Chart - GSM, page-33

I bet there is not one Gold explorer or producer in Australia who is not happy to see the Gold price at it's current level in spite of the strengthening Australian dollar against the US dollar. If we look back over the last 20 years you can see how many Australian gold miners may have struggled to keep some gold mines profitable.

As you can clearly see it's only since about 2009 that the Gold price in Aud dollars has gone above US$1000 per ounce and most likely made most Australian Gold mines profitable. Some would likely even struggle to make a profit on those margins. Which is why the current price of around $2600 Aud per ounce is making the market for Gold miners a very lucrative place to invest with the outlook for Gold prices to remain high for an extended length of time on rising Government debt and Global uncertainties.

"The average All-in Sustaining Cost (AISC) for Australia and New Zealand was A$1,255/oz, which is up 7.3% (A$85/oz) on the previous quarter average AISC of A$1,170/oz."

"AISCs are the costs attributed to production at operating mines, and they are an important focus in gauging a project’s commercial viability. It is important to note, that they don’t include the costs such as building a plant and establishing the infrastructure required to bring a mine into production, commonly referred to as upfront capital expenditure (CAPEX).
AISC is a similar measure to what you might find in anything from manufacturing to retail, only in other sectors acronyms such as CODB (cost of doing business) and COGS (cost of goods sold) are applied.Because the mining industry is subject to unpredictable and uncontrollable commodity price movements, AISC’s costs are what some mines live and die by."

"The interesting aspect of the AISC metric is the number of factors that feed into the final figure, and similar to any other sector costs, they can vary from month to month and year to year.In the case of gold stocks, better grades usually translate into lower cost mines.Open cut mines are normally cheaper to operate than underground mines."

https://finfeed.com/investor-101/australias-gold-mines-by-production-grades-and-costs-part-1/