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

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 11-K

x ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended DECEMBER 31, 2015

OR

¨ 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

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

B. Name of the issuer of the securities held pursuant to the plan and the address of its principal executive office:

STILLWATER MINING COMPANY

26 West Dry Creek Circle, Suite 400

Littleton, CO 80120

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, 2015 and 2014, and for the year ended December 31, 2015 (with Report of Independent Registered Public Accounting Firm), including the Statements of Net Assets Available For Benefits as of December 31, 2015 and 2014, the Statement of Changes in Net Assets Available For Benefits for the year ended December 31, 2015, and the Notes to Financial Statements, together with supplemental Schedule H, Part IV, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2015.

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

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on the Plan’s behalf by the undersigned hereunto duly authorized.

STILLWATER MINING COMPANY Bargaining Unit 401(k) PLAN

June 28, 2016	/s/ Kristen Koss
Date	Kristen Koss
	Vice President, Human Resources

STILLWATER MINING COMPANY

BARGAINING UNIT 401(k) PLAN

FINANCIAL STATEMENTS AND

SUPPLEMENTAL INFORMATION

AS OF DECEMBER 31, 2015 AND 2014

AND FOR THE YEAR ENDED DECEMBER 31, 2015

STILLWATER MINING COMPANY

BARGAINING UNIT 401(k) PLAN

TABLE OF CONTENTS

DECEMBER 31, 2015 AND 2014

REPORT OF INDEPENDENT REGISTERED PUBLIC ACOUNTING FIRM	2
AUDITED FINANCIAL STATEMENTS
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS	3
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS	4
NOTES TO FINANCIAL STATEMENTS	5
SUPPLEMENTAL INFORMATION (ATTACHMENT TO FORM 5500)
SCHEDULE H, LINE 4i—SCHEDULE OF ASSETS (HELD AT END OF YEAR)	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 statements of net assets available for benefits of the Stillwater Mining Company Bargaining Unit 401(k) Plan (the Plan) as of December 31, 2015 and 2014, and the related statement of changes in net assets available for benefits for the year ended December 31, 2015. 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 audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. Management of the Plan has determined that the Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included 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 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, 2015 and 2014, and the changes in net assets available for benefits for the year ended December 31, 2015, in conformity with U.S. generally accepted accounting principles.

The supplemental schedule has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, as amended. In our opinion, the supplemental schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Tanner LLC

Salt Lake City, Utah

June 28, 2016

(2)

STILLWATER MINING COMPANY

BARGAINING UNIT 401(k) PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

DECEMBER 31, 2015 AND 2014

	2015		2014
ASSETS
CASH	$	1,200	$	—
INVESTMENTS (at Fair Value)
Mutual Funds		71,072,991		71,603,989
Stillwater Mining Company Common Stock		24,965,954		34,879,071
Total Investments at Fair Value		96,038,945		106,483,060
FULLY BENEFIT-RESPONSIVE GUARANTEED INCOME FUND (at Contract Value)		31,730,377		32,242,622
RECEIVABLES
Notes Receivable from Participants		7,402,340		7,474,797
Accrued Interest on Notes Receivable from Participants		—		11,382
Employer Contributions		—		802,069
Participant Contributions and Loan Repayments		—		267,078
Total Receivables		7,402,340		8,555,326
Total Assets		135,172,862		147,281,008
LIABILITIES
ACCOUNTS PAYABLE		25,284		—
NET ASSETS AVAILABLE FOR BENEFITS	$	135,147,578	$	147,281,008

See accompanying Notes to Financial Statements.

(3)

STILLWATER MINING COMPANY

BARGAINING UNIT 401(k) PLAN

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

YEAR ENDED DECEMBER 31, 2015

ADDITIONS:
INVESTMENT (LOSS) INCOME
Net Depreciation in Fair Value of Investments	$	(17,650,778	)
Interest and Dividends		1,250,746
Total Investment Loss		(16,400,032	)
INTEREST INCOME ON NOTES RECEIVABLE FROM PARTICIPANTS		393,059
CONTRIBUTIONS
Employer Contributions of Employer Securities		4,740,572
Employer Contributions		2,458,798
Participant Contributions		9,591,403
Participant Rollovers		110,160
Total Contributions		16,900,933
Total Additions		893,960
DEDUCTIONS:
BENEFITS PAID TO PARTICIPANTS		12,376,283
ADMINISTRATIVE EXPENSES		230,990
Total Deductions		12,607,273
Net Decrease Before Net Transfers to Other Company Plan		(11,713,313	)
NET TRANSFERS TO OTHER COMPANY PLAN		(420,117	)
Net Decrease in Net Assets Available for Benefits		(12,133,430	)
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of Year		147,281,008
End of Year	$	135,147,578

See accompanying Notes to Financial Statements.

