<SEC-DOCUMENT>0001213900-25-010059.txt : 20250204
<SEC-HEADER>0001213900-25-010059.hdr.sgml : 20250204
<ACCEPTANCE-DATETIME>20250204160021
ACCESSION NUMBER:		0001213900-25-010059
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250204

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			North American Construction Group Ltd.
		CENTRAL INDEX KEY:			0001368519
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL, GAS FIELD SERVICES, NBC [1389]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-82223
		FILM NUMBER:		25588004

	BUSINESS ADDRESS:	
		STREET 1:		27287 100 AVENUE
		CITY:			ACHESON
		STATE:			A0
		ZIP:			T7X 6H8
		BUSINESS PHONE:		780-960-7171

	MAIL ADDRESS:	
		STREET 1:		27287 100 AVENUE
		CITY:			ACHESON
		STATE:			A0
		ZIP:			T7X 6H8

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	North American Energy Partners Inc.
		DATE OF NAME CHANGE:	20061129

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NORTH AMERICAN ENERGY PARTNERS INC.
		DATE OF NAME CHANGE:	20061129

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NACG Holdings Inc.
		DATE OF NAME CHANGE:	20060707

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Claret Asset Management Corp
		CENTRAL INDEX KEY:			0001735513
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		900 DE MAISONNEUVE OUEST
		STREET 2:		SUITE 1900
		CITY:			MONTREAL
		STATE:			A8
		ZIP:			H3A 0A8
		BUSINESS PHONE:		514-842-6110

	MAIL ADDRESS:	
		STREET 1:		900 DE MAISONNEUVE OUEST
		STREET 2:		SUITE 1900
		CITY:			MONTREAL
		STATE:			A8
		ZIP:			H3A 0A8

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CLARET ASSET MANAGEMENT Corp
		DATE OF NAME CHANGE:	20180326
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <previousAccessionNumber>0000913849-18-000178</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Claret Asset Management Corp -->
          <cik>0001735513</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>


    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>9</amendmentNo>
      <securitiesClassTitle>Common Shares</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>12/31/2024</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001368519</issuerCik>
        <issuerName>North American Construction Group Ltd.</issuerName>
        <issuerCusip>656811106</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>27287 100 Avenue</com:street1>
          <com:city>Acheson, Alberta</com:city>
          <com:stateOrCountry>A0</com:stateOrCountry>
          <com:zipCode>T7X 6H8</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Claret Asset Management Corporation</reportingPersonName>
      <citizenshipOrOrganization>A8</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>2081884.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>2081884.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2081884.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>7.47</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>North American Construction Group Ltd.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>27287-100 Avenue, Acheson, Alberta, T7X 6H8</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Claret Asset Management Corporation ("CAMC")</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>900 de Maisonneuve O., Suite 1900, Montreal, Quebec, Canada H3A 0A8</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Quebec, Canada</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
        <typeOfPersonFiling>IA</typeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned>2,081,884</amountBeneficiallyOwned>
        <classPercent>7.47</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>2,081,884</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>0</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>2,081,884</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>0

Percent of class is based on (i) the number of Common Shares that may be deemed to be beneficially owned by CAMC as of December 31, 2024, including shares issuable upon the conversion of convertible debentures, and (ii) the number of Common Shares outstanding as of October 25, 2024 (27,827,282 shares) as reported by the Issuer in its Form 6-K filed with the Securities and Exchange Commission on October 30, 2024.</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>N</notApplicableFlag>
        <ownershipMoreThan5PercentOnBehalfOfAnotherPerson>Other persons have the right to receive proceeds from the sale of securities reflected herein.</ownershipMoreThan5PercentOnBehalfOfAnotherPerson>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>Claret Asset Management Corporation</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Brian Kwok</signature>
        <title>Brian Kwok / Chief Operating Officer / Chief Compliance Officer</title>
        <date>02/04/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
