Stillwater Mining 11K 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

FOR THE FISCAL YEAR ENDED DECEMBER 31, 2006


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

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

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

STILLWATER MINING COMPANY
1321 DISCOVERY DRIVE
BILLINGS, MONTANA 59102

REQUIRED INFORMATION

1.		Financial statements filed as a part of this annual report: Stillwater Mining Company Bargaining Unit 401(k) Plan — Financial Statements as of December 31, 2006 and 2005, and for the year ended December 31, 2006 (with Reports of Independent Registered Public Accounting Firms), including the Statements of Net Assets Available For Benefits as of December 31, 2006 and 2005, the Statement of Changes in Net Assets Available For Benefits for the year ended December 31, 2006, and the related Notes to Financial Statements for the years then ended, together with supplemental Schedule H, line 4a – Schedule of Delinquent Participant Contributions for the year ended December 31, 2006, and Schedule H, line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2006.

2.		Exhibits filed as part of this annual report: Exhibit 23.1 – Consent of Tanner LC, Independent Registered Public Accounting Firm, and Exhibit 23.2 – 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


June 27, 2007		/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 AND SUPPLEMENTAL SCHEDULES
AS OF DECEMBER 31, 2006 AND 2005
AND FOR THE YEAR ENDED DECEMBER 31, 2006

STILLWATER MINING COMPANY
BARGAINING UNIT 401(K) PLAN

Table of Contents


	Page
REPORTS OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMS		1-2

FINANCIAL STATEMENTS
Statements of Net Assets Available for Benefits as of December 31, 2006 and 2005		3
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2006		4
Notes to Financial Statements		5-10

SUPPLEMENTAL SCHEDULES
Schedule H, Line 4a – Schedule of Delinquent Participant Contributions for the Year Ended December 31, 2006		11
Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2006		12-13

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

We have audited the accompanying statement of net assets available for benefits of the Stillwater Mining Company Bargaining Unit 401(k) Plan (the “Plan”) as of December 31, 2006, and the related statement of changes in net assets available for benefits for the year 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 audit.

We conducted our audit 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 consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. 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 audit provides 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, 2006, and the changes in net assets available for benefits for the year then ended in conformity with U.S. generally accepted accounting principles.

As described in Notes 1 and 2, the Plan adopted Financial Accounting Standards Board Staff Position AAG INV-1 and SOP 94-4-1, Reporting of Fully Benefit-Responsive Investment Contracts Held by Certain Investment Companies Subject to the AICPA Investment Company Guide and Defined-Contribution Health and Welfare and Pension Plans, as of December 31, 2006. We audited the adjustment necessary to restate the statement of net assets available for benefits as of December 31, 2005. In our opinion, such adjustment is appropriate and has been properly applied.

Our audit was performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental Schedule H, line 4a – schedule of delinquent participant contributions for the year ended December 31, 2006 and Schedule H, line 4i – schedule of assets (held at end of year) as of December 31, 2006, 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 U.S. 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 audit 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.

/s/ Tanner LC

Salt Lake City, Utah
June 27, 2007

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 statement of net assets available for benefits of the Stillwater Mining Company Bargaining Unit 401(k) Plan (the “Plan”) as of December 31, 2005 before the restatement described in Note 1 to the financial statements. This financial statement is the responsibility of the Plan’s management. Our responsibility is to express an opinion on this financial statement based on our audit.

In our opinion, the financial statement (before restatement) referred to above presents fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2005, in conformity with U.S. generally accepted accounting principles.

/s/ KPMG LLP

Billings, Montana
June 27, 2007

STILLWATER MINING COMPANY
BARGAINING UNIT 401(K) PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 2006 AND 2005


			As Restated
	2006		2005
ASSETS
Investments at fair value (see note 3):
Mutual funds and guaranteed interest account	$	40,072,712	$	32,575,015
Common stock fund		11,064,206		10,546,395
Participant loans		3,770,534		3,647,726
Non-interest bearing cash		3,849		12,336

Total investments		54,911,301		46,781,472


Receivables:
Employer contributions		411,596		489,056
Participant contributions and loan repayments		250,345		220,413
Other		5,161		2,523

Total receivables		667,102		711,992


Total assets		55,578,403		47,493,464

LIABILITIES
Accounts payable		3,157		7,239


NET ASSETS AVAILABLE FOR BENEFITS AT FAIR VALUE		55,575,246		47,486,225

Adjustment from fair value to contract value for fully benefit- responsive guaranteed interest contract		141,296		320,949


NET ASSETS AVAILABLE FOR BENEFITS	$	55,716,542	$	47,807,174

See accompanying notes to financial statements.

