Ann: September 2018 Quarterly Activities and Cash Flow Report, page-85

low grade does not mean higher risk. low margin means higher risk. high grade  underground is just as risky as low grade open pit, just different types of risk. i own shares in a Canadian gold miner with AISC of US$450 ish on a grade of 1.5gpt. but the strip ratio is around 2

now the risk return ratio favours the punter given the potential upside. unless you can see a 5 to 10 times return why bother with gold  stocks as long term punt, short term is different of course. 

right now 5 times is possible over a couple years , 10 times needs a bull market in gold equities and signicant exploration success....and of course a succesful mine!

The biggest risk right now is a heavily discounted CR