Stillwater Mining (SWC) 11-K Annual report of employee stock purchases

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 11-K

þ ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED)

FOR THE FISCAL YEAR ENDED DECEMBER 31, 2004

OR

o TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)

FOR THE TRANSITION PERIOD FROM ______ TO ______

COMMISSION FILE NUMBER 0-12345

A. FULL TITLE OF THE PLAN AND THE ADDRESS OF THE PLAN, IF DIFFERENT FROM THAT OF THE ISSUER NAMED BELOW:

STILLWATER MINING COMPANY
401(K) PLAN

B. NAME OF ISSUER OF THE SECURITIES HELD PURSUANT TO THE PLAN AND THE ADDRESS OF ITS PRINCIPAL EXECUTIVE OFFICE:

STILLWATER MINING COMPANY
PO BOX 1330
536 EAST PIKE AVENUE
COLUMBUS, MT 59019

TABLE OF CONTENTS

Consent of KPMG LLP

REQUIRED INFORMATION

1.

Financial statements filed as a part of this annual report: Stillwater Mining Company 401(k) Plan — Financial Statements and Schedules, December 31, 2004 and 2003 (With Report of Independent Registered Public Accounting Firm), including the Statements of Net Assets Available For Benefits as of December 31, 2004 and 2003, the related Statement of Changes in Net Assets Available For Benefits for the years then ended, and the related Notes to Financial Statements for the years then ended, together with the Supplemental Schedules of Schedule H, line 4i — Schedule of Assets (Held at End of Year) December 31, 2004 and Schedule H, line 4j — Schedule of Reportable Transactions December 31, 2004.

2.

Exhibit filed as part of this annual report: Exhibit 23 — Consent of KPMG LLP, Independent Registered Public Accounting Firm.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

STILLWATER MINING COMPANY 401(K) PLAN

December 20, 2005	/s/ John R. Stark
Date	John R. Stark Vice President, Human Resources, Corporate Counsel and Secretary

STILLWATER MINING COMPANY
401(K) PLAN

Financial Statements and Schedule

December 31, 2004 and 2003

(With Report of Independent Registered Public Accounting Firm)

KPMG LLP
P.O. Box 7108
Billings, MT 59103

1000 First Interstate Center
401 N. 31st Street
Billings, MT 59101

Report of Independent Registered Public Accounting Firm

To the Administrator of the
     Stillwater Mining Company 401 (k) Plan:

We have audited the accompanying statements of net assets available for benefits of Stillwater Mining Company 401 (k) Plan (the “Plan”) as of December 31, 2004 and 2003 and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2004 and 2003, and the changes in net assets available for benefits for the years then ended in conformity with U.S. generally accepted accounting principles.

Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of Schedule H, line 4i — schedule of assets (held at end of year) as of December 31, 2004 and Schedule H, line 4j — schedule of reportable transactions for the year end December 31, 2004 are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedules are the responsibility of the Plan’s management. The supplemental schedules have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole.

Billings, Montana
December 9, 2005

KPMG LLP, a U.S. limited liability partnership, is the U.S.
Member firm of KPMG International, a Swiss cooperative

STILLWATER MINING COMPANY
401(K) PLAN

Statements of Net Assets Available for Benefits

December 31, 2004 and 2003

	2004		2003
Assets:
Investments (note 3):
Interest-bearing cash	$	2,398		—
Common stock fund		3,558,616		3,456,191
Mutual funds		17,329,351		13,905,115
Money market account		—		804,876
Common/collective trust fund		—		1,073,943
Guaranteed interest accounts		1,840,775		—
Participant loans		914,098		611,046
Total investments		23,645,238		19,851,171
Receivables:
Employer contributions		94,043		85,573
Participant contributions and loan repayments		85,448		74,348
Other		1,257		—
Total receivables		180,748		159,921
Total assets		23,825,986		20,011,092
Liability -
Excess contributions payable		3,472		—
Net assets available for benefits	$	23,822,514		20,011,092

See accompanying notes to financial statements.

