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Stillwater Mining Company Reports Third Quarter Results

Stillwater Mining Company Reports Third Quarter Results 
BILLINGS, MT -- (Marketwired) -- 11/12/13 --  STILLWATER MINING
COMPANY (NYSE: SWC) (TSX: SWC.U) 


 
--  Consolidated net loss attributable to common stockholders of $201.5
    million or $1.69 per diluted share, including a $290.4 million
    (before-tax) impairment charge taken against the carrying value of the
    Company's Altar mineral property in Argentina
--  Third quarter mine production of 124,200 PGM ounces, 2013 full-year
    mine production guidance increased to a range of 505,000 to 515,000
    ounces of PGMs
--  167,500 ounces of PGMs processed from recycled material during the
    third quarter, a 74.1% increase over the third quarter of 2012
--  Third quarter total cash costs of $427 per mined ounce - 2013 total
    cash costs guidance reduced to a range of $530 to $540 per ounce
--  Capital expenditure guidance for 2013 reduced further to a range of
    $125 to $135 million
--  Cash and highly liquid investments totaling $464.2 million at
    September 30, 2013

  
Stillwater Mining Company today reported a consolidated net loss
attributable to common stockholders for the 2013 third quarter of
$201.5 million, or $1.69 per diluted share. The third quarter result
includes a $290.4 million (before-tax) impairment charge reducing the
carrying value of the Altar mineral property in Argentina to its
estimated fair value of $102.0 million. Consolidated net income
attributable to common stockholders reported for the 2012 third
quarter was $13.1 million, or $0.11 per diluted share. Total revenues
for the 2013 third quarter were $280.0 million, an increase of 54.7%
compared to revenues of $181.0 million for the third quarter of 2012.
The increase in revenue was driven by higher average palladium prices
during the third quarter of 2013 and by strong results from the PGM
Recycling business segment. 
The third-quarter impairment charge at Altar also resulted in a
reduction in the deferred tax liability associated with the Altar
property. Consequently, the net after-tax effect of the Altar
impairment was a $226.5 million reduction in third-quarter 2013
income. Before reflecting the impairment, third-quarter 2013
after-tax consolidated net income attributable to common stockholders
would have been $25.0 million. 
For the first nine months of 2013, the Company reported a
consolidated net loss attributable to common stockholders of $192.2
million, or $1.62 per diluted share, on revenues of $797.1 million,
compared to net income of $38.2 million, or $0.33 per diluted share,
on revenues of $596.9 million, for the same period in 2012. 
The Company's Montana mines produced a total of 124,200 ounces of
palladium and platinum during the third quarter of 2013 compared to
production of 127,000 ounces in the third quarter of 2012. Production
for the first nine months of 2013 was 382,800 ounces compared to
381,200 ounces in the first nine months of 2012. The fluctuation in
ounces produced is driven primarily by the normal result of changes
in mining conditions and the array of stopes available for mining in
any period. 
Revenue from the Mine Production segment for the third quarter of
2013 (including proceeds from the sale of by-products) totaled $123.2
million, a 15.0% increase from $107.1 million in the same period last
year. Combined sales realizations increased during the third quarter
of 2013 for mined palladium and platinum ounces, averaging $887 per
ounce, a 10.5% increase from the $803 per ounce realized in the third
quarter of 2012. The total quantity of mined palladium and platinum
sold increased by 5.7% to 131,400 ounces in the third quarter of
2013, compared to the 124,300 ounces sold during the same period in
2012. 
The Company processed recycling material containing 167,500 ounces of
palladium, platinum and rhodium through its smelter and refinery
during the third quarter of 2013. This represents an increase of
74.1% over the total of 96,200 ounces processed during the third
quarter of 2012. During the first nine months of 2013, the Company
processed a record 496,700 ounces of PGMs from recycled material, a
52.1% increase from approximately 326,600 ounces processed during the
same period of 2012. The increased volumes were primarily
attributable to the addition of several new suppliers of recycling
material and the reprocessing of furnace brick from the Company's own
smelting facility. The PGM Recycling segment ounces recovered from
the reprocessed furnace brick were sold during the third quarter of
2013, generating approximately $16.4 million of incremental revenue
in the third quarter of 2013. 
Recycling sales volumes increased 104.6%, to 152,600 ounces in the
third quarter of 2013, from 74,600 ounces in the third quarter of
2012. PGM Recycling revenues totaled $156.8 million for the 2013
third quarter, more than double the $74.0 million in the same period
of 2012. The Company's combined average realized price for sales of
recycled palladium, platinum and rhodium increased to $1,026 per
ounce in the third quarter of 2013 from $985 per ounce in the third
quarter of 2012. 
Total recycled ounces processed in the third quarter of 2013 included
approximately 4,200 PGM ounces from reprocessed furnace brick. During
the second quarter of 2013, approximately 8,000 PGM ounces
reprocessed from furnace brick were attributed to recycling. 
The ounces processed during the second and third quarters of 2013
from furnace brick were recovered as saleable ounces during the third
quarter. As a result, the ounces recovered from reprocessed furnace
brick, which were allocated to the PGM Recycling segment were sold
and the associated revenues were recognized in the third quarter of
2013. 
During the third quarter of 2013, approximately 7,700 PGM ounces
recovered from reprocessed furnace brick were allocated to the Mine
Production segment. While these ounces are blended with mine
concentrates and are difficult to track, the Company estimates that
these recovered PGM ounces will generate approximately $7.1 million
of incremental revenue, to be realized mainly in the third and fourth
quarters of 2013. 


 
                                                                            
                Saleable Ounces Recovered from Furnace Brick                
                             Third Quarter 2013                             
----------------------------------------------------------------------------
                                             Platinum   Palladium   Rhodium 
PGM Recycling Segment                           10,133      1,271        564
Mine Production Segment                          1,848      5,691        117
                                            ---------- ---------- ----------
Total Ounces Recovered from Brick               11,981      6,962        681
                                            ========== ========== ==========

 
Total cash costs per mined ounce (a non-GAAP measure defined below)
averaged $427 in the third quarter of 2013, compared to total cash
costs of $496 per mined ounce for the third quarter of 2012, a
decrease of 13.9%. The Company's measurement of total cash costs per
mined ounce includes the benefit of credits for by-product sales and
PGM Recycling segment earnings and as discussed above, during the
third quarter of 2013, the Company's PGM Recycling segment received
significant revenue allocated from the sale of PGM ounces recycled
from furnace brick. These larger than normal PGM Recycling segment
credits are the primary cause of the significant decrease in total
cash costs per mined ounce in the third quarter of 2013. The table
below illustrates the effect of applying these credits to the average
cash costs per mined ounce for the combined Montana mining
operations. 