STILLWATER MINING COMPANY
BARGAINING UNIT 401(K) PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED DECEMBER 31, 2006


INVESTMENT INCOME
Net appreciation in fair value of investments (see note 3)	$	5,542,685
Interest and dividends		177,065
Interest income on participant loans		299,440

Total investment income		6,019,190


CONTRIBUTIONS
Employer contributions of Employer securities		3,600,995
Participant contributions		5,778,426
Participant rollovers		296,944

Total contributions		9,676,365


DEDUCTIONS
Distributions and withdrawals		6,389,208
Administrative expenses and other		24,599

Total deductions		6,413,807


Net increase before net transfers to other Company plan		9,281,748

NET TRANSFERS TO OTHER COMPANY PLAN (see note 1)		(1,372,380	)


Net increase		7,909,368

NET ASSETS AVAILABLE FOR BENEFITS

Beginning of year		47,807,174


End of year	$	55,716,542

See accompanying notes to financial statements.

STILLWATER MINING COMPANY
BARGAINING UNIT 401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2006 AND 2005

NOTE 1 — DESCRIPTION OF PLAN AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of Plan

On October 1, 1996, Stillwater Mining Company (the “Company” or “Employer”) 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”). An employee is 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. 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”).

Plan Amendment

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, by way of automatic rollover into an individual retirement account (IRA) designated by the Plan Administrator.

Effective January 1, 2007, the Plan was amended to change the Plan Administrator to the Stillwater Mining Company Retirement Plan Committee.

Contributions

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. 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 2006, 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 are 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 was no discretionary contribution made during the year ended December 31, 2006.

During 2006, certain participants aged 50 and over made catch-up contributions totaling $20,335.

Participant Accounts

Each participant’s account is adjusted for the participant’s contributions 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.

(continued on next page)

STILLWATER MINING COMPANY
BARGAINING UNIT 401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2006 AND 2005

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 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 net 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, 2006 and 2005 ranged from 6% to 10.25%. Participant loans mature between January 2007 and August 2016.

Payment of Benefits

Upon termination, retirement, or death, participants (or their beneficiaries) may elect to receive an amount equal to the vested value of their account in either a lump-sum amount or in installments determined by the participant or their beneficiary. Vested accounts for terminated employees 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, 2006 and 2005, forfeited nonvested accounts totaled $323,965 and $360,252, respectively. During 2006, $353,134 of Employer matching contributions were forfeited by employees who terminated before those amounts became vested. Net earnings related to forfeited funds in 2006 totaled $12,977. The amount of forfeitures used to pay administrative expenses in 2006 totaled $7,167. The amount of forfeitures used to reduce Employer matching contributions in 2006 totaled $395,231.

Plan to Plan Transfers

Net transfers to the other Company plan consist of $1,372,380 of net transfers to the Stillwater Mining Company 401(k) Plan for the year ended December 31, 2006. 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.

(continued on next page)

STILLWATER MINING COMPANY
BARGAINING UNIT 401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2006 AND 2005

Basis of Presentation

The Plan’s financial statements have been prepared using the accrual method of accounting in accordance with accounting principles generally accepted in the United States of America.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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.

Adoption of New Standard

In December 2005, the Financial Accounting Standards Board (“FASB”) issued a Staff Position (“FSP”), Reporting of Fully Benefit Responsive Investment Contracts Held by Certain Investment Companies Subject to the AICPA Investment Company Guide and Defined-Contribution Health and Welfare and Pension Plans. This FSP amends the guidance in AICPA Statement of Position 94-4, Reporting of Investment Contracts Held by Health and Welfare Benefit Plans and Defined-Contribution Pension Plans, with respect to the definition of fully benefit-responsive investment contracts and the presentation and disclosure of fully benefit-responsive investment contracts in plan financial statements. The FSP requires that investments in fully benefit-responsive investment contracts be presented at fair value in the statement of net assets available for benefits and that the amount representing the difference between fair value and contract value of these investments also be presented on the face of the statement of net assets available for benefits. The FSP is effective for financial statements for annual periods ending after December 15, 2006, and must be applied retroactively to all prior periods presented. Accordingly, the Plan has adopted the financial statement presentation and disclosure requirements effective December 31, 2006, and has restated the 2005 Statement of Net Assets Available for Benefits to present all investments at fair value, with the adjustment to contract value separately disclosed. The effect of adopting the FSP had no impact on the Plan’s net assets available for benefits or changes in net assets available for benefits, as such investments have historically been presented at contract value.

