Once a prosperous mine operated by the members of the original Phandelver's Pact, Wave Echo Cave was lost to history during the orcish raids sometime around 951 DR. Its most notable feature was the Forge of Spells, which was constructed on a dense ley line of the Weave and was capable of producing magic objects with ease.
The mine was rediscovered by The Rockseekers, who sought to restore it to its former glory. The Heroes of Phandalin aided Gundren Rockseeker in exchange for 10% of the mine's profits in perpetuity.