Up 90% Since IPO, This Tightly Held Stock Could Offer Major Upside
Temas Resources Corp. (CSE:TMAS) (OTC:TMASF) Continues a Glittering Winning Streak As This One Metal Outpaces Gold
As investors, we’re taught to diversify our holdings. The fact is, the same principle applies to companies themselves.
Diversity allows a company to be nimble during changing markets—and more importantly, to capitalize on opportunities when they are most profitable. That’s precisely the approach that the focus of this report, Temas Resources Corp. (CSE: TMAS) (OTC: TMASF), is taking within the resource sector.
And it could help explain its incredible 90% run since its IPO (chart below).
Temas Resources has acquired two significant properties in Grenville Geological Province, representing a potential triple play with three key industrial metals. The Grenville Geological Province is home to Lac Tio, the largest solid ilmenite deposit in the world and that’s exactly where Temas Resources has acquired its first and flagship properties, one called the DAB Property and the other, its flagship — called the La Blache Property.
As a result, Temas Resources (CSE:TMAS) (OTC:TMASF) has positioned itself at the nexus of several major shifts in the global economy, including the electrification of transportation and the infrastructure to create and operate a smart grid. The market potential is significant, and the timing appears to be excellent. The performance of the BANG stocks—the four biggest names in precious metals mining, Barrick Gold, Agnico Eagle, Newmont Mining and Goldcorp—have had the hot hand since the lows in March. If history is a guide, other commodities and mining of specialty metals could potentially experience forward momentum as the world’s economies recover.
4 Reasons Why We Love Temas Resources (CSE:TMAS) (OTC:TMASF)
- Exceptional management team with a proven track record in taking large mining projects into full production and worked the Coffee Gold Project in the Yukon, which was subsequently acquired by Goldcorp Inc. (now Newmont Corporation) for $520 million.
- Flagship La Blache Property consists of 48 claims that includes 2,653.25 hectares (26.53 km²) of ground, part of the Grenville Geological Province. The Grenville Geological Province is home to Lac Tio, the largest solid ilmenite deposit in the world.
– Note: a NI 43-101 Technical Report was released in 2020 on the property.
- Outstanding Capital Structure (ONLY ~36M shares outstanding), as well as VERY Confident Levels of Insider Ownership.
- Favorable MOMENTUM, as TMAS.CN stock has been on an upward trend since it went public (up over 90% since its IPO).
Temas Resources (CSE:TMAS) (OTC:TMASF) is a truly experienced mining team focused on their flagship La Blache Project, consisting of 48 claims that includes 2,653.25 hectares (26.53 km²) of ground, part of the Grenville Geological Province.
Why Temas Resources is One of the Tightest Run Plays in the Game
This team appears to be quite confident in this latest project, as management and strategic investors currently own a a large percentage of the company’s very conservative ~36M shares outstanding.
It’s rare to get a glimpse at a share structure this tight, with so much potential still left on the table.
What exactly does the high insider ownership signal?
Typically, insider buying signals that the insider making the purchase is bullish on the company’s stock. This indicates they feel that the stock is either undervalued, mispriced, or will rise.
Keeping in mind that these experts leading the Company (which we’ll get to shortly) have accumulated several wins over their illustrious careers, their confidence in the project alone speaks volumes.
But we’re still so very early in the Temas Resources (CSE:TMAS) (OTC:TMASF) story, that we’re privy to a very rare opportunity—the beginning of a breakout.
Already, we’re seeing signs of what’s to come, as Temas Resources’ stock has rallied over 90% since the company hit the market.
Prime Location in One of the World’s Top Mining Destinations—Including Production of 15 Metals and 13 Minerals.(2)
In its current 100%-owned mining properties–the company recently entered an agreement to acquire the 100% of LaBlache property–Temas Resources Corp. has access to three in-demand raw materials.
