SECURITIES AND EXCHANGE COMMISSION

                              WASHINGTON, DC 20549


                                _________________


                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


                                _________________


                        Date of Report: October 27, 2003
                        (Date of earliest event reported)


                            Stillwater Mining Company
               (Exact Name of Registrant as Specified in Charter)


           Delaware                       0-7704                 13-1681234
(State or Other Jurisdiction of   (Commission File Number)     (IRS Employer
        Incorporation)                                      Identification No.)


                  536 East Pike Avenue, Columbus, Montana 59019
                  ---------------------------------------------
                    (Address of Principal Executive Offices)


                                 (406) 322-8700
                         (Registrant's telephone number,
                              including area code)
<PAGE>


Item 7.     Financial Statements, Pro Forma Financial Information and Exhibits.

(c)      Exhibits.

99.1     Press release issued on October 27, 2003 by Stillwater Mining Company.

Item 12.    Results of Operation and Financial Condition.

         On October 27, 2003, Stillwater Mining Company issued a press release
in connection with the filing of its Quarterly Report on Form 10-Q for the
quarterly period ended September 30, 2003. The press release is attached
hereto as Exhibit 99.1 and is incorporated herein by reference.


<PAGE>

                                   SIGNATURE

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


                                             STILLWATER MINING COMPANY

Date: October 27, 2003                       By:  /s/ John R. Stark
                                                ------------------------------
                                                Name:  John R. Stark
                                                Title: Vice President, Secretary
                                                       and General Counsel

<PAGE>

                                   EXHIBITS

99.1     Press release issued on October 27, 2003 by Stillwater Mining Company.


<PAGE>

Exhibit 99.1

                STILLWATER MINING REPORTS THIRD QUARTER RESULTS


COLUMBUS, MONTANA - STILLWATER MINING COMPANY (NYSE:SWC) reported a net loss of
$1.6  million for the third  quarter of 2003 or $0.02 per share,  on revenue of
$58.2 million  compared to net income of $4.7 million,  or $0.11 per share,  on
revenue of $66.0 million for the third quarter of 2002.  The 2003 third quarter
results reflect lower revenues due to the lower combined PGM prices received by
the Company. During the third quarter, the Company's results include a non-cash
charge for  income  tax of $1.2  million,  or $0.01 per  share,  relating  to a
portion of the  Company's  tax losses which will not be utilized as a result of
the  ownership  change with the  issuance  of shares to Norimet  Limited in the
second quarter of 2003.

For the first nine  months of 2003,  the  Company  reported a net loss of $22.6
million,  or $0.29 per  share,  on revenue of $179.8  million  compared  to net
income of $32.3 million,  or $0.75 per share,  on revenue of $217.0 million for
the nine months of 2002.  Year-to-date  results  reflect lower  revenues due to
lower combined PGM prices and the planned lower production  levels. The results
for the nine months of 2003 were most significantly impacted by certain charges
related to the issuance of shares to Norimet Limited.  These items were a $15.2
million,  or $0.20 per share,  non-cash  charge for  income tax  relating  to a
portion of the Company's tax losses which will not be utilized and $3.0 million
($2.0 million,  or $0.03 per share,  net of tax) of transaction  related costs,
which were charged to income in the second quarter of 2003.

Announcing  the  Company's  results,  Stillwater  Chairman and Chief  Executive
Officer,  Francis R.  McAllister  said,  "While we are  pleased  that the third
quarter PGM production  has increased  compared to last years third quarter and
operating  costs are  improving,  the Company's  production  level has remained
constant for each quarter  during this year at  approximately  146,000  ounces.
During  the fourth  quarter,  based on our recent  operating  performance,  the
Company  expects PGM production of  approximately  137,000  ounces  assuming no
improvements in our productivity. Therefore, our 2003 annual production will be
approximately  6.7% below our forecast of 615,000 ounces, or 574,000 ounces. No
changes  have been made to our  previous  guidance for total cash costs for the
year of $290 per ounce."

He  continued,  "Most of the  shortfall  in  ounces  can be  attributed  to the
Stillwater Mine, which has not achieved the planned  productivity  improvements
for the second half of the year.  While we have seen  improvement in the mine's
productivity  in last month we felt it was necessary to issue some guidance for
production for the fourth quarter."

METALS MARKET
During the third quarter of 2003 palladium traded as high as $232 per ounce and
as low as $164 per ounce and the average market price was $189 per ounce in the
third quarter,  while  platinum  traded as high as $714 per ounce and as low as
$665 per ounce and the average market price was $693 per ounce.

Palladium in the third quarter  gained some price  momentum as investment  fund
activity  drove  the price  higher  and the price  differential  with  platinum
increased  as  platinum  set  new  highs.  With  platinum  setting  new  highs,
speculation increased that the use and demand for palladium was increasing.

The combined average market price per ounce of palladium and platinum for the
third quarter of 2003 was $306 compared to $376 for the third quarter of 2002.
The combined average market price for the two metals for the first nine months
of 2003 was $309 per ounce compared to $394 per ounce for the same period in
2002.

Mr. McAllister said, "That a continuation of palladium prices at current levels
will lead to asset impairment  writedowns and a reduction of ore reserves which
would be  material.  The  timing  of any such  writedown  or  reduction  in ore
reserves  will need to be  evaluated  in light of  palladium  prices  and other
matters."

The Company is reviewing several  assumptions and tests,  which must be applied
to asset impairment and ore reserve  calculations.  Mr.  McAllister  continued,
"While the magnitude of any reduction  cannot be gauged with  precision at this
time and depends on a number of factors,  that, given the significant  decrease
in  palladium  prices,  the  reduction  is likely to  significantly  impact the
Company's  ore  reserve   position  and  long-lived  asset  book  values."  Mr.
McAllister  noted,  "That any  writedowns  of this  nature  result in  non-cash
charges  to  operations  and  consequently  will not  affect  our  cash  flows.
Furthermore, he emphasized; these adjustments will not impact our operations or
employees.  Further  discussion about the nature of these potential  writedowns
and  reduction in ore reserves is  contained in the  Company's  Form 10-Q being
filed today with the SEC."

"There  has been  substantial  interest  in the  877,169  ounces  of  palladium
acquired  in the Norilsk  transaction  and which we have in  inventory.  We are
still  negotiating new long-term  supply  contracts with end users and none has
yet been sold or committed," said Mr. McAllister.

"During the quarter,  our management team was strengthened with the addition of
Stephen Lang.  Stephen joins  Stillwater as Executive  Vice President and Chief
Operating Officer with  responsibility  for the Company's  operations.  With 23
years  of  hardrock  mining   experience  in  both  open  pit  and  underground
operations, Stephen is a valuable addition to our team. He will be based at the
Company's headquarters in Columbus, Montana."

"Recently,  we announced the signing of a long-term  secondary  metal  sourcing
agreement with Power Mount Incorporated of Somerset,  Kentucky.  This agreement
will  enable  us to  expand  our  recycling  of  secondary  material,  which is
consistent with Stillwater's business," he concluded.

OPERATING RESULTS

During the third  quarter  of 2003,  the  Company  produced a total of 146,000
ounces of  palladium  and  platinum  compared to 139,000  ounces for the third
quarter  of  2002.  The  increase  was  primarily  due  to a 14%  increase  in
production at the East Boulder Mine.  Realized  prices per ounce for the third
quarter 2003 were $353 for palladium, and $590 for platinum,  compared to $431
and $517,  respectively,  in the third quarter of 2002. The Company's  average
realized  combined  price per ounce of  palladium  and  platinum for the third
quarter of 2003 was $405 or approximately  32% above the combined market price
per ounce of $306,  and about 10% lower than the $449 combined  price realized
for the same period in 2002.

Total cash costs on a  consolidated  basis for the third  quarter of 2003 were
$284 per ounce compared to $304 per ounce for the same period in 2002. The $20
per ounce  decrease  is due to a $25 per ounce  decrease  in  operating  costs
primarily  related to lower  mining  costs per ounce at the East  Boulder Mine
which was partially  offset by a $5 per ounce increase in royalties,  property
taxes and insurance. Total consolidated production costs per ounce produced in
the third quarter of 2003  decreased $23, or 6%, to $354 from $377 as compared
to the same period of 2002.  The  decrease is due to the decrease in operating
costs and a decrease in depreciation and amortization costs of $3 per ounce.

For the first nine months of 2003,  the  Company  produced  437,000  ounces of
palladium and platinum compared to 470,000 ounces for the nine months of 2002.
Realized  prices  per ounce for the  first  nine  months of 2003 were $353 for
palladium, and $578 for platinum, compared to $443 and $506, respectively, for
the same period of 2002.  The Company's  realized  combined price per ounce of
palladium and platinum was $402 per ounce for the first nine months of 2003 or
about 30% higher than the combined  market price of $309 per ounce,  and about
12% lower than the $457 per ounce  combined price realized for the same period
in 2002.

Total consolidated cash costs per ounce for the first nine months of 2003 were
$282  compared to $279 for the same period of 2002.  The higher cash costs are
attributable to a $1 per ounce increase in operating  costs primarily  related
to higher mining costs per ounce at the Stillwater  Mine and an increase of $2
per ounce increase in property taxes. Total consolidated  production costs per
ounce  produced  increased  $10,  or 3%, to $353  from $343 in the first  nine
months of 2003 as compared to the same period of 2002.  The increase is due to
the  increase  in  operating  costs  and  an  increase  in  depreciation   and
amortization costs of $7 per ounce,  primarily related to a higher fixed asset
base and changes in reserve  estimates  used in calculating  depreciation  and
amortization which occurred in the first nine months of 2002.

STILLWATER MINE
At the Stillwater Mine,  palladium and platinum  production was 106,000 ounces
in the third quarter of 2003  compared to 104,000  ounces in the third quarter
of 2002.  During the  quarter,  a total of  203,000  tons were  milled  with a
combined mill head grade of 0.57 ounce per ton compared to 210,000 tons with a
combined  mill head grade of 0.55 ounce per ton in the third  quarter of 2002.
Total mill  recovery for the third  quarter was 92% compared to 91% during the
same period  last year.  The mining  rate  during the third  quarter  averaged
approximately  1,915 tons of ore per day as the mine  implements  a long-range
operating  plan,  which  changes the mine plan from a  production-driven  to a
cost-driven emphasis.

For the  first  nine  months  of 2003  the mine  produced  322,000  ounces  of
palladium and platinum compared to 380,000 ounces for the first nine months of
2002. The lower  production  was the result of a 13% planned  decrease in mill
throughput combined with a 2% decrease in the average combined mill head grade
for the comparable period.

Total cash cost per ounce for the third  quarter of 2003  decreased by $15, or
6% to $260  from  $275 for the  same  period  in 2002  due to a $19 per  ounce
decrease in operating  costs offset by a $4 per ounce  increase in  royalties,
property taxes and insurance. Total production costs per ounce produced in the
third quarter 2003  decreased $22, or 7%, to $319 from $341 as compared to the
same period of 2002.  The decrease is due to the  decrease in operating  costs
and a decrease in depreciation and amortization costs of $7 per ounce.

