Stillwater Mining Company Reports First Quarter 2014 Earnings

Stillwater Mining Company Reports First Quarter 2014 Earnings 
BILLINGS, MT -- (Marketwired) -- 05/01/14 --   STILLWATER MINING
COMPANY (NYSE: SWC) (TSX: SWC.U) 


 
--  Consolidated net income attributable to common stockholders of $19.6
    million or $0.15 per diluted share, an increase of 34.2% over the
    first quarter of 2013
--  Mine production of 130,700 palladium and platinum ounces, an increase
    of 2.8% over the first quarter of 2013 and within guidance range
--  All-in sustaining costs of $788 per mined ounce, compared to $845 per
    mined ounce for the first quarter of 2013, tracking ahead of guidance
--  101,500 ounces of recycled palladium, platinum and rhodium processed,
    down from 2013, primarily reflecting delays in deliveries due to
    weather related issues
--  Corporate overhead reduced to $10.8 million, down 53% from the first
    quarter of 2013
--  Cash and highly liquid investments totaling $474.3 million at March
    31, 2014

  
Stillwater Mining Company today reported 2014 first quarter
consolidated net income attributable to common stockholders of $19.6
million or $0.15 per diluted share, compared to 2013 first quarter
consolidated net income attributable to common stockholders of $14.6
million or $0.12 per diluted share. The 34.2% increase in earnings
has been achieved despite realized metal prices being 2% lower than
in the corresponding period of 2013, primarily reflecting the
Company's cost reduction efforts. 
Commenting on the first quarter results, Mick McMullen, the Company's
President and Chief Executive Officer stated, "I am pleased with our
start to the year. Mined production was good and within our guidance
range, while costs were below guidance. There was a drop in recycling
volumes in part reflecting issues with the harsh winter weather, but
shipments have picked up as the weather has improved. Very
importantly, our team is focusing on productivity and cost control.
Our corporate overhead costs were down sharply from last year and we
reported all-in sustaining costs of $788 per ounce for the quarter,
which is below last year and the low end of our previous guidance
range. Total capital expenditures of about $25 million were incurred,
which was also below guidance. Based on these results and current
forecasts we are improving our 2014 guidance for all-in sustaining
costs (a non-GAAP measure) to a range of $800 to $850 per mined ounce
and reducing our total cash cost per mined ounce guidance (net of
credits for by-products and recycling) to a range of $530 to $570. We
are also decreasing our full-year 2014 capital expenditure guidance
to a range of $130 to $140 million. In addition, we have established
a longer term goal to reduce our all-in sustaining cash costs per
ounce by circa $100 below our 2013 results, taking our all-in
sustaining costs to the low $700's per ounce." 


 
                                                                            
                                                                            
2014 Guidance:                                                              
                                       Previous 2014        Current 2014    
                                         Guidance             Guidance      
                                   -------------------- --------------------
Mined Production (palladium and                                             
 platinum ounces)                    520,000 - 535,000    520,000 - 535,000 
Total Cash Cost per Mined Ounce                                             
 (net of by-product and recycling                                           
 credits)                               $540 - $590          $530 - $570    
All-In Sustaining Cost per Mined                                            
 Ounce*                                 $805 - $855          $800 - $850    
Corporate Overhead(1) (millions)         $35 - $45            $35 - $45     
Capital Expenditures (millions)         $145 - $155          $130 - $140    
  Sustaining Capital Expenditures                                           
   (millions)                           $97 - $103            $85 - $90     
  Project Capital Expenditures                                              
   (millions)                            $48 - $52            $45 - $50     

 
*All-in sustaining cost per mined ounce guidance for 2014 assumes the
exclusion of a $30 per ounce recycling credit and $20 per ounce of
costs for foreign activities. 
(1) Corporate Overhead includes: general and administrative,
marketing, research and development and exploration expenses. 
For the first quarter of 2014, the Company's Montana mines produced a
total of 130,700 ounces of palladium and platinum, a 2.8% increase
compared to mine production of 127,100 ounces in the first quarter of
2013. The 18.8% increase in East Boulder Mine production in this
year's first quarter compared to the first quarter of 2013 was driven
by slightly higher realized ore grades and higher tons mined. The
3.0% decline in ounces produced at the Stillwater Mine reflected
lower ore tons mined and increased allocation of resources to
development activities during the 2014 first quarter compared to the
first quarter of 2013. 


