Stillwater Mining Company Reports Fourth Quarter and 2013 Results

Stillwater Mining Company Reports Fourth Quarter and 2013 Results 
Achieves Record Revenue and Recycling PGM Ounces; Improves 2014
Guidance 
BILLINGS, MT -- (Marketwired) -- 03/03/14 --  STILLWATER MINING
COMPANY (NYSE: SWC) (TSX: SWC.U) 


 
--  Record total revenues for 2013 of $1.04 billion, up 29.9% from 2012
--  2013 mine production of 523,900 PGM ounces, up from 513,700 ounces in
    2012
--  Company record 616,700 ounces of recycled PGMs processed for the full
    year of 2013, up 38.5% from 2012
--  Consolidated net loss attributable to common stockholders for the full
    year 2013 of $270.2 million or $2.28 per share
--  Impairment charges of $461.8 million (before-tax) taken on the Altar
    property in Argentina and the Marathon properties in Canada
--  Cash and highly liquid investments totaling $496.0 million at December
    31, 2013, reflecting convertible debt repayment of $164.3 million in
    2013

  
Stillwater Mining Company today reported record revenues for 2013 of
$1.04 billion, an increase of 29.9% compared to 2012 revenues of
$800.2 million. The increase in total revenues reflects higher
year-over-year PGM prices, as well as increased mine sales volumes
and significantly higher volume of recycled material in 2013. 
The Company reported a consolidated net loss attributable to common
stockholders of $270.2 million or $2.28 per share for 2013. The
result includes a $290.4 million (before-tax) impairment charge
recorded in third quarter of 2013 for the Altar mineral property in
Argentina, reducing the carrying value to its estimated fair market
value of $102.0 million. In addition, during the fourth quarter, the
Company recorded a $171.4 million (before-tax) impairment of its
Marathon properties in Canada, reducing the carrying value of
Marathon to the estimated fair market value of $57.2 million. The
after-tax effects on consolidated net loss attributable to common
stockholders for the Altar and Marathon impairments were reductions
of $226.5 million and $93.2 million, respectively. Adjusted for these
impairments, after-tax consolidated net income attributable to common
stockholders would have been approximately $49.5 million for 2013,
compared to $55.0 million in 2012. 
Commenting on the results, Mick McMullen, the Company's President and
Chief Executive Officer, stated, "The fourth quarter results reflect
the initial progress we are making on our strategic priorities. We
achieved record-level revenues for the year, reflecting our position
as a world-class provider of PGM materials, and we also achieved a
record year in our recycling segment. We are making progress on our
goals of maximizing high margin production ounces and optimizing the
performance of our metallurgical facilities. After just a short time
as Stillwater's CEO, I am pleased with the rapid progress we are
making and believe we can further improve our all-in sustaining
costs. We exited 2013 on solid financial footing and improved
flexibility with reduced debt levels and a superior liquidity
profile. 
"Moving forward, we are keenly focused on maximizing the value of
output from the Montana mines, our core assets, while improving
productivity and reducing production costs. Our capital allocation
priorities are focused on strong payback projects and optimizing the
capital structure in a manner that we believe will quickly create
significant, sustainable value to shareholders. Based on the strong
end to 2013 combined with the positive progress we are making
year-to-date on our strategic priorities, we have elected to update
and improve our previously provided financial guidance." 
2014 Guidance: 


 
                                                             2014 Guidance  
Mined Production (palladium and platinum ounces)           520,000 - 535,000
Total Cash Cost per Mined Ounce (net of by-product and                      
 recycling credits)                                           $540 - $590   
All-In Sustaining Cost per Mined Ounce                        $805 - $855   
Corporate Overhead (millions)                                  $35 - $45    
Capital Expenditures (millions)                               $145 - $155   
  Sustaining Capital Expenditures                              $97 - $103   
  Project Capital Expenditures                                 $48 - $52    

 
For the year ended December 31, 2013, the Company's Montana mines
produced a total of 523,900 ounces of palladium and platinum compared
to mine production of 513,700 combined ounces in 2012. 
2013 Mine Production by Quarter: 


 
                                                                            
                             First     Second    Third     Fourth           
(Produced ounces)           Quarter   Quarter   Quarter   Quarter  Year 2013
-------------------------- --------- --------- --------- --------- ---------
Stillwater Mine               92,600    91,000    83,800    98,700   366,100
   Palladium                  71,300    70,200    64,500    75,900   281,900
   Platinum                   21,300    20,800    19,300    22,800    84,200
East Boulder Mine             34,500    40,500    40,400    42,400   157,800
   Palladium                  26,800    31,500    31,200    32,800   122,300
   Platinum                    7,700     9,000     9,200     9,600    35,500
Total                        127,100   131,500   124,200   141,100   523,900
  Palladium                   98,100   101,700    95,700   108,700   404,200
  Platinum                    29,000    29,800    28,500    32,400   119,700

 
Revenue from the Company's Mine Production segment for the fourth
quarter of 2013 (including proceeds from the sale of by-products)
totaled $114.7 million, a 0.7% decrease from $115.5 million in the
same period of 2012. Combined sales realizations for mined palladium
and platinum were essentially flat for the fourth quarter of 2013,
averaging $869 per mined ounce, compared to $867 per mined ounce
realized in the fourth quarter of 2012. The total quantity of mined
palladium and platinum ounces sold in the fourth quarter of 2013 was
125,000 ounces, essentially unchanged from the same period in 2012.
Sales ounces were less than production during the quarter due to
timing differences in inventory flows. 
The Company processed recycling material containing 120,000 ounces of
palladium, platinum and rhodium through its smelter and refinery
during the fourth quarter of 2013. This represents an increase of
1.2% over the total of 118,600 ounces processed during the fourth
quarter of 2012. For the year ended December 31, 2013, the Company
processed a record 616,700 ounces of recycled PGMs, a 38.5% increase
from approximately 445,200 ounces processed during the same period of
2012. The increased volumes in 2013 were attributable to the addition
of new suppliers of recycling material and ounces attributable to
recycling from the reprocessing of furnace brick from the Company's
own smelting facility. 
2013 Recycling Activity by Quarter: 


 
                                                                            
                             First     Second    Third     Fourth     2013  
                            Quarter   Quarter   Quarter   Quarter  Full-Year
-------------------------- --------- --------- --------- --------- ---------
Average tons of catalyst                                                    
 fed per day                    26.0      28.4      27.2      20.3      25.4
PGM ounces fed               154,200   175,000   167,500   120,000   616,700
PGM ounces sold              116,900   143,100   152,600   129,200   541,800
PGM toll ounces returned      14,400    25,500     8,000    17,500    65,400

