GMT CAPITAL CORP - 03 Jun 2021 Form 4 Insider Report for GRAN TIERRA ENERGY INC. (GTE)

Footnote F1

This Form 4 is being jointly filed by Bay Resource Partners, L.P. (Bay), a Delaware limited partnership, Bay II Resource Partners, L.P. (Bay II), a Delaware limited partnership, Bay Resource Partners Offshore Master Fund, L.P. (Bay Offshore), an exempted limited partnership organized under the laws of the Cayman Islands, GMT Exploration Company LLC (GMT Exploration), a Delaware limited liability company, GMT Capital Corp., a Georgia corporation (GMT Capital), and Thomas E. Claugus (Claugus), a United States citizen. The foregoing persons are hereinafter sometimes collectively referred to as the Reporting Persons.

Footnote F2

GMT Capital is the general partner of Bay and Bay II and has the power to direct the affairs of Bay and Bay II, including voting and disposition of shares. As the discretionary investment manager of Bay Offshore, GMT Capital has power to direct voting and disposition of shares held by Bay Offshore. Claugus is the President of GMT Capital and in that capacity, directs the operations of each of Bay and Bay II and voting and disposition of shares held by Bay Offshore. GMT Capital is also the non-discretionary manager of GMT Exploration through a separately managed account relationship. In addition, Claugus owns a controlling interest in GMT Exploration. GMT Capital and Claugus may be deemed to beneficially own indirect pecuniary interest as the result of performance-based fees and profit allocations. Each of GMT Capital and Claugus disclaims such beneficial ownership except to the extent ultimately realized.

Footnote F3

The aggregate number of shares of common stock sold on June 03, 2021, was 624,800 shares, at a price of $0.70 per share, resulting in an aggregate number of shares owned by the Reporting Persons of 36,141,812. Such shares were sold, and thereafter beneficially owned by the Reporting Persons in the following amounts: Bay = 186,600 shares sold resulting in ownership of 10,453,890 shares; Bay II = 149,800 shares sold resulting in ownership of 8,492,330 shares; Offshore Fund = 263,600 shares sold resulting in ownership of 14,845,489 shares; GMT Capital = 0 shares sold resulting in ownership of 147,000 shares; Claugus = 24,800 shares sold resulting in ownership of 1,396,500 shares; GMT Exploration = 0 shares sold resulting in ownership of 806,603 shares.