per ounce, which is considered the stand-alone selling price of those services at the inception of the contract. The actual cash payment received from Wheaton, which differs from the extraction services revenue recognized, is determined using a payment formula, which is dependent on the spot price of silver at time of delivery and Alexco's stage in the production period as defined in the Wheaton SPA. The difference between the actual cash payment received and the extraction services revenue recognized represents the portion of the embedded derivative asset that is settled. Revenue from the sale of concentrate, revenue from extraction services, and changes in fair value of provisionally priced trade receivables are presented as mining operations revenue on the statement of income (loss). Revenue from reclamation management through ERDC is recognized upon the transfer of promised services or goods based on the output appropriate to the particular service contract and when a customer has the ability to direct the use and obtain the benefits from the service or good. The Corporation identifies the performance obligations in the contract, and the obligations are measured by reference to the transaction price. The transaction price is established in the agreement as either a fixed price or rate per hour. If the contract has multiple performance obligations, the Corporation will assign the transaction price to the various performance obligations. (i) Share-Based Compensation The cost of incentive share options and other equity-settled share-based compensation and payment arrangements is recorded based on the estimated fair value at the grant date and charged to earnings over the vesting period. With respect to incentive share options, grant-date fair value is measured using the Black-Scholes option pricing model. With respect to restricted share units and deferred share units, the grant-date fair value is determined by reference to the share price of the Corporation at the date of grant. Where share-based compensation awards are subject to vesting, each vesting tranche is considered a separate award with its own vesting period and grant-date fair value. Share-based compensation expense is recognized over the tranche’s vesting period by a charge to earnings, based on the number of awards expected to vest. (j) Flow-Through Shares The proceeds from the offering of flow-through shares are allocated between the shares and the sale of tax benefits when the shares are offered. The allocation is made based on the difference between the market value of the shares and the amount the investors pay for the flow ‐through shares. A liability is recognized for the premium paid by the investors above the share price for each unit. This is subsequently recognized in the results of operations in the period the eligible exploration expenditures are incurred. (k) Warrants The Corporation issues common share purchase warrants which are recorded based on the estimated fair value at the issue date. Fair value is measured using the Black-Scholes option pricing model. (l) Current and Deferred Income Taxes Income tax expense comprises current and deferred income taxes. Current and deferred income taxes are recognized in profit or loss except to the extent that they relate to a business combination or to items recognized directly in equity or in other comprehensive income. Current income taxes are the expected taxes payable or receivable on the taxable income or loss for the period, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to taxes payable in respect of previous periods. Deferred income taxes are recognized using the liability method, on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. However, deferred income taxes are not recognized if they arise from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit nor loss. Deferred income taxes are determined using tax rates and laws that have been enacted or substantively enacted at the reporting date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets and liabilities are presented as non-current in the financial statements. Deferred income tax assets and liabilities are offset if there is a legally enforceable right of offset, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. Deferred income tax assets are recognized to the extent that it is probable that future taxable profits will be available against which the assets can be utilized. (m) Translation of Foreign Currencies The financial statements of each entity in the group are measured using the currency of the primary economic environment in which each entity operates (the “functional currency”). The functional currency of all entities in the Corporation group is the Canadian dollar, which is also the Corporation's presentation currency. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuations where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statements of loss and comprehensive loss for the year. When an entity disposes of its entire interest in a foreign operation, or loses control, joint control, or significant influence over a foreign operation, the foreign currency gains or losses accumulated in other comprehensive income related to the foreign operation are recognized in profit or loss. (n) Earnings or Loss Per Share Basic earnings per share is calculated by dividing the net income (loss) for the period by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share is calculated using the treasury share method whereby all “in the money” options, warrants and equivalents are assumed to have been exercised at the beginning of the period and the proceeds from the exercise are assumed to have been used to purchase common shares at the average market price during the period. (o) Financial Instruments Financial assets and financial liabilities, including derivative instruments, are initially recognized at fair value on the balance sheet when the Corporation becomes a party to the relevant contractual provisions. Measurement in subsequent periods depends on the financial instrument’s classification. The Corporation classifies the financial instruments in the following categories: at fair value through profit and loss (“FVTPL”), fair value through other comprehensive income (“FVTOCI”) or at amortized cost. (i) Classification The Corporation determines the classification of financial instruments at initial recognition. Financial assets a) Debt - The classification of debt instruments is driven by the Corporation’s business model for managing the financial assets and the relevant contractual cash flow characteristics. A debt instrument is measured at amortized cost if the objective of the business model is to hold the debt instrument for the collection of contractual cash flows, and the asset’s contractual cash flows are comprised solely of payments of principal and interest. b) Equity - On the day of acquisition the Corporation makes an irrevocable election (on an instrument-by- instrument basis) to designate them as at FVTOCI. Investments in common shares are held for long term strategic purposes and not for trading. Our equity investments are designated as FVTOCI in order to provide a more meaningful presentation based on management’s intention, rather than reflecting changes in fair value in net income. Financial liabilities Financial liabilities are measured at amortized cost; unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or the Corporation has opted to measure at FVTPL. (ii) Measurement Financial assets and liabilities at FVTPL Financial assets and liabilities at FVTPL are initially recognized at fair value and transaction costs are expensed in the consolidated statement of loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets or liabilities held at FVTPL are included in the consolidated statement of loss in the period in which they occur. Where the Corporation has opted to designate a financial liability at FVTPL, any changes associated with our own credit risk will be recognized in Other Comprehensive Income (“OCI”). Financial assets at FVTOCI Investments in equity instruments at FVTOCI are initially recognized at fair value plus transaction costs. Subsequently, the investments are measured at fair value, with gains and losses arising from changes from initial recognition recognized in OCI. Financial assets and liabilities at amortized cost Financial assets and liabilities at amortized cost are initially recognized at fair value net of transaction costs, and subsequently amortized using the effective interest rate method. Derivative financial instruments Derivatives are classified as FVTPL. Derivatives embedded in financial liabilities are treated as separate derivatives when their risks and characteristics are not closely related to the host contracts. The classification approach described above is applied to all financial assets, including those that contain embedded derivatives, without the need to separate the embedded derivative from the host contract. (iii) Impairment of financial assets Impairment of financial assets at amortized cost The Corporation recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost. The Corporation is applying the simplified method for trade receivables and is calculating expected credit losses at an amount equal to the lifetime expected credit loss. Impairment losses on financial assets carried at amortized cost are reversed in subsequent periods if the expected credit losses are reversed after the impairment was recognized. (iv) Derecognition Derecognition of financial assets and liabilities Financial assets are derecognized when the investments mature or are sold, and substantially all the risks and rewards of ownership have been transferred. A financial liability is derecognized when the obligation under the liability is discharged, canceled or expired. Gains and losses on derecognition are recognized within other income (expenses). Gains or losses on equity financial assets designated as FVTOCI remain within accumulated OCI. (v) Fair value of financial instruments The fair values of quoted investments in an active market are based on current prices. If there is no active market with a quoted price for a financial asset, the Corporation establishes fair value by using valuation techniques. These include the use of recent arm’s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, and option pricing models refined to reflect the financial asset’s specific circumstances. (p) Fair Value Measurement Where fair value is used to measure assets and liabilities in preparing these financial statements, it is estimated at the price at which an orderly transaction to sell the asset or to transfer the liability would take place between market participants at the measurement date under current market conditions. Fair values are determined from the lowest level significant inputs that are classified within the fair value hierarchy defined under IFRS as follows: Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly Level 3 – Inputs for the asset or liability that are unobservable

NEW ACCOUNTING STANDARDS

NEW ACCOUNTING STANDARDS	12 Months Ended
	Dec. 31, 2021
NEW ACCOUNTING STANDARDS
NEW ACCOUNTING STANDARDS	4. NEW ACCOUNTING STANDARDS Property, Plant and Equipment — Proceeds before Intended Use On January 1, 2021, the Corporation early adopted IAS 16, Property, Plant and Equipment: Proceeds before Intended Use LIBOR settings are currently scheduled to cease publication after June 30, 2023. The Corporation and the Offtaker will use an agreed industry standard alternative benchmark interest rate and expect to transition to the alternative rate as widespread market practice is established (Note 12). There are no other IFRS’s or International Financial Reporting Interpretations Committee interpretations that are not yet effective or early adopted that are expected to have a material impact on the Corporation.

CRITICAL JUDGEMENTS AND MAJOR S

CRITICAL JUDGEMENTS AND MAJOR SOURCES OF ESTIMATION UNCERTAINTY	12 Months Ended
	Dec. 31, 2021
CRITICAL JUDGEMENTS AND MAJOR SOURCES OF ESTIMATION UNCERTAINTY
CRITICAL JUDGEMENTS AND MAJOR SOURCES OF ESTIMATION UNCERTAINTY	5. CRITICAL JUDGEMENTS AND MAJOR SOURCES OF ESTIMATION UNCERTAINTY The preparation of the consolidated financial statements requires management to select accounting policies and make estimates and judgments that may have a significant impact on the consolidated financial statements. Estimates are continuously evaluated and are based on management’s experience and expectations of future events that are believed to be reasonable under the circumstances. The estimates management makes in this regard include those regarding future commodity prices and foreign currency exchange rates, which are an important component of several estimates and assumptions management must make in preparing the financial statements. The most significant judgments in the application of policy in preparing the Corporation’s financial statements are described as follows: ● Impairment and impairment reversals of mineral properties, plant and equipment The Corporation reviews and evaluates the carrying value of each of its mineral properties, plant and equipment for impairment and impairment reversals when events or changes in circumstances indicate that the carrying amounts of the related asset may not be recoverable or previous impairment losses may become recoverable. The identification of such events or changes and the performance of the assessment requires significant judgment. Furthermore, management’s estimates of many of the factors relevant to completing this assessment, including commodity prices, foreign currency exchange rates, mineral resources, and operating, capital and reclamation costs, are subject to risks and estimation uncertainties that may further affect the determination of the recoverability of the carrying amounts of its mineral properties, plant and equipment. At December 31, 2021, management assessed potential indicators of impairment and impairment reversals on the Corporation’s exploration and evaluation assets and the Keno Hill CGU and has concluded that no impairment or impairment reversal indicators exist as of December 31, 2021. See discussion of impairment assessment of the Bellekeno mineral property in Note 8. ● Mineral properties - silver stream arrangement Upon entering into a long-term streaming arrangement linked to production at Keno Hill, Management’s judgment was required in assessing the appropriate accounting treatment for the transaction on the closing date and in future periods. We considered the specific terms of the arrangement to determine whether we have disposed of an interest in the reserves and resources of the operation or executed some other form of arrangement. This assessment considers what the counterparty is entitled to and the associated risks and rewards attributable to them over the life of the operation. These include the contractual terms related to the total production over the life of the arrangement as compared to the expected production over the life of the mine, the percentage being sold, the percentage of payable metals produced, the commodity price referred to in the ongoing payment and any guarantee relating to the upfront payment if production ceases. Management concluded that the initial deposit and value associated with the subsequent amendments should be applied against the carrying value of the mineral interest. The following discusses the accounting estimates that the Company has made in the preparation of the financial statements that could result in a material adjustment in the next twelve months on the carrying amounts of assets and liabilities: ● Mineral reserves and resources The determination of the Corporation’s estimated mineral reserves and resources by appropriately qualified persons requires significant judgements regarding the interpretation of complex geological and engineering data including the size, depth, shape and nature of the deposit and anticipated plans for mining, as well as estimates of future commodity prices, foreign exchange rates, capital requirements and production costs. These mineral reserve and resource estimates are used in many determinations required to prepare the Corporation’s financial statements, including calculating depletion of mineral properties, measuring the fair value of the embedded derivative asset, determining the timing of expected activities relating to the decommissioning and rehabilitation provision, and estimating amounts of future taxable income in determining whether to record a deferred tax asset. ● Decommissioning and rehabilitation provision Management’s determination of the Corporation’s decommissioning and rehabilitation provision is based on the reclamation and closure activities it anticipates as being required, the additional contingent mitigation measures it identifies as potentially being required and its assessment of the likelihood of such contingent measures being required, and its estimate of the probable costs and timing of such activities and measures. There is estimation uncertainty in determining such reclamation and closure activities and measures required and potentially required. ● Fair value of derivatives The fair values of financial instruments that are not traded in an active market are determined using valuation techniques. Management uses its judgment to select a method of valuation and makes estimates of specific model inputs that are based on conditions existing at the end of each reporting period. Refer to Note 9 for further details on the methods and assumptions associated with the measurement of the embedded derivative within the silver stream arrangement. ● Valuation of inventories The measurement of inventories including the determination of their net realizable value, especially as it relates to ore in stockpiles and concentrate involves the use of estimates. Management makes estimates of forecast sales price, foreign exchange rates, recovery rates, grade, assumed contained metal, and production and selling costs. The determination of these estimates requires significant assumptions that may impact the stated value of our inventories (Note 7).

INVESTMENTS

INVESTMENTS	12 Months Ended
	Dec. 31, 2021
INVESTMENTS
INVESTMENTS	6. INVESTMENTS ​ During the year ended December 31, 2021, the Corporation sold its common shares in Banyan Gold Corp. for gross proceeds of $4,289,000 and recorded in other comprehensive income a cumulative gain of $3,380,000 since initial acquisition. As at December 31, 2021, the Corporation’s investments consisted of common shares in Granite Creek Copper Ltd, a publicly traded company on the TSX Venture Exchange.

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2021
INVENTORIES
INVENTORIES	7. INVENTORIES ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 December 31 ​ ​ 2021 ​ 2020 Ore in stockpiles ​ $ 524 ​ $ 2,317 Concentrate ​ ​ 80 ​ ​ 231 Materials and supplies ​ 1,472 ​ 1,695 ​ ​ ​ Total inventories ​ $ 2,076 ​ $ 4,243 ​ During the year ended December 31, 2021, the Corporation recognized a write-down of $488,000 (2020 – $2,773,000) of ore in stockpiles and concentrate to their net realizable value.

MINERAL PROPERTIES, PLANT AND E

MINERAL PROPERTIES, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2021
MINERAL PROPERTIES, PLANT AND EQUIPMENT
MINERAL PROPERTIES, PLANT AND EQUIPMENT	8. MINERAL PROPERTIES, PLANT AND EQUIPMENT ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ Mineral ​ Plant and ​ Right of use ​ evaluation ​ ​ ​ Cost ​ properties ​ equipment (i) ​ assets assets (ii) ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ $ 100,073 ​ $ 42,364 ​ $ 1,883 ​ $ 79,893 ​ $ 224,213 Additions ​ 17,488 ​ 6,341 ​ 8,272 ​ 737 ​ 32,838 Disposals ​ — ​ (235) ​ — ​ — ​ (235) Disposal of AEG ​ — ​ (2,639) ​ (276) ​ — ​ (2,915) Amendment to Wheaton SPA ​ — ​ — ​ — ​ (14,835) ​ (14,835) Change of estimate in decommissioning and rehabilitation provision ​ 159 ​ 147 ​ — ​ — ​ 306 Transfers from exploration and evaluation assets to mineral properties (ii) ​ ​ 51,127 ​ ​ — ​ — ​ (51,127) ​ ​ — December 31, 2020 ​ $ 168,847 ​ $ 45,978 ​ $ 9,879 ​ $ 14,668 ​ $ 239,372 Accumulated Depreciation ​ ​ ​ ​ ​ December 31, 2019 ​ $ 90,459 ​ $ 27,666 ​ $ 533 ​ $ — ​ $ 118,658 Depreciation and depletion ​ 397 ​ 1,786 ​ 884 ​ — ​ 3,067 Disposals ​ — ​ (117) ​ — ​ — ​ (117) Disposal of AEG ​ — ​ (1,374) ​ (50) ​ — ​ (1,424) December 31, 2020 ​ $ 90,856 ​ $ 27,961 ​ $ 1,367 ​ $ — ​ $ 120,184 Net Book Value ​ ​ ​ ​ ​ December 31, 2019 ​ $ 9,614 ​ $ 14,698 ​ $ 1,350 ​ $ 79,893 ​ $ 105,555 December 31, 2020 ​ $ 77,991 ​ $ 18,017 ​ $ 8,512 ​ $ 14,668 ​ $ 119,188 ​ (i) The total cost of plant and equipment as at December 31, 2020 includes construction in progress of $3,543,000. (ii) On August 5, 2020, the Bermingham and Flame & Moth properties were determined to be technically feasible and commercially viable, and thus transitioned from exploration and evaluation assets under IFRS 6 to mineral properties under IAS 16. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ Mineral ​ Plant and ​ Right of use ​ evaluation ​ ​ ​ Cost properties equipment (i) assets assets Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ $ 168,847 ​ $ 45,978 ​ $ 9,879 ​ $ 14,668 ​ $ 239,372 Additions ​ 38,960 ​ 5,187 ​ 1,378 ​ 11,352 ​ 56,877 Disposals ​ ​ — ​ ​ — ​ ​ (596) ​ ​ — ​ ​ (596) Lease modifications ​ ​ — ​ ​ — ​ ​ 127 ​ ​ — ​ ​ 127 Change of estimate in decommissioning and rehabilitation provision ​ (473) ​ (454) ​ — ​ — ​ (927) December 31, 2021 ​ $ 207,334 ​ $ 50,711 ​ $ 10,788 ​ $ 26,020 ​ $ 294,853 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated Depreciation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ $ 90,856 ​ $ 27,961 ​ $ 1,367 ​ $ — ​ $ 120,184 Depreciation and depletion ​ 4,481 ​ 1,454 ​ 2,042 ​ — ​ ​ 7,977 Disposals ​ — ​ — ​ (65) ​ — ​ (65) Lease modifications ​ — ​ — ​ (320) ​ — ​ (320) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ $ 95,337 ​ $ 29,415 ​ $ 3,024 ​ $ — ​ $ 127,776 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Book Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ $ 77,991 ​ $ 18,017 ​ $ 8,512 ​ $ 14,668 ​ $ 119,188 ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ $ 111,997 ​ $ 21,296 ​ $ 7,764 ​ $ 26,020 ​ $ 167,077 (i) The total cost of plant and equipment as at December 31, 2021 includes construction in progress of $2,266,000. During the year ended December 31, 2021, the Corporation capitalized to mineral properties, plant and equipment depreciation and depletion of $2,258,000 (2020 – $923,000). At December 31, 2021, Management assessed potential indicators of impairment and impairment reversals on the Bellekeno mineral property. As a result of the conclusion of ore mining at the Bellekeno mine, the Corporation conducted an impairment assessment on the Bellekeno mineral property. Management estimated the recoverable value of the property using an in-situ enterprise value calculation and determined that the carrying value was recoverable as at December 31, 2021. (a) Keno Hill District Underlying Agreements The Corporation’s mineral interest holdings in the Keno Hill District, located in Canada’s Yukon Territory, consist of a number of properties. The majority of the Corporation’s mineral rights within the Keno Hill District were purchased from the interim receiver of United Keno Hill Mines Limited and UKH Minerals Limited (“UKHM”) in 2006 and are held by ERDC. As a condition of that purchase, a separate agreement was entered into between Alexco, ERDC, the Government of Canada and the Government of Yukon (the “Subsidiary Agreement”), under which the Government of Canada indemnified ERDC and Alexco from and against all liabilities arising directly or indirectly from the pre-existing environmental condition of the former UKHM mineral rights. The Subsidiary Agreement also provided that ERDC may bring any mine into production on the former UKHM mineral rights by designating a production unit from the mineral rights relevant to that purpose and then assuming responsibility for all costs of the production unit’s water related care and maintenance and water related components of closure reclamation. Other Subsidiary Agreement terms unchanged by the amended and restated Subsidiary Agreement (“ARSA”) include that ERDC is required to pay into a separate reclamation trust a 1.5% net smelter return royalty, to an aggregate maximum of $4 million for all production units, from any future production from the former UKHM mineral rights, commencing once earnings from mining before interest, taxes and depreciation exceed actual exploration costs, to a maximum of $6.2 million, plus actual development and construction capital. That commencement threshold was achieved during the year ended December 31, 2013, and as at December 31, 2021 a total of $40,000 in such royalties had been paid. Additionally, a portion of any future proceeds from sales of the acquired UKHM assets must also be paid into the separate reclamation trust. Also substantially unchanged by the ARSA are the indemnification of pre-existing conditions and the right to bring any mine into production on the former UKHM mineral rights. The rights of the Government of Canada under the Subsidiary Agreement and the ARSA are supported by a general security agreement over all of the assets of ERDC. As part of the ARSA, in 2006 the Corporation contributed $10,000,000 to a Trust which can be drawn upon to reimburse the Corporation for work performed under the ARSA, subject to approvals according to the contractual terms. The ARSA can be terminated at ERDC’s election should a closure reclamation plan be prepared but not accepted and approved, and at the Government’s election should ERDC be declared in default under the ARSA. As at December 31, 2021, ERDC is in good standing under the terms and conditions of ARSA. Keno Hill Royalty Encumbrances As noted above, under the Subsidiary Agreement and unchanged by the ARSA, the former UKHM mineral rights are subject to a 1.5% net smelter return royalty, to an aggregate maximum of $4 million for all production units. Certain of the Corporation’s non-UKHM mineral rights located within or proximal to the McQuesten property are subject to a net smelter return royalty ranging from 0.5% to 2%. Certain other of the non-UKHM mineral rights located within the McQuesten property are subject to a separate net smelter return royalty of 2% all of which are incorporated under the Option Agreement with Banyan. A limited number of the Corporation’s non-UKHM mineral rights located throughout the remainder of the Keno Hill District are subject to net smelter return royalties ranging from 1% to 1.5%. Option Agreement for McQuesten Property Effective May 24, 2017, and as amended on July 8, 2019, the Corporation entered into an option agreement for Banyan Gold Corp. (“Banyan”) to buy up to 100% of Alexco’s McQuesten property. In three stages, Banyan may earn up to 100% of the McQuesten property, by incurring a minimum $2,600,000 in exploration expenditures (incurred), issue 1,600,000 shares (issued), pay in staged payments a total of $2,600,000 in cash or shares and grant Alexco a 6% net smelter return (“NSR”) royalty with buybacks totalling $7,000,000 to reduce to a 1% NSR royalty on gold and 3% NSR royalty on silver. As at December 31, 2021, Banyan has satisfied the first stage of the option agreement, earning 51% of the McQuesten property.

