North American Construction Group (NACG) is a contract mining and heavy civil construction company that deploys large fleets of heavy equipment at resource mine sites across Canada and Australia. NACG's core service is providing mining support — overburden removal, ore hauling, haul road and tailings infrastructure construction, and stockpile management — to oil sands operators in Alberta and coal, iron ore, copper, and gold miners in Australia. NACG's Australian operations are run through MacKellar, acquired in late 2023, and account for roughly 54% of reported revenue; Canadian operations, run primarily through MNALP, an Indigenous joint venture with the Mikisew Cree First Nation in which NACG holds a 49% stake, account for roughly 45%. NACG operates under multi-year contracts (typically 3-5 years) with time-and-material, unit-rate, and rental pricing structures. The business is capital-intensive, with a fleet of roughly 1,155 owned and leased heavy equipment units and sustaining capital requirements of roughly $180-200M per year. The key profitability driver is equipment utilization — NACG targets 75-80% in Canada and ~85% in Australia — which spreads fixed depreciation and maintenance costs over more productive hours. NACG owns and operates its own maintenance and rebuild facilities in both countries to control fleet costs. Growth is focused on expanding MacKellar's presence in Western Australia and new commodity types, and on building a civil infrastructure business targeting earthworks projects in the US, Canada, and Australia, with a goal of infrastructure reaching ~25% of the overall business by 2028.