STILLWATER MINING COMPANY
401(K) PLAN

Statements of Changes in Net Assets Available for Benefits

Years ended December 31, 2004 and 2003

	2004		2003
Investment income:
Net appreciation in fair value of investments (note 3)	$	2,625,672		4,744,489
Interest and dividends		81,185		187,601
Interest income on participant loans		47,879		52,077
Total investment income		2,754,736		4,984,167
Contributions:
Employer contributions:
Employer securities		1,161,628		1,050,414
Participant contributions		1,842,226		1,582,888
Participant rollovers		508,999		52,696
Total contributions		3,512,853		2,685,998
Deductions from net assets attributed to:
Distributions and withdrawals		3,380,591		1,370,781
Administrative expenses and other		58,838		46,424
Total deductions		3,439,429		1,417,205
Net increase before net transfers from other company plan		2,828,160		6,252,960
Net transfers from other company plan (note 1)		983,262		96,697
Net increase		3,811,422		6,349,657
Net assets available for benefits:
Beginning of year		20,011,092		13,661,435
End of year	$	23,822,514		20,011,092

See accompanying notes to financial statements.

STILLWATER MINING COMPANY
401(K) PLAN

Notes to Financial Statements

December 31, 2004 and 2003

(1)	Description of Plan
	On June 1, 1993, Stillwater Mining Company (the “Company”) established the Stillwater Mining Company 401(k) Plan (the “Plan”). The following description of the Plan provides general information only. Participants should refer to the Plan Document for a more complete description of the Plan’s provisions.

(a)	General
	The Plan is a defined contribution plan covering all non-union employees of the Company, as defined in the Plan Document, and is subject to the provisions of the Employee Retirement Income Security Act, as amended (“ERISA”). Employees are eligible to participate in the Plan at the beginning of the month following the employee’s date of hire.
(b)	Plan and Trust Administration
	The administration of the Plan is the responsibility of the Company. Effective October 1, 2004, the assets of the Plan are maintained in a trust fund that is administered under a trust agreement with Investors Bank and Trust Company (the “Trustee”). Prior to October 1, 2004, the assets of the Plan were maintained under a trust agreement with Smith Barney Corporate Trust Company.
(c)	Plan Amendment
	Effective January 1, 2004, the Plan was amended and restated. The Plan increased the maximum participant pre-tax “elective deferral contributions” to 60% of eligible compensation from 20%. The amendment and restatement also reflects certain provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA).
	Effective October 1, 2004, the Plan was amended and restated and a new trustee and recordkeeper were appointed.
(d)	Contributions
	During 2004, each participant has the option to make pre-tax “elective deferral contributions” to the Plan of not less than 1% nor more than 60% of eligible compensation as defined by the Plan Document. During 2003, each participant had the option to make pre-tax “elective deferral contributions” to the Plan of not less than 1% nor more than 20% of eligible compensation as defined by the Plan document. The Company contributes an amount equal to 100% of each participant’s elective deferral contribution, up to 6% of the participant’s compensation for the contribution period. The matching Company contribution may be made in Company common stock. During 2004 and 2003, all matching Company contributions were made in the form of Company common stock. Each participant also has the option to make after-tax contributions to the Plan of not less than 1% nor more than 10% of eligible compensation.
	The Company may make annual discretionary profit sharing contributions during each Plan year. Profit sharing contributions will be allocated to participants based on the ratio of each participant’s eligible compensation to the total compensation paid to all eligible participants for the Plan year. There were no discretionary contributions during the years ended December 31, 2004 or 2003, respectively

(Continued)