EMBEDDED DERIVATIVE ASSET

EMBEDDED DERIVATIVE ASSET	12 Months Ended
	Dec. 31, 2021
EMBEDDED DERIVATIVE ASSET.
EMBEDDED DERIVATIVE ASSET	9. EMBEDDED DERIVATIVE ASSET ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ December 31 ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Embedded derivative asset – Beginning of period ​ $ 13,074 ​ $ 15,160 Portion of embedded derivative asset settled ​ 235 ​ — Fair value adjustment ​ 9,459 ​ (21,728) Amendment to Wheaton SPA ​ — ​ 19,642 ​ ​ ​ ​ ​ ​ ​ Embedded derivative asset – End of period ​ ​ 22,768 ​ $ 13,074 ​ ​ ​ ​ ​ ​ ​ Less: current embedded derivative asset ​ ​ 2,752 ​ ​ — ​ ​ ​ ​ ​ ​ ​ Non-current embedded derivative asset ​ $ 20,016 ​ $ 13,074 ​ On October 2, 2008 (with subsequent amendments on October 20, 2008, December 10, 2008, December 22, 2009, March 31, 2010, January 15, 2013, March 11, 2014, and June 16, 2014), the Corporation entered into a silver purchase agreement (the “SPA”) with Wheaton under which Wheaton will receive 25% of the life of mine payable silver sold by the Corporation from its Keno Hill District properties. The SPA anticipated that the initial silver deliveries would come from the Bellekeno property. Under the SPA, the Corporation received up-front deposit payments from Wheaton totaling US$50,000,000, and received further payments of the lesser of US$3.90 (increasing by 1% per annum after the third year of full production) and the prevailing market price for each ounce of payable silver delivered, if as and when delivered (the “Original Production Payment”). After the initial 40 year term of the SPA, the Corporation is required to refund the balance of any advance payments received and not yet notionally reduced through silver deliveries. The Corporation would also be required to refund the balance of advance payments received and not yet reduced if Wheaton exercised its right to terminate the SPA in an event of default by the Corporation. Subsequently on March 29, 2017 and August 5, 2020, the Corporation and Wheaton amended the SPA (the “Amended SPA”), which ultimately culminated in Wheaton continuing to receive 25% of the life of mine payable silver from the Keno Hill Silver District and the Original Production Payment being replaced with a new production payment to the Corporation to be based on a new payment formula (the “Amended Production Payment”) as outlined below: ● During the earlier of the initial two years ending August 4, 2022 or eight million ounces of payable silver production (the “Initial Period”), the Amended Production Payment from Wheaton to the Corporation will be adjusted on a curve. The Amended Production Payment formula during the Initial Period is a linear equation that pays 90% of spot price at US$15 per ounce silver (and below) and 10% of spot price at US$23 per ounce silver (and above); and ● Following the Initial Period, the Amended Production Payment formula remains a linear equation and will pay 90% of spot price at US$13 per ounce silver (and below) and 10% of spot price at US$23 per ounce silver (and above). Additional terms of the amendments include a date for completion of the 400 tonne per day mine and mill completion test to December 31, 2022. If the completion test is not satisfied by December 31, 2022, the Corporation will be required to pay a capacity related refund to Wheaton in the maximum amount of US$8,788,000, which can be further proportionately reduced by mine production and mill throughput exceeding 322 tonnes per day for a 30 day period prior to December 31, 2022. The Amended SPA is secured against the Corporation’s mineral properties until repayment of the original deposit of US$50,000,000. In consideration of the March 29, 2017 amendment, on April 10, 2017 the Corporation issued 3,000,000 shares to Wheaton with a fair value of $6,600,000 (US$4,934,948). Under the terms of the Amended SPA, the original US$50,000,000 deposit was notionally reduced by this amount. This amendment introduced the variable production payment to be received from Wheaton upon extraction and delivery of their 25% interest of future production, which is considered an embedded derivative asset within the Amended SPA. The embedded derivative asset was initially recorded at fair value, which was consistent with the value of the consideration paid to Wheaton and subsequently revalued at each period end. On August 5, 2020 the Corporation issued 2,000,000 common share purchase warrants (the “Wheaton Warrants”) to Wheaton, which partially compensated for amending the terms of the SPA. Each Wheaton Warrant entitles Wheaton to purchase one common share of the Corporation at an exercise price of $3.50, expiring August 5, 2025, with a fair value of $4,806,000 (US$3,624,000). Management has concluded that the Amended SPA on August 5, 2020 was additional consideration received from Wheaton in order to preserve the long-term commercial viability of Keno Hill District properties and realize their 25% interest. On the date of the amendment, management valued the embedded derivative asset under the previously effective terms and again under the revised terms, and the gain to the Corporation, net of the warrants issued, of $14,835,000 was credited against the exploration and evaluation assets balance. During the year ended December 31, 2021, a portion of the embedded derivative related to the Wheaton SPA was settled. The embedded derivative asset was calculated based on the discounted future cash flows associated with the difference between the original US$3.90 per ounce production payment Wheaton would pay for each payable ounce delivered under the SPA and the amended production payment under the amended SPA (amended March 29, 2017 and subsequently on August 5, 2020) which varies depending on the silver pricing curve (Note 20). The fair value of the embedded derivative asset was estimated based on the discounted future cash flows using a probability-based dynamic valuation model resulting in a fair value adjustment for the year ended December 31, 2021 of $9,459,000 (2020 – ($21,728,000)), respectively.

ACCOUNTS PAYABLE AND ACCRUED LI

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	12 Months Ended
	Dec. 31, 2021
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	10. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ December 31 ​ 2021 2020 Trade payables ​ $ 8,556 ​ $ 7,666 Accrued liabilities and other ​ 4,502 ​ 4,645 ​ ​ ​ ​ ​ $ 13,058 ​ $ 12,311 ​

LEASE LIABILITIES

LEASE LIABILITIES	12 Months Ended
	Dec. 31, 2021
LEASE LIABILITIES.
LEASE LIABILITIES	11. LEASE LIABILITIES As at December 31, 2021, the Corporation had $5,531,000 of lease liabilities, primarily for mining equipment leases related to heavy machinery and equipment dedicated to development and operations at Keno Hill. The weighted average incremental borrowing rate for lease liabilities as at December 31, 2021 is 7.51%. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ December 31 ​ 2021 2020 Lease liabilities – Beginning of period ​ $ 7,262 ​ $ 1,446 Additions ​ ​ 1,377 ​ ​ 7,081 Cash flows - Principal payments ​ ​ (3,604) ​ ​ (1,246) Non-cash changes - Accretion ​ 503 ​ 292 Disposals ​ ​ (463) ​ ​ (311) Lease modifications ​ ​ 456 ​ ​ — ​ ​ ​ ​ ​ ​ ​ Lease liabilities - End of period ​ 5,531 ​ 7,262 ​ ​ ​ ​ ​ ​ ​ Less : current lease liabilities ​ 3,056 ​ 2,855 ​ ​ ​ ​ ​ ​ ​ Non-current lease liabilities ​ $ 2,475 ​ $ 4,407 ​ Undiscounted lease payments As at December 31, 2021, the Corporation’s undiscounted lease payments consisted of the following: ​ ​ ​ ​ ​ ​ December 31 ​ 2021 2022 ​ $ 3,351 2023 ​ 1,839 2024 ​ 782 ​ ​ ​ ​ ​ ​ $ 5,972 ​

REVOLVING CREDIT FACILITY

REVOLVING CREDIT FACILITY	12 Months Ended
	Dec. 31, 2021
REVOLVING CREDIT FACILITY
REVOLVING CREDIT FACILITY	12. REVOLVING CREDIT FACILITY On September 23, 2021, the Corporation and the Offtaker amended the existing offtake agreement to allow for an unsecured revolving credit facility (the “Facility”) for up to US$7,500,000. The Facility allows the Corporation to request prepayments, in US$1,000,000 increments, which are repaid in five monthly instalments against future deliveries of concentrate or in cash. The interest rate on drawn amounts is equal to three month LIBOR + 7.05%. The standby fee on undrawn amounts is 1.5% per annum, payable quarterly. Subsequent to year-end, the Corporation further amended the Facility and received a prepayment under the Facility (Note 26).

DECOMMISSIONING AND REHABILITAT

DECOMMISSIONING AND REHABILITATION PROVISION	12 Months Ended
	Dec. 31, 2021
DECOMMISSIONING AND REHABILITATION PROVISION
DECOMMISSIONING AND REHABILITATION PROVISION	13. DECOMMISSIONING AND REHABILITATION PROVISION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ December 31 ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Decommissioning and rehabilitation provision – Beginning of period ​ $ 6,542 ​ $ 6,202 ​ ​ ​ Change due to re-estimation ​ (927) ​ 305 Accretion expense, included in other income and expense ​ 52 ​ 35 ​ ​ ​ Decommissioning and rehabilitation provision – End of period ​ ​ 5,667 ​ ​ 6,542 ​ ​ ​ ​ ​ ​ ​ Less: current decommissioning and rehabilitation provision ​ ​ 705 ​ ​ — ​ ​ ​ ​ ​ ​ ​ Non-current decommissioning and rehabilitation provision ​ $ 4,962 ​ $ 6,542 ​ The Corporation’s decommissioning and rehabilitation provision consists of costs expected to be incurred in respect of future reclamation and closure activities at the end of the life of the Bellekeno, Flame & Moth, Bermingham, Lucky Queen and Onek deposits. These activities include plant dismantling, water treatment, land rehabilitation, ongoing monitoring, care and maintenance and other reclamation and closure related requirements. The total inflation adjusted estimated cash flows required to settle the decommissioning and rehabilitation provision is estimated to be $6,600,000 (December 31, 2020 – $7,322,000), with the expenditures expected to be incurred substantially over the course of the next 18 years. In determining the carrying value of the decommissioning and rehabilitation provision as at December 31, 2021, the Corporation has used a risk-free discount rate of 1.66% (December 31, 2020 – 1.02%) and an inflation rate of 2.0% (December 31, 2020 – 2.0%) resulting in a discounted amount of $5,667,000 (December 31, 2020 – $6,542,000).

CAPITAL AND RESERVES

CAPITAL AND RESERVES	12 Months Ended
	Dec. 31, 2021
CAPITAL AND RESERVES
CAPITAL AND RESERVES	14. CAPITAL AND RESERVES Shareholders’ Equity The Corporation is authorized to issue an unlimited number of common shares without par value. The following share transactions took place during the year ended December 31, 2021: 1. On January 28, 2021, the Corporation completed an equity financing and issued 2,704,770 flow-through common shares for aggregate gross proceeds of $11,700,666 . The flow-through common shares comprise: (i) 2,053,670 flow-through shares with respect to “Canadian exploration expenses” (the “CEE Shares”) priced at $4.48 per CEE Share with a flow-through share premium of $2,356,000 based on the difference between the market value of the common shares and the amount the investors pay for the flow-through shares; and (ii) 651,100 flow-through shares with respect to “Canadian development expenses” (the “CDE Shares”) priced at $3.84 per CDE Share with a flow-through share premium of $330,000 based on the difference between the market value of the common shares and the amount the investors pay for the flow-through shares. The Corporation incurred share issuance costs of $1,094,498 . ​ 2. On June 10, 2021, the Corporation completed an equity financing and issued 8,214,450 common shares at a price of $3.50 per share for aggregate gross proceeds of $28,750,575 . This issuance was completed pursuant to a prospectus supplement dated June 7, 2021 to the short form base shelf prospectus of the Corporation dated November 2, 2020. The Corporation incurred share issuance costs of $1,672,955 . ​ 3. 873,722 common shares were issued from treasury on the vesting of restricted share units. ​ 4. 2,272,431 share options were exercised for proceeds of $3,765,000 . Equity Incentive Plans The Corporation has three equity incentive plans consisting of a share option plan (the “Option Plan”), a restricted share unit plan (the “RSU Plan”), and a deferred share unit plan (the “DSU Plan”) (collectively the “Equity Incentive Plans”). The maximum aggregate number of common shares issuable under the Equity Incentive Plans cannot exceed 15% of the number of common shares issued and outstanding from time to time, subject to the following requirements for each plan: i. The Option Plan’s maximum aggregate number of common shares issuable on the exercise of share options cannot exceed 10% of the number of common shares issued and outstanding; ii. The RSU Plan’s maximum aggregate number of common shares to be issued cannot exceed 3% of the number of common shares issued and outstanding; and iii. The DSU Plan’s maximum aggregate number of common shares to be issued cannot exceed 2,100,000. As at December 31, 2021, a total of 9,672,118 share options, 1,198,067 RSUs and 894,000 DSUs were outstanding under the Equity Incentive Plans and a total of 5,483,636 share options, 3,348,659 RSUs and 1,181,000 DSUs remain available for future granting. During the year ended December 31, 2021, the Corporation recorded total share-based compensation expense of $4,820,000 (2020 – $2,490,000), which related to the Equity Incentive Plans, of which $932,000 (2020 – $430,000) was recorded to mineral properties and $3,888,000 (2020 – $2,060,000) has been charged to income. Share Options Generally, share options have a maximum term of five years, vest one-third The changes in share options outstanding are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Number of ​ ​ average ​ shares issued ​ ​ Exercise ​ or issuable on ​ ​ price exercise ​ ​ ​ ​ ​ ​ Balance - December 31, 2020 ​ $ 2.17 10,245,934 ​ ​ ​ Share options granted ​ $ 2.17 1,970,000 Share options exercised ​ $ 1.66 (2,272,431) Share options forfeited or expired ​ $ 2.85 (271,385) ​ ​ ​ Balance - December 31, 2021 ​ $ 2.27 9,672,118 ​ ​ Balance - December 31, 2019 ​ $ 1.81 10,465,233 ​ ​ ​ Share options granted ​ $ 3.07 2,003,200 Share options exercised ​ $ 1.28 (2,217,499) Share options forfeited or expired ​ $ 0.60 (5,000) ​ ​ ​ Balance - December 31, 2020 ​ $ 2.17 10,245,934 ​ During the year ended December 31, 2021, the fair value of options at the date of grant was estimated using the Black-Scholes option pricing model, assuming an average risk-free rate of 1.20% (2020 – 0.32% to 0.41%) per annum, an expected life of options of 4 years (2020– 4 years), an expected volatility of 61% based on historical volatility (2020 – 66% to 68%), an expected forfeiture rate of 2.94% (2020 – 0.50%) and no expected dividends (2020 – nil). Share options outstanding and exercisable at December 31, 2021 are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Outstanding ​ Options Exercisable ​ Number of ​ ​ ​ Number of ​ ​ ​ ​ Shares ​ Average ​ Average ​ Shares ​ Average ​ ​ Issuable on ​ Remaining ​ Exercise ​ Issuable on ​ Exercise Exercise Price ​ Exercise ​ Life (Years) ​ Price ​ Exercise ​ Price ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $1.27 1,162,500 2.01 ​ $ 1.27 1,162,500 ​ $ 1.27 $1.27 325,000 0.01 ​ $ 1.27 — ​ $ 1.27 $1.75 40,000 0.62 ​ $ 1.75 40,000 ​ $ 1.75 $1.93 60,000 1.36 ​ $ 1.93 60,000 ​ $ 1.93 $2.07 1,223,400 1.08 ​ $ 2.07 1,223,400 ​ $ 2.07 $2.07 587,000 1.08 ​ $ 2.07 — ​ $ 2.07 $2.12 65,000 3.29 ​ $ 2.12 43,333 ​ $ 2.12 $2.17 1,970,000 4.96 ​ $ 2.17 656,667 ​ $ 2.17 $2.32 ​ 790,000 ​ 0.09 ​ $ 2.32 ​ 790,000 ​ $ 2.32 $2.61 ​ 1,900,484 ​ 2.95 ​ $ 2.61 ​ 1,900,484 ​ $ 2.61 $3.19 1,498,734 3.96 ​ $ 3.19 999,156 ​ $ 3.19 $3.86 50,000 3.69 ​ $ 3.86 33,333 ​ $ 3.86 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9,672,118 ​ 2.71 ​ $ 2.27 ​ 6,908,873 ​ $ 2.29 ​ The weighted average share price at the date of exercise for options exercised during the year ended December 31, 2021 was $3.64 (2020 – $3.38). Restricted Share Units Time-based RSUs vest one-third upon granting and one third on each of the first and second anniversary dates of the grant date. Performance-based RSUs vest at the end of the third year of the grant date and the number of units to be issued on the vesting date will vary from 0% to 200% of the number of performance-based RSUs granted, depending on the achievement of performance criteria. The changes in RSUs outstanding are summarized as follows: ​ ​ ​ ​ ​ ​ Number of ​ ​ shares issued ​ ​ or issuable ​ on vesting ​ ​ ​ Balance - December 31, 2020 566,340 ​ ​ RSUs granted (i) 1,505,449 RSUs vested (873,722) ​ Balance - December 31, 2021 1,198,067 ​ Balance - December 31, 2019 663,670 ​ RSUs granted 345,000 RSUs vested (442,330) ​ Balance - December 31, 2020 566,340 ​ (i) During the year ended December 31, 2021 the Corporation granted a total of 1,505,449 RSUs (2020 – 345,000) with a total grant-date fair value determined to be $3,265,000 (2020 – $1,100,000). Included in general and administrative expenses for the year ended December 31, 2021 is share-based compensation expense of $867,000 (2020 – $810,000) related to RSU awards. The weighted average share price at the date of vesting for RSUs during the year ended December 31, 2021 was $2.57 (2020 - $3.00). Deferred Share Units Only directors of the Corporation are eligible for DSUs and each DSU vests immediately and is redeemed upon a director ceasing to be a director of the Corporation. The changes in DSUs outstanding are summarized as follows: ​ ​ ​ ​ ​ Number of ​ ​ shares issued ​ ​ or issuable ​ on vesting ​ ​ ​ Balance - December 31, 2020 ​ — ​ ​ ​ DSUs granted ​ 366,000 DSUs vested ​ (366,000) ​ ​ ​ Balance - December 31, 2021 ​ — ​ During the year ended December 31, 2021 the Corporation granted a total of 366,000 DSUs (2020 – 273,000) with a total grant-date fair value determined to be $794,000 (2020 - $870,000). Included in general and administrative expenses for the year ended December 31, 2021 is share-based compensation expense of $794,000 (2020 - $870,000) related to DSU awards. As of December 31, 2021, there were 894,000 fully vested DSUs outstanding.

