Form 4: Equinox Partners Boosts Gran Tierra Energy Stake

Equinox Partners Investment Management LLC and its affiliated funds significantly increased their beneficial ownership in Gran Tierra Energy Inc. through multiple share purchases in November 2025.

Summary

• Equinox Partners Investment Management LLC, along with Equinox Partners, L.P., Kuroto Fund LP, and Mason Hill Partners, LP, collectively referred to as the Reporting Persons, acquired additional common shares of Gran Tierra Energy Inc. (GTE).
• The Reporting Persons, who are identified as both a Director and a 10% Owner of Gran Tierra Energy Inc., made several purchases between November 21, 2025, and November 25, 2025.
• On November 21, 2025, 12,500 shares were purchased by Equinox Partners, L.P. at $4.35 per share, and 37,500 shares were purchased by a Managed Account at $4.35 per share.
• On November 24, 2025, 6,767 shares were purchased by Equinox Partners, L.P. at $4.35 per share, and 20,300 shares were purchased by a Managed Account at $4.35 per share.
• On November 25, 2025, 20,102 shares were purchased by Equinox Partners, L.P. at $4.23 per share, and 60,306 shares were purchased by a Managed Account at $4.23 per share.
• In total, the Reporting Persons acquired 157,475 common shares through these transactions.
• Following these transactions, the beneficial ownership for Equinox Partners, L.P. increased to 2,583,279 shares, and for the Managed Account to 2,583,779 shares.
• Kuroto Fund LP beneficially owns 659,996 shares, and Mason Hill Partners, LP beneficially owns 550,317 shares.
• The combined beneficial ownership of the Reporting Persons, including Equinox Partners, L.P., the Managed Account, Kuroto Fund LP, and Mason Hill Partners, LP, totals 6,377,371 common shares.
• Sean M. Fieler, as Manager of Equinox Partners Investment Management LLC, which is the investment advisor to the Funds, may be deemed to beneficially own the securities held by the Funds.

Sentiment

Score: 8

Explanation: The sentiment is strongly positive due to significant insider buying by a 10% owner and director, indicating high confidence in the company's value and future prospects.

Positives

• Significant insider buying by a 10% owner and director signals strong confidence in the company's future prospects and valuation.
• Multiple purchases over several days indicate a sustained belief in the investment opportunity.
• The accumulation of shares by a major institutional investor group could be viewed positively by the market.

Negatives

• The share price paid for the latest transactions on November 25, 2025, was slightly lower ($4.23) compared to earlier transactions ($4.35), which could reflect minor market fluctuations or a slight dip in price.

Future Outlook

This Form 4 filing does not contain explicit forward-looking statements or guidance from the company's management regarding future performance or strategic direction. However, the insider purchases implicitly suggest a positive outlook from the reporting persons.

Management Comments

• Sean M. Fieler, Manager of Equinox Partners Investment Management LLC, signed the filing on behalf of all reporting persons, indicating his oversight and involvement in these transactions.

Industry Context

Insider buying, particularly by a significant shareholder and director, is often interpreted by the market as a bullish signal, suggesting that those with intimate knowledge of the company believe its shares are undervalued or expect positive developments. This action by Equinox Partners could be seen as a vote of confidence in Gran Tierra Energy's operational strategy and future prospects within the energy sector.

Comparison to Industry Standards

• Insider buying activity is a common indicator tracked by investors. While specific comparable companies or projects are not mentioned in this filing, the scale of purchases by a 10% owner and director is generally considered a stronger signal than smaller, routine insider transactions.
• The consistent buying over several days, rather than a single large block, suggests a deliberate accumulation strategy, which is often viewed more favorably than opportunistic, one-off purchases.

Related Party Transactions

• The transactions involve Equinox Partners Investment Management LLC, its managed funds (Equinox Partners, L.P., Kuroto Fund LP, Mason Hill Partners, LP), and Sean M. Fieler, all of whom are reporting persons and identified as a Director and 10% Owner of Gran Tierra Energy Inc. These transactions are inherently related party dealings due to the significant influence and directorship held by the reporting group.

Stakeholder Impact

• Shareholders may interpret this insider buying as a strong positive signal, potentially increasing investor confidence and demand for Gran Tierra Energy shares.
• The increased stake by a major investor group could lead to greater scrutiny of corporate governance and strategic decisions, given their significant ownership and board representation.

Key Dates

Recommendation

The substantial and consistent insider buying by a 10% owner and director, Equinox Partners, signals strong conviction in Gran Tierra Energy's intrinsic value and future performance. Such actions by well-informed parties often precede positive company developments or a re-rating of the stock, making it an attractive 'buy' for seasoned investors.

Keywords

Gran Tierra Energy, GTE, Equinox Partners, Insider Buying, Form 4, Share Purchase, Beneficial Ownership, Director, 10% Owner, Equity Investment