I guess the real heart of the issue is who benefits from the warrant extension the most, Copper Fox or Ernesto?

On the one hand, Copper Fox keeps its largest sharedholder happy while keeping the possible future cash flow from the warrants available.

On the other hand, Copper Fox could let the warrants expire and then raise money at a higher price. Raising money at the market price should always be less dilutive than low priced warrants. Also, it's worth considering whether we will even need to raise future cash. There are a lot of employee options and other warrants that will provide cash as well.