(4)

STILLWATER MINING COMPANY

BARGAINING UNIT 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2015 AND 2014

NOTE 1 DESCRIPTION OF PLAN

The following description of Stillwater Mining Company Bargaining Unit 401(k) Plan (the Plan) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.

General

The Plan is a qualified 401 (k) defined contribution plan subject to the Employee Retirement Income Security Act of 1974 (ERISA). The Plan became effective October 1, 1996 and was most recently restated January 1, 2016. The Benefit Plan Committee is responsible for the oversight of the Plan and determines the appropriateness of the Plan’s investment offerings, monitors investment performance, and reports to the Plan’s Board of Directors.

Eligibility

The union employees of Stillwater Mining Company (the Company) are eligible to participate in the deferral and match components of the Plan upon the employee’s date of hire. Eligible union employees enter the Plan the first day of the month immediately following or coincident with the date the eligibility provisions are met.

Contributions

The Plan includes a salary deferral arrangement allowed under Section 401(k) of the Internal Revenue Code (IRC). Eligible participants are permitted to elect a percentage, as limited by Plan provisions, of their compensation contributed as pre-tax 401(k) contributions to the Plan.

Participants may also make after-tax contributions to the Plan, as limited by Plan provisions. Participants who have attained age 50 by the end of the plan year are eligible to make catch-up contributions.

The Company matching contributions are equal to 100% of each participant’s elected deferral contribution, up to 8% of the participant’s compensation, for the contribution period.

The Plan allows for Company matching contributions in Company common stock or cash. Effective September 1, 2015, the Company discontinued making the Company match in the form of Company common stock.

The Company may elect to make a discretionary non-elective contribution to the Plan. Non-elective 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. Participants must be employed on the last day of the plan year to receive non-elective contributions. There were no discretionary non-elective contributions for the year ended December 31, 2015.

Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans (rollover). Participants direct the investment of contributions into various investment options offered by the Plan. Contributions are subject to certain Internal Revenue Service (IRS) limitations.

(5)

STILLWATER MINING COMPANY

BARGAINING UNIT 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2015 AND 2014

NOTE 1 DESCRIPTION OF PLAN (CONTINUED)

Participant Accounts

Each participant’s account is credited with the participant’s voluntary contributions, the Company’s matching contribution, an allocation of the Company’s discretionary non-elective contribution, and an allocation of Plan earnings or losses. Participant accounts are charged with an allocation of administrative expenses that are paid by the Plan. Allocations are based on participant earnings or account balances, or participant transactions, as defined. The benefit to which a participant is entitled is the benefit that can be provided by the participant’s vested account.

Effective October 1, 2015, participants can no longer direct their monies to purchase shares of Stillwater Mining Company common stock.

Vesting

Participants are immediately vested in their voluntary contributions plus actual earnings thereon. Vesting in the Company contribution portion of their accounts, plus actual earnings thereon, is based on years of credited service. A participant is 100% vested after a cliff of three years of credited service. Notwithstanding the above, a participant is fully vested upon reaching normal retirement age, death, or permanent disability.

Notes Receivable from Participants

Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest.

Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 (reduced by the excess, if any, 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 50% of their vested account balance. The notes are secured by the balance in the participant’s account and bear an interest rate of prime, as reported by the U.S. Federal Reserve on the last business day of a calendar quarter effective for loans made on and after the first business day of the subsequent quarter, plus 2%. Principal and interest are paid ratably through payroll deductions.

Payment of Benefits

Upon termination of service due to death, disability, or retirement, a participant may elect to receive the value of the vested interest in his or her account in the form of a lump sum distribution or installments. The Plan allows for in-service distributions if a participant reaches age 59 ¹⁄₂ and allows for hardship distributions subject to Plan provisions. If a participant terminates employment and the participant’s account balance does not exceed $1,000, the Plan administrator will authorize the benefit payment without the participant’s consent. If the balance of the terminated participant’s account is between $1,000 and $5,000, the Plan Sponsor may authorize that the benefit payment be rolled into an individual retirement account in the participant’s name.