REVENUE

REVENUE	12 Months Ended
	Dec. 31, 2021
REVENUE
REVENUE	15. REVENUE The Corporation recorded revenue as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31 ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Mining operations ​ ​ ​ ​ ​ ​ Concentrate sales (i) ​ $ 22,309 ​ $ — Less: silver delivered under the Wheaton SPA ​ (4,393) ​ — Extraction services (ii) ​ 681 ​ — Revenue from contracts with customers ​ 18,597 ​ — Change in fair value of provisionally priced trade receivables (iii) ​ 410 ​ — ​ ​ 19,007 ​ — ​ ​ ​ ​ ​ ​ ​ Reclamation management (iv) ​ 2,495 ​ 2,866 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 21,502 ​ $ 2,866 ​ (i) Concentrate sales revenue represents the sale of all concentrate produced at Keno Hill to the Offtaker under the Corporation’s offtake agreement, prior to the 25% of silver production that is delivered to Wheaton under the Wheaton SPA. Concentrate sales revenue is recorded net of transportation costs. (ii) Extraction services revenue represents revenue earned from the mining of silver that is delivered to Wheaton under the Wheaton SPA. The actual cash payment from Wheaton, which differs from the extraction services revenue recognized, is determined using a payment formula, which is dependent on the spot price of silver at time of delivery and Alexco’s stage in the production period as defined in the Wheaton SPA (Note 9). (iii) Change in fair value of provisionally priced trade receivables is attributable to changes in forward metals prices and represents the change in metals prices from the date of revenue recognition to the date of final settlement. (iv) Reclamation management revenue represents revenue earned by ERDC for the environmental care and maintenance for the historical environmental liabilities of the former UKHM mineral properties (Note 8).

COST OF SALES

COST OF SALES	12 Months Ended
	Dec. 31, 2021
COST OF SALES.
COST OF SALES	16. COST OF SALES The Corporation recorded cost of sales as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31 ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Mining operations ​ ​ ​ ​ ​ ​ Production costs ​ $ 21,388 ​ $ — Depreciation and depletion ​ 5,419 ​ — Site share-based compensation ​ 355 ​ — Royalties and selling costs ​ 269 ​ ​ Change in inventories ​ 542 ​ — ​ ​ 27,973 ​ — ​ ​ ​ ​ ​ ​ ​ Reclamation management (i) ​ 1,975 ​ 3,300 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 29,948 ​ $ 3,300 ​ (i) Reclamation management cost of sales represents cost of sales incurred by ERDC for the environmental care and maintenance for the historical environmental liabilities of the former UKHM mineral properties (Note 8).

GENERAL AND ADMINISTRATIVE EXPE

GENERAL AND ADMINISTRATIVE EXPENSES BY NATURE OF EXPENSE	12 Months Ended
	Dec. 31, 2021
GENERAL AND ADMINISTRATIVE EXPENSES BY NATURE OF EXPENSE
GENERAL AND ADMINISTRATIVE EXPENSES BY NATURE OF EXPENSE	17. GENERAL AND ADMINISTRATIVE EXPENSES BY NATURE OF EXPENSE The Corporation recorded general and administrative expenses as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31 Corporate 2021 2020 ​ ​ ​ Depreciation of plant and equipment and ROU assets ​ $ 291 ​ $ 289 Business development, investor relations and travel ​ 351 ​ 477 Office and administration ​ 1,156 ​ 739 Professional and regulatory ​ 1,353 ​ 1,378 Salaries and contractors ​ 3,797 ​ 3,418 Share-based compensation ​ 3,539 ​ 3,314 ​ ​ ​ ​ ​ ​ ​ $ 10,487 ​ $ 9,615 ​

GAIN ON SALE OF NET SMELTER RET

GAIN ON SALE OF NET SMELTER RETURN ROYALTY	12 Months Ended
	Dec. 31, 2021
GAIN ON SALE OF NET SMELTER RETURN ROYALTY
GAIN ON SALE OF NET SMELTER RETURN ROYALTY	18. GAIN ON SALE OF NET SMELTER RETURN ROYALTY On January 4, 2021, the Corporation sold its net smelter return royalty in Golden Predator Exploration Ltd.’s Brewery Creek Project for total cash consideration of $4,500,000 resulting in a gain on sale of $4,500,000. ​

INCOME TAX EXPENSE

INCOME TAX EXPENSE	12 Months Ended
	Dec. 31, 2021
INCOME TAX EXPENSE
INCOME TAX EXPENSE	19. INCOME TAX EXPENSE The major components of the Corporation’s income tax expense are as follows: (a) The income tax provision differs from the amount that would result from applying the Canadian federal and provincial tax rate to income before taxes. These differences result from the following items: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31 ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Accounting loss before tax from continuing operations ​ $ (5,842) ​ $ (44,087) Profit (loss) before tax from discontinued operations ​ ​ — ​ ​ 7,550 Consolidated net loss before tax ​ ​ (5,842) ​ ​ 36,537 Federal and provincial income tax rate of 27% (2020 – 27%) ​ (1,577) ​ (9,864) ​ ​ ​ Non-deductible permanent differences ​ 840 ​ 664 Effect of difference in tax rates ​ — ​ 6 Change in deferred tax asset not recognized ​ (2,450) ​ 5,271 Flow-through share renunciation ​ 473 ​ 321 Non-taxable accounting gain on sale of subsidiaries ​ ​ — ​ ​ (1,832) Deferred tax expense on discontinued operations ​ ​ — ​ ​ (214) Change in estimate ​ 12 ​ 191 Other ​ 6 ​ (60) ​ ​ (2,696) ​ (5,517) ​ ​ ​ Income tax recovery ​ $ (2,696) ​ $ (5,517) ​ (b) The movement in deferred tax assets and liabilities during the year by type of temporary difference, without taking into consideration the offsetting balances within the same tax jurisdiction, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mineral ​ ​ ​ ​ ​ ​ ​ ​ ​ Property ​ ​ ​ ​ Plant and ​ ​ ​ ​ ​ ​ Deferred tax liabilities ​ Interest ​ Inventories ​ Equipment ​ Other ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ $ (10,036) ​ $ (113) ​ $ (2,094) ​ $ (8,012) ​ $ (20,255) (Charged) credited to the income statement ​ 1,212 ​ (114) ​ (83) ​ 789 ​ 1,804 Charged to OCI ​ — ​ — ​ — ​ (379) ​ (379) ​ ​ ​ ​ ​ ​ December 31, 2020 ​ $ (8,824) ​ $ (227) ​ $ (2,177) ​ $ (7,602) ​ $ (18,830) (Charged) credited to the income statement ​ (8,799) ​ 79 ​ 357 ​ (3,407) ​ (11,770) Charged to OCI ​ — ​ — ​ — ​ (10) ​ (10) ​ ​ ​ ​ ​ ​ December 31, 2021 ​ $ (17,623) ​ $ (148) ​ $ (1,820) ​ $ (11,019) ​ $ (30,610) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mineral Loss ​ Decommissioning ​ ​ ​ ​ ​ ​ Property ​ Carry ​ Plant and ​ and Rehabilitation ​ ​ ​ ​ ​ ​ Deferred tax assets ​ Interest ​ Forward ​ Equipment ​ Provision ​ Other ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ $ 5,168 ​ $ 8,563 ​ $ 52 ​ $ 1,674 ​ $ 77 ​ $ 15,534 Credited (charged) to the income statement ​ (1,078) ​ 4,150 ​ (10) ​ 33 ​ 201 ​ 3,296 ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ $ 4,090 ​ $ 12,713 ​ $ 42 ​ $ 1,707 ​ $ 278 ​ $ 18,830 Credited (charged) to the income statement ​ 1,294 ​ 9,431 ​ 2 ​ (236) ​ 1,289 ​ 11,780 ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ $ 5,384 ​ $ 22,144 ​ $ 44 ​ $ 1,471 ​ $ 1,567 ​ $ 30,610 ​ Net deferred tax liabilities ​ ​ ​ ​ ​ December 31, 2020 $ — Charged to the income statement ​ 10 Charged to OCI ​ (10) December 31, 2021 ​ $ — ​ (c) As at December 31, 2021, the Corporation has unrecognized potential tax assets, noted below, that are available to offset future taxable income. The Corporation has not recognized the deferred tax asset on these temporary differences because they relate to entities within the group that have a history of losses and there is not yet adequately convincing evidence that these entities will generate sufficient future taxable income to enable offset. ​ ​ ​ ​ ​ Tax loss carry forwards $ 55,829 Mineral property interest ​ 8,890 Other ​ 9,437 ​ ​ $ 74,156 ​ (d) As at December 31, 2021, the Corporation has available non-capital losses for income tax purposes in Canada which are available to be carried forward to reduce taxable income in future years and for which no deferred income tax asset has been recognized, and which expire as follows: ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ 2034 ​ $ 2,129 2035 ​ 4,742 2036 ​ 6,626 2037 ​ 6,625 2038 ​ 5,951 2039 ​ 6,924 2040 ​ ​ 12,286 2041 ​ ​ 10,546 ​ ​ $ 55,829 ​

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2021
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS	20. FINANCIAL INSTRUMENTS Financial Assets and Liabilities The carrying amounts of the Corporation’s financial assets and liabilities is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ ​ ​ ​ ​ Hierarchy ​ December 31 ​ December 31 ​ ​ Classification ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value through profit or loss: ​ ​ Embedded derivative asset Level 3 ​ $ 22,768 ​ $ 13,074 Provisionally priced trade receivables Level 2 ​ ​ 2,165 ​ ​ — ​ ​ ​ ​ Fair value through other comprehensive loss: ​ ​ Investments in marketable securities Level 1 ​ ​ 24 ​ ​ 4,241 ​ ​ $ 24,957 ​ $ 17,315 ​ The fair value of the embedded derivative asset related to the Wheaton SPA was estimated based on the discounted future cash flows using a probability-based dynamic valuation model resulting in a fair value adjustment during the years ended December 31, 2021, of $9,459,000 (2020 – ($21,728,000)), respectively. The model relies upon inputs from the current mine plan less payable ounces already delivered. The model is updated quarterly for the Corporation’s credit spread, Wheaton’s credit spread, risk-free yield curve, silver price forward curve, historical silver price volatility, mineral reserves and resources and the production profile. Management estimates mineral reserves and resources and production profile, based on information compiled and reviewed by management's experts. Payments from Wheaton are inversely related to the silver price; if, for example, silver prices were to increase or decrease from the current spot and forward prices as at December 31, 2021 by 10% per ounce and all other assumptions remained the same, the approximate derivative asset value would be $18,843,000 and $27,559,000, respectively. Provisionally priced trade receivables consist of amounts receivable under the Corporation's offtake agreement. Changes in the fair value of these receivables are recorded as other revenue within mining operations revenue at each period end using quoted forward metal prices obtained from futures exchanges. Investments in marketable securities consist of investments in publicly traded companies. Changes in the fair value of these investments are recorded through other comprehensive income (FVTOCI) using quoted prices obtained from securities exchanges. The carrying amounts of all of the Corporation’s other financial assets and liabilities, carried at amortized cost, reasonably approximate their fair values due to their short-term nature. Financial Instrument Risk Exposure The Corporation’s activities expose it to a variety of financial risks: market risk (currency risk), credit risk , commodity risk and liquidity risk. Risk management is carried out by management under policies approved by the Board of Directors. Management identifies and evaluates the financial risks in co-operation with the Corporation’s operating units. The Corporation’s overall risk management program seeks to minimize potential adverse effects on the Corporation’s financial performance, in the context of its general capital management objectives as further described in Note 21. Currency Risk All of the Corporation’s mineral properties, plant and equipment are located in Canada and all of its mining operations occur in Canada. With operations recommencing at the Keno Hill Silver District, the Corporation’s exposure to US dollar currency risk increased as some accounts payable and accrued liabilities are denominated in US dollars. The Corporation is exposed to currency risk at the balance sheet date through the following financial assets and liabilities, which are denominated in thousands of US dollars: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 December 31 ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 1,033 ​ $ 14 Accounts and other receivables ​ 2,165 ​ 2 Accounts payable and accrued liabilities ​ (450) ​ (338) Net exposure ​ $ 2,748 ​ $ (322) ​ Based on the above net exposure at December 31, 2021, a 10% depreciation or appreciation increase both and has employed currency Credit Risk Credit risk is the risk of financial loss to the Corporation if a customer or counterparty to a financial instrument fails to meet its obligations. The Corporation’s maximum exposure to credit risk at the balance sheet date under its financial instruments is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 December 31 ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ Trade receivables ​ ​ Currently due ​ $ 1,419 ​ $ 489 Past due by 90 days or less, not impaired ​ 5 ​ 204 Past due by greater than 90 days, not impaired ​ 32 ​ 74 ​ ​ 1,456 ​ 767 ​ ​ ​ ​ ​ Cash ​ 9,400 ​ 23,210 Demand deposits ​ 533 ​ 532 Term deposits ​ 2,990 ​ 2,932 Promissory note receivable ​ ​ 1,250 ​ ​ 1,250 ​ ​ ​ ​ ​ Total exposure ​ $ 15,629 ​ $ 28,691 ​ Substantially all the Corporation’s cash, demand deposits and term deposits are held with major financial institutions in Canada. With respect to these instruments, management believes the exposure to credit risk is insignificant due to the nature of the institutions with which they are held, and that the exposure to liquidity and interest rate risk is similarly insignificant given the low-risk-premium yields and the demand or short-maturity-period character of the deposits. The Corporation’s accounts and other receivables as at December 31, 2021 total $3,073,000, and primarily relate to a receivable from a government agency and provisionally priced trade receivables from the Corporation’s Offtaker. The Corporation is exposed to credit losses due to the non-performance of its counterparties. The Corporation’s customer for the current reclamation management operations (carried out by ERDC) is a government body and therefore is not considered a material risk. Provisionally priced trade receivables consist of amounts receivable under the Corporation’s offtake agreement. Changes in the fair value of these receivables are recorded as other revenue within mining operations revenue at each period end using quoted forward metal prices obtained from futures exchanges. Provisionally priced trade receivables were recorded at fair value as at December 31, 2021. The Corporation’s promissory note receivable as at December 31, 2021 totals $1,250,000 and relates to the sale of its former subsidiary business, Alexco Environmental Group (AEG). The Corporation is exposed to credit losses due to the potential non-performance of this counterparty. The maturity date of the promissory note receivable is December 31, 2022, bearing interest of 5% for the duration of this period and payable on maturity. The Corporation considered the expected lifetime credit losses to be nominal as at December 31, 2021. Commodity Risk The Corporation is subject to commodity price risk from fluctuations in the market prices for silver, lead and zinc. Commodity price risks are affected by many factors that are outside the Corporation’s control including the supply of and demand for metals, inflation, global consumption patterns and political and economic conditions. The financial instrument impacted by commodity prices for the Corporation is the embedded derivative asset. The fair value of the embedded derivative asset is highly correlated to the market price of these metals. The Corporation is exposed to commodity risk at the balance sheet date through the fair value adjustments of its embedded derivative asset: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ December 31 ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Embedded derivative asset ​ $ 22,768 ​ $ 13,074 Provisionally priced trade receivables ​ ​ 2,165 ​ ​ — Total exposure ​ $ 24,933 ​ $ 13,074 ​ Based on the above exposure, the fair value of the embedded derivative asset increase both loss Corporation employed hedging Liquidity Risk Liquidity risk is the risk that the Corporation will not be able to meet its obligations associated with financial liabilities. The Corporation has a planning and budgeting process in place by which it anticipates and determines the funds required to support its normal operating requirements as well as the growth and development of its mining projects. The Corporation coordinates this planning and budgeting process with its financing activities through the capital management process described in Note 21. Furthermore, the Corporation has access to a US$10,000,000 unsecured revolving credit facility with its Offtaker (Notes 12 and 26). Subsequent to year-end, the Corporation completed an equity financing and issued 3,610,425 flow-through common shares for aggregate gross proceeds of $9,200,274 (Note 26). The Corporation’s financial liabilities are comprised of its accounts payable and accrued liabilities, the contractual maturities of which at the balance sheet date are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 December 31 ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ Accounts payable and accrued liabilities with contractual maturities ​ ​ Within 90 days or less ​ $ 12,661 ​ $ 12,311 In later than 90 days, not later than one year ​ 397 ​ — ​ ​ ​ Total exposure ​ $ 13,058 ​ $ 12,311 ​

CAPITAL MANAGEMENT

CAPITAL MANAGEMENT	12 Months Ended
	Dec. 31, 2021
CAPITAL MANAGEMENT
CAPITAL MANAGEMENT	21. CAPITAL MANAGEMENT The capital managed by the Corporation includes the components of shareholders’ equity as described in the consolidated statements of shareholders’ equity. The Corporation is not subject to externally imposed capital requirements. The Corporation’s objectives of capital management are to create long-term value and economic returns for its shareholders. It does this by seeking to maximize the availability of finance to fund the growth and development of its mining projects, and to support the working capital required to maintain its ability to continue as a going concern. The Corporation manages its capital structure and adjusts it for changes in economic conditions and the risk characteristics of its assets, seeking to limit shareholder dilution and optimize its cost of capital while maintaining an acceptable level of risk. To maintain or adjust its capital structure, the Corporation considers all sources of finance reasonably available to it, including but not limited to issuance of new capital, issuance of new debt and the sale of assets in whole or in part, including mineral property interests. The Corporation’s overall strategy with respect to management of capital at December 31, 2021 remains fundamentally unchanged from the year ended December 31, 2020. ​

