( 2 ) reported production relates to the amount of metal sales , subject to our royalty interests , for the period january 1 , 2012 through june 30 , 2012 , as reported to us by the operators of the mines . ( 3 ) in march 2012 , pan american acquired minefinders . the production estimate shown was provided by minefinders . pan american announced production guidance of 49,000 to 53,000 ounces of gold and 2.75 to 3.0 million ounces of silver for the period april 1 through december 31 , 2012 . ( 4 ) the company did not receive calendar 2012 production guidance from the operator . 39 historical production the following table discloses historical production for the past three fiscal years for the principal producing properties that are subject to our royalty interests , as reported to us by the operators of the mines : historical production ( 1 ) by royalty principal producing properties for the fiscal years ended june 30 , 2012 , 2011 and 2010 replace_table_token_18_th ( 1 ) historical production relates to the amount of metal sales , subject to our royalty interests for each fiscal year presented , as reported to us by the operators of the mines . critical accounting policies listed below are the accounting policies that the company believes are critical to its financial statements due to the degree of uncertainty regarding the estimates or assumptions involved and the magnitude of the asset , liability , revenue or expense being reported . please refer to note 2 of the notes to consolidated financial statements for a discussion on recently adopted and issued accounting pronouncements . use of estimates the preparation of our financial statements , in conformity with accounting principles generally accepted in the united states of america , requires management to make estimates and assumptions . these estimates and assumptions affect the reported amounts of assets and liabilities , at the date of the financial statements , as well as the reported amounts of revenues and expenses during the reporting period . 40 our most critical accounting estimates relate to our assumptions regarding future gold , silver , nickel , copper and other metal prices and the estimates of reserves and recoveries of third-party mine operators . we rely on reserve estimates reported by the operators on the properties in which we have royalty interests . these estimates and the underlying assumptions affect the potential impairments of long-lived assets and the ability to realize income tax benefits associated with deferred tax assets . these estimates and assumptions also affect the rate at which we charge depreciation , depletion and amortization to earnings . on an ongoing basis , management evaluates these estimates and assumptions ; however , actual amounts could differ from these estimates and assumptions . royalty interests in mineral properties royalty interests in mineral properties include acquired royalty interests in production , development and exploration stage properties . the costs of acquired royalty interests in mineral properties are capitalized as tangible assets as such interests do not meet the definition of a financial asset under the accounting standards codification ( `` asc `` ) guidance . acquisition costs of production stage royalty interests are depleted using the units of production method over the life of the mineral property , which is estimated using proven and probable reserves as provided by the operator . acquisition costs of royalty interests on development stage mineral properties , which are not yet in production , are not amortized until the property begins production . acquisition costs of royalty interests on exploration stage mineral properties , where there are no proven and probable reserves , are not amortized . at such time as the associated exploration stage mineral interests are converted to proven and probable reserves , the cost basis is amortized over the remaining life of the mineral property , using proven and probable reserves . the carrying values of exploration stage mineral interests are evaluated for impairment at such time as information becomes available indicating that the production will not occur in the future . exploration costs are expensed when incurred . asset impairment we evaluate long-lived assets for impairment whenever events or changes in circumstances indicate that the related carrying amounts of an asset or group of assets may not be recoverable . the recoverability of the carrying value of royalty interests in production and development stage mineral properties is evaluated based upon estimated future undiscounted net cash flows from each royalty interest property using estimates of proven and probable reserves and other relevant information received from the operators . we evaluate the recoverability of the carrying value of royalty interests in exploration stage mineral properties in the event of significant decreases in the price of gold , silver , copper , nickel and other metals , and whenever new information regarding the mineral properties is obtained from the operator indicating that production will not likely occur in