Mr. Barry Palmer reports

NORTH AMERICAN CONSTRUCTION GROUP EXPANDS KEY CONTRACT IN QUEENSLAND AUSTRALIA

North American Construction Group Ltd.'s wholly owned subsidiary MacKellar Group has amended and expanded an existing five-year contract with a leading metallurgical coal producer in the state of Queensland, Australia. The previous contract, announced in August, 2024, had transitioned equipment under contract from dry rental to fully maintained fleets and awarded the construction of an on-site maintenance facility.

The amended and expanded five-year contract maintains the expiry date of Sept. 30, 2029, and continues to qualify as contractual backlog based on minimum hour commitments in the agreement. The expanded scope, which includes additional fully maintained equipment and related services, is expected to generate approximately $125-million of incremental revenue and increases MacKellar's scope at that mine site by approximately 50 per cent. The expanded contract is consistent with the financial outlook previously contemplated in the company's full-year 2026 guidance.

The expanded scope is set to commence May 1, 2026, and reach full run rate by August, 2026. Of the 13 additional units supporting this growth, eight Komatsu 240-ton haul trucks were already purchased in December, 2025, and publicly announced as part of the company's fleet optimization initiatives, reflecting North American Construction's early positioning for this expected customer demand. The remaining five units are expected to be acquired as growth capital during the second and third quarters of 2026 at an estimated cost of approximately $25-million.

"This contract expansion reflects the confidence our customer continues to place in our team and MacKellar's strong operating performance," said Barry Palmer, chief executive officer of North American Construction. "It adds meaningful revenue visibility and contractual backlog while also highlighting the disciplined way we deploy capital against identifiable demand. With MacKellar and Iron Mine Contracting, we continue to strengthen our Tier 1 contractor platform in Australia and enhance our ability to capture additional opportunities across the region."

About North American Construction Group Ltd.

North American Construction is a premier provider of heavy civil construction and mining services in Australia, Canada and the United States. For over 70 years, North American Construction has provided services to the mining, resource and infrastructure construction markets.

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