$KL trading below 9/21/50/200DEMA & neg Technicals. Dark red candles = nearing oversold conditions. P/C 0.406 w/ neg option sentiment. F/short: 1.13%. Price/volume shelf at the 50% fib level. IV down today & IVR only 11% (odd for a near 1SD move today). 8 count. Steep selloff in the past 2 weeks. • One of the lowest cost producers in the industry. • MRQ AISC: $886 & guides $790-$810. • 3Q20 production up 37% y/y & guides FY20 b/n 1.35Moz-1.4Moz • Total Cash: $848.8M [up37.6% y/y] • Dividend: 1.74% • YTD buyback: 14,029,500 at avg $37.54 FY20 Fwd P/E: 12.9x on rev growth (est/yr) of 77.82% FY21 Fwd P/E: 9.4x on rev grwoth (est/yr) of 23.72% • Avg Analyst TP: $61.83 Trading at a discount to DCF by 42% $GLD up +23.34% YTD vs $KL down -5.33% & $UUP down -4.15%. FD: Watchlist - will scale to build a position