Operating costs are considered in evaluations but in times like those the trait in metal mines, and precious ones in particular, is that the value of the metal in the ground usually rises more than the price of getting it out.

Our estimate for operating costs was $120 per ton a year or so ago, so now it is $130 ( +10%) to perhaps $145 ( +20%) ?

A rule of thumb example:

Surely all here will agree that oil price is a major component in operating costs of a mine. So even with current high oil price it has doubled in about 5 years? (Excepting a spike in 2007 and a trough in 2008, smooth it out.)

Note that gold has also doubled in that time. So where is there a price differential?

Well, take a look at nickel. It was about $20 then and now 10+, so about half priced. We would get clobbered for that except that our resource has more than trippled in that time. Nor are we a pure nickel play.

Or perhaps in the eyes of some, we are being punished for that reason.