North American Construction Group to Acquire Iron Mine Contracting and Lifts 2026 Growth Outlook

North American Construction Group ( (TSE:NOA) ) just unveiled an announcement.

On December 18, 2025, North American Construction Group announced a definitive agreement to acquire Western Australia-based Iron Mine Contracting for approximately C$115 million, a move that will materially expand its Australian footprint and increase exposure to gold, iron ore, lithium and other critical minerals. IMC brings a more than C$1 billion order book, including a new three-year lithium mining contract, and the deal, funded through a mix of bank and vendor financing, is expected to close in the first quarter of 2026 and be significantly accretive, lifting NACG’s 2026 earnings per share by about 20% and raising Western Australia’s share of earnings from 5% to 15% while positioning the combined NACG–MacKellar–IMC platform as a Tier 1 contractor across Australia. Concurrently, NACG detailed progress on its strategy to derive 25% of revenue from infrastructure by 2028 via major northern Canada projects, U.S. mass civil work and critical minerals infrastructure, and outlined fleet-optimization moves—selling 26 large haul trucks in Canada and acquiring eight units in Australia—that are expected to cut property, plant and equipment and net debt by roughly C$20 million and support capital-light growth. Including IMC, the company set 2026 guidance for combined revenue of C$1.5–1.7 billion, adjusted EBITDA of C$380–420 million, adjusted EPS of C$2.85–3.15, and free cash flow of C$110–130 million, signalling a step-change in scale and diversification for investors and other stakeholders.

The most recent analyst rating on (TSE:NOA) stock is a Hold with a C$20.50 price target. To see the full list of analyst forecasts on North American Construction Group stock, see the TSE:NOA Stock Forecast page.

Spark’s Take on TSE:NOA Stock

According to Spark, TipRanks’ AI Analyst, TSE:NOA is a Neutral.

The overall stock score of 63 reflects a balanced view of North American Construction Group’s financial performance, technical analysis, and valuation. The company’s steady revenue growth and operational efficiency are offset by declining profit margins and high leverage. The technical indicators suggest a bearish trend, while the valuation metrics indicate the stock is fairly valued with a decent dividend yield. Addressing profitability and leverage issues could enhance the company’s financial position.

To see Spark’s full report on TSE:NOA stock, click here.

More about North American Construction Group

North American Construction Group Ltd. is a heavy civil construction and mining services contractor headquartered in Acheson, Alberta, with core operations in large-scale earthworks, contract mining and related infrastructure services. The company serves resource producers across commodities such as oil sands, gold, iron ore and lithium, and has been expanding its presence beyond Canada into the United States and Australia, including through its partnership with the MacKellar Group and Inuit-owned Nuna Group of Companies to pursue major civil, defence and critical minerals infrastructure projects.

Average Trading Volume: 146,230

Technical Sentiment Signal: Sell

Current Market Cap: C$548.1M

For an in-depth examination of NOA stock, go to TipRanks’ Overview page.