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2021
SUPPLEMENTAL CASH FLOW INFORMATION
SUPPLEMENTAL CASH FLOW INFORMATION	22. SUPPLEMENTAL CASH FLOW INFORMATION The Corporation’s supplemental cash flow information is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31 ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Non-Cash Investing and Financing Transactions ​ ​ Capitalization of share-based compensation to mineral properties, plant and equipment ​ $ 928 ​ $ 430 Capitalization of depreciation to mineral properties, plant and equipment ​ $ 2,258 ​ $ 923 Capitalization of re-estimation of decommissioning and rehabilitation provision ​ $ (927) ​ $ 305 Increase (decrease) in non-cash working capital related to: ​ ​ Mineral properties, plant and equipment ​ $ (2,259) ​ $ (4,375) ​

SEGMENTED INFORMATION

SEGMENTED INFORMATION	12 Months Ended
	Dec. 31, 2021
SEGMENTED INFORMATION
SEGMENTED INFORMATION	23. SEGMENTED INFORMATION The Corporation had two operating segments during the years ended December 31, 2021 and 2020. The first operating segment is mining operations, which includes the production of silver, lead and zinc concentrates, underground mining development, and exploration and evaluation activities. The second operating segment is reclamation management services, which is focused on the clean up of historical liabilities of the Keno Hill Silver District through ERDC under a contract with the Federal Government of Canada. The Corporation’s executive head office and general corporate administration are included within ‘Corporate and Other’ to reconcile the reportable segments to the consolidated financial statements. An operating segment is a component of an entity that engages in business activities. Operating results are reviewed by the chief operating decision maker, Alexco’s Chief Executive Officer, with respect to resource allocation and for which discrete financial information is available. The Corporation’s segmented information is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at and for the year ended Mining Reclamation Corporate and ​ ​ December 31, 2021 ​ Operations ​ Management ​ Other ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ $ 19,007 ​ $ 2,495 ​ $ — ​ $ 21,502 ​ ​ ​ ​ ​ ​ ​ Cost of sales ​ 27,973 ​ 1,975 ​ — ​ 29,948 ​ Depreciation and amortization ​ — ​ — ​ 291 ​ 291 ​ Share-based compensation ​ — ​ — ​ 3,539 ​ 3,539 ​ Other G&A expenses ​ — ​ — ​ 6,653 ​ 6,653 ​ Gain on net smelter return royalty ​ — ​ — ​ (4,500) ​ (4,500) ​ Gain on embedded derivative asset ​ — ​ — ​ (9,459) ​ (9,459) ​ Other (income) loss ​ 936 ​ — ​ (64) ​ 872 ​ ​ ​ ​ ​ ​ ​ Segment income (loss) before taxes ​ $ (9,902) ​ $ 520 ​ $ 3,540 ​ $ (5,842) ​ ​ ​ ​ ​ ​ ​ ​ Total assets ​ $ 173,015 ​ $ 1,207 ​ $ 36,140 ​ $ 210,362 ​ Total liabilities ​ $ 21,465 ​ $ 5 ​ $ 2,790 ​ $ 24,260 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at and for the year ended Mining Reclamation Corporate and ​ ​ December 31, 2020 ​ Operations ​ Management ​ Other ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ $ — ​ $ 2,866 ​ $ — ​ $ 2,866 ​ ​ ​ ​ ​ ​ ​ Cost of sales ​ — ​ 3,300 ​ — ​ 3,300 ​ Depreciation and amortization ​ 1,430 ​ — ​ 289 ​ 1,719 ​ Share-based compensation ​ 148 ​ — ​ 3,314 ​ 3,462 ​ Other G&A expenses ​ 103 ​ — ​ 6,008 ​ 6,111 ​ Mine site maintenance ​ 7,933 ​ — ​ — ​ 7,933 ​ Loss on embedded derivative asset ​ — ​ — ​ 21,728 ​ 21,728 ​ Write-down of inventories ​ ​ 2,773 ​ ​ — ​ ​ — ​ ​ 2,773 ​ Other (income) loss ​ 146 ​ — ​ (219) ​ (73) ​ ​ ​ ​ ​ ​ ​ Segment income (loss) before taxes ​ $ (12,533) ​ $ (434) ​ $ (31,120) ​ $ (44,087) ​ ​ ​ ​ ​ ​ ​ Total assets ​ $ 125,347 ​ $ 948 ​ $ 45,372 ​ $ 171,667 ​ Total liabilities ​ $ 22,050 ​ $ 219 ​ $ 4,066 ​ $ 26,335 ​ ​

KEY MANAGEMENT COMPENSATION

KEY MANAGEMENT COMPENSATION	12 Months Ended
	Dec. 31, 2021
KEY MANAGEMENT COMPENSATION
KEY MANAGEMENT COMPENSATION	24. KEY MANAGEMENT COMPENSATION The remuneration of directors and those persons having authority and responsibility for planning, directing, and controlling activities of the Corporation is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31 ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Salaries and other short-term benefits ​ $ 2,021 ​ $ 1,942 Share-based compensation ​ 2,879 ​ 1,979 Total key management compensation ​ $ 4,900 ​ $ 3,921 ​

COMMITMENTS

COMMITMENTS	12 Months Ended
	Dec. 31, 2021
COMMITMENTS
COMMITMENTS	25. COMMITMENTS The Corporation’s purchase commitments as of December 31, 2021 totalled $438,000 and relate to equipment agreements at Keno Hill.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2021
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	26. SUBSEQUENT EVENTS (a) On January 18, 2022, the Corporation and the Offtaker further amended the unsecured revolving credit facility, increasing the total prepayments allowed under the Facility from US$7,500,000 to US$10,000,000. All other terms of the Facility remain unchanged. In March 2022, the Corporation received a prepayment under the Facility in the amount of US$5,000,000. (b) On January 27, 2022, the Corporation completed an equity financing and issued 3,610,425 flow-through common shares for aggregate gross proceeds of $9,200,274. The flow-through common shares comprise: (i) 2,129,685 flow-through shares with respect to “Canadian exploration expenses” priced at $2.70 per CEE Share; and (ii) 1,480,740 flow-through shares with respect to “Canadian development expenses” priced at $2.33 per CDE Share. The Corporation incurred share issuance costs of approximately $760,000.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Consolidation	(a) Basis of Consolidation The Corporation’s consolidated financial statements include the accounts of the Corporation and its subsidiaries. Subsidiaries are entities controlled by the Corporation, where control is achieved by the Corporation being exposed to, or having rights to, variable returns from its involvement with the entity and having the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is obtained by Alexco, and are de-consolidated from the date that control ceases. The following subsidiaries have been consolidated for all dates presented within these financial statements, and are wholly owned: Alexco Keno Hill Mining Corp. (“AKHM”), Elsa Reclamation & Development Company Ltd. (“ERDC”), and Alexco Exploration Canada Corp. (“AECC”). All significant inter-company transactions, balances, income and expenses are eliminated on consolidation.
Cash and Cash Equivalents	(b) Cash and Cash Equivalents Cash and cash equivalents are unrestricted as to use and consist of cash on hand, demand deposits and short term interest-bearing investments with maturities of 90 days or less from the original date of acquisition and which can readily be liquidated to known amounts of cash. Redeemable interest-bearing investments with maturities of up to one year are considered cash equivalents if they can readily be liquidated at any point in time to known amounts of cash and they are redeemable thereafter until maturity for invested value plus accrued interest.
Inventories	(c) Inventories Inventories include ore in stockpiles on the surface and underground, concentrate and materials and supplies. Ore in stockpiles and concentrate are recorded at the lower of weighted average cost and net realizable value. Cost comprises all mining and processing costs incurred, including labor, materials and supplies, production-related overheads, depreciation of production-related plant and equipment and depletion of related mineral properties. Net realizable value is calculated as the estimated price at the time of sale based on prevailing and future metal prices less estimated future production costs to convert the inventories into saleable form and estimated costs to sell. Materials and supplies are valued at the lower of weighted average cost, based on landed cost of purchase, and net realizable value, net of a provision for obsolescence where applicable. Any write-downs of inventories to net realizable value are recorded within the statement of loss. If there is a subsequent increase in the value of inventories, the previous write-downs to net realizable value are reversed to cost to the extent that the related inventories have not been sold.
Mineral Properties, Plant and Equipment	(d) Mineral Properties, Plant and Equipment Mineral properties Mineral properties are recorded at cost on a property-by-property basis. The recorded cost of mineral properties is based on acquisition costs incurred to date, including capitalized exploration and evaluation costs and capitalized development costs, less depletion, recoveries and write-offs. Capitalized development costs include costs incurred to establish access to mineable reserves where such costs are expected to provide a long-term economic benefit. Depletion of mining properties is calculated on the units-of-production basis using estimated mine plan reserves, such reserves being those defined in the mine plan on which the applicable mining activity is based. The mine plan reserves for such purpose are generally as described in an economic analysis supported by a technical report compliant with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects Construction in progress Construction in progress includes mineral properties, plant and equipment in the course of construction for the Corporation’s own use. Costs recorded for assets under construction are capitalized as construction in progress. On completion, the cost of construction is transferred to the appropriate category of mineral properties, plant and equipment. No depreciation is recorded until the assets are substantially complete and available for their intended use. Plant and equipment Plant and equipment are stated at historical cost less accumulated depreciation and accumulated impairment. The cost capitalized is determined by the purchase price or construction costs, the direct cost of bringing the asset to the condition necessary for operation, and the estimated future cost of decommissioning and removing the asset. Repairs and maintenance expenditures are charged to operations, while major improvements and replacements which extend the useful life of an asset are capitalized. Depreciation of plant and equipment is calculated using the following methods: ​ Heavy machinery and equipment 5 years straight-line Buildings 20 years straight-line Leasehold improvements & Other Over the term of lease, and 2 – 5 years straight-line Roads, Camp and other site infrastructure 5 - 10 years straight-line Ore-processing mill components Estimated life of mine ​ Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized within other gains or losses in earnings. Right of use (“ROU”) assets ROU assets are initially recorded at cost, which comprises the initial amount of the lease liability and any initial direct costs incurred less any lease payments made at or before the initial recognition date. ROU assets are depreciated on a straight-line basis over the estimated useful life of the asset if the Corporation expects to take ownership of the asset at the end of the lease term, or over the lease term if the Corporation does not expect to take ownership of the asset at the end of the lease term. The lease term includes periods covered by an option to extend if the Corporation’s intention is to exercise that option. ROU assets are periodically reduced by impairment losses, if any, and adjusted for re-measurements of the lease obligation. Exploration and evaluation properties The Corporation capitalizes exploration and evaluation expenses at cost for expenditures incurred after it has obtained legal rights to explore a specific area and before technical feasibility and commercial viability of extracting mineral resources are demonstrable. All direct and indirect costs relating to the exploration of specific properties with the objective of locating, defining and delineating the resource potential of the mineral interests on specific properties are capitalized as exploration and evaluation assets, net of any directly attributable recoveries recognized, such as exploration or investment tax credits. The Corporation has elected to follow a policy of applying the consideration received from the silver streaming arrangement with Wheaton Precious Metals Corp. (“Wheaton”) explained further in Note 9 as a credit to the carrying value of the exploration and evaluation properties. Accordingly, the consideration received has been applied as an offset against the mineral interest asset. Exploration and evaluation assets are evaluated and may be classified as mineral properties upon achieving technical feasibility and determination of commercial viability. Upon reclassification, the assets are tested for impairment.
Impairment	(e) Impairment The carrying amounts of mineral properties, plant and equipment and exploration and evaluation properties are reviewed and evaluated for indications of impairment. If any such indication exists, an estimate of the recoverable amount is undertaken. If the recoverable amount is less than the carrying amount of the asset, an impairment loss is recognized and the asset is written down to recoverable value. The recoverable amount is the higher of an asset’s “fair value less cost of disposal” and “value-in-use”. Where the asset does not generate cash flows that are independent from other assets, the recoverable amount of the cash-generating unit (“CGU”) to which the asset belongs is determined, with a CGU being the smallest identifiable group of assets and liabilities that generate cash inflows independent from other assets. Exploration and evaluation assets are each separately assessed for impairment, and are not allocated by the Corporation to a CGU for impairment assessment purposes. “Fair value less cost of disposal” is determined as the amount that would be obtained from the sale of the asset or CGU in an arm’s length transaction between knowledgeable and willing parties. In assessing “value-in-use”, the future cash flows expected to arise from the continuing use of the asset or CGU in its present form are estimated using assumptions that an independent market participant would consider appropriate, and are then discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and risks specific to the asset or CGU. Where conditions that gave rise to a recognized impairment loss are subsequently reversed, the amount of such reversal is recognized into earnings immediately, though is limited such that the revised carrying amount of the asset or CGU does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset or CGU.
Lease liabilities	(f) Lease liabilities The lease liability is measured at the present value of the expected lease payments over the lease term, discounted at the implicit rate in the lease; if the rate cannot be determined, the incremental borrowing rate of the asset or asset grouping is used. The lease liability is increased for the passage of time and payments on the lease are offset against the lease liability. The liability is subsequently re-measured when there is a change in the lease agreement, such as a change in future lease payments or if the Corporation decides to purchase, extend or terminate the lease option. When the lease liability is re-measured, an adjustment is applied to the carrying value of the ROU asset.
Provisions	(g) Provisions General Provisions are recorded when a present legal or constructive obligation exists as a result of past events, where it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made. Decommissioning and rehabilitation provision The Corporation recognizes a decommissioning and rehabilitation provision for statutory, contractual, constructive or legal obligations to undertake reclamation and closure activities associated with mineral properties, plant and equipment, generally at the time that an environmental or other site disturbance occurs or a constructive obligation for reclamation and closure activities is determined. When the extent of disturbance increases over the life of an operation, the provision is increased accordingly. Provisions are measured at the present value of the expected future expenditures required to settle the obligation, using a risk-free pre-tax discount rate reflecting the time value of money and risks specific to the liability. The liability is increased for the passage of time, and adjusted for changes to the current market-based risk-free discount rate as well as changes in the estimated amount or timing of the expected future expenditures. The associated restoration costs are capitalized as part of the carrying amount of the related asset and then depreciated accordingly.
Revenue Recognition	(h) Revenue Recognition The Corporation's sources of mining operations revenue are from the sale of concentrate and from the provision of extraction services. Revenue relating to the sale of concentrate and extraction services is recognized when control of the concentrate is transferred to the customer in an amount that reflects the consideration the Corporation expects to receive. In determining whether the Corporation has satisfied a performance obligation, it considers the indicators of the transfer of control, which include, but are not limited to, whether: it has a present right to payment; it has transferred physical possession of the asset to the customer; the customer has the significant risks and rewards of ownership of the asset; and the customer has legal title to the asset. The Corporation's performance obligations relate primarily to the delivery of concentrate to its Offtaker and delivery of silver under the silver purchase agreement ("SPA") with Wheaton Precious Metals Corp. ("Wheaton"). Revenue from sale of concentrate under the Corporation's offtake agreement is recognized at the point when control is transferred to the Offtaker, typically when the concentrate is loaded for transport. The initial sales price is based on the forward market price when the concentrate is loaded. The final sales price is subject to average metals prices during a quotational period, typically one or three months after the date of the concentrate's arrival at the smelter. When the concentrate is loaded for transport, the Corporation prepares a provisional invoice for 90%of the value of the shipment. Once the quotational period has ended and final weights, assays and settlement prices are known, the Corporation prepares a final invoice for the remaining value of the shipment. If the quotational period for a shipment has not ended prior to period end, the trade receivable is remeasured to fair value by reference to forward market prices with the impact of changes in the forward market prices recognized as a gain or loss presented as a component of revenue on the statement of income or loss. Revenue from the sale of concentrate is recorded net of transportation, treatment and refining charges. Upon entering into the silver purchase agreement with Wheaton, it was determined that the contract was a partial sale of a mineral interest and a related contract to provide extraction services. Revenue from extraction services is recognized at the point when concentrate has been delivered to the Offtaker, which occurs when the concentrate is loaded for transport. Revenue from extraction services is recognized using a transaction price of US$3.90 per ounce, which is considered the stand-alone selling price of those services at the inception of the contract. The actual cash payment received from Wheaton, which differs from the extraction services revenue recognized, is determined using a payment formula, which is dependent on the spot price of silver at time of delivery and Alexco's stage in the production period as defined in the Wheaton SPA. The difference between the actual cash payment received and the extraction services revenue recognized represents the portion of the embedded derivative asset that is settled. Revenue from the sale of concentrate, revenue from extraction services, and changes in fair value of provisionally priced trade receivables are presented as mining operations revenue on the statement of income (loss). Revenue from reclamation management through ERDC is recognized upon the transfer of promised services or goods based on the output appropriate to the particular service contract and when a customer has the ability to direct the use and obtain the benefits from the service or good. The Corporation identifies the performance obligations in the contract, and the obligations are measured by reference to the transaction price. The transaction price is established in the agreement as either a fixed price or rate per hour. If the contract has multiple performance obligations, the Corporation will assign the transaction price to the various performance obligations.
Share-Based Compensation	(i) Share-Based Compensation The cost of incentive share options and other equity-settled share-based compensation and payment arrangements is recorded based on the estimated fair value at the grant date and charged to earnings over the vesting period. With respect to incentive share options, grant-date fair value is measured using the Black-Scholes option pricing model. With respect to restricted share units and deferred share units, the grant-date fair value is determined by reference to the share price of the Corporation at the date of grant. Where share-based compensation awards are subject to vesting, each vesting tranche is considered a separate award with its own vesting period and grant-date fair value. Share-based compensation expense is recognized over the tranche’s vesting period by a charge to earnings, based on the number of awards expected to vest.
Flow-Through Shares	(j) Flow-Through Shares The proceeds from the offering of flow-through shares are allocated between the shares and the sale of tax benefits when the shares are offered. The allocation is made based on the difference between the market value of the shares and the amount the investors pay for the flow ‐through shares. A liability is recognized for the premium paid by the investors above the share price for each unit. This is subsequently recognized in the results of operations in the period the eligible exploration expenditures are incurred.
Warrants	(k) Warrants The Corporation issues common share purchase warrants which are recorded based on the estimated fair value at the issue date. Fair value is measured using the Black-Scholes option pricing model.
Current and Deferred Income Taxes	(l) Current and Deferred Income Taxes Income tax expense comprises current and deferred income taxes. Current and deferred income taxes are recognized in profit or loss except to the extent that they relate to a business combination or to items recognized directly in equity or in other comprehensive income. Current income taxes are the expected taxes payable or receivable on the taxable income or loss for the period, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to taxes payable in respect of previous periods. Deferred income taxes are recognized using the liability method, on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. However, deferred income taxes are not recognized if they arise from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit nor loss. Deferred income taxes are determined using tax rates and laws that have been enacted or substantively enacted at the reporting date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets and liabilities are presented as non-current in the financial statements. Deferred income tax assets and liabilities are offset if there is a legally enforceable right of offset, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. Deferred income tax assets are recognized to the extent that it is probable that future taxable profits will be available against which the assets can be utilized.
Translation of Foreign Currencies	(m) Translation of Foreign Currencies The financial statements of each entity in the group are measured using the currency of the primary economic environment in which each entity operates (the “functional currency”). The functional currency of all entities in the Corporation group is the Canadian dollar, which is also the Corporation's presentation currency. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuations where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statements of loss and comprehensive loss for the year. When an entity disposes of its entire interest in a foreign operation, or loses control, joint control, or significant influence over a foreign operation, the foreign currency gains or losses accumulated in other comprehensive income related to the foreign operation are recognized in profit or loss.
Earnings or Loss Per Share	(n) Earnings or Loss Per Share Basic earnings per share is calculated by dividing the net income (loss) for the period by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share is calculated using the treasury share method whereby all “in the money” options, warrants and equivalents are assumed to have been exercised at the beginning of the period and the proceeds from the exercise are assumed to have been used to purchase common shares at the average market price during the period.
Financial Instruments	(o) Financial Instruments Financial assets and financial liabilities, including derivative instruments, are initially recognized at fair value on the balance sheet when the Corporation becomes a party to the relevant contractual provisions. Measurement in subsequent periods depends on the financial instrument’s classification. The Corporation classifies the financial instruments in the following categories: at fair value through profit and loss (“FVTPL”), fair value through other comprehensive income (“FVTOCI”) or at amortized cost. (i) Classification The Corporation determines the classification of financial instruments at initial recognition. Financial assets a) Debt - The classification of debt instruments is driven by the Corporation’s business model for managing the financial assets and the relevant contractual cash flow characteristics. A debt instrument is measured at amortized cost if the objective of the business model is to hold the debt instrument for the collection of contractual cash flows, and the asset’s contractual cash flows are comprised solely of payments of principal and interest. b) Equity - On the day of acquisition the Corporation makes an irrevocable election (on an instrument-by- instrument basis) to designate them as at FVTOCI. Investments in common shares are held for long term strategic purposes and not for trading. Our equity investments are designated as FVTOCI in order to provide a more meaningful presentation based on management’s intention, rather than reflecting changes in fair value in net income. Financial liabilities Financial liabilities are measured at amortized cost; unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or the Corporation has opted to measure at FVTPL. (ii) Measurement Financial assets and liabilities at FVTPL Financial assets and liabilities at FVTPL are initially recognized at fair value and transaction costs are expensed in the consolidated statement of loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets or liabilities held at FVTPL are included in the consolidated statement of loss in the period in which they occur. Where the Corporation has opted to designate a financial liability at FVTPL, any changes associated with our own credit risk will be recognized in Other Comprehensive Income (“OCI”). Financial assets at FVTOCI Investments in equity instruments at FVTOCI are initially recognized at fair value plus transaction costs. Subsequently, the investments are measured at fair value, with gains and losses arising from changes from initial recognition recognized in OCI. Financial assets and liabilities at amortized cost Financial assets and liabilities at amortized cost are initially recognized at fair value net of transaction costs, and subsequently amortized using the effective interest rate method. Derivative financial instruments Derivatives are classified as FVTPL. Derivatives embedded in financial liabilities are treated as separate derivatives when their risks and characteristics are not closely related to the host contracts. The classification approach described above is applied to all financial assets, including those that contain embedded derivatives, without the need to separate the embedded derivative from the host contract. (iii) Impairment of financial assets Impairment of financial assets at amortized cost The Corporation recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost. The Corporation is applying the simplified method for trade receivables and is calculating expected credit losses at an amount equal to the lifetime expected credit loss. Impairment losses on financial assets carried at amortized cost are reversed in subsequent periods if the expected credit losses are reversed after the impairment was recognized. (iv) Derecognition Derecognition of financial assets and liabilities Financial assets are derecognized when the investments mature or are sold, and substantially all the risks and rewards of ownership have been transferred. A financial liability is derecognized when the obligation under the liability is discharged, canceled or expired. Gains and losses on derecognition are recognized within other income (expenses). Gains or losses on equity financial assets designated as FVTOCI remain within accumulated OCI. (v) Fair value of financial instruments The fair values of quoted investments in an active market are based on current prices. If there is no active market with a quoted price for a financial asset, the Corporation establishes fair value by using valuation techniques. These include the use of recent arm’s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, and option pricing models refined to reflect the financial asset’s specific circumstances.
Fair Value Measurement	(p) Fair Value Measurement Where fair value is used to measure assets and liabilities in preparing these financial statements, it is estimated at the price at which an orderly transaction to sell the asset or to transfer the liability would take place between market participants at the measurement date under current market conditions. Fair values are determined from the lowest level significant inputs that are classified within the fair value hierarchy defined under IFRS as follows: Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly Level 3 – Inputs for the asset or liability that are unobservable

