The Power of 1.7-Billion Warrants: Collin Kettell at the Rule Symposium | Palisades Goldcorp
Palisades Gold Radio Jul 15, 2026
Summary
Palisades Goldcorp holds 1.7 billion warrants (options to buy shares at fixed prices for a set time) across more than 330 junior resource companies.
The warrant book's intrinsic value — what exercising today would realize — rose 25-fold to $125 million by January 2026, then held near $60 million.
Kettell says Palisades committed over half a billion dollars across 450 financings, buying three-year warrants at an average 28-cent exercise price.
Roughly 32% of warrants are in the money today; 51% expire in 2028, making timing the strategy's biggest risk if the bull stalls.
The company returned $75 million to shareholders since listing, Kettell says, with 45% insider ownership and a $235 million portfolio value.
Key points on Barrick Mining
- Kettell says Made in America Gold's Nevada land package ranks second in mineral tenure only to the Barrick-Newmont joint venture and Kinross, making Barrick one of the few larger land holders in the state.
Key points on First Majestic Silver
- Kettell cites a significant warrant position in which First Majestic owns 19% of the company and Palisades' warrants equal 6.7%, worth $13 million in the money as of the July 2026 talk.
Key points on Kinross Gold
- Kettell ranks Made in America Gold's Nevada land holding behind only the Barrick-Newmont joint venture and Kinross among the state's mineral tenure holders.
Key points on Newmont
- Kettell says the Barrick-Newmont joint venture is one of only two Nevada tenure holders ahead of Palisades' Made in America Gold, the other being Kinross.
Key points on Talisker Resources Ltd
- Kettell lists Talisker Resources among Palisades' more significant warrant positions, held through tradable warrants that capture both in-the-money and option value.
Key points on New Found Gold
- Kettell says Palisades founded New Found Gold at a penny a share after staking the project in 2016; a standout 2019 drill hole in Newfoundland led to an IPO, a $2 billion market cap within 12 months, and the stock becoming Eric Sprott's single largest investment to date.
- Palisades still holds about 8% of New Found Gold; Kettell says Palisades owned over 50% at IPO and that the stake was worth in excess of $800 million at one point.
- The New Found Gold position is pledged with the Bank of Montreal, letting Palisades pull up to $40 million against the shares without selling, which Kettell says avoids a tax bill while the project sits at the bottom of the Lassonde curve.
- In the Q&A, Kettell says a recent roughly $19 million realization from New Found Gold returned over $4 million to shareholders.
Douglas Macgregor's takeaways
- Top takeaway Kettell announces that Colonel Douglas Macgregor, a decorated combat veteran and adviser to the secretary of defense in the first Trump administration, joined Palisades' board the Monday before the July 9, 2026 talk.
Rick Rule's takeaways
- Top takeaway Rule invited Kettell to present Palisades publicly for the first time at the symposium; Kettell credits him as a longstanding mentor to himself and others in the industry.
- Kettell says he and Rule keep evaluating further joint plans, including additional tax mitigation ideas for shareholders.
Eric Sprott's takeaways
- Top takeaway Kettell says New Found Gold became Eric Sprott's single largest investment to date after its 2019 discovery hole and IPO.
- Per Kettell, Sprott owns 12% of one of Palisades' most significant warrant-position companies, where First Majestic holds 19%.