CIBC Global AM takes 5.13% position in North American Construction (NOA)

Rhea-AI Filing Summary

North American Construction Group Ltd. reporting that CIBC Global Asset Management Inc. holds 1,461,868 shares of Common Stock, representing 5.13% of the class as of 05/12/2026 under a Schedule 13G filing. The report states the shares are held without intent to influence control and that the filer has sole voting and dispositive power over the reported shares.

Insights

Institutional Ownership Analyst

Passive stake: large index/asset-manager holding disclosed.

CIBC Global Asset Management reports beneficial ownership of 1,461,868 shares, or 5.13%, with sole voting and dispositive power as of 05/12/2026. The filing is a Schedule 13G certification indicating a passive investment posture rather than an active control intent.

Holdings at this scale can appear on ownership screens and may influence liquidity or block-trade interest; future schedule updates or Schedule 13D conversion would alter the signal.

Corporate Governance Specialist

Governance signal is neutral: no control intent declared.

The signer certifies the position "was not acquired and are not held for the purpose of or with the effect of changing or influencing the control" and references the applicable nomination activity clause. This preserves a passive classification under the reporting rules.

If the holder changes intent or crosses regulatory thresholds, filings would shift; watch for any subsequent Schedule 13D or Form 4 disclosures.

Key Figures

Filing date: 05/12/2026 Shares beneficially owned: 1,461,868 shares Percent of class: 5.13% +1 more

4 metrics

Filing date 05/12/2026 Schedule 13G signature date

Shares beneficially owned 1,461,868 shares Amount reported by CIBC Global Asset Management

Percent of class 5.13% Ownership percentage reported in the filing

CUSIP 656811106 Common stock identifier shown on the filing

Key Terms

Schedule 13G, beneficially owned, sole dispositive power

3 terms

Schedule 13G regulatory

"reporting that CIBC Global Asset Management Inc. holds 1,461,868 shares"

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.

beneficially owned regulatory

"Amount beneficially owned: 1,461,868 (b) Percent of class: 5.13%"

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 dispositive power financial

"Sole Dispositive Power 1,461,868.00"

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.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

North American Construction Group Ltd.

(Name of Issuer)

Common stock, par value $0.0001 per share

(Title of Class of Securities)

656811106

(CUSIP Number)

05/12/2026

(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

ALBERTA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,461,868.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,461,868.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,461,868.00

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)

5.13 %

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 Number(s): 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: 1,461,868
(b)	Percent of class: 5.13%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,461,868
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1,461,868
	(iv) Shared power to dispose or to direct the disposition of: 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.
	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:	05/12/2026

FAQ

What stake does CIBC Global Asset Management report in NOA?

CIBC Global Asset Management reports beneficial ownership of 1,461,868 shares, equal to 5.13% of the common stock as of 05/12/2026. The filing shows sole voting and dispositive power over these shares.

Does the Schedule 13G filing indicate a control intent for NOA?

No. The filing expressly certifies the shares "were not acquired and are not held for the purpose of or with the effect of changing or influencing the control" of the issuer, indicating a passive investment posture.

Who signed the Schedule 13G for CIBC Global Asset Management?

The filing is signed by Jean Gauthier, listed as Managing Director & CIO - Global Fixed Income, with the signature dated 05/12/2026, certifying the disclosure.

What voting and disposition powers are reported for the NOA shares?

The filer reports sole power to vote and sole power to dispose for all 1,461,868 shares; shared voting and dispositive power are reported as 0 in the filing.

What is the CUSIP for North American Construction Group Ltd. common stock?

The Schedule 13G lists the CUSIP for the common stock as 656811106, associated with the class of securities reported in this filing.