North American Construction : NOA Investor Presentation November 2023

This presentation contains forward-looking information which reflects the current plans and expectations of North American Construction Group Ltd. (the "Company") with respect to future events and financial performance. Examples of such forward-looking information in this document include, but are not limited to, statements with respect to the Company's targets for percentage of adjusted EBIT to be generated outside Canadian oil sands; the Company's 2023/2024 targets and guidance related to adjusted EBITDA, adjusted EPS, sustaining capital, free cash flow, growth capital, deleveraging, leverage ratios and share purchases; and the Company's liquidity and capital allocation expectations for 2023 and 2024, including expectations regarding improvements in cash flow, decreases in capital additions and decrease in senior debt leverage.

Forward-looking information is based on management's plans, estimates, projections, beliefs and opinions as at the date of this presentation, and the assumptions related to those plans, estimates, projections, beliefs and opinions may change; therefore, they are presented for the purpose of assisting the Company's security holders in understanding management's views at such time regarding those future outcomes and may not be appropriate for other purposes. While the Company anticipates that subsequent events and developments may cause the Company's views to change, the Company does not undertake to update any forward-looking information, except to the extent required by applicable securities laws.

Actual results could differ materially from those contemplated by the forward-looking information in this presentation as a result of any number of factors and uncertainties, many of which are beyond the Company's control. Important factors that could cause actual results to differ materially from those in the forward-looking information include success of business development efforts, changes in prices of oil, gas and other commodities, availability of government infrastructure spending, availability of a skilled labour force, general economic conditions, weather conditions, performance and strategic decisions of our customers, access to equipment, changes in laws and ability to execute work.

For more complete information about the Company and the material factors and assumptions underlying our forward-looking information please read the most recent disclosure documents posted on the Company's website www.nacg.caor filed with the SEC and the CSA. You may obtain these documents by visiting EDGAR on the SEC website at www.sec.gov or on the CSA website at www.sedar.com.

This presentation presents certain non-GAAP financial measures because management believes that they may be useful to investors in analyzing our business performance, leverage and liquidity. The non-GAAP financial measures we present include "adjusted EBIT", "adjusted EBITDA", "adjusted EPS", "backlog", "cash provided by operating activities prior to change in working capital", "combined revenue", "free cash flow", "growth capital", "invested capital", "EBITDA margin", "net debt", "senior debt" and "sustaining capital". A non- GAAP financial measure is defined by relevant regulatory authorities as a numerical measure of an issuer's historical or future financial performance, financial position or cash flow that is not specified, defined or determined under the issuer's GAAP and that is not presented in an issuer's financial statements. These non-GAAP measures do not have any standardized meaning and therefore are unlikely to be comparable to similar measures presented by other companies. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Each of the above referenced non-GAAP financial measure is defined and reconciled to its most directly comparable GAAP measure in the "Non-GAAP Financial Measures" section of our Management's Discussion and Analysis filed concurrently with this presentation.

Other non-GAAP financial measures used in this presentation are "combined gross profit margin", "replacement value", "liquidity", "return on invested capital" and "senior debt leverage". We believe these non-GAAP financial measures are commonly used by the investment community for valuation purposes and provide useful metrics common in our industry.

"Combined gross profit margin" is calculated as combined gross profit divided by combined revenue.

"Replacement value" represents the cost to replace our fleet at market price for new equivalent equipment.

"Liquidity" is calculated as unused borrowing availability under the credit facility plus cash.

"Net debt leverage" is calculated as net debt at period end divided by the trailing twelvemonth adjusted EBITDA.

"Senior debt leverage" is calculated as senior debt at period end divided by the trailing twelve-month EBITDA as defined by our Credit Facility Agreement.

01

Who we are

02

What we do

03

What creates demand

04

Competitive advantage

05

How do we plan to grow bigger and better

06

Capital allocation

01

Who we are

02

What we do

03

What creates demand

04

Competitive advantage

05

How do we plan to grow bigger and better

06

Capital allocation

GLOBAL MEGA PROJECTS ARE ON THE RISE

HEAVY CIVIL &

BULK EARTHMOVING

ongoing operational support & large construction projects supported by equipment fleet & labour force

PROJECT & MINE SITE MANAGEMENT

mining & engineering competence combined with real-world practical experience

DIVERSIFIED AND CONTRACTED BUSINESS

• 3 countries
• 11 commodities
• 35 key customers/projects

COMBINED ESTIMATE1

~Contracted back-log

$3.0B

Thermal coal, 15%

Metallurgical coal, 25%

Western Australia, 5%

Other Canadian commodities, 5%

Canadian oil sands, 35%

Civil construction & project management, 15%

By Q4 2023

1 Depicts percentage of earnings before interest and taxes (EBIT). See "Disclaimers - Non-GAAP Financial Measures and Non-GAAP Ratios"

NORTH AMERICAN CONSTRUCTION GROUP 8

OIL SANDS REGION

ESTIMATED OVERBURDEN VOLUMES MOVED IN THE OIL SANDS REGION

35% of overall EBIT1

95% with Indigenous Partnerships

Mine Owner

Fleets

Contractor

Competition

NACG

Contracted

We've operated every day

in Fort McMurray since first barrels

were produced in the 1970's

Opportunity NACG

INVESTMENT GRADE CUSTOMERS

1 See Slide 2 or 2022 Annual Report for Non-GAAP Financial Measures

NORTH AMERICAN CONSTRUCTION GROUP 9

AUSTRALIAN MINING

Expor

World Rank (% Share)

(MacKellar)

45% of overall EBIT1

• Mining is fundamental to Australia's economy and labour market
• High growth opportunities in both Western Australia and Queensland
• Exposure to Metallurgical coal, key transition metals and thermal coal
• Proximity to Asia Pacific competitive advantage

Select Commodity

Iron Ore

Black Coal

Gold (Au)

Bauxite

Copper (Cu)

Zinc (Zn)

Lead (Pb)

Lithium (Li)

Cobalt (Co)

t

(A$b)

$157

$64

$23

$14

$12

$4

$2

$2

<$1

Current Production

1 (36%)

3 (8%)

2 (10%)

1 (27%)

8 (4%)

3 (10%)

2 (11%)

1 (53%)

3 (3%)

Mineral Resource

1 (31%)

4 (10%)

1 (22%)

3 (12%)

2 (11%)

1 (27%)

1. (40%)
2. (29%)

2 (29%)

Uses /

Application

Steel, magnets, alloys, and civil

Electricity generation and steel

Jewellery and electronics

Aluminium and power lines

Electrical equipment and machinery

Brass, chemicals, and cosmetics

Batteries, cable, and chemicals

Batteries and metal alloys

Batteries, EVs, and magnets

MacKellar has operated in Australia

since 1966

EXISTING CUSTOMER BASE

1 1 See Slide 2 or 2022 Annual Report for Non-GAAP Financial Measures

NORTH AMERICAN CONSTRUCTION GROUP 10