Collin Kettell & Rick Rule: Why The Palisades Portfolio Is Impossible to Reproduce

Why It Matters

Palisades offers investors a low‑dilution, high‑leverage gateway to the junior resource boom, potentially delivering outsized returns as the sector’s capital inflow accelerates.

Key Takeaways

• Palisades built a $200M warrant bank across 200 junior firms
• Distributed $75M to shareholders while raising under $15M capital
• Holds 90% of Made in America Gold, a top U.S. landholder
• Net asset value $3.10/share exceeds current $2.70 market price
• Liquidity backed by $12M drawdown, up to $40M credit line

Summary

In a candid interview at the 2026 Natural Resource Investment Symposium, Rick Rule sits down with Palisades Gold Corp. CEO Colin Kettell to explain why the firm’s portfolio of junior‑resource assets and warrants is “impossible to reproduce.” Kettell outlines Palisades’ unique business model: a merchant‑banking engine that creates, finances, and spins out public companies while amassing a massive warrant bank.

Key insights include a $200 million liquidation value derived from over 1.5 billion warrants covering more than 200 junior firms, and a capital‑efficient track record—$75 million returned to shareholders versus less than $15 million raised. The company’s G&A expense stays under 2 % of portfolio value, and it has returned roughly five times the cash it raised, underscoring a shareholder‑first approach.

Notable figures from the discussion: Palisades’ net asset value sits at $3.10 per share, outpacing the current $2.70 market price; the warrant portfolio is acquired at roughly a penny per warrant yet already holds about $100 million intrinsic value; and the firm controls 90 % of Made in America Gold, the largest U.S. junior landholder, plus 100 % of Radio Fuels’ uranium‑rare‑earth project.

The implications are clear: investors gain diversified exposure to a broad swath of junior resources through a single ticker, with strong liquidity backed by a $12 million drawdown and a $40 million credit facility. As capital floods the sector, Palisades’ warrant bank could deliver “hockey‑stick” returns, making its structure a compelling, albeit niche, play for resource‑focused portfolios.

Original Description

Rick Rule inteviews the CEO of Palisades Gold Corp, Collin Kettell. Collin explains his early exposure to the junior resource sector through his father, witnessing both immense gains and losses across a full market cycle, which informed his cautious yet opportunistic approach. He founded the predecessor to Palisades in 2013, and the company has since become an active company builder, most notably spawning New Found Gold Corp., which achieved a multi-billion-dollar market cap.

Find Out More About Palisades Goldcorp, Canada's Leading Junior Resource Investment Company:

► Website: https://palisades.ca

Palisade Radio Links:

► Website & Newsletter: https://palisadesradio.ca

► Rumble: https://rumble.com/c/c-1586024

Palisades operates with a dual strategy: creating and spinning out new resource companies, and aggressively financing the junior space to accumulate warrants. Kettell highlights that the company has distributed $75 million in value back to shareholders against only approximately $15 million raised since inception, with minimal dilution. The core investment thesis now centers on a massive warrant portfolio exceeding 1.5 billion warrants across over 200 companies, secured during a period of market weakness in 2024 and 2025.

Kettell notes that the net asset value per share stands around $3.10, yet this conservative figure assigns zero value to wholly-owned subsidiaries like Made in America Gold Corp. and Radio Fuels Resources, nor does it fully capture the option value of the warrant bank. He observes that the financing environment has already shifted, with competition reducing the availability of favorable warrant terms, making the current portfolio difficult to replicate.

For investors seeking diversified, leveraged exposure to the junior resource sector without individually vetting hundreds of companies, Kettell positions Palisades as a unique vehicle managed with extreme cost efficiency and significant insider ownership. He can be reached directly at [e-mail].

Timestamps:

00:00:00 - Introduction

00:02:03 - Introducing guest Colin Cattell

00:02:37 - Colin's early resource exposure

00:03:33 - Founding Palisades Goldcorp

00:04:51 - Palisades business model explained

00:05:18 - Return of capital distributions

00:09:54 - Company valuation and NAV

00:10:57 - Key portfolio assets discussed

00:13:50 - Investment thesis and warrants

00:15:12 - Liquidity and future opportunities

00:17:24 - Contact information shared

00:19:48 - Concluding Thoughts

Mr. Kettell is the founder of New Found Gold Corp. (NYSE:NFGC), Palisades Goldcorp Ltd. (TSXV:PALI), Nevada King Gold Corp. (TSX-V:NKG), and Made in America Gold Corp. As an active participant in the resource sector and a company builder, he has raised over $500-million for mineral exploration and project development

Mr. Kettell’s approach combines hands-on leadership with a long-term focus on discovering mineral deposits in North America. He’s recognized for his ability to navigate capital markets, secure financing, and assemble skilled teams.