Stillwater

Mining
Company
August 2012
Forward-Looking Statements

Some statements contained in this presentation are forward-looking within the

meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and
Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and,
therefore, involve uncertainties or risks that could cause actual results to differ
materially. Additional information regarding factors which could cause results to
differ materially is found in the section entitled “Risk Factors” in the Company’s
2011 Annual Report on Form 10-K and subsequent quarterly filings with the U.S.
Securities and Exchange Commission.
The Company intends that the forward-looking statements contained herein be
subject to the above-mentioned statutory safe harbors. Investors are cautioned
not to put undue reliance on forward-looking statements. The Company
disclaims any obligation to update forward-looking statements.

2
 Stillwater Mining Company

Largest producer of palladium, platinum and associated metals

(PGMs) in North America
Integrated producer (mining, smelting, refining) with a growing
recycling business
Two mining operations in the J-M Reef located in Montana
Substantial development opportunities adjacent to existing mines –
Blitz and Graham Creek projects
Marathon project - advanced stage PGM-copper development in
Ontario, Canada
Altar project - copper-gold exploration project in the San Juan
province of Argentina

NYSE: SWC TSX: SWC.U

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Stillwater Mining Company

4
Stillwater Operations

Stillwater Mine East Boulder Mine

5
 Proven and Probable Reserves

STILLWATER MINE EAST BOULDER MINE TOTAL MONTANA MINES

ORE AVERAGE CONTAINED SALEABLE ORE AVERAGE CONTAINED SALEABLE ORE AVERAGE CONTAINED SALEABLE
TONS GRADE OUNCES OUNCES TONS GRADE OUNCES OUNCES TONS GRADE OUNCES OUNCES
(000's) (OZ/TON) (000'S) (000'S) (000's) (OZ/TON) (000'S) (000'S) (000's) (OZ/TON) (000'S) (000'S)
As of December 31, 2011
Proven Reserves 2,782 0.62 1,711 1,401 2,228 0.41 907 767 5,010 0.51 2,618 2,168
Palladium 0.48 1,335 1,087 0.32 710 595
Platinum 0.14 376 314 0.09 197 172
Probable Reserves 12,262 0.60 7,374 6,039 25,207 0.40 9,988 8,449 37,469 0.46 17,362 14,488
Palladium 0.47 5,753 4,684 0.31 7,817 6,551
Platinum 0.13 1,621 1,355 0.09 2,171 1,898
Total Proven and Probable
Reserves (1) 15,044 0.60 9,085 7,440 27,435 0.40 10,895 9,216 42,479 0.47 19,980 16,656
Palladium 0.47 7,087 5,770 0.31 8,527 7,146
Platinum 0.13 1,997 1,669 0.09 2,368 2,070

Nearly 20 million oz of proven and probable PGM ore reserves

• Implies a 35-40 year reserve life – assuming production of 500k oz/year
Average proven and probable ore reserve grade of 0.47 oz/ton

(1) See appendix for footnote

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Columbus Smelter and Refinery

Metallurgical Complex

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Development Projects

Graham Creek
• Adjacent to existing East Boulder Mine

Blitz
• Adjacent to existing Stillwater Mine

Marathon PGM-copper project

• North of Lake Superior in Ontario Canada

Altar copper-gold project

• San Juan province of Argentina

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Graham Creek and Blitz Projects - Montana
Opportunities adjacent to existing mines
Estimated potential resources based on limited surface drilling
• Graham Creek
Up to 6 million additional tons of resource could grade ~0.4 oz/ton
$8 million of capex over 5 years
• Blitz
Up to 9.5 million additional tons of resource could grade ~0.7 oz/ton
$180 million of capex over about 5 years
Note: Both opportunities are subject to exploration and no resources or reserves have been identified.

