SECURITIES AND EXCHANGE COMMISSION
FORM 11-K
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| þ | | ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2005
OR
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| o | | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE TRANSITION PERIOD FROM __________ TO __________
COMMISSION FILE NUMBER 0-12345
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| A. | | FULL TITLE OF THE PLAN AND THE ADDRESS OF THE PLAN, IF DIFFERENT FROM THAT OF THE ISSUER NAMED BELOW: |
STILLWATER MINING COMPANY
BARGAINING UNIT 401(K) PLAN
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| 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
REQUIRED INFORMATION
| 1. | | Financial statements filed as a part of this annual report: Stillwater Mining Company Bargaining Unit 401(k) Plan — Financial Statements and Schedules, December 31, 2005 and 2004 (With Report of Independent Registered Public Accounting Firm), including the Statements of Net Assets Available For Benefits as of December 31, 2005 and 2004, 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 Schedule of Schedule H, line 4i — Schedule of Assets (Held at End of Year) December 31, 2005. |
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| 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 BARGAINING UNIT 401(K) PLAN
| | | | | | | |
| | | | /s/ John R. Stark | | |
| Date | | | | John R. Stark | | |
| | | | | Vice President, Human Resources, | | |
| | | | | Corporate Counsel and Secretary | | |
STILLWATER MINING COMPANY
BARGAINING UNIT 401(K) PLAN
FINANCIAL STATEMENTS
DECEMBER 31, 2005 AND 2004
STILLWATER MINING COMPANY
BARGAINING UNIT 401(K) PLAN
Table of Contents
KPMG LLP
Suite 1002
175 N 27th Street
Billings, MT 59101
Report of Independent Registered Public Accounting Firm
To the Administrator of the
Stillwater Mining Company Bargaining Unit 401(k) Plan:
We have audited the accompanying statements of net assets available for benefits of the Stillwater Mining Company Bargaining Unit 401(k) Plan (the “Plan”) as of December 31, 2005 and 2004, 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, 2005 and 2004, 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, 2005 is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is 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 schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Billings, Montana
June 28, 2006
KPMG LLP, a U.S. limited liability partnership, is the U.S.
Member firm of KPMG International, a Swiss cooperative.
1
STILLWATER MINING COMPANY
BARGAINING UNIT 401(K) PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
YEARS ENDED DECEMBER 31, 2005 AND 2004
| | | | | | | | | |
| | | 2005 | | | 2004 | |
ASSETS | | | | | | | | |
| Investments (note 3): | | | | | | | | |
| Non-interest bearing cash | | $ | 12,336 | | | $ | 2,172 | |
| Common stock fund | | | 10,546,395 | | | | 8,928,705 | |
| Mutual funds | | | 28,247,893 | | | | 22,556,543 | |
| Guaranteed interest account | | | 4,648,071 | | | | 3,985,507 | |
| Participant loans | | | 3,647,726 | | | | 3,429,532 | |
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| Total investments | | | 47,102,421 | | | | 38,902,459 | |
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| Receivables: | | | | | | | | |
| Employer contributions | | | 489,056 | | | | 304,080 | |
| Participant contributions and loan repayments | | | 220,413 | | | | 207,330 | |
| Other | | | 2,523 | | | | 1,329 | |
| | | | | | | |
| | | | | | | | | |
| Total receivables | | | 711,992 | | | | 512,739 | |
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| Total assets | | | 47,814,413 | | | | 39,415,198 | |
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LIABILITIES | | | | | | | | |
| Accounts payable | | | 7,239 | | | | — | |
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| Total liabilities | | | 7,239 | | | | — | |
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NET ASSETS AVAILABLE FOR BENEFITS | | $ | 47,807,174 | | | $ | 39,415,198 | |
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| See accompanying notes to financial statements. | | | | 2 |
STILLWATER MINING COMPANY
BARGAINING UNIT 401(K) PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEARS ENDED DECEMBER 31, 2005 AND 2004
| | | | | | | | | |
| | | 2005 | | | 2004 | |
INVESTMENT INCOME | | | | | | | | |
| Net appreciation in fair value of investments (note 3) | | $ | 3,527,853 | | | $ | 4,095,327 | |
| Interest and dividends | | | 717,366 | | | | 103,831 | |
| Interest income on participant loans | | | 243,244 | | | | 208,052 | |
| | | | | | | |
| | | | | | | | | |
| Total investment income | | | 4,488,463 | | | | 4,407,210 | |
| | | | | | | |
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CONTRIBUTIONS | | | | | | | | |
| Employer contributions: | | | | | | | | |
| Employer securities | | | 3,655,173 | | | | 2,793,664 | |
| Participant contributions | | | 4,968,163 | | | | 4,307,337 | |
| Participant rollovers | | | 25,122 | | | | 70,286 | |
| | | | | | | |
| | | | | | | | | |
