Nope, NUG simply doesn't fit Waterton's business modelNo need to speculate either. NuLegacy officials used to discuss Waterton. I have discussed it with them several times and posted here. Recently, NUG management has chosen not to give it attention, hence the omission of Waterton among the institutional investors listed in the investor presentation. About a month ago, I discussed Waterton with Frank Lagiglia, Investor Relations and posted about it.
If you know Waterton, as you suggest, then you know they don't invest $3.5 million in anything. NUG was the exception, and it paid off handsomely. This is like a mosquito to Waterton, who normally invests about 30 times as much in operating mines, not explorers. The due dilligence of monitoring a such a small investment isn't worth the expense.