 
Recycling sales volumes for the fourth quarter of 2013 increased by
49.2%, to 129,200 ounces from 86,600 ounces sold in the fourth
quarter of 2012. PGM Recycling revenue totaled $127.7 million for the
2013 fourth quarter, a 45.3% increase from the $87.9 million in the
same period of 2012. The Company's combined average realized price
for sales of recycled palladium, platinum and rhodium decreased to
$985 per ounce in the fourth quarter of 2013 from $1,012 per ounce in
the fourth quarter of 2012. 
Combined total cash costs per mined ounce, net of by-product and
recycling credits, (a non-GAAP measure) averaged $496 per ounce for
the year ended December 31, 2013. See - "Reconciliation of Non-GAAP
Measures to Consolidated Costs of Revenues." Note that, for
historical reasons, the Company's measurement of total cash costs per
mined ounce customarily has been reported net of credits for sales of
by-products from mining and also net of PGM Recycling segment
margins. During the third quarter of 2013, the Company received
significant revenue from the sale of PGM ounces recovered from used
furnace brick attributable to recycling, which resulted in
significantly higher than normal levels of PGM Recycling segment
credits during 2013. These larger than normal PGM Recycling segment
credits offset a portion of the growth in total cash costs per mined
ounce for the full year 2013. Please see - "Current Operations -
Reprocessing of Furnace Brick," in the Company's 2013 Form 10-K for
further details. The table below illustrates the effect of by-product
and recycling credits on the average cash costs per mined ounce net
of credits for the combined Montana mining operations. 


 
                                                                            
                                        2013      2012                      
Combined Montana Mining Operations     Fourth    Fourth     2013      2012  
Cash Costs Per Mined Ounce            Quarter   Quarter  Full-Year Full-Year
------------------------------------ --------- --------- --------- ---------
Reported Total Cash Costs per Mined                                         
 Ounce (Net of Credits) *            $     500 $     475 $     496 $     484
  Add: By-Product Revenue Credit            43        54        52        60
  Add: PGM Recycling Income Credit          25        20        68        21
                                     --------- --------- --------- ---------
Total Cash Costs per Mined Ounce                                            
 (Before Credits) *                  $     568 $     549 $     616 $     565
                                     ========= ========= ========= =========

 
* These are non-GAAP measures. For a full description and
reconciliation of these and other non-GAAP measures to GAAP
accounting measures, see Reconciliation of Non-GAAP Measures to
Consolidated Costs of Revenues and the accompanying discussion in the
Company's 2013 Annual Report on Form 10-K. 
The Company is also now utilizing another, broader non-GAAP measure
of mining efficiency, All-In Sustaining Cost, in monitoring and
managing its performance going forward. This non-GAAP measure starts
with total cash costs net of credits and adds back the recycling
credit, plus corporate general and administrative costs (before
depletion, depreciation and amortization) and capital outlays
directed toward sustaining operations at the Company's operating
mines. The resulting measure provides a comparative indication of the
all-in resources consumed in any period to sustain the mining
operations and produce at current levels. 


 
                                                                            
Combined Montana Mining Operations      2013      2012                      
All-In Sustaining Cost Per Mined       Fourth    Fourth     2013      2012  
 Ounce                                Quarter   Quarter  Full-Year Full-Year
------------------------------------ --------- --------- --------- ---------
Reported Total Cash Costs per Mined                                         
 Ounce (Net of Credits) *            $     500 $     475 $     496 $     484
Add Back PGM Recycling Income Credit        25        20        68        21
Add Corporate General &                                                     
 Administrative Costs (Before DD&A)         49        92        88       101
Add Capital Outlays at the Montana                                          
 Operating Mines                           196       190       181       162
                                     --------- --------- --------- ---------
All-In Sustaining Cost Per Mined                                            
 Ounce                               $     770 $     777 $     833 $     768
                                     ========= ========= ========= =========