 
                                                                            
                                                              First   First 
                                              Third   Third    Nine    Nine 
Cash Costs Per Mined Ounce - Combined        Quarter Quarter  Months  Months
 Montana Mining Operations                     2013    2012    2013    2012 
                                             ------- ------- ------- -------
Reported Total Cash Costs per Mined Ounce    $   427 $   496 $   495 $   487
  Add Back By-Product Revenue Credit              54      57      55      62
  Add Back PGM Recycling Income Credit           165      16      83      22
                                             ------- ------- ------- -------
Total Cash Costs per Mined Ounce before                                     
 Credits                                     $   646 $   569 $   633 $   571
                                             ======= ======= ======= =======

 
Guidance 
Based on results for the first nine months and projections for the
remainder of the year, the Company has reviewed its mined production,
cash cost per mined ounce and capital expenditure guidance. As a
result of this review, the Company has increased its previous 2013
production guidance of 500,000 ounces to a range of 505,000 to
515,000 ounces of mined palladium and platinum. The Company has
reduced its full-year 2013 guidance for total cash costs from $560 to
a range of $530 to $540 per mined ounce. In addition, the Company has
concluded to reduce its most recent capital expenditure guidance for
2013 by approximately 13% to a range of $125 to $135 million from the
previous range of $145 to $155 million. 
Cash Flow and Liquidity 
At September 30, 2013, the Company's available cash was $235.1
million, compared to $379.7 million at December 31, 2012. If highly
liquid investments are included with available cash, the Company's
balance sheet liquidity totaled $464.2 million at September 30, 2013,
a decrease from $641.7 million at December 31, 2012. Most of this
decrease was related to debt redemption during the first quarter of
2013. Of the Company's current cash balance, $28.6 million is
dedicated to the Marathon project (and other related properties) and
is unavailable for other corporate purposes. Net working capital --
comprised of total current assets (including available cash and
investments), less current liabilities -- increased to $619.3 million
at September 30, 2013, from $606.0 million at 2012 year end. 
Net cash provided by operating activities (which includes changes in
working capital) totaled $81.7 million for the first nine months of
2013, compared to $100.4 million of cash provided in the first nine
months of 2012. The lower cash generation in the first nine months of
2013 largely reflected growth in recycling working capital
attributable to the greater volumes being processed this year.
Capital expenditures were $91.2 million in the first nine months of
2013 compared to $84.7 million in the first nine months of 2012. Of
the capital expenditures for the first nine months of 2013, $81.9
million was attributable to ongoing investments in the Montana mines
and processing facility. Year-to-date capital expenditures include
$17.1 million attributable to the major developments underway on the
J-M Reef in Montana. 
Outstanding balance sheet debt at September 30, 2013 was $307.1
million, down from $461.1 million at December 31, 2012. In March
2013, the Company repaid $164.3 million of its 1.875% convertible
debentures. The Company's debt balance currently includes $269.9
million of 1.75% convertible debentures and $2.2 million of 1.875%
convertible debentures, $29.6 million of exempt facility revenue
bonds, a capital lease of $5.1 million and $0.3 million of financing
for a small installment land purchase. 
Other Matters 
Notwithstanding the accounting impairment charge recorded in the
third quarter of 2013, the Company is reviewing alternatives to
optimize its investment in the Altar project in Argentina. Some
minimum level of annual expenditures will be required in order to
maintain the Company's good standing and preserve its asset position
at Altar. Future levels of exploration spending at Altar are
discretionary and will be evaluated year by year. 
The Company is engaged in preparing the final feasibility study and
an updated economic assessment of the Marathon project. The
feasibility study will include final project design, updated ore
reserves, mining rates and costs, and overall project economics. A
decision to proceed with project construction requires receipt of a
positive Environmental Assessment finding by the joint review panel,
receipt of other necessary permits and government approvals, a
determination that the economics of the project are acceptable to
each of the partners and receipt of firm financing commitments. 
Third Quarter Results - Details 
For the third quarter of 2013, the Company's Stillwater Mine produced
83,800 ounces of palladium and platinum, a decrease of 10.9% from the
94,100 ounces produced in the third quarter of 2012. Production at
the Company's East Boulder Mine of 40,400 ounces in the third quarter
of 2013 reflected an increase of 22.8% over the 32,900 ounces
produced in the same quarter of 2012. The Stillwater Mine continued
to experience variations in ore grade delivered to the mill during
the 2013 third quarter, resulting in an overall reduction in the
reported mill head grade. The loss of a muck pass at the Stillwater
Mine earlier in the year has resulted in higher grade variability
than planned and lower than forecasted ore grades. This issue is
being addressed but has not been completely remedied to date. The
current advanced developed state of the Montana mines is providing
the operational flexibility to work through this issue without having
to modify the Company's development and production goals. 
Costs of metals sold (before depletion, depreciation and amortization
expense) increased to $220.8 million in the third quarter of 2013
from $142.0 million in the third quarter of 2012. Mine Production
costs included in costs of metals sold increased to $83.9 million in
the 2013 third quarter from $69.9 million in the 2012 third quarter.
PGM Recycling costs, which primarily reflect the cost of acquiring
spent catalytic materials for processing, totaled $136.8 million in
the third quarter of 2013, significantly more than the $72.1 million
reported in the third quarter of 2012. The increase was due to higher
volumes sold and the associated higher total market value of the
materials acquired for processing. 
General and administrative costs were $9.3 million in the third
quarter of 2013, down from the $9.9 million incurred during the same
period of 2012. The decrease was due to lower share-based
