Mawer Investment boosts to 7.01% of North American (NOA) shares

Rhea-AI Filing Summary

Mawer Investment Management Ltd. has filed an amended Schedule 13G reporting its beneficial ownership in North American Construction Group Ltd. common shares.

Mawer reports beneficial ownership of 2,038,058 common shares, representing 7.01% of the class, based on 29,074,539 common shares outstanding as of November 10, 2025 as disclosed in the issuer's 6-K. Mawer has sole voting power over 1,371,470 shares and sole dispositive power over 2,038,058 shares, with no shared voting or dispositive power. The filing states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 9)

North American Construction Group Ltd.

(Name of Issuer)

Common Shares

(Title of Class of Securities)

656811106

(CUSIP Number)

12/31/2025

(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)

SCHEDULE 13G

CUSIP No. 656811106

1

Names of Reporting Persons

Mawer Investment Management Ltd.

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

ALBERTA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,371,470.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,038,058.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,038,058.00

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)

7.01 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: Based upon 29,074,539 Common Shares of North American Construction Group Ltd. (the "Issuer") outstanding as of November 10, 2025, as reported in the Issuer's 6-K (Normal Course Issuer Bid) filed with the Securities and Exchange Commission on November 19, 2025.

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: Mawer Investment Management Ltd.
(b)	Address or principal business office or, if none, residence: 600, 517 - 10th Avenue SW Calgary, Alberta, Canada T2R 0A8
(c)	Citizenship: Canada
(d)	Title of class of securities: Common Shares
(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: 2,038,058
(b)	Percent of class: 7.01%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,371,470
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2,038,058
	(iv) Shared power to dispose or to direct the disposition of: 0
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.

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.

Mawer Investment Management Ltd.

Signature:	/s/ Samir Taghiyev, Portfolio Manager
Name/Title:	Mawer Investment Management Ltd.
Date:	01/23/2026

FAQ

What ownership stake does Mawer hold in North American Construction Group (NOA)?

Mawer Investment Management Ltd. reports beneficial ownership of 2,038,058 common shares of North American Construction Group Ltd., representing 7.01% of the outstanding class, based on 29,074,539 shares outstanding as of November 10, 2025.

How much voting power does Mawer have in North American Construction Group (NOA)?

Mawer has sole voting power over 1,371,470 common shares of North American Construction Group Ltd. It reports no shared voting power, meaning all reported voting authority is held solely by Mawer.

What is the difference between Mawer’s voting and dispositive power in NOA shares?

Mawer reports sole voting power over 1,371,470 shares but sole dispositive power over 2,038,058 shares. This means it can decide how all 2,038,058 shares are disposed of, but votes only 1,371,470 of them.

On what share count is Mawer’s 7.01% ownership of NOA based?

The 7.01% ownership percentage is calculated using 29,074,539 common shares outstanding as of November 10, 2025, as reported by North American Construction Group Ltd. in a 6-K regarding its normal course issuer bid.

Is Mawer seeking to influence control of North American Construction Group (NOA)?

No. Mawer certifies the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of North American Construction Group Ltd.

What type of filer is Mawer in this NOA Schedule 13G/A?

Mawer Investment Management Ltd. is identified as an investment adviser under Rule 13d-1(b)(1)(ii)(E), filing a Schedule 13G/A to report its beneficial ownership of North American Construction Group Ltd. common shares.