Mr. Jason Veenstra reports

NORTH AMERICAN CONSTRUCTION GROUP AWARDED FIVE-YEAR HEAVY EQUIPMENT SERVICES CONTRACT IN THE CANADIAN OIL SANDS REGION

North American Construction Group Ltd.'s wholly owned subsidiary, ML Northern Services Ltd., has been awarded a five-year heavy equipment services contract with a major Canadian oil sands customer. The contract will service the customer's fleet of ultraclass and other large mining equipment by supplying the customer with mobile fuel services across their various mine sites.

The contract is expected to commence on Sept. 30, 2026, and reach full operational capacity in late 2026 Q4 (fourth quarter). It represents the largest award in ML Northern's history and the largest heavy equipment services contract focused on fuel services in North American Construction's history, validating the company's organic growth strategy in the region. With an expiry date of July 5, 2031, the contract is expected to add approximately $135-million to the company's contractual backlog. The scope will be supported by a combination of existing fleet and approximately $5-million of growth capital for 25 on-highway units and other support equipment.

"This award marks an important milestone for ML Northern and further strengthens our recurring revenue profile with a blue-chip oil sands customer," said Barry Palmer, chief executive officer of North American Construction. "The contract adds approximately $135-million of long-duration backlog with modest growth capital requirements, highlighting the strength of ML Northern's operating performance since acquisition, and reinforces our confidence in the incremental opportunities we see across the Fort McMurray region, including additional opportunities for similar heavy equipment services contracts."

The award represents a successful conversion of a previously identified opportunity in North American Construction's active tender and bid pipeline, underscoring the company's ability to translate visible near-term opportunities into long-duration contractual backlog.

About ML Northern Service Ltd.

Operating since 2007, ML Northern is a leading heavy equipment support services provider in the Fort McMurray region of Alberta. Acquired by North American Construction in 2022, the company specializes in mobile fuelling, lubrication and steaming services, supporting mission-critical equipment operations across the oil sands industry.

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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