 
* These are non-GAAP measures. For a full description and
reconciliation of these and other non-GAAP measures to GAAP
accounting measures, please see Reconciliation of Non-GAAP Measures
to Consolidated Costs of Revenues and the accompanying discussion in
the Company's 2013 Annual Report on Form 10-K. 
Cash Flow and Liquidity 
At December 31, 2013, the Company's consolidated available cash
balance was $286.7 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 $496.0 million at
December 31, 2013, a decrease from $641.7 million at December 31,
2012. Most of this decrease resulted from redeeming $164.3 million of
convertible debt in March of 2013. Of the Company's year-end 2013
consolidated cash balance, $24.3 million was dedicated to the
Marathon project (and other related Canadian 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 $614.8 million
at December 31, 2013, from $606.0 million at the end of 2012. 
Net cash provided by operating activities (which includes changes in
working capital) totaled $149.4 million for the year ended December
31, 2013, compared to $103.9 million of cash provided for the same
period of 2012. The growth in cash from operations for the year ended
December 31, 2013 was largely driven by lower year-end recycling
advances and higher non-cash interest expense associated with the
1.75% convertible debentures. Capital expenditures were $129.0
million for the year ended December 31, 2013, compared to $112.1
million in the same period of 2012. Of the capital expenditures for
the year ended December 31, 2013, $93.9 million was attributable to
ongoing investments in the Montana mines and processing facility.
Year-to-date capital expenditures include $22.6 million attributable
to the major developments underway along the J-M Reef in Montana,
(Blitz and Graham Creek developments). 
Outstanding balance sheet debt at December 31, 2013, was $310.7
million, down from $461.1 million at December 31, 2012. The Company's
reported debt balance currently includes $274.0 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 $4.6 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 the value of 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 currently completing a final feasibility study and an
updated economic assessment of the Marathon PGM-copper project in
Canada. As was announced previously, the initial findings of the
feasibility study indicate that changes to the design and scale of
the project will be required if the project is to achieve acceptable
economic returns. Because these changes are likely to modify the
environmental scope of the project, the joint federal and provincial
panel responsible for reviewing the environmental impacts of the
project has agreed to suspend its review activities until the final
project scope is determined. At this stage, it is not yet clear if
the scope changes being evaluated will be adequate to result in
acceptable project economics. If an alternative project scope does
result in an economically viable project, significant additional
evaluation and design work will be required prior to any future
decision to proceed with construction at Marathon. 
Fourth Quarter Results - Details 
For the fourth quarter of 2013, the Company's Stillwater Mine
produced 98,700 ounces of palladium and platinum, an increase of 1.2%
from the 97,500 ounces produced in the fourth quarter of 2012.
Production at the Company's East Boulder Mine of 42,400 ounces in the
fourth quarter of 2013 reflected an increase of 21.1% over the 35,000
ounces produced in the same quarter of 2012. 
Costs of metals sold (before depletion, depreciation and amortization
expense) increased to $201.4 million in the fourth quarter of 2013
from $155.6 million in the fourth quarter of 2012. Mine Production
costs included in costs of metals sold increased to $76.9 million in
the 2013 fourth quarter from $70.0 million in the 2012 fourth
quarter. PGM Recycling costs, which primarily reflect the cost of
acquiring spent catalytic materials for processing, totaled $124.5
million in the fourth quarter of 2013, significantly more than the
$85.6 million reported in the fourth 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 $6.1 million in the fourth
quarter of 2013, down from the $8.9 million incurred during the same
period of 2012. The decrease was primarily due to lower share-based
compensation costs following vesting associated with the technical
change in control in the second quarter of 2013. Exploration expenses
were $0.9 million in the fourth quarter of 2013 compared to $1.2
million, in the same period of 2012. Marketing expenses declined to
$0.2 million in the 2013 fourth quarter compared to $3.3 million in
the same quarter of 2012, reflecting the curtailment of palladium
jewelry marketing efforts in 2013. 
Interest expense reported for the fourth quarter of 2013 and 2012 was
$5.3 million and $6.6 million, respectively. This decrease is due in
part to the pay down on the outstanding debt associated with the
1.875% convertible earlier in the year, offset by 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. 
During the fourth quarter of 2013, the Company recorded a net foreign
currency transaction gain of $2.5 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 fourth quarter of 2012 was $2.2 million. 
2013 Full-Year Results - Details 
For the year ended December 31, 2013, the Company's Stillwater Mine
produced 366,100 ounces of palladium and platinum, a decrease of 3.0%
from the 377,400 ounces produced in the same period of 2012.
Production at the Company's East Boulder Mine of 157,800 ounces for
the year ended December 31, 2013 reflected a 15.8% increase from the
136,300 ounces produced in the same period of 2012. During 2013 the
Stillwater Mine experienced unexpected negative fluctuations in ore
grade delivered to the mill, a challenge that was largely offset by
better-than-expected ore grades realized at the East Boulder Mine.
The 2013 ore quality variances at Stillwater Mine appear to have been
isolated and not indicative of a longer-term issue and by the last
two months of 2013, actual ore grades were above budgeted ore grades. 
Costs of metals sold (before depletion, depreciation and amortization
expense) increased to $841.3 million for the year ended December 31,
2013 from $623.9 million in the same period of 2012. Mine Production
costs included in costs of metals sold increased to $314.0 million
for the year ended December 31, 2013 from $288.9 million in the same
period of 2012. PGM Recycling costs, which primarily reflect the cost
of acquiring spent catalytic materials for processing, totaled $527.4
million for the year ended December 31, 2013, more than the $334.9
million reported in the same period 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 $42.0 million for the year
ended December 31, 2013, up from the $40.9 million incurred during
the same period of 2012. The Company recognized $11.2 million in
total exploration expenses related to its mineral properties in both
Canada and South America for the year ended December 31, 2013 and
$15.0 million in the same period of 2012. Marketing expenses declined
to $4.4 million for the year ended December 31, 2013 compared to
$11.2 million in the same time period of 2012, reflecting the
curtailment of marketing palladium for jewelry in 2013. As a result
of the 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),
respectively, for the year ended December 31, 2013. These costs were
incurred during the first and second quarters of 2013. 
Interest expense reported for the year ended December 31, 2013, and
2012 was $23.0 million and $10.9 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. 
During the years ended December 31, 2013 and 2012, the Company
recorded a net foreign currency transaction gain of $18.2 million and
$15.2 million, respectively. Approximately $17.4 million and $15.4
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 high inflation in Argentina as the obligation
is remeasured from Argentine pesos into U.S. dollars. 
2013 Results Webcast and Conference Call 
Stillwater Mining Company will conduct a conference call to discuss
2013 results at 12:00 noon Eastern Standard Time on Monday, March 3,
2014. 
Dial-In Numbers:
 United States: (800) 288-9626
 International: (612)
332-0228 
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 319541. In
addition, the call transcript will be archived in the Investor
Relations section of the Company's website. 
About Stillwater Mining Company
 Headquartered in Billings, Montana,
Stillwater Mining Company is the only U.S. producer of platinum group
metals (PGMs) and the largest primary producer of PGMs outside of
South Africa and the Russian Federation. PGMs are rare precious
metals used in a wide variety of applications, including auto
catalysts, fuel cells, hydrogen purification, electronics, jewelry,
dentistry, medicine, coinage and other uses. Stillwater Mining
Company is engaged in the development, extraction, processing,
smelting and refining of PGMs from a geological formation in southern
Montana known as the J-M Reef. This is the only known significant
source of PGMs in the United States and one of the highest grade PGM
resources in the world. The Company also owns the Marathon PGM-copper
deposit in Ontario, Canada and the Altar porphyry copper-gold deposit
located in the San Juan province of Argentina. 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 about
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
guidance; 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 2013 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                      
                                                                            