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of depreciation of plant and equipment	Depreciation of plant and equipment is calculated using the following methods: ​ Heavy machinery and equipment 5 years straight-line Buildings 20 years straight-line Leasehold improvements & Other Over the term of lease, and 2 – 5 years straight-line Roads, Camp and other site infrastructure 5 - 10 years straight-line Ore-processing mill components Estimated life of mine ​

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2021
INVENTORIES
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 December 31 ​ ​ 2021 ​ 2020 Ore in stockpiles ​ $ 524 ​ $ 2,317 Concentrate ​ ​ 80 ​ ​ 231 Materials and supplies ​ 1,472 ​ 1,695 ​ ​ ​ Total inventories ​ $ 2,076 ​ $ 4,243

MINERAL PROPERTIES, PLANT AND_2

MINERAL PROPERTIES, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2021
MINERAL PROPERTIES, PLANT AND EQUIPMENT
Disclosure of detailed information about mineral properties, plant and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ Mineral ​ Plant and ​ Right of use ​ evaluation ​ ​ ​ Cost ​ properties ​ equipment (i) ​ assets assets (ii) ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ $ 100,073 ​ $ 42,364 ​ $ 1,883 ​ $ 79,893 ​ $ 224,213 Additions ​ 17,488 ​ 6,341 ​ 8,272 ​ 737 ​ 32,838 Disposals ​ — ​ (235) ​ — ​ — ​ (235) Disposal of AEG ​ — ​ (2,639) ​ (276) ​ — ​ (2,915) Amendment to Wheaton SPA ​ — ​ — ​ — ​ (14,835) ​ (14,835) Change of estimate in decommissioning and rehabilitation provision ​ 159 ​ 147 ​ — ​ — ​ 306 Transfers from exploration and evaluation assets to mineral properties (ii) ​ ​ 51,127 ​ ​ — ​ — ​ (51,127) ​ ​ — December 31, 2020 ​ $ 168,847 ​ $ 45,978 ​ $ 9,879 ​ $ 14,668 ​ $ 239,372 Accumulated Depreciation ​ ​ ​ ​ ​ December 31, 2019 ​ $ 90,459 ​ $ 27,666 ​ $ 533 ​ $ — ​ $ 118,658 Depreciation and depletion ​ 397 ​ 1,786 ​ 884 ​ — ​ 3,067 Disposals ​ — ​ (117) ​ — ​ — ​ (117) Disposal of AEG ​ — ​ (1,374) ​ (50) ​ — ​ (1,424) December 31, 2020 ​ $ 90,856 ​ $ 27,961 ​ $ 1,367 ​ $ — ​ $ 120,184 Net Book Value ​ ​ ​ ​ ​ December 31, 2019 ​ $ 9,614 ​ $ 14,698 ​ $ 1,350 ​ $ 79,893 ​ $ 105,555 December 31, 2020 ​ $ 77,991 ​ $ 18,017 ​ $ 8,512 ​ $ 14,668 ​ $ 119,188 ​ (i) The total cost of plant and equipment as at December 31, 2020 includes construction in progress of $3,543,000. (ii) On August 5, 2020, the Bermingham and Flame & Moth properties were determined to be technically feasible and commercially viable, and thus transitioned from exploration and evaluation assets under IFRS 6 to mineral properties under IAS 16. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ Mineral ​ Plant and ​ Right of use ​ evaluation ​ ​ ​ Cost properties equipment (i) assets assets Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ $ 168,847 ​ $ 45,978 ​ $ 9,879 ​ $ 14,668 ​ $ 239,372 Additions ​ 38,960 ​ 5,187 ​ 1,378 ​ 11,352 ​ 56,877 Disposals ​ ​ — ​ ​ — ​ ​ (596) ​ ​ — ​ ​ (596) Lease modifications ​ ​ — ​ ​ — ​ ​ 127 ​ ​ — ​ ​ 127 Change of estimate in decommissioning and rehabilitation provision ​ (473) ​ (454) ​ — ​ — ​ (927) December 31, 2021 ​ $ 207,334 ​ $ 50,711 ​ $ 10,788 ​ $ 26,020 ​ $ 294,853 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated Depreciation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ $ 90,856 ​ $ 27,961 ​ $ 1,367 ​ $ — ​ $ 120,184 Depreciation and depletion ​ 4,481 ​ 1,454 ​ 2,042 ​ — ​ ​ 7,977 Disposals ​ — ​ — ​ (65) ​ — ​ (65) Lease modifications ​ — ​ — ​ (320) ​ — ​ (320) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ $ 95,337 ​ $ 29,415 ​ $ 3,024 ​ $ — ​ $ 127,776 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Book Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ $ 77,991 ​ $ 18,017 ​ $ 8,512 ​ $ 14,668 ​ $ 119,188 ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ $ 111,997 ​ $ 21,296 ​ $ 7,764 ​ $ 26,020 ​ $ 167,077 (i) The total cost of plant and equipment as at December 31, 2021 includes construction in progress of $2,266,000.

EMBEDDED DERIVATIVE ASSET (Tabl

EMBEDDED DERIVATIVE ASSET (Tables)	12 Months Ended
	Dec. 31, 2021
EMBEDDED DERIVATIVE ASSET.
Schedule of embedded derivative asset	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ December 31 ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Embedded derivative asset – Beginning of period ​ $ 13,074 ​ $ 15,160 Portion of embedded derivative asset settled ​ 235 ​ — Fair value adjustment ​ 9,459 ​ (21,728) Amendment to Wheaton SPA ​ — ​ 19,642 ​ ​ ​ ​ ​ ​ ​ Embedded derivative asset – End of period ​ ​ 22,768 ​ $ 13,074 ​ ​ ​ ​ ​ ​ ​ Less: current embedded derivative asset ​ ​ 2,752 ​ ​ — ​ ​ ​ ​ ​ ​ ​ Non-current embedded derivative asset ​ $ 20,016 ​ $ 13,074

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2021
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Schedule of accounts payable and accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ December 31 ​ 2021 2020 Trade payables ​ $ 8,556 ​ $ 7,666 Accrued liabilities and other ​ 4,502 ​ 4,645 ​ ​ ​ ​ ​ $ 13,058 ​ $ 12,311

LEASE LIABILITIES (Tables)

LEASE LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2021
LEASE LIABILITIES.
Schedule of lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ December 31 ​ 2021 2020 Lease liabilities – Beginning of period ​ $ 7,262 ​ $ 1,446 Additions ​ ​ 1,377 ​ ​ 7,081 Cash flows - Principal payments ​ ​ (3,604) ​ ​ (1,246) Non-cash changes - Accretion ​ 503 ​ 292 Disposals ​ ​ (463) ​ ​ (311) Lease modifications ​ ​ 456 ​ ​ — ​ ​ ​ ​ ​ ​ ​ Lease liabilities - End of period ​ 5,531 ​ 7,262 ​ ​ ​ ​ ​ ​ ​ Less : current lease liabilities ​ 3,056 ​ 2,855 ​ ​ ​ ​ ​ ​ ​ Non-current lease liabilities ​ $ 2,475 ​ $ 4,407 ​
Schedule of undiscounted lease payments	As at December 31, 2021, the Corporation’s undiscounted lease payments consisted of the following: ​ ​ ​ ​ ​ ​ December 31 ​ 2021 2022 ​ $ 3,351 2023 ​ 1,839 2024 ​ 782 ​ ​ ​ ​ ​ ​ $ 5,972

DECOMMISSIONING AND REHABILIT_2

DECOMMISSIONING AND REHABILITATION PROVISION (Tables)	12 Months Ended
	Dec. 31, 2021
DECOMMISSIONING AND REHABILITATION PROVISION
Schedule of decommissioning and rehabilitation provision	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ December 31 ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Decommissioning and rehabilitation provision – Beginning of period ​ $ 6,542 ​ $ 6,202 ​ ​ ​ Change due to re-estimation ​ (927) ​ 305 Accretion expense, included in other income and expense ​ 52 ​ 35 ​ ​ ​ Decommissioning and rehabilitation provision – End of period ​ ​ 5,667 ​ ​ 6,542 ​ ​ ​ ​ ​ ​ ​ Less: current decommissioning and rehabilitation provision ​ ​ 705 ​ ​ — ​ ​ ​ ​ ​ ​ ​ Non-current decommissioning and rehabilitation provision ​ $ 4,962 ​ $ 6,542

CAPITAL AND RESERVES (Tables)

CAPITAL AND RESERVES (Tables)	12 Months Ended
	Dec. 31, 2021
Capital and reserves [Line Items]
Schedule of changes in incentive share options outstanding	The changes in share options outstanding are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Number of ​ ​ average ​ shares issued ​ ​ Exercise ​ or issuable on ​ ​ price exercise ​ ​ ​ ​ ​ ​ Balance - December 31, 2020 ​ $ 2.17 10,245,934 ​ ​ ​ Share options granted ​ $ 2.17 1,970,000 Share options exercised ​ $ 1.66 (2,272,431) Share options forfeited or expired ​ $ 2.85 (271,385) ​ ​ ​ Balance - December 31, 2021 ​ $ 2.27 9,672,118 ​ ​ Balance - December 31, 2019 ​ $ 1.81 10,465,233 ​ ​ ​ Share options granted ​ $ 3.07 2,003,200 Share options exercised ​ $ 1.28 (2,217,499) Share options forfeited or expired ​ $ 0.60 (5,000) ​ ​ ​ Balance - December 31, 2020 ​ $ 2.17 10,245,934
Schedule of incentive share options outstanding and exercisable	Share options outstanding and exercisable at December 31, 2021 are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Outstanding ​ Options Exercisable ​ Number of ​ ​ ​ Number of ​ ​ ​ ​ Shares ​ Average ​ Average ​ Shares ​ Average ​ ​ Issuable on ​ Remaining ​ Exercise ​ Issuable on ​ Exercise Exercise Price ​ Exercise ​ Life (Years) ​ Price ​ Exercise ​ Price ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $1.27 1,162,500 2.01 ​ $ 1.27 1,162,500 ​ $ 1.27 $1.27 325,000 0.01 ​ $ 1.27 — ​ $ 1.27 $1.75 40,000 0.62 ​ $ 1.75 40,000 ​ $ 1.75 $1.93 60,000 1.36 ​ $ 1.93 60,000 ​ $ 1.93 $2.07 1,223,400 1.08 ​ $ 2.07 1,223,400 ​ $ 2.07 $2.07 587,000 1.08 ​ $ 2.07 — ​ $ 2.07 $2.12 65,000 3.29 ​ $ 2.12 43,333 ​ $ 2.12 $2.17 1,970,000 4.96 ​ $ 2.17 656,667 ​ $ 2.17 $2.32 ​ 790,000 ​ 0.09 ​ $ 2.32 ​ 790,000 ​ $ 2.32 $2.61 ​ 1,900,484 ​ 2.95 ​ $ 2.61 ​ 1,900,484 ​ $ 2.61 $3.19 1,498,734 3.96 ​ $ 3.19 999,156 ​ $ 3.19 $3.86 50,000 3.69 ​ $ 3.86 33,333 ​ $ 3.86 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9,672,118 ​ 2.71 ​ $ 2.27 ​ 6,908,873 ​ $ 2.29
Restricted share units
Capital and reserves [Line Items]
Schedule of changes in share options outstanding	The changes in RSUs outstanding are summarized as follows: ​ ​ ​ ​ ​ ​ Number of ​ ​ shares issued ​ ​ or issuable ​ on vesting ​ ​ ​ Balance - December 31, 2020 566,340 ​ ​ RSUs granted (i) 1,505,449 RSUs vested (873,722) ​ Balance - December 31, 2021 1,198,067 ​ Balance - December 31, 2019 663,670 ​ RSUs granted 345,000 RSUs vested (442,330) ​ Balance - December 31, 2020 566,340 ​ (i)
Deferred Share Units [Member]
Capital and reserves [Line Items]
Schedule of changes in share options outstanding	The changes in DSUs outstanding are summarized as follows: ​ ​ ​ ​ ​ Number of ​ ​ shares issued ​ ​ or issuable ​ on vesting ​ ​ ​ Balance - December 31, 2020 ​ — ​ ​ ​ DSUs granted ​ 366,000 DSUs vested ​ (366,000) ​ ​ ​ Balance - December 31, 2021 ​ —

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Dec. 31, 2021
REVENUE
Schedule of recorded revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31 ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Mining operations ​ ​ ​ ​ ​ ​ Concentrate sales (i) ​ $ 22,309 ​ $ — Less: silver delivered under the Wheaton SPA ​ (4,393) ​ — Extraction services (ii) ​ 681 ​ — Revenue from contracts with customers ​ 18,597 ​ — Change in fair value of provisionally priced trade receivables (iii) ​ 410 ​ — ​ ​ 19,007 ​ — ​ ​ ​ ​ ​ ​ ​ Reclamation management (iv) ​ 2,495 ​ 2,866 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 21,502 ​ $ 2,866 ​ (i) Concentrate sales revenue represents the sale of all concentrate produced at Keno Hill to the Offtaker under the Corporation’s offtake agreement, prior to the 25% of silver production that is delivered to Wheaton under the Wheaton SPA. Concentrate sales revenue is recorded net of transportation costs. (ii) Extraction services revenue represents revenue earned from the mining of silver that is delivered to Wheaton under the Wheaton SPA. The actual cash payment from Wheaton, which differs from the extraction services revenue recognized, is determined using a payment formula, which is dependent on the spot price of silver at time of delivery and Alexco’s stage in the production period as defined in the Wheaton SPA (Note 9). (iii) Change in fair value of provisionally priced trade receivables is attributable to changes in forward metals prices and represents the change in metals prices from the date of revenue recognition to the date of final settlement. (iv) Reclamation management revenue represents revenue earned by ERDC for the environmental care and maintenance for the historical environmental liabilities of the former UKHM mineral properties (Note 8).

COST OF SALES (Tables)

COST OF SALES (Tables)	12 Months Ended
	Dec. 31, 2021
COST OF SALES.
Schedule of cost of sales	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31 ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Mining operations ​ ​ ​ ​ ​ ​ Production costs ​ $ 21,388 ​ $ — Depreciation and depletion ​ 5,419 ​ — Site share-based compensation ​ 355 ​ — Royalties and selling costs ​ 269 ​ ​ Change in inventories ​ 542 ​ — ​ ​ 27,973 ​ — ​ ​ ​ ​ ​ ​ ​ Reclamation management (i) ​ 1,975 ​ 3,300 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 29,948 ​ $ 3,300 ​ (i) Reclamation management cost of sales represents cost of sales incurred by ERDC for the environmental care and maintenance for the historical environmental liabilities of the former UKHM mineral properties (Note 8).

