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Clinton Group Believes Stockholders Should Replace The Stillwater Mining Board Of Directors

Stocks in this article: SWC

[1]  Includes R&D, marketing, exploration and G&A. Increased from $22.3 million to $68.3 million from 2001 to 2012.

[2]  Stillwater disingenuously announced the deal as involving a mere 89% premium. Consideration to Marathon holders at announcement was C$3.55. Marathon stock was trading at C$1.88 prior to announcement and Marathon stockholders retained their interest in Marathon's gold assets (receiving one-half share of new Marathon Gold for each share of Marathon they owed). Marathon Gold closed at C$1.79 per share on the first day of trading. The actual premium was therefore 259%.

[3]  Stillwater 3Q10 earnings call.

[4]  Stillwater 3Q11 earnings call and Stillwater 2012 Form 10-K at 25.

[5]  Stillwater 4Q11 earnings call and Stillwater 4Q12 earnings call.

[6]  February 12, 2001 through April 3, 2013. Basket price index calculated on Bloomberg as 0.77*PALL (palladium) + 0.23*PLAT (platinum).

[7] Stillwater 3Q12 10-Q.

[8]  As the Company's 1996 10-K reports: "The Company has completed the first three years of its four-year Expansion Plan, which is intended to significantly increase production at the Stillwater Mine and related processing facilities. The Expansion Plan included the sinking of a 1,950 foot vertical shaft, underground development on new levels accessed by the shaft, increasing the capacity of the concentrator, adding a second converter to the smelter, constructing a base metals refinery and replacement and standardization of the mine equipment fleet. Construction work for this expansion began in May 1994 and the Company has substantially completed all minesite surface facilities, concentrator and smelter modifications, construction of a base metals refinery and the vertical shaft."

[9] I have colleagues at Clinton Group that operate an entirely separate investment strategy, using computer models to buy and sell stock based on complex mathematical models. Their investment style, which is more short-term in nature, has nothing to do with our value investing strategy.

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