4. ROYALTY AND STREAM INTERESTS, NET

The following summarizes the Company's royalty and stream interests as of June 30, 2015 and 2014:

As of June 30, 2015 (Amounts in thousands):	Cost		Accumulated Depletion			Impairments			Net
Production stage royalty interests:
Andacollo	$	272,998	$	(65,467	)	$	—		$	207,531
Voisey's Bay		150,138		(76,141	)		—			73,997
Peñasquito		99,172		(24,555	)		—			74,617
Mulatos		48,092		(32,313	)		—			15,779
Holt		34,612		(13,950	)		—			20,662
Robinson		17,825		(12,748	)		—			5,077
Cortez		10,630		(9,933	)		—			697
Other		495,763		(265,727	)		(27,586	)		202,450

Total production stage royalty interests		1,129,230		(500,834	)		(27,586	)		600,810
Production stage stream interests:
Mount Milligan		783,046		(35,195	)		—			747,851

Production stage royalty and stream interests		1,912,276		(536,029	)		(27,586	)		1,348,661
Development stage royalty interests:
Pascua-Lama		372,105		—			—			372,105
Other		67,017		—			—			67,017

Total development stage royalty interests		439,122		—			—			439,122
Development stage stream interests:
Phoenix Gold		75,843		—			—			75,843
Other		8,183		—			(603	)		7,580

Total development stage stream interests		84,026		—			(603	)		83,423

Development stage royalty and stream interests		523,148		—			(603	)		522,545
Exploration stage royalty interests		212,552		—			(150	)		212,402

Total royalty and stream interests	$	2,647,976	$	(536,029	)	$	(28,339	)	$	2,083,608

As of June 30, 2014 (Amounts in thousands):	Cost		Accumulated Depletion			Net
Production stage royalty interests:
Andacollo	$	272,998	$	(56,147	)	$	216,851
Voisey's Bay		150,138		(67,377	)		82,761
Peñasquito		99,172		(17,801	)		81,371
Mulatos		48,092		(28,548	)		19,544
Holt		34,612		(10,474	)		24,138
Robinson		17,825		(11,887	)		5,938
Cortez		10,630		(9,772	)		858
Other		488,309		(232,913	)		255,396

Total production stage royalty interests		1,121,776		(434,919	)		686,857
Production stage stream interests:
Mount Milligan		783,046		(7,741	)		775,305

Production stage royalty and stream interests		1,904,822		(442,660	)		1,462,162
Development stage royalty interests:
Pascua-Lama		372,105		—			372,105
Other		69,488		—			69,488

Total development stage royalty interests		441,593		—			441,593
Development stage stream interests:
Phoenix Gold		30,620		—			30,620
Other		10,483		—			10,483

Total development stage stream interests		41,103		—			41,103

Development stage royalty and stream interests		482,696		—			482,696
Exploration stage royalty interests		164,209		—			164,209

Total royalty and stream interests	$	2,551,727	$	(442,660	)	$	2,109,067

Impairment of royalty and stream interests

In accordance with our impairment accounting policy discussed in Note 1, impairments in the carrying value of each royalty or stream interest are measured and recorded to the extent that the carrying value in each royalty or stream interest exceeds its estimated fair value, which is generally calculated using estimated future discounted cash-flows. As part of the Company's regular asset impairment analysis, which included the presence of impairment indicators, the Company recorded impairment charges for the fiscal years ended June 30, 2015, 2014 and 2013, as summarized in the following table:

	Fiscal Years Ended June 30,
	2015		2014		2013
	(Amounts in thousands)
Wolverine(1)	$	25,967	$	—	$	—
Other		2,372		—		—

Total impairment of royalty and stream interests	$	28,339	$	—	$	—


(1)	Included in Other production stage royalty interests in the above royalty and stream interests table.

Wolverine

The Company owns a 0.00% to 9.445% sliding-scale NSR royalty on all gold and silver produced from the Wolverine underground mine and milling operation located in Yukon Territory, Canada, and operated by Yukon Zinc Corporation ("Yukon Zinc"). As part of the Company's impairment assessment for the three months ended December 31, 2014, the Company was notified of an updated mine plan at Wolverine, which included a significant reduction in reserves and resources when compared to the previous mine plan. A significant reduction in reserves and resources, along with decreases in the long-term metal price assumptions used by the industry, are indicators of impairment.

As part of the impairment determination, the fair value for Wolverine was estimated by calculating the net present value of the estimated future cash-flows expected to be generated by the mining of the Wolverine deposits subject to our royalty interest. The estimates of future cash-flows were derived from a life-of-mine model developed by the Company using Yukon Zinc's updated mine plan information. The metal price assumptions used in the Company's model were supported by consensus price estimates obtained from a number of industry analysts. The future cash-flows were discounted using a discount rate which reflects specific market risk factors the Company associates with the Wolverine royalty interest. Following the impairment charge during the three months ended December 31, 2014, the Wolverine royalty interest has a carrying value of $5.3 million as of June 30, 2015.

The Company had a royalty receivable of approximately $3.0 million associated with past due royalty payments on the Wolverine interest. As a result of recent financial and operational results experienced by Yukon Zinc and their decision to put the mine on care and maintenance, the Company believes payment of the receivable is uncertain and provided for an allowance against the entire receivable as of June 30, 2015. The expense associated with the allowance is recorded within General and administrative expense on the Company's consolidated statements of operations and comprehensive income for the twelve months ended June 30, 2015.

In March 2015, Yukon Zinc filed for, and was granted, creditor protection by the Supreme Court of British Columbia, Canada in a court monitored debtor-in-possession process. Yukon Zinc received court approval to initiate, and as of June 30, 2015, was conducting a sale process. The Company will continue to pursue collection of all past due payments and protection of our royalty interest. The Company did not recognize revenue associated with the Wolverine royalty interest during the three month periods ended June 30, 2015, March 31, 2015, and December 31, 2014.

Other

As part of the Company's regular asset impairment analysis during the three months ended September 30, 2014, the Company determined that one production stage royalty interest and one exploration stage royalty interest should be written down to zero for a total impairment of $1.8 million. As part of the termination of the Tulsequah Chief gold and silver stream, as discussed below, the Company wrote-off approximately $0.6 million of direct acquisition costs during the three months ended December 31, 2014.

Termination of the Tulsequah Chief Gold and Silver Stream

On December 22, 2014, RGLD Gold terminated the Amended and Restated Gold and Silver Purchase and Sale Agreement (the "Tulsequah Agreement"), between RGLD Gold, the Company, Chieftain Metals Inc. and Chieftain Metals Corp. (together, "Chieftain"), relating to Chieftain's Tulsequah Chief mining project located in British Columbia, Canada. Pursuant to the terms of the Agreement, Chieftain repaid RGLD Gold's original $10.0 million advance payment. As a result of the termination of the Tulsequah Agreement and repayment of our investment, the carrying value of the Tulsequah Chief gold and silver stream, which included our $10.0 million investment and approximately $0.6 million of direct acquisition costs, was reduced to zero during the three months ended December 31, 2014.