Eagle Materials (EXP) experienced a significant price surge during Tuesday's intraday trading session, with shares soaring 5.03%. The sharp upward movement follows the announcement of a substantial new contract for the company's services.

The stock's rally was driven by news that Electra Battery Materials Corporation has awarded a US$6.1 million contract to EXP Services Inc. for engineering, project management, and construction management services during the construction phase of Electra's Ontario battery materials refinery project. This partnership enhances Electra's project execution capabilities as the company advances North America's first cobalt sulfate refinery toward mechanical completion and commissioning in 2027.

Additionally, analyst coverage maintained a Neutral rating on Eagle Materials from Citigroup, providing further market context alongside the positive contract news that appears to be the primary catalyst for the stock's upward movement.