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Collin Kettell of Palisades Goldcorp Ltd. talks to Chen Lin | Metals Investor Forum Sept. 2026

Metals Investor Forum Sep 30, 2026 18:46

Summary

Palisades Goldcorp holds 1.7 billion warrants (rights to buy shares at set prices) across roughly 330 junior companies, or about 22 warrants per PALI share.

Kettell says those warrants' intrinsic value rose 25-fold, from $2.5 million to $125 million, during the junior bull market's first innings.

Weighted average warrant expiry is November 2028, giving shareholders about 26 months for the junior market recovery to play out.

Palisades also founded New Found Gold, holds 90% of Nevada's largest junior claimholder Made in America Gold, and owns the Eco Ridge uranium project.

Host Chen Lin argues the private assets could cover the share price, making Palisades' warrant exposure effectively free upside with no management or performance fees.

Key points on Barrick Mining

  • Kettell names Barrick as one of the other large landholders, alongside Made in America Gold, on Nevada's Battle Mountain-Cortez trends.

Key points on Kinross Gold

  • Kettell names Kinross as one of the other large landholders alongside Made in America Gold's Nevada property package on the Battle Mountain-Cortez trends.

Key points on Newmont

  • Kettell names Newmont as one of the other large landholders alongside Made in America Gold's Nevada property package on the Battle Mountain-Cortez trends.

Key points on New Found Gold

  • Kettell says Palisades founded New Found Gold in 2016, owned about 60% of it at IPO, and still holds an 8% stake in what is now a producer.
  • He puts New Found Gold's market cap at about $1 billion as of the September 2026 forum, down from a peak of roughly $2 billion.
  • Palisades has sold some New Found Gold shares in recent years to fund other investments and distributed shares directly to shareholders, part of $75 million in return-of-capital distributions to date.
  • Chen Lin recalls Palisades used to trade in line with its New Found Gold stake because the market overlooked the rest of Palisades' value.
  • Kettell holds up New Found Gold as the template of the success he believes the other companies built under Palisades could repeat.

Key points on Snowline Gold Corp

  • Chen Lin cites Snowline as one of Crescat's big early successes and notes Palisades invested alongside Crescat in the space.

Michael Gentile's takeaways

  • Top takeaway Gentile took a strategic investment position in Galway Metals the week before the September 2026 Metals Investor Forum.
  • Kettell says Galway's stock rose roughly 60-70% on the back of Gentile's investment.

Chen Lin's takeaways

  • Top takeaway Lin's thesis is that Palisades' New Found Gold stake, Made in America Gold, and its uranium asset together likely cover the current share price, making the 1.7 billion warrants effectively free upside.
  • He says he recommended Palisades just below $2 in his newsletter after CEO Phil O'Neill pitched him the story less than a year earlier, and calls it one of his best performers since.
  • He argues the valuation is still very compressed because only in-the-money warrants are counted, and likens owning Palisades to owning Crescat without its fees or its price.
  • He says he is a Palisades shareholder himself and believes juniors are in a bull market that could run for years.