Mr. Jason Veenstra reports

NORTH AMERICAN CONSTRUCTION GROUP LTD. ANNOUNCES NORMAL COURSE ISSUER BID

North American Construction Group Ltd. intends to commence a normal course issuer bid (NCIB) to purchase, for cancellation, up to 2,087,577 common shares in the capital of the company, representing approximately 10 per cent of the public float (as defined in the Toronto Stock Exchange company manual), and approximately 7.5 per cent of the issued and outstanding common shares as of Oct. 24, 2024. As at Oct. 24, 2024, the company had 27,827,282 common shares issued and outstanding.

Purchases of common shares under the NCIB may be made through the facilities of the TSX, 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 1,391,364 common shares (or approximately 5 per cent of the issued and outstanding voting 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 Nov. 4, 2024, and will terminate no later than Nov. 3, 2025. 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 Oct. 1, 2024, is 62,910 common shares. In accordance with the TSX rules and subject to the exemption for block purchases, a maximum daily repurchase of 25 per cent of this average may be made, representing 15,727 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.

About North American Construction Group Ltd.

North American Construction Group is one of the largest providers of heavy construction and mining services in Canada and Australia. For over 70 years, North American Construction Group has provided services to mining, resource and infrastructure construction markets.

We seek Safe Harbor.