The first is iron ore, in which Canada ranks 8th in the world, with Quebec producing nearly two-thirds of the output.(3) Iron ore is essential for the production of steel—in fact, that’s what 98% of it is used for, making it a critical component for construction, transportation, as well as countless other industrial and consumer uses.(4) This market is particularly compelling right now, because a global supply shortage coincides with rapidly increasing demand—resulting in price increases to around $128 a ton, the highest levels since 2015. As we emerge from the economic downturn, China, the U.S., and other countries around the world have announced trillions of dollars in stimulus packages and infrastructure programs. You can expect them to drive demand even further.
The second is titanium, a high-strength lightweight metal used for a wide range of purposes, from paint pigment to joint replacements and sports equipment—and mixed with aluminum and vanadium for jet engines in aerospace and military defense uses. It’s a truism in the mining world, but looking at one’s neighbors speaks volumes: Note that the world’s third largest mining company Rio Tinto, with claims in the same area of the province, has proven the profitability of mining titanium in Quebec for about 70 years.
Vanadium Supercharges the High-Performance Battery Market
The third mineral is vanadium. While iron and titanium have steady industrial demand, vanadium has taken the pole position as a breakthrough ingredient for electric batteries.
First, vanadium grid-scale energy storage is an essential aspect of any intermittent energy source such as wind or solar, and has superior potential versus any current lithium-ion technology.
Second, what could be an even more significant game changer in the global electric car battery market (which could reach $84 billion by 2025)(5), vanadium increases the performance of lithium ion batteries. Replacing cobalt oxide cathodes with vanadium disulfide increases storage capacity, power output, and recharging speed. Eventually, this could even have implications for consumer electronics and renewable energy power, but for now the key area of focus is electric vehicles—with intriguing examples such as an Audi A2 equipped with a lithium-vanadium battery that set a new long-distance record. Among the other companies doing R&D on lithium-vanadium-phosphate batteries and could soon put them into production include China’s BYD Auto, Japan’s Subaru Motors and GS Yuasa Corp. (which provides batteries for Mitsubishi Motors), and the United States’ Valence Technologies.(6)
Based on a 2020 NI 43-101 Technical Report, the Temas Resources Corp. (CSE: TMAS) (OTC: TMASF) claims are “likely to contain significant iron, titanium and vanadium oxide mineralizations of igneous origin and of economic interest.”(7)
Temas Resources (CSE: TMAS) (OTC: TMASF)‘s Properties At A Glance
Ready-to-Launch Infrastructure and Workforce
This is a region with a long history of mining, with many sites in various stages of development and production. The locations of the DAB and La Blache properties offer several advantages that leverage the mining-friendly province of Quebec. The surrounding area is uninhabited, with the nearest city being Baie-Comeau is about 150 km to the southeast, with railway service and a seaport to facilitate the transport of ore and other goods. Because the economic and industrial development in the region is largely based on natural resources, the infrastructure should represent significant savings for Temas Resources Corp. (CSE: TMAS) (OTC: TMASF) on overall costs when it comes to the development stage of its assets.
Vanadium: On the Verge of Revolutionizing Batteries?
It’s well-known that the Achilles’ heel of alternative energies such as wind and solar is that they’re intermittent—only generating power when conditions permit, and leaving fossil fuels to pick up the slack when they aren’t. Grid battery storage remains a difficult problem anywhere green energy is used.
Similarly, the potential of electric cars has been constantly hindered by poor battery life and slow charging—limiting their utility for anything other than short trips within metro areas.
Vanadium is on the verge of solving both issues. In layman’s terms, vanadium redox battery technology exploits vanadium ions in four different oxidation states to store chemical potential energy—creating an emerging solution for grid energy storage.