(6)

STILLWATER MINING COMPANY

BARGAINING UNIT 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2015 AND 2014

NOTE 1 DESCRIPTION OF PLAN (CONTINUED)

Forfeitures

The nonvested portion of terminated participants accounts are used to pay administrative expenses and fund future Company contributions. Forfeited nonvested accounts as of December 31, 2015 and 2014 totaled $235,819 and $148,556, respectively. There was $18,203 of forfeitures used to pay administrative expenses for the year ended December 31, 2015. There was $318,047 of forfeitures used to fund Company matching contributions for the year ended December 31, 2015. There was $10,360 returned to participants for the year ended December 31, 2015. There was $433,873 forfeited by participants for the year ended December 31, 2015.

Plan to Plan Transfers

The Company also sponsors the Stillwater Mining Company 401(k) Plan, which covers non-union employees of the Company (as defined by the plan document). Transfers to and from this Plan occur when the union membership status of an employee changes. There were net transfers out of the Plan of $420,117 during the year ended December 31, 2015.

Plan Termination

Although the Company has not expressed any intent to do so, it has the right under the Plan to discontinue contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, the participants would become 100% vested in their Company contributions.

NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The financial statements of the Plan have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America.

Investment Valuation and Income Recognition

The Plan’s investments are reported at fair value (except for fully benefit-responsive investment contracts, which are reported at contract value). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Benefit Plan Committee determines the Plan’s valuation policies utilizing information provided by the investment advisers, custodians, and insurance company. See Note 3 for a discussion of fair value measurements.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) includes the Plan’s gains and losses on investments bought and sold as well as held during the plan year.

(7)

STILLWATER MINING COMPANY

BARGAINING UNIT 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2015 AND 2014

NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Administrative Expenses

The Plan’s expenses are paid either by the Plan or the Company. Expenses paid directly by the Company are excluded from these financial statements. Certain expenses incurred in connection with the general administration of the Plan that are paid by the Plan are recorded as deductions in the accompanying statements of changes in net assets available for benefits. In addition, certain investment related expenses are included in net depreciation in fair value of investments presented in the accompanying statements of changes in net assets available for benefits.

Notes Receivable from Participants

Interest income is recorded on the accrual basis. Related fees are recorded as administrative expenses and are expensed when incurred. No allowance for credit losses has been recorded as of December 31, 2015 or 2014. Delinquent notes receivable are recorded as distributions on the basis of the terms of the Plan document.

Distributions to Participants

Distributions to participants are recorded when paid by the trustee.

Use of Estimates

The preparation of financial statements in accordance 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 and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

Risks and Uncertainties

The Plan invests in various investment securities. These investment securities are exposed to various risks such as interest rate, market, liquidity and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the value of the investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits.

As of December 31, 2015 and 2014, Plan investments included $24,965,954 and $34,879,071 of Company common stock, respectively. This investment is exposed to market risk from changes in the fair value of such shares.

Reclassifications

Certain amounts in the 2014 financial statements have been reclassified to conform with the 2015 presentation. These reclassifications do not affect net assets available for benefits as previously reported.

(8)

STILLWATER MINING COMPANY

BARGAINING UNIT 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2015 AND 2014

NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Subsequent Events

The Plan has evaluated subsequent events through June 28, 2016, the date the financial statements were available to be issued.

Recent Accounting Pronouncements

In July 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2015-12, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): (Part I) Fully Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient. Part I clarifies fully benefit-responsive investment contracts are limited to direct investments between the Plan and the issuer. Part I also eliminates the requirements to measure the fair value of fully benefit-responsive investment contracts and provide certain disclosures. Contract value is the only required measurement for fully benefit-responsive investment contracts. Part II eliminates the requirements to disclose individual investments that represent 5 percent or more of net assets available for benefits and the net appreciation or depreciation in fair value of investments by general type. Part II also simplifies the level of disaggregation of investments that are measured at fair value. Plans will continue to disaggregate investments that are measured at fair value by general type; however, plans are no longer required to also disaggregate investments by nature, characteristics, and risks. Further, the disclosure of information about fair value measurements should be provided by general type of plan asset. Part III is not applicable to the Plan. The ASU is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. The amendments within Parts I and II require retrospective application. Management has elected to early adopt the provisions of Parts I and II of this new standard. Accordingly, these provisions were retrospectively applied.

