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               February 23 2007

                             (Companies sorted by expiry date)

                               Warrants              
                    1 Month      
  U. S. Canadian U. S. Canadian Expiration Exercise Warrants    Price Historic   Fair  
COMPANY NAME Symbol Stock Symbol Warrant Date Price per Leverage     of   Volatility Warrant Market Comments
  Stock Symbol Warrant Symbol   Cdn$ Share   Common Annualized Price Value  
Anico Eagle AEM T.AEM AEMLW T.AEM.wt.u 14-Nov-07 $22.33 1 1.76 $47.60 25.1 $27.04 $26.13 Fair Value
Ascendant Copper Corp ASCPF.pk T.ACX   T.ACX.wt 21-Nov-10 $2.50 1 4.00 $0.40 132.0 $0.10 $0.24 Bargain
Aspire Capital APIRF.PK C.CALS   C.CALS.wt.b 18-May-07 $0.25 1 5.00 $0.05 175.4 $0.01 $0.00 Very Overvalued
Australian Solomons Gold   T.SGA   T.SGA.wt 28-Aug-08 $1.71 1 3.00 $1.65 57.8 $0.55 $0.49 Overvalued
Avnel Gold Mining   T.AVK   T.AVK.wt 30-Jun-10 $1.06 1 1.78 $0.98 58.7 $0.55 $0.43 Overvalued
Baffinland Iron Mns Corp   T.BIM   T.BIM.wt 31-Jan-12 $2.75 1 3.47 $2.60 32.5 $0.75 $0.93 Undervalued
Baja Mining Corp BAJFF.pk V.BAJ   T.BAJ.wt 13-Apr-09 $1.25 1 1.68 $1.34 41.7 $0.80 $0.34 Very Overvalued
Bankers Petroleum BNKFF.pk T.BNK   T.BNK.wt 10-Nov-09 $0.95 1 2.03 $0.61 64.8 $0.30 $0.20 Overvalued
Bema Gold Corp BGO T.BGO BMGDF.pk T.BGO.wt 22-Oct-07 $1.90 1 1.34 $7.21 21.8 $5.38 $5.38 Fair Value
Bema Gold Corp BGO T.BGO   T.BGO.wt.A 8-Sep-11 $10.00 1 3.07 $7.21 21.8 $2.35 $1.08 Very Overvalued
Benton Resources   V.BTC BNRWF.pk V.BTC.wt 13-Apr-07 $0.40 1 2.68 $0.67 74.9 $0.25 $0.28 Undervalued
Blue Pearl Mining BLEFF.pk T.BLE BLEWF.pk T.BLE.wt 22-Mar-07 $0.70 1 1.08 $9.16 55.9 $8.45 $8.48 Fair Value
Blue Pearl Mining BLEFF.pk T.BLE   T.BLE.wt.A 27-Oct-11 $9.00 1 2.21 $9.16 55.9 $4.15 $4.82 Undervalued
Breakwater Resources BWLRF.ob T.BWR BWLWF.pk T.BWR.wt 28-Jan-09 $1.00 1 1.71 $1.95 56.6 $1.14 $1.14 Fair Value
Canadian General Inv. Ltd    (4) CGRIF T.CGI   T.CGI.wt 30-Jun-07 $2.62 1 1.22 $27.17 12.8 $22.26 $24.60 Undervalued
Canadian Income Mgmt Tr   T.CNM-UN   T.CNM.wt 28-Feb-12 $2.60 1 8.33 $0.50 195.7 $0.06 $0.47 Bargain
Centrasia Mining Corp CTMHF.ob V.CTM   V.CTM.wt 28-Apr-07 $0.78 2 7.00 $0.84 75.4 $0.06 $0.08 Undervalued
Coalcorp Mining CCJFF.pk T.CCJ   T.CCJ.wt 25-Feb-09 $0.80 1 2.67 $0.64 63.1 $0.24 $0.20 Overvalued
Coalcorp Mining CCJFF.pk T.CCJ   T.CCJ.wt.A 17-Aug-11 $1.20 1 3.37 $0.64 63.1 $0.19 $0.25 Undervalued
Colibri Resource Corp CRUCF.pk V.CBI   V.CBI.wt 28-Jul-07 $0.30 2 1.73 $0.52 193.0 $0.15 $0.17 Undervalued
