Stillwater Comments on Glass Lewis Report

  Stillwater Comments on Glass Lewis Report

Urges Shareholders to Vote FOR All of Stillwater’s Director Nominees on WHITE
                                  Proxy Card

Business Wire

BILLINGS, Montana -- April 22, 2013

Stillwater Mining Company (NYSE:SWC) (TSX:SWC.U) (“Stillwater” or the
“Company”) today commented on a report issued by Glass Lewis & Co. (“Glass
Lewis”) on April 19, 2013. Stillwater disagrees with Glass Lewis’
recommendation to elect three of the Clinton Group’s (“Clinton Group”)
proposed director nominees, but appreciates Glass Lewis’ view that “the
Dissident hasn't made a strong enough case that their nominees as a whole have
superior skills or experience to direct the Company more effectively than the
current leadership team.”

Stillwater also noted that voting on Clinton Group’s green proxy card has the
potential to turn over effective control of the Company to a shareholder that
only recently acquired just 1.3% of the Company’s outstanding shares.
Stillwater urges shareholders to vote FOR all of its highly qualified,
incumbent director nominees at the Company's 2013 Annual Shareholders Meeting,
which will be held on May 2, 2013.

Frank McAllister, Stillwater’s Chairman and Chief Executive Officer, said,
“Stillwater is the strongest it has ever been. At a time when other mining
companies are taking massive write-downs, struggling to find financing and
face declining production, Stillwater is poised to drive growth and create
value for shareholders. Through the decade we have overcome price volatility,
prior management’s bad hedges that impaired financial performance, auto
industry contract expirations, and global financial crises that impacted
consumption. We have invested prudently in growth, maintained balance sheet
strength and flexibility, built a dedicated workforce in Montana and invested
in safety. Our PGM acquisition in Canada was validated by the investment by
Mitsubishi at an 87% premium to our original purchase price and we expect to
have further validation on the project in very short order. The Altar project
has also maintained its value and, as we have said, we have an option to
maximize value without diverting capital resources from palladium investment
and growth.”

Added McAllister, “We disagree with Glass Lewis’ recommendation to elect three
of Clinton Group’s nominees, but we are encouraged that Glass Lewis also
identifies serious shortcomings with the Dissident platform and slate as a
whole. We urge shareholders to vote the white proxy to elect all of
Stillwater’s nominees, who are committed to serving the best interests of all
Stillwater shareholders.”

It its report, Glass Lewis noted:

  *“In our view, the Dissident hasn't made a strong enough case that their
    nominees as a whole have superior skills or experience to direct the
    Company more effectively than the current leadership team.”
  *“Notably, we place a particularly high burden on the Dissident, in this
    case, to justify the need for a complete revamp of the board and the
    potential ouster of the CEO. As a Stillwater shareholder for less than one
    year, with a relatively small 1.3% stake, we believe any case for
    wholesale board and management change must be particularly compelling. In
    our opinion, the Dissident has fallen short of the threshold required to
    justify backing all of its nominees.”
  *“However, we aren't convinced that a complete ousting of the current board
    and CEO, replacing them with the full Dissident slate of nominees and a
    yet-to-be-named new CEO, is either justified or likely to result in a
    superior outcome for Stillwater shareholders at this time.”
  *“Looking at historical palladium prices, it indeed appears that palladium
    was in a bubble from roughly September 1999 through October 2001, when the
    price spiked from $350 per ounce to more than $1,000 per ounce, and then
    plummeted back below $350 per ounce.”
  *“To be fair, looking at performance over trailing 10-year periods, we note
    that Stillwater's stock price increased 349% as of April 19, 2013, and
    increased 139% as of December 31, 2012.”
  *“In fact, over the last five years, we found that the Company's weekly
    stock price was 80% correlated with weekly palladium prices and 85%
    correlated with our weekly basket price, which averaged a mix of 78%
    palladium and 22% platinum over the last 15 years. We note that we
    calculated a basket price using a dynamic mix of palladium and platinum
    for each year based on the average annual ratio of proven and probable
    reserves of palladium and platinum disclosed by the Company for each year
  *“We agree with the Company that the Dissident nominees lack public company
    board experience. In fact, three of the Dissident nominees' greatest
    attributes seem to be their investing and governance experience, which,
    while valuable, likely isn't entirely necessary in that amount.”
  *“By and large, we're more apt to believe that certain incumbent directors
    have a stronger understanding of Stillwater and possess more applicable
    knowledge in PGM, open-pit and underground mining relative to the
    Dissident nominees.”

