CIBC Global Asset Management holds 4.84% of NOA

CIBC Global Asset Management Inc. reports its holdings of North American Construction Group Ltd. common stock on an amended Schedule 13G. It beneficially owns 1,354,606 shares, representing 4.84% of the outstanding common stock as of June 30, 2026.

Rhea-AI Filing Summary

CIBC Global Asset Management Inc. reports its holdings of North American Construction Group Ltd. common stock on an amended Schedule 13G. It beneficially owns 1,354,606 shares, representing 4.84% of the outstanding common stock as of June 30, 2026.

CIBC Global Asset Management Inc. has sole voting and sole dispositive power over all 1,354,606 shares, with no shared voting or dispositive power. The filer indicates it now holds 5 percent or less of the class and certifies the shares were not acquired to change or influence control of the issuer.

Key Figures

Beneficial ownership: 1,354,606 shares Percent of class: 4.84% Sole voting power: 1,354,606 shares +3 more

6 metrics

Beneficial ownership 1,354,606 shares Common stock of North American Construction Group Ltd. beneficially owned by CIBC Global Asset Management Inc.

Percent of class 4.84% Portion of NOA common stock class beneficially owned by CIBC Global Asset Management Inc.

Sole voting power 1,354,606 shares Shares over which CIBC Global Asset Management Inc. has sole power to vote or direct the vote

Sole dispositive power 1,354,606 shares Shares over which CIBC Global Asset Management Inc. has sole power to dispose or direct disposition

Ownership threshold status 5 percent or less Filer classifies its NOA stake under Item 5: Ownership of 5 Percent or Less of a Class

Reference date 06/30/2026 Date associated with the reported beneficial ownership information

Key Terms

beneficially owned, Sole Voting Power, Sole Dispositive Power, Ownership of 5 percent or less of a class, +1 more

5 terms

beneficially owned financial

"Item 4. | Ownership (a) | Amount beneficially owned: 1,354,606.00"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Sole Voting Power financial

"5 | Sole Voting Power 1,354,606.00 6 | Shared Voting Power 0.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

Sole Dispositive Power financial

"7 | Sole Dispositive Power 1,354,606.00 8 | Shared Dispositive Power 0.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Ownership of 5 percent or less of a class regulatory

"Item 5. | Ownership of 5 Percent or Less of a Class."

Schedule 13G regulatory

"securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What percentage of North American Construction Group (NOA) does CIBC Global Asset Management own?

CIBC Global Asset Management Inc. reports beneficial ownership of 4.84% of North American Construction Group Ltd.’s common stock. This corresponds to 1,354,606 shares as disclosed in the amended Schedule 13G as of June 30, 2026.

How many NOA shares does CIBC Global Asset Management control?

CIBC Global Asset Management Inc. beneficially owns 1,354,606 NOA common shares. It holds sole voting power and sole dispositive power over all these shares, with no shared voting or dispositive authority reported.

Is CIBC Global Asset Management seeking control of North American Construction Group (NOA)?

CIBC Global Asset Management Inc. certifies the NOA shares were not acquired or held to change or influence control of the issuer. The filing states the holdings are not in connection with any control-related transaction, other than nomination activities referenced in Rule 13d-1.

Does CIBC Global Asset Management still hold at least 5% of NOA stock?

No. The filer identifies its position as ownership of 5 percent or less of NOA’s common stock. It reports a 4.84% stake, indicating its beneficial ownership has moved below the 5% threshold referenced in Schedule 13G rules.

What class of securities in NOA is reported in this Schedule 13G/A?

The filing covers common stock of North American Construction Group Ltd., with a par value of $0.0001 per share and CUSIP 656811106. CIBC Global Asset Management’s beneficial ownership pertains solely to this class.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/03/2026 - 09:40 AM Accepted by SEC EDGAR 08/03/2026 - 09:40 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

North American Construction Group Ltd.

(Name of Issuer)

Common stock, par value $0.0001 per share

(Title of Class of Securities)

656811106

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 656811106

1

Names of Reporting Persons

CIBC Global Asset Managment Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,354,606.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,354,606.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,354,606.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.84 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: North American Construction Group Ltd.
(b)	Address of issuer's principal executive offices: 27287 - 100 Avenue, Acheson, Alberta, Canada, T7X 6H8
Item 2.
(a)	Name of person filing: CIBC Global Asset Management Inc.
(b)	Address or principal business office or, if none, residence: 81 Bay Street, 20th Floor, Toronto, Ontario, Canada M5J 0E7
(c)	Citizenship: Canada
(d)	Title of class of securities: Common stock, par value $0.0001 per share
(e)	CUSIP No.: 656811106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 1,354,606.00
(b)	Percent of class: 4.84%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,354,606.00
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1,354,606.00
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

CIBC Global Asset Managment Inc.

Signature:	/s/ Jean Gauthier
Name/Title:	Managing Director & CIO - Global Fixed Income
Date:	08/03/2026