Dejour Enterprises Ltd DJEEF.ob V.DJE   V.DJE.wt 17-Mar-07 $0.80 1 1.51 $2.59 52.0 $1.72 $1.79 Fair Value
Denison Mines  (3) DMLCF.pk T.DML   T.DML.wt 24-Nov-09 $15.00 1 1.48 $44.44 55.4 $30.10 $32.28 Fair Value
Denison Mines  (3) DMLCF.pk T.DML   T.DML.wt.A 1-Mar-11 $30.00 1 1.91 $44.44 55.4 $23.29 $26.29 Undervalued
Eastern Platinum Limited ELRFF.pk T.ELR   T.ELR.wt 25-Apr-08 $2.00 1 1.84 $1.84 40.8 $1.00 $0.31 Very Overvalued
Eastern Platinum Limited ELRFF.pk T.ELR   T.ELR.wt.A 28-Mar-09 $1.80 1 2.83 $1.84 40.8 $0.65 $0.53 Overvalued
Endeavour Mining Cap EDVMF.pk T.EDV EDVWF.pk T.EDV.wt 10-Nov-08 $5.50 1 1.98 $8.90 37.9 $4.50 $4.08 Fair Value
Endeavour Silver Corp EDRGF.pk T.EDR EDWGF.pk T.EDR.wt 24-Oct-07 $5.25 1 4.33 $5.63 44.3 $1.30 $1.11 Overvalued
Envoy Communs Group Inc ECGI T.ECG   T.ECG.wt 20-Feb-09 $9.00 5 19.10 $3.82 120.2 $0.04 $0.35 Bargain
Erdene Gold ERDGF.pk T.ERD   T.ERD.wt 15-Jun-09 $1.60 1 4.00 $0.80 55.9 $0.20 $0.13 Overvalued
European Minerals Corp EPMCF.PK. T.EPM EPMWF.pk T.EPM.wt 23-Dec-08 $1.41 1 2.49 $1.07 20.6 $0.43 $0.05 Very Overvalued
European Minerals Corp EPMCF.PK. T.EPM EPMJF.pk T.EPM.wt.a 11-Apr-10 $1.20 1 2.28 $1.07 20.6 $0.47 $0.18 Very Overvalued
European Minerals Corp EPMCF.PK. T.EPM   T.EPM.wt.b 21-Mar-11 $1.55 1 2.74 $1.07 20.6 $0.39 $0.12 Very Overvalued
Explorations Minieres du Nord   T.MDN   T.MDN.wt 14-Jan-09 $1.00 1 1.94 $1.55 103.7 $0.80 $1.01 Undervalued
First Capital Realty FCRGF.pk T.FCR   T.FRC.wt 31-Aug-08 $11.80 1 1.82 $28.00 62.2 $15.37 $17.81 Undervalued
Gabriel Resources Ltd GBRRF.pk T.GBU   T.GBU.wt 31-Mar-07 $2.75 1 2.10 $5.19 44.4 $2.47 $2.46 Fair Value
Geovic Mining Corp GVCM.pk V.GMC GVCMW.pk V.GMC.wt 3-Nov-11 $2.75 1 1.88 $2.45 44.6 $1.30 $1.02 Overvalued
Glencairn Gold Corp GLE T.GGG GLECW.pk T.GGG.wt 26-Nov-08 $1.25 1 4.00 $0.64 35.7 $0.16 $0.02 Very Overvalued
Goldcorp GG T.G GG.wt T.G.wt.G 9-Jun-11 $30.75 1 1.96 $32.99 23.4 $16.83 $10.53 Overvalued
HMZ Metals Inc. HMZMF.pk T.HMZ   T.HMZ.wt 6-Apr-07 $0.50 1 8.00 $0.08 122.8 $0.010 $0.00 Very Overvalued
I M A Exploration IMR V.IMR   V.IMR.wt 14-Sep-09 $3.45 1 6.57 $0.92 61.0 $0.14 $0.08 Overvalued
I M A Exploration IMR V.IMR   V.IMR.wt.A 21-Mar-10 $3.80 1 9.20 $0.92 61.0 $0.10 $0.10 Fair Value
Iamgold IMG T.IMG   T.IMG.wt 12-Aug-08 $3.75 2.381 2.88 $10.41 29.3 $1.52 $2.91 Bargain
International Minerals Corp IMZLF.pk T.IMZ   T.IMZ.wt 19-May-08 $6.88 1 8.14 $5.78 18.5 $0.71 $0.23 Very Overvalued
Ivanhoe Energy IVAN.pk T.IE   T.IE.wt 15-May-11 $2.93 1 2.80 $1.96 59.7 $0.70 $0.82 Undervalued
Jaguar Mining JAGNF.pk T.JAG   T.JAG.wt 31-Dec-07 $4.50 1 2.60 $6.75 32.9 $2.60 $2.51 Fair Value
