I am not sure why it is a clue or even a good thing. Owners of the warrents probably rather have them extended so they can sit and if anything does happen they get more money, just sounds like a numbers game to me. If you could get them extended why wouldn't you? No one is going to pay $1.00/share when its out on the market for less than $0.20/share. These would all dissappear if they were not extended, so in a way having them extended is actually a negative to my share of the project as it keeps the dilution higher than if the warrents expired, even though it is a small amount compared to the current float.

Edit: If it is found out to be hard to get the extensions then maybe it is something more.