Granite Ridge Resources, Inc.

Report of Independent Registered Public Accounting Firm

To the Shareholders, Board of Directors, and Audit Committee

Granite Ridge Resources, Inc.

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Granite Ridge Resources, Inc. (“Company”) as of December 31, 2025 and 2024, the related consolidated statements of operations, changes in equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework: (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 5, 2026, expressed an unqualified opinion.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits.

We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provides a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Proved Oil and Gas Properties – Oil and Gas Reserves and the Impact to Depletion of Proved Properties – Refer to Note 2 to the financial statements

The Company follows the successful efforts method of accounting for oil and natural gas producing activities. As such, oil and gas properties are depleted using the unit-of-production method based on estimated proved reserves. The net book value of oil and gas properties was $1.04 billion as of December 31, 2025, and depletion expense was $214.8 million for the year then ended.

Proved oil and gas reserve estimates are based on geological and engineering interpretation and judgment. Significant judgment is required in evaluating geological and engineering data when estimating proved oil and gas reserves. Estimating reserves also requires the selection of inputs, including production volumes, oil and gas price assumptions, future operating and capital cost assumptions and production tax rates by jurisdiction, among others. Changes in these estimates, assumptions, or engineering data involve judgments which could have a significant impact on the depletion calculation.

Because of the complexity involved in estimating oil and gas reserves, the Company in addition to having in-house reserve engineers, used an independent third-party petroleum engineering firm to prepare the proved reserve estimates as of December 31, 2025.

Given the significant judgments made relating to the estimates and assumptions required to evaluate the Company’s oil and gas reserve quantities used in the depletion calculation, a high degree of auditor judgment and an increased extent of effort is required.

How the Critical Audit Matter Was Addressed in the Audit

•We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls related to the Company’s estimation of oil and gas reserves and the related future net cash flows.

•We evaluated the qualifications, experience, and objectivity of the Company’s specialist responsible for preparing the estimate.

•We evaluated the methods and the assumptions used by the Company’s specialist in the determination of the estimated total proved oil and gas reserves including production volumes, oil and gas price assumptions, future operating and capital cost assumptions, and production tax rates applied by basin.

•We tested the completeness and accuracy of the financial data used by the specialist in the determination of the estimated total proved oil and gas reserves.

•Additionally, related to proved undeveloped reserves, we evaluated the following:

•Historical conversions of proved undeveloped oil and gas reserves into proved developed oil and gas reserves;

•The Company’s intent and ability to develop; and

•The Company’s development plan for compliance with SEC requirements.

Estimate of Future Cash Flows of Proved Oil and Gas Reserves Used to Assess the Recoverability of the Carrying Value and Estimate the Fair Value of Oil and Gas Properties – Refer to Note 2 to the financial statements

The Company’s proved oil and gas properties are assessed for impairment when events or circumstances indicate the carrying value of those assets may not be recoverable. An impairment loss is indicated if the sum of the undiscounted cash flows is less than the carrying amount of the assets. For each property determined to be impaired, an impairment loss equal to the difference between the carrying value of the properties and the estimated fair value is recognized. Fair value of proved oil and gas properties is estimated by using the market or income approach, which includes discounting the estimated future cash flows of proved reserves. During the year ended December 31, 2025, the Company recorded an impairment of approximately $44.7 million related to its oil and gas properties.

The estimate of future cash flows of proved oil and gas reserves used to assess the recoverability of the carrying value and the discount rate applied to these cash flows used to estimate the fair value of oil and gas properties requires judgment. Significant judgment is required in the pricing and discount rate assumption required to determine the Company’s estimated fair value of oil and gas reserves. As such, there is a high degree of auditor judgment, and an increased extent of effort is required to audit these assumptions.

How the Critical Audit Matter Was Addressed in the Audit

•We obtained an understanding, evaluated the design and tested the operating effectiveness of controls relating to the Company’s impairment evaluation and fair value measurements.

•We evaluated the Company’s significant judgments and assumptions regarding the impairment case oil and gas reserve report used to determine impairment of proved oil and gas properties by performing the following:

◦We evaluated the reasonableness of the expected future commodity prices used in the impairment case reserve report by comparing to external sources.

◦We evaluated the reasonableness of the Company’s inputs and assumptions into the impairment case reserve report by analytically comparing the individual inputs and assumptions to the reserve report.

◦We engaged a valuation specialist to assess the reasonableness of the future net cash flows associated with the impairment case reserve report, including assessing the discount rate for reasonableness.

/s/Forvis Mazars, LLP

We have served as the Company’s auditor since 2015.

Dallas, Texas

March 5, 2026