Katanga Mining KATFF.pk T.KAT   T.KAT.wt 20-Nov-11 $8.50 1 2.52 $8.70 30.8 $3.45 $3.20 Fair Value
Khan Resources KHRIF.pk T.KRI   T.KRI.wt 3-Aug-08 $1.90 1 1.48 $4.45 53.7 $3.00 $2.75 Fair Value
Kinross KGC T.K KRSGF.pk T.K.wt 5-Dec-07 $15.00 3 5.22 $16.28 25.9 $1.04 $0.86 Overvalued
Las Vegas From Home.com LVFHF.ob V.LVH   V.LVH.wt 13-May-07 $1.00 1 15.00 $0.30 80.3 $0.02 $0.00 Very Overvalued
Medical Intelligence Tech   V.MIZ   V.MIZ.wt 28-Sep-07 $0.80 1 5.00 $0.80 70.2 $0.16 $0.19 Undervalued
Mesa Uranium Corp MSAUF.pk V.MZU   V.MZU.wt 21-Dec-07 $0.75 1 2.60 $0.52 87.6 $0.20 $0.11 Overvalued
Metallic Ventures Gold MTLVF.pk T.MVG   T.MVG.wt 17-Mar-09 $10.00 1 4.15 $1.99 59.1 $0.48 $0.05 Very Overvalued
Metallica Resources MRB T.MR  MRBWF.pk T.MR.wt 11-Dec-08 $3.10 1 2.12 $5.48 22.9 $2.59 $2.66 Fair Value
Metallica Resources MRB T.MR   T.MR.wt.a 12-Dec-09 $5.50 1 ? $5.48 22.9 ? $1.19 not trading yet
Metanor Resources MEAOF.pk V.MTO   V.MTO.wt 10-Nov-08 $0.55 1 ? $1.32 89.1 ? $0.92 not trading yet
Minco Silver MISVF.pk T.MSV   T.MSV.wt 18-May-08 $3.45 1 4.22 $3.25 33.1 $0.77 $0.49 Overvalued
Neo Material Tchnlgys Inc NEMFF.pk T.NEM   T.NEM.wt 31-Aug-08 $2.50 1 2.50 $3.12 33.9 $1.25 $0.97 Overvalued
Nevsun Resources NSU T.NSU NSUWF.pk T.NSU.wt 29-Jun-08 $3.25 1 3.26 $2.77 23.7 $0.85 $0.21 Very Overvalued
Nevsun Resources NSU T.NSU   T.NSU.wt.a 25-Oct-08 $3.00 1 2.95 $2.77 23.7 $0.94 $0.36 Very Overvalued
New Gold Inc. NGD T.NGD   T.NGD.wt 29-Feb-08 $12.00 1 10.01 $9.01 28.9 $0.90 $0.38 Very Overvalued
Newstrike Resource   V.NR   V.NR.wt 25-Jul-07 $0.60 1 6.67 $0.40 42.7 $0.06 $0.01 Very Overvalued
Northern Orion Resources NTO T.NNO NTWWF.pk T.NNO.wt 29-May-08 $2.00 1 1.62 $4.86 35.1 $3.00 $2.99 Fair Value
Northern Orion Resources NTO T.NNO  NTOWF.pk T.NNO.wt.a 17-Feb-10 $6.00 1 3.50 $4.86 35.1 $1.39 $1.06 Overvalued
NovaGold Resources NG T.NG NGRWF.pk T.NG.wt 1-Oct-08 $7.00 1 1.53 $19.35 9.6 $12.64 $12.91 Fair Value
NovaGold Resources NG T.NG   T.NG.wt.A 7-Jan-08 $12.10 1 2.28 $19.35 9.6 $8.48 $7.80 Fair Value
Pacific Stratus Energy PSELF.pk T.PSE   T.PSE.wt 20-Jul-07 $0.30 1 1.54 $7.93 24.0 $5.15 $7.64 Undervalued
Palmarejo Silver & Gold PJOFF.pk V.PJO   V.PJO.wt 19-Oct-07 $12.50 1 21.98 $9.45 30.8 $0.43 $0.26 Overvalued
Pan American Silver PAAS T.PAA PAAWF.pk T.PAA.wt 20-Feb-08 $12.00 1 1.48 $36.08 29.2 $24.42 $24.69 Fair Value
Peregrine Diamonds   T.PGD   T.PGD.wt 16-Jul-07 $7.00 1 13.27 $1.99 95.7 $0.15 $0.02 Very Overvalued
Petrolifera Petroleum Ltd
PRFPF.pk T.PDP   T.PDP.wt 3-May-07 $3.00 1 1.20 $18.95 39.3 $15.85 $15.99 Fair Value
