North American Construction wins $2B five-year contract in Australia

North American Construction’s (NOA) wholly owned subsidiary MacKellar Group has been awarded an amended and extended five-year contract by an existing client, a leading coal producer in the state of Queensland, Australia. The extended mine services contract has an expiry date of April 30, 2030, provides total backlog of approximately $2.0B and is the largest contract signed in the company’s history. The extension results in an $800M increase to backlog in relation to the original contract. The amendments introduce certain risk and reward mechanisms that contractually align NACG with the producer to consistently operate effectively. The contract does not contemplate growth capital with backlog values generally based on the existing run-rate of the mine. This incremental value results in total contractual backlog for the company of $4.0B as of March 31, on a proforma basis, vs. the $3.2B reported in the 2025 Q1 MD&A. The contractual backlog in place for the Australian operations, $3.0B as at March 31, 2025, on a proforma basis, now provides full top-line visibility to 2029 at current levels.