 
                                                                            
                                                                            
2014 Mine Production Comparison by Quarter:                                 
                                     2014 First   2013 First    Percentage  
(Produced ounces)                      Quarter      Quarter       Change    
                                    ------------ ------------ --------------
Stillwater Mine                           89,700       92,600         (3.1)%
  Palladium                               68,900       71,300         (3.4)%
  Platinum                                20,800       21,300         (2.3)%
East Boulder Mine                         41,000       34,500         18.8% 
  Palladium                               31,900       26,800         19.0% 
  Platinum                                 9,100        7,700         18.2% 
Total                                    130,700      127,100          2.8% 
  Palladium                              100,800       98,100          2.8% 
  Platinum                                29,900       29,000          3.1% 

 
Revenue from the Company's Mine Production segment for the first
quarter of 2014 (including proceeds from the sale of by-products)
totaled $125.7 million, a 2.0% decrease from $128.3 million in the
same period of 2013. Combined sales realizations for mined palladium
and platinum decreased for the first quarter of 2014, averaging $907
per mined ounce, compared to $926 per mined ounce realized in the
first quarter of 2013. The total quantity of mined palladium and
platinum ounces sold in the first quarter of 2014 was 131,300 ounces
compared to 130,400 ounces sold in the same period of 2013. As a
result of earlier constraints on reprocessing slag inventories at the
Stillwater Mine, the Company now expects the benefit of PGMs resident
in its slag inventories at the end of 2013 to be realized in second
quarter 2014 sales. 
The Company processed recycling material containing 101,500 ounces of
palladium, platinum and rhodium through its smelter and refinery
during the first quarter of 2014. This represents a decrease of 34.2%
over the total of 154,200 ounces processed during the first quarter
of 2013. As noted, the decrease in recycling volumes during the first
quarter of 2014 was primarily due to weather related issues.
Recycling material deliveries have increased subsequent to the end of
the first quarter as overall weather conditions have improved. 


 
                                                                            
                                                                            
2014 Recycling Ounces Fed Comparison by Quarter:                            
                              2014 First      2013 First                    
                               Quarter         Quarter     Percentage Change
                           --------------- --------------- -----------------
Total                              101,500         154,200           (34.2)%
  Palladium                         57,600          89,200           (35.4)%
  Platinum                          36,300          52,800           (31.3)%
  Rhodium                            7,600          12,200           (37.7)%

 
Recycling sales volumes for the first quarter of 2014 decreased by
20.0%, to 93,500 ounces from 116,900 ounces sold in the first quarter
of 2013. PGM Recycling revenue totaled $93.5 million for the 2014
first quarter, a 23.5% decrease from $122.3 million in the same
period of 2013. The Company's combined average realized price for
sales of recycled palladium, platinum and rhodium decreased by 6% to
$980 per ounce in the first quarter of 2014 from $1,043 per ounce in
the first quarter of 2013. 
Combined total cash costs per mined ounce, net of by-product and
recycling credits, (a non-GAAP measure) averaged $568 per ounce for
the quarter ended March 31, 2014. See - "Reconciliation of Non-GAAP
Measures to Consolidated Costs of Revenues." The table below
illustrates the effect of by-product and recycling credits on the
total cash costs per mined ounce net of credits for the combined
Montana mining operations. 


 
                                                                            
                                                                            
                                                             2014     2013  
Combined Montana Mining Operations                           First    First 
Cash Costs Per Mined Ounce                                  Quarter  Quarter
                                                           -------- --------
Reported Total Cash Costs per Mined Ounce (Net of Credits)                  
 *                                                         $    568 $    523
  Add: By-Product Revenue Credit                                 51       59
  Add: PGM Recycling Income Credit                               24       47
                                                           -------- --------
Total Cash Costs per Mined Ounce (Before Credits) *        $    643 $    629
                                                           ======== ========

 
* 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 below. 
The Company is also 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 U.S. 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. 


 
                                                                            
                                                                            
                                                             2014     2013  
Combined Montana Mining Operations                           First    First 
All-In Sustaining Cost Per Mined Ounce                      Quarter  Quarter
                                                           -------- --------
Reported Total Cash Costs per Mined Ounce (Net of Credits)                  
 *                                                         $    568 $    523
Add: PGM Recycling Income Credit                                 24       47
Add: Corporate General & Administrative Costs (Before                       
 DD&A)                                                           59      121
Add: Capital Outlays to Sustain Production at the Montana                   
 Operating Mines                                                137      154
                                                           -------- --------
All-In Sustaining Cost per Mined Ounce                     $    788 $    845
                                                           ======== ========