GENERAL AND ADMINISTRATIVE EX_2

GENERAL AND ADMINISTRATIVE EXPENSES BY NATURE OF EXPENSE (Tables)	12 Months Ended
	Dec. 31, 2021
GENERAL AND ADMINISTRATIVE EXPENSES BY NATURE OF EXPENSE
Schedule of General and Administrative Expenses by Nature of Expense	The Corporation recorded general and administrative expenses as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31 Corporate 2021 2020 ​ ​ ​ Depreciation of plant and equipment and ROU assets ​ $ 291 ​ $ 289 Business development, investor relations and travel ​ 351 ​ 477 Office and administration ​ 1,156 ​ 739 Professional and regulatory ​ 1,353 ​ 1,378 Salaries and contractors ​ 3,797 ​ 3,418 Share-based compensation ​ 3,539 ​ 3,314 ​ ​ ​ ​ ​ ​ ​ $ 10,487 ​ $ 9,615

INCOME TAX EXPENSE (Tables)

INCOME TAX EXPENSE (Tables)	12 Months Ended
	Dec. 31, 2021
INCOME TAX EXPENSE
Schedule of major components of income tax expense	(a) The income tax provision differs from the amount that would result from applying the Canadian federal and provincial tax rate to income before taxes. These differences result from the following items: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31 ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Accounting loss before tax from continuing operations ​ $ (5,842) ​ $ (44,087) Profit (loss) before tax from discontinued operations ​ ​ — ​ ​ 7,550 Consolidated net loss before tax ​ ​ (5,842) ​ ​ 36,537 Federal and provincial income tax rate of 27% (2020 – 27%) ​ (1,577) ​ (9,864) ​ ​ ​ Non-deductible permanent differences ​ 840 ​ 664 Effect of difference in tax rates ​ — ​ 6 Change in deferred tax asset not recognized ​ (2,450) ​ 5,271 Flow-through share renunciation ​ 473 ​ 321 Non-taxable accounting gain on sale of subsidiaries ​ ​ — ​ ​ (1,832) Deferred tax expense on discontinued operations ​ ​ — ​ ​ (214) Change in estimate ​ 12 ​ 191 Other ​ 6 ​ (60) ​ ​ (2,696) ​ (5,517) ​ ​ ​ Income tax recovery ​ $ (2,696) ​ $ (5,517)
Schedule of movement in deferred tax assets and liabilities	(b) The movement in deferred tax assets and liabilities during the year by type of temporary difference, without taking into consideration the offsetting balances within the same tax jurisdiction, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mineral ​ ​ ​ ​ ​ ​ ​ ​ ​ Property ​ ​ ​ ​ Plant and ​ ​ ​ ​ ​ ​ Deferred tax liabilities ​ Interest ​ Inventories ​ Equipment ​ Other ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ $ (10,036) ​ $ (113) ​ $ (2,094) ​ $ (8,012) ​ $ (20,255) (Charged) credited to the income statement ​ 1,212 ​ (114) ​ (83) ​ 789 ​ 1,804 Charged to OCI ​ — ​ — ​ — ​ (379) ​ (379) ​ ​ ​ ​ ​ ​ December 31, 2020 ​ $ (8,824) ​ $ (227) ​ $ (2,177) ​ $ (7,602) ​ $ (18,830) (Charged) credited to the income statement ​ (8,799) ​ 79 ​ 357 ​ (3,407) ​ (11,770) Charged to OCI ​ — ​ — ​ — ​ (10) ​ (10) ​ ​ ​ ​ ​ ​ December 31, 2021 ​ $ (17,623) ​ $ (148) ​ $ (1,820) ​ $ (11,019) ​ $ (30,610) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mineral Loss ​ Decommissioning ​ ​ ​ ​ ​ ​ Property ​ Carry ​ Plant and ​ and Rehabilitation ​ ​ ​ ​ ​ ​ Deferred tax assets ​ Interest ​ Forward ​ Equipment ​ Provision ​ Other ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ $ 5,168 ​ $ 8,563 ​ $ 52 ​ $ 1,674 ​ $ 77 ​ $ 15,534 Credited (charged) to the income statement ​ (1,078) ​ 4,150 ​ (10) ​ 33 ​ 201 ​ 3,296 ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ $ 4,090 ​ $ 12,713 ​ $ 42 ​ $ 1,707 ​ $ 278 ​ $ 18,830 Credited (charged) to the income statement ​ 1,294 ​ 9,431 ​ 2 ​ (236) ​ 1,289 ​ 11,780 ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ $ 5,384 ​ $ 22,144 ​ $ 44 ​ $ 1,471 ​ $ 1,567 ​ $ 30,610 ​ Net deferred tax liabilities ​ ​ ​ ​ ​ December 31, 2020 $ — Charged to the income statement ​ 10 Charged to OCI ​ (10) December 31, 2021 ​ $ —
Schedule of unrecognized tax attributes	(c) As at December 31, 2021, the Corporation has unrecognized potential tax assets, noted below, that are available to offset future taxable income. The Corporation has not recognized the deferred tax asset on these temporary differences because they relate to entities within the group that have a history of losses and there is not yet adequately convincing evidence that these entities will generate sufficient future taxable income to enable offset. ​ ​ ​ ​ ​ Tax loss carry forwards $ 55,829 Mineral property interest ​ 8,890 Other ​ 9,437 ​ ​ $ 74,156
Schedule of non-capital losses for income tax purposes	(d) As at December 31, 2021, the Corporation has available non-capital losses for income tax purposes in Canada which are available to be carried forward to reduce taxable income in future years and for which no deferred income tax asset has been recognized, and which expire as follows: ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ 2034 ​ $ 2,129 2035 ​ 4,742 2036 ​ 6,626 2037 ​ 6,625 2038 ​ 5,951 2039 ​ 6,924 2040 ​ ​ 12,286 2041 ​ ​ 10,546 ​ ​ $ 55,829

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of nature and extent of risks arising from financial instruments [line items]
Schedule of carrying amounts of the Corporation's financial assets and liabilities	The carrying amounts of the Corporation’s financial assets and liabilities is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ ​ ​ ​ ​ Hierarchy ​ December 31 ​ December 31 ​ ​ Classification ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value through profit or loss: ​ ​ Embedded derivative asset Level 3 ​ $ 22,768 ​ $ 13,074 Provisionally priced trade receivables Level 2 ​ ​ 2,165 ​ ​ — ​ ​ ​ ​ Fair value through other comprehensive loss: ​ ​ Investments in marketable securities Level 1 ​ ​ 24 ​ ​ 4,241 ​ ​ $ 24,957 ​ $ 17,315
Schedule of corporation's maximum exposure to credit risk at the balance sheet date under its financial instruments	Credit risk is the risk of financial loss to the Corporation if a customer or counterparty to a financial instrument fails to meet its obligations. The Corporation’s maximum exposure to credit risk at the balance sheet date under its financial instruments is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 December 31 ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ Trade receivables ​ ​ Currently due ​ $ 1,419 ​ $ 489 Past due by 90 days or less, not impaired ​ 5 ​ 204 Past due by greater than 90 days, not impaired ​ 32 ​ 74 ​ ​ 1,456 ​ 767 ​ ​ ​ ​ ​ Cash ​ 9,400 ​ 23,210 Demand deposits ​ 533 ​ 532 Term deposits ​ 2,990 ​ 2,932 Promissory note receivable ​ ​ 1,250 ​ ​ 1,250 ​ ​ ​ ​ ​ Total exposure ​ $ 15,629 ​ $ 28,691
Schedule of the contractual maturities at the balance sheet date	Furthermore, the Corporation has access to a US$10,000,000 unsecured revolving credit facility with its Offtaker (Notes 12 and 26). Subsequent to year-end, the Corporation completed an equity financing and issued 3,610,425 flow-through common shares for aggregate gross proceeds of $9,200,274 (Note 26). The Corporation’s financial liabilities are comprised of its accounts payable and accrued liabilities, the contractual maturities of which at the balance sheet date are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 December 31 ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ Accounts payable and accrued liabilities with contractual maturities ​ ​ Within 90 days or less ​ $ 12,661 ​ $ 12,311 In later than 90 days, not later than one year ​ 397 ​ — ​ ​ ​ Total exposure ​ $ 13,058 ​ $ 12,311
Currency risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Schedule of risk exposure	The Corporation is exposed to currency risk at the balance sheet date through the following financial assets and liabilities, which are denominated in thousands of US dollars: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 December 31 ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 1,033 ​ $ 14 Accounts and other receivables ​ 2,165 ​ 2 Accounts payable and accrued liabilities ​ (450) ​ (338) Net exposure ​ $ 2,748 ​ $ (322)
Commodity risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Schedule of risk exposure	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ December 31 ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Embedded derivative asset ​ $ 22,768 ​ $ 13,074 Provisionally priced trade receivables ​ ​ 2,165 ​ ​ — Total exposure ​ $ 24,933 ​ $ 13,074

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2021
SUPPLEMENTAL CASH FLOW INFORMATION
Schedule of supplemental cash flow information	The Corporation’s supplemental cash flow information is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31 ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Non-Cash Investing and Financing Transactions ​ ​ Capitalization of share-based compensation to mineral properties, plant and equipment ​ $ 928 ​ $ 430 Capitalization of depreciation to mineral properties, plant and equipment ​ $ 2,258 ​ $ 923 Capitalization of re-estimation of decommissioning and rehabilitation provision ​ $ (927) ​ $ 305 Increase (decrease) in non-cash working capital related to: ​ ​ Mineral properties, plant and equipment ​ $ (2,259) ​ $ (4,375)

SEGMENTED INFORMATION (Tables)

SEGMENTED INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2021
SEGMENTED INFORMATION
Schedule of segmented information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at and for the year ended Mining Reclamation Corporate and ​ ​ December 31, 2021 ​ Operations ​ Management ​ Other ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ $ 19,007 ​ $ 2,495 ​ $ — ​ $ 21,502 ​ ​ ​ ​ ​ ​ ​ Cost of sales ​ 27,973 ​ 1,975 ​ — ​ 29,948 ​ Depreciation and amortization ​ — ​ — ​ 291 ​ 291 ​ Share-based compensation ​ — ​ — ​ 3,539 ​ 3,539 ​ Other G&A expenses ​ — ​ — ​ 6,653 ​ 6,653 ​ Gain on net smelter return royalty ​ — ​ — ​ (4,500) ​ (4,500) ​ Gain on embedded derivative asset ​ — ​ — ​ (9,459) ​ (9,459) ​ Other (income) loss ​ 936 ​ — ​ (64) ​ 872 ​ ​ ​ ​ ​ ​ ​ Segment income (loss) before taxes ​ $ (9,902) ​ $ 520 ​ $ 3,540 ​ $ (5,842) ​ ​ ​ ​ ​ ​ ​ ​ Total assets ​ $ 173,015 ​ $ 1,207 ​ $ 36,140 ​ $ 210,362 ​ Total liabilities ​ $ 21,465 ​ $ 5 ​ $ 2,790 ​ $ 24,260 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at and for the year ended Mining Reclamation Corporate and ​ ​ December 31, 2020 ​ Operations ​ Management ​ Other ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ $ — ​ $ 2,866 ​ $ — ​ $ 2,866 ​ ​ ​ ​ ​ ​ ​ Cost of sales ​ — ​ 3,300 ​ — ​ 3,300 ​ Depreciation and amortization ​ 1,430 ​ — ​ 289 ​ 1,719 ​ Share-based compensation ​ 148 ​ — ​ 3,314 ​ 3,462 ​ Other G&A expenses ​ 103 ​ — ​ 6,008 ​ 6,111 ​ Mine site maintenance ​ 7,933 ​ — ​ — ​ 7,933 ​ Loss on embedded derivative asset ​ — ​ — ​ 21,728 ​ 21,728 ​ Write-down of inventories ​ ​ 2,773 ​ ​ — ​ ​ — ​ ​ 2,773 ​ Other (income) loss ​ 146 ​ — ​ (219) ​ (73) ​ ​ ​ ​ ​ ​ ​ Segment income (loss) before taxes ​ $ (12,533) ​ $ (434) ​ $ (31,120) ​ $ (44,087) ​ ​ ​ ​ ​ ​ ​ Total assets ​ $ 125,347 ​ $ 948 ​ $ 45,372 ​ $ 171,667 ​ Total liabilities ​ $ 22,050 ​ $ 219 ​ $ 4,066 ​ $ 26,335 ​

KEY MANAGEMENT COMPENSATION (Ta

KEY MANAGEMENT COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2021
KEY MANAGEMENT COMPENSATION
Schedule of key senior management personnel and the board of directors compensation	The remuneration of directors and those persons having authority and responsibility for planning, directing, and controlling activities of the Corporation is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31 ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Salaries and other short-term benefits ​ $ 2,021 ​ $ 1,942 Share-based compensation ​ 2,879 ​ 1,979 Total key management compensation ​ $ 4,900 ​ $ 3,921

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment and Impairment (Details)	12 Months Ended
	Dec. 31, 2021CAD ($)
Disclosure of significant accounting policies [Line Items]
Impairment loss on asset or cash generating unit	$ 0
Heavy machinery and equipment [Member]
Disclosure of significant accounting policies [Line Items]
Useful life measured as period of time, property, plant and equipment	5 years
Buildings
Disclosure of significant accounting policies [Line Items]
Useful life measured as period of time, property, plant and equipment	20 years
Leasehold Improvements [Member] | Maximum [Member]
Disclosure of significant accounting policies [Line Items]
Useful life measured as period of time, property, plant and equipment	5 years
Leasehold Improvements [Member] | Minimum [Member]
Disclosure of significant accounting policies [Line Items]
Useful life measured as period of time, property, plant and equipment	2 years
Roads, Camp and other site infrastructure [Member] | Maximum [Member]
Disclosure of significant accounting policies [Line Items]
Useful life measured as period of time, property, plant and equipment	10 years
Roads, Camp and other site infrastructure [Member] | Minimum [Member]
Disclosure of significant accounting policies [Line Items]
Useful life measured as period of time, property, plant and equipment	5 years

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2021$ / shares
Percentage of corporation prepares provisional invoice for value of the shipment	90.00%
Revenue from extraction services recognized transaction price per ounce	$ 3.90

INVESTMENTS - (Details)

INVESTMENTS - (Details) - Banyan gold corp	12 Months Ended
	Dec. 31, 2021CAD ($)
Disclosure of Investments [Line Items]
Gross proceeds on investments	$ 4,289,000
Cumulative gain on investment	$ 3,380,000

INVENTORIES (Details)

INVENTORIES (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
INVENTORIES
Ore in stockpiles	$ 524,000	$ 2,317,000
Concentrate	80,000	231,000
Materials and supplies	1,472,000	1,695,000
Total inventories	2,076,000	4,243,000
Inventory write-down	$ 488,000	$ 2,773,000

MINERAL PROPERTIES, PLANT AND_3

MINERAL PROPERTIES, PLANT AND EQUIPMENT (Details) - CAD ($)	Aug. 05, 2020	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about property, plant and equipment [line items]
Balance at the beginning		$ 119,188,000
Depreciation and depletion		2,258,000	$ 923,000
Balance at the end		167,077,000	119,188,000
Cost [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at the beginning		239,372,000	224,213,000
Additions		56,877,000	32,838,000
Disposals		(596,000)	(235,000)
Lease modifications		127,000
Disposal of AEG			(2,915,000)
Amendment to Wheaton SPA			(14,835,000)
Change of estimate in decommissioning and rehabilitation provision		(927,000)	306,000
Balance at the end		294,853,000	239,372,000
Accumulated depreciation [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at the beginning		(120,184,000)	(118,658,000)
Depreciation and depletion		7,977,000	3,067,000
Disposals		65,000	117,000
Lease modifications		(320,000)
Disposal of AEG			1,424,000
Balance at the end		(127,776,000)	(120,184,000)
Net book value [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at the beginning		119,188,000	105,555,000
Balance at the end		167,077,000	119,188,000
Mineral properties | Cost [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at the beginning		168,847,000	100,073,000
Additions		38,960,000	17,488,000
Amendment to Wheaton SPA	$ 14,835,000
Change of estimate in decommissioning and rehabilitation provision		(473,000)	159,000
Transfers from exploration and evaluation assets to mineral properties			51,127,000
Balance at the end		207,334,000	168,847,000
Mineral properties | Accumulated depreciation [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at the beginning		(90,856,000)	(90,459,000)
Depreciation and depletion		4,481,000	397,000
Balance at the end		(95,337,000)	(90,856,000)
Mineral properties | Net book value [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at the beginning		77,991,000	9,614,000
Balance at the end		111,997,000	77,991,000
Plant and equipment [Member] | Cost [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at the beginning		45,978,000	42,364,000
Additions		5,187,000	6,341,000
Disposals			(235,000)
Disposal of AEG			(2,639,000)
Change of estimate in decommissioning and rehabilitation provision		(454,000)	147,000
Balance at the end		50,711,000	45,978,000
Plant and equipment [Member] | Accumulated depreciation [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at the beginning		(27,961,000)	(27,666,000)
Depreciation and depletion		1,454,000	1,786,000
Disposals			117,000
Disposal of AEG			1,374,000
Balance at the end		(29,415,000)	(27,961,000)
Plant and equipment [Member] | Net book value [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at the beginning		18,017,000	14,698,000
Balance at the end		21,296,000	18,017,000
Right of use assets [Member] | Cost [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at the beginning		9,879,000	1,883,000
Additions		1,378,000	8,272,000
Disposals		(596,000)
Lease modifications		127,000
Disposal of AEG			(276,000)
Balance at the end		10,788,000	9,879,000
Right of use assets [Member] | Accumulated depreciation [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at the beginning		(1,367,000)	(533,000)
Depreciation and depletion		2,042,000	884,000
Disposals		65,000
Lease modifications		(320,000)
Disposal of AEG			50,000
Balance at the end		(3,024,000)	(1,367,000)
Right of use assets [Member] | Net book value [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at the beginning		8,512,000	1,350,000
Balance at the end		7,764,000	8,512,000
Exploration and evaluation assets [member] | Cost [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at the beginning		14,668,000	79,893,000
Additions		11,352,000	737,000
Amendment to Wheaton SPA			(14,835,000)
Transfers from exploration and evaluation assets to mineral properties			(51,127,000)
Balance at the end		26,020,000	14,668,000
Exploration and evaluation assets [member] | Net book value [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at the beginning		14,668,000	79,893,000
Balance at the end		$ 26,020,000	$ 14,668,000

MINERAL PROPERTIES, PLANT AND_4

MINERAL PROPERTIES, PLANT AND EQUIPMENT - Additional Information (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation of property, plant and equipment	$ 2,258,000	$ 923,000
Construction in progress	$ 2,266,000	$ 3,543,000

MINERAL PROPERTIES, PLANT AND_5

MINERAL PROPERTIES, PLANT AND EQUIPMENT - Mineral Properties (Details)	Jul. 08, 2019CAD ($)shares	Dec. 31, 2021USD ($)	Dec. 31, 2006CAD ($)
Disclosure of mineral properties [Line Items]
Cash held in trust			$ 10,000,000
Percentage of mineral property ownership acquisition	100.00%	51.00%
Percentage of ownership interest in property offered	100.00%
McQuesten [Member] | Banyan Gold corp [Member]
Disclosure of mineral properties [Line Items]
Smelter return royalty percentage	6.00%
Consideration receivable in the form of shares | shares	1,600,000
Total consideration receivable in cash or shares	$ 2,600,000
Value of treasury stock investment	$ 7,000,000
McQuesten [Member] | Banyan Gold corp [Member] | Silver [Member]
Disclosure of mineral properties [Line Items]
Smelter return royalty percentage	3.00%
McQuesten [Member] | Banyan Gold corp [Member] | IFRS Gold [Member]
Disclosure of mineral properties [Line Items]
Smelter return royalty percentage	1.00%
Maximum [Member] | Other Keno Hill Properties [Member]
Disclosure of mineral properties [Line Items]
Royalty expense		$ 4,000,000
Income arising from exploration for and evaluation of mineral resources		$ 6,200,000
Minimum [Member] | McQuesten [Member] | Banyan Gold corp [Member]
Disclosure of mineral properties [Line Items]
Mineral properties, expenditures incurred	$ 2,600,000
Ukhm Mineral Rights [Member]
Disclosure of mineral properties [Line Items]
Smelter return royalty percentage		1.50%
Royalty expenses paid		$ 40,000
Ukhm Mineral Rights [Member] | Maximum [Member]
Disclosure of mineral properties [Line Items]
Royalty expense		$ 4,000,000
Non-Ukhm Mineral Rights [Member] | McQuesten [Member]
Disclosure of mineral properties [Line Items]
Smelter return royalty percentage		2.00%
Non-Ukhm Mineral Rights [Member] | Maximum [Member]
Disclosure of mineral properties [Line Items]
Smelter return royalty percentage		2.00%
Non-Ukhm Mineral Rights [Member] | Maximum [Member] | Other Keno Hill Properties [Member]
Disclosure of mineral properties [Line Items]
Smelter return royalty percentage		1.50%
Non-Ukhm Mineral Rights [Member] | Minimum [Member]
Disclosure of mineral properties [Line Items]
Smelter return royalty percentage		0.50%
Non-Ukhm Mineral Rights [Member] | Minimum [Member] | Other Keno Hill Properties [Member]
Disclosure of mineral properties [Line Items]
Smelter return royalty percentage		1.00%

