Investor

Presentation
May 2013
Disclaimer
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 COMPANYS ANNUAL REPORT ON FORM 10K FOR THE YEAR
ENDED DECEMBER 31, 2012 AND IN SUBSEQUENT FILINGS WITH THE SEC. 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.
THIS PRESENTATION USES THE TERM RESOURCES TO DESCRIBE THOSE QUANTITIES OF PLATINUM-GROUP METALS,
COPPER, GOLD AND OTHER METALS THAT ARE POTENTIALLY RECOVERABLE FROM ACCUMULATIONS YET TO BE
DISCOVERED. BECAUSE OF THE UNCERTAINTY OF COMMERCIALITY AND LACK OF SUFFICIENT EXPLORATION DRILLING,
THE RESOURCES CANNOT BE CLASSIFIED AS RESERVES. INVESTORS ARE ADVISED THAT THE SECURITIES AND EXCHANGE
COMMISSION ("SEC") DOES NOT RECOGNIZE RESOURCES. ONLY PROVEN AND PROBABLE RESERVES MAY BE DISCLOSED TO
INVESTORS IN AN SEC FILING. RESOURCES HAVE A GREAT AMOUNT OF UNCERTAINTY AS TO THEIR EXISTENCE. THERE IS
NO CERTAINTY THAT ANY PORTION OF THE RESOURCES WILL BE DISCOVERED AND, IF DISCOVERED, WHETHER THEY
COULD BE DEVELOPED ECONOMICALLY. THEREFORE, INVESTORS ARE CAUTIONED NOT TO ASSUME THAT ALL OR ANY
PART OF OUR RESOURCES EXIST, OR THAT THEY CAN BE DEVELOPED ECONOMICALLY. ACCORDINGLY, INFORMATION
CONCERNING DESCRIPTIONS OF RESOURCES CONTAINED IN THIS PRESENTATION IS NOT COMPARABLE TO INFORMATION
INCLUDED IN SEC FILINGS.
THIS PRESENTATION CONTAINS FINANCIAL MEASURES THAT HAVE NOT BEEN PREPARED IN ACCORDANCE WITH U.S.
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (NON-GAAP FINANCIAL MEASURES) INCLUDING EBITDA, ADJUSTED
EBITDA AND CASH COSTS. THE NON-GAAP FINANCIAL MEASURES SHOULD NOT BE CONSIDERED A SUBSTITUTE FOR
FINANCIAL MEASURES PREPARED IN ACCORDANCE WITH U.S. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP).

1
70%
80%
85%90%
90%100%
2%
5%
20%30% 20%30%
0%
20%
40%
60%
80%
100%
2007 2009 2011 2012
P
d

s
u
b
s
t
i
t
u
t
i
o
n

f
o
r

P
t
Light Duty Gasoline Light Duty Diesel
Auto Catalysts
69%
Electrical
13%
Dental
6%
Chemical
6%
Jewelry
5%
Other
1%
Palladiums Position as PGM-of-Choice for Auto
Catalytic Converters Strengthened
Auto Remains Palladiums Key End-Market

Palladium: 9,340k oz, gross demand
(1)
Palladium Usage Growing in Both Gasoline and Diesel Auto Catalysts
Strong Global Car Build Growth Rate
Strong forecasted auto production and palladiums dominance as the metal-of-choice in auto
catalysts will drive future demand
(light duty vehicles in millions) China CAGR 20112020E: 7%
2012E Palladium Demand by End-Market

Source: Johnson Matthey.
(1) Excludes investment demand. Source: SFA (Oxford) Ltd, LMC Automotive.
Source: Company estimates.
68
59
74
77
81 83
89
96
102
107
110
114
118
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
E
2
0
1
3
F
2
0
1
4
F
2
0
1
5
F
2
0
1
6
F
2
0
1
7
F
2
0
1
8
F
2
0
1
9
F
2
0
2
0
F
United States Western Europe Japan China Rest of the World
2
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
Apr-07 Oct-07 Apr-08 Oct-08 Apr-09 Oct-09 Apr-10 Oct-10 Apr-11 Oct-11 Apr-12 Oct-12 Apr-13
T
r
o
y

