3.STREAM AND ROYALTY INTERESTS

The following tables summarize the Company’s royalty and stream interests as of December 31, 2016 and June 30, 2016.

			Accumulated
As of December 31, 2016 (Amounts in thousands):	Cost		Depletion			Net
Production stage stream interests:
Mount Milligan	$	790,732	$	(94,136	)	$	696,596
Pueblo Viejo	610,404		(44,605		)	565,799
Andacollo	388,182		(28,946		)	359,236
Wassa and Prestea	136,475		(12,785		)	123,690

Total production stage stream interests	1,925,793		(180,472		)	1,745,321

Production stage royalty interests:
Voisey’s Bay	205,724		(85,671		)	120,053
Peñasquito	99,172		(32,412		)	66,760
Holt	34,612		(18,750		)	15,862
Cortez	20,873		(10,379		)	10,494
Other	483,643		(324,580		)	159,063

Total production stage royalty interests	844,024		(471,792		)	372,232

Total production stage stream and royalty interests	2,769,817		(652,264		)	2,117,553

Development stage stream interests:
Rainy River	175,727		—			175,727
Other	12,031		—			12,031

Total development stage stream interests	187,758		—			187,758

Development stage royalty interests:
Pascua-Lama	380,657		—			380,657
Cortez	59,803		—			59,803
Other	63,811		—			63,811

Total development stage royalty interests	504,271		—			504,271

Total development stage stream and royalty interests	692,029		—			692,029
Total exploration stage royalty interests	151,746		—			151,746

Total stream and royalty interests	$	3,613,592	$	(652,264	)	$	2,961,328

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

Total 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

Total development stage stream and royalty interests	635,660		(153		)	(75,702		)	559,805
Total 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

Phoenix Gold

On December 20, 2016, the operator of the Phoenix Gold Project, Rubicon Minerals Corporation (“Rubicon”), announced a restructuring transaction under Canadian regulations. As part of the restructuring transaction, RGLD Gold AG’s (“RGLD Gold”) gold stream was terminated. As discussed further in our Fiscal 2016 10-K, the Company’s stream interest on the Phoenix Gold Project was written down to zero during the quarter ended March 31, 2016. In exchange for the termination of the gold stream, RGLD Gold received approximately three million common shares of Rubicon and three Net Smelter Return (“NSR”) royalties on properties owned by Rubicon, including a 1.0% NSR on the Phoenix Gold Project.

The fair value of the Rubicon common shares upon exchange was $3.4 million and is recorded within Other Assets on our consolidated balance sheets and is accounted for under our available-for-sale accounting policy, which is also discussed in our Fiscal 2016 10-K. The Company also recognized a corresponding gain on the fair value of the Rubicon common shares received upon exchange. The gain is recorded within Interest and other income on our consolidated statements of operations and comprehensive income (loss).

The Company did not recognize any value for the 1.0% NSR on the Phoenix Gold Project received upon exchange as our interest on the Phoenix Gold Project was previously fully impaired. No value was assigned to the other royalties received upon exchange as no mineralization is attributable to the area subject to the royalty interests at the time of the exchange.

Amendment to Mount Milligan

On October 20, 2016, Centerra Gold Inc. (“Centerra”) and Thompson Creek Metals Company Inc. (“Thompson Creek”) completed the Plan of Arrangement (the “Arrangement”) previously announced on July 5, 2016, pursuant to which Centerra acquired all of the issued and outstanding common shares of Thompson Creek. RGLD Gold’s streaming interest at Mount Milligan was amended (the “amendment”) concurrently with the closing of the Arrangement.

Under the terms of the amendment, RGLD Gold’s 52.25% gold stream at Mount Milligan was amended to a 35% gold stream and an 18.75% copper stream. RGLD Gold will continue to pay $435 per ounce of gold delivered and will pay 15% of the spot price per metric tonne of copper delivered. Mount Milligan gold in concentrate in transit prior to October 20, 2016, will be delivered to RGLD Gold under the current 52.25% stream. Under the terms of both the original and amended agreements, there is a maximum of five months between concentrate shipment and final settlement, and RGLD Gold expects to begin receiving gold and copper deliveries reflecting the amended stream agreement around March 2017. The Company incurred approximately $7.7 million in direct transaction costs associated with the amendment. These direct transaction costs have been capitalized as part of the Mount Milligan streaming interest within Stream and royalty interests, net on our consolidated balance sheets.