| Total contributions | | | 8,648,458 | | | | 7,171,287 | |
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| | | | | | | | | |
DEDUCTIONS | | | | | | | | |
| Distributions and withdrawals | | | 4,178,377 | | | | 2,931,763 | |
| Administrative expenses and other | | | 19,775 | | | | 80,572 | |
| | | | | | | |
| | | | | | | | | |
| Total deductions | | | 4,198,152 | | | | 3,012,335 | |
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NET INCREASE BEFORE NET TRANSFERS TO OTHER COMPANY PLAN | | | 8,938,769 | | | | 8,566,162 | |
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NET TRANSFERS TO OTHER COMPANY PLAN (note 1) | | | (546,793 | ) | | | (983,262 | ) |
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| | | | | | | | | |
| Net increase | | | 8,391,976 | | | | 7,582,900 | |
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NET ASSETS AVAILABLE FOR BENEFITS | | | | | | | | |
| | | | | | | | | |
| Beginning of year | | | 39,415,198 | | | | 31,832,298 | |
| | | | | | | |
| | | | | | | | | |
| End of year | | $ | 47,807,174 | | | $ | 39,415,198 | |
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| See accompanying notes to financial statements. | | | | 3 |
STILLWATER MINING COMPANY
BARGAINING UNIT 401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2005 AND 2004
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Description of Plan
On October 1, 1996, Stillwater Mining Company (the “Company”) established the Stillwater Mining Company Bargaining Unit 401(k) Plan (the “Plan”) for union employees. 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.
General
The Plan is a defined contribution plan, covering all union employees of the Company, as defined in the Plan Document, and is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). Employees are eligible to participate in the Plan at the beginning of the month following the employee’s date of hire.
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 in a trust fund that was administered under a trust agreement with Smith Barney Corporate Trust Company.
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.
The Plan was amended in 2005 to allow for lump sum distributions to terminated participants with accumulated benefits in amounts greater than $1,000 but less than $5,000 for automatic rollover into an individual retirement account (IRA) designated by the administrator.
Contributions
During 2005 and 2004, each participant had 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. 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 Company matching contribution may be made in Company common stock or cash. During 2005 and 2004, all Company matching contributions were made in the form of common stock. Each participant also had 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, 2005 or 2004.
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STILLWATER MINING COMPANY
BARGAINING UNIT 401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2005 AND 2004
During 2005 and 2004, participants aged 50 and over made catch-up contributions totaling $9,158 and $5,366, respectively.
Participant Accounts
Each participant’s account is credited with the participant’s contribution and allocations of (a) the Company’s matching contribution, (b) Plan earnings and losses, and (c) discretionary contributions by the Company and is 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.
Investment Options
Upon enrollment in the Plan, a participant directs contributions to any investment option offered. The investment options available under the Plan include blended investment funds. The blended investment funds do not file directly with the Department of Labor and therefore, the underlying assets of each of these funds are listed in the attached supplemental schedule of Schedule H, line 4i — schedule of assets (held at end of year). Participants may change their investment options and make transfers between investment options daily.
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 percent cliff vested after three years of service.
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, 2005 and 2004 ranged from 6% to 10%. Participant loans mature between January 2006 and August 2015.
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. Vested accounts which do not exceed $5,000, but are greater than $1,000 are automatically rolled over into an individual retirement account (IRA). Accounts which are less than $1,000 are automatically distributed in a lump-sum.
Forfeitures
Forfeitures of terminated participants’ non-vested accounts are retained in the Plan and used first to pay administrative expenses and then to reduce future Company matching contributions. At December 31, 2005 and 2004, forfeited nonvested accounts totaled $360,252 and $106,265, respectively. During 2005 and 2004, $249,161 and $323,196, respectively, of employer matching contributions were forfeited by employees who terminated before those amounts became vested. Net earnings related to forfeited funds in 2005 and 2004 totaled $13,931 and $1,226, respectively.
