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The Silver Lake Resources Limited (ASX:SLR) the stock price plunged more than 8% today.
Shares of the company fell 8.15% to trade at $1.24. For perspective, the S&P/ASX 200 Index (ASX:XJO) was down 0.94% today.
So what’s going on with the Silver Lake stock price?
Why did the Silver Lake stock price drop?
Silver Lake shares fell today, but that wasn’t the only materials sector. The S&P/ASX 200 Materials Index (ASX:XMJ) was down 1.47% today on the ASX.
Despite its name, Silver Lake is a gold and copper producer determined to generate cash flow from two projects in Western Australia. These include the Deflector and Mount Monger projects.
The company’s stock price appears to be falling amid falling gold and copper prices.
The Evolution Mining Ltd (ASX:EVN) the stock price fell 6.98% today, while the Northern Star Resources Ltd. (ASX:NST) lost 5.64%.
Gold prices fell near their lowest levels in two weeks, commercial economy the data shows.
The price of gold is currently down 0.17% at US$1,816.7 per ounce. The price of gold is under pressure in the context high american dollarreports IG.
Meanwhile, copper prices have also down 1.25% to US$3.7245 per pound due to recession fears.
Silverlake produced 53,822 ounces of gold and 262 tonnes of copper in the March quarter. Year-to-date, the company has produced 182,778 ounces of gold and 756 tonnes of copper.
Silverlake Share Price Overview
Silverlake’s stock price has fallen nearly 28% in the past year, after plunging 30% year-to-date.
As a reminder, the benchmark ASX 200 index lost around 8% in one year.
Silverlake has a market capitalization of approximately $1.16 billion based on the current share price.