STREAM AND ROYALTY INTERESTS, NET

12 Months Ended

Dec. 31, 2023

STREAM AND ROYALTY INTERESTS, NET

STREAM AND ROYALTY INTERESTS, NET

4. STREAM AND ROYALTY INTERESTS, NET

The following summarizes our stream and royalty interests as of December 31, 2023 and 2022:

As of December 31, 2023 (Amounts in thousands):	Cost		Accumulated Depletion		Net
Production stage stream interests:
Mount Milligan	$	790,635	$	(430,106)	$	360,529
Pueblo Viejo		610,404		(299,354)		311,050
Andacollo		388,182		(165,553)		222,629
Khoemacau		265,911		(41,635)		224,276
Rainy River		175,727		(74,858)		100,869
Other		232,703		(132,043)		100,660
Total production stage stream interests		2,463,562		(1,143,549)		1,320,013
Production stage royalty interests:
Cortez (Legacy Zone and CC Zone)		353,850		(61,891)		291,959
Voisey's Bay		205,724		(121,000)		84,724
Red Chris		116,187		(3,758)		112,429
Peñasquito		99,172		(59,900)		39,272
Other		448,899		(408,522)		40,377
Total production stage royalty interests		1,223,832		(655,071)		568,761
Total production stage stream and royalty interests		3,687,394		(1,798,620)		1,888,774
Development stage stream interests:
Other		12,038		—		12,038
Development stage royalty interests:
Côté		45,421		—		45,421
Other		81,132		—		81,132
Total development stage stream and royalty interests		138,591		—		138,591
Exploration stage stream interests:
Xavantina		19,565		—		19,565
Exploration stage royalty interests:
Cortez (Legacy Zone and CC Zone)		456,479		—		456,479
Great Bear		209,106		—		209,106
Pascua-Lama		177,690		—		177,690
Red Chris		48,895		—		48,895
Côté		29,610		—		29,610
Other		106,864		—		106,864
Total exploration stage stream and royalty interests		1,048,209		—		1,048,209
Total stream and royalty interests, net	$	4,874,194	$	(1,798,620)	$	3,075,574

As of December 31, 2022 (Amounts in thousands):	Cost		Accumulated Depletion		Impairments		Net
Production stage stream interests:
Mount Milligan	$	790,635	$	(392,804)	$	—	$	397,831
Pueblo Viejo		610,404		(289,537)		—		320,867
Andacollo		388,182		(151,870)		—		236,312
Khoemacau		265,911		(15,905)		—		250,006
Rainy River		175,727		(61,601)		—		114,126
Other		215,576		(110,711)		—		104,865
Total production stage stream interests		2,446,435		(1,022,428)		—		1,424,007
Production stage royalty interests:
Cortez (Legacy Zone and CC Zone)		353,772		(35,276)		—		318,496
Voisey's Bay		205,724		(118,327)		—		87,397
Red Chris		116,187		(1,797)		—		114,390
Peñasquito		99,172		(57,772)		—		41,400
Other		447,535		(398,513)		—		49,022
Total production stage royalty interests		1,222,390		(611,685)		—		610,705
Total production stage stream and royalty interests		3,668,825		(1,634,113)		—		2,034,712
Development stage stream interests:
Other		12,038		—		—		12,038
Development stage royalty interests:
Côté		45,421		—		—		45,421
Other		74,225		—		—		74,225
Total development stage stream and royalty interests		131,684		—		—		131,684
Exploration stage stream interests:
Xavantina		34,253		—		—		34,253
Exploration stage royalty interests:
Cortez (Legacy Zone and CC Zone)		456,318		—		—		456,318
Great Bear		209,106		—		—		209,106
Pascua-Lama		177,690		—		—		177,690
Red Chris		48,895		—		—		48,895
Côté		29,610		—		—		29,610
Other		119,421		—		(4,287)		115,134
Total exploration stage royalty interests		1,075,293		—		(4,287)		1,071,006
Total stream and royalty interests, net	$	4,875,802	$	(1,634,113)	$	(4,287)	$	3,237,402

Impairment

In accordance with our impairment accounting policy discussed in Note 2, impairment in the carrying value of each stream and royalty interest is measured and recorded to the extent that the carrying value in each stream and royalty interest exceeds its estimated fair value, which is generally calculated using estimated future discounted cash-flows.

During the quarter ended December 31, 2022, an indicator of impairment was identified on one of our non-principal exploration stage royalty interests due to new legal information received. Based on legal proceedings and subsequent legal analysis, we determined the carrying value of the non-principal exploration stage royalty interest was not recoverable and an impairment of $4.3 million was necessary. At December 31, 2022, our carrying value for the non-principal exploration stage royalty interest was zero.

There were no impairment charges on any of our stream and royalty interests for the year ended December 31, 2023.