 
* 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 below. 
Cash Flow and Liquidity 
At March 31, 2014, the Company's consolidated available cash balance
was $224.6 million, compared to $286.7 million at December 31, 2013.
If highly liquid investments are included with available cash, the
Company's balance sheet liquidity totaled $474.3 million at March 31,
2014, a decrease from $496.0 million at December 31, 2013.
Essentially all of this decline in total balance sheet liquidity was
attributable to a $19.9 million increase in accounts receivable at
quarter end, reflecting a larger than normal share of sales revenue
that was not collected until the first week of April. Of the
Company's first quarter consolidated cash balance, $20.4 million is
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 $628.0 million at March 31, 2014, from $614.8 million at
the end of 2013. 
Net cash provided by operating activities (which includes changes in
working capital) totaled $4.8 million for the quarter ended March 31,
2014, compared to $15.5 million of cash provided for the same period
of 2013. As noted above, most of this working capital change reflects
the growth in accounts receivable resulting from the mix of customers
paying during the first week of April instead of the last week of
March. Capital expenditures, adjusted to a cash basis, were $26.1
million for the quarter ended March 31, 2014, compared to $29.4
million in the same period of 2013. 
Outstanding debt at March 31, 2014, was $314.3 million, up from
$310.7 million at December 31, 2013. The Company's reported debt
balance currently includes approximately $278.2 million of 1.75%
convertible debentures (net of unamortized discount of $118.6
million) and $2.2 million of 1.875% convertible debentures, $29.6
million of exempt facility revenue bonds, a capital lease of $4.1
million and approximately $0.2 million of financing for a small
installment land purchase. The increase in the debt balance during
2014 is attributable to the accretion of the discount on the
Company's outstanding bonds. 
Other Matters 
The Company continues to focus heavily on the efficient allocation of
resources, with numerous initiatives underway to arrest and reduce
rising costs experienced historically. Examples include evaluating
more efficient alternatives for transporting employees and materials
within the expanding underground mine infrastructure, improving
material procurement methods to ensure the lowest costs are achieved
and assessing the economics of the various mining areas to ensure
each ounce of production is profitable. During 2014 the Company has
initiated a restructuring process that has impacted positions at
various levels within the organization. This restructuring was
initiated as part of the ongoing effort to ensure a long-term
sustainable business. Positions at the Company's Montana operations
and at its Marathon and Altar project locations in Canada and
Argentina, respectively, were affected. This action included the
reduction of 48 salaried personnel and the opportunity for up to an
additional 50 voluntary separations for the hourly workforce. As a
result, it is estimated that restructuring costs of $4.3 million will
be recognized in the second quarter of 2014 for the salaried
positions and additional expenses associated with the voluntary
separations that have not been finalized at this time. 
The Company has scaled back its activities at Altar, its copper-gold
prospect in Argentina, while determining how best to realize value
from the property going forward. In the meantime, the Company is
maintaining a minimum level of activity that permits it to retain its
interest in the Altar concessions while limiting spending to
essential services. The Company recently reached an agreement with
IPEEM, the Argentine entity that granted the Rio Cenicero mineral
leases at Altar, to renew the Company's exploration concessions there
through August 2015. 
The Company owns a 75% interest in the Marathon PGM-copper project
and related properties in Canada. Mitsubishi Corporation owns the
remaining 25%. As announced during the first quarter of this year, it
has become clear that at current PGM and copper prices, the project
as presently conceived would not provide an acceptable economic rate
of return for shareholders. The Company and its partner are examining
various alternatives to enhance project returns. However, at this
time there is no assurance that these alternatives will provide the
economic improvement to make the project viable. Several of these
changes, if implemented, could result in changes to the project scope
that are not contemplated in the current economic assessment process.
Consequently, the Company agreed with the joint environmental review
panel that is addressing the Marathon project to suspend the review
process until there is further clarity as to the direction of the
project. The Company is maintaining its position at Marathon and
looking for opportunities to realize value there in the future.
However, until such time as the project is able to demonstrate viable
economics, the Company is scaling back spending on the Marathon
project. 
First Quarter Results - Details 
For the first quarter of 2014, the Company's Stillwater Mine produced
89,700 ounces of palladium and platinum, a decrease of 3.1% from the
92,600 ounces produced in the first quarter of 2013. Production at
the Company's East Boulder Mine of 41,000 ounces in the first quarter
of 2014 reflected an increase of 18.8% over the 34,500 ounces
produced in the same quarter of 2013. 
Costs of metals sold (before depletion, depreciation and amortization
expense) decreased to $168.8 million in the first quarter of 2014
from $192.6 million in the first quarter of 2013. Mine Production
costs included in costs of metals sold increased to $78.0 million in
the 2014 first quarter from $75.8 million in the 2013 first quarter.
PGM Recycling costs, which primarily reflect the cost of acquiring
spent catalytic materials for processing, totaled $90.7 million in
the first quarter of 2014, down from the $116.9 million reported in
the first quarter of 2013. 
General and administrative costs were $9.6 million in the first
quarter of 2014, down from the $15.2 million incurred during the same
period of 2013. The higher G&A costs in the first quarter of 2013
reflected additional legal and advisory fees of approximately $2.8
million in connection with the proxy contest as well as higher
compensation benefits of approximately $2.0 million. Exploration
expenses were $1.0 million in the first quarter of 2014 compared to
$6.0 million in the same period of 2013 as a result of steps taken to
scale back exploration at the Altar and Marathon projects. Marketing
expenses declined to $0.2 million in the 2014 first quarter compared
to $1.7 million in the same quarter of 2013, reflecting the
curtailment of palladium jewelry marketing efforts. 
Interest expense reported for the first quarter of 2014 and 2013 was
$5.9 million and $6.7 million, respectively. This decrease is due in
part to the paying down on the outstanding debt associated with the
1.875% convertible early in the first quarter of 2013, offset in part
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.
Interest expense also is reduced by capitalized interest accrued on
the Company's ongoing projects. 
During the first quarter of 2014, the Company recorded a net foreign
currency transaction gain of $4.2 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 first quarter of 2013 was flat with the current
year's first quarter at $4.2 million. 
2014 First Quarter Results Webcast and Conference Call 
Stillwater Mining Company will conduct a conference call to discuss
first quarter 2014 results at 12:00 noon Eastern Standard Time on
Thursday, May 1, 2014. 
Dial-In Numbers:
 United States: (877) 531-2988
 International: (612)
332-0718 
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 324973. 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 applications. 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
and from the recycling of spent catalytic converters. The J-M Reef is
the only known significant source of PGMs in the United States and
the highest-grade PGM resource 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 report are forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933, as amended (Securities Act), and Section 21E of the Securities
Exchange Act of 1934, as amended (Exchange Act), and, therefore,
involve uncertainties or risks that could cause actual results to
differ materially. These statements may contain words such as
"believes," "anticipates," "plans," "expects," "intends," "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. The forward-looking
statements in this report are based on assumptions and analyses made
by us in light of our experience and our perception of historical
trends, current conditions, expected future developments, and other
factors that we believe are appropriate under the circumstances.
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 Income                             
(Unaudited)                                                                 
                                                                            