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STILLWATER MINING COMPANY
BARGAINING UNIT 401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2005 AND 2004
The amount of forfeitures used to pay administrative expenses in 2005 and 2004 totaled $9,105 and $45,902, respectively.
The amount of forfeitures used to reduce employer matching contributions in 2004 totaled $265,440.
Plan to Plan Transfers
Net transfers to other Company plan includes $546,793 and $983,262 of net transfers to the Stillwater Mining Company 401(k) Plan for the years ended December 31, 2005 and 2004, respectively. The Stillwater Mining Company 401(k) Plan covers non-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.
Basis of Presentation
The Plan’s financial statements have been prepared using the accrual method of accounting.
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.
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.
Investment Valuation and Income Recognition
The Plan’s investments in mutual funds and common stock are stated at fair value based on the quoted market value or quoted share price at the end of the year. The Plan’s guaranteed interest account is fully benefit-responsive and is recorded at contract value. Contract value represents contributions made under the contract, plus interest at a specified rate determined semi-annually (note 2). Plan investments in blended investment funds are valued based on the quoted market values of the underlying investments at the end of the Plan year. Participant loans are valued at principal amount. Purchases and sales of investments are recorded on the trade date basis.
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.
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.
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STILLWATER MINING COMPANY
BARGAINING UNIT 401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2005 AND 2004
Payment of Benefits
Benefits are recorded when paid.
NOTE 2 — INVESTMENT CONTRACT WITH INSURANCE COMPANY
In 2005 and 2004, the Plan held an investment contract with Massachusetts Mutual Life Insurance Company (“MassMutual”), a party-in-interest to the Plan (note 5). MassMutual 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 yields were 3.27% and 4% for the years ending December 31, 2005 and 2004, respectively. The crediting interest rates were 3.25% and 4% as of December 31, 2005 and 2004, respectively. 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.
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STILLWATER MINING COMPANY
BARGAINING UNIT 401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2005 AND 2004
NOTE 3 — INVESTMENTS
The following presents the fair value of investments that represent 5 percent or more of the Plan’s net assets as determined by quoted market prices as of December 31:
| | | | | | | | | | | | | | | | | |
| | | 2005 | | | 2004 | |
| | | # of shares, | | | | | | | # of shares, | | | | |
| | | units or | | | | | | | units or | | | | |
| | | loans | | | Fair Value | | | loans | | | Fair Value | |
| Stillwater Unitized Stock | | | 1,394,694 | | | $ | 10,546,395 | | | | 1,223,153 | | | $ | 8,928,705 | |
| | | | | | | | | | | | | | | | | |
| Mutual Funds: | | | | | | | | | | | | | | | | |
| American Funds Growth Fund of America | | | 186,884 | | | | 5,699,964 | | | | 180,766 | | | | 4,898,749 | |
| Davis Large Cap Value Fund | | | 429,732 | | | | 4,864,565 | | | | 419,253 | | | | 4,372,811 | |
| Baron Growth Fund | | | 84,625 | | | | 3,841,961 | | | | 82,429 | | | | 3,698,591 | |
| American Funds EuroPacific Fund | | | 79,383 | | | | 3,223,743 | | | | 70,282 | | | | 2,478,150 | |
| Oppenheimer Developing Market Fund | | | 76,019 | | | | 2,761,785 | | | | * | | | | * | |
| | | | | | | | | | | | | | | |
| | | | | | | | 20,392,018 | | | | | | | | 15,448,301 | |
| | | | | | | | | | | | | | | | | |
| Guaranteed interest account | | | 425,435 | | | | 4,457,508 | | | | 382,969 | | | | 3,863,897 | |
| Participant loans | | | 480 | | | | 3,647,726 | | | | 450 | | | | 3,429,532 | |
| | | | | | | | | | | | | | | |
| | | | | | | | 8,105,234 | | | | | | | | 7,293,429 | |
| | | | | | | | | | | | | | | | | |
| Other investments less than 5% of the Plan’s net assets | | | | | | | 8,058,774 | | | | | | | | 7,232,024 | |
| | | | | | | | | | | | | | | |
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| | | | | | | $ | 47,102,421 | | | | | | | $ | 38,902,459 | |
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| * | | Amount was not greater than 5% of net assets for respective year. |
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STILLWATER MINING COMPANY
BARGAINING UNIT 401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2005 AND 2004
During 2005 and 2004, 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:
| | | | | | | | | |
| | | 2005 | | | 2004 | |
| Common stock | | $ | 1,122,362 | | | $ | 1,706,593 | |
| Mutual funds | | | 2,405,491 | | | | 2,339,593 | |
| Common/collective trust fund | | | — | | | | 49,141 | |
| | | | | | | |
| | | | | | | | | |
| | | $ | 3,527,853 | | | $ | 4,095,327 | |
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NOTE 4 — 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. In the event of Plan termination, participants would become 100 percent vested in their employer contributions.
