Granite Ridge Resources, Inc.

Except as set forth below, there have been no material changes in our risk factors from those described in our 2025 Form 10-K.

There can be no assurance that we will purchase all the shares authorized under our share repurchase program or that such program will enhance the long-term value of our share price.

On November 4, 2026, our Board of Directors approved a share repurchase program. The program permits the repurchase of up to $35.0 million of the Company’s common stock through December 31, 2027. However, there is no obligation for us to continue to repurchase or to repurchase any specific dollar amount of shares, and the program may be suspended or discontinued at any time without prior notice. The timing, as well as the number and value of shares repurchased under the program, will be determined by the Company at its discretion and will depend on a variety of factors, including the market price of our common stock, general market and economic conditions, available liquidity, compliance with the Company’s debt and other agreements, applicable legal requirements, and other considerations. The share repurchase program could affect the price of our stock and increase volatility in the market. We cannot guarantee that we will purchase all of the shares authorized under the share repurchase program or that such program will enhance the long-term value of our share price. In addition, repurchase regulations and taxes may add additional payment burden to the Company from our share repurchase program. In the past, there have been proposals to increase the amount of the U.S. federal stock repurchase excise tax from 1% to 4%; however, it is unclear whether such a change in the amount of the excise tax will be enacted and, if enacted, how soon any such change could take effect.

We are no longer a “controlled company” within the meaning of the New York Stock Exchange rules. However, we may continue to rely on exemptions from certain corporate governance requirements during a one-year transition period.

As a result of a distribution of shares of our common stock by affiliates of Grey Rock Investment Partners to their respective limited partners on August 19, 2026, Grey Rock Investment Partners and its affiliates no longer hold a majority of the voting power of our outstanding common stock, and we are no longer a “controlled company” within the meaning of the rules of the New York Stock Exchange (the “NYSE”). Following the appointment of John Cocke and Jonathan Adams as independent directors on August 19, 2026, our Board of Directors is composed of a majority of independent directors. However, even though we are no longer a “controlled company,” during a one-year transition period permitted by NYSE rules, we intend to rely on an exemption from the requirements that our Compensation Committee and our Nominating and Governance Committee be composed entirely of independent directors. Accordingly, during the transition period, our stockholders may not have the same protections afforded to stockholders of companies that are subject to all of the corporate governance requirements of the NYSE.