STILLWATER MINING COMPANY
401(K) PLAN

Notes to Financial Statements

December 31, 2004 and 2003

	During 2004, participants aged 50 and over made catch-up contributions totaling $25,456.
(e)	Participant Accounts
	Each participant’s account is credited with the participant’s contribution and allocation of (a) the Company’s matching contribution, (b) Plan earnings and losses, and (c) discretionary contributions by the Company and are charged with an allocation of administrative expenses. Allocations of Plan earnings and losses are based on individual participant account balances. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
(f)	Vesting
	Participants are at all times fully vested in their voluntary contributions plus actual earnings thereon. Vesting in employer contributions is based on years of continuous service. Participants become 100% cliff vested after three years of service.
(g)	Participant Loans
	Participant loans shall not exceed the lesser of: (a) $50,000 reduced by the excess of the highest outstanding balance of loans during the one year period ending on the day before the loan is made, over the outstanding balance of loans from the Plan on the date the loan is made; or (b) 50% of the participant’s vested balance. Participant loans bear an interest rate comparable to the rate charged by commercial lenders in the geographical area for similar loans. All participant loans must be repaid within five years, unless the loan is utilized by the participant for the purchase of a principal residence, in which case the term of the loan must be repaid over a reasonable period of time, not to exceed ten years. Interest rates on the participant loans outstanding at December 31, 2004 and 2003, respectively, ranged from 6% to 10%. Participant loans mature between January 2005 and November 2014.
(h)	Payment of Benefits
	Upon termination, retirement or death, participants or their beneficiaries may elect to receive an amount equal to the vested value of his or her account in either a lump-sum amount or in installments determined by the participant or their beneficiary.
(i)	Forfeitures
	Forfeitures of terminated participants’ nonvested accounts are retained in the Plan and used first to pay administrative expenses and then to reduce future employer matching contributions. At December 31, 2004 and 2003, forfeited nonvested accounts totaled $52,092 and $22,136, respectively. During 2004 and 2003, $81,062 and $54,478, respectively, of employer matching contributions were forfeited by employees who terminated before those amounts became vested. Net earnings related to forfeited funds in 2004 and 2003 totaled $556 and $3,817, respectively.
	The amount of forfeitures used to pay administrative expenses in 2004 and 2003 totaled $51,662 and $40,057, respectively.

2 (Continued)

STILLWATER MINING COMPANY
401(K) PLAN

Notes to Financial Statements

December 31, 2004 and 2003

(j)

Plan to Plan Transfers

Net transfers from other company plan includes $983,262 and $96,697 of net transfers from the Stillwater Mining Company Bargaining Unit 401(k) Plan for the years ended December 31, 2004 and 2003, respectively. The Stillwater Mining Company Bargaining Unit 401(k) Plan covers union employees of the Company (as defined by the Plan Document) and, therefore, transfers to and from this plan occur when the union membership status of an employee changes.

(2) Summary of Accounting Policies

(a)	Basis of Accounting
	The Plan’s financial statements are prepared on the accrual method of accounting.
(h)	Use of Estimates
	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
(c)	Risks and Uncertainties
	The Plan may invest in various types of investment securities. Investment securities are exposed to various risks, such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the statement of net assets available for plan benefits.
(d)	Investment Valuation and Income Recognition
	Plan investments in mutual funds and common stock are valued at fair value based on the market value or share price at the end of the year. Plan investments in common collective trust funds and the money market account were valued based on the values of the underlying investments at the end of the Plan year. The Plan’s guaranteed interest account is fully benefit-responsive and is recorded at contract value, which approximates fair value. Contract value represents contributions made under the contract, plus interest at a specified rate determined semi-annually (note 4). Participant loans are valued at principal amount. Purchases and sales of investments are recorded on the trade date.
	Dividends are recorded as of the ex-dividend date. Interest income is recorded on the accrual basis. The Plan presents in the statement of changes in net assets the net appreciation (depreciation) in the fair value of its investments, which consists of the realized gains (losses) and the unrealized appreciation (depreciation) of those investments.

3 (Continued)

STILLWATER MINING COMPANY
401(K) PLAN

Notes to Financial Statements

December 31, 2004 and 2003

(e)	Expenses of the Plan
	The Company may reimburse expenses incurred in the administration of the Plan at its discretion. Substantially all expenses are paid with forfeitures, although some expenses, including but not limited to audit fees, legal expenses and other administrative costs, are paid by the Company.
(f)	Payment of Benefits
	Benefits are recorded when paid.