NOTE 5 — RELATED PARTY TRANSACTIONS
Mass Mutual Retirement Services, the record keeper 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 (note 2). These transactions qualify as allowable party-in-interest transactions.
The Company made matching contributions in Company common stock of $3,655,173 (396,538 shares) and $2,793,664 (212,292 shares) during the years ended December 31, 2005 and 2004, respectively. At December 31, 2005 and 2004, the Plan held $10,167,667 (878,796 shares) and $8,574,895 (761,536 shares), respectively, of common stock; and $378,728 and $353,810, respectively, of interest-bearing cash, in a unitized Company stock fund.
At December 31, 2005 and 2004, the Plan had employer contributions receivable of $489,056 and $304,080, respectively.
NOTE 6 — TAX STATUS
The Internal Revenue Service issued a determination letter dated January 27, 2005, stating 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 subsequent amendments, 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.
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STILLWATER MINING COMPANY
BARGAINING UNIT 401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2005 AND 2004
NOTE 7 — 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:
| | | | | |
| | | 2004 | |
| Net assets available for benefits per the financial statements | | $ | 39,415,198 | |
| Total non-interest bearing cash related to unsettled trades | | | 68,423 | |
| Other liabilities related to unsettled trades | | | (68,423 | ) |
| | | | |
| | | | | |
| Net assets available for benefits per Schedule H, Form 5500 | | $ | 39,415,198 | |
| | | | |
Interest bearing cash in the 2004 Schedule H of the form 5500 of $355,982 includes $353,810 of cash included in the unitized Company stock fund.
10
STILLWATER MINING COMPANY
BARGAINING UNIT 401(K) PLAN
SCHEDULE H, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2005
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| | |
| | | | | | | (c) Description of investment | | | | | | | | | | | |
| | | | | | | including maturity date, rate | | | Number of | | | | | | | | |
| | | | (b) Identity of issue, borrower, lessor, or | | | of interest, collateral, par or | | | Units/ | | | | | | | (e) Current | |
| (a) | | | similar party | | | maturity value | | | Shares | | | | (d) Cost | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | American Funds Growth Fund of America | | | Mutual Fund | | | | 186,884 | | | | N/A | | | | 5,699,964 | |
| | | | Davis Large Cap Value Fund | | | Mutual Fund | | | | 429,732 | | | | N/A | | | | 4,864,565 | |
| | | | Baron Growth Fund | | | Mutual Fund | | | | 84,625 | | | | N/A | | | | 3,841,961 | |
| | | | American Funds EuroPacific Growth Fund | | | Mutual Fund | | | | 79,383 | | | | N/A | | | | 3,223,743 | |
| | | | Oppenheimer Developing Market Fund | | | Mutual Fund | | | | 76,019 | | | | N/A | | | | 2,761,785 | |
| | | | PIMCO Total Return Fund | | | Mutual Fund | | | | 185,768 | | | | N/A | | | | 1,950,564 | |
| | | | T. Rowe Price Mid Cap Growth Equity II Fund | | | Mutual Fund | | | | 122,610 | | | | N/A | | | | 1,758,225 | |
| | | | Oppenheimer Main Street Fund | | | Mutual Fund | | | | 22,882 | | | | N/A | | | | 849,620 | |
| | | | Northern Trust Indexed Equity Fund | | | Mutual Fund | | | | 40,553 | | | | N/A | | | | 466,361 | |
| | | | Oppenheimer High Yield Fund | | | Mutual Fund | | | | 20,148 | | | | N/A | | | | 188,180 | |
| | | | T. Rowe Price Small Company Value Fund | | | Mutual Fund | | | | 8,652 | | | | N/A | | | | 124,069 | |
