NOA · North American Construction Group Ltd.

North American Construction Group Ltd., through its wholly owned subsidiary MacKellar Group, has secured a significant amendment to an existing five-year contract with a major metallurgical coal producer in Queensland, Australia. Originally announced in August 2024, the contract had shifted from dry rental to fully maintained fleets and included an on-site maintenance facility. This expansion adds substantial scope with additional fully maintained equipment and services, projected to deliver $125 million in incremental revenue while boosting the company's presence at the mine by 50%. Critically, it enhances contractual backlog through minimum hour commitments, providing investors with greater revenue predictability through the contract's expiry on September 30, 2029. The timing aligns seamlessly with NACG's strategic preparations: eight of the thirteen new Komatsu 240-ton haul trucks were preemptively acquired in December 2025 as part of fleet optimization, with the remaining five slated for purchase in Q2 and Q3 2026 at a $25 million cost. CEO Barry Palmer emphasized the customer's confidence in MacKellar's performance and NACG's disciplined capital deployment. This move reinforces NACG's Tier 1 contractor status in Australia alongside Iron Mine Contracting, positioning the company to pursue further regional opportunities without altering its 2026 financial guidance.