[SCHEDULE 13G] North American Construction Group Ltd. SEC Filing

Rhea-AI Filing Summary

Cannell Capital LLC and its managing member J. Carlo Cannell reported beneficial ownership of 1,547,321 shares of North American Construction Group Ltd., representing approximately 5.12% of the class. The filing is a Schedule 13G indicating the position was acquired and is held in the ordinary course of business, not for the purpose of changing or influencing control. The reporting persons disclose shared voting and dispositive power over the 1,547,321 shares and no sole voting or dispositive power. The filing lists issuer headquarters and includes the required certification by the reporting persons.

Positive

• Transparent disclosure of a reportable stake (1,547,321 shares, ~5.12%) meeting SEC requirements
• Statement of passive intent that the position is held in the ordinary course and not to influence control

Negative

• None.

Insights

Financial Analyst

TL;DR: A registered investment adviser reports a passive >5% stake, a material ownership disclosure but not an active control signal.

The Schedule 13G shows Cannell Capital LLC and J. Carlo Cannell together hold 1,547,321 shares, about 5.12% of North American Construction Group Ltd. This meets the SEC threshold requiring public disclosure and signals a meaningful passive stake that could attract investor attention. The filing states shared voting and dispositive power and explicitly that the position is held in the ordinary course of business and not to influence control, consistent with a passive investor profile under Rule 13d-1(b). For analysts, the key metrics are the share count and percent ownership; there is no accompanying disclosure of plans to acquire control or engage in active governance.

Corporate Governance Expert

TL;DR: Disclosure of a >5% passive stake requires monitoring but does not, by itself, indicate governance change.

The filing identifies shared voting and dispositive authority rather than sole control, and contains the certification that the securities are not held to influence control. From a governance perspective, this is a routine but material disclosure that informs shareholders and the board of a concentrated passive holder. Stake size is above the 5% reporting threshold, so the issuer and market may watch future filings for any shifts to an active 13D profile, but this 13G alone conveys no intent to initiate governance actions.

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)

NORTH AMERICAN CONSTRUCTION GROUP, LTD.

(Title of Class of Securities)

656811106

(CUSIP Number)

06/30/2025

(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

CANNELL CAPITAL LLC

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

WYOMING

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,547,321.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,547,321.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,547,321.00

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)

5.1 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 656811106

1

Names of Reporting Persons

CANNELL J CARLO

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

WYOMING

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,547,321.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,547,321.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,547,321.00

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)

5.1 %

12

Type of Reporting Person (See Instructions)

HC

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, CALIFORNIA, T7X 6H8
Item 2.
(a)	Name of person filing: Cannell Capital LLC
(b)	Address or principal business office or, if none, residence: 245 Meriwether Circle, Alta, WY 83414
(c)	Citizenship: Wyoming, USA
(d)	Title of class of securities: NORTH AMERICAN CONSTRUCTION GROUP, LTD.
(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: 1,547,321
(b)	Percent of class: 5.12 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: .
	(ii) Shared power to vote or to direct the vote: 1,547,321
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 1,547,321
Item 5.	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.

CANNELL CAPITAL LLC

Signature:	/s/ J. Carlo Cannell
Name/Title:	Managing Member
Date:	08/14/2025

CANNELL J CARLO

Signature:	/s/ J. Carlo Cannell
Name/Title:	Self
Date:	08/14/2025

FAQ

How many shares of NOA does Cannell Capital LLC report owning?

The filing reports 1,547,321 shares beneficially owned.

What percentage of North American Construction Group Ltd. (NOA) does this represent?

The reported ownership represents approximately 5.12% of the class.

Do the reporting persons claim sole voting or dispositive power over the shares?

No; the filing lists 0 sole voting and dispositive power and shared voting and dispositive power for 1,547,321 shares.

Does the Schedule 13G indicate an intention to influence control of NOA?

No; the certification states the securities are held in the ordinary course and not for the purpose of changing or influencing control.

Who are the reporting persons on this filing?

The reporting persons are Cannell Capital LLC (an investment adviser) and J. Carlo Cannell (holding-company/individual filing).