Stillwater notes that several analysts – financial experts with backgrounds in
mining, who follow Stillwater on a regular basis – have stated:

  *“Having looked at the complaints of the Clinton Group, we have to say that
    we largely agree with Stillwater.” - Leon Esterhuizen, CIBC, March 20,
  *“SWC is the best pureplay. Stillwater is the largest North American PGM
    producer (75% of mine output is palladium, the remainder is mostly
    platinum) and in our view best positioned to benefit from supply
    challenges globally.” - Sam Dubinsky, Wells Fargo, February 19, 2013
  *“The company is again working to grow its skilled worker base. Increased
    costs result in part from improved payments to its underground miners. We
    feel this should reduce labor turnover and thereby improve productivity.”
    - John Bridges, J.P. Morgan, March 27, 2013

In addition to financial analysts, independent third parties, who have a
thorough understanding of Stillwater’s business and have a stake in its future
success, have publicly expressed their support of Stillwater’s director
nominees. For example:

  *The United Steelworkers, the Union that represents many of Stillwater’s
    employees, has expressed opposition to the Clinton Group’s attempt to
    replace Stillwater’s Board of Directors and CEO, stating: “There is no
    question about what is best for the success of the Stillwater Mining
    Company and the USW’s membership in this upcoming proxy fight. CEO Frank
    McAllister and the existing Board of Directors have done a good job
    running the Company, and the Clinton Group’s attempt to replace them is
    meritless.” (United Steelworkers Letter to Stillwater Shareholders, April
    7, 2013)
  *The Good Neighbor Agreement (GNA) Councils have encouraged shareholders of
    Stillwater to vote in support of the current Board and management,
    stating: “The Councils appreciate and respect the commitment shown by the
    current leadership of SMC over the last twelve years to implement and
    promote the GNA. The Councils encourage shareholders of SMC to vote in
    support of the current Board and management.” (Good Neighbor Agreement
    Councils Letter to Stillwater Shareholders, April 2, 2013)

All shareholders of record as of March 6, 2013 are entitled to vote at the
2013 Annual Shareholders Meeting on May 2, 2013. Stillwater encourages all
shareholders to carefully review its definitive proxy filing and other
materials and vote only their WHITE proxy card. For more information about
Stillwater’s 2013 Annual Shareholders Meeting, please visit

About Stillwater Mining Company

Stillwater Mining Company is the only U.S. producer of palladium and platinum
and is the largest primary producer of platinum group metals outside of South
Africa and the Russian Federation. The Company’s shares are traded on the New
York Stock Exchange under the symbol SWC and on the Toronto Stock Exchange
under the symbol SWC.U. Information on Stillwater Mining Company can be found
at its website:

Some statements contained in this news release are forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended, and,
therefore, involve uncertainties or risks that could cause actual results to
differ materially. These statements may contain words such as "believes,"
"anticipates," "plans," "expects," "intends," "projects", "estimates,"
"forecast," "guidance," or similar expressions. These statements are not
guarantees of the Company's future performance and are subject to risks,
uncertainties and other important factors that could cause our actual
performance or achievements to differ materially from those expressed or
implied by these forward-looking statements. Such statements include, but are
not limited to, comments regarding expansion plans, costs, grade, production
and recovery rates, permitting, financing needs, the terms of future credit
facilities and capital expenditures, increases in processing capacity, cost
reduction measures, safety, timing for engineering studies, and environmental
permitting and compliance, litigation, labor matters and the palladium and
platinum market. Additional information regarding factors, which could cause
results to differ materially from management's expectations, is found in the
section entitled "Risk Factors" in the Company's 2012 Annual Report on Form
10-K and in subsequent filings with the United States Securities & Exchange
Commission. The Company intends that the forward-looking statements contained
herein be subject to the above-mentioned statutory safe harbors. Investors are
cautioned not to rely on forward-looking statements. The Company disclaims any
obligation to update forward-looking statements.


Mike Beckstead, 406-373-8971
Innisfree M&A Incorporated
Arthur Crozier / Jennifer Shotwell / Scott Winter
Sard Verbinnen & Co
Dan Gagnier / Michael Henson
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