Warrants are call option leaps and are largely for trading not holding to the expiry.  Warrants purpose is leverage just like a call.  I looked at the B series warrants and they are painfully illiquid. 

When a warrant or option is deep in the money they trade more 1 to 1 with the common stock.  Time premium is very limited.  The A series warrants are significantly below strike but they have better liquidity than the B series and have 32+ months until expiry.  The long date expiry gives the warrants value, along with volatility and proximity to strike.

I am quite bullish on Aris and can see the stock over $8 if Gold gets over $2000, which I believe is a very real possibility with the extreme high US dollar.  As of Friday, Gold was near breakeven YTD despite the US dollar being up 9%.  As the US dollar declines 10%, for example, Gold will be trading 12 - 15% higher than today, hence, $2000 Gold.

For the same money invested today in the A or B series.  The A series will significantly outperfom the B series in value with an Aris share price of $8.  Based upon reserves, production and cash flow, Aris should be trading much higher than today and should be realized in the next year even if Gold stays stagnant.

I can email you or anyone else on this board my Black-Scholes Option/Warrant value calculator.  Just drop me an email to thansen509@gmail.com.  You can manipulate share price, time and volatility to see what theoretical values the warrants will be.  This model is what all the pros use.