North American Construction Group Ltd. Announces Normal Course Issuer Bid and Automatic Share Purchase Plan

Executive Summary

• North American Construction Group Ltd. announced a new Normal Course Issuer Bid (NCIB) to repurchase up to 2,729,056 common shares (~10% of public float, ~9.3% of total issued and outstanding shares).
• The NCIB will commence around November 20, 2025 and run until no later than November 19, 2026, with a maximum daily purchase limit of 23,686 shares (25% of average six‑month daily volume).
• An Automatic Share Purchase Plan (ASPP) has been pre‑cleared by the TSX; the designated broker may acquire up to the full NCIB amount at its discretion under applicable securities rules.

Key Details

• NCIB Scope: Up to 2,729,056 common shares – approx. 10% of public float and 9.3% of total issued/outstanding shares (29,074,539 as of Nov 10, 2025).
• Purchase Limits: Maximum of 1,453,727 shares (~5% of voting common shares) may be bought on NYSE/alternative trading systems; daily limit of 23,686 shares based on six‑month average volume (94,744 shares).
• Timeline: Expected start ≈ Nov 20, 2025; termination no later than Nov 19, 2026.
• Pricing: Purchase price will be the market price at time of each transaction, in compliance with TSX/NYSE regulations.
• Previous NCIB (2024 Bid): Authorized for 2,087,577 shares; actually repurchased and cancelled 1,781,550 shares at a volume‑weighted average price of $21.23 per share.
• ASPP Details: Broker may purchase up to the full 2,729,056 shares under the ASPP; purchases are discretionary within parameters set by the Company and TSX rules.
• Termination Conditions for ASPP: (i) NCIB expires, (ii) maximum shares purchased under NCIB, or (iii) Company terminates ASPP per its terms.
• Material Non‑Public Information: Company confirmed no awareness of material undisclosed information at the time of ASPP establishment; broker may trade regardless of blackout periods provided no such information exists.
• Use of Cash: Management believes repurchasing shares is an effective use of cash and enhances shareholder liquidity and proportional ownership.

Notable Quotes

• “The current market price of our Common Shares does not fully reflect their underlying value, and we view the NCIB as an attractive opportunity to return capital to shareholders.” – CFO Jason Veenstra, CPA, CA.