compensation costs following vesting associated with the second
quarter's technical change in con
trol, offset in part by an increase
in legal and consulting costs. Exploration expenses were $2.1 million
in the third quarter of 2013 compared to $1.7 million, in the same
period of 2012. The majority of the increase was due to exploration
efforts on property holdings adjacent to the Marathon project in
Canada. Marketing expenses declined to $0.2 million in the 2013 third
quarter compared to $1.9 million in the same quarter of 2012,
reflecting the curtailment of palladium marketing efforts in 2013. 
Interest expense reported for the third quarter of 2013 and 2012 was
$5.6 million and $1.5 million, respectively. This increase is
principally the result of the interest expense related to the 1.75%
convertible debentures, including the accretion of the debt discount
that is charged to earnings over the expected life of the convertible
debentures and offset by capitalized interest recognized as a cost of
the Company's ongoing projects. The non-cash accretion of the debt
discount and non-cash capitalized interest in the third quarter of
2013 were $4.0 million and $0.5 million, respectively. 
During the third quarter of 2013, the Company recorded a net foreign
currency transaction gain of $6.2 million, primarily related to the
deferred tax liability recorded in association with the acquisition
of Peregrine Metals Ltd. The net foreign currency transaction gain
recorded for the third quarter of 2012 was $6.4 million. 
First Nine Months' Results - Details 
For the first nine months of 2013, the Company's Stillwater Mine
produced 267,400 ounces, a decrease of 4.5% from the 279,900 ounces
produced in the first nine months of 2012. Production at the
Company's East Boulder Mine of 115,400 ounces in the first nine
months of 2013 reflected a 13.9% increase from the 101,300 ounces
produced in the same period of 2012. 
Costs of metals sold (before depletion, depreciation and amortization
expense) increased to $639.9 million in the first nine months of 2013
from $468.3 million in the first nine months of 2012. Mine Production
costs included in costs of metals sold increased to $237.0 million in
the first nine months of 2013 from $218.9 million in the same period
of 2012. PGM Recycling costs, which primarily reflect the cost of
acquiring spent catalytic materials for processing, totaled $402.9
million in the first nine months of 2013, more than the $249.4
million reported in the first nine months of 2012. The increase was
due to higher volumes sold and the related higher total cost to
acquire materials for processing. 
General and administrative costs were $35.8 million in the first nine
months of 2013, up from the $32.5 million incurred during the same
period of 2012. The Company recognized $10.2 million in total
exploration expenses related to its mineral properties in both Canada
and South America in the first nine months of 2013 and $13.8 million
in the first nine months of 2012. Marketing expenses declined to $4.2
million in the first nine months of 2013 compared to $7.9 million in
the same time period of 2012, reflecting the curtailment of palladium
marketing in the second half of 2013. As a result of the recent proxy
contest and the change in control provisions in the Company's
employee and director equity incentive plans, the Company recognized
costs of $4.3 million and $9.1 million, (non-cash charge)
respectively, for the nine-month period ended September 30, 2013.
These costs were incurred during the first and second quarters of the
year. 
Interest expense reported for the first nine months of 2013 and 2012
was $17.6 million and $4.4 million, respectively. This increase is
principally the result of the interest expense related to the 1.75%
convertible debentures, including the accretion of the debt discount
that is charged to earnings over the expected life of the convertible
debentures and offset by capitalized interest recognized as a cost of
the Company's ongoing projects. The non-cash accretion of the debt
discount and the non-cash capitalized interest in the first nine
months of 2013 were $11.7 million and $1.9 million, respectively. 
During the first nine months of 2013, the Company recorded a net
foreign currency transaction gain of $15.7 million, primarily related
to the deferred tax liability recorded in association with the
acquisition of Peregrine Metals Ltd. The foreign currency transaction
gain recorded for the first nine months of 2012 was $13.0 million.
Approximately $17.4 million and $12.7 million of the 2013 and 2012
net gain, respectively, related to the remeasurement into U.S.
dollars of the deferred taxes recorded in association with the
acquisition of Peregrine Metals Ltd. The gain reflects the result of
the high inflation rate in Argentina as the obligation is remeasured
from pesos into U.S. dollars. 
Third Quarter Results Webcast and Conference Call 
Stillwater Mining Company will conduct a conference call to discuss
third quarter results at approximately 12:00 p.m. Eastern Standard
Time on Wednesday, November 13, 2013. 
Dial-In Numbers: 
 United States: (800) 611-1148
 International:
(612) 332-0342 
The conference call will be simultaneously webcast through the
Company's website at www.stillwatermining.com in the Investor
Relations section. 
A telephone replay of the call will be available for one week
following the event. The replay dial-in numbers are (800) 475-6701
(U.S.) and (320) 365-3844 (International), access code 306549. In
addition, the call transcript will be archived in the Investor
Relations section of the Company's website. 
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:
www.stillwatermining.com. 
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 "desires," "believes," "anticipates," "plans,"
"expects," "intends," "estimates" or similar expressions. Such
statements also include, but are not limited to, comments regarding
expansion plans, costs, grade, production and recovery rates;
permitting; financing needs and the terms of future credit
facilities; exchange rates; capital expenditures; increases in
processing capacity; cost reduction measures; safety; timing for
engineering studies; environmental permitting and compliance;
litigating; labor matters; and the palladium, platinum, copper and
gold market. These statements are not guarantees of the Company's
future performance and are subject to risks, uncertainties and other
important factors that could cause its actual performance or
achievements to differ materially from those expressed or implied by
these forward-looking statements. Additional information regarding
factors that 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, in its
quarterly Form 10-Q filings, and in corresponding filings with
Canadian securities regulatory authorities. 
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. 