Risks and Uncertainties

The Plan invests 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 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. 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, except for the guaranteed interest account included in the blended investment funds, which are valued as described below. Participant loans are valued at their outstanding balances, which approximate fair value. The fair value of the guaranteed interest account is calculated by Massachusetts Mutual Life Insurance Company (“MassMutual”), a party-in-interest to the Plan (see note 5). The market value formula used by MassMutual is the same as a serial bond valuation formula for a bond which repays its original principal in installments, pays interest on the outstanding principal, and is being valued in the current interest rate environment. Purchases and sales of investments are recorded on a trade date basis.

(continued on next page)

STILLWATER MINING COMPANY
BARGAINING UNIT 401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2006 AND 2005

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 pay 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, may be paid by the Company.

Payment of Benefits

Benefits are recorded when paid by the Plan.

NOTE 2 — INVESTMENT CONTRACT WITH INSURANCE COMPANY

In 2006 and 2005, the Plan held a guaranteed interest account (separately, and as part of blended investment funds), a benefit-responsive investment contract, with MassMutual, a party-in-interest to the Plan (see note 5). MassMutual maintains the contributions in a general account. The account is credited with earnings on the underlying investments and charged for participant withdrawals and administrative expenses. The guaranteed interest account issuer is contractually obligated to repay the principal and a specified interest rate that is guaranteed to the Plan.

As described in Note 1, because the guaranteed interest account is fully benefit-responsive, contract value is the relevant measurement attribute for that portion of the net assets available for benefits attributable to the guaranteed interest account. Contract value, as reported to the Plan by MassMutual, represents contributions made under the contract, plus earnings, less participant withdrawals and administrative expenses. Participants may ordinarily 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 or otherwise. The crediting interest rate is based on a formula agreed upon with the issuer, but it may not be less than 3%. Such interest rates are reviewed on a semi-annual basis for resetting. The crediting interest rates were 4% and 3.25% as of December 31, 2006 and 2005, respectively.

Certain events may limit the ability of the Plan to transact at contract value with the issuer. Such events include the following: (1) amendments to the Plan documents (including complete or partial plan termination or merger with another plan), (2) changes to the Plan’s prohibition on competing investment options or deletion of equity wash provisions, (3) bankruptcy of the Company or other Company events (for example, divestitures or spin-offs of a subsidiary) that cause a significant withdrawal from the plan, or (4) the failure of the trust to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA. The Plan Administrator does not believe that the occurrence of any such event, which would limit the Plan’s ability to transact at contract value with participants, is probable.

(continued on next page)

STILLWATER MINING COMPANY
BARGAINING UNIT 401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2006 AND 2005

The issuer may terminate the guaranteed interest contract with the Plan due to a failure of the Plan to comply with the contractual requirements; failure by the Plan to meet the requirements of the Internal Revenue Code, or a termination or partial termination of the Plan. For termination or partial termination of the Plan, the issuer may terminate at a settlement amount other than the contract value.


*Average Yields:*	*2006*			*2005*
Based on actual earnings		4.112	%		3.491	%
Based on interest rate credited to participants		4.112	%		3.491	%

NOTE 3 — INVESTMENTS

The following presents the fair values of investments that represent 5% or more of the Plan’s net assets as of December 31:

2006

2005

# of

# of

shares,

shares,

units or

units or

loans

Fair Value

loans

Fair Value

Stillwater Unitized Stock Fund

1,366,209

11,064,206

1,394,694

10,546,395

Mutual Funds

American Funds Growth Fund of America

196,291

6,369,627

186,884

5,699,964

Davis Large Cap Value Fund

423,588

5,455,815

429,732

4,864,565

Baron Growth Fund

80,859

4,033,235

84,625

3,841,961

Oppenheimer Developing Market Fund

89,790

3,700,258

76,019

2,761,785

American Funds EuroPacific Growth Fund

92,188

4,231,413

79,383

3,223,743

23,790,348

20,392,018

Guaranteed interest account

447,272

4,714,784

425,435

4,149,717

Participant loans

722

3,770,534

480

3,647,726

8,485,318

7,797,443

Other investments less than 5% of the Plan’s net assets

11,571,429

8,045,616

54,911,301

46,781,472

(continued on next page)

STILLWATER MINING COMPANY
BARGAINING UNIT 401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2006 AND 2005

During 2006, 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:


Common stock	$	1,459,769
Mutual funds		4,082,916

	$	5,542,685

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

MassMutual Retirement Services, the record keeper of the Plan is a division of MassMutual. Certain Plan investments are units of a guaranteed interest account where participant contributions are invested in an investment contract maintained by MassMutual (see note 2). These transactions qualify as exempt party-in-interest transactions.