                                 Three Months Ended    Twelve Months Ended  
                                    December 31,           December 31,     
                                --------------------  --------------------- 
(In thousands, except per share                                             
 data)                             2013       2012       2013        2012   
------------------------------- ---------  ---------  ----------  --------- 
REVENUES                                                                    
  Mine Production               $ 114,669  $ 115,475  $  478,918  $ 455,426 
  PGM Recycling                   127,691     87,899     560,588    344,818 
                                ---------  ---------  ----------  --------- 
      Total revenues              242,360    203,374   1,039,506    800,244 
COSTS AND EXPENSES                                                          
  Costs of metals sold                                                      
    Mine Production                76,921     69,987     313,963    288,922 
    PGM Recycling                 124,525     85,589     527,384    334,949 
                                ---------  ---------  ----------  --------- 
      Total costs of metals                                                 
       sold (excludes                                                       
       depletion, depreciation                                              
       and amortization)          201,446    155,576     841,347    623,871 
  Depletion, depreciation and                                               
   amortization                                                             
    Mine Production                14,377     14,112      58,201     56,960 
    PGM Recycling                     312        262       1,116      1,055 
                                ---------  ---------  ----------  --------- 
      Total depletion,                                                      
       depreciation and                                                     
       amortization                14,689     14,374      59,317     58,015 
                                ---------  ---------  ----------  --------- 
        Total costs of revenues   216,135    169,950     900,664    681,886 
  Marketing                           158      3,296       4,355     11,170 
  Exploration                         922      1,225      11,169     15,010 
  Research and development             45        295         237      1,159 
  Proxy contest expense                 -          -       4,307          - 
  Accelerated equity based                                                  
   compensation expense                 -          -       9,063          - 
  General and administrative        6,139      8,921      41,985     40,948 
  Loss on inventory purchases           -        140           -        590 
  Loss on long-term investments       128        865       1,894      2,562 
  Impairment of non-producing                                               
   mineral properties and                                                   
   property, plant and                                                      
   equipment                      171,338          -     461,755          - 
  Abandonment of non-producing                                              
   property                             -          -           -      2,835 
  Loss on trade receivables           632          -         632          - 
  (Gain)/Loss on disposal of                                                
   property, plant and                                                      
   equipment                          (38)        85          68        448 
                                ---------  ---------  ----------  --------- 
        Total costs and                                                     
         expenses                 395,459    184,777   1,436,129    756,608 
OPERATING (LOSS) INCOME          (153,099)    18,597    (396,623)    43,636 
OTHER INCOME (EXPENSE)                                                      
  Other                                 3       (486)      1,173        181 
  Interest income                     965        619       4,481      2,325 
  Interest expense                 (5,311)    (6,559)    (22,957)   (10,920)
  Foreign currency transaction                                              
   gain, net                        2,521      2,174      18,200     15,155 
                                ---------  ---------  ----------  --------- 
(LOSS) INCOME BEFORE INCOME TAX                                             
 BENEFIT                         (154,921)    14,345    (395,726)    50,377 
Income tax benefit                 46,185      2,531      93,653      4,039 
                                ---------  ---------  ----------  --------- 
NET (LOSS) INCOME               $(108,736) $  16,876  $ (302,073) $  54,416 
                                ---------  ---------  ----------  --------- 
Net (loss) income attributable                                              
 to noncontrolling interest       (30,750)         2     (31,867)      (629)
                                ---------  ---------  ----------  --------- 
NET (LOSS) INCOME ATTRIBUTABLE                                              
 TO COMMON STOCKHOLDERS         $ (77,986) $  16,874  $ (270,206) $  55,045 
                                ---------  ---------  ----------  --------- 
Other comprehensive (loss)                                                  
 income, net of tax                                                         
  Net unrealized (loss)/gains                                               
   on securities available-for-                                             
   sale                              (183)       242         105        862 
                                ---------  ---------  ----------  --------- 
COMPREHENSIVE (LOSS) INCOME                                                 
 ATTRIBUTABLE TO COMMON                                                     
 STOCKHOLDERS                   $ (78,169) $  17,116  $ (270,101) $  55,907 
                                ---------  ---------  ----------  --------- 
Comprehensive (loss) income                                                 
 attributable to noncontrolling                                             
 interest                         (30,750)         2     (31,867)      (629)
                                ---------  ---------  ----------  --------- 
TOTAL COMPREHENSIVE (LOSS)                                                  
 INCOME                         $(108,919) $  17,118  $ (301,968) $  55,278 
                                =========  =========  ==========  ========= 
Weighted average common shares                                              
 outstanding                                                                
  Basic                           119,381    116,888     118,607    116,162 
  Diluted                         119,381    153,974     118,607    131,441 
Basic (loss) earnings per share                                             
 attributable to common                                                     
 stockholders                   $   (0.65) $    0.14  $    (2.28) $    0.47 
Diluted (loss) earnings per                                                 
 share attributable to common                                               
 stockholders                   $   (0.65) $    0.13  $    (2.28) $    0.46 
                                =========  =========  ==========  ========= 
                                                                            
                                                                            
Stillwater Mining Company                                                   
Consolidated Balance Sheets                                                 
                                                                            
                                                December 31,   December 31, 
(In thousands, except per share data)               2013           2012     
---------------------------------------------- -------------  ------------- 
ASSETS                                                                      
Current assets                                                              
Cash and cash equivalents                      $     286,687  $     379,680 
Investments, at fair market value                    209,338        261,983 
Inventories                                          158,650        153,208 
Trade receivables                                      8,988          9,953 
Deferred income taxes                                 21,547         21,304 
Prepaids                                               3,912          5,020 
Other current assets                                  14,757         21,714 
                                               -------------  ------------- 
    Total current assets                             703,879        852,862 
Mineral properties                                   159,252        576,359 
Mine development, net                                346,346        322,866 
Property, plant and equipment, net                   124,731        122,677 
  Deferred debt issuance costs                         7,945          9,609 
  Other noncurrent assets                              4,527          6,390 
                                               -------------  ------------- 
    Total assets                               $   1,346,680  $   1,890,763 
                                               =============  ============= 
LIABILITIES AND EQUITY                                                      
Current liabilities                                                         
Accounts payable                               $      32,088  $      28,623 
Accrued compensation and benefits                     30,646         31,369 
Property, production and franchise taxes                                    
 payable                                              14,495         13,722 
Current portion of long-term debt and capital                               
 lease obligations                                     2,035        168,432 
Income taxes payable                                   4,416              - 
Other current liabilities                              5,368          4,702 
                                               -------------  ------------- 
    Total current liabilities                         89,048        246,848 
  Long-term debt and capital lease obligations       308,667        292,685 
  Deferred income taxes                               79,159        199,802 
  Accrued workers compensation                         6,031          5,815 
  Asset retirement obligation                          8,654          7,965 
  Other noncurrent liabilities                         7,262          5,068 
                                               -------------  ------------- 
    Total liabilities                                498,821        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; 119,466,449 and                                         
 116,951,081 shares issued and outstanding             1,195          1,170 
Paid-in capital                                    1,076,200      1,058,978 
Accumulated (deficit) earnings                      (249,436)        20,770 
Accumulated other comprehensive income (loss)              6            (99)
                                               -------------  ------------- 
    Total stockholders' equity                       827,965      1,080,819 
                                               -------------  ------------- 
Noncontrolling interest                               19,894         51,761 
                                               -------------  ------------- 
    Total equity                                     847,859      1,132,580 
                                               -------------  ------------- 
    Total liabilities and equity               $   1,346,680  $   1,890,763 
                                               =============  ============= 
                                                                            
                                                                            
Stillwater Mining Company                                                   
Consolidated Statements of Cash Flows                                       
                                                                            