In car batteries, vanadium is looking like the miracle solution—turbo-boosting lithium ion batteries so that they charge faster, hold more power, and last longer.(10)
In the second half of 2018, the market showed how vanadium stocks could soar—for example, Largo Resources jumped 285% while First Vanadium skyrocketed a whopping 616%. Rather than guessing which manufacturer will win the battery race, savvy mining investors know the real value will be tapped by the company that supplies vanadium battery companies with vital raw materials.(8)
Experienced Management Team: From Exploration to Production
In the mining world, experience is everything, and Temas Resources Corp. (CSE: TMAS) (OTC: TMASF) has assembled a highly experienced, goal-oriented management team that has proven ability to take a project from exploration all the way to a producing mine. With solid roots in a wide range of resource and mining sectors, key members include:
Michael Dehn, President and CEO
Mr. Michael Dehn brings an extensive track record working with some of the biggest names in mining, including executive leadership at numerous publicly traded companies and work on several projects that later went on to be acquired. Mr. Dehn’s experience spans early grassroots stages to advanced mineral exploration and production, including his well-known expertise in the Red Lake Greenstone Belt. Mr. Dehn began his career as one of the most notable geologists at Goldcorp Inc. (acquired by Newmont Corporation for $10 billion), just prior to the Red Lake High Grade Zone Discovery, working as part of exploration teams instrumental in delivering multiple producing mines. Working with Goldcorp for 10 years, managing off mine site exploration with a team of up to 75 employees and consultants, and annual budgets often in excess of CAN$20 million, Mr. Dehn and his team initiated the deep drilling at the Cochenour Mine in Red Lake District which is now in production (later sold to Evolution Mining Limited alongside Red Lake and Cambell mines and processing facilities for $375 million in cash, with up to an additional $100 million if new deposits are discovered).
David Robinson (CPA, CA), CFO
David is the CFO of Temas, and a standout star of the team on the accounting, capital markets, and investment analysis side of the business. His background includes providing tax, auditing, and consulting services to public and private enterprises, and a role as the CFO of the Cronin Group, a natural resource-focused merchant bank in Vancouver.
Rory Kutluoglu, Director
Mr. Kutluoglu is a Professional Geoscientist and Fellow of the Society of Economic Geologists with more than fifteen years of notable exploration experience in a wide variety of commodities across North America. Mr. Kutluoglu began his career working with the team that discovered the Broken Hammer deposit for Wallbridge Mining Company Limited. Mr. Kutluoglu then, as a Project Geologist from 2006 to 2009, was responsible for planning, implementing, and reporting on exploration programs across Canada for various clients while working for Equity Exploration. The 2009 field season was spent working with Gold Fields Limited, conducting porphyry exploration in British Columbia. In 2009 thru 2010, Mr. Kutluoglu filled a similar role at Kiska Metals Corp. (acquired by AuRico Metals Inc., and less than one year later acquired by Centerra Gold Inc. for $290 million). From Kiska Metals, Mr. Kutluoglu went on to be part of the team that created Evrim Resources Corp. (now Orogen Royalties Inc. after merger with Renaissance Gold Inc.) and acted as VP Business Development from 2011 to 2012. In 2012-2015, Mr. Kutluoglu was Exploration Manager for Kaminak Gold Corporation, which was subsequently acquired by Goldcorp Inc. (now Newmont Corporation) for $520 million.
Kyler Hardy, Director
Kyler is a lifelong resources entrepreneur with the magic touch and significant experience in capital raising, corporate development, and corporate strategy. He got his start in the field—logging, diamond drilling, and working offshore oil rigs—before building several small and midsize exploration management firms, literally taking small placer gold mines from prospecting through development and into production. In addition to serving as CEO of Cronin Group, a Vancouver-based natural resource-focused merchant bank, he has served as CEO of Linceo Media Group, CEO of Imperial X Plc, and director of Hexa Resources and Prometheus Developments, among several others.
Michael Rowley, Director
Michael boasts more than 25 years of capital markets and operations experience in the global natural resource sector, most notably as the CEO of Group Ten Metals and a director of Granite Creek Copper and Bravada Gold.
Konstantin Lichetenwald (CPA), Director
Konstantin brings more than a decade of accounting and capital markets experience to the Temas Resources Corp. team, including corporate finance, valuation, taxation and financial reporting, and working in private and public resource markets.
What’s Next for Temas Resources (CSE: TMAS) (OTC: TMASF)?
