2. A Growth Company Producing Rare Precious Metals Palladium & Platinum June 7, 2000

3. Stillwater Mining Company u Only significant primary producer of palladium u Tripling production u Palladium supply shortfall continuing u Only significant primary producer of palladium u Tripling production u Palladium supply shortfall continuing

4. Growing Profitability Net Income $ MM

5. Earnings Per Share Increasing Earnings $ $

6. Operating Cash Flow $ in millions Strong Financial Performance

7. $ per oz Growing Profit Margin Realized Price $375 $203 $548 $243 $204 ($22) ($21) $226 $224 $50 $127 $260 $193 $248 $288

8. Production 000 oz

9. Stillwater Mining: A Growth Story

10. J-M Reef:28-Mile Long Strike Length Proven and probable reserves: 36.3 mm tons @0.71 opt, containing 25.7 MM oz Proven & Probable Reserves East Boulder Adit Stillwater Mine 05miles

11. J-M Reef:28-Mile Long Strike Length Proven & Probable Reserves East Boulder Adit Stillwater Mine 05miles Mineralized Material Mineralized material: 38.1 MM tons @0.72 opt

12. J-M Reef:28-Mile Long Strike Length Deposit is open at depth: Probable to 1,400 ft level Proven & Probable Reserves East Boulder Adit Stillwater Mine Mineralized Material 05miles Blue Sky Potential

13. Current Expansion Plan u Stillwater Mine - 2,000 tpd to 3,000 tpd u Smelter - 500,000 to 1.2 MM oz u New East Boulder Mine - 2,000 tpd u Stillwater Mine - 2,000 tpd to 3,000 tpd u Smelter - 500,000 to 1.2 MM oz u New East Boulder Mine - 2,000 tpd

14. Expansion Delay: Issues u Inadequate long range planning Plan based on probable reserves u Development shortfall Lack of proven reserves & footwall lateral u Production constraints Tonnage capped at 5,500 tpd u Inadequate long range planning Plan based on probable reserves u Development shortfall Lack of proven reserves & footwall lateral u Production constraints Tonnage capped at 5,500 tpd

15. Expansion Delay: Solutions u Director of Planning hired Long range plan 3Q 00 u Development ramped up significantly Proven reserves to increase to 3 mm tons (+1.2 mm) Development increased to 83,000 ft vs. 45,000 ft Diamond drilling increased to 588,000 ft vs. 324,000 ft u Bottlenecks being addressed Ore/waste movement Equipment availability Mine infrastructure Backfill systems u Director of Planning hired Long range plan 3Q 00 u Development ramped up significantly Proven reserves to increase to 3 mm tons (+1.2 mm) Development increased to 83,000 ft vs. 45,000 ft Diamond drilling increased to 588,000 ft vs. 324,000 ft u Bottlenecks being addressed Ore/waste movement Equipment availability Mine infrastructure Backfill systems

16. Total Development Feet/Month

17. Average Total Tons/Day

18. Smelter/BMR Expansion u Largely complete u Sized for current expansion plus future u Largely complete u Sized for current expansion plus future

19. New East Boulder Mine u Two 18,500 ft tunnels to access ore body 2Q 2000 u Surface infrastructure complete in 2000 u Underground construction and development to begin mid-year 2000 u Production start-up in 2001 u Full capacity in late 2002 u Two 18,500 ft tunnels to access ore body 2Q 2000 u Surface infrastructure complete in 2000 u Underground construction and development to begin mid-year 2000 u Production start-up in 2001 u Full capacity in late 2002

20. Palladium Price History $/oz

21. Palladium Demand MM oz 3.9 4.3 4.9 6.1 6.2 7.6 8.6 9.4 Source: Johnson Matthey

22. Palladium Supply by Source MM oz Stockpile Sales.30.601.52.43.82.83.32.9 Cumulative Destocking.721.32.85..29.011.815.118.0 Stockpile Sales.30.601.52.43.82.83.32.9 Cumulative Destocking.721.32.85..29.011.815.118.0 3.9 4.3 5.3 6.3 7.8 7.3 8.4 8.1 Source: Johnson Matthey

23. Palladium Mine Supply & Demand MM oz Source: Johnson Matthey

24. Palladium -- The Future u Demand growth leveling off “Thrifting” by car companies (offset by tighter emission standards) Substituting in electronics and dental (partially offset by end-use growth) u Supply shortfall continues Mine supply growth 5% year by 2003 Russian stockpile filling gap Surplus very unlikely u Demand growth leveling off “Thrifting” by car companies (offset by tighter emission standards) Substituting in electronics and dental (partially offset by end-use growth) u Supply shortfall continues Mine supply growth 5% year by 2003 Russian stockpile filling gap Surplus very unlikely

25. Platinum Price History $/oz

26. Platinum Demand & Supply MM oz 3.8 4.1 4.6 4.8 5.0 5.1 5.4 5.6 5.8 Platinum supply Source: Johnson Matthey

27. Platinum -- The Future u Supply increasing 4% per year u Growth from jewelry and fuel cells u Positive pricing environment u Supply increasing 4% per year u Growth from jewelry and fuel cells u Positive pricing environment

28. Stillwater: A Growth Future u Production triples, 10% of palladium world demand u Lowest cost producer u Long reserve life: 50+ years u Strong political/environmental position u Palladium production dedicated to clean air u Production triples, 10% of palladium world demand u Lowest cost producer u Long reserve life: 50+ years u Strong political/environmental position u Palladium production dedicated to clean air

29. THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. Some statements contained in this presentation are forward-looking and, therefore, involve uncertainties or risks that could cause actual results to differ materially. Such forward looking statements include comments regarding operating performance, recovery rates, expansion plans, cost reduction measures and platinum and palladium markets. Factors that could cause actual results to differ materially include price volatility of platinum and palladium, fluctuations in ore grade, tons mined, crushed or milled, variations in smelter or refinery operation, amounts and prices of the Company’s forward metals sales and geological, technical, mining or processing problems. These and other factors are discussed in more detail in the Company’s filings with the Securities and Exchange Commission. The Company disclaims any obligation to update forward-looking statements.