(3)	Investments
	The following table presents the fair values of investments that represent 5 percent or more of the Plan’s net assets as determined by quoted market prices as of December 31:

	2004
	Number of
	shares,
	units or
	loans		Fair value
Stillwater Mining Company Stock Fund		487,498	$	3,558,616
Mutual Funds:
American Funds Growth Fund of America		123,566		3,348,639
Baron Growth Fund		71,038		3,187,468
Davis Large Cap Value Fund		282,040		2,941,685
American Funds EuroPacific Growth Fund		46,564		1,641,847
PIMCO Total Return Fund		144,375		1,540,901
T. Rowe Price Mid Cap Growth Equity II Fund		110,357		1,461,126
				14,121,666
Guaranteed interest account		182,430		1,840,775
Other investments less than 5% of the Plan’s net assets:
Participant loans		96		914,098
Other				3,210,083
			$	23,645,238

4 (Continued)

STILLWATER MINING COMPANY
401(K) PLAN

Notes to Financial Statements

December 31, 2004 and 2003

	2003
	Number of
	shares,
	units or
	loans		Fair value
Stillwater Mining Company Stock — Common Stock		361,148	$	3,456,191
Mutual Funds and Money Market Account:
Dreyfus Premier Core Value Fund		72,223		1,981,805
Janus Twenty Fund		40,666		1,470,875
Royce Premier		98,934		1,276,254
Dreyfus Appreciation Fund		33,071		1,228,240
Scudder International Fund		30,668		1,177,666
Janus Fund		47,528		1,115,473
				8,250,313
Common/Collective Trust Fund:
MCM Stable Value Portfolio		79,570		1,073,943
Other investments less than 5% of the Plan’s net assets:
Participant loans		89		611,046
Other				6,459,678
			$	19,851,171

During 2004 and 2003, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated in value as follows:

	2004		2003
Common stock	$	886,818		1,972,369
Mutual funds		1,708,965		2,739,390
Common/collective trust fund		29,889		32,730
	$	2,625,672		4,744,489

(4)	Investment Contract with Insurance Company
	In 2004, the Plan entered into an investment contract with Massachusetts Mutual Life Insurance Company (“Mass Mutual”). Mass Mutual maintains the contributions in a general account. Participants may direct the withdrawal or transfer of all or a portion of their investment at contract value.
	There are no reserves against contract value for credit risk of the contract issuer. The average yield and crediting interest rate was 4% for the period ending December 31, 2004. The crediting interest rate is based on a formula agreed upon by the issuer, but may not be less than 3%. Such interest rates are reviewed on a semi-annual basis for resetting.

5 (Continued)

STILLWATER MINING COMPANY
401(K) PLAN

Notes to Financial Statements

December 31, 2004 and 2003

(5)	Plan Termination
	Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. However, no such action may deprive any participant or beneficiary under the Plan of any vested right. In addition, in the event of Plan termination, participants will be 100% vested in their accounts.
(6)	Related Party Transactions
	Mass Mutual Retirement Services, the recordkeeper of the Plan subsequent to October 1, 2004, is a division of Mass Mutual. Certain Plan investments are units of a guaranteed interest account where participant contributions are invested in an investment contract maintained by Mass Mutual. These transactions qualify as allowable party-in-interest transactions.
	Smith Barney Corporate Trust Company, the trustee as defined by the Plan prior to October 1, 2004, and CitiStreet Associates, LLC, the recordkeeper of the Plan prior to October 1, 2004, are subsidiaries of Citigroup Inc. Administrative fees paid by the Plan to CitiStreet Associates, LLC amounted to $57,812 and $46,424 for the years ended December 31, 2004 and 2003, respectively. Also, certain Plan investments prior to October 1, 2004 were shares of mutual funds managed by subsidiaries of Citigroup Inc. These transactions qualify as allowable party-in-interest transactions.
	The Company made matching contributions in Company common stock of $1,161,628 (87,969 shares) and $1,050,414 (222,870 shares) during the years ended December 31, 2004 and 2003, respectively. At December 31, 2004, the Plan held $3,417,602 (303,517 shares) of common stock and $141,014 of interest-bearing cash in a unitized Company stock fund. At December 31, 2003, the Plan held $3,456,191 (361,148 shares) of Company common stock. At December 31, 2004 and 2003, the Plan had employer contributions receivable of $94,043 and $85,573, respectively.
(7)	Tax Status
	The Internal Revenue Service has determined and informed the Company by letter dated March 1, 2005 that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code (IRC) applicable for the plan amendment executed on January 20, 2004. The Plan has been amended since the period covered by the determination letter. However, due to the minimal changes in the design of the Plan through a subsequent amendment, the Plan administrator and the Plan’s tax counsel believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC.