                                                        Twelve Months Ended 
                                                           December 31,     
                                                       -------------------- 
(In thousands)                                            2013       2012   
------------------------------------------------------ ---------  --------- 
CASH FLOWS FROM OPERATING ACTIVITIES                                        
Net (loss) income                                      $(302,073) $  54,416 
Adjustments to reconcile net (loss) income to net cash                      
 provided by operating activities:                                          
  Depletion, depreciation and amortization                59,317     58,015 
  Loss on inventory purchases                                  -        590 
  Loss on trade receivables                                  632          - 
  Loss on disposal of property, plant and equipment           68        448 
  Impairment of non-producing mineral properties and                        
   property, plant and equipment                         461,755          - 
  Abandonment of non-producing property                        -      2,835 
  Loss on long-term investments                            1,894      2,562 
  Amortization/accretion on investment                                      
   premium/discount                                        3,079        900 
  Deferred taxes                                        (108,543)    (3,937)
  Foreign currency transaction gain, net                 (18,200)   (15,155)
  Accretion of asset retirement obligation                   689        634 
  Amortization of debt issuance costs                      1,664      1,495 
  Accretion of convertible debenture debt discount        15,783      3,097 
  Accelerated equity based compensation expense            9,063          - 
  Share based compensation and other benefits             15,242     16,369 
  Non-cash capitalized interest                           (2,878)         - 
Changes in operating assets and liabilities:                                
  Inventories                                             (4,252)   (19,958)
  Trade receivables                                          333     (3,765)
  Prepaids                                                 1,108         39 
  Accrued compensation and benefits                         (723)     3,575 
  Accounts payable                                         3,187     (1,772)
  Property, production and franchise taxes payable         2,006       (970)
  Income taxes payable                                     4,416     (1,235)
  Workers compensation                                       216       (241)
  Restricted cash                                              -     25,035 
  Excess tax benefit from stock-based compensation        (2,756)    (7,737)
  Other operating assets                                   6,790     (2,250)
  Other operating liabilities                              1,616     (9,096)
                                                       ---------  --------- 
NET CASH PROVIDED BY OPERATING ACTIVITIES                149,433    103,894 
                                                       ---------  --------- 
CASH FLOWS FROM INVESTING ACTIVITIES                                        
  Capital expenditures                                  (129,029)  (112,071)
  Proceeds from disposal of property, plant and                             
   equipment                                                 218        222 
  Purchases of investments                              (151,567)  (280,273)
  Proceeds from maturities of investments                201,255     67,314 
                                                       ---------  --------- 
NET CASH USED IN INVESTING ACTIVITIES                    (79,123)  (324,808)
                                                       ---------  --------- 
CASH FLOWS FROM FINANCING ACTIVITIES                                        
  Proceeds from sale of noncontrolling interest, net                        
   of transaction costs                                        -     93,821 
  Excess tax benefit from stock-based compensation         2,756      7,737 
  Issuance of long-term debt                                   -    403,926 
  Payments on debt and capital lease obligations        (166,187)    (1,394)
  Payments for debt issuance costs                             -    (12,637)
  Issuance of common stock                                   128         44 
                                                       ---------  --------- 
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES     (163,303)   491,497 
                                                       ---------  --------- 
CASH AND CASH EQUIVALENTS                                                   
  Net increase (decrease)                                (92,993)   270,583 
  Balance at beginning of period                         379,680    109,097 
                                                       ---------  --------- 
BALANCE AT END OF PERIOD                               $ 286,687  $ 379,680 
                                                       =========  ========= 
                                                                            
                                                                            
Stillwater Mining Company                                                   
Key Operating Factors                                                       
(Unaudited)                                                                 
                                                                            
                                            Three Months     Twelve Months  
                                           Ended December    Ended December 
                                                31,               31,       
                                         ----------------- -----------------
(In thousands, except where noted)         2013     2012     2013     2012  
---------------------------------------- -------- -------- -------- --------
OPERATING AND COST DATA FOR MINE                                            
 PRODUCTION                                                                 
Consolidated:                                                               
Ounces produced                                                             
Palladium                                     109       98      404      396
Platinum                                       32       35      120      118
                                         -------- -------- -------- --------
Total                                         141      133      524      514
                                         ======== ======== ======== ========
Tons milled                                   299      281    1,201    1,081
Mill head grade (ounce per ton)              0.51     0.51     0.47     0.51
Sub-grade tons milled (1)                      17       20       73       69
Sub-grade tons mill head grade (ounce                                       
 per ton)                                    0.17     0.14     0.17     0.16
Total tons milled(1)                          316      301    1,274    1,150
Combined mill head grade (ounce per ton)     0.49     0.49     0.45     0.49
Total mill recovery (%)                        92       92       92       92
Total mine concentrate shipped (tons)                                       
 (3)                                        7,308    6,246   28,669   23,843
Platinum grade in concentrate (ounce per                                    
 ton) (3)                                    4.65     5.02     4.50     5.17
Palladium grade in concentrate (ounce                                       
 per ton) (3)                               15.28    16.80    14.59    17.15
Total cash costs per ounce - net of                                         
 credits (Non-GAAP) (2)                  $    500 $    475 $    496 $    484
Total cash costs per ton milled - net of                                    
 credits (Non-GAAP) (2)                  $    223 $    209 $    204 $    216
Stillwater Mine:                                                            
Ounces produced                                                             
Palladium                                      76       75      282      290
Platinum                                       23       23       84       88
                                         -------- -------- -------- --------
Total                                          99       98      366      378
                                         ======== ======== ======== ========
Tons milled                                   186      176      765      673
Mill head grade (ounce per ton)              0.57     0.60     0.51     0.60
Sub-grade tons milled (1)                       7       10       36       36
Sub-grade tons mill head grade (ounce                                       
 per ton)                                    0.26     0.20     0.23     0.21
Total tons milled (1)                         193      186      801      709
Combined mill head grade (ounce per ton)     0.55     0.58     0.50     0.58
Total mill recovery (%)                        93       92       92       92
Total mine concentrate shipped (tons)                                       
 (3)                                        4,253    3,600   16,975   13,645
Platinum grade in concentrate (ounce per                                    
 ton) (3)                                    5.73     6.41     5.22     6.71
Palladium grade in concentrate (ounce                                       
 per ton) (3)                               18.50    21.33    17.12    21.94
Total cash costs per ounce - net of                                         
 credits (Non-GAAP) (2)                  $    469 $    453 $    484 $    456
Total cash costs per ton milled - net of                                    
 credits (Non-GAAP) (2)                  $    240 $    238 $    221 $    243
                                                                            
                                                                            
Stillwater Mining Company                                                   
Key Operating Factors (Continued)                                           
(Unaudited)                                                                 
                                                                            
