Hycroft Mining Holding Corp. reached a new five-year high on Tuesday, with its stock price climbing sharply during intra-day trading. The company's shares peaked at $43 before settling at $42.77, marking a gain of 23.51 percent for the session.
This movement occurred as gold and silver prices broke through previous records, reaching $4,700 and $95 respectively. Investors turned to precious metals and related mining stocks following weekend announcements from President Donald Trump regarding new tariffs.
Trump stated he would impose additional 10 percent tariffs on eight European countries starting February 1. The affected nations include Denmark, Finland, France, Germany, the Netherlands, Norway, Sweden and the United Kingdom. These measures would bring total tariffs on these countries to 25 percent until an agreement is reached for what Trump called "the Complete and Total purchase of Greenland."
The tariff news prompted investors to seek safety in assets like gold and silver, creating spillover demand for mining companies. Hycroft Mining had announced late last month that drilling exploration at its Nevada site revealed the best grades of silver discovered there, with resource continuity in all directions and at depth.