For the first nine months of 2003, total cash cost per ounce increased to $258
from $253 for the same period in 2002 due to lower  production  levels.  Total
production costs per ounce produced increased $10, or 3%, to $318 from $308 in
the first nine  months of 2003 as  compared  to the same  period of 2002.  The
increase is due to the lower production levels.

During the third  quarter of 2003  capital  expenditures  at the mine were $12
million bringing year-to-date capital spending to $31.4 million.

EAST BOULDER MINE

During the third quarter of 2003, the East Boulder Mine produced  40,000 ounces
of palladium and platinum a 14% increase compared to the 35,000 ounces produced
in the third quarter of 2002.  The mining rate  averaged  1,180 tons of ore per
day for the  quarter.  A total of 109,000  tons of ore were  milled with a mill
head  grade of 0.42  ounce per ton in the third  quarter  of 2003  compared  to
106,000  tons with a mill head grade of 0.39  ounce per ton for the  comparable
quarter last year.  Total mill recovery during the third quarter 2003 increased
to 88% from 84% a year ago.

For the  first  nine  months  of 2003  the mine  produced  115,000  ounces  of
palladium and platinum  compared to 90,000 ounces for the first nine months of
2002. The increase in production is the result of ramping up production at the
facility.

Total cash costs per ounce in the third quarter of 2003 decreased $39, or 10%,
to $351  compared  to $390 per  ounce  for the same  period in 2002 due to the
higher  production rates and lower operating costs due to cost reductions from
material  management  programs and reduction of secondary  development through
engineering redesigns.  Total production costs per ounce produced in the third
quarter 2003  decreased  $35, or 7%, to $449 from $484 as compared to the same
period of 2002. The decrease is primarily due to the lower  operating costs as
noted above.

For the first nine months of 2003,  total cash costs per ounce  decreased $39,
or 10%,  to $350  from  $389 for the  same  period  in 2002 due to the  higher
production  levels,  higher  grades and a reduction  in mine site  general and
administrative costs. Total production costs per ounce produced decreased $43,
or 9%, to $448 from $491 in the first nine  months of 2003 as  compared to the
same period of 2002.  The  decrease is due to lower  operating  costs as noted
above and a decrease in depreciation and amortization costs of $4 per ounce.

Capital  expenditures at the mine for third quarter were $2.8 million bringing
year-to-date capital spending to $9.6 million.

FINANCES

Revenues  were $58.2 million for the third quarter of 2003 compared with $66.0
million for the third quarter of 2002, a 12% decrease,  which is the result of
a 10% decrease in combined  realized  palladium  and platinum  prices and a 3%
decrease  in the  quantity  of metal  sold.  For the first nine months of 2003
revenues were $179.8  million  compared with $217.0 million for the first nine
months of 2002,  a 17%  decrease,  which is the  result of a 12%  decrease  in
combined  realized  palladium  and  platinum  prices and a 7%  decrease in the
quantity of metal sold.

Net cash provided by operations  for the third quarter 2003,  was $0.8 million
compared to $19.3 million for the  comparable  period of 2002. The decrease in
net cash  provided by  operations  was primarily a result of a decrease in net
income of $6.3 million and an increase in net operating assets and liabilities
of $14.0 million.

For the first nine months  ended  September  30,  2003,  net cash  provided by
operations was $36.8 million  compared to $46.1 million for the same period of
2002.  The decrease in net cash provided by operations  was primarily a result
of a decrease in net income of $54.9 million partially offset by a decrease in
net  operating  assets and  liabilities  of $25.8  million  and an increase in
non-cash expenses of $19.8 million.

Capital expenditures totaled $14.8 million in the third quarter of 2003, which
includes  $13.7  million   incurred  in  connection  with   capitalized   mine
development  activities,  compared to a total of $16.4 million, which included
$11.7  million  incurred  in  connection  with  capitalized  mine  development
activities in the same period of 2002.

For the first nine months of 2003, capital expenditures totaled $41.0 million,
which  includes $36.0 million  incurred in connection  with  capitalized  mine
development  activities,  compared  to $39.6  million,  which  included  $33.5
million incurred in connection with capitalized mine development activities in
the same period of 2002.

Currently,  the Company has $128.8 million  outstanding  under its term B loan
facility bearing interest at 7.25%.  Under its revolving credit facility,  the
Company has $7.5 million  outstanding as letters of credit bearing interest at
4.0%.

At September  30,  2003,  the Company had cash and cash  equivalents  of $51.8
million,  and $17.5  million was  available to the Company under its revolving
credit  facility.  The  Company's  working  capital at September  30, 2003 was
$155.1  million,  compared to $46.7 million at December 31, 2002. The ratio of
current  assets to current  liabilities  was 2.5 at  September  30,  2003,  as
compared to 1.7 December 31, 2002.

OTHER MATTERS

On July 22, 2003,  Norimet Limited commenced a cash tender offer to acquire up
to 4,350,000  common shares of  Stillwater  at $7.50 per share.  Following the
completion of the tender offer on September 3, 2003,  Norimet owns  49,813,222
shares or 55.5% of the Company's outstanding common stock.

On August 13, 2003, the Company  announced the appointment of Stephen A. Lang,
47,  as  Executive   Vice   President   and  Chief   Operating   Officer  with
responsibility for the Company's operations. He will be based at the Company's
headquarters in Columbus,  Montana. Mr. Lang, with 23 years of hardrock mining
experience in both open pit and  underground  operations,  comes to Stillwater
from Barrick Gold Corporation  where he was Vice President and General Manager
of their flagship Goldstrike/Meikle operation. He has a Bachelor of Science in
Mining  Engineering  and a  Master  Degree  in  Mining  Engineering  from  the
University of Missouri-Rolla  and is a member of the executive board for Great
Basin College in Winnemucca, Nevada, a board member on the Humbolt River Basin
Water  Authority,   the  Council  of  Alaska  Producers,   the  Alaska  Miners
Association  and  the  Nevada  Mining   Association.   Lang  is  a  registered
Professional Engineer in New Mexico.

The Company announced on October 15, 2003 that it has entered into a long-term
secondary metal sourcing  agreement with Power Mount Incorporated of Somerset,
Kentucky.  Under the  agreement  Stillwater  will  purchase  from Power  Mount
secondary  metals  for  recycling  consisting  primarily  of  spent  catalytic
converter material, which contain platinum group metals. The materials will be
processed  along with mine  production in Company's  state of the art smelting
and refining complex located  conveniently next to Interstate  Highway I-90 in
Columbus, Montana.

On October 23, 2003, the Company held its Annual Meeting of Stockholders.  All
of the ten proposals were approved at the meeting,  including  re-electing the
following nine persons to the Company's  board of directors:  Craig L. Fuller,
Patrick M. James, Steven S. Lucas,  Joseph P. Mazurek,  Francis R. McAllister,
Sheryl K.  Pressler,  Donald W. Riegle,  Todd D. Schafer and Jack E. Thompson.
Details of the votes cast in  connection  with each  proposal are set forth in
Company's Form 10Q for the third quarter 2003, filed with the SEC.

Stockholders  were asked to consider and vote on the following ten  proposals:

1.    To amend  the  Company's  Restated  Certificate  of  Incorporation  (the
"charter")  to  increase  the  Company's   authorized   common  stock  from
100,000,000 shares to 200,000,000 shares;

2.     To  amend  the  charter  to  eliminate   cumulative  voting  rights  of
stockholders;

3.    To amend the charter to  eliminate  the rights of  stockholders  to take
action by written  consent;

4.    To amend the charter to provide  that the number of  directors  shall be
set forth in  accordance  with the  Company's  by-laws,  provided  that the
number  shall be no less than  seven and no more than ten;

5.     To  approve  a  restatement  of the  current  charter  to  include  the
amendments  set  forth in  Proposals  1  through  4 in the  event  they are
approved by the  stockholders and to make other amendments set forth in the
Proxy Statement;

6.    To amend the Company's  by-laws to provide that:  (i) the  nomination of
directors,  (ii) the filling of  vacancies  in the Board,  (iii)  notice of
Board  meetings,  (iv) the Board quorum  requirements,  (v) the election of
officers and (vi) the appointment of Board  committees  shall be subject to
the  provisions  of the  Stockholders  Agreement  by and among the Company,
Norimet  and Norilsk  Nickel,  dated as of June 23,  2003;

7.    To amend and restate the Company's by-laws to include the amendments set
forth in Proposal 6 in the event they are approved by the  stockholders and
to make other amendments set forth in the Proxy Statement;

8.    To elect nine directors to the Company's Board of Directors;

9.    To amend and  restate  the  Company's  General  Employee  Stock  Plan to
increase the number of shares of Common Stock  authorized for issuance from
1,100,000  shares to  1,400,000  shares and change the  governing  law from
Colorado to Delaware;  and

10.    To ratify  the  appointment  of KPMG LLP as the  Company's  independent
accountants.


The Company's  Restated  Certificate  of  Incorporation,  Amended and Restated
By-Laws and Amended and Restated  General  Employee Stock Plan are attached as
Exhibits to the Company's Form 10Q for the third quarter 2003,  filed with the
SEC.

                              __________________

Stillwater Mining Company will host its third quarter results  conference call
at 12 noon EDT on October 27, 2003.  The  conference  call  dial-in  number is
888-428-4480 (US) and 651-291-5254  (International).  The conference call will
be  simultaneously  Web cast on the  Internet  via the  Company's  Web site at
www.stillwatermining.com.  To access the conference  call on the Company's Web
site go to the Investor  Relations Section under Management  Presentations and
click on the link to the conference call. A replay of the conference call will
be  available  on the  Company's  Web site or by a telephone  replay,  dial-in
number 800-475-6701 (US) and 320-365-3844 (International), access code 701215,
through November 3, 2003.

                           _________________________


         Stillwater  Mining Company is the only U.S. producer of palladium and
platinum and is the largest primary  producer of platinum group metals outside
of South  Africa.  The  Company's  shares  are  traded  on the New York  Stock
Exchange under the symbol SWC. Information on Stillwater Mining Company can be
found at its Web site: www.stillwatermining.com.

                           _________________________

This press release  contains  forward-looking  information,  which involves
expressions  of  management's  current  expectations.  All  forward-looking
information  is  subject  to various  risks and  uncertainties  that may be
beyond the  Company's  control and may cause  results to differ  materially
from management's current expectations. Information concerning factors that
could cause actual results to differ materially from  management's  current
expectations  are set forth in the section  entitled  "Risk Factors" in the
Company's  Annual Report on Form 10-K for the year ended  December 31, 2002
and may be discussed in subsequent filings with the SEC.

