931948--2/26/2008--STILLWATER_MINING_CO

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PGM SALES AND HEDGING ACTIVITIES COMPETITION: PALLADIUM AND PLATINUM MARKET VULNERABILITY TO METALS PRICE VOLATILITY-CHANGES IN SUPPLY AND DEMAND COULD REDUCE MARKET PRICES THE COMPANY DEPENDS UPON A FEW CUSTOMERS AND ITS SALES AND OPERATIONS COULD SUFFER IF IT LOSES ANY OF THEM FAILURE TO RENEW LONG-TERM SALES CONTRACTS FOR OUNCES PRODUCED FROM MINE PRODUCTION COULD RESULT IN CURTAILMENT OR CLOSURE OF OPERATIONS THE COMPANY IS A RELATIVELY HIGH COST PRIMARY PRODUCER ACHIEVEMENT OF THE COMPANY S PRODUCTION GOALS IS SUBJECT TO UNCERTAINTIES ORE RESERVES ARE VERY DIFFICULT TO ESTIMATE AND ORE RESERVE ESTIMATES MAY REQUIRE ADJUSTMENT IN THE FUTURE; CHANGES IN ORE GRADES, MINING PRACTICES AND ECONOMIC FACTORS COULD MATERIALLY AFFECT THE COMPANY S PRODUCTION AND REPORTED RESULTS AN EXTENDED PERIOD OF LOW PGM PRICES COULD RESULT IN A REDUCTION OF ORE RESERVES AND A POTENTIAL ASSET IMPAIRMENT WRITEDOWN USERS OF PGMS MAY REDUCE THEIR CONSUMPTION AND SUBSTITUTE OTHER MATERIALS FOR PALLADIUM AND PLATINUM IF THE COMPANY IS UNABLE TO OBTAIN SURETY COVERAGE TO COLLATERALIZE ITS RECLAMATION LIABILITIES, OPERATING PERMITS MAY BE AFFECTED MINING RISKS AND POTENTIAL INADEQUACY OF INSURANCE COVERAGE THE COMPANY S BUSINESS IS SUBJECT TO SIGNIFICANT RISKS THAT MAY NOT BE COVERED BY INSURANCE HEDGING AND LONG-TERM SALES CONTRACTS COULD LIMIT THE REALIZATION OF HIGHER METAL PRICES CHANGES TO REGULATIONS AND COMPLIANCE WITH REGULATIONS COULD INCREASE COSTS AND CAUSE DELAYS THE COMPANY IS SUBJECT TO COVENANTS IN ITS CREDIT AGREEMENTS WHICH IT MAY NOT ALWAYS BE ABLE TO MEET LIMITED AVAILABILITY OF ADDITIONAL MINING PERSONNEL AND UNCERTAINTY OF LABOR RELATIONS MAY AFFECT THE COMPANY S ABILITY TO ACHIEVE ITS PRODUCTION TARGETS UNCERTAINTY OF TITLE TO PROPERTIES THE VALIDITY OF UNPATENTED MINING CLAIMS IS SUBJECT TO TITLE RISK RELIANCE ON THIRD PARTIES FOR SOURCING OF RECYCLING MATERIALS THE COMPLEXITY OF PROCESSING PLATINUM GROUP METALS POSES OPERATIONAL AND ENVIRONMENTAL RISKS IN ADDITION TO TYPICAL MINING RISKS

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