                                            Three Months     Twelve Months  
                                               Ended             Ended      
                                            December 31,      December 31,  
(In thousands, except where noted)         2013     2012     2013     2012  
---------------------------------------- -------- -------- -------- --------
OPERATING AND COST DATA FOR MINE                                            
 PRODUCTION (Continued)                                                     
East Boulder Mine:                                                          
Ounces produced                                                             
Palladium                                      33       27      122      106
Platinum                                        9        8       36       30
                                         -------- -------- -------- --------
Total                                          42       35      158      136
                                         ======== ======== ======== ========
Tons milled                                   114      104      436      408
Mill head grade (ounce per ton)              0.41     0.37     0.40     0.37
Sub-grade tons milled (1)                       9       11       37       33
Sub-grade tons mill head grade (ounce                                       
 per ton)                                    0.10     0.09     0.10     0.10
Total tons milled (1)                         123      115      473      441
Combined mill head grade (ounce per ton)     0.39     0.34     0.37     0.35
Total mill recovery (%)                        90       90       90       90
Total mine concentrate shipped (tons)                                       
 (3)                                        3,055    2,646   11,694   10,198
Platinum grade in concentrate (ounce per                                    
 ton) (3)                                    3.16     3.12     3.45     3.12
Palladium grade in concentrate (ounce                                       
 per ton) (3)                               10.80    10.65    10.93    10.74
Total cash costs per ounce - net of                                         
 credits (Non-GAAP) (2)                  $    573 $    537 $    525 $    562
Total cash costs per ton milled - net of                                    
 credits (Non-GAAP) (2)                  $    198 $    163 $    175 $    174
                                                                            
  (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 2013 Annual      
      Report on Form 10-K for further information.                          
  (2) Total cash costs include total operating costs plus royalties,        
      insurance and taxes other than income taxes. 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 cash costs. Cash costs per ton and cash 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 Consolidated Costs 
      of Revenues" and the accompanying discussion for additional detail.   
  (3) The concentrate tonnage and grade values are inclusive of periodic re-
      processing of smelter slag and brick PGM bearing materials.           
                                                                            
                                                                            
Stillwater Mining Company                                                   
Key Operating Factors (Continued)                                           
(Unaudited)                                                                 
                                                                            
                                            Three Months     Twelve Months  
                                               Ended             Ended      
                                            December 31,      December 31,  
---------------------------------------- ----------------- -----------------
(In thousands, except for average                                           
 prices)                                   2013     2012     2013     2012  
---------------------------------------- -------- -------- -------- --------
SALES AND PRICE DATA                                                        
Ounces sold                                                                 
Mine Production:                                                            
  Palladium (oz.)                              98       96      398      386
  Platinum (oz.)                               27       29      111      114
                                         -------- -------- -------- --------
    Total                                     125      125      509      500
                                         -------- -------- -------- --------
PGM Recycling: (1)                                                          
  Palladium (oz.)                              76       47      306      192
  Platinum (oz.)                               42       33      192      119
  Rhodium (oz.)                                11        6       44       25
                                         -------- -------- -------- --------
    Total                                     129       86      542      336
                                         -------- -------- -------- --------
By-products from Mine Production: (2)                                       
  Rhodium (oz.)                                 1        1        3        4
  Gold (oz.)                                    2        2        9        9
  Silver (oz.)                                  1        2        5        6
  Copper (lb.)                                258      173      903      742
  Nickel (lb.)                                310      284    1,350    1,120
Average realized price per ounce(3)                                         
Mine Production:                                                            
  Palladium ($/oz.)                      $    723 $    647 $    721 $    641
  Platinum ($/oz.)                       $  1,395 $  1,594 $  1,481 $  1,551
      Combined ($/oz.)(4)                $    869 $    867 $    887 $    849
PGM Recycling: (1)                                                          
  Palladium ($/oz.)                      $    723 $    628 $    713 $    645
  Platinum ($/oz.)                       $  1,449 $  1,534 $  1,526 $  1,542
  Rhodium ($/oz.)                        $    980 $  1,168 $  1,091 $  1,377
      Combined ($/oz.)(4)                $    985 $  1,012 $  1,031 $  1,018
By-products from Mine Production: (2)                                       
  Rhodium ($/oz.)                        $    931 $  1,074 $  1,047 $  1,258
  Gold ($/oz.)                           $  1,271 $  1,694 $  1,394 $  1,667
  Silver ($/oz.)                         $     20 $     32 $     24 $     31
  Copper ($/lb.)                         $   3.08 $   3.42 $   3.14 $   3.42
  Nickel ($/lb.)                         $   5.19 $   6.63 $   5.47 $   6.74
Average market price per ounce(3)                                           
  Palladium ($/oz.)                      $    726 $    650 $    725 $    643
  Platinum ($/oz.)                       $  1,400 $  1,603 $  1,487 $  1,551
      Combined ($/oz.)(4)                $    873 $    872 $    891 $    850
                                                                            
  (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 Consolidated 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 Consolidated Costs of Revenues: For the Company as a whole,
this measure is equal to total costs of revenues, as reported in the
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 the Stillwater Mine,
the East Boulder Mine and other PGM activities are equal in total to
total consolidated costs of revenues as reported in the Company's
Consolidated Statements of Comprehensive (Loss) Income. 
Total Cash Costs (Non-GAAP): This non-GAAP measure is 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 mine by-products,
depreciation and amortization and asset retirement costs, and timing
differences resulting from changes in product inventories. The
Company uses this measure as a comparative indication of the cash
costs related to production and processing operations in any period.
It is a measure of extraction efficiency. 
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
ultimately 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. 


 
                                                                            
Stillwater Mining Company                                                   
Reconciliation of Non-GAAP Measures to Consolidated Costs of Revenues       
                                                                            
                                  Three Months Ended    Twelve Months Ended 
                                     December 31,          December 31,     
-------------------------------- --------------------  -------------------- 
(In thousands, except per ounce                                             
 and per ton data)                  2013       2012       2013       2012   
-------------------------------- ---------  ---------  ---------  --------- 
Consolidated:                                                               
Total cash cost before by-                                                  
 product and recycling credits                                              
 (Non-GAAP)                      $  80,099  $  72,714  $ 322,564  $ 290,346 
Less: By-product credit             (5,982)    (7,079)   (27,085)   (30,642)
Less: Recycling income credit       (3,590)    (2,681)   (35,463)   (11,042)
                                 ---------  ---------  ---------  --------- 
Total cash cost net of by-                                                  
 product and recycling credits                                              
 (Non-GAAP)                      $  70,527  $  62,954  $ 260,016  $ 248,662 
                                                                            
Divided by platinum/palladium                                               
 ounces produced                       141        132        524        514 
                                                                            
