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

Rhea-AI Filing Summary

Gran Tierra Energy Inc. (GTE) reported insider share purchases by a director and 10% owner group led by Equinox Partners Investment Management LLC and its president, Sean M. Fieler. On 11/13/2025, 11/14/2025, and 11/17/2025, affiliated funds and managed accounts bought common shares at prices around $4.21–$4.39 per share in multiple open-market transactions. Following these trades, indirect holdings included 2,527,365 common shares by Equinox Partners, L.P., 659,996 by Kuroto Fund LP, 550,317 by Mason Hill Partners, LP, and 2,416,038 through managed accounts. The reporting persons state that they may be deemed to beneficially own these securities through their roles with the funds but disclaim beneficial ownership beyond their pecuniary interests.

Insights

Equity Ownership and Governance Analyst

Large affiliated holder and director group increased indirect ownership via multiple funds through open-market share purchases over three trading days.

The reporting group, including **Equinox Partners Investment Management LLC**, affiliated funds, and **Sean M. Fieler**, a **director and 10% owner**, reported a series of open-market purchases of **Gran Tierra Energy Inc.** common shares. Across 11/13/2025, 11/14/2025, and 11/17/2025, the funds acquired 226,438 common shares at prices between $4.21 and $4.39 per share. These transactions increased the indirect holdings in accounts managed by Equinox entities and associated funds.

Beneficial ownership after these trades rose to figures such as 2,527,365 shares for **Equinox Partners, L.P.**, 659,996 shares for **Kuroto Fund LP**, and 2,416,038 shares for the managed account, all reported as indirect. The reporting persons explicitly disclaim beneficial ownership beyond their pecuniary interest, which is standard for investment managers and their principals. This pattern reflects continued capital allocation into the issuer’s equity by an existing large holder and board member rather than any sale or reduction.

The filing is joint among all reporting entities, which clarifies control and advisory relationships and how ownership is aggregated. Because these are open-market purchases, they signal a willingness by this holder group to deploy more capital into the company’s shares at the disclosed price levels, while governance influence remains tied to their status as a director and 10% owner. A practical near-term item to watch is whether similar Form 4 filings showing additional purchases or any future sales occur after 11/17/2025, as they would update this ownership trajectory.

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Equinox Partners Investment Management LLC

(Last) (First) (Middle)

THREE STAMFORD PLAZA

301 TRESSER BLVD, 13TH FL

(Street)

STAMFORD CT 06901

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
11/13/2025

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 Shares, par value $0.001 per share	11/13/2025		P		7,626	A	$4.39	2,447,562	I(1)(2)	By Equinox Partners, L.P.
Common Shares, par value $0.001 per share	11/13/2025		P		2,542	A	$4.39	633,327	I(1)(2)	By Kuroto Fund LP
Common Shares, par value $0.001 per share	11/13/2025		P		5,084	A	$4.39	533,132	I(1)(2)	By Mason Hill Partners, LP
Common Shares, par value $0.001 per share	11/13/2025		P		7,648	A	$4.39	2,336,157	I(1)	By Managed Account
Common Shares, par value $0.001 per share	11/14/2025		P		25,778	A	$4.32	2,473,340	I(1)(2)	By Equinox Partners, L.P.
Common Shares, par value $0.001 per share	11/14/2025		P		8,593	A	$4.32	641,920	I(1)(2)	By Kuroto Fund LP
Common Shares, par value $0.001 per share	11/14/2025		P		17,185	A	$4.32	550,317	I(1)(2)	By Mason Hill Partners, LP
Common Shares, par value $0.001 per share	11/14/2025		P		25,856	A	$4.32	2,362,013	I(1)	By Managed Account
Common Shares, par value $0.001 per share	11/17/2025		P		54,025	A	$4.21	2,527,365	I(1)(2)	By Equinox Partners, L.P.
Common Shares, par value $0.001 per share	11/17/2025		P		18,076	A	$4.21	659,996	I(1)(2)	By Kuroto Fund LP
Common Shares, par value $0.001 per share	11/17/2025		P		54,025	A	$4.21	2,416,038	I(1)	By Managed Account

