Ivanhoe Electric Inc.'s stock surged 5.34% in early intraday trading on Monday, following news of a strategic equipment purchase for its flagship copper project.

The company announced it is moving to acquire a purpose-built Robbins Crossover XRE tunnel boring machine and material handling system for decline development at its Santa Cruz Copper Project in Arizona. The purchase follows a legally binding option secured in March 2026, with definitive agreements expected before the end of May.

The acquisition is seen as a significant step forward in advancing the Santa Cruz project. The machine, which will be overhauled and upgraded specifically for the site's ground conditions, is also positioned to support potential future access and expansion toward the nearby Texaco deposit.