The Company made matching contributions in Company common stock of $3,600,995 (309,247 shares) during the year ended December 31, 2006. At December 31, 2006 and 2005, the Plan held $10,724,135 (858,618 shares) and $10,167,667 (878,796 shares), respectively, of common stock; and $340,071 and $378,728, respectively, of interest-bearing cash, in a unitized Company stock fund.

At December 31, 2006 and 2005, the Plan had Employer contributions receivable of $411,596 and $489,056, respectively.

At December 31, 2006 and 2005, the Plan held loans from participants totaling $3,770,534 and $3,647,726, respectively. Interest income on these loans was $299,440 for 2006.

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). 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. Therefore, no provision for income taxes has been recorded in the accompanying financial statements.

NOTE 7 — NONEXEMPT TRANSACTIONS

During 2006, there was an unintentional delay by the Company in submitting certain employee contributions in the amount of $21 to the Trustee. The Company has reimbursed the Plan for lost interest in the amount of $3 in 2007.

STILLWATER MINING COMPANY
BARGAINING UNIT 401(K) PLAN
SCHEDULE H, LINE 4a — SCHEDULE OF DELINQUENT PARTICIPANT CONTRIBUTIONS
YEAR ENDED DECEMBER 31, 2006


Participant Contributions		Total that Constitute
Transferred Late to Plan		Nonexempt Prohibited Transactions

$21		$21

See Report of Independent Registered Public Accounting Firm

STILLWATER MINING COMPANY
BARGAINING UNIT 401(K) PLAN
SCHEDULE H, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2006

(c) Description of

investment

including maturity

date, rate of

interest, collateral,

Number of

(b) Identity of issue, borrower, lessor,

par or maturity

Units/

(d)

(e) Current

(a)

or similar party

value

Shares

Cost

Value

American Funds Growth Fund of America

Mutual Fund

196,291

N/A

6,369,627

Davis Large Cap Value Fund

Mutual Fund

423,588

N/A

5,455,815

American Funds EuroPacific Growth Fund

Mutual Fund

92,188

N/A

4,231,413

Baron Growth Fund

Mutual Fund

80,859

N/A

4,033,235

Oppenheimer Developing Market Fund

Mutual Fund

89,790

N/A

3,700,258

PIMCO Total Return Fund

Mutual Fund

203,745

N/A

2,114,870

T. Rowe Price Mid Cap Growth Equity II Fund

Mutual Fund

125,909

N/A

1,797,977

Oppenheimer Main Street Fund

Mutual Fund

26,336

N/A

1,070,818

Northern Trust Indexed Equity Fund

Mutual Fund

49,280

N/A

644,087

T. Rowe Price Small Company Value Fund

Mutual Fund

24,534

N/A

378,553

Oppenheimer Champion Income Fund

Mutual Fund

34,826

N/A

331,541

Fidelity Advisor Leverage Company Stock Fund

Mutual Fund

7,248

N/A

235,068

Stillwater Conservative Blend:

PIMCO Total Return Fund

Mutual Fund

68,697

N/A

713,071

Guaranteed Interest Account (at contract value)

Insurance Contract

26,385

N/A

286,039

American Funds Growth Fund of America

Mutual Fund

3,072

N/A

99,678

Davis Large Cap Value Fund

Mutual Fund

6,610

N/A

85,139

Northern Trust Indexed Equity Fund

Mutual Fund

3,263

N/A

42,640

Oppenheimer Main Street Fund

Mutual Fund

1,049

N/A

42,636

Oppenheimer Developing Market Fund

Mutual Fund

873

N/A

35,982

American Funds EuroPacific Growth Fund

Mutual Fund

780

N/A

35,812

Fidelity Advisor Leverage Company Stock Fund

Mutual Fund

876

N/A

28,408

Baron Growth Fund

Mutual Fund

569

N/A

28,360

T. Rowe Price Mid Cap Growth Equity II Fund

Mutual Fund

995

N/A

14,210

T. Rowe Price Small Company Value Fund

Mutual Fund

917

N/A

14,147

123,767

1,426,122

Stillwater Aggressive Blend:

