Mr. Barry Palmer reports

NORTH AMERICAN CONSTRUCTION GROUP HIGHLIGHTS GROWING OPPORTUNITY SET THROUGH NUNA GROUP OF COMPANIES

North American Construction Group Ltd. has provided an update on recent progress within the Nuna Group of Companies, a mining, heavy civil construction, earthworks and remediation site contractor in which North American Construction owns 49 per cent of the primary operating companies.

Recent activity at Nuna underscores the strategic value of North American Construction's investment in a differentiated Northern operating platform. Nuna has expanded its equipment fleet at an existing remote mine site in Nunavut, secured initial project awards at developing mine sites in Ontario, expanded footprint in the Yukon, and advanced its positioning for larger Northern infrastructure and remediation opportunities expected to progress through procurement over the coming quarters. Based on the macrotailwinds in the region, established commercial relationships in place and the strong operational competence of Nuna's team, North American Construction is confident in Nuna's increasing contributions to the long-term growth strategy in Northern Canada.

Expanding key equipment fleet in Nunavut, Canada

Nuna is adding a fleet of approximately 20 new pieces of heavy equipment and support vehicles to its existing fleet at a remote developing mine site in Nunavut, Canada. The new and incremental equipment, arriving by sealift in third quarter 2026, will increase capacity at the mine, improve mechanical availability and provide opportunities for indigenous employment in the region.

The additional equipment is expected to increase Nuna's revenue at the site by approximately 20 per cent, and, for North American Construction, the expansion adds visibility to Nuna's growing earnings contribution while reinforcing the value of established equipment, personnel and operating infrastructure in remote mining environments.

Expanded Yukon presence

Nuna was recently awarded a key site infrastructure project at a precious metal mine in the Yukon territory. This is a new project area for Nuna and expands the Yukon footprint. The award leveraged Nuna's Northern infrastructure and construction expertise with work commencing during the third quarter of 2026.

Ontario awards establish foothold in priority mining region

Nuna has also been awarded three initial projects at developing mine sites in Ontario, representing a strategic return to a priority mining market. Work on the initial scopes has commenced, with early execution progressing on time, on budget and with zero deficiencies.

These awards create an operating foothold in a region where additional scopes are expected to be awarded over the next 12 months. North American Construction's management believes strong execution on these initial projects will support Nuna's pursuit of larger follow-on opportunities as regional mining and critical mineral activity advances.

Positioned for the large-scale Northern infrastructure opportunities

In addition to current operating activity, Nuna continues to pursue a growing pipeline of large-scale Northern infrastructure and remediation opportunities. The Grays Bay road and port project and the MacKenzie Valley highway project are advancing with broad stakeholder support and with Nuna's active participation. Nuna is known in the region as premier heavy equipment contractor.

In addition to these specifics, various all-season access roads and site development work associated with critical mineral regions in Northern Ontario are moving ahead, and the award of various remediation programs across Canada's Northern operating sites are expected in the coming months. The construction scopes required to develop the Ring of Fire are advancing. Nuna is actively developing strategic partnerships with various stakeholders that will support unique initiatives that differentiate Nuna from other bidders and fully utilize Nuna's remote construction expertise. These opportunities remain subject to formal procurement processes and award decisions but represent a meaningful long-term growth avenue for Nuna and a strategic source of upside exposure for North American Construction.

"Nuna is an increasingly visible contributor to NACG's long-term growth strategy in Northern Canada," said Barry Palmer, president and chief executive officer of North American Construction. "Through our 49-per-cent ownership position, NACG benefits from a differentiated platform with deep Northern operating experience, strong indigenous partnership credentials, and a proven ability to execute in some of Canada's most challenging mining and infrastructure environments. These capabilities position NACG to capitalize on near-term nation-building opportunities tied to critical minerals and the infrastructure required to support their development."

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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