                                                          Three Months Ended
                                                              March 31,     
                                                         -------------------
(In thousands, except per share data)                      2014      2013   
                                                         --------- ---------
REVENUES                                                                    
  Mine Production                                        $125,729  $128,314 
  PGM Recycling                                            93,535   122,334 
  Other                                                       235         - 
                                                         --------- ---------
    Total revenues                                        219,499   250,648 
COSTS AND EXPENSES                                                          
  Costs of metals sold                                                      
    Mine Production                                        77,992    75,753 
    PGM Recycling                                          90,706   116,862 
    Other                                                      79         - 
                                                         --------- ---------
      Total costs of metals sold (excludes depletion,                       
       depreciation and amortization)                     168,777   192,615 
  Depletion, depreciation and amortization                                  
    Mine Production                                        14,910    15,025 
    PGM Recycling                                             241       258 
                                                         --------- ---------
      Total depletion, depreciation and amortization       15,151    15,283 
                                                         --------- ---------
        Total costs of revenues                           183,928   207,898 
  Marketing                                                   151     1,727 
  Exploration                                               1,046     5,951 
  Research and development                                     31        63 
  General and administrative                                9,604    15,187 
  Loss on long-term investments                                 -       562 
  (Gain)/loss on disposal of property, plant and                            
   equipment                                                 (238)       36 
                                                         --------- ---------
        Total costs and expenses                          194,522   231,424 
OPERATING INCOME                                           24,977    19,224 
OTHER INCOME (EXPENSE)                                                      
  Other                                                        33     1,145 
  Interest income                                             825     1,200 
  Interest expense                                         (5,850)   (6,652)
  Foreign currency transaction gain, net                    4,179     4,237 
                                                         --------- ---------
INCOME BEFORE INCOME TAX PROVISION                         24,164    19,154 
  Income tax provision                                     (5,125)   (4,850)
                                                         --------- ---------
NET INCOME                                               $ 19,039  $ 14,304 
                                                         --------- ---------
Net loss attributable to noncontrolling interest             (533)     (279)
                                                         --------- ---------
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS           $ 19,572  $ 14,583 
                                                         --------- ---------
Other comprehensive (loss) income, net of tax                               
  Net unrealized (losses)/gains on investments                              
   available-for-sale                                         (37)       74 
                                                         --------- ---------
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 19,535  $ 14,657 
                                                         --------- ---------
Comprehensive loss attributable to noncontrolling                           
 interest                                                    (533)     (279)
                                                                 -         -
TOTAL COMPREHENSIVE INCOME                               $ 19,002  $ 14,378 
                                                         ========= =========
Weighted average common shares outstanding                                  
  Basic                                                   119,608   117,433 
  Diluted                                                 155,754   159,695 
Basic earnings per share attributable to common                             
 stockholders                                            $   0.16  $   0.12 
Diluted earnings per share attributable to common                           
 stockholders                                            $   0.15  $   0.12 
                                                         ========= =========
                                                                            
                                                                            
                                                                            
Stillwater Mining Company                                                   
Consolidated Balance Sheets                                                 
(Unaudited)                                                                 
                                                                            
