RE: warrants and net asset valueIt looks like they may be doing as you suggest and buying back units. It's the only way I can explain the still rising NAV/unit over the past few weeks even as gold and gold equities have been under pressure. The discount is at an incredible 40%. Although if the warrants do get exercised NAV will drop due to dilution.
Barring any major moves in gold, I wouldn't be surprised to see this trading at around $12 by year end with a NAV of $14 - 15, leaving it with a 15 - 20% discount. However given their outperformance of benchmarks, I'm not sure any discount is warranted.