4. STREAM AND ROYALTY INTERESTS, NET

The following summarizes the Company's stream and royalty interests as of June 30, 2016 and 2015:

As of June 30, 2016 (Amounts in thousands):	Cost		Accumulated Depletion			Impairments			Net
Production stage stream interests:
Mount Milligan	$	783,046	$	(74,060	)	$	—		$	708,986
Pueblo Viejo		610,404		(21,902	)		—			588,502
Andacollo		388,182		(18,286	)		—			369,896
Wassa and Prestea		96,413		(7,816	)		—			88,597

Total production stage stream interests		1,878,045		(122,064	)		—			1,755,981
Production stage royalty interests:
Voisey's Bay		205,724		(85,671	)		—			120,053
Peñasquito		99,172		(29,898	)		—			69,274
Holt		34,612		(17,124	)		—			17,488
Cortez		10,630		(10,000	)		—			630
Other		531,735		(342,460	)		(18,605	)		170,670

Total production stage royalty interests		881,873		(485,153	)		(18,605	)		378,115

Production stage stream and royalty interests		2,759,918		(607,217	)		(18,605	)		2,134,096
Development stage stream interests:
Rainy River		100,706		—			—			100,706
Other		87,883		(153	)		(75,702	)		12,028

Total development stage stream interests		188,589		(153	)		(75,702	)		112,734
Development stage royalty interests:
Pascua-Lama		380,657		—			—			380,657
Other		66,414		—			—			66,414

Total development stage royalty interests		447,071		—			—			447,071

Development stage stream and royalty interests		635,660		(153	)		(75,702	)		559,805
Exploration stage royalty interests		155,997		—			(1,811	)		154,186

Total stream and royalty interests	$	3,551,575	$	(607,370	)	$	(96,118	)	$	2,848,087

As of June 30, 2015 (Amounts in thousands):	Cost		Accumulated Depletion			Impairments			Net
Production stage stream interests:
Mount Milligan	$	783,046	$	(35,195	)	$	—		$	747,851
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 and royalty interests		1,912,276		(536,029	)		(27,586	)		1,348,661
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 interests:
Pascua-Lama		372,105		—			—			372,105
Other		67,017		—			—			67,017

Total development stage royalty interests		439,122		—			—			439,122

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

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

Impairment of stream and royalty interests and royalty receivables

In accordance with our impairment accounting policy discussed in Note 1, impairments in the carrying value of each stream or royalty interest are measured and recorded to the extent that the carrying value in each stream or royalty 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, 2016, 2015 and 2014, as summarized in the following table:

	Fiscal Years Ended June 30,
	2016			2015		2014
	(Amounts in thousands)
Phoenix Gold(1)	$	75,702		$	—	$	—
Inata(2)		11,982			—		—
Wolverine(2)		5,307			25,967		—
Other		3,127			2,372		—

Total impairment of stream and royalty interests	$	96,118		$	28,339	$	—
Inata royalty receivable		2,855			—		—
Wolverine royalty receivable		(385	)		2,996		—

Total impairment of stream and royalty interests and royalty receivables	$	98,588		$	31,335	$	—


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

Phoenix Gold

RGLD Gold owns the right to purchase 6.30% of any gold produced from the Phoenix Gold Project until 135,000 ounces have been delivered, and 3.15% thereafter. The Phoenix Gold Project is located in Red Lake, Ontario, Canada, and operated by Rubicon Minerals Corporation ("Rubicon"). On January 11, 2016, Rubicon provided an updated geologic model and mineralized material statement for the Phoenix Gold Project, which included a significant reduction in mineralized material compared to previous statements provided by Rubicon. Rubicon also announced that they were evaluating strategic alternatives, including merger and divestiture opportunities either at the corporate or asset level, obtaining new financing or capital restructurings. A significant reduction in mineralized material, along with recent decreases in the long-term metal price assumptions used by the industry, are indicators of impairment.

During the quarter ended March 31, 2016, the Company independently evaluated the updated geologic model and mineralized material statement in an effort to properly assess the recoverability of our carrying value. The Company's technical evaluation was completed by internal and external personnel and included an econcomic analysis of the Phoenix Gold Project and a detailed review of the geological model and mineralized material statement.

Based upon the results of the Company's review of the updated geological model and mineralized material statement, and other factors, it was determined that our stream interest at the Phoenix Gold Project should be written down to zero as of March 31, 2016. The Company will continue to pursue commercial alternatives for potential recovery of our investment.

Inata

The Company owns a 2.5% gross smelter return royalty on all gold and silver produced from the Inata mine, located in Burkina Faso, West Africa, and operated by a subsidiary of Avocet Mining PLC ("Avocet"). The Company's carrying value for its royalty interest at Inata was approximately $12.0 million as of December 31, 2015. As part of the Company's impairment assessment for the three months ended March 31, 2016, the Company was notified of an updated mine plan at Inata, which included a significant reduction in the life of the mine. Based upon our review of the updated mine plan, our royalty interest was written down to zero as of March 31, 2016.

The Company also had a royalty receivable of approximately $2.8 million associated with past due royalty payments on the Inata interest. As a result of Avocet's financial and operational difficulties and our review of the updated mine plan at Inata, the Company believes payment of the receivable is uncertain and provided for an allowance against the entire royalty receivable as of March 31, 2016. The Company will continue to pursue collection of all past due payments.

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 (loss) income.

During the second half of calendar 2015, Yukon Zinc completed bankruptcy proceedings in the Supreme Court of British Columbia and during the quarter ended March 31, 2016, we were made aware of no further intentions to recommission the mine. Based upon the updated developments and limited remaining mineralized material at Wolverine, the Company wrote down the remaining carrying value at Wolverine to zero as of March 31, 2016.

Other

As part of the Company's regular asset impairment analysis during the three months ended March 31, 2016, including consideration of recent operator/property updates and developments, the Company determined that one production stage royalty interest and three exploration stage royalty interests should be written down to zero for a total impairment of approximately $3.1 million.

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.