North American Construction announces normal course issuer bid

North American Construction (NOA) Group intends to commence a normal course issuer bid to purchase, for cancellation, up to 2,729,056 common shares in the capital of the Company, which represents approximately 10% of the public float and approximately 9.3% of the issued and outstanding Common Shares as of November 10, 2025. As at November 10, 2025, the Company had 29,074,539 Common Shares issued and outstanding. In connection with the shares purchasable under the NCIB, the Company has entered into an automatic share purchase plan with its designated broker. Purchases of Common Shares under the NCIB may be made through the facilities of the Toronto Stock Exchange, the New York Stock Exchange and alternative trading systems in Canada and the United States by means of open market transactions or by such other means as may be permitted under applicable securities laws. Under the NCIB, and in order to comply with applicable securities laws, the Company will purchase a maximum of 1,453,727 Common Shares on the NYSE and alternative trading systems. The Company believes that the current market price of its Common Shares does not fully reflect their underlying value and that current market conditions provide opportunities for the Company to acquire Common Shares at attractive prices. In the Company’s view, a repurchase of Common Shares would be an effective use of its cash resources and would be in the best interests of the Company and its shareholders. The Company believes that it would both enhance liquidity for shareholders seeking to sell and provide an increase in the proportionate interests of shareholders wishing to maintain their positions. The NCIB is expected to commence on or about November 20, 2025 and will terminate no later than November 19, 2026. All purchases of Common Shares will be made in compliance with applicable TSX and NYSE rules. The average daily trading volume of the Common Shares on the TSX for the six calendar months preceding November 1, 2025 is 94,744 Common Shares. In accordance with the TSX rules and subject to the exemption for block purchases, a maximum daily repurchase of 25% of this average may be made, representing 23,686 Common Shares. The price per Common Share will be based on the market price of such shares at the time of purchase in accordance with regulatory requirements. Under the previous NCIB, which expired on November 3, the Company obtained approval to purchase up to 2,087,577 Common Shares. The Company purchased and cancelled 1,781,550 Common Shares at a volume weighted average price paid of $21.23 per Common Share under the 2024 Bid through the facilities of the TSX, the NYSE and alternative trading systems in Canada and the United States by means of open market transactions or by such other means as may be permitted under applicable securities laws. Pursuant to the ASPP, the designated broker may purchase up to 2,729,056 Common Shares until the expiry of the NCIB on November 19, 2026. Such purchases will be determined by the broker at its sole discretion, based on the purchasing parameters set out by the Company in accordance with the rules of the TSX, applicable securities laws and the terms of the ASPP. Purchases of Common Shares under the ASPP may be made through the facilities of the TSX, the NYSE and alternative trading systems in Canada and the United States by means of open market transactions or by such other means as may be permitted under applicable securities laws. The ASPP has been pre-cleared by the TSX and will be effective as of November 20, 2025.