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^*

Equinox Partners Investment Management LLC

(Last) (First) (Middle)

THREE STAMFORD PLAZA

301 TRESSER BLVD, 13TH FL

(Street)

STAMFORD CT 06901

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

EQUINOX PARTNERS LP

(Last) (First) (Middle)

301 TRESSER BLVD.

13TH FLOOR

(Street)

STAMFORD CT 06901

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

KUROTO FUND LP

(Last) (First) (Middle)

THREE STAMFORD PLAZA

301 TRESSER BLVD., 13TH FLOOR

(Street)

STAMFORD CT 06901

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

MASON HILL PARTNERS LP

(Last) (First) (Middle)

301 TRESSER BLVD.

13TH FLOOR

(Street)

STAMFORD CT 06901

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein. The filing of this Form 4 shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer he or it does not directly own.

2. EPIM is the investment advisor to Equinox Partners, L.P., Kuroto Fund LP, and Mason Hill Partners, LP (collectively, the "Funds"). Mr. Fieler is the president of EPIM. By virtue of these relationships, each of EPIM and Mr. Fieler may be deemed to beneficially own the securities owned directly by the Funds.

Remarks:

This Form 4 is filed jointly by Equinox Partners Investment Management LLC ("EPIM"), Sean M. Fieler, Equinox Partners, L.P., Kuroto Fund LP, and Mason Hill Partners, LP (collectively, the "Reporting Persons").

	EQUINOX PARTNERS INVESTMENT MANAGEMENT LLC /s/ Sean M. Fieler Name: Sean M. Fieler, Title: Manager	11/17/2025
	EQUINOX PARTNERS, L.P. /s/ Sean M. Fieler Name: Sean M. Fieler, Title: Manager of Equinox Partners Investment Management LLC, the Investment Manager of Equinox Partners, L.P.	11/17/2025
	KUROTO FUND LP /s/ Sean M. Fieler Name: Sean M. Fieler, Title: Manager of Equinox Partners Investment Management LLC, the Investment Manager of Kuroto Fund LP	11/17/2025
	MASON HILL PARTNERS, LP /s/ Sean M. Fieler Name: Sean M. Fieler, Title: Manager of Equinox Partners Investment Management LLC, the Investment Manager of Mason Hill Partners, LP	11/17/2025
	/s/ Sean M. Fieler Sean M. Fieler	11/17/2025
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

Who filed this Form 4 for Gran Tierra Energy Inc. (GTE)?

The filing was made jointly by Equinox Partners Investment Management LLC (EPIM), Sean M. Fieler, Equinox Partners, L.P., Kuroto Fund LP, and Mason Hill Partners, LP, referred to collectively as the Reporting Persons.

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

The reporting persons are identified as both a Director and a 10% Owner of Gran Tierra Energy Inc., reflecting their governance role and significant ownership stake.

What transactions in GTE shares were reported on this Form 4?

The Form 4 reports multiple open-market purchases (code P) of Gran Tierra common shares on 11/13/2025, 11/14/2025, and 11/17/2025 by funds and managed accounts associated with the reporting persons.

At what prices were the Gran Tierra (GTE) shares purchased?

The reported purchases of GTE common shares occurred at prices of approximately $4.39 per share on 11/13/2025, $4.32 per share on 11/14/2025, and $4.21 per share on 11/17/2025.

How many GTE shares were indirectly owned after these transactions?

After the reported trades, indirect beneficial holdings included 2,527,365 GTE common shares by Equinox Partners, L.P., 659,996 by Kuroto Fund LP, 550,317 by Mason Hill Partners, LP, and 2,416,038 held in managed accounts.

How do EPIM and Sean M. Fieler relate to the funds holding GTE shares?

EPIM is the investment adviser to Equinox Partners, L.P., Kuroto Fund LP, and Mason Hill Partners, LP, and Sean M. Fieler is EPIM’s president. Because of these roles, they may be deemed to beneficially own the GTE shares held by the funds.

Did the Form 4 report any derivative securities for GTE?

The section for derivative securities (such as options or warrants) was included but showed no derivative transactions reported for Gran Tierra Energy Inc. in this filing.