                                                        March      December 
(In thousands, except per share data)                  31, 2014    31, 2013 
                                                     ----------- -----------
ASSETS                                                                      
Current assets                                                              
Cash and cash equivalents                            $  224,624  $  286,687 
Investments, at fair market value                       249,630     209,338 
Inventories                                             165,336     158,650 
Trade receivables                                        28,871       8,988 
Deferred income taxes                                    18,855      21,547 
Prepaids                                                  1,873       3,912 
Other current assets                                     19,993      14,757 
                                                     ----------- -----------
    Total current assets                                709,182     703,879 
Mineral properties                                      159,252     159,252 
Mine development, net                                   357,676     346,346 
Property, plant and equipment, net                      121,421     124,731 
Deferred debt issuance costs                              7,581       7,945 
Other noncurrent assets                                   3,738       4,527 
                                                     ----------- -----------
    Total assets                                     $1,358,850  $1,346,680 
                                                     =========== ===========
LIABILITIES AND EQUITY                                                      
Current liabilities                                                         
Accounts payable                                     $   21,668  $   32,088 
Accrued compensation and benefits                        29,486      30,646 
Property, production and franchise taxes payable         12,867      14,495 
Current portion of long-term debt and capital lease                         
 obligations                                              2,062       2,035 
Income taxes payable                                      6,099       4,416 
Other current liabilities                                 8,967       5,368 
                                                     ----------- -----------
    Total current liabilities                            81,149      89,048 
  Long-term debt and capital lease obligations          312,245     308,667 
  Deferred income taxes                                  70,099      79,159 
  Accrued workers compensation                            5,998       6,031 
  Asset retirement obligation                             8,835       8,654 
  Other noncurrent liabilities                            9,960       7,262 
                                                     ----------- -----------
    Total liabilities                                   488,286     498,821 
                                                     ----------- -----------
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; 119,726,425 and 119,466,449 shares                             
 issued and outstanding                                   1,197       1,195 
Paid-in capital                                       1,079,901   1,076,200 
Accumulated deficit                                    (229,864)   (249,436)
Accumulated other comprehensive (loss) income               (31)          6 
                                                     ----------- -----------
    Total stockholders' equity                          851,203     827,965 
                                                     ----------- -----------
Noncontrolling interest                                  19,361      19,894 
                                                     ----------- -----------
    Total equity                                        870,564     847,859 
                                                     ----------- -----------
    Total liabilities and equity                     $1,358,850  $1,346,680 
                                                     =========== ===========
                                                                            
                                                                            
                                                                            
Stillwater Mining Company                                                   
Consolidated Statements of Cash Flows                                       
(Unaudited)                                                                 
                                                                            
                                                        Three Months Ended  
                                                            March 31,       
                                                     -----------------------
(In thousands)                                          2014        2013    
                                                     ----------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES                                        
Net income                                           $   19,039  $   14,304 
Adjustments to reconcile net income to net cash                             
 provided by operating activities:                                          
  Depletion, depreciation and amortization               15,151      15,283 
  (Gain)/Loss on disposal of property, plant and                            
   equipment                                               (238)         36 
  Loss on long-term investments                               -         562 
  Amortization/accretion on investment                                      
   premium/discount                                         574         885 
  Deferred taxes                                         (2,131)      1,830 
  Foreign currency transaction gain, net                 (4,179)     (4,237)
  Accretion of asset retirement obligation                  181         167 
  Amortization of debt issuance costs                       364         557 
  Accretion of convertible debenture debt discount        4,170       3,832 
  Share based compensation and other benefits             3,180       4,246 
  Non-cash capitalized interest                            (679)       (422)
Changes in operating assets and liabilities:                                
  Inventories                                            (6,133)    (34,017)
  Trade receivables                                     (19,883)     (4,350)
  Prepaids                                                2,039         665 
  Accrued compensation and benefits                      (1,164)       (780)
  Accounts payable                                       (7,579)     11,567 
  Property, production and franchise taxes payable        1,070       1,612 
  Income taxes payable                                    1,683         669 
  Workers compensation                                      (33)        384 
  Other operating assets                                 (4,234)      1,346 
  Other operating liabilities                             3,567       1,363 
                                                     ----------- -----------
NET CASH PROVIDED BY OPERATING ACTIVITIES                 4,765      15,502 
                                                     ----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES                                        
  Capital expenditures                                  (26,133)    (29,406)
  Proceeds from disposal of property, plant and                             
   equipment                                                259          19 
  Purchases of investments                              (76,352)    (21,996)
  Proceeds from maturities of investments                35,419      24,025 
                                                     ----------- -----------
NET CASH USED IN INVESTING ACTIVITIES                   (66,807)    (27,358)
                                                     ----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES                                        
  Payments on debt and capital lease obligations           (557)   (164,787)
  Issuance of common stock                                  536          56 
                                                     ----------- -----------
NET CASH USED IN FINANCING ACTIVITIES                       (21)   (164,731)
                                                     ----------- -----------
CASH AND CASH EQUIVALENTS                                                   
  Net decrease                                          (62,063)   (176,587)
  Balance at beginning of period                        286,687     379,680 
                                                     ----------- -----------
BALANCE AT END OF PERIOD                             $  224,624  $  203,093 
                                                     =========== ===========
                                                                            
                                                                            
                                                                            
Stillwater Mining Company                                                   
Key Operating Factors                                                       
(Unaudited)                                                                 
                                                                            
