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THE INVESTOR'S GUIDE TO WARRANTS:

Capitalize on the Fastest Growing Sector of the Stock Market, Second Edition (Hardcover)
by Andrew McHattie
Rating: ISBN-10: 027303751X



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Canadian Flag Warrant News, Calculators & Monthly Picks





***What's New: Warrant picks for March at the bottom of the page. Cusip numbers updated for bothe US and Canadian, Warrant sheets are sortable.***
Warrant Calculators

Intrinsic Value

Intrinsic Value:
$1.50

Intrinsic value is the amount the stock price exceeds the strike price, adjusted by ratio.

Fair Market Value

Theoretical Value:
$2.14

Uses the Black-Scholes model. Note: Warrants may trade at a discount due to dilution/liquidity.

Warrant News Archive (1984 – Present)




Check out these articles on warrants for more information:



Warrant picks for May 2026

My Top 5 Under 10¢ That Could Double in May
1. AEC.WT.VN — Anfield Energy
Why it could double:
Uranium remains one of the strongest speculation themes.
If uranium spot prices rise or nuclear headlines return, junior uranium names often spike quickly.
A move from 3¢ to 6¢ only needs renewed interest + volume.
Why now:
Energy security and nuclear baseload power remain macro themes.
Risk: Very speculative / thin volume.

2. LNGE.WT.VN — LNG Energy
Why it could double:
Natural gas has been improving seasonally and geopolitically.
Energy microcaps can jump hard when commodity sentiment rotates.
At 5¢, a move to 10¢ is possible if the common shares catch momentum.
Why now:
Middle East supply concerns and global energy repricing often spill into gas names.

3. BCM.WT.VN — Bear Creek Mining
Why it could double:
Silver and gold miners tend to outperform when metals run.
Silver especially can make explosive short-term moves.
Long-dated warrants give time value and speculation premium.
Why now:
Precious metals remain strong amid rate-cut expectations and geopolitical stress.

4. GPH.WT.VN — Graphite One
Why it could double:
Critical minerals / battery supply chains are hot whenever China trade restrictions resurface.
Graphite is strategically important and gets sudden momentum bursts.
Small warrant price means momentum traders can chase quickly.
Why now:
CanadianWarrants itself highlighted Graphite One as a thematic pick tied to supply chain security.

5. CJ.WT.TO — Cardinal Energy
Why it could double:
Oil producers move when crude spikes.
If oil rises in May, cash-flow energy names often re-rate quickly.
Warrants can move faster than the common stock.
Why now:
Oil remains sensitive to geopolitical disruptions. CanadianWarrants also flagged this macro setup.

Top picks for May second opinion
For the month of May, warrants in sectors like energy, precious metals, and specialized finance often see volatility. Here are five warrants from the current list that show strong fundamental metrics (intrinsic value and leverage) according to the site’s calculations:

1) Cardinal Energy Ltd. (CJ.WT.TO)

Status: Labeled as a "BARGAIN" on the site.
Details: With a stock price of $11.74 and an exercise price of $7.00, it has a significant intrinsic value of $4.74. The warrant price is $1.24, making it mathematically undervalued with a 2.0x leverage. This is a strong play if energy prices remain stable or climb through May.

2) Osisko Development Corp. (ODV.WT.V.VN)

Status: Labeled as "Undervalued/Bargain."
Details: The exercise price is $3.00 USD while the stock is trading at $4.41. It has an intrinsic value of $1.41. Gold-related warrants often perform well in May as a hedge against market volatility, and this specific warrant offers a 1.7x leverage.

3) Lion Electric Company (LEV.WT.A.TO)

Status: Labeled as a "Bargain."
Details: While the stock price is currently low ($0.35), the warrant is trading at $0.27 with high volatility (264%). This is a higher-risk "lottery ticket" style warrant, but for the month of May, high-volatility bargains often attract speculative interest.

