SCHEDULE: Equinox Partners Boosts Gran Tierra Stake to 16.4%

Equinox Partners Investment Management LLC and its affiliates have increased their beneficial ownership in Gran Tierra Energy Inc. to 16.4% of outstanding common stock.

Summary

• Equinox Partners Investment Management LLC and its affiliates, including Equinox Partners, L.P., Kuroto Fund LP, Mason Hill Partners, LP, and Sean M. Fieler, collectively beneficially own 5,796,370 shares of Gran Tierra Energy Inc. common stock.
• This represents approximately 16.4% of Gran Tierra Energy Inc.'s 35,295,753 outstanding shares, as reported in the Issuer's Quarterly Report on Form 10-Q filed on October 31, 2025.
• The aggregate funds used for the purchase of these shares amount to approximately $37,351,562.10, including commissions, sourced from the investment capital of EPIM's clients.
• Purchases were made through various entities between November 4, 2025, and November 7, 2025, totaling 698,682 shares, with approximate weighted average prices ranging from $3.79 to $4.11 per share.
• Brad Virbitsky, a portfolio manager and partner at EPIM, was appointed as an independent director to Gran Tierra Energy Inc.'s Board of Directors effective September 30, 2025, and is expected to receive securities as compensation for his service.

Sentiment

Score: 7

Explanation: The increased beneficial ownership by a significant institutional investor and the appointment of their representative to the board generally signal confidence and potential for enhanced shareholder value, which is a positive development for the company.

Positives

• Increased institutional ownership by Equinox Partners, signaling strong confidence in Gran Tierra Energy Inc.'s future prospects.
• Appointment of Brad Virbitsky, a partner from a significant shareholder, to the Board of Directors, potentially enhancing corporate governance and strategic alignment with a major investor.

Risks

• The Reporting Persons may effect purchases of shares through margin accounts, which could expose them to market volatility and potential margin calls.

Future Outlook

Brad Virbitsky, a portfolio manager and partner at Equinox Partners Investment Management LLC, who was appointed to Gran Tierra Energy Inc.'s Board of Directors, is expected to be awarded certain securities of the Issuer as compensation for his service.

Management Comments

• The filing of this statement should not be deemed as admission that Equinox Partners Investment Management LLC is, for the purposes of Section 13 of the Act, the beneficial owner of the Shares held in such client account(s).
• The Reporting Persons expect that Brad Virbitsky, a portfolio manager and partner at EPIM who was appointed to the Issuer's Board of Directors as an independent director effective September 30, 2025, will be awarded certain securities of the Issuer as compensation for his serving as a member of the Issuer's Board of Directors.

Industry Context

This filing indicates a significant increase in institutional investor involvement in Gran Tierra Energy Inc., an energy company. Such moves often reflect an investor's belief in the company's long-term value or potential for strategic changes within the broader energy sector, which is currently navigating commodity price fluctuations and energy transition dynamics.

Comparison to Industry Standards

• The acquisition of a 16.4% stake by an investment management firm like Equinox Partners is a substantial position, often indicative of an activist or highly engaged investor, which is common in the energy sector where companies may be undervalued or ripe for operational improvements.
• The appointment of a representative from a major shareholder to the board, such as Brad Virbitsky, aligns with best practices for corporate governance, ensuring shareholder interests are directly represented at the highest level, a trend seen across various industries, including energy, to enhance accountability and strategic direction.

Management Changes

Corporate Governance

Stakeholder Impact

• Shareholders: Potential for increased oversight and strategic direction from a significant institutional investor, possibly leading to improved shareholder value.
• Management: May face increased scrutiny and pressure to perform from a more engaged board.

Next Steps

• Brad Virbitsky is expected to be awarded securities of the Issuer as compensation for his board service.

Key Dates

Recommendation

The substantial increase in beneficial ownership by Equinox Partners, coupled with the appointment of their partner to the board, suggests a strong conviction in Gran Tierra Energy Inc.'s future prospects. This institutional backing and direct board representation could lead to strategic initiatives that unlock shareholder value, making it an attractive 'buy' for investors seeking long-term growth.

Keywords

Gran Tierra Energy Inc., Equinox Partners, Schedule 13D/A, beneficial ownership, common stock, institutional investment, board appointment, energy sector