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 Marathon PGM-Copper Project
Reserve(1) Size (Tonnes) Pd (oz000) Pd (g/t) Pt (oz000) Pt (g/t) Cu (Mlb) Cu (%)
Proven 76,461,000 2,237 0.910 625 0.254 452 0.268
Probable 14,986,000 209 0.435 71 0.147 46 0.138
Total 91,447,000 2,447 0.832 696 0.237 497 0.247

 Marathon PGM-copper project is an advanced stage development project in northwest Ontario

• Projected to support mining of ~200,000 ounces of PGMs and 37 million pounds of copper annually
• Anticipate copper and by-product revenues will fund total cost of operations
• Diversifies Stillwater’s asset and commodity bases
• Estimated pre-production capital costs
of ~$550-$650 million

 April 2012 – Stillwater and Mitsubishi executed

buy-in agreement
• Mitsubishi acquired a 25% interest for $81.25 million
• Brings relationships with project financing sources

 July 2012 – Environmental Impact Statement

(EIS) submitted to government panel for
public review

(1) The mineral reserves estimate is effective as of November 24, 2009—based on an independent study performed by a third party. The estimated ounces of proven and probable reserves
include mining losses but do not include processing losses. Table tonnages are reported in metric tonnes.
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Marathon PGM-Copper Project

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 Altar Project
Resource (in-pit)(1) Size (Million t) Cu Equivalent Grade(2) Copper (Billion lbs) Gold (oz)
Measured and Indicated 802 0.44% 7.41 1,530,000
Inferred 465 0.44% 4.32 880,000
 Stillwater acquisition of Peregrine Metals closed in October 2011
 Potential to become a significant, large scale copper and gold mine in Argentina
 Attractiveness of Altar
• Strategic in size, significant scale
• Porphyry copper deposit with meaningful gold production
• Exploration upside
 Prospective land package
 Resource remains open in all directions and at depth
 Additional discrete target (“QDM”) with gold potential
on the property
• Favorable mining region
 Project is in close proximity to a number of large scale mines

 Exploration drilling complete for the 2011-2012 drilling season – 27,000 meters
 Updated exploration drill results released on August 8, 2012
(1) Measured: 491 Mt @` 0.45% CuEq; Indicated: 311 Mt @ 0.41% CuEq; Inferred: 465 Mt @ 0.44% CuEq. The mineral resource is effective as of March 21, 2011—based on an
independent study performed by a third party.
(2) The copper equivalent (“CuEq”) calculation is based on a copper price of US$2.80/lb and a gold price of US$850/oz.
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Altar Property

2 km

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 Altar Copper-Gold Project – Drilling Progress
Pre 2012 Drilling

All pre 2012 drilling

59,600 meters of
delineation drilling
153 core holes

All Drilling Including 2012

2012 drilling season

27,300 meters of
delineation drilling
70 new or deepened
core holes Deep Central Zone Altar East Zone
Existing Holes Deepened Drilling
Surrounding
Surrounding Hole ALD-43
Hole ALD-148

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 Annual Consolidated Operating Performance

(1)
Fiscal year ended December 31 Guidance
2008 2009 2010 2011 2012
Ounce Production 498,900 529,900 485,100 517,900 500,000

Net Income ($115.8) m ($8.7) m $50.4 m $144.3 m -

Cash & Investments $180.8 m $201.2 m $208.4 m $158.6 m -

Total Cash Cost/Oz. $405 $360 $397 $420 $500

EBITDA $71.3 m $76.6 m $126.8 m $220.6 m -

(2)
Capital Expenditures $82.3 m $39.5 m $50.3 m $104.1 m $135 m

(1) Guidance as of August 8, 2012

(2) Includes $2.2 million in payables at 12/31/2011
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 Second Quarter 2012 Results

Quarter ended Six months ended Guidance (1)

06/30/11 06/30/12 06/30/11 06/30/12 2012
Ounce Production 142,700 133,400 273,800 254,200 500,000

(2)
Net Income $42.7 m $18.2 m $78.9 m $20.6 m -

Cash & Investments $228.1 m $255.1 m $254.9 m $255.1 m -

Total Cash Cost/Oz. $384 $454 $410 $482 $500

EBITDA $32.5 m $30.5 m $121.9 m $60.5 m -

(3)
Capital Expenditures $23.1 m $36.6 m $46.3 m $59.3 m $135 m

(1) Guidance as of August 8, 2012

(2) Net income attributable to common stockholders
(3) Includes $2.2 million in payables at 6/30/2012
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Detail of 2012 Capital Guidance