American Funds Growth Fund of America

Mutual Fund

8,338

N/A

270,566

Davis Large Cap Value Fund

Mutual Fund

19,830

N/A

255,404

Northern Trust Indexed Equity Fund

Mutual Fund

9,787

N/A

127,913

Oppenheimer Main Street Fund

Mutual Fund

3,145

N/A

127,904

Oppenheimer Champion Income Fund

Mutual Fund

11,411

N/A

108,630

PIMCO Total Return Fund

Mutual Fund

10,304

N/A

106,953

Oppenheimer Developing Market Fund

Mutual Fund

2,271

N/A

93,605

American Funds EuroPacific Growth Fund

Mutual Fund

2,029

N/A

93,123

Fidelity Advisor Leverage Company Stock Fund

Mutual Fund

2,190

N/A

71,015

T. Rowe Price Mid Cap Growth Equity II Fund

Mutual Fund

3,980

N/A

56,839

Baron Growth Fund

Mutual Fund

1,137

N/A

56,712

T. Rowe Price Small Company Value Fund

Mutual Fund

3,667

N/A

56,582

111,095

1,425,246

See Report of Independent Registered Public Accounting Firm
(continued on next page)

STILLWATER MINING COMPANY
BARGAINING UNIT 401(K) PLAN
SCHEDULE H, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2006

(c) Description of

investment

including maturity

date, rate of

interest, collateral,

Number of

(b) Identity of issue, borrower, lessor,

par or maturity

Units/

(d)

(e) Current

(a)

or similar party

value

Shares

Cost

# Value

Stillwater Moderate Blend:

PIMCO Total Return Fund

Mutual Fund

40,392

N/A

419,273

American Funds Growth Fund of America

Mutual Fund

5,162

N/A

167,496

Davis Large Cap Value Fund

Mutual Fund

11,105

N/A

143,041

Oppenheimer Main Street Fund

Mutual Fund

2,055

N/A

83,575

Northern Trust Indexed Equity Fund

Mutual Fund

5,481

N/A

71,639

Guaranteed Interest Account (at contract value)

Insurance Contract

5,542

N/A

60,080

Oppenheimer Developing Market Fund

Mutual Fund

1,322

N/A

54,465

American Funds EuroPacific Growth Fund

Mutual Fund

1,181

N/A

54,168

T. Rowe Price Mid Cap Growth Equity II Fund

Mutual Fund

2,508

N/A

35,813

Fidelity Advisor Leverage Company Stock Fund

Mutual Fund

1,104

N/A

35,796

Baron Growth Fund

Mutual Fund

717

N/A

35,731

T. Rowe Price Small Company Value Fund

Mutual Fund

2,310

N/A

35,648

99,616

1,196,725

Stillwater Ultra-Aggressive Blend:

American Funds Growth Fund of America

Mutual Fund

6,782

N/A

220,052

Davis Large Cap Value Fund

Mutual Fund

15,534

N/A

200,069

Oppenheimer Main Street Fund

Mutual Fund

2,583

N/A

105,027

Northern Trust Indexed Equity Fund

Mutual Fund

7,305

N/A

95,484

Oppenheimer Developing Market Fund

Mutual Fund

1,761

N/A

72,583

American Funds EuroPacific Growth Fund

Mutual Fund

1,573

N/A

72,194

T. Rowe Price Mid Cap Growth Equity II Fund

Mutual Fund

3,342

N/A

47,733

Fidelity Advisor Leverage Company Stock Fund

Mutual Fund

1,471

N/A

47,710

Baron Growth Fund

Mutual Fund

955

N/A

47,624

T. Rowe Price Small Company Value Fund

Mutual Fund

3,080

N/A

47,515

69,153

955,991

Stillwater Unitized Stock Fund:

Stillwater Mining Company

Common Stock

858,618

N/A

10,724,135

Interest Bearing Cash

340,071

1,366,209

11,064,206

Participant Loans

Interest rates from 6% to 10.25%

722

3,770,534

Non-Interest Bearing Cash

3,849

Guaranteed Interest Account (at contract value)

Insurance Contract

447,272

N/A

4,846,662

55,052,597

* Party-in-interest to the Plan

See Report of Independent Registered Public Accounting Firm
Note: Amounts for column (d) are not required as the investments are participant directed.

STILL WATER MINING COMPANY
BARGAINING UNIT 401(K) PLAN

EXHIBIT INDEX


Exhibit		Document

23.1		Consent of Tanner LC, Independent Registered Public Accounting Firm

23.2		Consent of KPMG LLP, Independent Registered Public Accounting Firm.

Stillwater Mining (SWC) Inactive 11-KAnnual report of employee stock purchases