3.ROYALTY AND STREAM INTERESTS

The following tables summarize the Company’s royalty and stream interests as of March 31, 2015 and June 30, 2014.

As of March 31, 2015 (Amounts in thousands):	Cost		Accumulated Depletion			Impairments			Net
Production stage royalty interests:
Andacollo	$	272,998	$	(62,990	)	$	—		$	210,008
Voisey’s Bay	150,138		(74,506		)	—			75,632
Peñasquito	99,172		(22,266		)	—			76,906
Mulatos	48,092		(31,362		)	—			16,730
Holt	34,612		(13,092		)	—			21,520
Robinson	17,825		(12,565		)	—			5,260
Cortez	10,630		(9,883		)	—			747
Other	495,763		(255,997		)	(27,586		)	212,180
Total production stage royalty interests	1,129,230		(482,661		)	(27,586		)	618,983

Production stage stream interests:
Mount Milligan	783,046		(27,185		)	—			755,861
Total production stage royalty and stream interests	1,912,276		(509,846		)	(27,586		)	1,374,844

Development stage royalty interests:
Pascua-Lama	372,105		—			—			372,105
Other	67,017		—			—			67,017
Total development stage royalty interests	439,122		—			—			439,122
Total development stage stream interests	83,937		—			(603		)	83,334
Total development stage royalty and stream interests	523,059		—			(603		)	522,456

Exploration stage royalty interests	212,552		—			(150		)	212,402
Total royalty and stream interests	$	2,647,887	$	(509,846	)	$	(28,339	)	$	2,109,702

As of June 30, 2014 (Amounts in thousands):	Cost		Accumulated Depletion			Impairments		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
Total 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
Total development stage stream interests	41,103		—			—		41,103
Total 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 nine months ended March 31, 2015 and 2014, as summarized in the following table:

	For The Nine Months Ended
	March 31,		March 31,
	2015		2014
	(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.

The Company did not record any impairment charges during the three months ended March 31, 2015 and 2014.

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 March 31, 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 December 31, 2014. 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 nine months ended March 31, 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 has received court approval to initiate 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 months ended 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 “Agreement”), between RGLD Gold, the Company, Chieftain Metals Inc. and Chieftain Metals Corp. (together, “Chieftain”), relating to Chieftain’s Tulsequah Chief polymetallic 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 Agreement, the carrying value ($10.6 million) of the Tulsequah Chief gold and silver stream was reduced to zero during the three months ended December 31, 2014.