Core Viewpoint - North American Construction Group Ltd. (NACG) plans to initiate a normal course issuer bid (NCIB) to repurchase up to 2,729,056 common shares, representing approximately 10% of the public float and 9.3% of the total issued shares as of November 10, 2025 [1][3]. Group 1: NCIB Details - The NCIB is set to begin on or around November 20, 2025, and will conclude no later than November 19, 2026 [4]. - The company aims to purchase a maximum of 1,453,727 common shares on the NYSE and alternative trading systems, which is about 5% of the issued and outstanding voting common shares [2][4]. - The average daily trading volume of common shares on the TSX for the six months preceding November 1, 2025, is 94,744 shares, allowing a maximum daily repurchase of 25% of this average, equating to 23,686 shares [4]. Group 2: Rationale for Share Repurchase - The company believes the current market price of its common shares does not reflect their underlying value, presenting an opportunity to acquire shares at attractive prices [3]. - The repurchase is viewed as an effective use of cash resources, benefiting both the company and its shareholders by enhancing liquidity for those looking to sell and increasing the proportionate interests of shareholders who wish to maintain their positions [3]. Group 3: Previous NCIB Performance - Under the previous NCIB, which expired on November 3, 2025, the company was authorized to purchase up to 2,087,577 common shares and successfully repurchased and canceled 1,781,550 shares at an average price of $21.23 per share [5]. Group 4: Automatic Share Purchase Plan (ASPP) - The company has established an automatic share purchase plan (ASPP) with its designated broker, allowing for the purchase of up to 2,729,056 common shares until the NCIB expires [6]. - The ASPP will operate under the broker's discretion, adhering to the purchasing parameters set by the company and applicable regulations [6][7]. - Purchases under the ASPP will be included in the total number of shares available for repurchase under the NCIB [9].