<PAGE>
<TABLE>
<CAPTION>

Stillwater Mining Company
Key Factors

(Unaudited)
                                                              Three months ended                 Nine months ended
                                                                 September 30,                     September 30,
                                                         ------------------------------    ------------------------------
                                                             2003             2002             2003             2002
                                                         -------------    -------------    -------------    -------------
<S>                                                             <C>              <C>              <C>              <C>
OPERATING AND COST DATA

Consolidated:
Ounces produced (000)
     Palladium                                                  113              108              337              363
     Platinum                                                    33               31              100              107
                                                         -------------    -------------    -------------    -------------
         Total                                                  146              139              437              470
                                                         =============    =============    =============    =============

Tons milled (000)                                               289              303              879              976
Mill head grade (ounce per ton)                                0.55             0.51             0.54             0.54

Sub-grade tons milled (000) (1)                                  23               13               64               23
Sub-grade mill head grade (ounce per ton)                      0.17             0.13             0.19             0.19

Total tons milled (000) (1)                                     312              316              943              999
Combined mill head grade (ounce per ton)                       0.52             0.49             0.52             0.53
Total mill recovery (%)                                          91               89               91               89

Total operating costs per ounce                           $     245        $     270        $     249        $     248
Total cash costs per ounce (2),(3)                        $     284        $     304        $     282        $     279
Total production costs per ounce (2),(3)                  $     354        $     377        $     353        $     343

Total operating costs per ton milled                      $     115        $     119        $     115        $     117
Total cash costs per ton milled (2),(3)                   $     133        $     134        $     131        $     131
Total production costs per ton milled (2),(3)             $     166        $     166        $     163        $     161

Stillwater Mine:
----------------
Ounces produced (000)
     Palladium                                                   82               80              247              293
     Platinum                                                    24               24               75               87
                                                         -------------    -------------    -------------    -------------
         Total                                                  106              104              322              380
                                                         =============    =============    =============    =============

Tons milled (000)                                               180              197              545              693
Mill head grade (ounce per ton)                                0.63             0.58             0.63             0.60

Sub-grade tons milled (000) (1)                                  23               13               64               23
Sub-grade mill head grade (ounce per ton)                      0.17             0.13             0.19             0.19

Total tons milled (000) (1)                                     203              210              609              716
Combined mill head grade (ounce per ton)                       0.57             0.55             0.58             0.59
Total mill recovery (%)                                          92               91               91               91

Total operating costs per ounce                           $     224        $     243        $     228        $     225
Total cash costs per ounce (2),(3)                        $     260        $     275        $     258        $     253
Total production costs per ounce (2),(3)                  $     319        $     341        $     318        $     308

Total operating costs per ton milled                      $     117        $     120        $     121        $     119
Total cash costs per ton milled (2),(3)                   $     136        $     136        $     136        $     134
Total production costs per ton milled (2),(3)             $     167        $     169        $     168        $     163
</TABLE>

<PAGE>
<TABLE>
<CAPTION>

Stillwater Mining Company

Key Factors (continued)
(Unaudited)
                                                                 Three months ended                 Nine months ended
                                                                    September 30,                     September 30,
                                                            ------------------------------    ------------------------------
                                                                2003             2002             2003             2002
                                                            -------------    -------------    -------------    -------------
OPERATING AND COST DATA
 (Continued)

East Boulder Mine:
-----------------
Ounces produced (000)
<S>                                                                 <C>              <C>              <C>              <C>
     Palladium                                                      31               27               90               70
     Platinum                                                        9                8               25               20
                                                            -------------    -------------    -------------    -------------
         Total                                                      40               35              115               90
                                                            =============    =============    =============    =============

Tons milled (000)                                                  109              106              334              283
Mill head grade (ounce per ton)                                   0.42             0.39             0.39             0.37

Sub-grade tons milled (000) (1)                                      -                -                -                -
Sub-grade mill head grade (ounce per ton)                            -                -                -                -

Total tons milled (000) (1)                                        109              106              334              283
Combined mill head grade (ounce per ton)                          0.42             0.39             0.39             0.37
Total mill recovery (%)                                             88               84               89               86

Total operating costs per ounce                              $     302        $     348        $     306        $     348
Total cash costs per ounce (2),(3)                           $     351        $     390        $     350        $     389
Total production costs per ounce (2),(3)                     $     449        $     484        $     448        $     491

Total operating costs per ton milled                         $     110        $     116        $     106        $     110
Total cash costs per ton milled (2),(3)                      $     128        $     129        $     120        $     123
Total production costs per ton milled (2),(3)                $     163        $     160        $     154        $     155



(1)   Sub-grade tons milled includes reef waste material only. Total tons milled includes ore tons
      and sub-grade tons only. Prior period amounts have been adjusted to conform to the current
      year presentation.
(2)   Total cash costs include costs of mining, processing and administrative expenses at the mine
      site (including mine site overhead, taxes other than income taxes, royalties and credits for
      metals produced other than palladium and platinum.) Total production costs include total cash
      costs plus depreciation and amortization. Income taxes, corporate general and administrative
      expenses and interest income and expense are not included in either total cash costs or total
      production costs.
(3)   Cash cost per ton and cash cost per ounce represent non-U.S. Generally Accepted Accounting
      Principles (GAAP) measurements that management uses to monitor and evaluate the performance of
      its mining operations. Management believes cash costs per ounce and per ton provide an
      indicator of profitability and efficiency at each location and on a consolidated basis, as
      well as provide a meaningful basis to compare our results with those of other mining companies
      and other mining operating properties. See table "Reconciliation of Non-GAAP measures to cost
      of sales."

</TABLE>
<PAGE>
<TABLE>
<CAPTION>

Stillwater Mining Company

Key Factors (continued)
(Unaudited)
                                                   Three months ended                 Nine months ended
                                                      September 30,                     September 30,
                                              ------------------------------    ------------------------------
                                                  2003             2002             2003             2002
                                              -------------    -------------    -------------    -------------
SALES AND PRICE DATA

Ounces sold (000)
<S>                                                  <C>              <C>              <C>              <C>
     Palladium                                       112              117              348              368
     Platinum                                         32               31               99              110
                                              -------------    -------------    -------------    -------------
         Total                                       144              148              447              478
                                              =============    =============    =============    =============

Average realized price per ounce (4)
     Palladium                                 $     353        $     431        $     353        $     443
     Platinum                                  $     590        $     517        $     578        $     506
     Combined (5)                              $     405        $     449        $     402        $     457

Average market price per ounce (4)
     Palladium                                 $     189        $     325        $     201        $     355
     Platinum                                  $     693        $     542        $     667        $     523
     Combined (5)                              $     306        $     376        $     309        $     394



(4)   The company's average realized price represents revenues which include the impact of contract
      floor and ceiling prices and hedging gains and losses realized on commodity instruments and
      exclude contract discounts, divided by ounces sold. The average market price represents the
      average London PM Fix for the actual months of the period.

(5)   Stillwater Mining reports a combined average realized and market price of palladium and
      platinum at the same ratio as ounces that are produced from the refinery.

</TABLE>

<PAGE>

Stillwater Mining Company

Key Factors (continued)
(Unaudited)

Reconciliation of Non-GAAP measures to cost of sales

     Cash cost per ton and cash cost per ounce represent Non-GAAP measurements
that management uses to monitor and evaluate the performance of its mining
operations. Management believes cash costs per ounce and per ton provide an
indicator of profitability and efficiency at each location and on a consolidated
basis, as well as provide a meaningful basis to compare our results with those
of other mining companies and other mining operating properties.

<TABLE>
<CAPTION>

                                                                     Three months ended                 Nine months ended
(in thousands, except cost per ounce and cost per ton data)             September 30,                     September 30,
                                                                ------------------------------    ------------------------------
                                                                    2003             2002             2003             2002
                                                                -------------    -------------    -------------    -------------
<S>                                                             <C>                  <C>             <C>             <C>
Consolidated:
Total operating costs                                            $  35,825        $  37,468        $ 108,614        $ 116,591
Total cash costs                                                 $  41,564        $  42,212        $ 123,218        $ 131,130
Total production costs                                           $  51,777        $  52,415        $ 154,041        $ 161,178
Divided by total ounces                                                146              139              437              470
Divided by total tons milled                                           312              316              943              999

Total operating cost per ounce                                   $     245        $     270        $     249        $     248
Total cash cost per ounce                                        $     284        $     304        $     282        $     279
Total production cost per ounce                                  $     354        $     377        $     353        $     343

Total operating cost per ton milled                              $     115        $     119        $     115        $     117
Total cash cost per ton milled                                   $     133        $     134        $     131        $     131
Total production cost per ton milled                             $     166        $     166        $     163        $     161

Reconciliation to cost of sales:
Total operating costs                                            $  35,825        $  37,468        $ 108,614        $ 116,591
Royalties, taxes and other                                           5,739            4,744           14,604           14,539
                                                                -------------    -------------    -------------    -------------
     Total cash costs                                            $  41,564        $  42,212        $ 123,218        $ 131,130
Asset retirement costs                                                  87              125              254              394
Depreciation and Amortization                                       10,126           10,078           30,569           29,654
                                                                -------------    -------------    -------------    -------------
     Total production costs                                      $  51,777        $  52,415        $ 154,041        $ 161,178
Change in product inventory                                           (995)              27            9,831           (1,474)
(Gain) or loss on sale of assets and other costs                        70                -              106              (22)
                                                                -------------    -------------    -------------    -------------
     Total cost of sales                                         $  50,852        $  52,442        $ 163,978        $ 159,682
                                                                =============    =============    =============    =============

Stillwater Mine:
----------------
Total operating costs                                            $  23,849        $  25,208        $  73,417        $  85,396
Total cash costs                                                 $  27,656        $  28,469        $  82,969        $  96,253
Total production costs                                           $  33,968        $  35,327        $ 102,447        $ 117,143
Divided by total ounces                                                106              104              322              380
Divided by total tons milled                                           203              210              609              716

Total operating cost per ounce                                   $     224        $     243        $     228        $     225
Total cash cost per ounce                                        $     260        $     275        $     258        $     253
Total production cost per ounce                                  $     319        $     341        $     318        $     308

Total operating cost per ton milled                              $     117        $     120        $     121        $     119
Total cash cost per ton milled                                   $     136        $     136        $     136        $     134
Total production cost per ton milled                             $     167        $     169        $     168        $     163
</TABLE>


<PAGE>
<TABLE>

Stillwater Mining Company

Key Factors (continued)
(Unaudited)
<CAPTION>
                                                                     Three months ended                 Nine months ended
(in thousands, except cost per ounce and cost per ton data)             September 30,                     September 30,
                                                                ------------------------------    ------------------------------
                                                                    2003             2002             2003             2002
                                                                -------------    -------------    -------------    -------------
Reconciliation to cost of sales:
<S>                                                              <C>              <C>              <C>              <C>
Total operating costs                                            $  23,849        $  25,208        $  73,417        $  85,396
Royalties, taxes and other                                           3,807            3,261            9,552           10,857
                                                                -------------    -------------    -------------    -------------
     Total cash costs                                            $  27,656        $  28,469        $  82,969        $  96,253
Asset retirement costs                                                  71               73              208              251
Depreciation and Amortization                                        6,241            6,785           19,270           20,639
                                                                -------------    -------------    -------------    -------------
     Total production costs                                      $  33,968        $  35,327        $ 102,447        $ 117,143
Change in product inventory                                           (100)             782            8,719            3,560
(Gain) or loss on sale of assets and other costs                        59                -               95              (22)
                                                                -------------    -------------    -------------    -------------
     Total cost of sales                                         $  33,927        $  36,109        $ 111,261        $ 120,681
                                                                =============    =============    =============    =============

