SCHEDULE: Gran Tierra Energy Stakeholders Sell Shares

Equinox Partners and affiliated entities have sold a substantial portion of their stake in Gran Tierra Energy Inc., totaling over 4.7 million shares.

Summary

• Equinox Partners Investment Management LLC, Equinox Partners, L.P., Kuroto Fund LP, Mason Hill Partners, LP, and Sean M. Fieler have collectively sold a significant number of Gran Tierra Energy Inc. shares.
• The total number of shares sold by these reporting persons in the past 60 days amounts to 4,781,471.
• The aggregate amount of funds used for the purchase of shares held by the reporting persons was approximately $25,511,601.87, including commissions.
• The reporting persons believe the shares were undervalued at the time of purchase and may adjust their position based on market conditions and investment opportunities.
• Brad Virbitsky, formerly associated with EPIM, served on the Issuer's Board of Directors from September 30, 2025, to March 12, 2026, and received deferred stock units convertible into 43,917 shares.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this filing as having a negative sentiment due to significant selling activity by the reporting persons, indicating a potential lack of confidence or a strategic shift away from the investment.

Positives

• The reporting persons initially purchased shares believing they were undervalued, indicating a strategic investment approach.
• The filing details specific transactions, providing transparency into the reporting persons' activities.

Negatives

• Significant selling activity by the reporting persons, totaling 4,781,471 shares, representing 13.5% of the outstanding stock.
• The reporting persons have a history of potentially using margin accounts for purchases, which can introduce leverage and risk.
• Brad Virbitsky, a former EPIM employee and director, received deferred stock units, but the reporting persons disclaim beneficial ownership of these shares.

Risks

• The reporting persons may continue to sell shares, potentially impacting the stock price.
• Future actions by the reporting persons could include engaging in short selling or hedging transactions.
• The reporting persons may engage in discussions with third parties, including potential acquirers, which could lead to a sale of the Issuer.
• The use of margin accounts for purchases means shares may be pledged as collateral, subject to margin calls.

Future Outlook

The reporting persons intend to review their investment continuously and may take various actions, including increasing or decreasing their position, engaging in communications with management and the board, discussing the investment with stockholders or third parties, making proposals regarding capital allocation, capitalization, ownership structure (including a sale of the Issuer), board structure, or operations, purchasing or selling shares, engaging in short selling or hedging, or changing their intentions regarding these matters.

Management Comments

• The reporting persons purchased the Shares based on the belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity.
• The filing of this statement should not be deemed as an 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).
• Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.

Industry Context

StockSavvy.ai notes that significant selling by major shareholders, as indicated in this Schedule 13D filing, can signal a shift in sentiment or strategy. This activity, especially when it represents a substantial portion of holdings, often prompts market scrutiny and can influence investor perception of the company's future prospects.

Management Changes

Related Party Transactions

• Brad Virbitsky, an EPIM employee, was appointed to the Issuer's Board of Directors and received deferred stock units convertible into 43,917 Shares as compensation. The reporting persons disclaim beneficial ownership of these shares.

Stakeholder Impact

• Shareholders may experience downward pressure on stock price due to the significant selling activity.
• Potential for increased volatility in the stock price as reporting persons adjust their holdings.
• Other investors may interpret the selling as a signal of negative future performance or strategic concerns.

Next Steps

• Reporting persons will continue to review their investment in Gran Tierra Energy Inc.
• Reporting persons may engage in communications with management and the Board of Directors.
• Reporting persons may engage in discussions with stockholders or third parties, including potential acquirers.
• Reporting persons may make proposals to the Issuer concerning changes to capital allocation, capitalization, ownership structure, board structure, or operations.
• Reporting persons may purchase additional Shares or sell some or all of their Shares.
• Reporting persons may engage in short selling or hedging transactions.

Key Dates

Recommendation

While the significant selling activity by major shareholders is a negative signal, the reporting persons' stated belief that shares were undervalued at purchase and their intention to continuously review their investment suggests a potential for future re-engagement or a strategic decision based on specific market conditions rather than a fundamental loss of faith. The company's underlying performance, not detailed in this filing, would be crucial for a stronger recommendation. Therefore, a 'hold' position allows for further observation.

Keywords

Gran Tierra Energy, Equinox Partners, Schedule 13D, Shareholder Activity, Investment Management, Stock Sales, Beneficial Ownership, Director Resignation