North American Construction Group (NOA): Bank of Montreal discloses 5.05% share ownership

Rhea-AI Filing Summary

Bank of Montreal and affiliates report beneficial ownership of 1,426,358 Common Shares of North American Construction Group Ltd., representing 5.05% of the class as of 06/30/2026. The reporting persons generally hold 1,419,508 shares with sole voting power and 6,100 shares with shared voting power, and have similar sole and shared dispositive power over these shares. Certain securities are held in the ordinary course of business while Bank of Montreal acts as prime broker for clients who may direct dividends or sale proceeds. The Bank of Montreal group states that the filing should not be construed as an admission that the reporting persons are acting as a coordinated group under Section 13(d) or 13(g).

Key Figures

Beneficial ownership: 1,426,358 shares Percent of class: 5.05 % Sole voting power: 1,419,508 shares +3 more

6 metrics

Beneficial ownership 1,426,358 shares Common Shares of North American Construction Group Ltd. beneficially owned by reporting persons

Percent of class 5.05 % Proportion of NOA Common Shares represented by the reported beneficial ownership

Sole voting power 1,419,508 shares Shares over which Bank of Montreal, its holding company and BMO Nesbitt Burns have sole voting power

Shared voting power 6,100 shares Shares over which the reporting persons have shared power to vote

Sole dispositive power 1,420,258 shares Shares over which Bank of Montreal, its holding company and BMO Nesbitt Burns have sole dispositive power

BMO Asset Management sole voting power 1,413,984 shares Shares over which BMO Asset Management Inc. alone has sole voting and dispositive power

Key Terms

beneficially owned, Sole Voting Power, Sole Dispositive Power, prime broker, +1 more

5 terms

beneficially owned financial

"Item 4. | Ownership (a) | Amount beneficially owned: 1,426,358"

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 1,419,508.00 6 | Shared Voting Power 6,100.00"

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 1,420,258.00 8 | Shared Dispositive Power 6,100.00"

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.

prime broker financial

"acting as prime broker on behalf of certain clients who have the power"

A prime broker is a financial firm that provides trading, custody, financing, clearing and operational support to large professional investors such as hedge funds, acting like a one-stop back office and lending desk. For investors, a prime broker matters because it supplies access to leverage, trade execution, securities lending and consolidated reporting—services that reduce paperwork, lower costs and expand market access but also concentrate counterparty risk if the broker runs into trouble.

Section 13(d) or 13(g) regulatory

"for the purposes of Section 13(d) or 13(g) of the Act"

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

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Available on EDGAR 08/12/2026 - 04:31 PM Accepted by SEC EDGAR 08/12/2026 - 04:31 PM Learn about SEC filing dates

FAQ

What ownership stake in NOA does Bank of Montreal report in this Schedule 13G/A?

Bank of Montreal and affiliates report beneficial ownership of 1,426,358 Common Shares of North American Construction Group Ltd., representing 5.05% of the outstanding class as of 06/30/2026.

Which entities are the reporting persons in this NOA Schedule 13G/A filing?

The reporting persons are Bank of Montreal, BANK OF MONTREAL HOLDING INC., BMO NESBITT BURNS INC. and BMO ASSET MANAGEMENT INC., all organized in Canada, with offices at 1 First Canadian Place, Toronto.

How much sole and shared voting power over NOA shares does Bank of Montreal report?

The reporting persons disclose sole voting power over 1,419,508 shares and shared voting power over 6,100 shares of North American Construction Group Ltd. Common Shares, reflecting how control over voting is allocated.

What dispositive power over NOA shares is reported by Bank of Montreal and its affiliates?

They report sole dispositive power over 1,420,258 shares and shared dispositive power over 6,100 shares of North American Construction Group Ltd., indicating who can decide to sell or otherwise dispose of those shares.

Does this NOA filing indicate that Bank of Montreal is acting as part of a group?

Each reporting person states the filing should not be construed as an admission of being part of any group under Section 13(d) or 13(g), despite language that they may be deemed members of a group for statutory purposes.