East Boulder Mine:
------------------
Total operating costs                                            $  11,976        $  12,260        $  35,197        $  31,195
Total cash costs                                                 $  13,908        $  13,743        $  40,249        $  34,877
Total production costs                                           $  17,809        $  17,088        $  51,594        $  44,035
Divided by total ounces                                                 40               35              115               90
Divided by total tons milled                                           109              106              334              283

Total operating cost per ounce                                   $     302        $     348        $     306        $     348
Total cash cost per ounce                                        $     351        $     390        $     350        $     389
Total production cost per ounce                                  $     449        $     484        $     448        $     491

Total operating cost per ton milled                              $     110        $     116        $     106        $     110
Total cash cost per ton milled                                   $     128        $     129        $     120        $     123
Total production cost per ton milled                             $     163        $     160        $     154        $     155
Reconciliation to cost of sales:
Total operating costs                                            $  11,976        $  12,260        $  35,197        $  31,195
Royalties, taxes and other                                           1,932            1,483            5,052            3,682
                                                                -------------    -------------    -------------    -------------
     Total cash costs                                            $  13,908        $  13,743        $  40,249        $  34,877
Asset retirement costs                                                  16               52               46              143
Depreciation and Amortization                                        3,885            3,293           11,299            9,015
                                                                -------------    -------------    -------------    -------------
     Total production costs                                      $  17,809        $  17,088        $  51,594        $  44,035
Change in product inventory                                           (895)            (755)           1,112           (5,034)
(Gain) or loss on sale of assets and other costs                        11                -               11                -
                                                                -------------    -------------    -------------    -------------
     Total cost of sales                                         $  16,925        $  16,333        $  52,717        $  39,001
                                                                =============    =============    =============    =============
</TABLE>


<PAGE>
<TABLE>
<CAPTION>

Stillwater Mining Company
Consolidated Balance Sheets
(Unaudited)
(in thousands, except share and per share amounts)
                                                                                  September 30,                December 31,
                                                                                       2003                        2002
                                                                               ---------------------        -------------------
 ASSETS
     Current assets
<S>                                                                            <C>                          <C>
         Cash and cash equivalents                                             $          51,811            $         25,913
         Restricted cash equivalents                                                       2,650                       2,250
         Inventories                                                                     190,052                      52,058
         Accounts receivable                                                               5,457                      18,647
         Deferred income taxes                                                             2,623                       5,779
         Other current assets                                                              8,381                       7,828
                                                                               ---------------------        -------------------
              Total current assets                                                       260,974                     112,475

     Property, plant and equipment, net                                                  805,933                     794,019
     Other noncurrent assets                                                               6,414                       7,720
                                                                               ---------------------        -------------------
               Total assets                                                     $      1,073,321            $        914,214
                                                                               =====================        ===================
 LIABILITIES and STOCKHOLDERS' EQUITY
     Current liabilities
         Accounts payable                                                       $          9,871            $         14,310
         Accrued payroll and benefits                                                      7,435                      10,071
         Property, production and franchise taxes payable                                  7,520                      10,998
         Current portion of long-term debt and capital lease
              Obligations                                                                  1,926                      21,461
         Long-term debt secured by finished goods inventory                               74,106                           -
         Accrued restructuring costs                                                       1,649                       1,926
         Other current liabilities                                                         3,388                       7,017
                                                                               ---------------------        -------------------
              Total current liabilities                                                  105,895                      65,783

 Long-term debt and capital lease obligations                                             86,011                     198,866
 Deferred income taxes                                                                    89,144                      80,615
     Other noncurrent liabilities                                                         13,522                       9,736
                                                                               ---------------------        -------------------
              Total liabilities                                                          294,572                     355,000
                                                                               ---------------------        -------------------
     Commitments and Contingencies
     Stockholders' equity
         Preferred stock, $0.01 par value, 1,000,000 shares
              authorized; none issued                                                          -                        -
         Common stock, $0.01 par value, 100,000,000 shares
              authorized; 89,736,441 and 43,587,107 shares
              issued and outstanding                                                         897                         436
         Paid-in capital                                                                 591,655                     351,605
         Retained earnings                                                               186,860                     209,504
         Accumulated other comprehensive loss                                               (663)                     (1,405)
         Unearned compensation - restricted stock awards                                       -                        (926)
                                                                               ---------------------        -------------------
              Total stockholders' equity                                                 778,749                     559,214
                                                                               ---------------------        -------------------
              Total liabilities and stockholders' equity                        $      1,073,321              $      914,214
                                                                               =====================        ===================
</TABLE>

<PAGE>
<TABLE>
<CAPTION>

Stillwater Mining Company
Consolidated Statements of Operations and Comprehensive Income

(Unaudited)
(in thousands, except per share amounts)

                                                                      Three months ended                Nine months ended
                                                                        September 30,                     September 30,
                                                                ------------------------------    ------------------------------
                                                                    2003             2002             2003             2002
                                                                -------------    -------------    -------------    -------------
<S>                                                             <C>              <C>              <C>              <C>
Revenues                                                        $    58,221      $    65,970      $   179,751      $   216,954
Costs and expenses
    Cost of metals sold                                              40,726           42,364          133,409          130,028
    Depreciation and amortization                                    10,126           10,078           30,569           29,654
                                                                -------------    -------------    -------------    -------------
       Total cost of sales                                           50,852           52,442          163,978          159,682

    General and administrative expenses                               3,331            3,853           10,198           10,578
    Norilsk Nickel transaction related expenses                           -                -            3,043                -
    Restructuring costs (reversal)                                        -                -                -           (5,938)
                                                                 -------------    -------------    -------------    -------------
       Total costs and expenses                                      54,183           56,295          177,219          164,322

Operating income                                                      4,038            9,675            2,532           52,632

Other income (expense)
    Interest income                                                     136              263              315              744
    Interest expense                                                 (4,021)          (4,050)         (13,616)         (12,578)
                                                                -------------    -------------    -------------    -------------
Income (loss) before income taxes and cumulative effect
    of accounting change                                                153            5,888          (10,769)          40,798

Income tax benefit (provision)                                         (590)          (1,229)           3,702           (8,514)
Reduction of deferred tax asset for net operating loss
    carryforwards resulting from ownership change                    (1,191)               -          (15,170)               -
                                                                -------------    -------------    -------------    -------------
        Total income tax provision                                   (1,781)          (1,229)         (11,468)          (8,514)
                                                                -------------    -------------    -------------    -------------
Income (loss) before cumulative effect of accounting change          (1,628)           4,659          (22,237)          32,284
Cumulative effect of change in accounting for asset
   retirement obligations, net of $264 income tax benefit                 -                -             (408)               -
                                                                -------------    -------------    -------------    -------------
                Net income (loss)                                    (1,628)           4,659          (22,645)          32,284
                                                                -------------    -------------    -------------    -------------
Other comprehensive income (loss), net of tax                           390           (2,215)             742           (6,092)
                                                                -------------    -------------    -------------    -------------
Comprehensive income (loss)                                     $    (1,238)     $     2,444      $   (21,903)     $    26,192
                                                                =============    =============    =============    =============
Basic earnings (loss) per share
Income (loss) before cumulative effect of accounting change     $     (0.02)            0.11      $     (0.28)     $      0.76
Cumulative effect of accounting change                                    -                -            (0.01)               -
                                                                -------------    -------------    -------------    -------------
Net income (loss)                                               $     (0.02)     $      0.11      $     (0.29)     $      0.76
                                                                =============    =============    =============    =============
Diluted earnings (loss) per share
Income (loss) before cumulative effect of accounting change     $     (0.02)     $      0.11      $     (0.28)     $      0.75
Cumulative effect of accounting change                                    -                -            (0.01)               -
                                                                -------------    -------------    -------------    -------------
Net income (loss)                                               $     (0.02)     $      0.11      $     (0.29)     $      0.75
                                                                =============    =============    =============    =============
Weighted average common shares outstanding
       Basic                                                         89,662           43,306           77,265           42,712
       Diluted                                                       89,662           43,365           77,265           42,851
</TABLE>


<PAGE>
<TABLE>

Stillwater Mining Company
Consolidated Statements of Cash Flows

(Unaudited) (in thousands)
<CAPTION>
                                                                    Three months ended                 Nine months ended
                                                                       September 30,                     September 30,
                                                                -----------------------------    ------------------------------
                                                                   2003             2002             2003             2002
                                                                ------------    -------------    -------------    -------------
<S>                                                                 <C>         <C>              <C>              <C>
Cash flows from operating activities
Net income (loss)                                                   (1,628)     $     4,659      $   (22,645)     $    32,284

Adjustments to reconcile net income to net cash
  provided by operating activities:
     Depreciation and amortization                                  10,126           10,078           30,569           29,654
     Deferred income taxes                                           2,034              529           11,685            4,478
     Cumulative effect of change in accounting for
         asset retirement obligations                                    -                -              672                -
     Reversal of restructuring costs                                     -                -                -           (5,938)
     Cash paid on accrued restructuring costs                          (60)            (469)            (277)          (2,970)
     Stock issued under employee benefit plans                         924              998            2,786            2,548
     Amortization of debt issuance costs                               273              256            2,789              759
     Amortization of restricted stock compensation                       -              116              670              543

Changes in operating assets and liabilities:
     Inventories                                                      (478)            (317)          10,219           (3,554)
     Accounts receivable                                               902            3,840           13,190           (1,758)
     Accounts payable                                               (9,075)           2,572           (4,439)          (7,650)
     Other                                                          (2,266)          (3,010)          (8,460)          (2,332)
                                                                ------------    -------------    -------------    -------------
Net cash provided by operating activities                              752           19,252           36,759           46,064
                                                                ------------    -------------    -------------    -------------
Cash flows used in investing activities
     Capital expenditures                                          (14,780)         (16,409)         (40,975)         (39,607)
     Proceeds from sale/leaseback transactions                           -                -                -            1,282
                                                                ------------    -------------    -------------    -------------
Net cash used in investing activities                              (14,780)         (16,409)         (40,975)         (38,325)
                                                                ------------    -------------    -------------    -------------
Cash flows from financing activities
     Issuance of common stock related to Norilsk Nickel
        transaction, net of issue costs(1)                               -                -           90,284                -
     Issuance of common stock, net of issue costs                       64               16               64           56,047
     Payments on long-term debt and capital lease obligations         (492)          (2,345)         (58,628)         (36,474)
     Payments for debt issuance costs                                    -                -           (1,606)               -
                                                                ------------    -------------    -------------    -------------
Net cash provided (used) by financing activities                      (428)          (2,329)          30,114           19,573
                                                                ------------    -------------    -------------    -------------
Cash and cash equivalents
     Net increase (decrease)                                       (14,456)             514           25,898           27,312
     Balance at beginning of period                                 66,267           41,709           25,913           14,911
                                                                ------------    -------------    -------------    -------------
Balance at end of period                                            51,811      $    42,223      $    51,811      $    42,223
                                                                ============    =============    =============    =============
 (1) Non-cash financing activities
     Fair value of common stock issued (net of issue costs)              -      $         -      $   238,497      $         -
     Inventory received in connection with the
         Norilsk Nickel transaction                                      -                -         (148,213)               -
                                                                ------------    -------------    -------------    -------------
     Net cash received in Norilsk Nickel transaction                     -      $         -      $    90,284      $         -
                                                                ============    =============    =============    =============
</TABLE>



                                                                ###
[{"type": "8-K", "sequence": "1", "filename": "ny438406.txt", "description": "FORM 8-K", "secsgml_size_bytes": 67680}]
{"company-data": {"conformed-name": "STILLWATER MINING CO /DE/", "cik": "0000931948", "assigned-sic": "1090", "irs-number": "810480654", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-13053", "film-number": "03959403"}, "business-address": {"street1": "1200 SEVENTEETH STREET", "street2": "SUITE 900", "city": "DENVER", "state": "CO", "zip": "80202", "phone": "3039782525"}, "mail-address": {"street1": "1200 SEVEENTH STREET", "street2": "SUITE 900", "city": "DENVER", "state": "CO", "zip": "80202"}}
SECURITIES AND EXCHANGE COMMISSION

                              WASHINGTON, DC 20549

                                _________________

                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                                _________________

                        Date of Report: October 27, 2003
                        (Date of earliest event reported)

                            Stillwater Mining Company
               (Exact Name of Registrant as Specified in Charter)

           Delaware                       0-7704                 13-1681234
(State or Other Jurisdiction of   (Commission File Number)     (IRS Employer
        Incorporation)                                      Identification No.)