| | | | Harris Focused Value Fund | | | Mutual Fund | | | | 6,016 | | | | N/A | | | | 101,785 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | Stillwater Aggressive Blend: | | | | | | | | | | | | | | | | |
| | | | American Funds Growth Fund of America | | | Mutual Fund | | | | 5,417 | | | | N/A | | | | 165,204 | |
| | | | Davis Large Cap Value Fund | | | Mutual Fund | | | | 13,876 | | | | N/A | | | | 157,085 | |
| | | | Northern Trust Indexed Equity Fund | | | Mutual Fund | | | | 6,854 | | | | N/A | | | | 78,827 | |
| | | | Oppenheimer Main Street Fund | | | Mutual Fund | | | | 2,101 | | | | N/A | | | | 78,036 | |
| | | | Oppenheimer High Yield Fund | | | Mutual Fund | | | | 7,164 | | | | N/A | | | | 66,907 | |
| | | | PIMCO Total Return Fund | | | Mutual Fund | | | | 6,231 | | | | N/A | | | | 65,420 | |
| | | | Oppenheimer Developing Market Fund | | | Mutual Fund | | | | 1,572 | | | | N/A | | | | 57,112 | |
| | | | American Funds EuroPacific Growth Fund | | | Mutual Fund | | | | 1,398 | | | | N/A | | | | 56,787 | |
| | | | Harris Focused Value Fund | | | Mutual Fund | | | | 2,717 | | | | N/A | | | | 45,977 | |
| | | | T. Rowe Price Mid Cap Growth Equity II Fund | | | Mutual Fund | | | | 2,498 | | | | N/A | | | | 35,812 | |
| | | | T. Rowe Price Small Company Value Fund | | | Mutual Fund | | | | 2,490 | | | | N/A | | | | 35,715 | |
| | | | Baron Growth Fund | | | Mutual Fund | | | | 766 | | | | N/A | | | | 34,778 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | 77,792 | | | | | | | | 877,660 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | Stillwater Conservative Blend: | | | | | | | | | | | | | | | | |
| | | | PIMCO Total Return Fund | | | Mutual Fund | | | | 37,466 | | | | N/A | | | | 393,395 | |
| * | | | Guaranteed Interest Account | | | Insurance Contract | | | | 15,720 | | | | N/A | | | | 164,781 | |
| | | | American Funds Growth Fund of America | | | Mutual Fund | | | | 1,800 | | | | N/A | | | | 54,897 | |
| | | | Davis Large Cap Value Fund | | | Mutual Fund | | | | 4,174 | | | | N/A | | | | 47,247 | |
| | | | Northern Trust Indexed Equity Fund | | | Mutual Fund | | | | 2,063 | | | | N/A | | | | 23,721 | |
| | | | Oppenheimer Main Street Fund | | | Mutual Fund | | | | 632 | | | | N/A | | | | 23,457 | |
| | | | Oppenheimer Developing Market Fund | | | Mutual Fund | | | | 546 | | | | N/A | | | | 19,826 | |
| | | | American Funds EuroPacific Growth Fund | | | Mutual Fund | | | | 486 | | | | N/A | | | | 19,710 | |
| | | | Harris Focused Value Fund | | | Mutual Fund | | | | 986 | | | | N/A | | | | 16,676 | |
| | | | Baron Growth Fund | | | Mutual Fund | | | | 345 | | | | N/A | | | | 15,685 | |
| | | | T. Rowe Price Mid Cap Growth Equity II Fund | | | Mutual Fund | | | | 565 | | | | N/A | | | | 8,100 | |
| | | | T. Rowe Price Small Company Value Fund | | | Mutual Fund | | | | 563 | | | | N/A | | | | 8,077 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | 73,956 | | | | | | | | 795,572 | |
| | | | | | | | | | | | | | | | | | |
| | | | | |
| (continued on next page) | | | | 11 |
STILLWATER MINING COMPANY
BARGAINING UNIT 401(K) PLAN
SCHEDULE H, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2005
| | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | | | (c) Description of investment | | | | | | | | | | | |
| | | | | | | including maturity date, rate | | | Number of | | | | | | | | |
| | | | (b) Identity of issue, borrower, lessor, or | | | of interest, collateral, par or | | | Units/ | | | | | | | (e) Current | |
| (a) | | | similar party | | | maturity value | | | Shares | | | | (d) Cost | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | Stillwater Moderate Blend: | | | | | | | | | | | | | | | | |
