Granite Ridge Resources Insider Boosts Stake; Small, Cash-less Share Grant

Rhea-AI Filing Summary

Granite Ridge Resources, Inc. (GRNT) filed a Form 4 disclosing that director Matthew Reade Miller acquired 2,943 shares of common stock on 30 June 2025. The shares were issued at an effective price of $0 because Mr. Miller elected to receive equity in lieu of his quarterly cash board retainer, as permitted under the company’s director compensation plan.

Following the transaction, Mr. Miller directly owns 1,265,364 shares of GRNT, implying the new shares increased his direct holdings by roughly 0.2%. No derivative securities were involved, and the filing contains no sales or dispositions.

The transaction is routine, cash-less and small relative to both Mr. Miller’s existing stake and GRNT’s total shares outstanding. It signals continued alignment between the director and shareholders but is not expected to have a material impact on the company’s share-price dynamics or governance structure.

Positive

• Director elects equity compensation, modestly increasing insider ownership and aligning interests with shareholders.
• No shares were sold; the move avoids negative signalling and adds no selling pressure.

Negative

• Incremental ownership increase is immaterial (~0.2% of director’s stake), offering limited insight into insider conviction.

Insights

Equity Research Analyst

TL;DR Routine director stock grant; alignment positive, size immaterial, overall neutral for valuation.

The award of 2,943 shares represents less than 0.25% of Mr. Miller’s holdings and an even smaller fraction of GRNT’s float. Because it was part of standard board compensation, no incremental cash was deployed and the market should not interpret this as an opportunistic purchase. Still, accepting equity over cash marginally tightens insider–shareholder alignment. With no selling pressure and no derivatives exercised, dilution is negligible and there are no signalling concerns. I therefore classify the filing as neutral to the investment thesis.

Corporate Governance Specialist

TL;DR Equity-in-lieu compensation bolsters alignment; governance sound, impact limited.

From a governance angle, allowing directors to convert retainers into equity is best practice, fostering long-term focus. The board’s policy and Mr. Miller’s participation demonstrate commitment to shareholder value. Nonetheless, the stake increase is nominal and does not shift control dynamics. No red flags arise regarding disclosure quality or Rule 10b5-1 compliance. Overall effect on governance risk profile is positive but not materially impactful.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Miller Matthew Reade

(Last) (First) (Middle)

5217 MCKINNEY AVE., SUITE 400

(Street)

DALLAS TX 75205

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Granite Ridge Resources, Inc. [ GRNT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.0001 per share	06/30/2025		A		2,943	A	$0(1)	1,265,364	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Pursuant to the issuer's Board of Directors compensation plan, the reporting person elected to receive stock in lieu of the cash compensation retainer for Board service for the quarter ended June 30, 2025. The number of shares issued were calculated based on the closing price of the common stock on June 30, 2025.

Remarks:

	/s/ Emily Fuquay, by power of attorney for Matthew R. Miller	07/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

How many GRNT shares did director Matthew R. Miller acquire?

Mr. Miller acquired 2,943 shares of Granite Ridge Resources common stock.

What was the transaction date reported in the GRNT Form 4?

The shares were issued on June 30, 2025.

Why was the purchase price listed as $0 on the GRNT Form 4?

The shares were granted in lieu of the director’s cash retainer, so no cash changed hands, resulting in a $0 price entry.

What is Matthew R. Miller’s total GRNT share ownership after the transaction?

After the grant, he directly owns 1,265,364 shares.

Does the filing include any derivative securities or option exercises?

No. Table II is blank; there were no derivative transactions reported.