(Millions) 2012 Capital

Budget
Montana Operations:
Stillwater Mine $ 58.3
East Boulder Mine $ 19.4
Processing & Other $ 12.3
Blitz and Graham Creek $ 23.4
Marathon Project $ 21.3
Total Capital $ 134.7
Exploration (Altar and Marathon) $ 26.6
Total Capital and Exploration $ 161.3

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 Corporate Responsibility

 First Corporate Sustainability Report published this year

 Employee safety & well-being
 CORESafety initiative
 Environmental protection
 Sustainable mining practices
 Community programs
• Education/scholarships
• Emergency services
• Medical and health services
 Good Neighbor Agreement
• Year 2000 legal agreement between Stillwater Mining and local NGOs
• Model for the mining industry
• Third-party independent environmental oversight
• Forum for input on decisions; involved in short and long-term planning

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Marketing Palladium

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 Markets We Serve

2011 Palladium Demand 2011 Platinum Demand by

by End-Market End-Market

Medical &
Jewelry Biomedical
Chemical Other
6% Other 3% Petroleum
5% 5%
1% Electrical 3%
Dental 6% 3%

Glass 7%

Electrical
Chemical 6% Auto Catalysts
15% Auto Catalysts 41%
67%
Jewelry
32%

Palladium: 9,015k oz. gross demand Platinum: 7,635k oz. gross demand

Source: Johnson Matthey PLC “Platinum 2012” – Gross demand excludes net investment

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 Palladium/Platinum Projected Supply Deficit

1.5
Palladium
Platinum
1.0

0.5

0.0
Millions of Ounces

-0.5

-1.0

-1.5

-2.0

-2.5

-3.0
2005 2006 2007 2008 2009 2010 2011 2012E 2013F 2014F 2015F 2016F 2017F 2018F 2019F 2020F

Source: SFA (Oxford) Ltd. Projections do not include a drawdown of above ground stocks or changes to PGM prices.

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 PGM Supply Constrained – Demand Increasing
14,000

12,000
Platinum
10,000

8,000

6,000 Russian inventory

4,000 exports ~112k oz.
2,000 so far in 2012
-

Primary Recycling Demand 14,000

12,000

10,000

8,000

6,000

4,000

2,000
Palladium
-

Primary Recycling Russian Demand

Source: SFA (Oxford) Ltd.

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Global Vehicle Production

120 16000

15000
110
Global vehicle production 14000

Troy Ounces, thousands

rates at record levels from
100
2010 onward 13000
Vehicles, Millions

12000
90
11000
80
10000

70 9000

8000
60
7000

50 6000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

LD Vehicles Heavy Duty Diesel Off Road Diesel PGM Demand

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Catalytic Converters

Technology/Price/Demand
Estimated Historical Migration toward Palladium Use
Light Duty Gasoline Light Duty Diesel
Pd Content in PGM Demand Pd Content in PGM Demand
2007 70% 2007 2%
2009 80% 2009 5%
2011 85% 2011 20%

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 PGM ETF Investment

Source: Mitsui and Co. Precious Metals, Inc.

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 Palladium/Platinum Price Rerating
Platinum and Palladium Market Price
January 1, 2009 – August 10, 2012
$2,000

$1,800

$1,600
Platinum
$1,400

$1,200

$1,000
Palladium
$800

$600

$400

$200

$0

Pd/Pt
Ratio 20% 25% 28% 30% 45% 45% 40% 41%
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Historical Ratio of Palladium to Platinum Price

100%

90%

80%

70%

60%
Structural Shift in Palladium Market
50%

40%

30%

20%

10%

0%

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Key Drivers for the Structural Shift

Events during 2009/2010 that drove the change in the Pd to Pt price ratio:
 Sales out of the Russian government’s strategic palladium stockpile began to
decline, moving the market toward a palladium deficit;
 Technological progress in catalytic converter design allowed the ability to
substitute palladium for platinum on a one-for-one basis in gasoline catalytic
converters and in some stages of diesel catalytic converters;
 Toyota became the last of the majors to adopt palladium as the primary
catalyst in its automotive emission treatment systems;
 Growth in automobile production in emerging economies, and particularly in
China, for the first time surpassed new vehicle production in North American
and in Western Europe;
 Catalytic converters were mandated on virtually all gasoline and diesel-
powered vehicles worldwide.

