Rick Rule & Colin Kettell on Palisades Goldcorp: Building a Massive Warrant Portfolio and Positioning for the Next Junior Resource Bull Market

Legendary investor Rick Rule and Palisades Goldcorp CEO Colin Kettell discuss their merchant banking model, a growing portfolio of warrants in undervalued juniors, and why they believe the next resource bull market will reward disciplined, long-term capital allocators.

Disclaimer

This article is for informational and educational purposes only and does not constitute investment advice, financial advice, or a solicitation to buy or sell securities. All statements regarding future expectations, portfolio performance, warrant values, NAV calculations, or investment strategies are forward-looking and involve significant risks and uncertainties. Investors should conduct their own thorough due diligence, review company SEDAR+ and EDGAR filings, and consult qualified professionals before making any investment decisions. Past performance is not indicative of future results. CanadianMiningReport.com and its affiliates are not registered investment advisors.

Rick Rule Interviews Colin Kettell: Palisades Goldcorp’s Merchant Banking Model, Massive Warrant Portfolio, and Outlook for the Junior Resource Sector

In a recent wide-ranging conversation, legendary resource investor Rick Rule sat down with Colin Kettell, CEO of Palisades Goldcorp, to discuss the company’s unique merchant banking model, its disciplined approach to capital allocation, and the evolving opportunity set in the junior resource sector. The discussion offered investors valuable insights into how experienced operators are navigating the current market environment while positioning for what both men see as a compelling multi-year cycle ahead. Kettell, who has been active in the resource space since a young age through his father’s involvement, brings a perspective shaped by both the spectacular gains of the 2001–2011 bull market and the harsh lessons of the subsequent bear market. That early education has clearly informed Palisades Goldcorp’s conservative yet opportunistic strategy.

A Merchant Banking Model Built for Shareholders

Palisades Goldcorp operates as an active company builder and financier in the junior resource sector. Rather than simply investing passively, the company identifies ideas, assembles teams, stakes ground, and often spins out projects into new public entities. This approach has already delivered substantial value to shareholders through multiple return-of-capital distributions totaling approximately $75 million — a remarkable achievement relative to the modest capital raised since inception. As Rule noted during the interview, Palisades has effectively returned roughly five times the cash it has raised to shareholders, a testament to disciplined capital management and successful project generation. The company went public via direct listing in 2022 with very limited dilution (less than 10% net of buybacks), and Kettell emphasized that Palisades remains “a company built by shareholders for shareholders,” with insiders owning a significant stake.

The Power of a Massive Warrant Portfolio

One of the most distinctive elements of Palisades’ strategy is its aggressive but selective participation in financings, often securing warrant coverage. The company now holds over 1.5 billion warrants across more than 200 companies. This creates significant embedded leverage: the intrinsic value of these warrants is already substantial, and any sustained rally in the junior resource sector could produce outsized returns. Kettell noted that the average acquisition cost across the entire warrant portfolio is approximately one cent per warrant. While auditors apply conservative Black-Scholes modeling for financial reporting, the real-world optionality in a rising market is considerably higher. This structure allows Palisades to maintain exposure to a broad basket of juniors while limiting downside through careful selection and the built-in asymmetry of warrants. Importantly, Kettell highlighted that the market has become more competitive since 2024–2025. Full warrant coverage on high-quality deals is harder to secure today, suggesting that the “best of the best” opportunities in this financing model may have already been captured. For investors seeking similar exposure without the operational burden, Palisades offers a diversified, professionally managed vehicle.

Key Assets and Portfolio Composition

Palisades maintains a focused yet diversified portfolio. Notable holdings include a significant stake in New Found Gold (approximately 8% ownership), a large position in Made in America Gold Corp. (90% ownership — the largest junior landholder in the United States with district-scale projects in Nevada), and Radio Fuels Resources (100% ownership of the Eco Ridge uranium and rare earths project in Ontario). The company deliberately assigns zero value to certain early-stage assets in its NAV calculations, providing a conservative baseline for investors.Kettell expects several of these assets to generate monetization events or public listings in the coming months, which could further crystallize value for Palisades shareholders.

Outlook for the Junior Resource Sector

Both Rule and Kettell expressed measured optimism for the sector. Kettell believes the structural setup remains favorable, particularly as capital flows increase and sentiment improves. However, he cautioned that the extraordinary financing terms available in 2024–2025 are becoming rarer due to increased competition. This reinforces Palisades’ first-mover advantage and the value of its existing warrant bank.Rule highlighted the importance of liquidity and franchise value — the ability to see high volumes of deals and participate selectively — which Palisades has clearly built over time. The conversation underscored that while individual investors may struggle to replicate this level of access and diversification, vehicles like Palisades can provide efficient exposure to the junior resource cycle.

Why This Conversation Matters for Resource Investors

The Rule–Kettell discussion offers a masterclass in thoughtful merchant banking within the junior mining space. Palisades Goldcorp demonstrates how a disciplined, high-conviction approach — combining project generation, selective financing with warrant coverage, and shareholder-friendly capital allocation — can create substantial long-term value even in challenging markets.

For investors interested in the resource sector, the interview highlights the importance of:

• Partnering with experienced operators who have proven track records of value creation.

• Understanding the leverage inherent in warrant-heavy portfolios during sector recoveries.

• Focusing on companies that prioritize shareholder returns through distributions and conservative NAV reporting.

As the junior resource sector potentially enters a new growth phase, conversations like this provide both strategic insight and practical lessons for navigating the opportunities ahead.

Sources:

• Rick Rule interview with Colin Kettell (2026)

• Palisades Goldcorp public disclosures and website materials

• General sector context on junior resource financing and warrant strategies

This article reflects information publicly available as of May 23, 2026. Market conditions, commodity prices, and company performance evolve rapidly—always verify the latest disclosures and conduct independent due diligence before making investment decisions.