North American Construction Group Ltd. (NYSE: NOA)

North American Construction Group Ltd. provides mining and heavy civil construction services to customers in the resource development, industrial construction and infrastructure sectors in Canada, the United States, and Australia. The company delivers fully maintained heavy equipment rentals, contract mining, earthworks, infrastructure construction, reclamation, and maintenance and rebuild services. Its operations support mining and civil projects through specialized fleets and technical expertise across multiple commodities including coal, iron ore, gold, lithium, and oil sands.

North American Construction Group Ltd. generates revenue through long-term contracts for mining and heavy civil construction services, including equipment rentals with maintenance, civil works, and project-specific solutions. Revenue is derived from multi-year agreements with resource producers and industrial clients, often structured as time and material, rental, or unit-rate contracts. The company serves customers across key commodity sectors, with services tailored to operational needs in mining, civil, and infrastructure development.

North American Construction Group Ltd. operates through the following segments: Heavy Equipment - Australia, Heavy Equipment - Canada, and Other.

• Heavy Equipment - Australia: Through the MacKellar Group, this segment provides fully maintained heavy equipment rentals at metallurgical and thermal coal mines in Queensland, full contract mining services on large thermal coal mines, and stockpile and train loadout management services at metallurgical coal mines. The segment operates maintenance and rebuild centers in Queensland and Western Australia, performing minor and major equipment and component rebuilds for light and heavy equipment fleets. Western Plant Hire, a subsidiary of the MacKellar Group, provides heavy equipment rentals to iron ore, gold, and lithium producers in Western Australia, including through Indigenous joint venture companies such as Barooghumba WPH Pty Ltd and Ngaliku WPH Pty Ltd. DGI (Aust) Trading Pty Ltd supplies production-critical components to the mining and construction industry and supports equipment rebuild and component remanufacturing processes. This segment contributed 46% of 2025 combined revenue when including joint venture revenue.

• Heavy Equipment - Canada: This segment provides operations support services in the Canadian oil sands region as a subcontractor of Mikisew North American Limited Partnership (MNALP), including overburden removal, infrastructure construction, tailings infrastructure, heavy civil construction, reclamation, ore hauling, and other essential mine site services. Operations include haul road construction, stream diversions, and management of overburden materials such as muskeg and topsoil. ML Northern Ltd., a subsidiary of NACG, offers field maintenance services to oil sands clients using a specialized fleet of fuel and lube trucks. This segment contributed 39% of 2025 combined revenue when including joint venture revenue.

• Other: This segment provides mine management services for a thermal coal mine in Texas, USA, under a multi-year service agreement covering labour, equipment, and back-office supplies. It delivers heavy equipment maintenance, component remanufacturing, and full equipment rebuild services to mining companies and heavy equipment operators using specialized skills and purpose-built facilities. The Other segment contributed 1% of 2025 combined revenue when including joint venture revenue.

North American Construction Group Ltd. holds a strong position in the mining services sector, particularly in Australia and the Canadian oil sands, where it competes with other contractors of varying sizes and capabilities. Its competitive advantages include long-term client relationships, a robust backlog of $4.0 billion as of August 2025, operational expertise across multiple commodities, and a focus on safety and project execution. The company's ability to secure large, multi-year contracts with leading resource producers enhances its market standing and provides visibility into future revenue.

North American Construction Group Ltd. serves major resource producers in the coal, iron ore, gold, lithium, and oil sands sectors, including leading metallurgical and thermal coal producers in Queensland, significant copper producers in New South Wales, and major oil sands producers in Canada. The company also supports mining operations in Western Australia and provides services to infrastructure project partners, including joint venture entities such as Nuna Group of Companies and participants in the Fargo-Moorhead flood diversion project.