NOTE 3 FAIR VALUE OF INVESTMENTS

The Fair Value Measurement topic of the FASB Accounting Standards Codification provides the framework for measuring fair value. That framework provides for a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described as follows:

Level 1 – Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.

Level 2 –Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as:

• quoted prices for similar assets or liabilities in active markets;

• quoted prices for identical or similar assets or liabilities in inactive markets;

(9)

STILLWATER MINING COMPANY

BARGAINING UNIT 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2015 AND 2014

NOTE 3 FAIR VALUE OF INVESTMENTS (CONTINUED)

• inputs other than quoted prices that are observable for the asset or liability;

• inputs that are derived principally from or corroborated by observable market data by correlation or other means.

If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair market value measurement. The unobservable inputs reflect the Plan’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used must maximize the use of observable inputs and minimize the use of unobservable inputs.

Following is a description of the valuation methodologies used for investments measured at fair value. There have been no changes in the valuation methodologies used during 2015 and 2014.

Mutual Funds: Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value (NAV) and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.

Common Stock: Valued at the closing price reported in the active market in which the individual security is traded.

The following tables set forth by level, within the fair value hierarchy, the Plan’s investments at fair value as of December 31:

	2015
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	71,072,991	$	—	$	—	$	71,072,991
Common Stock		24,965,954		—		—		24,965,954
Total Investments at Fair Value	$	96,038,945	$	—	$	—	$	96,038,945
	2014
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	71,603,989	$	—	$	—	$	71,603,989
Common Stock		34,879,071		—		—		34,879,071
Total Investments at Fair Value	$	106,483,060	$	—	$	—	$	106,483,060

(10)

STILLWATER MINING COMPANY

BARGAINING UNIT 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2015 AND 2014

NOTE 4 GROUP ANNUITY CONTRACT WITH INSURANCE COMPANY

Effective December 1, 2014, the Plan entered into a benefit-responsive evergreen group annuity contract with Prudential Retirement Insurance and Annuity Company (PRIAC). This product is backed by the full faith and credit of PRIAC. This is not considered a traditional guaranteed investment contract. PRIAC maintains the contributions in a general account. The guaranteed investment contract issuer is contractually obligated to repay the principal and a specified interest rate that is guaranteed to the Plan.

Interest is credited on contract balances using a single portfolio rate approach. Under this methodology, a single interest crediting rate is applied to all contributions made to the product regardless of the timing of those contributions. Interest crediting rates are reviewed on a semi-annual basis for resetting. The crediting rate is based on a formula established by the contract issuer but may not be less than 1.5%. The crediting interest rate was 1.95% as of December 31, 2015.

This contract meets the fully benefit-responsive investment contract criteria and therefore is reported at contract value. Contract value is the relevant measure for fully benefit-responsive investment contracts because this is the amount received by participants if they were to initiate permitted transactions under the terms of the Plan. Contract value, as reported to the Plan by PRIAC, 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.

Generally, there are no events that could limit the ability of the Plan to transact at contract value paid within 90 days or in rare circumstances, contract value paid over time. There are no events that allow the issuer to terminate the contract and which require the Plan sponsor to settle at an amount different than contract value paid either within 90 days or over time.

NOTE 5 INCOME TAX STATUS

The Plan is placing reliance on a favorable opinion letter dated April 29, 2014 received from the IRS on the prototype plan indicating that the Plan is qualified under Section 401 of the IRC and is therefore not subject to tax under current income tax law. The prototype Plan has been amended since receiving the prototype opinion letter. However, the Plan administrator believes that the Plan is designed, and is currently being operated, in compliance with the applicable requirements of the IRC and, therefore, believes that the Plan is qualified, and the related trust is tax-exempt.

Accounting principles generally accepted in the United States of America require plan management to evaluate tax positions taken by the Plan. The plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2015 and 2014 there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing authorities; however, there are currently no audits for any tax years in progress. The Plan administrator believes it is no longer subject to income tax examinations for years prior to 2012.

(11)

STILLWATER MINING COMPANY

BARGAINING UNIT 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2015 AND 2014

NOTE 6 PARTY-IN-INTEREST TRANSACTIONS

Prudential Bank & Trust, FSB, the Plan trustee as of December 1, 2014, is a wholly-owned subsidiary of Prudential Financial. Prudential Retirement, the record keeper of the Plan effective December 1, 2014, is a division of Prudential Financial. The operations of Prudential Retirement are conducted principally through PRIAC, a wholly-owned subsidiary of Prudential Financial. Certain Plan investments are managed by PRIAC. These transactions qualified as exempt party-in-interest transactions.