Total cash cost before by-                                                  
 product and recycling credits                                              
 per ounce Pt/Pd produced (Non-                                             
 GAAP)                           $     568  $     549  $     616  $     565 
Less: By-product credit per                                                 
 ounce Pt/Pd produced                  (43)       (54)       (52)       (60)
Less: Recycling income credit                                               
 per ounce Pt/Pd produced              (25)       (20)       (68)       (21)
                                 ---------  ---------  ---------  --------- 
Total cash cost net of by-                                                  
 product and recycling credits                                              
 per ounce Pt/Pd produced (Non-                                             
 GAAP)                           $     500  $     475  $     496  $     484 
                                                                            
Divided by ore tons milled             316        301      1,274      1,150 
                                                                            
Total cash cost before by-                                                  
 product and recycling credits                                              
 per ore ton milled (Non-GAAP)         253        242        253        252 
Less: By-product credit per ore                                             
 ton milled                            (19)       (24)       (21)       (27)
Less: Recycling income credit                                               
 per ore ton milled                    (11)        (9)       (28)       (10)
                                 ---------  ---------  ---------  --------- 
Total cash cost net of by-                                                  
 product and recycling credits                                              
 per ore ton milled (Non-GAAP)   $     223  $     209  $     204  $     215 
                                                                            
Reconciliation to consolidated                                              
 costs of revenues:                                                         
Total cash cost net of by-                                                  
 product and recycling credits                                              
 (Non-GAAP)                      $  70,527  $  62,954  $ 260,016  $ 248,662 
Asset retirement costs                 177        165        689        635 
Depletion, depreciation and                                                 
 amortization                       14,377     14,111     58,201     56,960 
Depletion, depreciation and                                                 
 amortization (in inventory)         1,472      1,534      1,190      1,393 
Change in product inventories       (4,828)    (4,425)   (10,480)    (3,452)
Cost of PGM Recycling              124,526     85,589    527,384    334,949 
PGM Recycling - depreciation           312        262      1,116      1,055 
By-product credit                    5,982      7,079     27,085     30,642 
                                                                            
Profit from PGM Recycling                                                   
 (before bad debt expense and                                               
 gain/loss on asset disposals)       3,590      2,681     35,463     11,042 
                                 ---------  ---------  ---------  --------- 
Total consolidated cost of                                                  
 revenues                        $ 216,135  $ 169,950  $ 900,664  $ 681,886 
                                 =========  =========  =========  ========= 
Memo: Royalties, Taxes and Other                                            
 included in Total consolidated                                             
 cost of revenues                $  10,059  $   8,571  $  43,814  $  39,593 
                                                                            
                                                                            
Stillwater Mining Company                                                   
Reconciliation of Non-GAAP Measures to Consolidated Costs of Revenues       
 (Continued)                                                                
                                                                            
                                  Three Months Ended    Twelve Months Ended 
                                     December 31,          December 31,     
-------------------------------- --------------------  -------------------- 
(In thousands, except per ounce                                             
 and per ton data)                  2013       2012       2013       2012   
-------------------------------- ---------  ---------  ---------  --------- 
Stillwater Mine:                                                            
Total cash cost before by-                                                  
 product and recycling credits                                              
 (Non-GAAP)                      $  52,401  $  50,685  $ 217,921  $ 200,016 
Less: By-product credit             (3,636)    (4,499)   (16,270)   (19,793)
Less: Recycling income credit       (2,495)    (2,005)   (24,470)    (8,124)
                                 ---------  ---------  ---------  --------- 
Total cash cost net of by-                                                  
 product and recycling credits                                              
 (Non-GAAP)                      $  46,270  $  44,181  $ 177,181  $ 172,099 
                                                                            
Divided by platinum/palladium                                               
 ounces produced                        99         98        366        378 
                                                                            
Total cash cost before by-                                                  
 product and recycling credits                                              
 per ounce Pt/Pd produced (Non-                                             
 GAAP)                           $     529  $     517  $     595  $     529 
Less: By-product credit per                                                 
 ounce Pt/Pd produced                  (37)       (46)       (44)       (52)
Less: Recycling income credit                                               
 per ounce Pt/Pd produced              (25)       (20)       (67)       (21)
                                 ---------  ---------  ---------  --------- 
Total cash cost net of by-                                                  
 product and recycling credits                                              
 per ounce Pt/Pd produced (Non-                                             
 GAAP)                           $     467  $     451  $     484  $     456 
                                                                            
Divided by ore tons milled             193        186        801        709 
                                                                            
Total cash cost before by-                                                  
 product and recycling credits                                              
 per ore ton milled (Non-GAAP)   $     272  $     273  $     272  $     282 
Less: By-product credit per ore                                             
 ton milled                            (19)       (24)       (20)       (28)
Less: Recycling income credit                                               
 per ore ton milled                    (13)       (11)       (31)       (11)
                                 ---------  ---------  ---------  --------- 
Total cash cost net of by-                                                  
 product and recycling credits                                              
 per ore ton milled (Non-GAAP)   $     240  $     238  $     221  $     243 
                                                                            
Reconciliation to costs of                                                  
 revenues:                                                                  
Total cash cost net of by-                                                  
 product and recycling credits                                              
 (Non-GAAP)                      $  46,270  $  44,181  $ 177,181  $ 172,099 
Asset retirement costs                 165        153        639        588 
Depletion, depreciation and                                                 
 amortization                       11,030     10,653     44,696     43,329 
Depletion, depreciation and                                                 
 amortization (in inventory)         1,111      1,377        896        924 
Change in product inventories       (2,158)    (3,414)    (5,110)    (2,326)
By-product credit                    3,636      4,499     16,270     19,793 
Profit from PGM Recycling                                                   
 (before bad debt expense and                                               
 gain/loss on asset disposals)       2,495      2,005     24,470      8,124 
                                 ---------  ---------  ---------  --------- 
Total cost of revenues           $  62,549  $  59,454  $ 259,042  $ 242,531 
                                 =========  =========  =========  ========= 
Memo: Royalties, Taxes and Other                                            
 included in Total cost of                                                  
 revenues                        $   6,823  $   5,982  $  29,525  $  27,062 
                                                                            
                                                                            
Stillwater Mining Company                                                   
Reconciliation of Non-GAAP Measures to Consolidated Costs of Revenues       
 (Continued)                                                                
                                                                            
                                  Three Months Ended    Twelve Months Ended 
                                      December 31,          December 31,    
-------------------------------- --------------------  -------------------- 
(In thousands, except per ounce                                             
 and per ton data)                  2013       2012       2013       2012   
-------------------------------- ---------  ---------  ---------  --------- 
East Boulder                                                                
Total cash cost before by-                                                  
 product and recycling credits                                              
 (Non-GAAP)                      $  27,698  $  22,029  $ 104,643  $  90,330 
Less: By-product credit             (2,346)    (2,580)   (10,815)   (10,849)
Less: Recycling income credit       (1,095)      (676)   (10,993)    (2,918)
                                 ---------  ---------  ---------  --------- 
Total cash cost net of by-                                                  
 product and recycling credits                                              
 (Non-GAAP)                      $  24,257  $  18,773  $  82,835  $  76,563 
                                                                            