the future thus affecting the future recoverability of our royalty interests . impairments in the carrying value of each property are measured and recorded to the extent that the carrying value in each property exceeds its estimated fair value , which is generally calculated using estimated future discounted cash flows . our estimates of gold , silver , copper , nickel and other metal prices , operator 's estimates of proven and probable reserves related to our royalty properties , and operator 's estimates of operating , capital and reclamation costs are subject to certain risks and uncertainties which may affect the recoverability of our investment in these royalty interests in mineral properties . although we have made our best assessment of these factors based on current conditions , it is possible that changes could occur , which could adversely affect the net cash flows expected to be generated from these royalty interests . story_separator_special_tag 47 results of operations fiscal year ended june 30 , 2012 , compared with fiscal year ended june 30 , 2011 for the fiscal year ended june 30 , 2012 , we recorded net income available to royal gold common stockholders of $ 92.5 million , or $ 1.61 per basic share and diluted share , compared to net income available to royal gold common stockholders of $ 71.4 million , or $ 1.29 per basic and diluted share , for the fiscal year ended june 30 , 2011. the increase in our earnings per share was primarily attributable to an increase in royalty revenue , as discussed further below . this increase was partially offset by an increase in production taxes , depletion expense , income tax expense and the royalty restructuring charge during the period , each of which are discussed further below . for fiscal year ended june 30 , 2012 , we recognized total royalty revenue of $ 263.1 million , at an average gold price of $ 1,673 per ounce , an average silver price of $ 33.26 per ounce , an average nickel price of $ 8.77 per pound and an average copper price of $ 3.71 per pound , compared to total royalty revenue of $ 216.5 million , at an average gold price of $ 1,369 per ounce , an average silver price of $ 28.61 per ounce , an average nickel price of $ 10.86 per pound and an average copper price of $ 3.92 per pound , for fiscal year ended june 30 , 2011. royalty revenue and the corresponding production , 48 attributable to our royalty interests , for the fiscal year ended june 30 , 2012 compared to the fiscal year ended june 30 , 2011 is as follows : royalty revenue and production subject to our royalty interests fiscal years ended june 30 , 2012 and 2011 ( in thousands , except reported production in ozs . and lbs . ) replace_table_token_20_th ( 1 ) reported production relates to the amount of metal sales , subject to our royalty interests , for the twelve months ended june 30 , 2012 and june 30 , 2011 , as reported to us by the operators of the mines . ( 2 ) `` other `` includes all of the company 's non-principal producing royalties as of june 30 , 2012. individually , no royalty included within the `` other `` category contributed greater than 5 % of our total royalty revenue for either period . 49 the increase in royalty revenue for the fiscal year ended june 30 , 2012 , compared with the fiscal year ended june 30 , 2011 , resulted primarily from an increase in the average gold and silver prices , increased production at andacollo , voisey 's bay , mulatos and dolores , the continued ramp-up at peñasquito , holt , las cruces , canadian malartic and wolverine . these increases were partially offset during the period due to decreases in production at cortez , leeville and robinson . refer to part i , item 2 , properties , for discussion and any updates on our principal producing properties . depreciation , depletion and amortization expense increased to $ 75.0 million for the fiscal year ended june 30 , 2012 , from $ 67.4 million for the fiscal year ended june 30 , 2011. the increase was primarily attributable to an increase in production at andacollo , voisey 's bay and las cruces , which resulted in additional depletion expense of approximately $ 8.3 million during the period . the increase was also attributable to the continued ramp-up at holt and canadian malartic , which resulted in additional depletion expense of approximately $ 4.3 million during the period . these increases were partially offset by a decrease in depletion at taparko of approximately $ 4.3 million , which was due to the dollar cap being met during the prior period . during the fiscal year ended june 30 , 2012 , we recognized income tax expense totaling $ 54.7 million compared with $ 39.0 million during the fiscal year ended june 30 , 2011. this resulted in an effective tax rate of 35.8 % during the current period , compared with 33.5 % in the prior period . the increase in the effective tax rate for the twelve months ended june 30 , 2012 is primarily related to an increase in tax expense and valuation allowances related to earnings from non-u.s. subsidiaries offset by a decrease in tax expense associated with the decrease in foreign currency exchange gains and