                  536 East Pike Avenue, Columbus, Montana 59019
                  ---------------------------------------------
                    (Address of Principal Executive Offices)

                                 (406) 322-8700
                         (Registrant's telephone number,
                              including area code)
Item 7.     Financial Statements, Pro Forma Financial Information and Exhibits.

(c)      Exhibits.

99.1     Press release issued on October 27, 2003 by Stillwater Mining Company.

Item 12.    Results of Operation and Financial Condition.

         On October 27, 2003, Stillwater Mining Company issued a press release
in connection with the filing of its Quarterly Report on Form 10-Q for the
quarterly period ended September 30, 2003. The press release is attached
hereto as Exhibit 99.1 and is incorporated herein by reference.
SIGNATURE

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

                                             STILLWATER MINING COMPANY

Date: October 27, 2003                       By:  /s/ John R. Stark
                                                ------------------------------
                                                Name:  John R. Stark
                                                Title: Vice President, Secretary
                                                       and General Counsel
EXHIBITS

99.1     Press release issued on October 27, 2003 by Stillwater Mining Company.
Exhibit 99.1

                STILLWATER MINING REPORTS THIRD QUARTER RESULTS

COLUMBUS, MONTANA - STILLWATER MINING COMPANY (NYSE:SWC) reported a net loss of
$1.6  million for the third  quarter of 2003 or $0.02 per share,  on revenue of
$58.2 million  compared to net income of $4.7 million,  or $0.11 per share,  on
revenue of $66.0 million for the third quarter of 2002.  The 2003 third quarter
results reflect lower revenues due to the lower combined PGM prices received by
the Company. During the third quarter, the Company's results include a non-cash
charge for  income  tax of $1.2  million,  or $0.01 per  share,  relating  to a
portion of the  Company's  tax losses which will not be utilized as a result of
the  ownership  change with the  issuance  of shares to Norimet  Limited in the
second quarter of 2003.

For the first nine  months of 2003,  the  Company  reported a net loss of $22.6
million,  or $0.29 per  share,  on revenue of $179.8  million  compared  to net
income of $32.3 million,  or $0.75 per share,  on revenue of $217.0 million for
the nine months of 2002.  Year-to-date  results  reflect lower  revenues due to
lower combined PGM prices and the planned lower production  levels. The results
for the nine months of 2003 were most significantly impacted by certain charges
related to the issuance of shares to Norimet Limited.  These items were a $15.2
million,  or $0.20 per share,  non-cash  charge for  income tax  relating  to a
portion of the Company's tax losses which will not be utilized and $3.0 million
($2.0 million,  or $0.03 per share,  net of tax) of transaction  related costs,
which were charged to income in the second quarter of 2003.

Announcing  the  Company's  results,  Stillwater  Chairman and Chief  Executive
Officer,  Francis R.  McAllister  said,  "While we are  pleased  that the third
quarter PGM production  has increased  compared to last years third quarter and
operating  costs are  improving,  the Company's  production  level has remained
constant for each quarter  during this year at  approximately  146,000  ounces.
During  the fourth  quarter,  based on our recent  operating  performance,  the
Company  expects PGM production of  approximately  137,000  ounces  assuming no
improvements in our productivity. Therefore, our 2003 annual production will be
approximately  6.7% below our forecast of 615,000 ounces, or 574,000 ounces. No
changes  have been made to our  previous  guidance for total cash costs for the
year of $290 per ounce."

He  continued,  "Most of the  shortfall  in  ounces  can be  attributed  to the
Stillwater Mine, which has not achieved the planned  productivity  improvements
for the second half of the year.  While we have seen  improvement in the mine's
productivity  in last month we felt it was necessary to issue some guidance for
production for the fourth quarter."

METALS MARKET
During the third quarter of 2003 palladium traded as high as $232 per ounce and
as low as $164 per ounce and the average market price was $189 per ounce in the
third quarter,  while  platinum  traded as high as $714 per ounce and as low as
$665 per ounce and the average market price was $693 per ounce.

Palladium in the third quarter  gained some price  momentum as investment  fund
activity  drove  the price  higher  and the price  differential  with  platinum
increased  as  platinum  set  new  highs.  With  platinum  setting  new  highs,
speculation increased that the use and demand for palladium was increasing.

The combined average market price per ounce of palladium and platinum for the
third quarter of 2003 was $306 compared to $376 for the third quarter of 2002.
The combined average market price for the two metals for the first nine months
of 2003 was $309 per ounce compared to $394 per ounce for the same period in
2002.

Mr. McAllister said, "That a continuation of palladium prices at current levels
will lead to asset impairment  writedowns and a reduction of ore reserves which
would be  material.  The  timing  of any such  writedown  or  reduction  in ore
reserves  will need to be  evaluated  in light of  palladium  prices  and other
matters."

The Company is reviewing several  assumptions and tests,  which must be applied
to asset impairment and ore reserve  calculations.  Mr.  McAllister  continued,
"While the magnitude of any reduction  cannot be gauged with  precision at this
time and depends on a number of factors,  that, given the significant  decrease
in  palladium  prices,  the  reduction  is likely to  significantly  impact the
Company's  ore  reserve   position  and  long-lived  asset  book  values."  Mr.
McAllister  noted,  "That any  writedowns  of this  nature  result in  non-cash
charges  to  operations  and  consequently  will not  affect  our  cash  flows.
Furthermore, he emphasized; these adjustments will not impact our operations or
employees.  Further  discussion about the nature of these potential  writedowns
and  reduction in ore reserves is  contained in the  Company's  Form 10-Q being
filed today with the SEC."

"There  has been  substantial  interest  in the  877,169  ounces  of  palladium
acquired  in the Norilsk  transaction  and which we have in  inventory.  We are
still  negotiating new long-term  supply  contracts with end users and none has
yet been sold or committed," said Mr. McAllister.

"During the quarter,  our management team was strengthened with the addition of
Stephen Lang.  Stephen joins  Stillwater as Executive  Vice President and Chief
Operating Officer with  responsibility  for the Company's  operations.  With 23
years  of  hardrock  mining   experience  in  both  open  pit  and  underground
operations, Stephen is a valuable addition to our team. He will be based at the
Company's headquarters in Columbus, Montana."

"Recently,  we announced the signing of a long-term  secondary  metal  sourcing
agreement with Power Mount Incorporated of Somerset,  Kentucky.  This agreement
will  enable  us to  expand  our  recycling  of  secondary  material,  which is
consistent with Stillwater's business," he concluded.

OPERATING RESULTS

During the third  quarter  of 2003,  the  Company  produced a total of 146,000
ounces of  palladium  and  platinum  compared to 139,000  ounces for the third
quarter  of  2002.  The  increase  was  primarily  due  to a 14%  increase  in
production at the East Boulder Mine.  Realized  prices per ounce for the third
quarter 2003 were $353 for palladium, and $590 for platinum,  compared to $431
and $517,  respectively,  in the third quarter of 2002. The Company's  average
realized  combined  price per ounce of  palladium  and  platinum for the third
quarter of 2003 was $405 or approximately  32% above the combined market price
per ounce of $306,  and about 10% lower than the $449 combined  price realized
for the same period in 2002.

Total cash costs on a  consolidated  basis for the third  quarter of 2003 were
$284 per ounce compared to $304 per ounce for the same period in 2002. The $20
per ounce  decrease  is due to a $25 per ounce  decrease  in  operating  costs
primarily  related to lower  mining  costs per ounce at the East  Boulder Mine
which was partially  offset by a $5 per ounce increase in royalties,  property
taxes and insurance. Total consolidated production costs per ounce produced in
the third quarter of 2003  decreased $23, or 6%, to $354 from $377 as compared
to the same period of 2002.  The  decrease is due to the decrease in operating
costs and a decrease in depreciation and amortization costs of $3 per ounce.

For the first nine months of 2003,  the  Company  produced  437,000  ounces of
palladium and platinum compared to 470,000 ounces for the nine months of 2002.
Realized  prices  per ounce for the  first  nine  months of 2003 were $353 for
palladium, and $578 for platinum, compared to $443 and $506, respectively, for
the same period of 2002.  The Company's  realized  combined price per ounce of
palladium and platinum was $402 per ounce for the first nine months of 2003 or
about 30% higher than the combined  market price of $309 per ounce,  and about
12% lower than the $457 per ounce  combined price realized for the same period
in 2002.

Total consolidated cash costs per ounce for the first nine months of 2003 were
$282  compared to $279 for the same period of 2002.  The higher cash costs are
attributable to a $1 per ounce increase in operating  costs primarily  related
to higher mining costs per ounce at the Stillwater  Mine and an increase of $2
per ounce increase in property taxes. Total consolidated  production costs per
ounce  produced  increased  $10,  or 3%, to $353  from $343 in the first  nine
months of 2003 as compared to the same period of 2002.  The increase is due to
the  increase  in  operating  costs  and  an  increase  in  depreciation   and
amortization costs of $7 per ounce,  primarily related to a higher fixed asset
base and changes in reserve  estimates  used in calculating  depreciation  and
amortization which occurred in the first nine months of 2002.

STILLWATER MINE
At the Stillwater Mine,  palladium and platinum  production was 106,000 ounces
in the third quarter of 2003  compared to 104,000  ounces in the third quarter
of 2002.  During the  quarter,  a total of  203,000  tons were  milled  with a
combined mill head grade of 0.57 ounce per ton compared to 210,000 tons with a
combined  mill head grade of 0.55 ounce per ton in the third  quarter of 2002.
Total mill  recovery for the third  quarter was 92% compared to 91% during the
same period  last year.  The mining  rate  during the third  quarter  averaged
approximately  1,915 tons of ore per day as the mine  implements  a long-range
operating  plan,  which  changes the mine plan from a  production-driven  to a
cost-driven emphasis.