 
                                                                            
Stillwater Mining Company                                                   
Consolidated Statements of Comprehensive (Loss) Income                      
(Unaudited)                                                                 
(In thousands, except per share data)                                       
                                                                            
                               Three Months Ended       Nine Months Ended   
                                  September 30,           September 30,     
                             ----------------------  ---------------------- 
                                2013        2012        2013        2012    
                             ----------  ----------  ----------  ---------- 
REVENUES                                                                    
  Mine Production            $  123,193  $  107,057  $  364,249  $  339,951 
  PGM Recycling                 156,814      73,987     432,897     256,919 
                             ----------  ----------  ----------  ---------- 
      Total revenues            280,007     18
1,044     797,146     596,870 
COSTS AND EXPENSES                                                          
  Costs of metals sold                                                      
    Mine Production              83,913      69,910     237,042     218,935 
    PGM Recycling               136,843      72,096     402,859     249,360 
                             ----------  ----------  ----------  ---------- 
      Total costs of metals                                                 
       sold                     220,756     142,006     639,901     468,295 
  Depletion, depreciation                                                   
   and amortization                                                         
    Mine Production              15,057      13,843      43,824      42,848 
    PGM Recycling                   285         264         804         793 
                             ----------  ----------  ----------  ---------- 
      Total depletion,                                                      
       depreciation and                                                     
       amortization              15,342      14,107      44,628      43,641 
                             ----------  ----------  ----------  ---------- 
        Total costs of                                                      
         revenues               236,098     156,113     684,529     511,936 
  Marketing                         207       1,886       4,197       7,874 
  Exploration                     2,143       1,668      10,247      13,785 
  Research and development          104          82         192         864 
  Proxy contest expense              --          --       4,307          -- 
  Accelerated equity based                                                  
   compensation expense              --          --       9,063          -- 
  General and administrative      9,316       9,882      35,846      32,477 
  Loss on long-term                                                         
   investments                      112       1,697       1,766       1,697 
  Impairment of non-                                                        
   producing mineral                                                        
   property                     290,417          --     290,417          -- 
  Abandonment of non-                                                       
   producing property                --          --          --       2,835 
  Loss on disposal of                                                       
   property, plant and                                                      
   equipment                         66          71         106         363 
                             ----------  ----------  ----------  ---------- 
        Total costs and                                                     
         expenses               538,463     171,399   1,040,670     571,831 
OPERATING (LOSS) INCOME        (258,456)      9,645    (243,524)     25,039 
OTHER INCOME (EXPENSE)                                                      
  Other                               8          82       1,170         667 
  Interest income                 1,102         271       3,516       1,706 
  Interest expense               (5,556)     (1,493)    (17,646)     (4,361)
  Foreign currency                                                          
   transaction gain, net          6,220       6,407      15,679      12,981 
                             ----------  ----------  ----------  ---------- 
(LOSS) INCOME BEFORE INCOME                                                 
 TAX BENEFIT (PROVISION)       (256,682)     14,912    (240,805)     36,032 
Income tax benefit                                                          
 (provision)                     54,698      (2,109)     47,468       1,508 
                             ----------  ----------  ----------  ---------- 
NET (LOSS) INCOME            $ (201,984) $   12,803  $ (193,337) $   37,540 
                             ----------  ----------  ----------  ---------- 
Net loss attributable to                                                    
 noncontrolling interest           (489)       (273)     (1,117)       (631)
                             ----------  ----------  ----------  ---------- 
NET (LOSS) INCOME                                                           
 ATTRIBUTABLE TO COMMON                                                     
 STOCKHOLDERS                $ (201,495) $   13,076  $ (192,220) $   38,171 
                             ----------  ----------  ----------  ---------- 
Other comprehensive income,                                                 
 net of tax                                                                 
  Net unrealized gains on                                                   
   securities available-for-                                                
   sale                             219         421         288         620 
                             ----------  ----------  ----------  ---------- 
COMPREHENSIVE (LOSS) INCOME                                                 
 ATTRIBUTABLE TO COMMON                                                     
 STOCKHOLDERS                $ (201,276) $   13,497  $ (191,932) $   38,791 
                             ----------  ----------  ----------  ---------- 
Comprehensive loss                                                          
 attributable to                                                            
 noncontrolling interest           (489)       (273)     (1,117)       (631)
                             ----------  ----------  ----------  ---------- 
TOTAL COMPREHENSIVE (LOSS)                                                  
 INCOME                      $ (201,765) $   13,224  $ (193,049) $   38,160 
                             ==========  ==========  ==========  ========== 
                                                                            
Weighted average common                                                     
 shares outstanding                                                         
  Basic                         119,153     116,377     118,347     115,918 
  Diluted                       119,153     117,145     118,347     116,847 
Basic (loss) earnings per                                                   
 share attributable to                                                      
 common stockholders         $    (1.69) $     0.11  $    (1.62) $     0.33 
Diluted (loss) earnings per                                                 
 share attributable to                                                      
 common stockholders         $    (1.69) $     0.11  $    (1.62) $     0.33 
                             ==========  ==========  ==========  ========== 
                                                                            
                                                                            
Stillwater Mining Company                                                   
Consolidated Balance Sheets                                                 
(Unaudited)                                                                 
(In thousands, except per share data)                                       
                                                                            
                                              September 30,   December 31,  
                                                  2013            2012      
                                             --------------  -------------- 
ASSETS                                                                      
Current assets                                                              
Cash and cash equivalents                    $      235,055  $      379,680 
Investments, at fair market value                   229,174         261,983 
Inventories                                         181,888         153,208 
Trade receivables                               
     18,739           9,953 
Deferred income taxes                                21,304          21,304 
Prepaids                                              6,340           4,967 
Other current assets                                 23,475          21,767 
                                             --------------  -------------- 
  Total current assets                              715,975         852,862 
Mineral properties                                  285,942         576,359 
Mine development, net                               373,357         322,866 
Property, plant and equipment, net                  121,105         122,677 
Deferred debt issuance costs                          8,315           9,609 
Other noncurrent assets                               6,795           6,390 
                                             --------------  -------------- 
  Total assets                               $    1,511,489  $    1,890,763 
                                             ==============  ============== 
LIABILITIES AND EQUITY                                                      
Current liabilities                                                         
Accounts payable                             $       32,226  $       28,623 
Accrued compensation and benefits                    32,340          31,369 
Property, production and franchise taxes                                    
 payable                                             12,057          13,722 
Current portion of long-term debt and                                       
 capital lease obligations                            2,009         168,432 
Income taxes payable                                  9,454              -- 
Other current liabilities                             8,549           4,702 
                                             --------------  -------------- 
  Total current liabilities                          96,635         246,848 
Long-term debt and capital lease obligations        305,105         292,685 
Deferred income taxes                               130,911         199,802 
Accrued workers compensation                          5,851           5,815 
Asset retirement obligation                           8,477           7,965 
Other noncurrent liabilities                          9,023           5,068 
                                             --------------  -------------- 
  Total liabilities                                 556,002         758,183 
                                             --------------  -------------- 
EQUITY                                                                      
Stockholders' equity                                                        
Preferred stock, $0.01 par value, 1,000,000                                 
 shares authorized; none issued                          --              -- 
Common stock, $0.01 par value, 200,000,000                                  
 shares authorized; 119,246,710 and                                         
 116,951,081 shares issued and outstanding            1,192           1,170 
Paid-in capital                                   1,074,913       1,058,978 
Accumulated (deficit) earnings                     (171,451)         20,770 
Accumulated other comprehensive income                                      
 (loss)                                                 189             (99)
                                             --------------  -------------- 
  Total stockholders' equity                        904,843       1,080,819 
                                             --------------  -------------- 
Noncontrolling interest                              50,644          51,761 
                                             --------------  -------------- 
  Total equity                                      955,487       1,132,580 
                                             --------------  -------------- 
  Total liabilities and equity               $    1,511,489  $    1,890,763 
                                             ==============  ============== 
                                                                            
