could be but I think it is the hedges that weigh heavy on the SP...

could be but I think it is the hedges that weigh heavy on the SP now. Regardless if ALAK had no choice but to take them or ALK had other option that they failed to explore the fact is the hedge book is terrible.
And the problem looks even worse as TGO LOM is to 2031 right now. This means, by the time ALK clears the hedge book the LOM will shrink to 5 years. Yes we all know the LOM will extend well beyond 2031 but ALK has to show the early signs of that in order to instill confidence and investors start to price that in the SP.
As we stand no insto will consider ALK as an investment option as they don't see long term divis which comes back to LOM at TGO and lack of progress at NMPP.
Regarding NMPP, ALK will be able to progress this project to JV once they show results from the scoping study (assuming those results are good) - if not earlier if KAI MRE shows good results.
Regarding TGO, ALK should have drilled number of prospects in Q1 and should drill few more Q2. If ALK produces good exploration results from these targets and moves fast with follow up holes and demonstrate the first holes were not once-off results but there are economic deposits at couple of those prospects then all is sorted out.
Investors will long term future in ALK and we will see instos piling up.

But it is up to ALK to address these things. Things are looking good as long as ALK did drill those TGO targets as per their presentation.