O
u
n
c
e
s
Investor Demand Remains Strong
Source: Bloomberg as of 4/1/13.
ETF Investment (April 2007 March 2013)

Palladium has solidified its position as a metal sought after by investors
Gold CAGR: 24%
Silver CAGR: 25%
Platinum CAGR: 169%
3
Palladium's Re-Rating to Platinum is Underway
0%
10%
20%
30%
40%
50%
60%
Jan-03 Dec-03 Nov-04 Oct-05 Sep-06 Aug-07 Jul-08 Jun-09 May-10 Apr-11 Mar-12 Feb-13 Apr-13
Ratio of Palladium Price to Platinum Price Since 2003
Source: Bloomberg as of 4/1/13.
Structural Shift in PGM Market
Mkt. Average: 26.4%
Mkt. Average: 42.4%
4
We believe our marketing efforts have played a critical role in the re-rating of Palladium since 2008. The
re-rating translates into ~$120 million of additional annual cash flow for Stillwater
Case for Palladium to Migrate to Par with
Platinum Exists
Supply Constraints and Favorable Demand Dynamics
Drive Palladium Deficit

South African Production Remains Challenged

Russian Stockpile Shipments Declining
Favorable supply / demand dynamics are expected to lead to higher palladium prices going forward
Source: Johnson Matthey, SFA (Oxford) Ltd., and Wall Street research.
(1) The projections include the expected impact of recycling but do not include a drawdown of above-ground stocks or changes to PGM prices.
South Africa accounts for ~42% of global palladium
production importantly, all as a by-product to platinum
Conditions continue to deteriorate
Labor unrest
Rising costs
Challenging mining conditions
Persistent power shortages
Companies are curtailing production
Anglo American Platinum taking action to close
uneconomic mines
1,000
775
250 286
2010 2011 2012E 2013 (to date)
Palladium Surplus/Deficit
(1)
Muted supply side response
Mine disruptions have persisted
Limited number of new projects scheduled to
come online
Challenging to increase production at existing
mines
Palladium can now substitute one-for-one for platinum
Recycling is insufficient to bridge projected deficit
(000s of oz)
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
2
0
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
E
2
0
1
3
F
2
0
1
4
F
2
0
1
5
F
2
0
1
6
F
2
0
1
7
F
2
0
1
8
F
2
0
1
9
F
2
0
2
0
F
Palladium Platinum
5
Long-Lived Palladium Reserves in Montana
Over 40 years of Proven & Probable Reserves in Montana
(1)
Source: Company.
(1) Based on current mining rates.
Montana proven and probable reserves were increased 8.6% y-o-y to an all-time high in 2012
6
7,136
9,638
16,774
2,005
2,676
4,681
9,141
12,314
21,455
0
5,000
10,000
15,000
20,000
25,000
Stillwater Mine East Boulder Mine Total Montana Mines
P
r
o
v
e
n

a
n
d

P
r
o
b
a
b
l
e

R
e
s
e
r
v
e
s

(
c
o
n
t
a
i
n
e
d

o
u
n
c
e
s

0
0
0
s
)
Palladium Platinum
$-
$500
$1,000
$1,500
$2,000
$2,500
$3,000
- 1,000 2,000 3,000 4,000 5,000 6,000 7,000
Cash Cost Position Among the Best in the Industry
Average South African
Platinum-Equivalent
Break-Even Price:
$1,477/oz
Platinum Price: $1,487/oz
Cash Cost Position of South African Producers Compared to Stillwater
Stillwater Mining Company
Cost per
Pt Equivalent
oz (USD)
Cumulative Platinum Equivalents (000 oz)
Note: Production and cost estimates are for calendar year 2012 and include SG&A. Metal prices and exchange rate of 1 USD = 9.0 ZAR as of 5/2/13.
Source: Company estimates, public filings.
7
Platinum Equivalent Total Cash Costs and Capital Expenditures per Ounce
Montana Projects Will Drive Increased PGM
Production
Montana PGM Production Profile to Increase Approximately 20% in the Coming Years