the effect of excess depletion . fiscal year ended june 30 , 2011 , compared with fiscal year ended june 30 , 2010 for the fiscal year ended june 30 , 2011 , we recorded net income available to royal gold common stockholders of $ 71.4 million , or $ 1.29 per basic and diluted share , compared to net income available to royal gold common stockholders of $ 21.5 million , or $ 0.49 per basic and diluted share , for the fiscal year ended june 30 , 2010. the increase in our earnings per share during the fiscal year ended june 30 , 2011 was primarily attributable to an increase in royalty revenue , as discussed further below . the increase is also attributable to a decrease in one-time international royalty corporation ( `` irc `` ) severance and acquisition related costs of approximately $ 19.4 million , which were incurred during the period ended june 30 , 2010. these increases were partially offset by an increase in our total costs and expenses , which are each further discussed below . for fiscal year ended june 30 , 2011 , we recognized total royalty revenue of $ 216.5 million , at an average gold price of $ 1,369 per ounce , an average silver price of $ 28.61 per ounce , an average

liquidity and capital resources overview at june 30 , 2012 , we had current assets of $ 445.2 million compared to current liabilities of $ 15.2 million for a current ratio of 29 to 1. this compares to current assets of $ 169.3 million and current liabilities of $ 28.9 million at june 30 , 2011 , resulting in a current ratio of approximately 6 to 1. the increase in our current ratio was primarily attributable to an increase in cash and equivalents due to proceeds received from our recent convertible debt offering and equity offering , both of which are discussed below . the increase is also attributable to a decrease in our current portion of debt due to the payoff and termination of our term loan , which is also discussed below . during the fiscal year ended june 30 , 2012 , liquidity needs were met from $ 263.1 million in royalty revenues , our available cash resources , including net proceeds of approximately $ 359.0 million from our recent convertible senior notes offering and proceeds of $ 268.4 million from our recent common stock offering , each of which are discussed below . approximately $ 110.6 million of the net proceeds from the convertible senior notes offering were used to repay the amounts outstanding under our term loan . the term loan has been terminated as of june 30 , 2012. also discussed below , in may 2012 , the company expanded , among other things , its revolving credit facility from $ 225 million to $ 350 million . as of june 30 , 2012 , the company had $ 350 million available and no amounts outstanding under its revolving credit facility . refer to note 8 of our notes to consolidated financial statements and below for further discussion on our debt . we believe that our current financial resources and funds generated from operations will be adequate to cover anticipated expenditures for debt service , general and administrative expense costs , exploration costs and capital expenditures for the foreseeable future .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources overview at june 30 , 2012 , we had current assets of $ 445.2 million compared to current liabilities of $ 15.2 million for a current ratio of 29 to 1. this compares to current assets of $ 169.3 million and current liabilities of $ 28.9 million at june 30 , 2011 , resulting in a current ratio of approximately 6 to 1. the increase in our current ratio was primarily attributable to an increase in cash and equivalents due to proceeds received from our recent convertible debt offering and equity offering , both of which are discussed below . the increase is also attributable to a decrease in our current portion of debt due to the payoff and termination of our term loan , which is also discussed below . during the fiscal year ended june 30 , 2012 , liquidity needs were met from $ 263.1 million in royalty revenues , our available cash resources , including net proceeds of approximately $ 359.0 million from our recent convertible senior notes offering and proceeds of $ 268.4 million from our recent common stock offering , each of which are discussed below . approximately $ 110.6 million of the net proceeds from the convertible senior notes offering were used to repay the amounts outstanding under our term loan . the term loan has been terminated as of june 30 , 2012. also discussed below , in may 2012 , the company expanded , among other things , its revolving credit facility from $ 225 million to $ 350 million . as of june 30 , 2012 , the company had $ 350 million available and no amounts outstanding under its revolving credit facility . refer to note 8 of our notes to consolidated financial statements and below for further discussion on our debt . we believe that our current financial resources and funds generated from operations will be adequate to cover anticipated expenditures for debt service , general and administrative expense costs , exploration costs and capital expenditures for the foreseeable future .