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 Value of Palladium Price Rerating To Stillwater

Back of Envelope Calculation for 2011

Palladium/Platinum ratio – 2009 Averaged 22%

Palladium/Platinum ratio – 2011 Averaged 43%

Increase of 21%

An increase of 21% at 2011 Platinum Price of $1,720/ounce = $360/oz

Less 10% for royalties and excise taxes = net EBITDA benefit of $324/oz

398,900 ounces palladium produced @ $324/ounce = ~$130 million

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 Break-Even Comparison – JPM 2012

Cost per
Pt Ounce
(USD)

South African analysis provided by JP Morgan Cazenove and represents JP Morgan estimates. SWC has been inserted based on 1H 2012 performance
annualized. Pricing and exchange rate assumptions used by JP Morgan were: Pt: $1,414; Pd: $576; Rh: $1,225; Ni: $15,904; USD:ZAR X-rate: 8.2868

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 Break-Even Comparison – JPM 2012

Cost per
Pt Ounce
(USD)

South African analysis provided by JP Morgan Cazenove and represents JP Morgan estimates. SWC has been inserted based on 1H 2012 performance
annualized. Pricing and exchange rate assumptions used by JP Morgan were: Pt: $1,414; Pd: $576; Rh: $1,225; Ni: $15,904; USD:ZAR X-rate: 8.2868

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Platinum Equivalent Costing Methodology

Derivation of Platinum Equivalent Cost per Ounce:

(J.P. Morgan method)

The sum of
 Total operating costs incurred in mining
• Less credit for the market value of by-products and palladium produced
• Less credit for recycling income
 Plus royalties and production taxes incurred
 Plus capital expenditures in support of mining operations

Divided by total platinum ounces produced

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 Impact of Changing Pd:Pt Price Ratio

Total Cash Costs and Capex per Ounce

(2011 Cost Data)
$1,700
Exchange Rate: 1.00 USD = 7.84 ZAR
SWC
SWC
$1,500
S.South
Africa
Africa
Equilibrium: $1,350/Oz
Cost per Pt $1,300
Equivalent
Ounce (USD)
$1,100

Equilibrium: 38%
$900
Current: 42%

$700
25% 30% 35% 40% 45% 50% 55% 60% 65% 70% 75%
*Production and cost estimates for Pd:Pt Ratio
calendar year 2011; Metal prices
and exchange rate as of 4/20/12

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PGM Market Prices 2003 - 2011

$2,500
Platinum and Palladium Historical Market Price Trends
$2,250

$2,000

$1,750
Market Price per Ounce

$1,500 Platinum

$1,250

$1,000

$750

$500 Palladium

$250

$0
Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12

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Stillwater Key Investment Highlights

 Stillwater is the largest PGM producer in North America

• Provides commodity exposure without geopolitical risks associated with South Africa
and Russia, the major PGM producing countries
 Robust PGM industry fundamentals
• Strong demand growth outlook driven by increased auto build and increasing
environmental standards
• Significant supply side constraints, especially in South Africa
• Exhaustion of Russian government’s strategic palladium inventory
 Long-lived reserve base
 Diversifying and expanding operations
• Growing recycling business
• Development opportunities at existing mines - Blitz and Graham Creek projects
• Marathon PGM-copper project
• Opportunity with Peregrine Metals Ltd. acquisition -- Altar project
 Focused and experienced management team

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Appendix
 EBITDA Reconciliation

($ in millions, except where specified)

Fiscal year ended December 31, Second Quarter First Six Months
2007 2008 2009 2010 2011 2011 2012 2011 2012
Revenue $673.0 $855.7 $394.4 $555.9 $906.0 $222.6 $212.8 $392.7 $415.8