For the  first  nine  months  of 2003  the mine  produced  322,000  ounces  of
palladium and platinum compared to 380,000 ounces for the first nine months of
2002. The lower  production  was the result of a 13% planned  decrease in mill
throughput combined with a 2% decrease in the average combined mill head grade
for the comparable period.

Total cash cost per ounce for the third  quarter of 2003  decreased by $15, or
6% to $260  from  $275 for the  same  period  in 2002  due to a $19 per  ounce
decrease in operating  costs offset by a $4 per ounce  increase in  royalties,
property taxes and insurance. Total production costs per ounce produced in the
third quarter 2003  decreased $22, or 7%, to $319 from $341 as compared to the
same period of 2002.  The decrease is due to the  decrease in operating  costs
and a decrease in depreciation and amortization costs of $7 per ounce.

For the first nine months of 2003, total cash cost per ounce increased to $258
from $253 for the same period in 2002 due to lower  production  levels.  Total
production costs per ounce produced increased $10, or 3%, to $318 from $308 in
the first nine  months of 2003 as  compared  to the same  period of 2002.  The
increase is due to the lower production levels.

During the third  quarter of 2003  capital  expenditures  at the mine were $12
million bringing year-to-date capital spending to $31.4 million.

EAST BOULDER MINE

During the third quarter of 2003, the East Boulder Mine produced  40,000 ounces
of palladium and platinum a 14% increase compared to the 35,000 ounces produced
in the third quarter of 2002.  The mining rate  averaged  1,180 tons of ore per
day for the  quarter.  A total of 109,000  tons of ore were  milled with a mill
head  grade of 0.42  ounce per ton in the third  quarter  of 2003  compared  to
106,000  tons with a mill head grade of 0.39  ounce per ton for the  comparable
quarter last year.  Total mill recovery during the third quarter 2003 increased
to 88% from 84% a year ago.

For the  first  nine  months  of 2003  the mine  produced  115,000  ounces  of
palladium and platinum  compared to 90,000 ounces for the first nine months of
2002. The increase in production is the result of ramping up production at the
facility.

Total cash costs per ounce in the third quarter of 2003 decreased $39, or 10%,
to $351  compared  to $390 per  ounce  for the same  period in 2002 due to the
higher  production rates and lower operating costs due to cost reductions from
material  management  programs and reduction of secondary  development through
engineering redesigns.  Total production costs per ounce produced in the third
quarter 2003  decreased  $35, or 7%, to $449 from $484 as compared to the same
period of 2002. The decrease is primarily due to the lower  operating costs as
noted above.

For the first nine months of 2003,  total cash costs per ounce  decreased $39,
or 10%,  to $350  from  $389 for the  same  period  in 2002 due to the  higher
production  levels,  higher  grades and a reduction  in mine site  general and
administrative costs. Total production costs per ounce produced decreased $43,
or 9%, to $448 from $491 in the first nine  months of 2003 as  compared to the
same period of 2002.  The  decrease is due to lower  operating  costs as noted
above and a decrease in depreciation and amortization costs of $4 per ounce.

Capital  expenditures at the mine for third quarter were $2.8 million bringing
year-to-date capital spending to $9.6 million.

FINANCES

Revenues  were $58.2 million for the third quarter of 2003 compared with $66.0
million for the third quarter of 2002, a 12% decrease,  which is the result of
a 10% decrease in combined  realized  palladium  and platinum  prices and a 3%
decrease  in the  quantity  of metal  sold.  For the first nine months of 2003
revenues were $179.8  million  compared with $217.0 million for the first nine
months of 2002,  a 17%  decrease,  which is the  result of a 12%  decrease  in
combined  realized  palladium  and  platinum  prices and a 7%  decrease in the
quantity of metal sold.

Net cash provided by operations  for the third quarter 2003,  was $0.8 million
compared to $19.3 million for the  comparable  period of 2002. The decrease in
net cash  provided by  operations  was primarily a result of a decrease in net
income of $6.3 million and an increase in net operating assets and liabilities
of $14.0 million.

For the first nine months  ended  September  30,  2003,  net cash  provided by
operations was $36.8 million  compared to $46.1 million for the same period of
2002.  The decrease in net cash provided by operations  was primarily a result
of a decrease in net income of $54.9 million partially offset by a decrease in
net  operating  assets and  liabilities  of $25.8  million  and an increase in
non-cash expenses of $19.8 million.

Capital expenditures totaled $14.8 million in the third quarter of 2003, which
includes  $13.7  million   incurred  in  connection  with   capitalized   mine
development  activities,  compared to a total of $16.4 million, which included
$11.7  million  incurred  in  connection  with  capitalized  mine  development
activities in the same period of 2002.

For the first nine months of 2003, capital expenditures totaled $41.0 million,
which  includes $36.0 million  incurred in connection  with  capitalized  mine
development  activities,  compared  to $39.6  million,  which  included  $33.5
million incurred in connection with capitalized mine development activities in
the same period of 2002.

Currently,  the Company has $128.8 million  outstanding  under its term B loan
facility bearing interest at 7.25%.  Under its revolving credit facility,  the
Company has $7.5 million  outstanding as letters of credit bearing interest at
4.0%.

At September  30,  2003,  the Company had cash and cash  equivalents  of $51.8
million,  and $17.5  million was  available to the Company under its revolving
credit  facility.  The  Company's  working  capital at September  30, 2003 was
$155.1  million,  compared to $46.7 million at December 31, 2002. The ratio of
current  assets to current  liabilities  was 2.5 at  September  30,  2003,  as
compared to 1.7 December 31, 2002.

OTHER MATTERS

On July 22, 2003,  Norimet Limited commenced a cash tender offer to acquire up
to 4,350,000  common shares of  Stillwater  at $7.50 per share.  Following the
completion of the tender offer on September 3, 2003,  Norimet owns  49,813,222
shares or 55.5% of the Company's outstanding common stock.

On August 13, 2003, the Company  announced the appointment of Stephen A. Lang,
47,  as  Executive   Vice   President   and  Chief   Operating   Officer  with
responsibility for the Company's operations. He will be based at the Company's
headquarters in Columbus,  Montana. Mr. Lang, with 23 years of hardrock mining
experience in both open pit and  underground  operations,  comes to Stillwater
from Barrick Gold Corporation  where he was Vice President and General Manager
of their flagship Goldstrike/Meikle operation. He has a Bachelor of Science in
Mining  Engineering  and a  Master  Degree  in  Mining  Engineering  from  the
University of Missouri-Rolla  and is a member of the executive board for Great
Basin College in Winnemucca, Nevada, a board member on the Humbolt River Basin
Water  Authority,   the  Council  of  Alaska  Producers,   the  Alaska  Miners
Association  and  the  Nevada  Mining   Association.   Lang  is  a  registered
Professional Engineer in New Mexico.

The Company announced on October 15, 2003 that it has entered into a long-term
secondary metal sourcing  agreement with Power Mount Incorporated of Somerset,
Kentucky.  Under the  agreement  Stillwater  will  purchase  from Power  Mount
secondary  metals  for  recycling  consisting  primarily  of  spent  catalytic
converter material, which contain platinum group metals. The materials will be
processed  along with mine  production in Company's  state of the art smelting
and refining complex located  conveniently next to Interstate  Highway I-90 in
Columbus, Montana.

On October 23, 2003, the Company held its Annual Meeting of Stockholders.  All
of the ten proposals were approved at the meeting,  including  re-electing the
following nine persons to the Company's  board of directors:  Craig L. Fuller,
Patrick M. James, Steven S. Lucas,  Joseph P. Mazurek,  Francis R. McAllister,
Sheryl K.  Pressler,  Donald W. Riegle,  Todd D. Schafer and Jack E. Thompson.
Details of the votes cast in  connection  with each  proposal are set forth in
Company's Form 10Q for the third quarter 2003, filed with the SEC.

Stockholders  were asked to consider and vote on the following ten  proposals:

1.    To amend  the  Company's  Restated  Certificate  of  Incorporation  (the
"charter")  to  increase  the  Company's   authorized   common  stock  from
100,000,000 shares to 200,000,000 shares;

2.     To  amend  the  charter  to  eliminate   cumulative  voting  rights  of
stockholders;

3.    To amend the charter to  eliminate  the rights of  stockholders  to take
action by written  consent;

4.    To amend the charter to provide  that the number of  directors  shall be
set forth in  accordance  with the  Company's  by-laws,  provided  that the
number  shall be no less than  seven and no more than ten;

5.     To  approve  a  restatement  of the  current  charter  to  include  the
amendments  set  forth in  Proposals  1  through  4 in the  event  they are
approved by the  stockholders and to make other amendments set forth in the
Proxy Statement;

6.    To amend the Company's  by-laws to provide that:  (i) the  nomination of
directors,  (ii) the filling of  vacancies  in the Board,  (iii)  notice of
Board  meetings,  (iv) the Board quorum  requirements,  (v) the election of
officers and (vi) the appointment of Board  committees  shall be subject to
the  provisions  of the  Stockholders  Agreement  by and among the Company,
Norimet  and Norilsk  Nickel,  dated as of June 23,  2003;

7.    To amend and restate the Company's by-laws to include the amendments set
forth in Proposal 6 in the event they are approved by the  stockholders and
to make other amendments set forth in the Proxy Statement;

8.    To elect nine directors to the Company's Board of Directors;

9.    To amend and  restate  the  Company's  General  Employee  Stock  Plan to
increase the number of shares of Common Stock  authorized for issuance from
1,100,000  shares to  1,400,000  shares and change the  governing  law from
Colorado to Delaware;  and

10.    To ratify  the  appointment  of KPMG LLP as the  Company's  independent
accountants.

The Company's  Restated  Certificate  of  Incorporation,  Amended and Restated
By-Laws and Amended and Restated  General  Employee Stock Plan are attached as
Exhibits to the Company's Form 10Q for the third quarter 2003,  filed with the
SEC.

                              __________________

Stillwater Mining Company will host its third quarter results  conference call
at 12 noon EDT on October 27, 2003.  The  conference  call  dial-in  number is
888-428-4480 (US) and 651-291-5254  (International).  The conference call will
be  simultaneously  Web cast on the  Internet  via the  Company's  Web site at
www.stillwatermining.com.  To access the conference  call on the Company's Web
site go to the Investor  Relations Section under Management  Presentations and
click on the link to the conference call. A replay of the conference call will
be  available  on the  Company's  Web site or by a telephone  replay,  dial-in
number 800-475-6701 (US) and 320-365-3844 (International), access code 701215,
through November 3, 2003.

                           _________________________

         Stillwater  Mining Company is the only U.S. producer of palladium and
platinum and is the largest primary  producer of platinum group metals outside
of South  Africa.  The  Company's  shares  are  traded  on the New York  Stock
Exchange under the symbol SWC. Information on Stillwater Mining Company can be
found at its Web site: www.stillwatermining.com.