Are any NOA shares in this filing held on behalf of Bank of Montreal clients?

Yes. The filing notes that certain securities are held in the ordinary course of business by the reporting person acting as prime broker for clients who may direct the receipt of dividends or sale proceeds.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

North American Construction Group Ltd.

(Name of Issuer)

Common Shares

(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

Bank of Montreal

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

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,419,508.00
6	Shared Voting Power 6,100.00
7	Sole Dispositive Power 1,420,258.00
8	Shared Dispositive Power 6,100.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,426,358.00

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)

5.05 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP Number(s): 656811106

1

Names of Reporting Persons

BANK OF MONTREAL HOLDING 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

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,419,508.00
6	Shared Voting Power 6,100.00
7	Sole Dispositive Power 1,420,258.00
8	Shared Dispositive Power 6,100.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,426,358.00

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)

5.05 %

12

Type of Reporting Person (See Instructions)

BK

SCHEDULE 13G

CUSIP Number(s): 656811106

1

Names of Reporting Persons

BMO NESBITT BURNS 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

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,419,508.00
6	Shared Voting Power 6,100.00
7	Sole Dispositive Power 1,420,258.00
8	Shared Dispositive Power 6,100.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,426,358.00

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)

5.05 %

12

Type of Reporting Person (See Instructions)

BK

SCHEDULE 13G

CUSIP Number(s): 656811106

1

Names of Reporting Persons

BMO ASSET MANAGEMENT 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 1,413,984.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,413,984.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,413,984.00

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)

5.01 %

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: Bank of Montreal BANK OF MONTREAL HOLDING INC. BMO NESBITT BURNS INC. BMO ASSET MANAGEMENT INC.
(b)	Address or principal business office or, if none, residence: 1 First Canadian Place Toronto, Ontario, Canada M5X1A1
(c)	Citizenship: Bank of Montreal - CANADA (FEDERAL LEVEL) BANK OF MONTREAL HOLDING INC. - CANADA (FEDERAL LEVEL) BMO NESBITT BURNS INC. - CANADA (FEDERAL LEVEL) BMO ASSET MANAGEMENT INC. - ONTARIO, 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: 1,426,358
(b)	Percent of class: 5.05 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Bank of Montreal - 1,419,508 BANK OF MONTREAL HOLDING INC. - 1,419,508 BMO NESBITT BURNS INC. - 1,419,508 BMO ASSET MANAGEMENT INC. - 1,413,984
	(ii) Shared power to vote or to direct the vote: Bank of Montreal - 6,100 BANK OF MONTREAL HOLDING INC. - 6,100 BMO NESBITT BURNS INC. - 6,100 BMO ASSET MANAGEMENT INC. - 0
	(iii) Sole power to dispose or to direct the disposition of: Bank of Montreal - 1,420,258 BANK OF MONTREAL HOLDING INC. - 1,420,258 BMO NESBITT BURNS INC. - 1,420,258 BMO ASSET MANAGEMENT INC. - 1,413,984
	(iv) Shared power to dispose or to direct the disposition of: Bank of Montreal - 6,100 BANK OF MONTREAL HOLDING INC. - 6,100 BMO NESBITT BURNS INC. - 6,100 BMO ASSET MANAGEMENT INC. - 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Certain of the securities reported herein are held in the ordinary course of business of the Reporting Person acting as prime broker on behalf of certain clients who have the power to direct the receipt of dividends from, or the proceeds from the sale of such securities.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Documents
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. Each reporting person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purposes of Section 13(d) or 13(g) of the Act. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act) with any other person as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any syndicate or group with respect to the issuer or any securities of the issuer.
Item 9.	Notice of Dissolution of Group.
	Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5. Each reporting person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purposes of Section 13(d) or 13(g) of the Act. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act) with any other person as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any syndicate or group with respect to the issuer or any securities of the issuer.

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.

Bank of Montreal

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	08/12/2026

BANK OF MONTREAL HOLDING INC.

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	08/12/2026

BMO NESBITT BURNS INC.

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	08/12/2026

BMO ASSET MANAGEMENT INC.

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	08/12/2026