                                                                            
Stillwater Mining Company                                                   
Consolidated Statements of Cash Flows                                       
(Unaudited)                                                                 
(In thousands)                                                              
                                                                            
                                                        Nine Months Ended   
                                                          September 30,     
                                                     ---------------------- 
                                                        2013        2012    
                                                     ----------  ---------- 
CASH FLOWS FROM OPERATING ACTIVITIES                                        
Net (loss) income                                    $ (193,337) $   37,540 
Adjustments to reconcile net (loss) income to net                           
 cash provided by operating activities:                                     
  Depletion, depreciation and amortization               44,628      43,641 
  Loss on disposal of property, plant and equipment         106         363 
  Impairment of non-producing mineral property          290,417          -- 
  Abandonment of non-producing property                      --       2,835 
  Loss on long-term investments                           1,766       1,697 
  Deferred taxes                                        (64,098)     (4,913)
  Foreign currency transaction gain, net                (15,679)    (12,981)
  Accretion of asset retirement obligation                  512         470 
  Amortization of debt issuance costs                     1,294         944 
  Accretion of convertible debenture debt discount       11,722          -- 
  Accelerated equity based compensation expense           9,063          -- 
  Share based compensation and other benefits            13,673      12,899 
  Non-cash capitalized interest                          (1,918)         -- 
Changes in operating assets and liabilities:                                
  Inventories                                           (28,961)      6,221 
  Trade receivables                                      (8,786)     (3,727)
  Prepaids                                               (1,373)     (1,870)
  Accrued compensation and benefits                         989       2,258 
  Accounts payable                                        2,270      (1,270)
  Property, production and franchise taxes payable        1,330       1,041 
  Income taxes payable                                   12,809      (1,235)
  Workers compensation                                       36         490 
  Restricted cash                                            --      15,825 
  Other                                                   5,238         206 
                                                     ----------  ---------- 
NET CASH PROVIDED BY OPERATING ACTIVITIES                81,701     100,434 
                                                     ----------  ---------- 
CASH FLOWS FROM INVESTING ACTIVITIES                                        
  Capital expenditures                                  (91,187)    (84,688)
  Proceeds from disposal of property, plant and                             
   equipment                                                126          39 
  Purchases of investments                             (116,769)    (68,286)
  Proceeds from maturities of investments               147,103      42,003 
                                                     ----------  ---------- 
NET CASH USED IN INVESTING ACTIVITIES                   (60,727)   (110,932)
                                                     ----------  ---------- 
CASH FLOWS FROM FINANCING ACTIVITIES                                        
  Proceeds from sale of noncontrolling interest, net                        
   of transaction costs                                      --      93,821 
  Issuance of long-term debt                                 --       7,176 
  Payments on debt and capital lease obligations       (165,714)       (946)
  Payments for debt issuance costs                           --        (219)
  Issuance of common stock                                  115          44 
                                                     ----------  ---------- 
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES    (165,599)     99,876 
                                                     ----------  ---------- 
CASH AND CASH EQUIVALENTS                                                   
  Net (decrease) increase                              (144,625)     89,378 
  Balance at beginning of period                        379,
680     109,097 
                                                     ----------  ---------- 
BALANCE AT END OF PERIOD                             $  235,055  $  198,475 
                                                     ==========  ========== 
                                                                            
                                                                            
Stillwater Mining Company                                                   
Key Operating Factors                                                       
(Unaudited)                                                                 
                                                                            
                                               Three Months    Nine Months  
                                                  Ended           Ended     
                                              September 30,   September 30, 
                                             --------------- ---------------
(In thousands, except where noted)             2013    2012    2013    2012 
                                             ------- ------- ------- -------
OPERATING AND COST DATA FOR MINE PRODUCTION                                 
Consolidated:                                                               
Ounces produced                                                             
Palladium                                         96      98     296     294
Platinum                                          28      29      87      87
                                             ------- ------- ------- -------
Total                                            124     127     383     381
                                             ======= ======= ======= =======
Tons milled                                      301     262     902     801
Mill head grade (ounce per ton)                 0.45    0.52    0.46    0.51
Sub-grade tons milled (1)                         15      19      56      49
Sub-grade tons mill head grade (ounce per                                   
 ton)                                           0.16    0.18    0.17    0.17
Total tons milled (1)                            316     281     958     850
Combined mill head grade (ounce per ton)        0.43    0.50    0.44    0.49
Total mill recovery (%)                           91      92      92      92
Total operating costs per ounce (Non-GAAP)                                  
 (2)                                         $   339 $   417 $   407 $   406
Total cash costs per ounce (Non-GAAP) (2)    $   427 $   496 $   495 $   487
Total production costs per ounce (Non-GAAP)                                 
 (2)                                         $   546 $   608 $   610 $   600
Total operating costs per ton milled (Non-                                  
 GAAP) (2)                                   $   133 $   189 $   163 $   182
Total cash costs per ton milled (Non-GAAP)                                  
 (2)                                         $   168 $   225 $   198 $   219
Total production costs per ton milled (Non-                                 
 GAAP) (2)                                   $   214 $   276 $   244 $   269
Stillwater Mine:                                                            
Ounces produced                                                             
Palladium                                         65      72     206     215
Platinum                                          19      22      61      65
                                             ------- ------- ------- -------
Total                                             84      94     267     280
                                             ======= ======= ======= =======
Tons milled                                      188     156     579     496
Mill head grade (ounce per ton)                 0.48    0.64    0.49    0.61
Sub-grade tons milled (1)                          7      10      29      27
Sub-grade tons mill head grade (ounce per                                   
 ton)                                           0.25    0.24    0.23    0.22
Total tons milled (1)                            195     166     608     523
Combined mill head grade (ounce per ton)        0.47    0.62    0.48    0.59
Total mill recovery (%)                           91      92      92      92
Total operating costs per ounce (Non-GAAP)                                  
 (2)                                         $   351 $   395 $   405 $   382
Total cash costs per ounce (Non-GAAP) (2)    $   434 $   469 $   490 $   457
Total production costs per ounce (Non-GAAP)                                 
 (2)                                         $   569 $   582 $   616 $   574
Total operating costs per ton milled (Non-                                  
 GAAP) (2)                                   $   151 $   224 $   178 $   204
Total cash costs per ton milled (Non-GAAP)                                  
 (2)                                         $   187 $   266 $   215 $   244
Total production costs per ton milled (Non-                                 
 GAAP) (2)                                   $   245 $   330 $   271 $   307
                                                                            
