Dawe use the phrase 88% unhedged. Makes 12% hedged correct.
Brigus now has an obligation to Sandstorm instead of having to deliver into the hedge book. The delivery price to Standstorm is way below the prior hedged price. Even if reduced by payment of about 50% more than Brigus received from StandStorm, Brigus will end up delivering. over the life of the mine more than under the hedge obligation.
What did Brigus gain? The ability to sell more of current production into the market at the spot price. And it eliminated non cash losses in the income statement due to required accounting for the hedge.
Not saying they should not have made the deal. Just that it had its own cost and risk and certainly was not a panacea.