Prodtn Enhancement Group   T.WIS   T.WIS.wt 19-Apr-07 $3.00 2 10.00 $1.20 44.4 $0.06 $0.00 Very Overvalued
RailPower   T.P   T.P.wt 12-Feb-10 $1.25 1 3.03 $1.15 60.4 $0.38 $0.48 Undervalued
Rio Narcea Gold RNO T.RNG RNWTF.pk T.RNG.wt 11-Sep-08 $5.00 1 6.34 $3.68 51.9 $0.58 $0.67 Undervalued
S M T C Mfg Corp of Can SMTX T.SMX   T.SMX.wt 4-Mar-09 $9.25 1 53.33 $3.20 61.8 $0.06 $0.31 Bargain
Silver Wheaton SLW T.SLW SLWWF.pk T.SLW.wt 5-Aug-09 $4.00 5 1.39 $12.62 26.1 $1.82 $1.82 Fair Value
Silver Wheaton SLW T.SLW SLWAF.pk T.SLW.wt.a 30-Nov-09 $5.50 5 1.59 $12.62 26.1 $1.59 $1.57 Fair Value
Silver Wheaton SLW T.SLW SLWBF.pk T.SLW.wt.b 22-Dec-10 $10.00 1 1.97 $12.62 26.1 $6.40 $4.97 Overvalued
Silverstone Corporation SVRCF.pk V.SST   V.SST.wt 7-Jun-07 $1.80 1 8.25 $1.65 45.3 $0.20 $0.13 Overvalued
Silverwing Energy Inc SVWGF.pk T.SVW SVRWF.pk T.SVW.wt 22-Feb-08 $2.25 1 4.43 $0.62 134.6 $0.14 $0.14 Fair Value
Skye Resources SKRZF.pk T.SKR   T.SKR.wt 13-Mar-08 $12.36 1 4.60 $12.43 24.6 $2.70 $2.27 Overvalued
Southern Era Diamonds SDMFF.pk T.SDM SDMWF.pk T.SDM.wt 11-Nov-08 $2.00 1 3.63 $0.29 81.5 $0.08 $0.01 Very Overvalued
Spur Ventures SPVEF.pk T.SVU   T.SVU.wt 28-Jul-07 $2.00 1 5.67 $0.51 79.5 $0.09 $0.00 Very Overvalued
Stelco Inc SECNF.pk T.STE SECWF.pk T.STE.wt 31-Mar-13 $11.00 1 1.68 $23.05 61.6 $13.75 $17.61 Undervalued
Strait Gold Corp   V.SRD   V.SRD.wt 25-Apr-08 $0.30 1 1.88 $0.47 41.0 $0.25 $0.20 Overvalued
T O R R Canada Inc TORFF.pk T.TOR   T.TOR.wt 2-Nov-09 $0.65 1 2.23 $0.89 79.6 $0.40 $0.54 Undervalued
Tiomin Resources TMIRF.pk T.TIO   T.TIO.wt 7-Dec-07 $0.37 1 4.50 $0.09 130.9 $0.02 $0.01 Very Overvalued
Titan Uranium TUEFF.pk V.TUE   V.TUE.wt.A 21-Oct-07 $1.35 1 1.85 $3.00 72.8 $1.62 $1.75 Fair Value
Tranzeo Wireless Tchnlgys TZWLF.pk T.TZT   T.TZT.wt 3-Apr-07 $2.50 1 12.30 $2.46 48.1 $0.20 $0.18 Overvalued
U S Gold UXG T.UXG   T.UXG.wt 22-Feb-11 $11.75 1 3.12 $5.93 37.0 $1.90 $0.85 Very Overvalued
Uranium Participation URPTF.pk T.U URPTF.pk T.U.wt 10-May-07 $6.25 1 1.78 $14.35 25.1 $8.05 $8.18 Fair Value
Uranium Participation URPTF.pk T.U URPZF.pk T.U.wt.a 15-Sep-08 $12.00 1 3.09 $14.35 25.1 $4.65 $3.75 Overvalued
Urbana   T.URB   T.URB.wt 11-Jan-09 $3.75 1 5.42 $3.74 6.9 0.69 $0.37 Overvalued
Welton Energy WLEYF.pk T.WLT   T.WLT.wt 4-Aug-07 $1.75 1 11.75 $0.94 41.2 $0.08 $0.00 Very Overvalued
Yamana Gold      AUY T.YRI AUYWF.pk T.YRI.wt.A 20-Nov-08 $2.50 1.66667 1.29 $17.46 23.5 $8.13 $9.11 Undervalued
Yellow Pages Income Fund YLWPF.pk T.YLO-UN   T.YLO.wt 14-Dec-07 $17.50 1 137.10 $13.71 17.6 $0.10 $0.14 Undervalued