                           _________________________

This press release  contains  forward-looking  information,  which involves
expressions  of  management's  current  expectations.  All  forward-looking
information  is  subject  to various  risks and  uncertainties  that may be
beyond the  Company's  control and may cause  results to differ  materially
from management's current expectations. Information concerning factors that
could cause actual results to differ materially from  management's  current
expectations  are set forth in the section  entitled  "Risk Factors" in the
Company's  Annual Report on Form 10-K for the year ended  December 31, 2002
and may be discussed in subsequent filings with the SEC.
Stillwater Mining Company
Key Factors

(Unaudited)
                                                              Three months ended                 Nine months ended
                                                                 September 30,                     September 30,
                                                         ------------------------------    ------------------------------
                                                             2003             2002             2003             2002
                                                         -------------    -------------    -------------    -------------
OPERATING AND COST DATA

Consolidated:
Ounces produced (000)
     Palladium                                                  113              108              337              363
     Platinum                                                    33               31              100              107
                                                         -------------    -------------    -------------    -------------
         Total                                                  146              139              437              470
                                                         =============    =============    =============    =============

Tons milled (000)                                               289              303              879              976
Mill head grade (ounce per ton)                                0.55             0.51             0.54             0.54

Sub-grade tons milled (000) (1)                                  23               13               64               23
Sub-grade mill head grade (ounce per ton)                      0.17             0.13             0.19             0.19

Total tons milled (000) (1)                                     312              316              943              999
Combined mill head grade (ounce per ton)                       0.52             0.49             0.52             0.53
Total mill recovery (%)                                          91               89               91               89

Total operating costs per ounce                           $     245        $     270        $     249        $     248
Total cash costs per ounce (2),(3)                        $     284        $     304        $     282        $     279
Total production costs per ounce (2),(3)                  $     354        $     377        $     353        $     343

Total operating costs per ton milled                      $     115        $     119        $     115        $     117
Total cash costs per ton milled (2),(3)                   $     133        $     134        $     131        $     131
Total production costs per ton milled (2),(3)             $     166        $     166        $     163        $     161

Stillwater Mine:
----------------
Ounces produced (000)
     Palladium                                                   82               80              247              293
     Platinum                                                    24               24               75               87
                                                         -------------    -------------    -------------    -------------
         Total                                                  106              104              322              380
                                                         =============    =============    =============    =============

Tons milled (000)                                               180              197              545              693
Mill head grade (ounce per ton)                                0.63             0.58             0.63             0.60

Sub-grade tons milled (000) (1)                                  23               13               64               23
Sub-grade mill head grade (ounce per ton)                      0.17             0.13             0.19             0.19

Total tons milled (000) (1)                                     203              210              609              716
Combined mill head grade (ounce per ton)                       0.57             0.55             0.58             0.59
Total mill recovery (%)                                          92               91               91               91

Total operating costs per ounce                           $     224        $     243        $     228        $     225
Total cash costs per ounce (2),(3)                        $     260        $     275        $     258        $     253
Total production costs per ounce (2),(3)                  $     319        $     341        $     318        $     308

Total operating costs per ton milled                      $     117        $     120        $     121        $     119
Total cash costs per ton milled (2),(3)                   $     136        $     136        $     136        $     134
Total production costs per ton milled (2),(3)             $     167        $     169        $     168        $     163
Stillwater Mining Company

Key Factors (continued)
(Unaudited)
                                                                 Three months ended                 Nine months ended
                                                                    September 30,                     September 30,
                                                            ------------------------------    ------------------------------
                                                                2003             2002             2003             2002
                                                            -------------    -------------    -------------    -------------
OPERATING AND COST DATA
 (Continued)

East Boulder Mine:
-----------------
Ounces produced (000)
Palladium                                                      31               27               90               70
     Platinum                                                        9                8               25               20
                                                            -------------    -------------    -------------    -------------
         Total                                                      40               35              115               90
                                                            =============    =============    =============    =============

Tons milled (000)                                                  109              106              334              283
Mill head grade (ounce per ton)                                   0.42             0.39             0.39             0.37

Sub-grade tons milled (000) (1)                                      -                -                -                -
Sub-grade mill head grade (ounce per ton)                            -                -                -                -

Total tons milled (000) (1)                                        109              106              334              283
Combined mill head grade (ounce per ton)                          0.42             0.39             0.39             0.37
Total mill recovery (%)                                             88               84               89               86

Total operating costs per ounce                              $     302        $     348        $     306        $     348
Total cash costs per ounce (2),(3)                           $     351        $     390        $     350        $     389
Total production costs per ounce (2),(3)                     $     449        $     484        $     448        $     491

Total operating costs per ton milled                         $     110        $     116        $     106        $     110
Total cash costs per ton milled (2),(3)                      $     128        $     129        $     120        $     123
Total production costs per ton milled (2),(3)                $     163        $     160        $     154        $     155

(1)   Sub-grade tons milled includes reef waste material only. Total tons milled includes ore tons
      and sub-grade tons only. Prior period amounts have been adjusted to conform to the current
      year presentation.
(2)   Total cash costs include costs of mining, processing and administrative expenses at the mine
      site (including mine site overhead, taxes other than income taxes, royalties and credits for
      metals produced other than palladium and platinum.) Total production costs include total cash
      costs plus depreciation and amortization. Income taxes, corporate general and administrative
      expenses and interest income and expense are not included in either total cash costs or total
      production costs.
(3)   Cash cost per ton and cash cost per ounce represent non-U.S. Generally Accepted Accounting
      Principles (GAAP) measurements that management uses to monitor and evaluate the performance of
      its mining operations. Management believes cash costs per ounce and per ton provide an
      indicator of profitability and efficiency at each location and on a consolidated basis, as
      well as provide a meaningful basis to compare our results with those of other mining companies
      and other mining operating properties. See table "Reconciliation of Non-GAAP measures to cost
      of sales."
Stillwater Mining Company

Key Factors (continued)
(Unaudited)
                                                   Three months ended                 Nine months ended
                                                      September 30,                     September 30,
                                              ------------------------------    ------------------------------
                                                  2003             2002             2003             2002
                                              -------------    -------------    -------------    -------------
SALES AND PRICE DATA

Ounces sold (000)
Palladium                                       112              117              348              368
     Platinum                                         32               31               99              110
                                              -------------    -------------    -------------    -------------
         Total                                       144              148              447              478
                                              =============    =============    =============    =============

Average realized price per ounce (4)
     Palladium                                 $     353        $     431        $     353        $     443
     Platinum                                  $     590        $     517        $     578        $     506
     Combined (5)                              $     405        $     449        $     402        $     457

Average market price per ounce (4)
     Palladium                                 $     189        $     325        $     201        $     355
     Platinum                                  $     693        $     542        $     667        $     523
     Combined (5)                              $     306        $     376        $     309        $     394

(4)   The company's average realized price represents revenues which include the impact of contract
      floor and ceiling prices and hedging gains and losses realized on commodity instruments and
      exclude contract discounts, divided by ounces sold. The average market price represents the
      average London PM Fix for the actual months of the period.

(5)   Stillwater Mining reports a combined average realized and market price of palladium and
      platinum at the same ratio as ounces that are produced from the refinery.
Stillwater Mining Company

Key Factors (continued)
(Unaudited)

Reconciliation of Non-GAAP measures to cost of sales

     Cash cost per ton and cash cost per ounce represent Non-GAAP measurements
that management uses to monitor and evaluate the performance of its mining
operations. Management believes cash costs per ounce and per ton provide an
indicator of profitability and efficiency at each location and on a consolidated
basis, as well as provide a meaningful basis to compare our results with those
of other mining companies and other mining operating properties.
Three months ended                 Nine months ended
(in thousands, except cost per ounce and cost per ton data)             September 30,                     September 30,
                                                                ------------------------------    ------------------------------
                                                                    2003             2002             2003             2002
                                                                -------------    -------------    -------------    -------------
Consolidated:
Total operating costs                                            $  35,825        $  37,468        $ 108,614        $ 116,591
Total cash costs                                                 $  41,564        $  42,212        $ 123,218        $ 131,130
Total production costs                                           $  51,777        $  52,415        $ 154,041        $ 161,178
Divided by total ounces                                                146              139              437              470
Divided by total tons milled                                           312              316              943              999

Total operating cost per ounce                                   $     245        $     270        $     249        $     248
Total cash cost per ounce                                        $     284        $     304        $     282        $     279
Total production cost per ounce                                  $     354        $     377        $     353        $     343

Total operating cost per ton milled                              $     115        $     119        $     115        $     117
Total cash cost per ton milled                                   $     133        $     134        $     131        $     131
Total production cost per ton milled                             $     166        $     166        $     163        $     161

Reconciliation to cost of sales:
Total operating costs                                            $  35,825        $  37,468        $ 108,614        $ 116,591
Royalties, taxes and other                                           5,739            4,744           14,604           14,539
                                                                -------------    -------------    -------------    -------------
     Total cash costs                                            $  41,564        $  42,212        $ 123,218        $ 131,130
Asset retirement costs                                                  87              125              254              394
Depreciation and Amortization                                       10,126           10,078           30,569           29,654
                                                                -------------    -------------    -------------    -------------
     Total production costs                                      $  51,777        $  52,415        $ 154,041        $ 161,178
Change in product inventory                                           (995)              27            9,831           (1,474)
(Gain) or loss on sale of assets and other costs                        70                -              106              (22)
                                                                -------------    -------------    -------------    -------------
     Total cost of sales                                         $  50,852        $  52,442        $ 163,978        $ 159,682
                                                                =============    =============    =============    =============

Stillwater Mine:
----------------
Total operating costs                                            $  23,849        $  25,208        $  73,417        $  85,396
Total cash costs                                                 $  27,656        $  28,469        $  82,969        $  96,253
Total production costs                                           $  33,968        $  35,327        $ 102,447        $ 117,143
Divided by total ounces                                                106              104              322              380
Divided by total tons milled                                           203              210              609              716

Total operating cost per ounce                                   $     224        $     243        $     228        $     225
Total cash cost per ounce                                        $     260        $     275        $     258        $     253
Total production cost per ounce                                  $     319        $     341        $     318        $     308

Total operating cost per ton milled                              $     117        $     120        $     121        $     119
Total cash cost per ton milled                                   $     136        $     136        $     136        $     134
Total production cost per ton milled                             $     167        $     169        $     168        $     163
Stillwater Mining Company

Key Factors (continued)
(Unaudited)
Three months ended                 Nine months ended
(in thousands, except cost per ounce and cost per ton data)             September 30,                     September 30,
                                                                ------------------------------    ------------------------------
                                                                    2003             2002             2003             2002
                                                                -------------    -------------    -------------    -------------
Reconciliation to cost of sales:
Total operating costs                                            $  23,849        $  25,208        $  73,417        $  85,396
Royalties, taxes and other                                           3,807            3,261            9,552           10,857
                                                                -------------    -------------    -------------    -------------
     Total cash costs                                            $  27,656        $  28,469        $  82,969        $  96,253
Asset retirement costs                                                  71               73              208              251
Depreciation and Amortization                                        6,241            6,785           19,270           20,639
                                                                -------------    -------------    -------------    -------------
     Total production costs                                      $  33,968        $  35,327        $ 102,447        $ 117,143
Change in product inventory                                           (100)             782            8,719            3,560
(Gain) or loss on sale of assets and other costs                        59                -               95              (22)
                                                                -------------    -------------    -------------    -------------
     Total cost of sales                                         $  33,927        $  36,109        $ 111,261        $ 120,681
                                                                =============    =============    =============    =============