EMBEDDED DERIVATIVE ASSET (Deta

EMBEDDED DERIVATIVE ASSET (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
EMBEDDED DERIVATIVE ASSET.
Embedded derivative asset - Beginning of period	$ 13,074	$ 15,160
Portion of embedded derivative asset settled	235	0
Fair value adjustment	9,459	(21,728)
Amendment to Wheaton Silver Purchase Agreement		19,642
Embedded derivative asset - End of period	22,768	13,074
Less: current embedded derivative asset	2,752	0
Non-current embedded derivative asset	$ 20,016	$ 13,074

EMBEDDED DERIVATIVE ASSET - Add

EMBEDDED DERIVATIVE ASSET - Additional Information (Details) $ / shares in Units, oz in Millions	Aug. 05, 2020CAD ($)ozshares	Mar. 29, 2017USD ($)t	Oct. 02, 2008USD ($)	Mar. 29, 2017CAD ($)shares	Mar. 29, 2017USD ($)tshares	Dec. 31, 2021CAD ($)$ / oz	Dec. 31, 2020CAD ($)	Aug. 04, 2022	Dec. 31, 2021$ / shares	Aug. 05, 2020USD ($)shares	Aug. 04, 2020$ / shares
Disclosure of non-adjusting events after reporting period [line items]
Number of common share purchase warrants | shares	2,000,000									2,000,000
Number of shares per warrant | shares	1									1
Exercise price	3.50%									3.50%
Fair value	$ 4,806,000									$ 3,624,000
Derivative asset						$ 9,459,000
Percentage of life of mine silver	25.00%		25.00%							25.00%
Proceeds From Up-front deposit payments			$ 50,000,000
Proceeds from further Up-front deposit payments			$ 3.90
Annual percentage increase after third year of full production						1.00%
Silver purchase agreement, initial term			40 years
Mine and mill Completion per day | t		400			400
Reduction of mill throughput per day | t		322			322
Shares issued - consideration for Wheaton (in shares) | shares				3,000,000	3,000,000
Shares issued - consideration for Wheaton				$ 6,600,000	$ 4,934,948
Up front deposit amount		$ 50,000,000			50,000,000
Percentage Of interest representing future production	25.00%					25.00%
Production payment per ounce | $ / oz						3.90
Obligation to pay capacity related refund		8,788,000			$ 8,788,000
Repayment of original deposit		$ 50,000,000
Cost [Member]
Disclosure of non-adjusting events after reporting period [line items]
Embedded derivative asset credited against the mineral properties balance							$ (14,835,000)
Mineral properties | Cost [Member]
Disclosure of non-adjusting events after reporting period [line items]
Embedded derivative asset credited against the mineral properties balance	$ 14,835,000
Initial period [Member]
Disclosure of non-adjusting events after reporting period [line items]
Percentage of spot price payable at US$15 per ounce silver											90.00%
Spot price that pays 90% | $ / shares											$ 15
Ounces payable | oz	8
Percentage of spot price payable at US$23 per ounce silver											10.00%
Spot price that pays 10% | $ / shares											$ 23
Following the Initial Period [Member]
Disclosure of non-adjusting events after reporting period [line items]
Percentage of spot price payable at US$15 per ounce silver								90.00%
Spot price that pays 90% | $ / shares									$ 13
Percentage of spot price payable at US$23 per ounce silver								10.00%
Spot price that pays 10% | $ / shares									$ 23
Minimum [Member]
Disclosure of non-adjusting events after reporting period [line items]
Derivative asset							$ 21,728,000

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - CAD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Trade payables	$ 8,556	$ 7,666
Accrued liabilities and other	4,502	4,645
Trade and other current payables	$ 13,058	$ 12,311

LEASE LIABILITIES - Additional

LEASE LIABILITIES - Additional Information (Details) - CAD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
LEASE LIABILITIES.
Lease liabilities	$ 5,531,000	$ 7,262,000	$ 1,446,000
Weighted average incremental borrowing rate for lease liabilities	7.51%

LEASE LIABILITIES - Lease liabi

LEASE LIABILITIES - Lease liabilities (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Lease liabilities
Lease liabilities - Beginning of period	$ 7,262,000	$ 1,446,000
Additions	1,377,000	7,081,000
Cash flows - Principal payments	(3,604,000)	(1,246,000)
Non-cash changes - Accretion	503,000	292,000
Disposals	(463,000)	(311,000)
Lease modifications	456,000	0
Lease liabilities - End of period	5,531,000	7,262,000
Less : current lease liabilities	3,056,000	2,855,000
Non-current lease liabilities	$ 2,475,000	$ 4,407,000

LEASE LIABILITIES - Undiscounte

LEASE LIABILITIES - Undiscounted lease payments (Details) $ in Thousands	Dec. 31, 2021CAD ($)
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted lease payments	$ 5,972
2022
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted lease payments	3,351
2023
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted lease payments	1,839
2024
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted lease payments	$ 782

REVOLVING CREDIT FACILITY (Deta

REVOLVING CREDIT FACILITY (Details)	Jan. 18, 2022USD ($)	Jan. 17, 2022USD ($)	Sep. 23, 2021CAD ($)installment
Disclosure of detailed information about borrowings [line items]
Eligible amount of prepayment request	$ 10,000,000	$ 7,500,000
Ifrs Revolving Credit Facility [Member]
Disclosure of detailed information about borrowings [line items]
Face amount			$ 7,500,000
Eligible amount of prepayment request			$ 1,000,000
Number of monthly instalments | installment			5
Percentage of standby fee on undrawn amount			1.50%
Ifrs Revolving Credit Facility [Member] | Floating interest rate | Three months LIBOR
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis			7.05%

DECOMMISSIONING AND REHABILIT_3

DECOMMISSIONING AND REHABILITATION PROVISION (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
DECOMMISSIONING AND REHABILITATION PROVISION
Decommissioning and rehabilitation provision - Beginning of period	$ 6,542	$ 6,202
Change due to re-estimation	(927)	305
Accretion expense, included in other income and expense	52	35
Decommissioning and rehabilitation provision - End of period	5,667	6,542
Less: current decommissioning and rehabilitation provision	705	0
Non-current decommissioning and rehabilitation provision	$ 4,962	$ 6,542

DECOMMISSIONING AND REHABILIT_4

DECOMMISSIONING AND REHABILITATION PROVISION - Additional Information (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
DECOMMISSIONING AND REHABILITATION PROVISION
Discount rate used in current estimate of value in use	1.66%	1.02%
Actuarial assumption of expected rates of inflation	2.00%	2.00%
Expenditures to be incurred over certain years	18 years
Decommissioning and rehabilitation provision	$ 5,667,000	$ 6,542,000	$ 6,202,000
Cash flows required to settle the decommissioning and rehabilitation provision	6,600,000	7,322,000
Discounted amount	$ 5,667,000	$ 6,542,000

CAPITAL AND RESERVES - Incentiv

CAPITAL AND RESERVES - Incentive share options outstanding (Details)	Dec. 31, 2021USD ($)itemEquityInstruments	Dec. 31, 2020USD ($)EquityInstruments	Dec. 31, 2021$ / shares	Dec. 31, 2021EquityInstruments	Dec. 31, 2020EquityInstruments$ / shares
Capital and reserves [Line Items]
Weighted average exercise price - Balance Ending			$ 2.27
Number of shares issued or issuable on exercise - Balance End (in shares)	9,672,118
Balance - Share based compensation expense | $	$ 4,820,000	$ 2,490,000
Incentive stock option
Capital and reserves [Line Items]
Weighted average exercise price - Balance Opening			2.17		$ 1.81
Weighted average exercise price - stock options granted			2.17		3.07
Weighted average exercise price - options exercised			1.66		1.28
Weighted average exercise price - options forfeited or expired			2.85		0.60
Weighted average exercise price - Balance Ending			$ 2.27		$ 2.17
Number of shares issued or issuable on exercise - Balance Opening (in shares) | EquityInstruments				10,245,934	10,465,233
Number of shares issued or issuable on exercise - Stock options granted (in shares) | EquityInstruments				1,970,000	2,003,200
Number of shares issued or issuable on exercise - Options exercised (in shares) | EquityInstruments				(2,272,431)	(2,217,499)
Number of shares issued or issuable on exercise - Options forfeited or expired (in shares) | EquityInstruments				(271,385)	(5,000)
Number of shares issued or issuable on exercise - Balance End (in shares) | EquityInstruments	9,672,118	10,245,934		9,672,118	10,245,934

CAPITAL AND RESERVES - Incent_2

CAPITAL AND RESERVES - Incentive share options outstanding and exercisable (Details) - 12 months ended Dec. 31, 2021	item	$ / shares	USD ($)
Capital and reserves [Line Items]
Options Outstanding, Number of Shares Issuable on Exercise	9,672,118		9,672,118
Options Outstanding, Average Remaining Life (Years)	2 years 8 months 15 days
Options Outstanding, Average Exercise Price		$ 2.27
Options Exercisable, Number of Shares Issuable on Exercise | $			6,908,873
Options Exercisable, Average Exercise Price		2.29
Exercise Price - $1.27
Capital and reserves [Line Items]
Options Outstanding, Number of Shares Issuable on Exercise | $			1,162,500
Options Outstanding, Average Remaining Life (Years)	2 years 3 days
Options Outstanding, Average Exercise Price		1.27
Options Exercisable, Number of Shares Issuable on Exercise | $			1,162,500
Options Exercisable, Average Exercise Price		1.27
Exercise Price - $1.27 [Member]
Capital and reserves [Line Items]
Options Outstanding, Number of Shares Issuable on Exercise | $			325,000
Options Outstanding, Average Remaining Life (Years)	3 days
Options Outstanding, Average Exercise Price		1.27
Options Exercisable, Number of Shares Issuable on Exercise | $			0
Options Exercisable, Average Exercise Price		1.27
Exercise Price - $1.75 [Member]
Capital and reserves [Line Items]
Options Outstanding, Number of Shares Issuable on Exercise | $			40,000
Options Outstanding, Average Remaining Life (Years)	7 months 13 days
Options Outstanding, Average Exercise Price		1.75
Options Exercisable, Number of Shares Issuable on Exercise | $			40,000
Options Exercisable, Average Exercise Price		1.75
Exercise Price - $1.93 [Member]
Capital and reserves [Line Items]
Options Outstanding, Number of Shares Issuable on Exercise | $			60,000
Options Outstanding, Average Remaining Life (Years)	1 year 4 months 9 days
Options Outstanding, Average Exercise Price		1.93
Options Exercisable, Number of Shares Issuable on Exercise | $			60,000
Options Exercisable, Average Exercise Price		1.93
Exercise Price - $2.07 [Member]
Capital and reserves [Line Items]
Options Outstanding, Number of Shares Issuable on Exercise | $			1,223,400
Options Outstanding, Average Remaining Life (Years)	1 year 29 days
Options Outstanding, Average Exercise Price		2.07
Options Exercisable, Number of Shares Issuable on Exercise | $			1,223,400
Options Exercisable, Average Exercise Price		2.07
Exercise Price - $2.07
Capital and reserves [Line Items]
Options Outstanding, Number of Shares Issuable on Exercise | $			587,000
Options Outstanding, Average Remaining Life (Years)	1 year 29 days
Options Outstanding, Average Exercise Price		2.07
Options Exercisable, Number of Shares Issuable on Exercise | $			0
Options Exercisable, Average Exercise Price		2.07
Exercise Price - $2.12 [Member]
Capital and reserves [Line Items]
Options Outstanding, Number of Shares Issuable on Exercise | $			65,000
Options Outstanding, Average Remaining Life (Years)	3 years 3 months 14 days
Options Outstanding, Average Exercise Price		2.12
Options Exercisable, Number of Shares Issuable on Exercise | $			43,333
Options Exercisable, Average Exercise Price		2.12
Exercise Price - $2.17 [Member]
Capital and reserves [Line Items]
Options Outstanding, Number of Shares Issuable on Exercise | $			1,970,000
Options Outstanding, Average Remaining Life (Years)	4 years 11 months 15 days
Options Outstanding, Average Exercise Price		2.17
Options Exercisable, Number of Shares Issuable on Exercise | $			656,667
Options Exercisable, Average Exercise Price		2.17
Exercise Price - $2.32 [Member]
Capital and reserves [Line Items]
Options Outstanding, Number of Shares Issuable on Exercise | $			790,000
Options Outstanding, Average Remaining Life (Years)	1 month 2 days
Options Outstanding, Average Exercise Price		2.32
Options Exercisable, Number of Shares Issuable on Exercise | $			790,000
Options Exercisable, Average Exercise Price		2.32
Exercise Price - $2.61 [Member]
Capital and reserves [Line Items]
Options Outstanding, Number of Shares Issuable on Exercise | $			1,900,484
Options Outstanding, Average Remaining Life (Years)	2 years 11 months 12 days
Options Outstanding, Average Exercise Price		2.61
Options Exercisable, Number of Shares Issuable on Exercise | $			1,900,484
Options Exercisable, Average Exercise Price		2.61
Exercise Price - $3.19 [Member]
Capital and reserves [Line Items]
Options Outstanding, Number of Shares Issuable on Exercise | $			1,498,734
Options Outstanding, Average Remaining Life (Years)	3 years 11 months 15 days
Options Outstanding, Average Exercise Price		3.19
Options Exercisable, Number of Shares Issuable on Exercise | $			999,156
Options Exercisable, Average Exercise Price		3.19
Exercise Price - $3.86
Capital and reserves [Line Items]
Options Outstanding, Number of Shares Issuable on Exercise | $			50,000
Options Outstanding, Average Remaining Life (Years)	3 years 8 months 8 days
Options Outstanding, Average Exercise Price		3.86
Options Exercisable, Number of Shares Issuable on Exercise | $			33,333
Options Exercisable, Average Exercise Price		$ 3.86

CAPITAL AND RESERVES - Changes

CAPITAL AND RESERVES - Changes in RSUs outstanding (Details)	12 Months Ended
	Dec. 31, 2021EquityInstrumentsitem	Dec. 31, 2020EquityInstrumentsitem
Restricted share units
Capital and reserves [Line Items]
Balance at Beginning	566,340	663,670
granted	1,505,449	345,000
vested	(873,722)	(442,330)
Balance at Ending	1,198,067	566,340
RSUs granted (performance-based)	474,500
RSUs granted (as settlement of annual cash bonuses)	266,500
Performance-based RSUs vested	0
Restricted share units | Maximum [Member]
Capital and reserves [Line Items]
Percentage of units to be issued on the vesting date	200.00%
Restricted share units | Minimum [Member]
Capital and reserves [Line Items]
Percentage of units to be issued on the vesting date	0.00%
Deferred Share Units [Member]
Capital and reserves [Line Items]
Balance at Beginning | item	0
granted	366,000
vested	(366,000)
Balance at Ending | item	0	0

CAPITAL AND RESERVES - Addition

CAPITAL AND RESERVES - Additional Information (Details)	Dec. 31, 2021USD ($)	Jun. 10, 2021CAD ($)$ / sharesshares	Jan. 28, 2021CAD ($)	Jan. 28, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)	Dec. 31, 2021CAD ($)EquityInstrumentsitem$ / sharesshares	Dec. 31, 2020CAD ($)EquityInstrumentsitem$ / shares	Dec. 31, 2021shares	Dec. 31, 2021USD ($)	Dec. 31, 2021item	Dec. 31, 2021EquityInstruments	Aug. 05, 2020CAD ($)	Aug. 05, 2020USD ($)	Dec. 31, 2019EquityInstruments
Capital and reserves [Line Items]
Number Of Shares Issued For Release Of Dsu Settlement Shares | shares						2,272,431
Fair value per warrant												$ 4,806,000	$ 3,624,000
Number of shares issued | shares		8,214,450
Proceeds from issuing shares		$ 28,750,575	$ 11,700,666
Expense from share-based payment transactions with employees	$ 4,820,000				$ 2,490,000
Share issue related cost		$ 1,672,955		$ 1,094,498
Par value per share | $ / shares		$ 3.50
Proceeds from exercise of options						$ 3,765,000	$ 2,813,000
Number of share options outstanding in share-based payment arrangement									9,672,118	9,672,118
Description of vesting requirements for share-based payment arrangement						0.33%
Option life, share options granted (Years) | item						4	4
Expected forfeiture rate, share options forfeited						2.94%	0.50%
Expected Dividends						0.00%	0.00%
Weighted average share price for share options in share-based payment arrangement exercised during period at date of exercise | $ / shares						$ 3.64	$ 3.38
Maximum [Member]
Capital and reserves [Line Items]
Risk free interest rate, share options granted							0.41%
Expected volatility, share options granted							68.00%
Minimum [Member]
Capital and reserves [Line Items]
Risk free interest rate, share options granted						1.20%	0.32%
Expected volatility, share options granted						61.00%	66.00%
Common Shares
Capital and reserves [Line Items]
Number of shares issued | shares				2,704,770
Canadian exploration expenses shares
Capital and reserves [Line Items]
Number of shares issued | shares				2,053,670
Share premium				$ 2,356,000
Par value per share | $ / shares				$ 4.48
Canadian development expenses shares
Capital and reserves [Line Items]
Number of shares issued | shares				651,100
Share premium				$ 330,000
Par value per share | $ / shares				$ 3.84
Mineral properties
Capital and reserves [Line Items]
Expense from share-based payment transactions with employees	3,888,000				2,060,000
Incentive stock option
Capital and reserves [Line Items]
Percentage of maximum number of shares issued and outstanding						10.00%
Number of share options exercised in share-based payment arrangement | EquityInstruments						2,272,431	2,217,499
Number of share options outstanding in share-based payment arrangement | EquityInstruments							10,245,934				9,672,118			10,465,233
Number of options available for future grants | shares								5,483,636
Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares						$ 2.17	$ 3.07
Equity incentive plan
Capital and reserves [Line Items]
Percentage of maximum number of shares issued and outstanding						15.00%
Expense from share-based payment transactions with employees	$ 932,000				$ 430,000
Restricted share units
Capital and reserves [Line Items]
Percentage of maximum number of shares issued and outstanding						3.00%
Expense from share-based payment transactions with employees						$ 867,000	$ 810,000
Number of share options exercised in share-based payment arrangement | item						1,198,067
Number of shares issued for release of RSU settlement shares | shares						873,722
Number of options available for future grants | shares								3,348,659
Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares						$ 2.57	$ 3
Number of other equity instruments granted in share-based payment arrangement | EquityInstruments						1,505,449	345,000
Weighted average fair value at measurement date, other equity instruments granted						$ 1,100,000	$ 3,265,000
Restricted share units | General and administrative expenses [Member]
Capital and reserves [Line Items]
Expense from share-based payment transactions with employees							810,000
Deferred Stock Unit
Capital and reserves [Line Items]
Expense from share-based payment transactions with employees						$ 794,000	$ 870,000
Number of share options exercised in share-based payment arrangement | item						894,000
Number of options available for future grants | shares								1,181,000
Number of other equity instruments granted in share-based payment arrangement | EquityInstruments						366,000	273,000
Weighted average fair value at measurement date, other equity instruments granted						$ 794,000	$ 870,000
Vested shares outstanding | shares						894,000
Deferred Stock Unit | Maximum [Member]
Capital and reserves [Line Items]
Number of shares issued | shares								2,100,000