                                                                            
Stillwater Mining Company                                                   
Key Operating Factors (continued)                                           
(Unaudited)                                                                 
                                                                            
                                               Three Months    Nine Months  
                                                  Ended           Ended     
                                              September 30,   September 30, 
                                             --------------- ---------------
(In thousands, except where noted)             2013    2012    2013    2012 
                                             ------- ------- ------- -------
OPERATING AND COST DATA FOR MINE PRODUCTION                                 
East Boulder Mine:                                                          
Ounces produced                                                             
Palladium                                         31      26      90      79
Platinum                                           9       7      26      22
                                             ------- ------- ------- -------
Total                                             40      33     116     101
                                             ======= ======= ======= =======
Tons milled                                      113     106     323     305
Mill head grade (ounce per ton)                 0.40    0.34    0.39    0.36
Sub-grade tons milled (1)                          8       9      27      22
Sub-grade tons mill head grade (ounce per                                   
 ton)                                           0.10    0.10    0.10    0.11
Total tons milled (1)                            121     115     350     327
Combined mill head grade (ounce per ton)        0.37    0.32    0.37    0.35
Total mill recovery (%)                           90      90      90      90
Total operating costs per ounce (Non-GAAP)                                  
 (2)                                         $   314 $   480 $   412 $   472
Total cash costs per ounce (Non-GAAP) (2)    $   412 $   574 $   507 $   570
Total production costs per ounce (Non-GAAP)                                 
 (2)                                         $   499 $   684 $   595 $   674
Total operating costs per ton milled (Non-                                  
 GAAP) (2)                                   $   104 $   138 $   136 $   147
Total cash costs per ton milled (Non-GAAP)                                  
 (2)                                         $   137 $   165 $
   167 $   177
Total production costs per ton milled (Non-                                 
 GAAP) (2)                                   $   166 $   197 $   196 $   209
                                                                            
(1)   Sub-grade tons milled includes reef waste material only. Total tons   
      milled includes ore tons and sub-grade tons only. See "Proven and     
      Probable Ore Reserves - Discussion" in the Company's 2012 Annual      
      Report on Form 10-K for further information.                          
(2)   Total operating costs include costs of mining, processing and         
      administrative expenses at the mine site (including mine site overhead
      and credits for metals produced other than palladium and platinum from
      mine production). Total cash costs include total operating costs plus 
      royalties, insurance and taxes other than income taxes. Total         
      production costs include total cash costs plus asset retirement costs 
      and depreciation and amortization. Income taxes, corporate general and
      administrative expenses, asset impairment write-downs, gain or loss on
      disposal of property, plant and equipment, restructuring costs and    
      interest income and expense are not included in total operating costs,
      total cash costs or total production costs. Operating costs per ton,  
      operating costs per ounce, cash costs per ton, cash costs per ounce,  
      production costs per ton and production costs per ounce are non-GAAP  
      measurements that management uses to monitor and evaluate the         
      efficiency of its mining operations. These measures of cost are not   
      defined under U.S. Generally Accepted Accounting Principles (GAAP).   
      Please see "Reconciliation of Non-GAAP Measures to Costs of Revenues" 
      and the accompanying discussion for additional detail.                
                                                                            
                                                                            
Stillwater Mining Company                                                   
Key Operating Factors (continued)                                           
(Unaudited)                                                                 
                                                                            
                                               Three Months    Nine Months  
                                                  Ended           Ended     
                                              September 30,   September 30, 
                                             --------------- ---------------
(In thousands, except for average prices)      2013    2012    2013    2012 
                                             ------- ------- ------- -------
SALES AND PRICE DATA                                                        
Ounces sold                                                                 
Mine Production:                                                            
  Palladium (oz.)                                101      97     300     290
  Platinum (oz.)                                  30      27      84      85
                                             ------- ------- ------- -------
    Total                                        131     124     384     375
                                             ------- ------- ------- -------
PGM Recycling: (1)                                                          
  Palladium (oz.)                                 83      42     230     145
  Platinum (oz.)                                  57      27     149      86
  Rhodium (oz.)                                   12       6      33      19
                                             ------- ------- ------- -------
    Total                                        152      75     412     250
                                             ------- ------- ------- -------
By-products from Mine Production: (2)                                       
  Rhodium (oz.)                                    1       1       3       3
  Gold (oz.)                                       2       2       7       7
  Silver (oz.)                                     1       1       5       4
  Copper (lb.)                                   171     219     645     568
  Nickel (lb.)                                   353     295   1,040     836
Average realized price per ounce(3)                                         
Mine Production:                                                            
  Palladium ($/oz.)                          $   722 $   605 $   721 $   640
  Platinum ($/oz.)                           $ 1,447 $ 1,513 $ 1,509 $ 1,536
    Combined ($/oz.)(4)                      $   887 $   803 $   893 $   843
PGM Recycling: (1)                                                          
  Palladium ($/oz.)                          $   716 $   620 $   709 $   651
  Platinum ($/oz.)                           $ 1,459 $ 1,491 $ 1,548 $ 1,545
  Rhodium ($/oz.)                            $ 1,097 $ 1,327 $ 1,127 $ 1,449
    Combined ($/oz.)(4)                      $ 1,026 $   985 $ 1,046 $ 1,020
By-products from Mine Production: (2)                                       
  Rhodium ($/oz.)                            $   975 $ 1,124 $ 1,086 $ 1,310
  Gold ($/oz.)                               $ 1,346 $ 1,692 $ 1,431 $ 1,659
  Silver ($/oz.)                             $    21 $    32 $    24 $    31
  Copper ($/lb.)                             $  3.05 $  3.34 $  3.16 $  3.42
  Nickel ($/lb.)                             $  5.11 $  6.16 $  5.55 $  6.77
Average market price per ounce(3)                                           
  Palladium ($/oz.)                          $   722 $   611 $   725 $   641
  Platinum ($/oz.)                           $ 1,449 $ 1,496 $ 1,515 $ 1,535
    Combined ($/oz.)(4)                      $   887 $   804 $   897 $   843
                                                                            