Fees incurred by the Plan for services with PRIAC, Prudential Retirement, and Prudential Bank & Trust, FSB are considered exempt party-in-interest transactions.

The Company made matching contributions in Company common stock of $4,740,572 (374,370 shares) during the year ended December 31, 2015. As of December 31, 2015, the Plan held $24,965,954 (2,913,181 shares) of Company common stock. As of December 31, 2014, the Plan held $34,879,071 (2,366,287 shares) of Company common stock.

NOTE 7 RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500

The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500 as of December 31:

	2015			2014
Net Assets Available for Benefits per the Financial Statements	$	135,147,578		$	147,281,008
Deemed Distributions of Participant Loans		(34,308	)		(39,529	)
Net Assets Available for Benefits per Form 5500	$	135,113,270		$	147,241,479

The following is a reconciliation of the change in net assets available for benefits per the financial statements to the Form 5500 for the year ended December 31, 2015:

Decrease in Net Assets Available for Benefits per Financial Statements	$	(12,133,430	)
Distribution of Prior Year Deemed Loans on Financial Statements		19,323
Add: Current Year Deemed Distribution of Participant Loans		(14,102	)
Decrease in Net Assets Available for Benefits per Form 5500	$	(12,128,209	)

(12)

STILLWATER MINING COMPANY BARGAINING UNIT 401(k) PLAN

E.I.N. 81-0480654 PLAN NO. 001

SCHEDULE H, LINE 4i—SCHEDULE OF ASSETS (HELD AT END OF YEAR)

DECEMBER 31, 2015

(a)	(b)	(c)	(d)	(e)
	Identity of Issue, Borrower, Lessor or Similar Party	Description of Investment	Cost **	Current Value
	Lord Abbett	Developing Growth I - Mutual Fund	**	$	4,845,860
	Vanguard	Institutional Index - Mutual Fund	**		5,433,859
	Dodge & Cox	International Stock Fund - Mutual Fund	**		3,161,161
*	PRU QMA	Small Cap Value Z - Mutual Fund	**		662,555
*	Prudential	Total Return Bond Q - Mutual Fund	**		4,551,763
	Oppenheimer	Developing Markets I - Mutual Fund	**		2,537,178
	Invesco	Comstock R6 - Mutual Fund	**		6,222,015
	Vanguard	Total Bond Index - Mutual Fund	**		767,071
	Vanguard	Mid Cap Index Fund - Mutual Fund	**		2,090,508
	American Beacon	Mid Cap - Mutual Fund	**		744,705
	Vanguard	Developing Markets Index Adm - Mutual Fund	**		372,959
	American Century	Disciplined Growth I - Mutual Fund	**		7,361,603
	AB	Discovery Growth Z - Mutual Fund	**		3,212,443
	Vanguard	Small Cap Index Adm - Mutual Fund	**		1,030,127
	Stillwater Aggressive Blend:
	Vanguard	Institutional Index - Mutual Fund	**		3,282,947
	American Century	Disciplined Growth I - Mutual Fund	**		668,392
	Invesco	Comstock R6 - Mutual Fund	**		645,295
	Lord Abbett	Developing Growth I - Mutual Fund	**		238,440
*	PRU QMA	Small Cap Value Z - Mutual Fund	**		243,220
	Dodge & Cox	International Stock Fund - Mutual Fund	**		869,975
	Oppenheimer	Developing Markets I - Mutual Fund	**		491,597
*	Prudential	Total Return Bond Q - Mutual Fund	**		687,564
	Loomis Sayles	Strategic Income Y - Mutual Fund	**		471,755
	Oppenheimer	Real Estate Y - Mutual Fund	**		626,516
	Stillwater Moderate Blend:
	Vanguard	Institutional Index - Mutual Fund	**		3,241,679
	American Century	Disciplined Growth I - Mutual Fund	**		672,739
	Invesco	Comstock R6 - Mutual Fund	**		650,985
	Lord Abbett	Developing Growth I - Mutual Fund	**		213,115
*	PRU QMA	Small Cap Value Z - Mutual Fund	**		217,965
	Dodge & Cox	International Stock Fund - Mutual Fund	**		687,073
	Oppenheimer	Developing Markets I - Mutual Fund	**		287,036
*	Prudential	Total Return Bond Q - Mutual Fund	**		4,142,805
	Loomis Sayles	Strategic Income Y - Mutual Fund	**		529,527
	Oppenheimer	Real Estate Y - Mutual Fund	**		599,146