REVENUE (Details)

REVENUE (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021CAD ($)	Dec. 31, 2020CAD ($)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Concentrate sales	$ 22,309
Less: silver delivered under the Wheaton SPA	(4,393)
Extraction services	681
Revenue from contracts with customers	18,597
Change in fair value of provisionally priced trade receivables	410
Revenue	$ 21,502	$ 2,866
Percentage of silver delivered under Wheaton SPA	25
Mining Operations
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	$ 19,007	0
Reclamation Management
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	$ 2,495	$ 2,866

COST OF SALES (Details)

COST OF SALES (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Cost Of Sales [Line Items]
Production costs	$ 21,388
Depreciation and depletion	5,419
Site share-based compensation	355
Royalties and selling costs	269
Change in inventories	542
Cost of sales	29,948	$ 3,300
Mining Operations
Disclosure Of Cost Of Sales [Line Items]
Cost of sales	27,973	0
Reclamation Management
Disclosure Of Cost Of Sales [Line Items]
Cost of sales	$ 1,975	$ 3,300

GENERAL AND ADMINISTRATIVE EX_3

GENERAL AND ADMINISTRATIVE EXPENSES BY NATURE OF EXPENSE (Details) $ in Thousands	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2021CAD ($)	Dec. 31, 2020CAD ($)
General And Administrative Expenses [Line Items ]
Office and administration			$ 10,975	$ 21,899
Share-based compensation	$ 4,820,000	$ 2,490,000
Total General and Administrative Expenses			10,487	9,615
Corporate Level [Member]
General And Administrative Expenses [Line Items ]
Depreciation of plant and equipment and ROU assets			291	289
Business development, investor relations and travel			351	477
Office and administration			1,156	739
Professional and regulatory			1,353	1,378
Salaries and contractors			3,797	3,418
Share-based compensation			3,539	3,314
Expenses, by nature			$ 10,487	$ 9,615

GAIN ON SALE OF NET SMELTER R_2

GAIN ON SALE OF NET SMELTER RETURN ROYALTY (Details) - Golden Predator Exploration Ltd	Jan. 04, 2021CAD ($)
Disclosure Of Gain On Sale Of Net Smelter Return Royalty [Line Items]
Total cash consideration from sale of net smelter	$ 4,500,000
Gain on sale of net smelter	$ 4,500,000

INCOME TAX EXPENSE - Major Comp

INCOME TAX EXPENSE - Major Components of Income Tax Expense (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
INCOME TAX EXPENSE
Accounting loss before tax from continuing operations	$ (5,842)	$ (44,087)
Profit (loss) before tax from discontinued operations		7,550
Consolidated net loss before tax	(5,842)	36,537
Federal and provincial income tax rate of 27% (2020 - 27%)	(1,577)	(9,864)
Non-deductible permanent differences	840	664
Effect of difference in tax rates		6
Change in deferred tax asset not recognized	(2,450)	5,271
Flow-through share renunciation	473	321
Non-taxable accounting gain on sale of subsidiaries		(1,832)
Deferred tax expense on discontinued operations		(214)
Change in estimate	12	191
Other	6	(60)
Income Tax Provision Recovery Adjustments	(2,696)	(5,517)
Income tax recovery	$ (2,696)	$ (5,517)

INCOME TAX EXPENSE (Details)

INCOME TAX EXPENSE (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
INCOME TAX EXPENSE
Applicable tax rate	27.00%	27.00%

INCOME TAX EXPENSE - Net deferr

INCOME TAX EXPENSE - Net deferred tax liabilities (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liabilities	$ 0
Credited (charged) to the income statement	10
Charged to OCI	(10)
Deferred tax liabilities	0	$ 0
Deferred Tax Liabilities [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liabilities	(18,830)	(20,255)
Credited (charged) to the income statement	(11,770)	1,804
Charged to OCI	(10)	(379)
Deferred tax liabilities	(30,610)	(18,830)
Deferred Tax Assets [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	18,830	15,534
Credited (charged) to the income statement	11,780	3,296
Deferred tax assets	30,610	18,830
Mineral Property Interest | Deferred Tax Liabilities [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liabilities	(8,824)	(10,036)
Credited (charged) to the income statement	(8,799)	1,212
Charged to OCI	0	0
Deferred tax liabilities	(17,623)	(8,824)
Mineral Property Interest | Deferred Tax Assets [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	4,090	5,168
Credited (charged) to the income statement	1,294	(1,078)
Deferred tax assets	5,384	4,090
Inventories | Deferred Tax Liabilities [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liabilities	(227)	(113)
Credited (charged) to the income statement	79	(114)
Charged to OCI	0	0
Deferred tax liabilities	(148)	(227)
Loss Carry Forward | Deferred Tax Assets [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	12,713	8,563
Credited (charged) to the income statement	9,431	4,150
Deferred tax assets	22,144	12,713
Plant And Equipment | Deferred Tax Liabilities [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liabilities	(2,177)	(2,094)
Credited (charged) to the income statement	357	(83)
Charged to OCI	0	0
Deferred tax liabilities	(1,820)	(2,177)
Plant And Equipment | Deferred Tax Assets [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	42	52
Credited (charged) to the income statement	2	(10)
Deferred tax assets	44	42
Decommissioning and Rehabilitation Provision. | Deferred Tax Assets [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	1,707	1,674
Credited (charged) to the income statement	(236)	33
Deferred tax assets	1,471	1,707
Other | Deferred Tax Liabilities [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liabilities	(7,602)	(8,012)
Credited (charged) to the income statement	(3,407)	789
Charged to OCI	(10)	(379)
Deferred tax liabilities	(11,019)	(7,602)
Other | Deferred Tax Assets [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	278	77
Credited (charged) to the income statement	1,289	201
Deferred tax assets	$ 1,567	$ 278

INCOME TAX EXPENSE - Carry forw

INCOME TAX EXPENSE - Carry forward loss (Details) $ in Thousands	Dec. 31, 2021CAD ($)
INCOME TAX EXPENSE
Tax loss carry forwards	$ 55,829
Mineral property interest	8,890
Other	9,437
Unrecognised Tax Benefit	$ 74,156

INCOME TAX EXPENSE - Capital lo

INCOME TAX EXPENSE - Capital losses (Details) $ in Thousands	Dec. 31, 2021CAD ($)
Schedule Of Deferred Tax Assets And Liabilities [Line Items]
Unused tax losses for which no deferred tax asset recognised	$ 55,829
Canada
Schedule Of Deferred Tax Assets And Liabilities [Line Items]
Unused tax losses for which no deferred tax asset recognised	55,829
Canada | 2034
Schedule Of Deferred Tax Assets And Liabilities [Line Items]
Unused tax losses for which no deferred tax asset recognised	2,129
Canada | 2035
Schedule Of Deferred Tax Assets And Liabilities [Line Items]
Unused tax losses for which no deferred tax asset recognised	4,742
Canada | 2036
Schedule Of Deferred Tax Assets And Liabilities [Line Items]
Unused tax losses for which no deferred tax asset recognised	6,626
Canada | 2037
Schedule Of Deferred Tax Assets And Liabilities [Line Items]
Unused tax losses for which no deferred tax asset recognised	6,625
Canada | 2038
Schedule Of Deferred Tax Assets And Liabilities [Line Items]
Unused tax losses for which no deferred tax asset recognised	5,951
Canada | 2039
Schedule Of Deferred Tax Assets And Liabilities [Line Items]
Unused tax losses for which no deferred tax asset recognised	6,924
Canada | 2040
Schedule Of Deferred Tax Assets And Liabilities [Line Items]
Unused tax losses for which no deferred tax asset recognised	12,286
Canada | 2041
Schedule Of Deferred Tax Assets And Liabilities [Line Items]
Unused tax losses for which no deferred tax asset recognised	$ 10,546

FINANCIAL INSTRUMENTS (Details)

FINANCIAL INSTRUMENTS (Details) - CAD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
FINANCIAL INSTRUMENTS
Embedded derivative asset (includes Wheaton Warrants)	$ 22,768	$ 13,074	$ 15,160
Provisionally priced trade receivables	2,165
Fair value through other comprehensive loss - Investment in marketable securities	24	4,241
Total financial assets	$ 24,957	$ 17,315

FINANCIAL INSTRUMENTS - Currenc

FINANCIAL INSTRUMENTS - Currency Risk (Details) - Currency risk - CAD ($)	Dec. 31, 2021	Dec. 31, 2020
Disclosure of nature and extent of risks arising from financial instruments [line items]
Net exposure	$ 2,748,000	$ (322,000)
Percentage of reasonably possible increase in risk assumption	10.00%
Percentage of reasonably possible decrease in risk assumption	10.00%
Increase (decrease) in net loss due to reasonably possible increase in designated risk component	$ 275,000	32,000
Increase (decrease) in net loss due to reasonably possible decrease in designated risk component	275,000	32,000
Increase (decrease) in comprehensive loss due to reasonably possible increase in designated risk component	275,000	32,000
Increase (decrease) in comprehensive loss due to reasonably possible decrease in designated risk component	275,000	32,000
Cash and cash equivalents [Member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Net exposure	1,033,000	14,000
Trade receivables, net of provision [Member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Net exposure	2,165,000	2,000
Accounts payable and accrued liabilities
Disclosure of nature and extent of risks arising from financial instruments [line items]
Net exposure	$ 450,000	$ 338,000

FINANCIAL INSTRUMENTS - Exposur

FINANCIAL INSTRUMENTS - Exposure to credit Risk (Details) - CAD ($)	Dec. 31, 2021	Dec. 31, 2020
Disclosure of credit risk exposure [line items]
Maximum exposure to credit risk	$ 15,629,000	$ 28,691,000
Accounts and other receivables	3,073,000	1,883,000
Promissory note receivable	$ 1,250,000
Interest rate	5.00%
Cash
Disclosure of credit risk exposure [line items]
Maximum exposure to credit risk	$ 9,400,000	23,210,000
Demand deposits
Disclosure of credit risk exposure [line items]
Maximum exposure to credit risk	533,000	532,000
Term deposits
Disclosure of credit risk exposure [line items]
Maximum exposure to credit risk	2,990,000	2,932,000
Trade receivables, net of provision [Member]
Disclosure of credit risk exposure [line items]
Maximum exposure to credit risk	1,456,000	767,000
Trade receivables, net of provision [Member] | Currently due
Disclosure of credit risk exposure [line items]
Maximum exposure to credit risk	1,419,000	489,000
Trade receivables, net of provision [Member] | Past due by 90 days or less, not impaired
Disclosure of credit risk exposure [line items]
Maximum exposure to credit risk	5,000	204,000
Trade receivables, net of provision [Member] | Past due by greater than 90 days, not impaired
Disclosure of credit risk exposure [line items]
Maximum exposure to credit risk	32,000	74,000
Promissory note receivable
Disclosure of credit risk exposure [line items]
Maximum exposure to credit risk	$ 1,250,000	$ 1,250,000

FINANCIAL INSTRUMENTS - Commodi

FINANCIAL INSTRUMENTS - Commodity Risk (Details) - Commodity risk - CAD ($)	Dec. 31, 2021	Dec. 31, 2020
Disclosure of nature and extent of risks arising from financial instruments [line items]
Total exposure	$ 24,933,000	$ 13,074,000
Embedded derivative asset [Member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Total exposure	$ 22,768,000	13,074,000
Percentage of reasonably possible increase in risk assumption	10.00%
Percentage of reasonably possible decrease in risk assumption	10.00%
Increase (decrease) in net loss due to reasonably possible increase in designated risk component	$ 2,493,000	1,307,000
Increase (decrease) in net loss due to reasonably possible decrease in designated risk component	2,493,000	1,307,000
Increase (decrease) in comprehensive loss due to reasonably possible increase in designated risk component	2,493,000	1,307,000
Increase (decrease) in comprehensive loss due to reasonably possible decrease in designated risk component	2,493,000	$ 1,307,000
Provisionally priced trade receivables [Member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Total exposure	$ 2,165,000

FINANCIAL INSTRUMENTS - Contrac

FINANCIAL INSTRUMENTS - Contractual maturities (Details) - CAD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Total exposure	$ 13,058	$ 12,311
Within 90 days or less
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Total exposure	12,661	12,311
In later than 90 days, not later than one year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Total exposure	$ 397	$ 0

FINANCIAL INSTRUMENTS - Additio

FINANCIAL INSTRUMENTS - Additional Information (Details)	Jan. 27, 2022CAD ($)shares	Jan. 18, 2022USD ($)	Jan. 17, 2022USD ($)	Jun. 10, 2021CAD ($)shares	Jan. 28, 2021CAD ($)	Dec. 31, 2021CAD ($)	Dec. 31, 2020CAD ($)
Disclosure of Financial Instruments [Line Items]
Fair Value Of Embedded Derivative						$ 9,459,000	$ (21,728,000)
Expected dividends						0.00%	0.00%
Amount available under the unsecured revolving credit facility		$ 10,000,000	$ 7,500,000
Number of shares issued | shares				8,214,450
Aggregate gross proceeds from issuance				$ 28,750,575	$ 11,700,666
Issuance of flow-through common shares
Disclosure of Financial Instruments [Line Items]
Number of shares issued | shares	3,610,425
Aggregate gross proceeds from issuance	$ 9,200,274
If current spot and forward prices change by 10% per ounce and all other assumptions remained the same
Disclosure of Financial Instruments [Line Items]
Fair Value Of Embedded Derivative						$ 18,843,000	$ 27,559,000

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Non-Cash Investing and Financing Transactions
Capitalization of share-based compensation to mineral properties, plant and equipment	$ 928	$ 430
Capitalization of depreciation to mineral properties, plant and equipment	2,258	923
Capitalization of re-estimation of decommissioning and rehabilitation provision	(927)	305
Mineral properties, plant and equipment	$ (2,259)	$ (4,375)

SEGMENTED INFORMATION (Details)

SEGMENTED INFORMATION (Details)	12 Months Ended
	Dec. 31, 2021CAD ($)	Dec. 31, 2020CAD ($)
Disclosure of operating segments [line items]
Revenue	$ 21,502,000	$ 2,866,000
Cost of sales	29,948,000	3,300,000
Depreciation and amortization	291,000	1,719,000
Share-based compensation	3,539,000	3,462,000
Other G&A expenses	6,653,000	6,111,000
Mine site maintenance		7,933,000
Gain on net smelter return royalty	(4,500,000)
Gain (loss) on embedded derivative asset	9,459,000	21,728,000
Write-down of inventories	488,000	2,773,000
Other (income) loss	872,000	(73,000)
Segment income (loss) before taxes	(5,842,000)	(44,087,000)
Total assets	210,362,000	171,667,000
Total liabilities	$ 24,260,000	$ 26,335,000
Number of operating segments	2	2
Mining Operations
Disclosure of operating segments [line items]
Revenue	$ 19,007,000	$ 0
Cost of sales	27,973,000	0
Depreciation and amortization	0	1,430,000
Share-based compensation	0	148,000
Other G&A expenses	0	103,000
Mine site maintenance		7,933,000
Gain on net smelter return royalty	0
Gain (loss) on embedded derivative asset	0	0
Write-down of inventories		2,773,000
Other (income) loss	936,000	146,000
Segment income (loss) before taxes	(9,902,000)	(12,533,000)
Total assets	173,015,000	125,347,000
Total liabilities	21,465,000	22,050,000
Reclamation Management
Disclosure of operating segments [line items]
Revenue	2,495,000	2,866,000
Cost of sales	1,975,000	3,300,000
Depreciation and amortization	0	0
Share-based compensation	0	0
Other G&A expenses	0	0
Mine site maintenance		0
Gain on net smelter return royalty	0
Gain (loss) on embedded derivative asset	0	0
Write-down of inventories		0
Other (income) loss	0	0
Segment income (loss) before taxes	520,000	(434,000)
Total assets	1,207,000	948,000
Total liabilities	5,000	219,000
Corporate and Other
Disclosure of operating segments [line items]
Revenue	0	0
Cost of sales	0	0
Depreciation and amortization	291,000	289,000
Share-based compensation	3,539,000	3,314,000
Other G&A expenses	6,653,000	6,008,000
Mine site maintenance		0
Gain on net smelter return royalty	(4,500,000)
Gain (loss) on embedded derivative asset	9,459,000	21,728,000
Write-down of inventories		0
Other (income) loss	(64,000)	(219,000)
Segment income (loss) before taxes	3,540,000	(31,120,000)
Total assets	36,140,000	45,372,000
Total liabilities	$ 2,790,000	$ 4,066,000

KEY MANAGEMENT COMPENSATION (De

KEY MANAGEMENT COMPENSATION (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of transactions between related parties [line items]
Salaries and other short-term benefits	$ 2,021	$ 1,942
Share-based compensation	2,879	1,979
Total key management compensation	$ 4,900	$ 3,921

COMMITMENTS (Details)

COMMITMENTS (Details)	Dec. 31, 2021CAD ($)
Disclosure Of Commitments And Contingencies [Line Items]
Contractual capital commitments	$ 438,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	Jan. 27, 2022CAD ($)$ / sharesshares	Jan. 27, 2022USD ($)	Jan. 18, 2022USD ($)	Jan. 17, 2022USD ($)	Jun. 10, 2021CAD ($)$ / sharesshares	Jan. 28, 2021CAD ($)	Mar. 31, 2022USD ($)	Jan. 28, 2021$ / sharesshares
Disclosure of non-adjusting events after reporting period [line items]
Eligible amount of prepayment request | $			$ 10,000,000	$ 7,500,000
Prepayment amount received under the facility | $							$ 5,000,000
Number of shares issued					8,214,450
Aggregate gross proceeds from issuance | $					$ 28,750,575	$ 11,700,666
Share price | $ / shares					$ 3.50
Canadian exploration expenses shares
Disclosure of non-adjusting events after reporting period [line items]
Number of shares issued								2,053,670
Share price | $ / shares								$ 4.48
Canadian development expenses shares
Disclosure of non-adjusting events after reporting period [line items]
Number of shares issued								651,100
Share price | $ / shares								$ 3.84
Issuance of flow-through common shares
Disclosure of non-adjusting events after reporting period [line items]
Number of shares issued	3,610,425
Aggregate gross proceeds from issuance | $	$ 9,200,274
Share issuance costs | $		$ 760,000
Issuance of flow-through common shares | Canadian exploration expenses shares
Disclosure of non-adjusting events after reporting period [line items]
Number of shares issued	2,129,685
Share price | $ / shares	$ 2.70
Issuance of flow-through common shares | Canadian development expenses shares
Disclosure of non-adjusting events after reporting period [line items]
Number of shares issued	1,480,740
Share price | $ / shares	$ 2.33