SCHEDULE: LM Asset Entities & Insiders Boost Gran Tierra Energy Stake

Daniel Lau, Christine Man, and affiliated LM Asset entities have disclosed significant beneficial ownership in Gran Tierra Energy Inc., collectively holding over 11% of common stock.

Summary

• Daniel Lau, Christine Man, LM Asset (IM) Inc., LM Asset Fund Limited Partnership, and LM Asset Management Inc. have filed an Amendment No. 3 to Schedule 13G regarding their beneficial ownership of Gran Tierra Energy Inc. Common Stock.
• Daniel Lau beneficially owns 4,056,200 shares, representing 11.5% of the outstanding Common Stock.
• Christine Man beneficially owns 3,881,750 shares, representing 11.0% of the outstanding Common Stock.
• LM Asset (IM) Inc. beneficially owns 3,671,200 shares, representing 10.4% of the outstanding Common Stock.
• LM Asset Fund Limited Partnership beneficially owns 2,601,200 shares, representing 7.4% of the outstanding Common Stock.
• LM Asset Management Inc. beneficially owns 3,381,200 shares, representing 9.6% of the outstanding Common Stock.
• The percentages are calculated based on 35,295,753 shares of Common Stock outstanding as of October 28, 2025, as reported in Gran Tierra Energy Inc.'s Form 10-Q for the quarter ended September 30, 2025.
• The reporting persons are filing jointly but disclaim membership in a group and disclaim beneficial ownership except to the extent of their pecuniary interest.
• The securities were not acquired and are not held for the purpose or effect of changing or influencing the control of Gran Tierra Energy Inc.

Sentiment

Score: 7

Explanation: The disclosure of significant beneficial ownership by multiple related investment entities and individuals, coupled with a certification of not seeking to influence control, generally indicates a stable, long-term investment perspective, which can be viewed positively by the market.

Positives

• Significant beneficial ownership by key individuals and affiliated investment entities suggests a strong, long-term investment conviction in Gran Tierra Energy Inc.
• The collective stake held by Daniel Lau, Christine Man, and the LM Asset entities represents a substantial portion of the company's outstanding shares, indicating a notable vote of confidence.

Negatives

• No explicit negative information is contained within this beneficial ownership disclosure.

Risks

• The reporting persons explicitly certify that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer, mitigating potential risks associated with activist investor intervention.

Future Outlook

This filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance regarding the issuer's future outlook.

Industry Context

NA

Corporate Governance

Related Party Transactions

• Daniel Lau and Christine Man are identified as control persons of LM Asset (IM) Inc. and other investment advisers, including LM Asset Fund Limited Partnership and LM Asset Management Inc. (the General Partner of the Partnership). This establishes a related party structure among the reporting persons themselves, explaining the shared beneficial ownership.

Stakeholder Impact

• Shareholders may view the significant and stable ownership by these investment entities and individuals as a positive signal, potentially bolstering investor confidence.
• The certification of not seeking to influence control may reassure existing management and the board of directors regarding the intentions of these large shareholders.

Key Dates

Keywords

Gran Tierra Energy, Common Stock, Beneficial Ownership, Schedule 13G, Institutional Investor, LM Asset, Daniel Lau, Christine Man, Equity Stake, SEC Filing