Small Cap Stocks Videos

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

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.