6 (Continued)

STILLWATER MINING COMPANY
401(K) PLAN

Notes to Financial Statements

December 31, 2004 and 2003

(8)	Reconciliation of Financial Statements to Form 5500
	The following is a reconciliation of net assets available for benefits per Schedule H of the Form 5500:

Net assets available for benefits per the financial statements	$	23,822,514
Total noninterest-bearing cash related to unsettled trades		125,935
Other liabilities related to unsettled trades		(125,935	)
Net assets available for benefits per Schedule H, Form 5500	$	23,822,514

Interest-bearing cash in Schedule H of the Form 5500 of $143,412 includes $141,014 of cash included in the unitized Company stock fund.

7

Schedule 1

STILLWATER MINING COMPANY
401(K) PLAN

Schedule H, line 4i — Schedule of Assets (Held at End of Year)

December 31, 2004

	(b) Identity of issue,		(c) Description of investment including
	borrower, lessor		maturity date, rate of interest, collateral,	(d) Number		(e) Current
(a)	or similar party		par or maturity value	of units		value
*	Loans		Interest rates ranging from 6.0% to 10.0%		96	$	914,098
							914,098
	American Funds Growth Fund of America		Mutual Fund		118,097		3,200,437
	Baron Growth Fund		Mutual Fund		70,303		3,154,479
	Davis Large Cap Value Fund		Mutual Fund		269,249		2,808,272
	American Funds EuroPacific Growth Fund		Mutual Fund		45,150		1,591,987
	T. Rowe Price Mid Cap Growth Equity II Fund		Mutual Fund		108,084		1,431,036
	PIMCO Total Return Fund		Mutual Fund		114,865		1,226,021
	Oppenheimer Developing Markets Fund		Mutual Fund		42,235		1,135,279
	Oppenheimer Main Street Fund		Mutual Fund		23,329		827,257
	Northern Trust Indexed Equity Fund		Mutual Fund		53,545		597,558
	Stillwater Conservative Blend:
		T. Rowe Price Mid Cap Growth Equity II Fund	Mutual Fund		227		3,013
		T. Rowe Price Small Company Value Fund	Mutual Fund		213		3,047
		Baron Growth Fund	Mutual Fund		134		6,006
		Harris Focused Value Fund	Mutual Fund		344		6,191
		American Funds EuroPacific Growth Fund	Mutual Fund		214		7,558
		Oppenheimer Developing Markets Fund	Mutual Fund		282		7,577
		Oppenheimer Main Street Fund	Mutual Fund		255		9,025
		Northern Trust Indexed Equity Fund	Mutual Fund		815		9,094
		Davis Large Cap Value Fund	Mutual Fund		1,737		18,115
		American Funds Growth Fund of America	Mutual Fund		778		21,084
		PIMCO Total Return Fund	Mutual Fund		14,141		150,885
*		Guaranteed Interest Account	Insurance Contract		18,695		188,784
							430,379
	Stillwater Moderate Blend:
		Baron Growth Fund	Mutual Fund		269		12,066
		T. Rowe Price Mid Cap Growth Equity II Fund	Mutual Fund		915		12,111
		T. Rowe Price Small Company Value Fund	Mutual Fund		860		12,308
		Harris Focused Value Fund	Mutual Fund		702		12,627
		American Funds EuroPacific Growth Fund	Mutual Fund		518		18,265
		Oppenheimer Developing Markets Fund	Mutual Fund		680		18,282
*		Guaranteed Interest Account	Insurance Contract		1,998		20,170
		Northern Trust Indexed Equity Fund	Mutual Fund		2,192		24,462
		Oppenheimer Main Street Fund	Mutual Fund		795		28,198
		Davis Large Cap Value Fund	Mutual Fund		4,660		48,605
		American Funds Growth Fund of America	Mutual Fund		2,084		56,496
		PIMCO Total Return Fund	Mutual Fund		13,264		141,525
							405,115
	Stillwater Aggressive Blend:
		Baron Growth Fund	Mutual Fund		266		11,925
		T. Rowe Price Mid Cap Growth Equity II Fund	Mutual Fund		904		11,964
		T. Rowe Price Small Company Value Fund	Mutual Fund		846		12,108
		Harris Focused Value Fund	Mutual Fund		856		15,402
		American Funds EuroPacific Growth Fund	Mutual Fund		553		19,515
		Oppenheimer Developing Markets Fund	Mutual Fund		728		19,559
		Oppenheimer High Yield Fund	Mutual Fund		2,292		22,421
		PIMCO Total Return Fund	Mutual Fund		2,106		22,470
		Oppenheimer Main Street Fund	Mutual Fund		758		26,877
		Northern Trust Indexed Equity Fund	Mutual Fund		2,428		27,101
		Davis Large Cap Value Fund	Mutual Fund		5,174		53,963
		American Funds Growth Fund of America	Mutual Fund		2,096		56,814
							300,119
	Oppenheimer High Yield Fund		Mutual Fund		20,905		204,544
	T. Rowe Price Small Company Value Fund		Mutual Fund		9,090		130,083
	Stillwater Ultra-Aggressive Fund:
		Baron Growth Fund	Mutual Fund		67		2,992
		T. Rowe Price Mid Cap Growth Equity II Fund	Mutual Fund		227		3,002
		T. Rowe Price Small Company Value Fund	Mutual Fund		213		3,041
		Harris Focused Value Fund	Mutual Fund		173		3,101
		American Funds EuroPacific Growth Fund	Mutual Fund		128		4,522
		Oppenheimer Developing Markets Fund	Mutual Fund		168		4,531
		Northern Trust Indexed Equity Fund	Mutual Fund		542		6,050
		Oppenheimer Main Street Fund	Mutual Fund		186		6,594
		Davis Large Cap Value Fund	Mutual Fund		1,220		12,730
		American Funds Growth Fund of America	Mutual Fund		509		13,808
							60,371
	Harris Focused Value Fund		Mutual Fund		1,967		35,368
							17,538,305
	Interest-bearing cash						2,398
*	Guaranteed Interest Account		Insurance Contract		161,737		1,631,821
*	Stillwater Mining Company		Common Stock Fund		487,498		3,558,616
							5,192,835
						$	23,645,238