Source: Company estimates. 8
500 500
530
550
575
600
400
450
500
550
600
2013E 2014E 2015E 2016E 2017E Long Term
P
G
M

P
r
o
d
u
c
t
i
o
n

(
0
0
0

o
z
s
)

Montana Projects Leverage Existing Infrastructure
Growing Recycling Business
9
Substantial growth in volumes processed in 2012 continuing into 2013
Low capital requirements

Stable and High Return Business

Guidance
03/31/12 03/31/13 2013
Ounce Production 120,800 127,100 500,000
Net Income $5.9 m $14.6 m -
Cash & Investments $151.0 m $462.1 m -
Total Cash Cost/Oz. $514 $523 $560
EBITDA $29.4 m $40.5 m -
Capital Expenditures $22.7 m $29.4 m $172.8 m
Quarter ended
First Quarter 2013 Results
(1)
(1) Guidance as of April 30, 2013
10
(
Appendix
EBITDA Reconciliation
2008 2009 2010 2011 2012 2012 2013
Revenue $855.7 $394.4 $555.9 $906.0 $800.2 $203.1 $250.6
Operating income ($117.4) $4.3 $54.7 $155.2 $50.4 $1.8 $19.2
(+) Loss/(gain) on disposal of PP&E 0.2 0.7 (0.1) (0.1) 0.4 (0.0) 0.0
(+) Impairment of PP&E 67.3
(+) Loss on advances on inventory purchases 26.0 0.5 0.6 0.6 0.6 0.1
(+) Loss on trade receivables 3.4 0.6
(+) Impairment of long-term investments 3.4 0.1 0.6
(+) Restructuring 5.4
(+) Exploration 2.5 15.0 10.1 6.0
(+) Abandonment of non-producing property 2.8
Adjusted operating income (loss) (11.7) 6.2 55.2 158.2 66.4 14.8 25.8
(+) Depreciation & amortization 83.0 70.4 71.6 62.4 58.0 14.7 15.3
EBI TDA $71.3 $76.6 $126.8 $220.6 $124.4 $29.5 $41.1
EBITDA margin 8.3% 19.4% 22.8% 24.3% 15.6% 14.5% 16.4%
First Quarter Fiscal year ended December 31,
($ in millions, except where specified)
Source: Company filings.
12
Cash Costs Reconciliation
2007 2008 2009 2010 2011 2012 2012 2013
Production (000s of oz) 537 499 530 485 518 514 121 127
Total consolidated costs of revenues $663 $835 $361 $465 $692 $682 $173 $208
() Profit from PGM recycling (26) (33) (6) (12) (19) (11) (3) (6)
() PGM recycling depreciation (0) (0) (0) (0) (1) (1) (0) (0)
() Cost of PGM recycling (309) (448) (76) (157) (359) (335) (84) (117)
() By-product credits (54) (37) (23) (28) (36) (31) (9) (8)
() Change in product inventories (12) (33) 7 (3) (1) 3 (0) 4
Total production costs $262 $284 $263 $265 $276 $308 $77 $81
() D&A in inventory (1) 1 (1) (0) 3 (1) 0 1
() D&A (82) (83) (70) (71) (61) (57) (14) (15)
() Asset retirement costs (1) (1) (1) (1) (1) (1) (0) (0)
Total cash costs $178 $201 $191 $193 $217 $249 $62 $66
Cash costs in $ per oz $330 $405 $360 $397 $420 $484 $514 $523
First Quarter Fiscal year ended December 31,
($ in millions, except where specified)
Source: Company filings
13