Hecla Mining (HL) Falls as Precious Metals Suffer Steepest Drop

Core Insights - Hecla Mining Company (NYSE:HL) experienced a significant decline in share prices, dropping by 11.47% to $12.81 as investors sold off mining stocks following a sharp decrease in silver and gold prices [1][2]. Group 1: Market Performance - Spot prices of silver, which is central to Hecla Mining's operations, fell by as much as 8% during the session, ultimately closing down by 1.20% at $48.13 per troy ounce [2]. - The decline in precious metals prices was attributed to profit-taking after a recent surge to record highs [2]. Group 2: Future Outlook - Investors in the mining sector are closely monitoring the upcoming Federal Open Market Committee meeting, anticipating a potential interest rate cut, which could positively impact precious metals prices by weakening the US dollar [3]. Group 3: Project Developments - Hecla Mining received approval from the US Forest Service for its Libby Exploration Project in Montana, which has an Inferred Resource of 112.2 million tons, containing over 1.5 billion pounds of copper and 183 million ounces of silver as of December 31, 2024 [4].