* Party-in-interest to the Plan

See accompanying report of independent registered public accounting firm.

STILLWATER MINING COMPANY
401(K) PLAN

Schedule H, line 4j — Schedule of Reportable Transactions

December 31, 2004

												(h) Current value
(a) Identity of	(b) Description of asset (include interest	(c) Purchase		(d) Selling		(e) Lease		(f) Expense incurred		(g) Cost of		of asset on		(i) Net gain
party involved	rate and maturity in case of a loan)	price		price		Rental		with transaction		asset		transaction date		or loss
Mass Mutual	Guaranteed Interest	$	1,843,326		—		—		—		—		—		—
Mass Mutual	Davis Large Cap Value Fund		2,823,556		8,616		—		—		8,616		8,616		—
Mass Mutual	American Funds EuroPacific Growth Fund		1,387,031		2,589		—		—		2,589		2,589		—
Mass Mutual	T. Rowe Price Mid Cap Growth Equity II Fund		1,256,292		21,858		—		—		21,858		21,858		—
Mass Mutual	Baron Growth Fund		2,539,627		15,431		—		—		15,461		15,461		—
Mass Mutual	PIMCO Total Return Fund		1,424,214		2		—		—		2		2		—
Mass Mutual	American Funds Growth Fund of America		2,986,626		34,261		—		—		34,261		34,261		—
Mass Mutual	Common Stock Fund		4,386,851		—		—		—		—		—		—

STILLWATER MINING COMPANY
401(K) PLAN

EXHIBIT INDEX

Exhibit	Document
23	Consent of KPMG LLP, Independent Registered Public Accounting Firm.