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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 May 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 June 2026

Current themes driving markets in June 2026:

Rising geopolitical tensions and energy security concerns
AI/data-center electricity demand
Uranium and nuclear power expansion
Critical minerals reshoring (graphite, lithium, rare earths)
Precious metals strength and central-bank buying
Ongoing interest in Bitcoin and digital assets

The warrants below come directly from the Canadian Warrants list.

1. Hammerhead Energy Warrant (HHRS.WT.TO)

Underlying: Hammerhead Energy Inc

Why it could outperform
Natural gas remains one of the biggest beneficiaries of AI data-center electricity demand.
LNG export capacity in North America continues expanding.
Energy stocks tend to respond quickly to geopolitical shocks.
The warrant is already in-the-money, which reduces some of the "lottery ticket" risk.
Pros
Direct exposure to energy.
Existing intrinsic value.
Expiry isn't until 2028.
Less speculative than most junior mining warrants.
Cons
Commodity prices can reverse quickly.
Natural gas is notoriously volatile.
Energy stocks can underperform if recession fears increase.
My view

Probably the strongest combination of macro tailwinds and warrant structure on the list.

2. Graphite One Warrant (GPH.WT.A.VN)

Underlying: Graphite One Inc

Why it could outperform
Graphite is one of the most important battery materials.
North American governments continue pushing domestic critical-mineral supply chains.
China still dominates graphite processing, making alternative sources strategically valuable.
Long expiry into 2029 provides plenty of time for a major move.
Pros
Direct exposure to critical minerals.
Long life remaining.
Huge leverage if graphite sentiment returns.
Cons
Project-development risk.
Financing risk.
No guarantee graphite prices improve.
My view

One of the better long-duration speculation warrants on the list.

3. Graphene Manufacturing Group Warrant (GMG.WT.A.VN)

Underlying: Graphene Manufacturing Group Ltd

Why it could outperform
AI is creating enormous demand for electricity infrastructure.
Improved batteries, cooling systems, and energy efficiency are becoming increasingly important.
Graphene remains a potentially disruptive technology if commercialization accelerates.
Pros
Exposure to advanced materials.
Already in-the-money.
Technology upside can create explosive warrant moves.
Cons
Commercial adoption risk.
Revenue growth may take longer than investors expect.
Technology stories can become very volatile.
My view

Highest upside of the technology-related warrants on the list.

4. Anfield Energy Warrant (AEC.WT.VN)

Underlying: Anfield Energy Inc

Why it could outperform
Uranium remains one of the strongest long-term energy themes.
Many countries are extending reactor lives or building new nuclear capacity.
AI electricity demand is increasing interest in reliable baseload power.
Uranium bull markets historically create enormous leverage in warrants.
Pros
Direct uranium exposure.
Strong macro narrative.
Warrants often move multiples of the stock in uranium cycles.
Cons
Currently far out-of-the-money.
Requires a substantial stock move.
Highly speculative.
My view

The highest-risk name on my list, but potentially one of the biggest winners if uranium catches another strong bid.

5. GoGold Resources Warrant (GGD.WT.TO)

Underlying: GoGold Resources Inc

Why it could outperform
Gold remains supported by central-bank buying and geopolitical uncertainty.
Silver often outperforms late in precious-metal bull markets.
Precious metals can benefit if investors lose confidence in government finances or fiat currencies.
Pros
Exposure to both gold and silver themes.
Expiry extends into 2028.
Less speculative than many exploration-stage miners.
Cons
Precious metals can go dormant for long periods.
Mine-development and operational risks.
Not as explosive as a pure exploration story.
My view

A balanced precious-metals warrant with a reasonable timeframe.

My Personal Ranking for the Rest of 2026
Rank Warrant Theme
1 HHRS.WT.TO Energy / LNG
2 GPH.WT.A.VN Critical minerals
3 GMG.WT.A.VN Graphene / AI power demand
4 AEC.WT.VN Uranium
5 GGD.WT.TO Gold & silver

If your goal is maximum upside rather than safety, I'd focus on GPH.WT.A.VN, GMG.WT.A.VN, and AEC.WT.VN.

If your goal is best risk/reward, I'd focus on HHRS.WT.TO and GGD.WT.TO because they are tied to sectors already generating cash flow and attracting institutional capital.
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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.