<SEC-DOCUMENT>0000945621-25-000440.txt : 20250509
<SEC-HEADER>0000945621-25-000440.hdr.sgml : 20250509
<ACCEPTANCE-DATETIME>20250509125518
ACCESSION NUMBER:		0000945621-25-000440
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250509
DATE AS OF CHANGE:		20250509

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
		EIN:				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:		25929348

	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:			Mawer Investment Management Ltd.
		CENTRAL INDEX KEY:			0001538449
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		517 10TH AVENUE S. W.
		STREET 2:		SUITE 600
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2R 0A8
		BUSINESS PHONE:		403-262-4673

	MAIL ADDRESS:	
		STREET 1:		517 10TH AVENUE S. W.
		STREET 2:		SUITE 600
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2R 0A8
</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>0000945621-20-000333</previousAccessionNumber>
<filerInfo>
<filer>
<filerCredentials>
<cik>0001538449</cik>
<ccc>XXXXXXXX</ccc>
</filerCredentials>
</filer>
<liveTestFlag>LIVE</liveTestFlag>



</filerInfo>
</headerData>
<formData>
<coverPageHeader>
<amendmentNo>8</amendmentNo>
<securitiesClassTitle>Common Shares</securitiesClassTitle>
<eventDateRequiresFilingThisStatement>03/31/2025</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</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>Mawer Investment Management Ltd.</reportingPersonName>
<citizenshipOrOrganization>A0</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>1890536</soleVotingPower>
<sharedVotingPower>0</sharedVotingPower>
<soleDispositivePower>2678487</soleDispositivePower>
<sharedDispositivePower>0</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2678487</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>8.72</classPercent>
<typeOfReportingPerson>IA</typeOfReportingPerson>
<comments>Based upon 30,701,680 Common Shares of North American Construction Group Ltd. (the "Issuer") outstanding as of March 14, 2025, as reported in the Issuer's 6-K (Annual Report) filed with the Securities and Exchange Commission on March 21, 2025.</comments>
</coverPageHeaderReportingPersonDetails>
<items>
<item1>
<issuerName>North American Construction Group Ltd.</issuerName>
<issuerPrincipalExecutiveOfficeAddress>27287-100 Avenue, Acheson, Alberta, Canada, T7X 6H8</issuerPrincipalExecutiveOfficeAddress>
</item1>
<item2>
<filingPersonName>Mawer Investment Management Ltd.</filingPersonName>
<principalBusinessOfficeOrResidenceAddress>600, 517 - 10th Avenue SW&#13;
Calgary Alberta, Canada T2R 0A8</principalBusinessOfficeOrResidenceAddress>
<citizenship>Canada</citizenship>
</item2>
<item3>
<notApplicableFlag>N</notApplicableFlag>
<typeOfPersonFiling>IA</typeOfPersonFiling>
</item3>
<item4>
<amountBeneficiallyOwned>2,678,487</amountBeneficiallyOwned>
<classPercent>8.72</classPercent>
<numberOfSharesPersonHas>
<solePowerOrDirectToVote>1,890,536</solePowerOrDirectToVote>
<sharedPowerOrDirectToVote>0</sharedPowerOrDirectToVote>
<solePowerOrDirectToDispose>2,678,487</solePowerOrDirectToDispose>
<sharedPowerOrDirectToDispose>0</sharedPowerOrDirectToDispose>
</numberOfSharesPersonHas>
</item4>
<item5>
<notApplicableFlag>Y</notApplicableFlag>
</item5>
<item6>
<notApplicableFlag>Y</notApplicableFlag>
</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>Mawer Investment Management Ltd.</reportingPersonName>
<signatureDetails>
<signature>/s/ Samir Taghiyev</signature>
<title>Samir Taghiyev</title>
<date>05/07/2025</date>
</signatureDetails>
</signatureInformation>
</formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