Exploration, Development and M&A
Because the two mineral properties are in different stages, Temas Resources Corp. will be taking a multi-faceted approach to bringing them to fruition.
For the development-stage La Blache property:
An estimated 100 million tons of minerals are in the ground, according to the NI 43-101 Technical Report. According to management, next steps will include the continuation of detailed mapping, sampling, and prospecting of known and potential mineralized oxides occurrences. This would also include additional drilling to increase the knowledge base as well as potentially increase mineral resource and refine the geological model. With additional drilling and the revision of the geological model, an updated mineral resource estimation could include measured and indicated resource categories.
The company was attracted to La Blache because of the size and tenor of the deposit, and another advantage is that it is at the surface, making it amenable to open pit mining rather than underground. It is a bit of a unique opportunity in the fact that its grade and mineral composition make it attractive in various markets from base metal to specialty to battery metals. Additional metallurgical work needs to be done, but initial indications are that La Blache iron average grade is 41.76% and produces a desirable iron concentrate.(9)
For the exploration-stage DAB property:
Phase 1 is expected to include a high-resolution airborne magnetic survey to augment the previous survey, geophysical modeling and interpretation, and ground truth refined targets, possibly with an additional infill ground magnetic survey. Phase 2 would include additional drilling at the Farrell-Mason showing and exploration drilling at modeled targets.
With mineral properties at two different points in the mining lifecycle, Temas Resources Corp. (CSE: TMAS) (OTC: TMASF) is diversified in its timelines as well as its resources.
In particular, the company sees potential in several large northeast trending geologic trends interpreted off of government airborne geophysics data that have not been drill tested—but correlate with similar geology in the region that have become producing deposits. The far northeast end of the mineralized trend, at the Farrell-Mason showing, there are a few initial drill holes that have only clipped mineralization of interest—but have left the potential open in all directions with significant potential for additional mineral discovery.
Temas Resources Corp.’s plan is to consolidate the property-scale known showings. While there are competitors, there will be significant opportunities to become partners or, potentially even acquirers as the situation unfolds. (Customarily, mining exploration companies de-risk a given project, then majors come in, buy them out, and invest the big dollars to build the mine.) If the feasibility studies and metallurgical recoveries are favourable, it would make sense that Temas Resources Corp. could be appealing for North America-focused mining majors—or even mining-focused private equity groups.
As a result, the bigger picture for Temas Resources Corp. includes a strategic mergers and acquisitions plan, focused on complementary properties in the same region, size, and scope of iron, titanium and vanadium. By leveraging existing data, the Temas Resources Corp. team can determine the viability of an asset by using its technical ability. The same large magnetic conductors running northeast–southwest that sparked their interest in the region and initial assets could ultimately become an opportunity to consolidate a much larger number of deposits in their portfolio.
Top 10 Reasons To Consider Temas Resources (CSE: TMAS) (OTC: TMASF) Right Now.
- Location: The newly acquired 100% owned La Blache property and the DAB property represent a considerable footprint for the company in the Grenville Geological Province.The world second largest Iron ore and Titanium mining major Rio Tinto has been mining in the area successfully for years.
- Historical resource estimate at a 5.1% TiO2 cut-off grade of 101,700,000 tonnes 21.75% TiO2 Equivalent, with very high grading.
- Rare Triple threat mineral holdings: Having a mix of metals gives Temas Resources Corp. an advantage of being able to smooth out peaks and valleys, when a given sector heats up or cools down.
- Disruptive mineral: Vanadium, this relatively unknown mineral proposes the biggest new growth opportunity to investors as the new kid on the block. This under the radar mineral has been quietly disrupting the USD 113.4 billion battery industry and the USD 3.4 billion energy storage industries.
- Recently in a joint announcement, the U.S. Department of the Interior and the U.S. Department of Energy announced a new partnership for critical mineral independence. Canada is the ideal, stable jurisdiction to reduce reliance upon China, Russia and other significant producers of critical minerals (2 of Temas Resources Corp.’s minerals make the list).
