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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 March 2026

Based on the current geopolitical climate as of March 2026—characterized by intensified Middle East conflict, a surge in energy prices, and Canada's strategic trade pivot toward China—here are 5 warrant picks

Picks from first source

1. Graphite One Inc. (GPH.WT.VN)
Focus: Critical Minerals & U.S. Supply Chain Security
The Play: Graphite One is developing a vertically integrated U.S. graphite resource. With China recently imposing more restrictive export controls on graphite (as part of the broader 2026 trade maneuvers), domestic North American sources are seeing a massive "security of supply" premium.
Pros: The warrant is currently trading with a 2.3x leverage. As a "Critical Mineral" project, it is a prime candidate for fast-tracked U.S. or Canadian government grants, which often act as major short-term catalysts.
Cons: Development Risk & Dilution. The project is still in the development/permitting stage. If they miss a feasibility milestone this month, the stock could stagnate despite the macro tailwinds.

2. North America Home Finance Inc. (NAHF.WT)
Focus: Housing Affordability & Interest Rate Speculation
The Play: A brand new listing (late Feb 2028 expiry). NAHF uses a "shared-equity" model for home ownership. In the current March 2026 economic environment, where the Bank of Canada is battling "mounting debt challenges" (per the recent OECD report), alternative financing models for housing are gaining political and consumer traction.
Pros: Extreme "New Money" momentum. As a fresh listing with a $0.85 exercise price, any positive news regarding their proprietary "HomePlan" program could see high-volatility upside common to new warrants.
Cons: Extreme Liquidity Risk. As a brand new ticker, the bid-ask spread is likely massive. Disregarding risk means ignoring the danger of being "trapped" in a position, but the low trading volume is a significant hurdle for short-term exits.

3. Cardinal Energy Ltd. (CJ.WT.TO)
Focus: Energy Crisis & Dividend-Linked Value
The Play: With oil and gas prices spiking due to disruptions in the Strait of Hormuz (March 2026 market update), Canadian energy producers are the primary beneficiaries of the "risk-off" flight to safety.
Pros: These warrants are currently flagged as Undervalued with an intrinsic value of $2.40. They offer a 2.7x leverage on a company that is already cash-flow positive and benefiting from $80+ oil.
Cons: Asset Concentration. Cardinal is heavily focused on Western Canada. Any provincial regulatory shifts or pipeline maintenance issues over the next month could decouple the stock from rising global oil prices.

4. i-80 Gold Corp. (IAU.WT.TO)
Focus: Geopolitical Uncertainty & Safe Haven Assets
The Play: Gold has surged in early March 2026 as a safe haven due to Middle East tensions and global debt concerns. i-80 Gold is an Nevada-focused producer, meaning it carries lower "country risk" while providing high torque to the gold price.
Pros: Trading at a massive discount (Undervalued status). The warrants have a $2.15 exercise price with the stock already trading near $2.62, meaning they are "In the Money" (ITM) and provide 1.8x leverage.
Cons: Operational Execution. i-80 has multiple projects in various stages; any technical "hiccup" at their Nevada processing facilities could offset the gains from a rising gold price.

5. Eupraxia Pharma Inc. (EPRX.WT.TO)
Focus: Biotech M&A & Short-Term Catalyst
The Play: These warrants have a very short fuse (Expiry March 9, 2026) or April 2026 (A-series). They are currently listed as a "Bargain" with 13.1x leverage.
Pros: This is a "pure-play" on a binary event. In the next month, Eupraxia is in the window for clinical data or M&A rumors. The leverage here is the highest on the list, meaning a 5% move in the stock could double the warrant price.
Cons: Total Loss Potential. Because of the looming expiry (especially on the main series), if the stock doesn't move above the exercise price within days, these warrants will expire worthless. This is the definition of a "high-stakes" short-term play.

   Summary of Market Outlook (March 2026)

Warrant Ticker Sector Leverage Macro Driver
GPH.WT.VN Critical Minerals 2.3x U.S. domestic supply chain pivot due to China graphite export bans.
NAHF.WT Financial Services New Listing Demand for "shared-equity" housing models amid 2026 debt crisis.
CJ.WT.TO Energy / Oil & Gas 2.7x Middle East supply disruptions (Strait of Hormuz) driving price spikes.
IAU.WT.TO Precious Metals 1.8x Global flight to safety (Gold) due to geopolitical instability.
EPRX.WT.TO Biotechnology 13.1x High-leverage speculation on short-term clinical/M&A catalysts.


Picks from source #2

 1. NAHF.WT — North America Home Finance Inc. Warrants
Pros - Newly listed warrants that just started trading (exercise price $0.85, 24-month expiry).
As a new issue, it may attract short-term speculative interest, especially with financial markets watching housing/interest rate news.
Time decay impact is lighter early in the life of the warrant.
Cons - Very limited stock price history; underlying business volatility adds uncertainty.
Low liquidity initially — hard to enter/exit quickly.
Higher risk if home finance sentiment softens in the near term.

Why it might benefit
New warrants often see early trading momentum and front-loaded speculation.

📊 2. GPH.WT.VN — Graphite One Inc. Warrants
Pros - Recently listed after a unit offering; tradable separately now.
Long expiry (36 months), gives time for share price moves to materialize.
If graphite/clean-energy material demand picks up (markets watching EV/battery metals), warrants gain leverage.
Cons - Exercise price ~$2.25 is above current trading price for most of the related warrants community data suggests, meaning no intrinsic value yet.
Overvalued relative to fair-market calculations on CanadianWarrants.com.
Time value can erode if stock doesn’t move.

Why it might benefit:
Warrants often outperform shares when speculative sector sentiment improves.

📊 3. BCM.WT.VN — Bear Creek Mining Warrants
Pros - Large warrant issue with a long expiry (Oct 2028), trading leverage for movement in mining stocks.
Bear Creek often sees exploration or drill result catalysts; warrants amplify those moves.
Cons - Highly tied to base/precious metal sentiment — if metals pull back, warrants fall faster than shares.
Dilution potential and share count increases from capital raises (recent financing).

Why it might benefit:
 Mining juniors often report news or drill results that can spike share prices — warrants amplify that.

📊 4. GGD.WT.TO — GoGold Resources Warrants
Pros - Recently trading after being called to trade on TSX; exercise strike $3.50 with multi-year expiry.
If gold/silver prices rise or GoGold hits production targets, these warrants benefit strongly.
Cons - Strike is relatively high vs. current stock, means warrants are somewhat out-of-the-money short-term.
Metals sector can be volatile and react to macro economic indicators like USD strength.

Why it might benefit:
Precious metals have seasonal and macro drivers that can rapidly lift juniors.

📊 5. CJ.WT.TO — Cardinal Energy Warrants
Pros - Energy sector exposure — commodity prices remain a focus globally.
Underlying stock has dividends and project news (e.g., Reford 2 project) that can support share price.
Cons - Warrants are lower leverage than junior miners; more moderate moves expected.
Sector risk: Oil & gas pricing can be influenced by OPEC, global demand, geopolitics.

Why it might benefit:
Energy sentiment and producer reserve or growth announcements can boost the warrants

Summary of Market Outlook (March 2026)
Warrant Sector Outlook Catalyst Major Risk
NAHF.WT Finance New listing/speculation Liquidity, housing risk
GPH.WT.VN Materials Battery/graphite demand Overvaluation, time decay
BCM.WT.VN Mining Drill results/metals Metals prices, dilution
GGD.WT.TO Precious metals Gold/silver price move OTM strike, sector swings
CJ.WT.TO Energy Oil/gas fundamentals Commodity cyclic risk

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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.