Operating income ($17.6) ($117.4) $4.3 $54.7 $155.2 $49.1 $13.6 $90.1 $15.4
(+) Loss/(gain) on disposal of PP&E (0.2) 0.2 0.7 (0.1) (0.1) (0.2) 0.3 (0.2) 0.3
(+) Impairment of PP&E – 67.3 – – – – – – –
(+) Loss on advances on inventory purchases – 26.0 0.5 0.6 0.6 0.2 0.2 0.3 0.3
(+) Loss on trade receivables – 3.4 0.6 – – – – – –
(+) Impairment of long-term investments – 3.4 0.1 – – – – – –
(+) Restructuring – 5.4 – – – – – – –
(+) Exploration – – – – 2.5 0.1 2.0 0.1 12.1
(+) Abandonment of non-producing property – – – – – – – – 2.8
Adjusted operating income (loss) (17.8) (11.7) 6.2 55.2 158.2 49.1 16.1 90.2 30.9
(+) Depreciation & amortization 82.5 83.0 70.4 71.6 62.4 15.7 14.9 31.7 29.5
EBITDA $64.7 $71.3 $76.6 $126.8 $220.6 $64.8 $30.9 $121.9 $60.5
EBITDA margin 9.6% 8.3% 19.4% 22.8% 24.3% 29.1% 14.5% 31.0% 14.5%
Source: Company filings.

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 Cash Costs Reconciliation

($ in millions, except where specified)

Fiscal year ended December 31, Second Quarter First Six Months
2007 2008 2009 2010 2011 2011 2012 2011 2012
Production (000s of oz) 537 499 530 485 518 143 133 274 254

Total consolidated costs of revenues $663 $835 $361 $465 $692 $160 $183 $282 $356
(–) Profit from PGM recycling (26) (33) (6) (12) (19) (4) (4) (7) (6)
(–) PGM recycling depreciation (0) (0) (0) (0) (1) (0) (0) (1) (1)
(–) Cost of PGM recycling (309) (448) (76) (157) (359) (80) (93) (125) (177)
(–) By-product credits (54) (37) (23) (28) (36) (8) (7) (16) (16)
(–) Change in product inventories (12) (33) 7 (3) (1) 1 (4) 8 (4)
Total production costs $262 $284 $263 $265 $276 $70 $75 $143 $152
(–) D&A in inventory (1) 1 (1) (0) 3 1 0 1 0
(–) D&A (82) (83) (70) (71) (61) (15) (15) (31) (29)
(–) Asset retirement costs (1) (1) (1) (1) (1) 0 0 (0) (0)
Total cash costs $178 $201 $191 $193 $217 $55 $61 $112 $123

Cash costs in $ per oz $330 $405 $360 $397 $420 $384 $454 $410 $482
Source: Company filings

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 Footnote

(1) Reserves are defined as that part of a mineral deposit that could be economically and legally
extracted or produced at the time of the reserve determination. Proven ore reserves are defined as
ore reserves for which (a) quantity is computed from dimensions revealed in outcrops, trenches,
workings or drill holes; grade and/or quality are computed from the results of detailed sampling and
(b) the sites for inspection, sampling and measurement are spaced so closely and the geologic
character is so well defined that size, shape, depth and mineral content of ore reserves are well-
established. Probable ore reserves are defined as ore reserves for which quantity and grade and/or
quality are computed from information similar to that used for proven ore reserves, but the sites for
inspection, sampling, and measurement are farther apart or are otherwise less adequately spaced.
The degree of assurance, although lower than that for proven ore reserves, is high enough to
assume continuity between points of observation. The proven and probable ore reserves reflect
variations in the PGM content and structural impacts on the J-M Reef. These variations are the result
of localized depositional and structural influences on the distributions of economic PGM
mineralization. Geologic domains within the reserve boundaries of the two mines include areas
as little as 0% and up to 100% of the J-M Reef is economically mineable. The ore reserve estimate
gives effect to these assumptions.

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