| | | | PIMCO Total Return Fund | | | Mutual Fund | | | | 17,161 | | | | N/A | | | | 180,192 | |
| | | | American Funds Growth Fund of America | | | Mutual Fund | | | | 2,356 | | | | N/A | | | | 71,850 | |
| | | | Davis Large Cap Value Fund | | | Mutual Fund | | | | 5,459 | | | | N/A | | | | 61,800 | |
| | | | Oppenheimer Main Street Fund | | | Mutual Fund | | | | 965 | | | | N/A | | | | 35,830 | |
| | | | Northern Trust Indexed Equity Fund | | | Mutual Fund | | | | 2,696 | | | | N/A | | | | 30,999 | |
| * | | | Guaranteed Interest Account | | | Insurance Contract | | | | 2,460 | | | | N/A | | | | 25,782 | |
| | | | Oppenheimer Developing Market Fund | | | Mutual Fund | | | | 642 | | | | N/A | | | | 23,323 | |
| | | | American Funds EuroPacific Growth Fund | | | Mutual Fund | | | | 572 | | | | N/A | | | | 23,194 | |
| | | | Harris Focused Value Fund | | | Mutual Fund | | | | 959 | | | | N/A | | | | 16,215 | |
| | | | T. Rowe Price Mid Cap Growth Equity II Fund | | | Mutual Fund | | | | 1,103 | | | | N/A | | | | 15,823 | |
| | | | T. Rowe Price Small Company Value Fund | | | Mutual Fund | | | | 1,100 | | | | N/A | | | | 15,781 | |
| | | | Baron Growth Fund | | | Mutual Fund | | | | 339 | | | | N/A | | | | 15,395 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | 47,167 | | | | | | | | 516,184 | |
| | | | | | | | | | | | | | | | | | |
| | | | Stillwater Ultra-Aggressive Blend: | | | | | | | | | | | | | | | | |
| | | | American Funds Growth Fund of America | | | Mutual Fund | | | | 3,137 | | | | N/A | | | | 95,654 | |
| | | | Davis Large Cap Value Fund | | | Mutual Fund | | | | 7,824 | | | | N/A | | | | 88,572 | |
| | | | Oppenheimer Main Street Fund | | | Mutual Fund | | | | 1,230 | | | | N/A | | | | 45,671 | |
| | | | Northern Trust Indexed Equity Fund | | | Mutual Fund | | | | 3,623 | | | | N/A | | | | 41,667 | |
| | | | Oppenheimer Developing Market Fund | | | Mutual Fund | | | | 863 | | | | N/A | | | | 31,372 | |
| | | | American Funds EuroPacific Growth Fund | | | Mutual Fund | | | | 769 | | | | N/A | | | | 31,224 | |
| | | | Harris Focused Value Fund | | | Mutual Fund | | | | 1,255 | | | | N/A | | | | 21,241 | |
| | | | T. Rowe Price Mid Cap Growth Equity II Fund | | | Mutual Fund | | | | 1,467 | | | | N/A | | | | 21,031 | |
| | | | T. Rowe Price Small Company Value Fund | | | Mutual Fund | | | | 1,464 | | | | N/A | | | | 20,999 | |
| | | | Baron Growth Fund | | | Mutual Fund | | | | 458 | | | | N/A | | | | 20,787 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | 34,796 | | | | | | | | 418,218 | |
| | | | | | | | | | | | | | | | | | |
| | | | Stillwater Unitized Stock: | | | | | | | | | | | | | | | | |
| * | | | Stillwater Mining Company Stock | | | Common Stock | | | | 878,796 | | | | N/A | | | | 10,167,667 | |
| | | | Interest Bearing Cash | | | | | | | | | | | | | | | 378,728 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | 1,394,694 | | | | | | | | 10,546,395 | |
| | | | | | | | | | | | | | | | | | |
| * | | | Loans | | | Interest rates from 6% to 10% | | | | 480 | | | | 0 | | | | 3,647,726 | |
| | | | Non-Interest Bearing Cash | | | | | | | | | | | | | | | 12,336 | |
| * | | | Guaranteed Interest Account | | | Insurance Contract | | | | 425,435 | | | | N/A | | | | 4,457,508 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 47,102,421 | |
| | | | | | | | | | | | | | | | | | |
| | |
| |
| * | | Party-in-interest to the Plan |
12
STILL WATER MINING COMPANY
BARGAINING UNIT 401(K) PLAN
EXHIBIT INDEX
| | | |
| Exhibit | | Document |
| | | |
| 23 | | Consent of KPMG LLP, Independent Registered Public Accounting Firm. |