Divided by platinum/palladium                                               
 ounces produced                        42         35        158        136 
                                                                            
Total cash cost before by-                                                  
 product and recycling credits                                              
 per ounce Pt/Pd produced (Non-                                             
 GAAP)                           $     659  $     629  $     664  $     663 
Less: By-product credit per                                                 
 ounce Pt/Pd produced                  (56)       (74)       (69)       (80)
Less: Recycling income credit                                               
 per ounce Pt/Pd produced              (26)       (19)       (70)       (21)
                                 ---------  ---------  ---------  --------- 
Total cash cost net of by-                                                  
 product and recycling credits                                              
 per ounce Pt/Pd produced (Non-                                             
 GAAP)                           $     577  $     536  $     525  $     562 
                                                                            
Divided by ore tons milled             123        115        473        441 
                                                                            
Total cash cost before by-                                                  
 product and recycling credits                                              
 per ore ton milled (Non-GAAP)   $     225  $     192  $     221  $     205 
Less: By-product credit per ore                                             
 ton milled                            (19)       (22)       (23)       (25)
Less: Recycling income credit                                               
 per ore ton milled                     (9)        (6)       (23)        (7)
                                 ---------  ---------  ---------  --------- 
Total cash cost net of by-                                                  
 product and recycling credits                                              
 per ore ton milled (Non-GAAP)   $     197  $     164  $     175  $     173 
                                                                            
Reconciliation to costs of                                                  
 revenues:                                                                  
Total cash cost net of by-                                                  
 product and recycling credits                                              
 (Non-GAAP)                      $  24,257  $  18,773  $  82,835  $  76,563 
Asset retirement costs                  13         12         50         47 
Depletion, depreciation and                                                 
 amortization                        3,346      3,458     13,505     13,631 
Depletion, depreciation and                                                 
 amortization (in inventory)           361        157        294        469 
Change in product inventories       (2,670)    (1,011)    (5,370)    (1,126)
By-product credit                    2,346      2,580     10,815     10,849 
Profit from PGM Recycling                                                   
 (before bad debt expense and                                               
 gain/loss on asset disposals)       1,095        676     10,993      2,918 
                                 ---------  ---------  ---------  --------- 
Total cost of revenues           $  28,748  $  24,645  $ 113,122  $ 103,351 
                                 =========  =========  =========  ========= 
Memo: Royalties, Taxes and Other                                            
 included in Total cost of                                                  
 revenues                        $   3,236  $   2,589  $  14,289  $  12,531 
                                                                            
PGM Recycling and Other: (1)                                                
Cost of PGM Recycling            $ 124,526  $  85,589  $ 527,384  $ 334,949 
PGM Recycling - depreciation           312        262      1,116      1,055 
                                 ---------  ---------  ---------  --------- 
Total cost of revenues           $ 124,838  $  85,851  $ 528,500  $ 336,004 
                                 =========  =========  =========  ========= 
                                                                            
  (1) PGM Recycling and Other include PGM recycling and metal purchased on  
      the open market for resale.                                           

 
Stillwater Mining Company
 All-In Sustaining Cost a Non-GAAP Measure 
All-In Sustaining Costs (Non-GAAP): This non-GAAP measure is used as
an indicator from period to period of the level of total cash
required by the business to maintain and operate the existing mines,
including corporate administrative costs and replacement capital. The
measure is calculated beginning with total cash costs (another
non-GAAP measure, described above), and adding to it the recycling
income credit, corporate overhead costs (excluding any depreciation
and amortization costs and other non-recurring non-cash costs
included in corporate overhead costs), marketing costs, and that
portion of total capital expenditures associated with sustaining the
current level of mining operations. 
When divided by the total recoverable PGM ounces in the respective
period, All-In Sustaining Costs per Ounce (non-GAAP) provides an
indication of the level of total cash required to maintain and
operate the mines per PGM ounce produced in the period. Recoverable
PGM ounces from production are an indication of the amount of PGM
product extracted through mining in any period. Because the objective
of PGM mining activity is to extract PGM material, the all-in cash
cost per ounce to produce PGM material, administer the business and
sustain the operating capacity of the mines is a useful measure for
comparing overall extraction efficiency between periods. This measure
is affected by the total level of spending in the period and by the
grade and volume of ore produced. 


 
                                                                            
                                  Three Months Ended    Twelve Months Ended 
                                     December 31,          December 31,     
                                 --------------------  -------------------- 
(In thousands, except $/oz.)        2013       2012       2013       2012   
  All-In Sustaining Costs                                                   
  Total Cash Costs (a non-GAAP                                              
   measure)                      $  70,527  $  62,954  $ 260,016  $ 248,662 
    Add: Recycling income credit     3,590      2,681     35,463     11,041 
                                 ---------  ---------  ---------  --------- 
                                 $  74,117  $  65,635  $ 295,479  $ 259,703 
                                                                            
  Consolidated Corporate General                                            
   & Administrative costs        $ 178,244  $   9,061  $ 346,538  $  41,538 
    Less: Depreciation and                                                  
     amortization included in                                               
     Consolidated Corporate                                                 
     General & Administrative                                               
     costs                            (204)      (259)      (785)      (691)
    Less: Non-recurring non-cash                                            
     Items in Consolidated                                                  
     Corporate General &                                                    
     Administrative costs         (171,338)         -   (303,787)         - 
    Add: Marketing costs               158      3,296      4,355     11,170 
                                 ---------  ---------  ---------  --------- 
                                 $   6,860  $  12,098  $  46,321  $  52,017 
                                                                            
    Total capital incurred to                                               
     sustain existing operations    27,583     25,047     94,931     83,237 
                                                                            
                                 ---------  ---------  ---------  --------- 
All-In Sustaining Cost           $ 108,560  $ 102,780  $ 436,731  $ 394,957 
                                                                            
  Mined Ounces per Cost Report         141        132        524        514 
                                                                            
                                 ---------  ---------  ---------  --------- 
  All-In Sustaining Cost per                                                
   Mined Ounce ($/oz.)           $     770  $     777  $     833  $     768 
                                 =========  =========  =========  ========= 

  
INVESTOR CONTACT: 
Mike Beckstead
(406) 373-8971 
 
 
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