(1)   Ounces sold and average realized price per ounce from PGM Recycling   
      relate to ounces produced from processing of catalyst materials.      
(2)   By-product metals sold reflect contained metal produced from mined ore
      alongside the Company's primary production of palladium and platinum. 
      Realized prices reflect net values (discounted due to product form and
      transportation and marketing charges) per unit received.              
(3)   The Company's average realized price represents revenues, which       
      include the effect of hedging gains and losses realized on commodity  
      instruments and agreement discounts, divided by ounces sold. The      
      average market price represents the average London Bullion Market     
      Association afternoon postings for the actual months of the period.   
(4)   The Company calculates the combined average realized and a combined   
      average market price of palladium and platinum using the same ratio as
      the rate of ounces of each respective metal that are produced from the
      base metal refinery.                                                  

 
Reconciliation of Non-GAAP Measures to Costs of Revenues 
The Company utilizes certain non-GAAP measures as indicators in
assessing the performance of its mining and processing operations
during any period. Because of the processing time required to
complete the extraction of finished PGM products, there are typically
lags of one to three months between ore production and sale of the
finished product. Sales in any period include some portion of
material mined and processed from prior periods as the revenue
recognition process is completed. Consequently, while costs of
revenues (a GAAP measure included in the Company's Consolidated
Statements of Comprehensive (Loss) Income) appropriately reflects the
expense associated with the materials sold in any period, the Company
has developed certain non-GAAP measures to assess the costs
associated with its producing and processing activities in a
particular period and to compare those costs between periods. 
While the Company believes that these non-GAAP measures may also be
of value to outside readers, both as general indicators of the
Company's mining efficiency from period to period and as insight into
how the Company internally measures its operating performance, these
non-GAAP measures are not standardized across the mining industry and
in most cases will not be directly comparable to similar measures
that may be provided by other companies. These non-GAAP measures are
only useful as indicators of relative operational performance in any
period, and because they do not take into account the inventory
timing differences that are included in costs of revenues, they
cannot meaningfully be used to develop measures of earnings or
profitability. A reconciliation of these measures to costs
 of
revenues for each period shown is provided as part of the following
tables, and a description of each non-GAAP measure is provided below. 
Total Costs of Revenues: For the Company as a whole, this measure is
equal to total costs of revenues, as reported in the Company's
Consolidated Statements of Comprehensive (Loss) Income. For the
Stillwater Mine, the East Boulder Mine, and other PGM activities, the
Company segregates the expenses within total costs of revenues that
are directly associated with each of these activities and then
allocates the remaining facility costs included in total cost of
revenues in proportion to the monthly volumes from each activity. The
resulting total costs of revenues measures for Stillwater Mine, East
Boulder Mine and other PGM activities are equal in total to total
costs of revenues as reported in the Company's Consolidated
Statements of Comprehensive (Loss) Income. 
Total Production Costs (Non-GAAP): Calculated as total costs of
revenues (for each mine or combined) adjusted to exclude gains or
losses on asset dispositions, costs and profit from recycling
activities, revenues from the sale of mined by-products and timing
differences resulting from changes in product inventories. This
non-GAAP measure provides a comparative measure of the total costs
incurred in association with production and processing activities in
a period, and may be compared to prior periods or between the
Company's mines. 
When divided by the total tons milled in the respective period, Total
Production Cost per Ton Milled (Non-GAAP) -- measured for each mine
or combined -- provides an indication of the cost per ton milled in
that period. Because of variability of ore grade in the Company's
mining operations, production efficiency underground is frequently
measured against ore tons produced rather than contained PGM ounces.
Because ore tons are first actually weighed as they are fed into the
mill, mill feed is the first point at which production tons are
measured precisely. Consequently, Total Production Cost per Ton
Milled (Non-GAAP) is a general measure of production efficiency, and
is affected both by the level of Total Production Costs (Non-GAAP)
and by the volume of tons produced and fed to the mill. 
When divided by the total recoverable PGM ounces from production in
the respective period, Total Production Cost per Ounce (Non-GAAP) --
measured for each mine or combined -- provides an indication of the
cost per ounce produced in that period. Recoverable PGM ounces from
production are an indication of the amount of PGM product extracted
through mining in any period. Because extracting PGM material is
ultimately the objective of mining, the cost per ounce of extracting
and processing PGM ounces in a period is a useful measure for
comparing extraction efficiency between periods and between the
Company's mines. Consequently, Total Production Cost per Ounce
(Non-GAAP) in any period is a general measure of extraction
efficiency, and is affected by the level of Total Production Costs
(Non-GAAP), by the grade of the ore produced and by the volume of ore
produced in the period. 
Total Cash Costs (Non-GAAP): This non-GAAP measure is calculated by
excluding the depreciation and amortization and asset retirement
costs from Total Production Costs (Non-GAAP) for each mine or
combined. The Company uses this measure as a comparative indication
of the cash costs related to production and processing in any period. 
When divided by the total tons milled in the respective period, Total
Cash Cost per Ton Milled (Non-GAAP) -- measured for each mine or
combined -- provides an indication of the level of cash costs
incurred per ton milled in that period. Because of variability of ore
grade in the Company's mining operations, production efficiency
underground is frequently measured against ore tons produced rather
than contained PGM ounces. Because ore tons are first weighed as they
are fed into the mill, mill feed is the first point at which
production tons are measured precisely. Consequently, Total Cash Cost
per Ton Milled (Non-GAAP) is a general measure of production
efficiency, and is affected both by the level of Total Cash Costs
(Non-GAAP) and by the volume of tons produced and fed to the mill. 
When divided by the total recoverable PGM ounces from production in
the respective period, Total Cash Cost per Ounce (Non-GAAP) --
measured for each mine or combined -- provides an indication of the
level of cash costs incurred per PGM ounce produced in that period.
Recoverable PGM ounces from production are an indication of the
amount of PGM product extracted through mining in any period. Because
extracting PGM material is the objective of mining, the cash cost per
ounce of extracting and processing PGM ounces in a period is a useful
measure for comparing extraction efficiency between periods and
between the Company's mines. Consequently, Total Cash Cost per Ounce
(Non-GAAP) in any period is a general measure of extraction
efficiency, and is affected by the level of Total Cash Costs
(Non-GAAP), by the grade of the ore produced and by the volume of ore
produced in the period. 
Total Operating Costs (Non-GAAP): This non-GAAP measure is derived
from Total Cash Costs (Non-GAAP) for each mine or combined by
excluding royalty, tax and insurance expenses from Total Cash Costs
(Non-GAAP). Royalties, taxes and insurance costs are contractual or
governmental obligations outside of the control of the Company's
mining operations, and in the case of royalties and most taxes, are
driven more by the level of sales realizations rather than by
operating efficiency. Consequently, Total Operating Costs (Non-GAAP)
is a useful indicator of the level of production and processing costs
incurred in a period that are under the control of mining operations. 
When divided by the total tons milled in the respective period, Total
Operating Cost per Ton Milled (Non-GAAP) -- measured for each mine or
combined -- provides an indication of the level of controllable cash
costs incurred per ton milled in that period. Because of variability
of ore grade in the Company's mining operations, production
efficiency underground is frequently measured against ore tons
produced rather than contained PGM ounces. Because ore tons are first
actually weighed as they are fed into the mill, mill feed is the
first point at which production tons are measured precisely.
Consequently, Total Operating Cost per Ton Milled (Non-GAAP) is a
general measure of production efficiency, and is affected both by the
level of Total Operating Costs (Non-GAAP) and by the volume of tons
produced and fed to the mill. 
When divided by the total recoverable PGM ounces from production in
the respective period, Total Operating Cost per Ounce (Non-GAAP) --
measured for each mine or combined -- provides an indication of the
level of controllable cash costs incurred per PGM ounce produced in
that period. Recoverable PGM ounces from production are an indication
of the amount of PGM product extracted through mining in any period.
Because ultimately extracting PGM material is the objective of
mining, the cost per ounce of extracting and processing PGM ounces in
a period is a useful measure for comparing extraction efficiency
between periods and between the Company's mines. Consequently, Total
Operating Cost per Ounce (Non-GAAP) in any period is a general
measure of extraction efficiency, and is affected by the level of
Total Operating Costs (Non-GAAP), by the grade of the ore produced
and by the volume of ore produced in the period. 


