[Form 4] GRAN TIERRA ENERGY INC. Insider Trading Activity

Rhea-AI Filing Summary

Gran Tierra Energy Inc. insider filing reports additional share purchases by affiliated investors. On 12/19/2025, reporting persons including Daniel Lau and Christine Man reported buying 140,000 shares of Gran Tierra Energy common stock at a weighted average price of $3.8733 per share, with individual trades executed between $3.83 and $3.91. After this transaction, 3,671,200 shares are reported as indirectly owned through private investment funds managed by LM Asset (IM) Inc., while 240,000 shares are beneficially owned solely by Daniel Lau and 65,550 shares solely by Christine Man. An additional 145,000 shares are held by companies where Lau and Man are directors and controlling shareholders. The reporting persons state they may be deemed beneficial owners through their roles but disclaim beneficial ownership beyond their pecuniary interests.

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

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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^*

LM Asset (IM) Inc.

(Last) (First) (Middle)

915 1055 WEST HASTINGS STREET

(Street)

VANCOUVER A1 V6E 2E9

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
GRAN TIERRA ENERGY INC. [ GTE ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
12/19/2025

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

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

	Form filed by One Reporting Person
X	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	12/19/2025		P		140,000	A	$3.8733(1)	3,671,200	I	See Note(2)
Common Stock								240,000(3)	D
Common Stock								65,550(4)	D
Common Stock								145,000	I	See Note(5)

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

1. Name and Address of Reporting Person^*

LM Asset (IM) Inc.

(Last) (First) (Middle)

915 1055 WEST HASTINGS STREET

(Street)

VANCOUVER A1 V6E 2E9

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Lau Daniel

(Last) (First) (Middle)

915 1055 WEST HASTINGS STREET

(Street)

VANCOUVER A1 V6E 2E9

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Man Christine

(Last) (First) (Middle)

915 1055 WEST HASTINGS STREET

(Street)

VANCOUVER A1 V6E 2E9

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.83 to $3.91, inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote.

2. These securities are held by private investment funds managed by LM Asset (IM) Inc. ("LMAIM"). LMAIM may be deemed to beneficially own these securities as the investment adviser to those funds. Daniel Lau and Christine Man are control persons of LMAIM and may be deemed to beneficially own these securities as control persons of LMAIM. Each reporting person disclaims beneficial ownership of such securities except to the extent of their respective pecuniary interests therein.

3. These securities are beneficially owned solely by Daniel Lau.

4. These securities are beneficially owned solely by Christine Man.

5. These securities are held by companies of which Daniel Lau and Christine Man are directors and controlling shareholders. They may be deemed to beneficially own these shares because they are control persons of those companies. They disclaim beneficial ownership of such securities except to the extent of their respective pecuniary interests therein.

Remarks:

The reporting persons are filing this Form 4 jointly but not as a group, and each reporting person expressly disclaims membership in a group within the meaning of Rule 13d-5(b) under the Securities Exchange Act of 1934.

	/s/ Daniel Lau, director of LM Asset (IM), Inc.	12/22/2025
	/s/ Daniel Lau	12/22/2025
	/s/ Christine Man	12/22/2025
	** 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

What insider transaction did Gran Tierra Energy (GTE) report on this Form 4?

The filing reports that on 12/19/2025, affiliated reporting persons purchased 140,000 shares of Gran Tierra Energy common stock at a weighted average price of $3.8733 per share, with trades occurring between $3.83 and $3.91.

How many Gran Tierra Energy (GTE) shares are indirectly owned through LM Asset (IM) Inc. funds?

The filing states that 3,671,200 shares of Gran Tierra Energy common stock are held by private investment funds managed by LM Asset (IM) Inc., and may be deemed beneficially owned by it as investment adviser.

How many GTE shares are beneficially owned individually by Daniel Lau and Christine Man?

According to the filing, 240,000 shares are beneficially owned solely by Daniel Lau, and 65,550 shares are beneficially owned solely by Christine Man.

What additional Gran Tierra Energy (GTE) holdings are reported through companies controlled by the insiders?

The filing reports that 145,000 shares of Gran Tierra Energy common stock are held by companies where Daniel Lau and Christine Man are directors and controlling shareholders, and they may be deemed beneficial owners through those roles.

What is the relationship of the reporting persons to Gran Tierra Energy (GTE)?

The reporting person is identified as a Director of Gran Tierra Energy Inc. The filing is made jointly by the reporting persons, who expressly state they are filing jointly but not as a group.

Do the reporting persons claim full beneficial ownership of all reported GTE shares?

No. For shares held through funds and controlled companies, the reporting persons state they may be deemed beneficial owners due to their roles but disclaim beneficial ownership except to the extent of their respective pecuniary interests.

Was this Gran Tierra Energy (GTE) Form 4 filed jointly by multiple reporting persons?

Yes. The form indicates it is a Form filed by more than one reporting person, and the remarks clarify that the reporting persons are filing jointly but expressly disclaim membership in a group under Rule 13d-5(b).