4) DMG Blockchain Solutions Inc. (DMGI.WT.VN)

Status: Labeled as "Undervalued."
Details: This provides exposure to the crypto/blockchain sector. With an exercise price of $0.65 and the stock at $0.30, it is currently out of the money, but it has a long expiry (Nov 2029) and 3.7x leverage. If the crypto market rallies in May, the leverage here could provide outsized returns.

5) Partners Value Investments (PVF.WT.VN)

Status: Labeled as a "Bargain."
Details: This is a unique case with a massive intrinsic value ($30.53) because the stock is trading at $16.73 while the exercise price is $2.93. The warrant price is extremely low ($0.05) relative to the math, suggesting it is highly illiquid or mispriced, which the site flags as a potential bargain opportunity.

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Warrant Terms
  • Expiration Date: The last day the warrants can be exercised. If warrants aren't going to be exercised then they must be sold the day before the expiry date. The longer the time to expiry the more valuable the warrants.
  • Leverage: A measure of how much you can increase your exposure to a share if you bought warrants instead of making a direct investment. It is the current share price divided by the current price of the warrant.
  • Intrinsic Value: The difference between the exercise price and the actual trading price of the common stock. Once the common has gone over the exercise price, the warrants are "In the Money."
  • Volatility: The higher the volatility rating, the higher the price of the warrant. Historical volatility is calculated by using the standard deviation of an underlying stock price over a specific period.
  • Time Value: The difference between the current warrant price and its intrinsic value. Interpreted as the consideration paid for the advantage the warrant buyer has over the direct investor.
  • What Exactly is a Canadian Stock Warrant:
    In Canada, a warrant is a security issued directly by a corporation (not by other traders like options) that gives you the right to buy their stock at a fixed price (the strike) for a set period (usually 2 to 5 years).Key Terms You’ll See on the TSX/TSXV:The Strike Price: The price you pay to "exercise" the warrant.The Expiry Date: The "drop-dead" date. In Canada, these are often longer than US-listed options, giving you years for your thesis to play out.The Acceleration Clause: A uniquely Canadian feature. If the company’s stock stays above a certain price for a set number of days, they can force you to exercise your warrants early.
  • Visualizing the Lifecycle: Visualizing the Lifecycle Unlike a stock that you can hold "forever," a warrant has a clear beginning, middle, and end.Issuance: Usually bundled into a "Unit" (1 Share + 1/2 Warrant) during a private placement or IPO.Separation: After a short period, the warrants "detach" and begin trading under their own symbol.The Exercise Window: Your opportunity to profit.Expiration: If the stock is below the strike price on this day, the warrant becomes worthless.
  • How to Read Canadian Warrant Symbols: If you are looking for these on your brokerage platform you need to know the suffixes. Exchange Suffix Example: Toronto Stock Exchange SHOP.WT.TO, TSX Venture VABC.WT.VN, Canadian Securities Exchange GROW.WT.CN. Pro Tip: If a company has multiple warrants, they are lettered (e.g., ABC.WT.A, ABC.WT.B). Always check the specific terms for the letter you are buying!"
  • The Math: Intrinsic vs. Time Value: Why does a warrant cost $2.00 when the stock is only $1.00 above the strike price?Intrinsic Value: The immediate "cash" value. (Stock Price - Strike Price). Time Value: The "hope" value. You are paying for the potential growth over the next few years. As the expiry date gets closer, this value disappears (a process called Time Decay).
  • Tax Considerations for Canadians: Warrants behave differently than stocks in the eyes of the CRA:Capital Gains: If you buy a warrant for $0.50 and sell it for $1.50, the $1.00 profit is treated as a standard Capital Gain (only 50% is taxable). TFSA/RRSP Eligibility: Most warrants listed on a "Designated Stock Exchange" (like the TSX) are qualified investments for your TFSA or RRSP. However, unlisted warrants from private placements often are not—be careful to avoid the 50% "prohibited investment" tax!Summary: The "Hockey Stick" PayoffThe reason people love warrants is the Payoff Curve. While the stock moves in a straight line, the warrant stays flat until it hits the strike price, then it curves upward with extreme speed.