 
                                                                            
Stillwater Mining Company                                                   
Reconciliation of Non-GAAP Measures to Costs of Revenues                    
                                                                            
                                  Three Months Ended     Nine Months Ended  
                                     September 30,         September 30,    
       
                          --------------------  -------------------- 
(In thousands)                      2013       2012       2013       2012   
                                 ---------  ---------  ---------  --------- 
Consolidated:                                                               
Reconciliation to consolidated                                              
 costs of revenues:                                                         
Total operating costs (Non-GAAP) $  42,106  $  52,943  $ 155,734  $ 154,686 
  Royalties, taxes and other        10,981     10,108     33,755     31,023 
                                 ---------  ---------  ---------  --------- 
Total cash costs (Non-GAAP)      $  53,087  $  63,051  $ 189,489  $ 185,709 
  Asset retirement costs               174        160        512        471 
  Depletion, depreciation and                                               
   amortization                     15,057     13,843     43,824     42,848 
  Depletion, depreciation and                                               
   amortization (in inventory)        (410)       217       (282)      (141)
                                 ---------  ---------  ---------  --------- 
Total production costs (Non-                                                
 GAAP)                           $  67,908  $  77,271  $ 233,543  $ 228,887 
  Change in product inventories      3,857     (2,764)    (5,653)       973 
  Cost of PGM Recycling            136,843     72,096    402,859    249,360 
  PGM Recycling - depreciation         285        264        804        793 
  Add: Profit from by-products       6,652      7,212     21,103     23,563 
  Add: Profit from PGM Recycling    20,553      2,034     31,873      8,360 
                                 ---------  ---------  ---------  --------- 
Total consolidated costs of                                                 
 revenues                        $ 236,098  $ 156,113  $ 684,529  $ 511,936 
                                 =========  =========  =========  ========= 
Stillwater Mine:                                                            
Reconciliation to costs of                                                  
 revenues:                                                                  
Total operating costs (Non-GAAP) $  29,400  $  37,147  $ 108,209  $ 106,839 
  Royalties, taxes and other         7,014      7,025     22,702     21,079 
                                 ---------  ---------  ---------  --------- 
Total cash costs (Non-GAAP)      $  36,414  $  44,172  $ 130,911  $ 127,918 
  Asset retirement costs               161        148        474        436 
  Depletion, depreciation and                                               
   amortization                     11,539     10,439     33,666     32,676 
  Depletion, depreciation and                                               
   amortization (in inventory)        (407)        31       (215)      (453)
                                 ---------  ---------  ---------  --------- 
Total production costs (Non-                                                
 GAAP)                           $  47,707  $  54,790  $ 164,836  $ 160,577 
  Change in product inventories      3,261     (2,206)    (2,953)     1,088 
  Add: Profit from by-products       3,886      4,692     12,634     15,294 
  Add: Profit from PGM Recycling    13,934      1,504     21,975      6,119 
                                 ---------  ---------  ---------  --------- 
Total costs of revenues          $  68,788  $  58,780  $ 196,492  $ 183,078 
                                 =========  =========  =========  ========= 
East Boulder Mine:                                                          
Reconciliation to costs of                                                  
 revenues:                                                                  
Total operating costs (Non-GAAP) $  12,706  $  15,796  $  47,525  $  47,848 
  Royalties, taxes and other         3,967      3,083     11,053      9,943 
                                 ---------  ---------  ---------  --------- 
Total cash costs (Non-GAAP)      $  16,673  $  18,879  $  58,578  $  57,791 
  Asset retirement costs                13         12         38         35 
  Depletion, depreciation and                                               
   amortization                      3,518      3,404     10,158     10,173 
  Depletion, depreciation and                                               
   amortization (in inventory)          (3)       186        (67)       311 
                                 ---------  ---------  ---------  --------- 
Total production costs (Non-                                                
 GAAP)                           $  20,201  $  22,481  $  68,707  $  68,310 
  Change in product inventories        596       (558)    (2,700)      (115)
  Add: Profit from by-products       2,766      2,520      8,469      8,269 
  Add: Profit from PGM Recycling     6,619        530      9,898      2,241 
                                 ---------  ---------  ---------  --------- 
Total costs of revenues          $  30,182  $  24,973  $  84,374  $  78,705 
                                 =========  =========  =========  ========= 
PGM Recycling:                                                              
Reconciliation to costs of                                                  
 revenues:                                                                  
  PGM Recycling - depreciation   $     285  $     264  $     804  $     793 
  Cost of PGM Recycling            136,843     72,096    402,859    249,360 
                                 ---------  ---------  ---------  --------- 
Total costs of revenues          $ 137,128  $  72,360  $ 403,663  $ 250,153 
                                 =========  =========  =========  ========= 

  
INVESTOR CONTACT: 
Mike Beckstead
(406) 373-8971