                                                              Three Months  
                                                             Ended March 31,
                                                            ----------------
(In thousands, except where noted)                            2014    2013  
                                                            ------- --------
OPERATING AND COST DATA FOR MINE PRODUCTION                                 
Consolidated:                                                               
Ounces produced                                                             
Palladium                                                       101       98
Platinum                                                         30       29
                                                            ------- --------
Total                                                           131      127
                                                            ======= ========
Tons milled                                                     277      293
Mill head grade (ounce per ton)                                0.50     0.46
Sub-grade tons milled (1)                                        18       20
Sub-grade tons mill head grade (ounce per ton)                 0.19     0.16
Total tons milled(1)                                            295      313
Combined mill head grade (ounce per ton)                       0.48     0.44
Total mill recovery (%)                                          92       92
Total mine concentrate shipped (tons) (3)                     7,301    7,160
Platinum grade in concentrate (ounce per ton) (3)              4.70     4.30
Palladium grade in concentrate (ounce per ton) (3)            14.93    14.27
Total cash costs per ounce - net of credits (Non-GAAP) (2)  $   568 $    523
Total cash costs per ton milled - net of credits (Non-GAAP)                 
 (2)                                                        $   251 $    213
Stillwater Mine:                                                            
Ounces produced                                                             
Palladium                                                        69       71
Platinum                                                         21       21
                                                            ------- --------
Total                                                            90       92
                                                            ======= ========
Tons milled                                                     170      192
Mill head grade (ounce per ton)                                0.56     0.51
Sub-grade tons milled (1)                                         8       10
Sub-grade tons mill head grade (ounce per ton)                 0.28     0.21
Total tons milled (1)                                           178      202
Combined mill head grade (ounce per ton)                       0.55     0.49
Total mill recovery (%)                                          93       93
Total mine concentrate shipped (tons) (3)                     4,395    4,308
Platinum grade in concentrate (ounce per ton) (3)              5.56     5.22
Palladium grade in concentrate (ounce per ton) (3)            17.19    17.09
Total cash costs per ounce - net of credits (Non-GAAP) (2)  $   546 $    498
Total cash costs per ton milled - net of credits (Non-GAAP)                 
 (2)                                                        $   275 $    229
                                                                            
                                                                            
                                                                            

 
Stillwater Mining Company                                                   
Key Operating Factors (Continued)                                           
(Unaudited)                                                                 
                                                                            
                                                          Three Months Ended
                                                               March 31,    
                                                          ------------------
(In thousands, except where noted)                          2014      2013  
                                                          --------  --------
OPERATING AND COST DATA FOR MINE PRODUCTION (Continued)                     
East Boulder Mine:                                                          
Ounces produced                                                             
Palladium                                                       32        27
Platinum                                                         9         8
                                                          --------  --------
Total                                                           41        35
                                                          ========  ========
Tons milled                                                    107       101
Mill head grade (ounce per ton)                               0.41      0.37
Sub-grade tons milled (1)                                       10        10
Sub-grade tons mill head grade (ounce per ton)                0.11      0.11
Total tons milled (1)                                          117       111
Combined mill head grade (ounce per ton)                      0.39      0.34
Total mill recovery (%)                                         90        90
Total mine concentrate shipped (tons) (3)                    2,906     2,852
Platinum grade in concentrate (ounce per ton) (3)             3.41      2.93
Palladium grade in concentrate (ounce per ton) (3)           11.52     10.00
Total cash costs per ounce - net of credits (Non-GAAP)                      
 (2)                                                      $    614  $    590
Total cash costs per ton milled - net of credits (Non-                      
 GAAP) (2)                                                $    215  $    184
                                                                            
(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 Ended 
                                                             March 31,      
(In thousands, except for average prices)                 2014       2013   
                                                       ---------- ----------
SALES AND PRICE DATA                                                        
Ounces sold                                                                 
Mine Production:                                                            
  Palladium (oz.)                                             100        101
  Platinum (oz.)                                               31         29
                                                       ---------- ----------
    Total                                                     131        130
                                                       ---------- ----------
PGM Recycling: (1)                                                          
  Palladium (oz.)                                              54         66
  Platinum (oz.)                                               32         42
  Rhodium (oz.)                                                 8          9
                                                       ---------- ----------
    Total                                                      94        117
                                                       ---------- ----------
By-products from Mine Production: (2)                                       
  Rhodium (oz.)                                                 1          1
  Gold (oz.)                                                    3          2
  Silver (oz.)                                                  2          2
  Copper (lb.)                                                176        214
  Nickel (lb.)                                                365        339
Average realized price per ounce (3)                                        
Mine Production:                                                            
  Palladium ($/oz.)                                    $      743 $      725
  Platinum ($/oz.)                                     $    1,431 $    1,628
    Combined ($/oz.)(4)                                $      907 $      926
PGM Recycling: (1)                                                          
  Palladium ($/oz.)                                    $      729 $      674
  Platinum ($/oz.)                                     $    1,410 $    1,607
  Rhodium ($/oz.)                                      $      857 $    1,122
    Combined ($/oz.)(4)                                $      980 $    1,043
By-products from Mine Production: (2)                                       
  Rhodium ($/oz.)                                      $    1,060 $    1,200
  Gold ($/oz.)                                         $    1,295 $    1,622
  Silver ($/oz.)                                       $       21 $       30
  Copper ($/lb.)                                       $     3.05 $     3.39
  Nickel ($/lb.)                                       $     5.81 $     6.43
Average market price per ounce (3)                                          
  Palladium ($/oz.)                                    $      745 $      739
  Platinum ($/oz.)                                     $    1,429 $    1,634
    Combined ($/oz.)(4)                                $      908 $      939
                                                                            
(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 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, the most comparable measure under GAAP, 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 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 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. 


