Briefing
4) The Company’s position, as reflected in its filed Canadian income tax returns and consistent with the terms of the PMPAs, is that the cost of the precious metal acquired under the Canadian PMPAs is equal to the market value while a deposit is outstanding (where applicable to an agreement), and the cash cost thereafter. Key points: 4) The Company’s position, as reflected in its filed Canadian income tax returns and consistent with the terms of the PMPAs, is that the cost of the precious metal acquired under the Canadian PMPAs is equal to the; Financial assets and financial liabilities are initially measured at fair value; Financial Assets Financial assets are subsequently measured at either amortized cost or fair value, depending on the classification of the financial assets; On derecognition of a financial asset that is classified as FVTOCI, the cumulative gain or loss (net of tax) previously accumulated in the long-term investment revaluation reserve is not reclassified to net earnings, but; All financial liabilities are subsequently measured at amortized cost using the effective interest method or at FVTNE, depending on the classification of the instrument; Bank Debt Bank debt is initially measured at fair value, net of transaction costs, and is subsequently measured at amortized cost using the effective interest method. This brief is based on the cited source artifact and is intended as a research entry point, not a replacement for the original source or EGM canonical data tables.
Source Notes
4) The Company’s position, as reflected in its filed Canadian income tax returns and consistent with the terms of the PMPAs, is...
Extractive summary evidence · source
Financial assets and financial liabilities are initially measured at fair value.
Extractive summary evidence 2 · source
Financial Assets Financial assets are subsequently measured at either amortized cost or fair value, depending on the classification of the financial assets.
Extractive summary evidence 3 · source
On derecognition of a financial asset that is classified as FVTOCI, the cumulative gain or loss (net of tax) previously accumulated in...
Extractive summary evidence 4 · source
Extracted Document Text
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# d893628dex993 Source: https://www.sec.gov/Archives/edgar/data/1323404/000119312525068900/d893628dex993.htm Fetched: 2026-09-23T01:27:06.53+00:00 Source artifact: 18b82dba-6cef-4296-91b5-27e8743fcb7c Normalizer input: text ## Content EX-99.3 Exhibit 99.3   WHEATON PRECIOUS METALS 2024 FINANCIAL STATEMENTS Management’s Responsibility for Financial Reporting The accompanying consolidated financial statements of Wheaton Precious Metals Corp. (“Wheaton”) were prepared by management, which is responsible for the integrity and fairness of the information presented, including the many amounts that must of necessity be based on estimates and judgments. These consolidated financial statements were prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”). Financial information appearing throughout our Management’s Discussion and Analysis (“MD&A”) is consistent with these consolidated financial statements. In discharging our responsibility for the integrity and fairness of the consolidated financial statements and for the accounting systems from which they are derived, we maintain and rely on a comprehensive system of internal controls designed to ensure that transactions are authorized, assets are safeguarded and proper records are maintained. These controls include business planning; delegation of authority; careful selection and hiring of staff; accountability for performance within appropriate and well-defined areas of responsibility; and the communication of policies and guidelines of business conduct throughout the company. The Board of Directors oversees management’s responsibilities for financial reporting through the Audit Committee, which is composed entirely of directors who are neither officers nor employees of Wheaton. The Audit Committee reviews Wheaton’s interim and annual consolidated financial statements and MD&A and recommends them for approval by the Board of Directors. Other key responsibilities of the Audit Committee include monitoring Wheaton’s system of internal controls, monitoring its compliance with legal and regulatory requirements, selecting the external auditors and reviewing the qualifications, independence and performance of the external auditors. Deloitte LLP, Independent Registered Public Accounting Firm, appointed by the shareholders of Wheaton upon the recommendation of the Audit Committee and the Board of Directors, have performed an independent audit of the consolidated financial statements and their report follows. The auditors have full and unrestricted access to the Audit Committee to discuss their audit and related findings.   /s/ Randy Smallwood    /s/ Gary Brown Randy Smallwood    Gary Brown President & Chief Executive Officer    Senior Vice President & Chief Financial Officer March 13, 2025      WHEATON PRECIOUS METALS 2024 ANNUAL REPORT - FINANCIAL STATEMENTS [2] Report of Independent Registered Public Accounting Firm To the Shareholders and the Board of Directors of Wheaton Precious Metals Corp. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Wheaton Precious Metals Corp. and subsidiaries (the “Company”) as of December 31, 2024 and 2023, the related consolidated statements of earnings, comprehensive income, shareholders’ equity, and cash flows, for each of the two years in the period ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and its financial performance and its cash flows for each of the two years in the period ended December 31, 2024, in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 13, 2025, expressed an unqualified opinion on the Company’s internal control over financial reporting. Basis for Opinion These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matters The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing a separate opinion on the critical audit matters or on the accounts or disclosures to which they relate. Impairment - Assessment of Whether Indicators of Impairment or Impairment Reversal Exist within the Mineral Stream Interests - Refer to Note 4.3 to the financial statements Critical Audit Matter Description The Company considers each precious metals purchase agreement (“PMPA”) to be a separate cash generating unit (“CGU”). The Company’s determination of whether or not an indicator of impairment or impairment reversal exists at the CGU level requires significant management judgment. Changes in metal price forecasts, discount rates, reductions or increases in the amount of future recoverable ounces of metals attributable to the Company and/or adverse or favorable operational, political or regulatory developments impacting the mining properties in respect of which the Company has PMPAs can result in a write-down or write-up of the carrying amounts of the Company’s mineral stream interests. While there are several factors that are required to determine whether or not an indicator of impairment or impairment reversal exists, the judgments with the highest degree of subjectivity are evaluating the impact of (1) changes to future metal prices for gold, silver, palladium and cobalt, and (2) changes in the amount of future recoverable ounces of metals attributable to the Company. Auditing these estimates and factors required a high degree of subjectivity in applying audit procedures and in evaluating the results of those procedures. This resulted in an increased extent of audit effort, including the involvement of fair value specialists.   WHEATON PRECIOUS METALS 2024 ANNUAL REPORT - FINANCIAL STATEMENTS [3] How the Critical Audit Matter Was Addressed in the Audit Our audit procedures to evaluate the impact of changes to (1) future metal prices for gold, silver, palladium and cobalt and (2) changes in the amount of future recoverable ounces of metals attributable to the Company in the assessment of indicators of impairment or impairment reversal included the following, among others:   ●   Evaluated the effectiveness of the Company’s controls over management’s assessment of indicators of impairment or impairment reversal.   ●   Evaluated management’s ability to accurately forecast future recoverable ounces of metals attributable to the Company by:     – Assessing the methodology used in management’s determination of the future recoverable ounces of attributable metals;     – Completing retrospective analysis comparing the Company’s historical forecasts to actual results;     – Assessing management’s expected future recoverable ounces of attributable metals by considering the reserve and resource estimates prepared by the third-party mining property operators; and     – Considering the professional qualifications and objectivity of management’s specialists.   ●   With the assistance of fair value specialists, evaluated the significance of movements in future metal prices for gold, silver, palladium and cobalt by comparing historical forecasts to current third-party forecasts. Impairment of Mineral Stream Interests: Voisey’s Bay – Refer to Note 13 to the financial statements Critical Audit Matter Description Due to a significant decline in market cobalt prices, an indicator of impairment was identified for the Voisey’s Bay PMPA CGU. Due to the indicator of impairment, the recoverable amount of the Voisey’s Bay PMPA CGU was estimated based on its fair value less costs of disposal and an impairment loss was recorded. While there are several inputs that are required to determine the recoverable amount for the Voisey’s Bay PMPA CGU, the estimates and assumptions with the highest degree of subjectivity and judgment uncertainty are future cobalt prices and discount rates. Auditing these estimates and assumptions required a high degree of auditor judgment and an increased extent of audit effort, including the involvement of fair value specialists. How the Critical Audit Matter Was Addressed in the Audit Our audit procedures related to the future cobalt prices and discount rates used in determining the recoverable amount of the Voisey’s Bay PMPA CGU included the following, among others:   ●   Evaluated the effectiveness of controls over management’s determination of the future cobalt prices and discount rates.   ●   With the assistance of fair value specialists;     – Evaluated the reasonableness of the forecasts of future cobalt prices by comparing management’s forecasts to third party forecasts.     – Evaluated the reasonableness of the discount rates by testing the source information underlying the determination of the discount rates and developed a range of independent estimates for the discount rates and compared to the discount rates selected by management.   /s/ Deloitte LLP Chartered Professional Accountants Vancouver, Canada March 13, 2025 We have served as the Company’s auditor since 2004.   WHEATON PRECIOUS METALS 2024 ANNUAL REPORT - FINANCIAL STATEMENTS [4] Management’s Report on Internal Contr [Excerpt trimmed for readability. 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