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 Suspicious Activity Report : ( 2 ) reported production relates to the amount of metal sales , subject to our royalty interests , for the period january 1 , 2012 through june 30 , 2012 , as reported to us by the operators of the mines . ( 3 ) in march 2012 , pan american acquired minefinders . the production estimate shown was provided by minefinders . pan american announced production guidance of 49,000 to 53,000 ounces of gold and 2.75 to 3.0 million ounces of silver for the period april 1 through december 31 , 2012 . ( 4 ) the company did not receive calendar 2012 production guidance from the operator . 39 historical production the following table discloses historical production for the past three fiscal years for the principal producing properties that are subject to our royalty interests , as reported to us by the operators of the mines : historical production ( 1 ) by royalty principal producing properties for the fiscal years ended june 30 , 2012 , 2011 and 2010 replace_table_token_18_th ( 1 ) historical production relates to the amount of metal sales , subject to our royalty interests for each fiscal year presented , as reported to us by the operators of the mines . critical accounting policies listed below are the accounting policies that the company believes are critical to its financial statements due to the degree of uncertainty regarding the estimates or assumptions involved and the magnitude of the asset , liability , revenue or expense being reported . please refer to note 2 of the notes to consolidated financial statements for a discussion on recently adopted and issued accounting pronouncements . use of estimates the preparation of our financial statements , in conformity with accounting principles generally accepted in the united states of america , requires management to make estimates and assumptions . these estimates and assumptions affect the reported amounts of assets and liabilities , at the date of the financial statements , as well as the reported amounts of revenues and expenses during the reporting period . 40 our most critical accounting estimates relate to our assumptions regarding future gold , silver , nickel , copper and other metal prices and the estimates of reserves and recoveries of third-party mine operators . we rely on reserve estimates reported by the operators on the properties in which we have royalty interests . these estimates and the underlying assumptions affect the potential impairments of long-lived assets and the ability to realize income tax benefits associated with deferred tax assets . these estimates and assumptions also affect the rate at which we charge depreciation , depletion and amortization to earnings . on an ongoing basis , management evaluates these estimates and assumptions ; however , actual amounts could differ from these estimates and assumptions . royalty interests in mineral properties royalty interests in mineral properties include acquired royalty interests in production , development and exploration stage properties . the costs of acquired royalty interests in mineral properties are capitalized as tangible assets as such interests do not meet the definition of a financial asset under the accounting standards codification ( `` asc `` ) guidance . acquisition costs of production stage royalty interests are depleted using the units of production method over the life of the mineral property , which is estimated using proven and probable reserves as provided by the operator . acquisition costs of royalty interests on development stage mineral properties , which are not yet in production , are not amortized until the property begins production . acquisition costs of royalty interests on exploration stage mineral properties , where there are no proven and probable reserves , are not amortized . at such time as the associated exploration stage mineral interests are converted to proven and probable reserves , the cost basis is amortized over the remaining life of the mineral property , using proven and probable reserves . the carrying values of exploration stage mineral interests are evaluated for impairment at such time as information becomes available indicating that the production will not occur in the future . exploration costs are expensed when incurred . asset impairment we evaluate long-lived assets for impairment whenever events or changes in circumstances indicate that the related carrying amounts of an asset or group of assets may not be recoverable . the recoverability of the carrying value of royalty interests in production and development stage mineral properties is evaluated based upon estimated future undiscounted net cash flows from each royalty interest property using estimates of proven and probable reserves and other relevant information received from the operators . we evaluate the recoverability of the carrying value of royalty interests in exploration stage mineral properties in the event of significant decreases in the price of gold , silver , copper , nickel and other metals , and whenever new information regarding the mineral properties is obtained from the operator indicating that production will not likely occur in the future thus affecting the future recoverability of our royalty interests . impairments in the carrying value of each property are measured and recorded to the extent that the carrying value in each property exceeds its estimated fair value , which is generally calculated using estimated future discounted cash flows . our estimates of gold , silver , copper , nickel and other metal prices , operator 's estimates of proven and probable reserves related to our royalty properties , and operator 's estimates of operating , capital and reclamation costs are