 

 

Top 10 with the highest leverage this week

Yellow Pages Income Fund
S M T C Mfg Corp of Can
Palmarejo Silver & Gold
Envoy Communs Group Inc
Las Vegas From Home.com
Peregrine Diamonds
Tranzeo Wireless Tchnlgys
Welton Energy
New Gold Inc.
Prodtn Enhancement Group

                                       

Top 10 best values based on numbers

Envoy Communs Group Inc
Canadian Income Mgmt Tr
S M T C Mfg Corp of Can
Ascendant Copper Corp
Iamgold
Pacific Stratus Energy
Yellow Pages Income Fund
T O R R Canada Inc
Coalcorp Mining
Stelco Inc

 

Notes

(1) A total of 5,454,550 common share purchase warrants of Baffinland Iron Mines Corp. will be listed and posted for trading at the open on Wednesday, Jan. 31, 2007, under the following trading information:

(3) Stock close adjusted to reflect puchase of multiple shares.

(4) The exercise price per common share of the common share purchase warrants of Canadian General Investments Ltd. has been reduced from $4.12 to $2.62, effective as of the close on Feb. 6, 2007

 

The intrinsic value is market price of shares minus exercise price of warrant.

Fair market value is calculated using the Binominal American version of  Black-Scholes calculations on volatility for the past month annualized.

Leverage is market price of shares divided by market price of warrant.

 

Good sites for US warrants are:

Amex Stock Warrants

NYSE Stock Warrants

Nasdaq Stock Warrants W

Nasdaq Stock Warrants Z

OTCBB Stock Warrants W

OTCBB Stock Warrants Z

thanks to http://www.equitywatcher.com/