Cliffs is not ignorant of how this asset can be maximized and there is no sane reason to exercise those warrents until the PEA if they percieve it will be favorable to the sp. Obviously they think it will be or they would have cashed in by now. IMO

Maybe the warrants were tied up when Cliffs sought creditor protection
earlier this year for its Bloom Lake mine and other Canadian iron ore assets?

In either case, we wait for some sort of resolution, it appears.