subject to certain risks and uncertainties which may affect the recoverability of our investment in these royalty interests in mineral properties . although we have made our best assessment of these factors based on current conditions , it is possible that changes could occur , which could adversely affect the net cash flows expected to be generated from these royalty interests . story_separator_special_tag 47 results of operations fiscal year ended june 30 , 2012 , compared with fiscal year ended june 30 , 2011 for the fiscal year ended june 30 , 2012 , we recorded net income available to royal gold common stockholders of $ 92.5 million , or $ 1.61 per basic share and diluted share , compared to net income available to royal gold common stockholders of $ 71.4 million , or $ 1.29 per basic and diluted share , for the fiscal year ended june 30 , 2011. the increase in our earnings per share was primarily attributable to an increase in royalty revenue , as discussed further below . this increase was partially offset by an increase in production taxes , depletion expense , income tax expense and the royalty restructuring charge during the period , each of which are discussed further below . for fiscal year ended june 30 , 2012 , we recognized total royalty revenue of $ 263.1 million , at an average gold price of $ 1,673 per ounce , an average silver price of $ 33.26 per ounce , an average nickel price of $ 8.77 per pound and an average copper price of $ 3.71 per pound , compared to total royalty revenue of $ 216.5 million , at an average gold price of $ 1,369 per ounce , an average silver price of $ 28.61 per ounce , an average nickel price of $ 10.86 per pound and an average copper price of $ 3.92 per pound , for fiscal year ended june 30 , 2011. royalty revenue and the corresponding production , 48 attributable to our royalty interests , for the fiscal year ended june 30 , 2012 compared to the fiscal year ended june 30 , 2011 is as follows : royalty revenue and production subject to our royalty interests fiscal years ended june 30 , 2012 and 2011 ( in thousands , except reported production in ozs . and lbs . ) replace_table_token_20_th ( 1 ) reported production relates to the amount of metal sales , subject to our royalty interests , for the twelve months ended june 30 , 2012 and june 30 , 2011 , as reported to us by the operators of the mines . ( 2 ) `` other `` includes all of the company 's non-principal producing royalties as of june 30 , 2012. individually , no royalty included within the `` other `` category contributed greater than 5 % of our total royalty revenue for either period . 49 the increase in royalty revenue for the fiscal year ended june 30 , 2012 , compared with the fiscal year ended june 30 , 2011 , resulted primarily from an increase in the average gold and silver prices , increased production at andacollo , voisey 's bay , mulatos and dolores , the continued ramp-up at peñasquito , holt , las cruces , canadian malartic and wolverine . these increases were partially offset during the period due to decreases in production at cortez , leeville and robinson . refer to part i , item 2 , properties , for discussion and any updates on our principal producing properties . depreciation , depletion and amortization expense increased to $ 75.0 million for the fiscal year ended june 30 , 2012 , from $ 67.4 million for the fiscal year ended june 30 , 2011. the increase was primarily attributable to an increase in production at andacollo , voisey 's bay and las cruces , which resulted in additional depletion expense of approximately $ 8.3 million during the period . the increase was also attributable to the continued ramp-up at holt and canadian malartic , which resulted in additional depletion expense of approximately $ 4.3 million during the period . these increases were partially offset by a decrease in depletion at taparko of approximately $ 4.3 million , which was due to the dollar cap being met during the prior period . during the fiscal year ended june 30 , 2012 , we recognized income tax expense totaling $ 54.7 million compared with $ 39.0 million during the fiscal year ended june 30 , 2011. this resulted in an effective tax rate of 35.8 % during the current period , compared with 33.5 % in the prior period . the increase in the effective tax rate for the twelve months ended june 30 , 2012 is primarily related to an increase in tax expense and valuation allowances related to earnings from non-u.s. subsidiaries offset by a decrease in tax expense associated with the decrease in foreign currency exchange gains and the effect of excess depletion . fiscal year ended june 30 , 2011 , compared with fiscal year ended june 30 , 2010 for the fiscal year ended june 30 , 2011 , we recorded net income available to royal gold common stockholders of $ 71.4 million , or $ 1.29 per basic and diluted share , compared to net income available to royal gold common stockholders of $ 21.5 million , or $ 0.49 per basic and diluted share , for the fiscal year ended june 30 , 2010. the increase in our earnings per share during the fiscal year ended june 30 , 2011 was primarily attributable to an increase in royalty revenue , as discussed further below . the increase is also attributable to a decrease in one-time international royalty corporation ( `` irc `` ) severance and acquisition related costs of approximately $ 19.4 million , which were incurred during the period ended june 30 , 2010. these increases were partially offset by an increase in our total costs and expenses , which are each further discussed below . for fiscal year ended june 30 , 2011 , we recognized total royalty revenue of $ 216.5 million , at an average gold price of $ 1,369 per ounce , an average silver price of $ 28.61 per ounce , an average