- Experienced management team that has brought mines from prospecting through development and into production.
- Temas Resources (CSE: TMAS) (OTC: TMASF) is a newly listed public company trading on the CSE (Canada) and OTC (USA), if they complete their development plans today’s trading levels could prove to be a substantial discount.
- The 100% owned newly closed La Blache property is already in the development phase.
- Temas Resources (CSE: TMAS) (OTC: TMASF) has already received institutional backing and has entered into a Letter of Intent for an equity investment of CAD$5 million. Director Kyler Hardy commented “This step gives us confidence that we can get our La Blache property acquisition through the feasibility stage, which we are very excited for.”
- Global demand for iron ore is soaring making it the hottest mineral this year surpassing gold, Iron Prices have surged more than 35% so far—hitting prices over $120 per ton, the highest levels since 2014.
Want to Learn More About Temas Resources (CSE: TMAS) (OTC: TMASF)?
With a trio of diversified resources, Temas Resources Corp. (CSE: TMAS) (OTC: TMASF) could be tapping into the trends that will endure during and after the economic recovery. Iron and titanium are stable markets with solid industrial demand—particularly given the stimulus dollars driving infrastructure improvements around the world. And as noted above, vanadium gives Temas Resources Corp. exposure to a mineral with exciting potential for revolutionizing how we store alternative energy.
At this early stage, the company is playing their cards close to the vest as far as the potential company value. However, given that mining usually trades at several industry multiples, Temas Resources Corp. (CSE: TMAS) (OTC: TMASF) is clearly in an advantageous position as they execute on their strategic plans. There’s still a lot of development to do and money to raise, but the potential is there that the company could see a significant corporate increase in value. Temas Resources Corp. (CSE: TMAS) (OTC: TMASF) is publicly traded, with only 36M shares outstanding.
SOURCES:
1 Financial Times, “Prospects of global recession and demand shock hit mining stocks,” March 9, 2020.
https://www.ft.com/content/a0b66e36-6a08-11ea-a3c9-1fe6fedcca75
2 https://www.investquebec.com/
international/en/industries/mining/a-wide-variety-of-metals-and-minerals-within-easy-reach.html
3 https://www.nrcan.gc.ca/our-natural-resources/minerals-mining/iron-ore-facts/20517
4 https://web.archive.org/web/20060417160321
http://www.mii.org/Minerals/Photoiron.html
5 Allied Market Research, https://www.alliedmarketresearch.com/electric-vehicles-battery-market
6 NextSource Materials, http://www.nextsourcematerials.com/vanadium/about-vanadium/
7 2020 Technical (NI 43-101) Report on La Blache Project, Côte-Nord, Québec, Canada, pg. 20
8 Largo Resources: https://finance.yahoo.com/quote/LGO.TO
First Vanadium Resources: https://finance.yahoo.com/quote/FVAN.V
9 2020 Technical (NI 43-101) Report on La Blache Project, Côte-Nord, Québec, Canada, pg. 5
10 https://www.miningnewsnorth.com/page/new-battery-tech-revives-vanadium-interest/5765.html
DAB 43-101: https://webfiles.thecse.com/sedar_filings/00049522/2004091451012715.pdf
La Blache 43-101: https://webfiles.thecse.com/sedar_filings/00049522/2008211631326108.pdf
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Forward Looking Statements
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Public Awareness Campaign
This website is owned by CorpComm Services Limited (“CorpComm IR”), an investor relations firm. CorpComm IR has been assigned a contract by its parent company, CorpComm Limited (“CorpComm”), which was hired by Temas Resources (the “company”) on June 3, 2020 in an agreement to provide investor relations services to the Company for a period of 12 months commencing June 15, 2020. Compensation for the agreement consists of $10,000 per month plus the Company issuing an option to acquire 600,000 shares of the Company at a price of $0.105 per share vesting evenly over 12 months with expiration date on December 15, 2021. CorpComm also beneficially owns 3,000,000 shares of the company. CorpComm undertakes no obligation to inform readers about the ownership or trading activities of it or its employees or affiliates in the securities of the company. CorpComm IR is beneficially owned by CorpComm but is operated by an independent board from CorpComm. CorpComm IR does not maintain a trading account and relies on CorpComm to conduct any and all investment decisions regarding disposition and voting control of any options or holdings of the company. CorpComm IR maintains its board independence from CorpComm to segment and isolate any potential non-public information provided to it from the company from any trading activities conducted by its parent, CorpComm. CorpComm has recused itself of any insider information of the company. CorpComm IR has recused itself of any investment authority (dispositive, voting or otherwise) of the company. CorpComm IR expects to receive regular payments from its parent CorpComm to fund its continued public awareness marketing efforts above