Mawer owns 3.41% of North American Construction (NOA) after 13G/A amendment

Rhea-AI Filing Summary

Mawer Investment Management Ltd. amended its Schedule 13G/A to report ownership of 972,806 common shares of North American Construction Group Ltd. This stake represents 3.41% of the outstanding common shares, based on 28,517,365 shares outstanding as of March 6, 2026.

The filing lists sole voting and dispositive power over the reported shares and is signed by Portfolio Manager Jeff Mo on May 7, 2026.

Insights

Institutional Ownership Analyst

Mawer shows a sub-5% passive stake with sole control over reported shares.

The filing states 972,806 shares beneficially owned representing 3.41% of the class using an as of March 6, 2026 outstanding figure of 28,517,365 shares. This level is typical for an active asset manager's position disclosed under Schedule 13G/A.

Holdings below 5% normally signal a non‑control investment; subsequent holdings changes will be visible in later amendments.

Securities Compliance Counsel

The amendment complies with beneficial ownership disclosure norms and attributes sole voting and dispositive power.

The Schedule 13G/A lists sole voting and sole dispositive power for 972,806 shares and cites the issuer's reported outstanding share count. The filing is executed by a named portfolio manager and dated 05/07/2026.

As filed, this is a routine disclosure; any change in intent or control would require different reporting treatment.

Key Figures

Beneficially owned: 972,806 shares Percent of class: 3.41% Shares outstanding (as of): 28,517,365 shares +1 more

4 metrics

Beneficially owned 972,806 shares Amount reported by Mawer Investment Management

Percent of class 3.41% Percent of common shares outstanding

Shares outstanding (as of) 28,517,365 shares Outstanding common shares as of March 6, 2026

CUSIP 656811106 Identifier for North American Construction Group Ltd. common shares

Key Terms

Schedule 13G/A, Beneficial ownership, Sole dispositive power

3 terms

Schedule 13G/A regulatory

"Amendment No. 10; reporting beneficial ownership for passive investors"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

Beneficial ownership regulatory

"Amount beneficially owned: 972,806 (percent of class: 3.41%)"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Sole dispositive power regulatory

"Sole power to dispose or to direct the disposition of: 972,806"

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.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 10)

North American Construction Group Ltd.

(Name of Issuer)

Common Shares

(Title of Class of Securities)

656811106

(CUSIP Number)

03/31/2026

(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

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 972,806.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 972,806.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

972,806.00

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)

3.41 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: Based upon 28,517,365 Common Shares of North American Construction Group Ltd. (the "Issuer") outstanding as of March 6, 2026, as reported in the Issuer's 40-F (Management's Discussion and Analysis) filed with the Securities and Exchange Commission on March 12, 2026.

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: 972,806
(b)	Percent of class: 3.41%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 972,806
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 972,806
	(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.

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/ Jeff Mo
Name/Title:	Jeff Mo, Portfolio Manager
Date:	05/07/2026

FAQ

What stake does Mawer Investment Management hold in NOA?

Mawer reports beneficial ownership of 972,806 common shares, equal to 3.41% of NOA's outstanding shares. This percentage uses an outstanding share base of 28,517,365 shares as of March 6, 2026, per the filing.

Does Mawer have voting control over the reported NOA shares?

Yes. The filing states Mawer has sole voting power and sole dispositive power over the 972,806 shares. The Schedule 13G/A lists zero shared voting or dispositive power for this position.

What type of SEC form was filed to report Mawer's position in NOA?

Mawer filed an amendment to a Schedule 13G/A to disclose beneficial ownership. The amendment format is used for institutional investors reporting passive stakes and updates to previously filed 13G information.

When was the ownership figure in Mawer's filing measured?

The percentage is calculated using 28,517,365 common shares outstanding as of March 6, 2026. The amendment itself is signed and dated May 7, 2026 by Portfolio Manager Jeff Mo.