East Boulder Mine:
------------------
Total operating costs                                            $  11,976        $  12,260        $  35,197        $  31,195
Total cash costs                                                 $  13,908        $  13,743        $  40,249        $  34,877
Total production costs                                           $  17,809        $  17,088        $  51,594        $  44,035
Divided by total ounces                                                 40               35              115               90
Divided by total tons milled                                           109              106              334              283

Total operating cost per ounce                                   $     302        $     348        $     306        $     348
Total cash cost per ounce                                        $     351        $     390        $     350        $     389
Total production cost per ounce                                  $     449        $     484        $     448        $     491

Total operating cost per ton milled                              $     110        $     116        $     106        $     110
Total cash cost per ton milled                                   $     128        $     129        $     120        $     123
Total production cost per ton milled                             $     163        $     160        $     154        $     155
Reconciliation to cost of sales:
Total operating costs                                            $  11,976        $  12,260        $  35,197        $  31,195
Royalties, taxes and other                                           1,932            1,483            5,052            3,682
                                                                -------------    -------------    -------------    -------------
     Total cash costs                                            $  13,908        $  13,743        $  40,249        $  34,877
Asset retirement costs                                                  16               52               46              143
Depreciation and Amortization                                        3,885            3,293           11,299            9,015
                                                                -------------    -------------    -------------    -------------
     Total production costs                                      $  17,809        $  17,088        $  51,594        $  44,035
Change in product inventory                                           (895)            (755)           1,112           (5,034)
(Gain) or loss on sale of assets and other costs                        11                -               11                -
                                                                -------------    -------------    -------------    -------------
     Total cost of sales                                         $  16,925        $  16,333        $  52,717        $  39,001
                                                                =============    =============    =============    =============
Stillwater Mining Company
Consolidated Balance Sheets
(Unaudited)
(in thousands, except share and per share amounts)
                                                                                  September 30,                December 31,
                                                                                       2003                        2002
                                                                               ---------------------        -------------------
 ASSETS
     Current assets
Cash and cash equivalents                                             $          51,811            $         25,913
         Restricted cash equivalents                                                       2,650                       2,250
         Inventories                                                                     190,052                      52,058
         Accounts receivable                                                               5,457                      18,647
         Deferred income taxes                                                             2,623                       5,779
         Other current assets                                                              8,381                       7,828
                                                                               ---------------------        -------------------
              Total current assets                                                       260,974                     112,475

     Property, plant and equipment, net                                                  805,933                     794,019
     Other noncurrent assets                                                               6,414                       7,720
                                                                               ---------------------        -------------------
               Total assets                                                     $      1,073,321            $        914,214
                                                                               =====================        ===================
 LIABILITIES and STOCKHOLDERS' EQUITY
     Current liabilities
         Accounts payable                                                       $          9,871            $         14,310
         Accrued payroll and benefits                                                      7,435                      10,071
         Property, production and franchise taxes payable                                  7,520                      10,998
         Current portion of long-term debt and capital lease
              Obligations                                                                  1,926                      21,461
         Long-term debt secured by finished goods inventory                               74,106                           -
         Accrued restructuring costs                                                       1,649                       1,926
         Other current liabilities                                                         3,388                       7,017
                                                                               ---------------------        -------------------
              Total current liabilities                                                  105,895                      65,783

 Long-term debt and capital lease obligations                                             86,011                     198,866
 Deferred income taxes                                                                    89,144                      80,615
     Other noncurrent liabilities                                                         13,522                       9,736
                                                                               ---------------------        -------------------
              Total liabilities                                                          294,572                     355,000
                                                                               ---------------------        -------------------
     Commitments and Contingencies
     Stockholders' equity
         Preferred stock, $0.01 par value, 1,000,000 shares
              authorized; none issued                                                          -                        -
         Common stock, $0.01 par value, 100,000,000 shares
              authorized; 89,736,441 and 43,587,107 shares
              issued and outstanding                                                         897                         436
         Paid-in capital                                                                 591,655                     351,605
         Retained earnings                                                               186,860                     209,504
         Accumulated other comprehensive loss                                               (663)                     (1,405)
         Unearned compensation - restricted stock awards                                       -                        (926)
                                                                               ---------------------        -------------------
              Total stockholders' equity                                                 778,749                     559,214
                                                                               ---------------------        -------------------
              Total liabilities and stockholders' equity                        $      1,073,321              $      914,214
                                                                               =====================        ===================
Stillwater Mining Company
Consolidated Statements of Operations and Comprehensive Income

(Unaudited)
(in thousands, except per share amounts)

                                                                      Three months ended                Nine months ended
                                                                        September 30,                     September 30,
                                                                ------------------------------    ------------------------------
                                                                    2003             2002             2003             2002
                                                                -------------    -------------    -------------    -------------
Revenues                                                        $    58,221      $    65,970      $   179,751      $   216,954
Costs and expenses
    Cost of metals sold                                              40,726           42,364          133,409          130,028
    Depreciation and amortization                                    10,126           10,078           30,569           29,654
                                                                -------------    -------------    -------------    -------------
       Total cost of sales                                           50,852           52,442          163,978          159,682

    General and administrative expenses                               3,331            3,853           10,198           10,578
    Norilsk Nickel transaction related expenses                           -                -            3,043                -
    Restructuring costs (reversal)                                        -                -                -           (5,938)
                                                                 -------------    -------------    -------------    -------------
       Total costs and expenses                                      54,183           56,295          177,219          164,322

Operating income                                                      4,038            9,675            2,532           52,632

Other income (expense)
    Interest income                                                     136              263              315              744
    Interest expense                                                 (4,021)          (4,050)         (13,616)         (12,578)
                                                                -------------    -------------    -------------    -------------
Income (loss) before income taxes and cumulative effect
    of accounting change                                                153            5,888          (10,769)          40,798

Income tax benefit (provision)                                         (590)          (1,229)           3,702           (8,514)
Reduction of deferred tax asset for net operating loss
    carryforwards resulting from ownership change                    (1,191)               -          (15,170)               -
                                                                -------------    -------------    -------------    -------------
        Total income tax provision                                   (1,781)          (1,229)         (11,468)          (8,514)
                                                                -------------    -------------    -------------    -------------
Income (loss) before cumulative effect of accounting change          (1,628)           4,659          (22,237)          32,284
Cumulative effect of change in accounting for asset
   retirement obligations, net of $264 income tax benefit                 -                -             (408)               -
                                                                -------------    -------------    -------------    -------------
                Net income (loss)                                    (1,628)           4,659          (22,645)          32,284
                                                                -------------    -------------    -------------    -------------
Other comprehensive income (loss), net of tax                           390           (2,215)             742           (6,092)
                                                                -------------    -------------    -------------    -------------
Comprehensive income (loss)                                     $    (1,238)     $     2,444      $   (21,903)     $    26,192
                                                                =============    =============    =============    =============
Basic earnings (loss) per share
Income (loss) before cumulative effect of accounting change     $     (0.02)            0.11      $     (0.28)     $      0.76
Cumulative effect of accounting change                                    -                -            (0.01)               -
                                                                -------------    -------------    -------------    -------------
Net income (loss)                                               $     (0.02)     $      0.11      $     (0.29)     $      0.76
                                                                =============    =============    =============    =============
Diluted earnings (loss) per share
Income (loss) before cumulative effect of accounting change     $     (0.02)     $      0.11      $     (0.28)     $      0.75
Cumulative effect of accounting change                                    -                -            (0.01)               -
                                                                -------------    -------------    -------------    -------------
Net income (loss)                                               $     (0.02)     $      0.11      $     (0.29)     $      0.75
                                                                =============    =============    =============    =============
Weighted average common shares outstanding
       Basic                                                         89,662           43,306           77,265           42,712
       Diluted                                                       89,662           43,365           77,265           42,851
Stillwater Mining Company
Consolidated Statements of Cash Flows

(Unaudited) (in thousands)
Three months ended                 Nine months ended
                                                                       September 30,                     September 30,
                                                                -----------------------------    ------------------------------
                                                                   2003             2002             2003             2002
                                                                ------------    -------------    -------------    -------------
Cash flows from operating activities
Net income (loss)                                                   (1,628)     $     4,659      $   (22,645)     $    32,284

Adjustments to reconcile net income to net cash
  provided by operating activities:
     Depreciation and amortization                                  10,126           10,078           30,569           29,654
     Deferred income taxes                                           2,034              529           11,685            4,478
     Cumulative effect of change in accounting for
         asset retirement obligations                                    -                -              672                -
     Reversal of restructuring costs                                     -                -                -           (5,938)
     Cash paid on accrued restructuring costs                          (60)            (469)            (277)          (2,970)
     Stock issued under employee benefit plans                         924              998            2,786            2,548
     Amortization of debt issuance costs                               273              256            2,789              759
     Amortization of restricted stock compensation                       -              116              670              543

Changes in operating assets and liabilities:
     Inventories                                                      (478)            (317)          10,219           (3,554)
     Accounts receivable                                               902            3,840           13,190           (1,758)
     Accounts payable                                               (9,075)           2,572           (4,439)          (7,650)
     Other                                                          (2,266)          (3,010)          (8,460)          (2,332)
                                                                ------------    -------------    -------------    -------------
Net cash provided by operating activities                              752           19,252           36,759           46,064
                                                                ------------    -------------    -------------    -------------
Cash flows used in investing activities
     Capital expenditures                                          (14,780)         (16,409)         (40,975)         (39,607)
     Proceeds from sale/leaseback transactions                           -                -                -            1,282
                                                                ------------    -------------    -------------    -------------
Net cash used in investing activities                              (14,780)         (16,409)         (40,975)         (38,325)
                                                                ------------    -------------    -------------    -------------
Cash flows from financing activities
     Issuance of common stock related to Norilsk Nickel
        transaction, net of issue costs(1)                               -                -           90,284                -
     Issuance of common stock, net of issue costs                       64               16               64           56,047
     Payments on long-term debt and capital lease obligations         (492)          (2,345)         (58,628)         (36,474)
     Payments for debt issuance costs                                    -                -           (1,606)               -
                                                                ------------    -------------    -------------    -------------
Net cash provided (used) by financing activities                      (428)          (2,329)          30,114           19,573
                                                                ------------    -------------    -------------    -------------
Cash and cash equivalents
     Net increase (decrease)                                       (14,456)             514           25,898           27,312
     Balance at beginning of period                                 66,267           41,709           25,913           14,911
                                                                ------------    -------------    -------------    -------------
Balance at end of period                                            51,811      $    42,223      $    51,811      $    42,223
                                                                ============    =============    =============    =============
 (1) Non-cash financing activities
     Fair value of common stock issued (net of issue costs)              -      $         -      $   238,497      $         -
     Inventory received in connection with the
         Norilsk Nickel transaction                                      -                -         (148,213)               -
                                                                ------------    -------------    -------------    -------------
     Net cash received in Norilsk Nickel transaction                     -      $         -      $    90,284      $         -
                                                                ============    =============    =============    =============
###