and beyond its budget received from the company. CorpComm IR intends to spend the majority of funds received from its parent CorpComm on increasing the month over month public awareness campaign budget until June 2021. Factors that are likely to affect the month over month campaign budget increase include but are not limited to, the expected performance increases of A/B content testing for effectiveness of public perception and name recognition of Temas Resources as judged through a variety of metrics, the anticipated increases in conversion numbers and ratios of ad spend and awareness budgets across all third-party hired companies and advertising outlets intended to include, but not limited to, awareness placements in Google, Facebook, Yahoo Finance, BNN, Fox Business, CNBC, CNN, CBC, MarketWatch, WSJ, among others. The placement of awareness campaign material is intended to raise the public profile of Temas Resources as a company in compliance with all applicable law.
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The information we provide represents only a small amount of information regarding the company and is not sufficient to formulate an investment decision and as such, that information should only be a starting point from which you conduct an in-depth investigation of the company from available public sources, such as sedar.com, otcmarkets.com, sec.gov, google.com and other available public sources as well as consulting with your financial professional, investment adviser, and/or registered representative with a registered securities broker-dealer. As of the date of publication of all materials, including this page, CorpComm IR is not aware of any intention by the company (and based on its currently disclosed public filings and access to capital, does not anticipate the company) to conduct any fundraising activities that may preclude the legal distribution of awareness materials. The website is not liable for any investment decisions by its visitors, readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment and should independently conduct their own research and arrive at their own decisions or consult with a qualified and registered broker, investment adviser or financial adviser.
Forward Looking Statements
Some of the information contained herein may be based on press releases or other information from Temas Resources, which is subject to and should be considered in connection with the following forward looking information statement that is included in their press releases: “This news release includes certain “Forward‐Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward‐looking information” under applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “forecast”, “may”, “would”, “could”, “schedule” and similar words or expressions, identify forward‐looking statements or information. These forward‐looking statements or information relate to, among other things: closing of the Transaction, the Company’s plan to build an advanced base and special metals portfolio, the development of the Property, including drilling activities; and future mineral exploration, development and production. Forward‐looking statements and forward‐looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of Temas, future growth potential for Temas and its business, and future exploration plans are based on management’s reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management’s experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of silver, gold and other metals; no escalation in the severity of the COVID-19 pandemic; costs of exploration and development; the estimated costs of development of exploration projects; Temas’ ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms. These statements reflect Temas’ respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward‐looking statements or forward-looking information and Temas has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the Company’s dependence on one mineral project; precious metals price volatility; risks associated with the conduct of the Company’s mining activities in Quebec; regulatory, consent or permitting delays; risks relating to reliance on the Company’s management team and outside contractors; risks regarding mineral resources and reserves; the Company’s inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the 6 failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of COVID-19; the economic and financial implications of COVID-19 to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company’s interactions with surrounding communities and artisanal miners; the Company’s ability to successfully integrate acquired assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors identified under the caption “Risk Factors” in Temas’ management discussion and analysis. Readers are cautioned against attributing undue certainty to forward‐looking statements or forward-looking information. Although Temas has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. Temas does not intend, and does not assume any obligation, to update these forward‐ looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.
