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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 and Calculators

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 February 2026

For the week of February 22, 2026, the Canadian warrant market is being driven by a powerful "commodities supercycle" and significant corporate milestones.

Here are five warrants with the highest upside potential for this week, including a breakdown of their Probability of Success (likelihood of a price move) and Profit Potential (the magnitude of that move).

1. West Red Lake Gold Mines (WRLG.WT)
Sector: Precious Metals (Gold)

Why this week: WRLG has just hit commercial production at the Madsen Mine. With Gold prices hovering near all-time highs this month, "in-the-money" warrants like these provide direct, leveraged exposure to the gold surge.

Probability: High (80%) — The mine is operational and gold is trending up; the warrant tracks the stock almost 1:1.

Profit Potential: Moderate (20–40%) — Because they are already "in the money" (Strike $1.00), they behave more like the stock than a high-risk lottery ticket.

2. Reconnaissance Energy Africa (RECO.WT.C)
Sector: Energy (Oil & Gas Exploration)

Why this week: These were recently listed (Jan 29, 2026) and are tied to the highly anticipated Kavango West 1X flow testing in Namibia. Any "first oil" news this week would be explosive.

Probability: Low (25%) — Exploration results are binary; it’s either a hit or a miss.

Profit Potential: Very High (200%+) — These are "out of the money" ($1.20 strike) and trade at a fraction of the share price. A "hit" would cause a massive re-rating.

3. Integra Resources Corp. (ITR.WT)
Sector: Silver & Gold Development

Why this week: ITR was recently recognized as a Top 50 TSX Venture company (Feb 18). They just closed a $61M financing to fast-track the DeLamar project, which is seeing a 15-month expedited permitting timeline.

Probability: Medium (60%) — Strong institutional backing and positive sentiment from the "Top 50" listing provide a solid floor.

Profit Potential: High (50–80%) — The warrants are volatile and sensitive to the current silver-gold "rotation" happening in Canadian markets.

4. Cardinal Energy Ltd. (CJ.WT)
Sector: Energy (Oil Production)

Why this week: Cardinal is providing 2025 year-end reserve updates before market open on Feb 23 (tomorrow). They also recently sanctioned the Reford 2 project, aiming for 15% production growth.

Probability: High (75%) — Energy reserves typically see positive re-ratings in a high-price environment.

Profit Potential: Moderate (15–30%) — This is a "Blue Chip" warrant. It’s safer but lacks the 5x potential of the juniors.

5. DMG Blockchain Solutions (DMGI.WT)
Sector: Fintech / Digital Assets

Why this week: DMGI is currently trading at a significant discount to its book value (0.4x). Analysts have massive price targets for the stock ($1.00+), and the warrant (Strike $0.65) is a "coiled spring" play on a crypto-market rebound.

Probability: Low-Medium (40%) — Highly dependent on Bitcoin/Ethereum volatility this week.

Profit Potential: Very High (100–150%) — If the stock moves toward the $0.50 range, these warrants will see a geometric price increase.

Ticker Strike Price Expiry Probability Profit Potential
WRLG.WT $1.00 May 2026 80% Moderate
CJ.WT Varies Active 75% Moderate
ITR.WT Varies Active 60% High
DMGI.WT $0.65 Nov 2029 40% Very High
RECO.WT.C $1.20 Jan 2029 25% Extreme


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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.