North American Construction Group Ltd. (NACG) is a Canadian company that provides a wide range of mining and heavy civil construction services to customers in the resource development, industrial construction, and infrastructure sectors. The company specializes in mining services, heavy civil construction, and earthworks infrastructure, positioning itself as a premier provider of contract mining services and heavy civil earthworks. NACG operates in Canada, the United States, and Australia, offering its services through various product lines and segments.
- Heavy Equipment - Australia - Provides mining and heavy civil construction services in Australia, leveraging extensive experience in challenging working conditions.
- Heavy Equipment - Canada - Offers mining and heavy civil construction services in Canada, maintaining long-term relationships with clients in the resource development sector.
- Operations Support Services - Delivers comprehensive support services for mining operations, ensuring efficient and effective project execution.
- Construction Services - Engages in construction activities, contributing to infrastructure development and industrial projects.
- Equipment and Component Sales - Sells equipment and components, supporting the operational needs of various industries.
- Other - Includes mine management contract work in the United States, external maintenance and rebuild programs, and equity method investments in infrastructure projects.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Joseph C. Lambert ExecutiveBoard | President and Chief Executive Officer (CEO) | Joseph C. Lambert has served as the CEO of NOA since January 1, 2021, and assumed the board role concurrently. Previously, he progressed through various executive roles at NOA, including President and COO, beginning his tenure as General Manager of Mining in April 2008. | View Report → | |
Barry W. Palmer Executive | Chief Operating Officer (COO) | Regional President, MacKellar Group in Australia | Barry W. Palmer has been with NOA since 1982 and advanced through various positions before becoming COO on January 1, 2021. He further expanded his leadership by assuming the role of Regional President for the MacKellar Group in Australia on January 1, 2024. | |
David G. Kallay Executive | Chief Human Resources Officer | David G. Kallay is the Chief Human Resources Officer at NOA since November 15, 2023. Previously, he held roles including Vice President, Health, Safety, Environment, and Human Resources starting November 28, 2018, and Health and Safety Manager starting December 1, 2008. | ||
Jason W. Veenstra Executive | Chief Financial Officer (CFO) | Jason W. Veenstra is the Chief Financial Officer (CFO) of NOA since September 10, 2018. He previously held leadership roles at Finning International Inc. and Westmoreland Coal Company. | ||
Jordan A. Slator Executive | Chief Legal Officer | Jordan A. Slator is the Chief Legal Officer at NOA since November 15, 2023. He previously served as Vice President and General Counsel from November 28, 2018 and began his tenure at NOA as General Counsel on August 30, 2010. | ||
Bryan D. Pinney Board | Director | TransAlta Corporation (Board member, Governance, Safety & Sustainability Committee Chair); SNDL, Inc. (Board member, Audit Committee Chair); Private Residential Construction Company (Director) | Bryan D. Pinney has served as a Director at NOA since May 13, 2015, and holds the roles of Lead Director and Audit & Risk Committee Chair. He brings over 30 years of experience in financial advisory and auditing with previous senior roles at Deloitte LLP and Andersen LLP. | |
Dr. Vanessa Guthrie AO Board | Director | Santos Ltd; Lynas Rare Earths Ltd; Orica Limited; Chancellor of Curtin University; Director of Cricket Australia | Dr. Vanessa Guthrie AO served as a Director at NOA, joining on March 1, 2024, and bringing over 30 years of experience in the resources sector. She has also held non-executive roles at Santos Ltd (since 2017), Lynas Rare Earths Ltd (since 2020), and Orica Limited (since 2023), as well as serving as Chancellor of Curtin University and Director of Cricket Australia. | |
John J. Pollesel Board | Director | Chairman of Electra Battery Materials Corporation | John J. Pollesel has over 35 years of experience in the mining and metals industry and has been serving as a Director at NOA since November 23, 2017. He has contributed significantly to both the Audit & Risk and Operations Committees at NOA and currently serves as Chairman of Electra Battery Materials Corporation. | |