(13)

STILLWATER MINING COMPANY BARGAINING UNIT 401(k) PLAN

E.I.N. 81-0480654 PLAN NO. 001

SCHEDULE H, LINE 4i—SCHEDULE OF ASSETS (HELD AT END OF YEAR)

DECEMBER 31, 2015

(a)	(b)	(c)	(d)	(e)
	Identity of Issue, Borrower, Lessor or Similar Party	Description of Investment	Cost **	Current Value
	Stillwater Moderate Aggressive:
	Vanguard	Institutional Index - Mutual Fund	**		1,859,528
	American Century	Disciplined Growth I - Mutual Fund	**		360,023
	Invesco	Comstock R6 - Mutual Fund	**		347,897
	Lord Abbett	Developing Growth I - Mutual Fund	**		146,129
*	PRU QMA	Small Cap Value Z - Mutual Fund	**		149,333
	Dodge & Cox	International Stock Fund - Mutual Fund	**		448,354
	Oppenheimer	Developing Markets I - Mutual Fund	**		218,161
*	Prudential	Total Return Bond Q - Mutual Fund	**		1,056,581
	Loomis Sayles	Strategic Income Y - Mutual Fund	**		242,610
	Oppenheimer	Real Estate Y - Mutual Fund	**		273,918
	Stillwater Moderate Conservative:
*	Prudential	Guaranteed Income Fund - Insurance Product	**		124,769
	Vanguard	Institutional Index - Mutual Fund	**		420,340
	American Century	Disciplined Growth I - Mutual Fund	**		95,870
	Invesco	Comstock R6 - Mutual Fund	**		92,808
	Lord Abbett	Developing Growth I - Mutual Fund	**		22,760
	Target	Small Cap Value T - Mutual Fund	**		23,310
	Dodge & Cox	International Stock Fund - Mutual Fund	**		105,213
	Oppenheimer	Developing Markets I - Mutual Fund	**		41,215
*	Prudential	Total Return Bond Q - Mutual Fund	**		1,252,948
	Loomis Sayles	Strategic Income Y - Mutual Fund	**		113,502
	Oppenheimer	Real Estate Y - Mutual Fund	**		128,447
	Stillwater Conservative:
*	Prudential	Guaranteed Income Fund - Insurance Product	**		219,344
	Vanguard	Institutional Index - Mutual Fund	**		115,822
	American Century	Disciplined Growth I - Mutual Fund	**		27,988
	Invesco	Comstock R6 - Mutual Fund	**		26,979
	Lord Abbett	Developing Growth I - Mutual Fund	**		13,388
	Target	Small Cap Value T - Mutual Fund	**		13,593
	Dodge & Cox	International Stock Fund - Mutual Fund	**		36,089
*	Prudential	Total Return Bond Q - Mutual Fund	**		877,317
	Loomis Sayles	Strategic Income Y - Mutual Fund	**		26,178
	Oppenheimer	Real Estate Y - Mutual Fund	**		75,112

(14)

STILLWATER MINING COMPANY BARGAINING UNIT 401(k) PLAN

E.I.N. 81-0480654 PLAN NO. 001

SCHEDULE H, LINE 4i—SCHEDULE OF ASSETS (HELD AT END OF YEAR)

DECEMBER 31, 2015

(a)	(b)	(c)	(d)		(e)
	Identity of Issue, Borrower, Lessor or Similar Party	Description of Investment	Cost **		Current Value
*	Stillwater Mining Company	Common Stock		**		24,965,954
*	Prudential Retirement Insurance and Annuity Company	Guaranteed Income Fund (at Contract Value)		**		31,386,264
*	Participants	Participant Loans;
		Interest Rates of 5.25% - 10.25%		—		7,368,032
					$	135,137,354

* Indicates Party-in-Interest

** Cost omitted for participant-directed accounts

(15)

Stillwater Mining Company BARGAINING UNIT 401(k) PLAN

EXHIBIT INDEX

Exhibit	Document
23.1	Consent of Tanner LLC, Independent Registered Public Accounting Firm

(16)