GlobeNewswire·Apr 7, 2026, 8:00 AM ET

North American Construction Group Closes Strategic Acquisition of Iron Mine Contracting, a Diversified Mining Services Contractor

NOA

North American Construction Group Ltd. (NACG) closed its acquisition of Iron Mine Contracting (IMC) on April 7, 2026, with an economic effective date of January 1, 2026.
Total expected consideration is approximately $125 million, with the final amount determined by IMC's financial statements as of December 31, 2025.
The final consideration amount will be reflected in NACG's financial statements for the quarter ended June 30, 2026.
IMC provides NACG with an operating platform in Western Australia, offering exposure to gold, iron ore, & lithium to align with demand for rare earth & critical minerals.
The combination of IMC with NACG's existing MacKellar operations aims to establish a Tier 1 platform in the Australian market.
IMC commenced new scopes at a gold-copper mine in the Pilbara region late in the first quarter of 2026.
NACG amended its senior secured credit facility to increase direct lending capacity to $535 million & allow $500 million in secured equipment financing, creating total senior secured capacity over $1.0 billion.
The maturity date of the amended Credit Facility was extended to April 7, 2029, with no scheduled repayments on the revolver portion.
Cash funding for the upfront payment of $41.5 million was provided by draws from the Credit Facility.
Equipment financing of approximately $45 million was assumed at closing, with the remaining consideration paid via earn-out & deferred mechanisms over four years.
National Bank Capital Markets acted as financial advisor, while Fasken Martineau DuMoulin LLP & MinterEllison served as Canadian & Australian legal advisors, respectively.