Kristina E. Williams Board | Director | President and CEO of Alberta Enterprise Corporation; Vice Chair of the Northern Alberta Institute of Technology Board of Governors; Swedish Honorary Consul for Northern Alberta; Member of the Alberta Securities Commission New Economy Advisory Committee; Board Member of the Canadian Venture Capital and Private Equity Association | Kristina E. Williams has been a Director at NOA since August 8, 2019. She has extensive leadership experience including roles such as President and CEO of Alberta Enterprise Corporation since 2014 and significant contributions on various external boards. | |
Martin R. Ferron Board | Chair of the Board | Currently, Martin R. Ferron is Chair of the Board at NOA, a role he has held since June 7, 2012. Previously, he served as CEO until December 31, 2020, and his leadership includes key roles at Helix Energy Solutions Inc.. | ||
Maryse C. Saint-Laurent Board | Director | Board Member at NFI Group Inc.; Board Member at BBA Group Inc.; Board Member at ATB Financial | Maryse C. Saint-Laurent has served as a Director at NOA since August 8, 2019 and brings over 25 years of expertise in corporate law, governance, and human resources. She contributes significantly to governance and sustainability initiatives at NOA. | |
Thomas P. Stan Board | Director | Thomas P. Stan has been a Director at NOA since July 14, 2016 and brings broad-based senior executive experience from roles in the energy and investment banking sectors. |
- In Q2, you acknowledged that one-off items like the Fargo settlement significantly impacted EBITDA margins—can you clarify how much margin erosion was directly attributable to this settlement and outline specific measures to ensure margins revert to your targeted 28% in future quarters?
- Given that free cash flow for Q2 was notably lower than expected due to a combination of higher sustaining CapEx and operating challenges, what detailed steps are being taken to normalize free cash flow to the projected $120M–$150M range in 2026?
- With Australia’s rapid revenue growth coming at the cost of increased subcontractor expenses and labor shortages for heavy equipment technicians, what is your concrete strategy to not only secure skilled labor but also manage cost pressures without compromising operational scalability?
- More than 50% of your current backlog stems from a single major Australian site; how do you plan to diversify your project pipeline and what is your updated timeline and risk mitigation plan for winning additional key infrastructure contracts, especially those projected to trend in 2027?
- The Oil Sands division experienced operational inefficiencies due to abrupt shutdowns and component issues—can you provide more details on how you intend to stabilize revenue performance in this segment, including any contractual adjustments or process improvements being implemented?
Research analysts covering North American Construction Group Ltd.
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
MacKellar Group | 2023 | The acquisition was valued at an expected total of $395 million with a complex payment structure including an upfront cash payment, assumed equipment financing, additional cash components, and earn-out/deferred payments over four years. It was strategically aimed at integrating MacKellar’s capabilities—adding 450 mobile heavy equipment assets, 1,000 employees, and 15 operating projects—into NACG’s operations to enhance growth and operational efficiency. |
ML Northern Services Ltd. | 2022 | The acquisition was executed for an estimated $15.0 million, net of cash acquired, funded via existing debt facilities, and involved the purchase of approximately twenty mobile fuel, lube, and steaming trucks (with supporting equipment) to bolster NACG’s service fleet. Strategically, this move helped lower operating costs and integrate ML Northern’s specialized services into NACG’s operations, with a planned investment payback period of three years. |
Recent press releases and 8-K filings for NOA.
- North American Construction Group Ltd (NOA) reported Q2 2025 EBITDA of $80,000,000 with a 21.6% margin and combined revenue of $371,000,000, a 12% increase from Q2 2024. Adjusted earnings per share for the quarter was $0.02.
- The financial results were significantly impacted by higher subcontractor costs in Australia, unplanned work stoppages in the Oil Sands region, and a material margin adjustment from the Fargo project settlement.
- The company expects these challenges to be mitigated, with H2 2025 results consistent with original expectations, and anticipates an expected midpoint of $100,000,000 in free cash flow for the second half of the year. For 2026, the company projects a free cash flow target of $120,000,000 to $150,000,000.
- NOA secured the biggest contract in company history, a $2,000,000,000 win at a Queensland coal mine, contributing to a record backlog. The company maintains long-term organic revenue growth targets of 5% to 10% annually and plans to increase infrastructure work to approximately 25% of its overall business by 2028.