 
                                                                            
                                                                            
Reconciliation of Non-GAAP Measures to Consolidated Costs of Revenues       
 (Unaudited)                                                                
                                                        Three Months Ended  
                                                            March 31,       
                                                     -----------------------
(In thousands, except per ounce and per ton data)       2014        2013    
                                                     ----------  ---------- 
Consolidated:                                                               
Total cash cost before by-product and recycling                             
 credits (Non-GAAP)                                  $   84,051  $   80,023 
Less: By-product credit                                  (6,681)     (7,509)
Less: Recycling income credit                            (3,167)     (6,032)
                                                     ----------  ---------- 
Total cash cost net of by-product and recycling                             
 credits (Non-GAAP)                                  $   74,203  $   66,482 
                                                                            
Divided by platinum/palladium ounces produced               131         127 
                                                                            
Total cash cost before by-product and recycling                             
 credits per ounce Pt/Pd produced (Non-GAAP)         $      643  $      629 
Less: By-product credit per ounce Pt/Pd produced            (51)        (59)
Less: Recycling income credit per ounce Pt/Pd                               
 produced                                                   (24)        (47)
                                                     ----------  ---------- 
Total cash cost net of by-product and recycling                             
 credits per ounce Pt/Pd produced (Non-GAAP)         $      568  $      523 
                                                                            
Divided by ore tons milled                                  295         313 
                                                                            
Total cash cost before by-product and recycling                             
 credits per ore ton milled (Non-GAAP)               $      285  $      256 
Less: By-product credit per ore ton milled                  (23)        (24)
Less: Recycling income credit per ore ton milled            (11)        (19)
                                                     ----------  ---------- 
Total cash cost net of by-product and recycling                             
 credits per ore ton milled (Non-GAAP)               $      251  $      213 
                                                                            
Reconciliation to consolidated costs of revenues:                           
Total cash cost net of by-product and recycling                             
 credits (Non-GAAP)                                  $   74,203  $   66,482 
Asset retirement costs                                      181         167 
Depletion, depreciation and amortization                 14,910      15,025 
Depletion, depreciation and amortization (in                                
 inventory)                                                 553        (753)
Change in product inventories                            (6,714)     (3,683)
Cost of PGM Recycling                                    90,706     116,862 
PGM Recycling - depreciation                                241         258 
By-product credit                                         6,681       7,509 
Profit from PGM Recycling (before bad debt expense                          
 and gain/loss on asset disposals)                        3,167       6,031 
                                                     ----------  ---------- 
Total consolidated cost of revenues                  $  183,928  $  207,898 
                                                     ==========  ========== 
Memo: Royalties, Taxes and Other included in Total                          
 consolidated cost of revenues                       $   12,013  $   11,692 
                                                                            
                                                                            
                                                                            
Stillwater Mining Company                                                   
Reconciliation of Non-GAAP Measures to Consolidated Costs of Revenues       
 (Continued)                                                                
 (Unaudited)                                                                
                                                                            
                                                        Three Months Ended  
                                                            March 31,       
                                                     -----------------------
(In thousands, except per ounce and per ton data)       2014        2013    
                                                     ----------  ---------- 
Stillwater Mine:                                                            
Total cash cost before by-product and recycling                             
 credits (Non-GAAP)                                  $   55,228  $   55,205 
Less: By-product credit                                  (4,016)     (4,665)
Less: Recycling income credit                            (2,170)     (4,397)
                                                     ----------  ---------- 
Total cash cost net of by-product and recycling                             
 credits (Non-GAAP)                                  $   49,042  $   46,143 
                                                                            
Divided by platinum/palladium ounces produced                90          93 
                                                                            
Total cash cost before by-product and recycling                             
 credits per ounce Pt/Pd produced (Non-GAAP)         $      615  $      595 
Less: By-product credit per ounce Pt/Pd produced            (45)        (50)
Less: Recycling income credit per ounce Pt/Pd                               
 produced                                                   (24)        (47)
                                                     ----------  ---------- 
Total cash cost net of by-product and recycling                             
 credits per ounce Pt/Pd produced (Non-GAAP)         $      546  $      498 
                                                                            
Divided by ore tons milled                                  178         202 
                                                                            
Total cash cost before by-product and recycling                             
 credits per ore ton milled (Non-GAAP)               $      310  $      274 
Less: By-product credit per ore ton milled                  (23)        (23)
Less: Recycling income credit per ore ton milled            (12)        (22)
                                                     ----------  ---------- 
Total cash cost net of by-product and recycling                             
 credits per ore ton milled (Non-GAAP)               $      275  $       29 
                                                                            
Reconciliation to costs of revenues:                                        
Total cash cost net of by-product and recycling                             
 credits (Non-GAAP)                                  $   49,042  $   46,143 
Asset retirement costs                                      169         155 
Depletion, depreciation and amortization                 11,385      11,609 
Depletion, depreciation and amortization (in                                
 inventory)                                                 372        (600)
Change in product inventories                            (4,050)     (2,114)
By-product credit                                         4,016       4,665 
Profit from PGM Recycling (before bad debt expense                          
 and gain/loss on asset disposals)                        2,170       4,397 
                                                     ----------  ---------- 
Total cost of revenues                               $   63,104  $   64,255 
                                                     ==========  ========== 
Memo: Royalties, Taxes and Other included in Total                          
 cost of revenues                                    $    7,933  $    8,248 
                                                                            
