I suspect it's a conservative forecast with zero organic growth...

I suspect it's a conservative forecast with zero organic growth but Newmont losses at earliest timing factored in. Expect they'll then upgrade at the AGM ... then again at half year ... then maybe again before year end. The Directors know this business well, have significant stock holding and took up their allocation in the placement. I don't think they've made a mistake with the acquisitions ... though I'd love to see some of them adding to their holdings over the next few days for extra confirmation!