Investor Presentaiton

Illustrative Fully Diluted Share Count Illustrative Share Price Share count in millions $5.00 $7.00 $9.00 $10.00 $12.50 $15.00 $18.00 Public IPO Shares 41.4 41.4 41.4 41.4 41.4 41.4 41.4 1,2 0.8 2.4 3.7 Public Warrants Sponsor Shares 1.2 1.2 1.0 0.9 0.9 0.9 0.9 Grey Rock Equity (Existing Equityholders) 130.0 130.0 130.0 130.0 130.0 130.0 130.0 Total 172.6 172.6 172.4 172.3 173.1 174.7 176.0 Additional 371,518 shares to be released to sponsor if on the 90th calendar day post merger close, 20 trading-day trailing VWAP is less than $10.00, subject to a floor of $7.00 Illustrative Share Price Value of Ownership ($m) $5.00 $7.00 $9.00 $10.00 $12.50 $15.00 $18.00 Public IPO Shares $207 $290 $373 $414 $518 $621 $745 1,2 Public Warrants 10 36 67 Sponsor Shares 9 9 9 11 13 16 Grey Rock Equity (Existing Equityholders) 650 910 1,170 1,300 1,625 1,950 2,340 Total (Pro Forma Equity Value) $863 $1,208 $1,551 $1,723 $2,164 $2,620 $3,168 SPAC Sponsor MOIC 1.56x 1.88x 2.25x Aligned Interest 0.89x 1.25x 1.25x 1.25x ($ in millions, except per share values) Note: Assumes zero redemptions from SPAC shareholders. Values may not add to totals due to rounding 1. Assumes treasury share method for SPAC public warrants 2. 10.35 million SPAC investors warrants issued as part of the ENPC IPO with strike price of $11.50 and redemption price of $18.00 GRANITE RIDGE 22 22

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