                                                                            
                                                                            
Stillwater Mining Company                                                   
Reconciliation of Non-GAAP Measures to Consolidated Costs of Revenues       
 (Continued)                                                                
 (Unaudited)                                                                
                                                                            
                                                        Three Months Ended  
                                                            March 31,       
                                                     -----------------------
(In thousands, except per ounce and per ton data)       2014        2013    
                                                     ----------  ---------- 
East Boulder                                                                
Total cash cost before by-product and recycling                             
 credits (Non-GAAP)                                  $   28,823  $   24,817 
Less: By-product credit                                  (2,665)     (2,844)
Less: Recycling income credit                              (997)     (1,634)
                                                     ----------  ---------- 
Total cash cost net of by-product and recycling                             
 credits (Non-GAAP)                                  $   25,161  $   20,339 
                                                                            
Divided by platinum/palladium ounces produced                41          34 
                                                                            
Total cash cost before by-product and recycling                             
 credits per ounce Pt/Pd produced (Non-GAAP)         $      703  $      719 
Less: By-product credit per ounce Pt/Pd produced            (65)        (82)
Less: Recycling income credit per ounce Pt/Pd                               
 produced                                                   (24)        (47)
                                                     ----------  ---------- 
Total cash cost net of by-product and recycling                             
 credits per ounce Pt/Pd produced (Non-GAAP)         $      614  $      590 
                                                                            
Divided by ore tons milled                                  117         111 
                                                                            
Total cash cost before by-product and recycling                             
 credits per ore ton milled (Non-GAAP)               $      247  $      225 
Less: By-product credit per ore ton milled                  (23)        (26)
Less: Recycling income credit per ore ton milled             (9)        (15)
                                                     ----------  ---------- 
Total cash cost net of by-product and recycling                             
 credits per ore ton milled (Non-GAAP)               $      215  $      184 
                                                                            
Reconciliation to costs of revenues:                                        
Total cash cost net of by-product and recycling                             
 credits (Non-GAAP)                                  $   25,161  $   20,339 
Asset retirement costs                                       12          12 
Depletion, depreciation and amortization                  3,525       3,416 
Depletion, depreciation and amortization (in                                
 inventory)                                                 181        (153)
Change in product inventories                            (2,743)     (1,569)
By-product credit                                         2,665       2,844 
Profit from PGM Recycling (before bad debt expense                          
 and gain/loss on asset disposals)                          997       1,634 
                                                     ----------  ---------- 
Total cost of revenues                               $   29,798  $   26,523 
                                                     ==========  ========== 
Memo: Royalties, Taxes and Other included in Total                          
 cost of revenues                                    $    4,080  $    3,444 
                                                                            
PGM Recycling and Other: (1)                                                
Cost of open market purchases                        $       79  $        - 
Cost of PGM Recycling                                    90,706     116,862 
PGM Recycling - depreciation                                241         258 
                                                     ----------  ---------- 
Total cost of revenues                               $   91,026  $  117,120 
                                                     ==========  ========== 
                                                                            
(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 
(Unaudited)  
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 Mined 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  
                                                            March 31,       
                                                     -----------------------
(In thousands, except $/oz.)                            2014        2013    
                                                     ----------  ---------- 
All-In Sustaining Costs                                                     
Total cash cost net of by-product and recycling                             
 credits (Non-GAAP)                                  $   74,203  $   66,482 
Add: Recycling income credit                              3,167       6,031 
                                                     ----------  ---------- 
                                                     $   77,370  $   72,513 
                                                                            
Consolidated Corporate General & Administrative                             
 costs                                               $    9,604  $   15,187 
Less: Depreciation and amortization included in                             
 Consolidated Corporate General & Administrative                            
 costs                                                     (112)        (81)
Less: General & Administrative Costs in Foreign                             
 Subsidiaries                                            (1,856)     (1,512)
Add: Marketing costs                                        151       1,727 
                                                     ----------  ---------- 
                                                     $    7,787  $   15,321 
                                                                            
Total Capitalized Costs accrued                      $   24,674  $   28,447 
Less: Capital associated with expansion projects         (6,799)     (8,891)
                                                     ----------  ---------- 
Total Capital incurred to sustain existing                                  
 operations                                          $   17,875  $   19,556 
                                                                            
                                                     ----------  ---------- 
All-In Sustaining Cost (Non-GAAP)                    $  103,032  $  107,390 
                                                     ==========  ========== 
                                                                            
Mined ounces produced                                     130.7       127.1 
                                                                            
                                                     ----------  ---------- 
All-In Sustaining Cost per Mined Ounce ($/oz.) (Non-                        
 GAAP)                                               $      788  $      845 
                                                     ----------  ---------- 

  
INVESTOR CONTACT: 
Mike Beckstead
(406) 373-8971 
 
 
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