11-K

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 11-K

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

FOR THE FISCAL YEAR ENDED DECEMBER 31, 2005

OR

o TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM __________ TO __________

COMMISSION FILE NUMBER 0-12345

A. FULL TITLE OF THE PLAN AND THE ADDRESS OF THE PLAN, IF DIFFERENT FROM THAT OF THE ISSUER NAMED BELOW:

STILLWATER MINING COMPANY

401(K) PLAN

B. NAME OF ISSUER OF THE SECURITIES HELD PURSUANT TO THE PLAN AND THE ADDRESS OF ITS PRINCIPAL EXECUTIVE OFFICE:

STILLWATER MINING COMPANY
PO BOX 1330
536 EAST PIKE AVENUE
COLUMBUS, MT 59019

REQUIRED INFORMATION

1.

Financial statements filed as a part of this annual report: Stillwater Mining Company 401(k) Plan — Financial Statements and Schedules, December 31, 2005 and 2004 (With Report of Independent Registered Public Accounting Firm), including the Statements of Net Assets Available For Benefits as of December 31, 2005 and 2004, the related Statement of Changes in Net Assets Available For Benefits for the years then ended, and the related Notes to Financial Statements for the years then ended, together with the Supplemental Schedule of Schedule H, line 4i — Schedule of Assets (Held at End of Year) December 31, 2005.

2.

Exhibit filed as part of this annual report: Exhibit 23 — Consent of KPMG LLP, Independent Registered Public Accounting Firm.

SIGNATURES

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

STILLWATER MINING COMPANY 401(K) PLAN

June 29, 2006	/s/ John R. Stark
Date	John R. Stark Vice President, Human Resources, Corporate Counsel and Secretary

STILLWATER MINING COMPANY
401(K) PLAN

FINANCIAL STATEMENTS
DECEMBER 31, 2005 AND 2004

TABLE OF CONTENTS

Conset of KPMG, LLP, Independent Registered Public Accounting Firm

STILLWATER MINING COMPANY
401(K) PLAN

Table of Contents

	Page
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM		1
FINANCIAL STATEMENTS
Net Assets Available for Benefits as of December 31, 2005 and 2004		2
Changes in Net Assets Available for Benefits for the Years Ended December 31, 2005 and 2004		3
Notes to Financial Statements		4-10
SUPPLEMENTAL SCHEDULE
Schedule H, Line 4i — Schedule of Assets (Held at End of Year) as of December 31, 2005		11-12

Report of Independent Registered Public Accounting Firm

To the Administrator of the

     Stillwater Mining Company 401(k) Plan:

We have audited the accompanying statements of net assets available for benefits of the Stillwater Mining Company 401(k) Plan (the “Plan”) as of December 31, 2005 and 2004, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2005 and 2004, and the changes in net assets available for benefits for the years then ended in conformity with U.S. generally accepted accounting principles.

Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of Schedule H, line 4i — schedule of assets (held at end of year) as of December 31, 2005 is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

Billings, Montana

June 28, 2006

KPMG LLP, a U.S. limited liability partnership, is the U.S.

Member firm of KPMG International, a Swiss cooperative.

STILLWATER MINING COMPANY
401(K) PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 2005 AND 2004

	2005		2004
ASSETS
Investments (note 3):
Non-interest bearing cash	$	11,247	$	2,398
Common stock fund		3,917,166		3,558,616
Mutual funds		21,473,929		17,329,351
Guaranteed interest account		2,320,626		1,840,775
Participant loans		1,372,169		914,098
Total investments		29,095,137		23,645,238
Receivables:
Employer contributions		101,474		94,043
Participant contributions and loan repayments		94,715		85,448
Other		2,224		1,257
Total receivables		198,413		180,748
Total assets		29,293,550		23,825,986
LIABILITIES
Accounts Payable		6,192		—
Excess contributions payable		—		3,472
Total liabilities		6,192		3,472
NET ASSETS AVAILABLE FOR BENEFITS	$	29,287,358	$	23,822,514

See accompanying notes to financial statements. 2

STILLWATER MINING COMPANY
401(K) PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 2005 AND 2004

	2005		2004
INVESTMENT INCOME
Net appreciation in fair value of investments (note 3)	$	2,069,905	$	2,625,672
Interest and dividends		540,382		81,185
Interest income on participant loans		78,735		47,879
Total investment income		2,689,022		2,754,736
CONTRIBUTIONS
Employer contributions:
Employer securities		1,256,196		1,161,628
Participant contributions		2,069,151		1,842,226
Participant rollovers		131,859		508,999
Total contributions		3,457,206		3,512,853
DEDUCTIONS
Distributions and withdrawals		1,219,717		3,380,591
Administrative expenses and other		8,460		58,838
Total deductions		1,228,177		3,439,429
NET INCREASE BEFORE NET TRANSFERS FROM OTHER COMPANY PLAN		4,918,051		2,828,160
NET TRANSFERS FROM OTHER COMPANY PLAN (note 1)		546,793		983,262
Net increase		5,464,844		3,811,422
NET ASSETS AVAILABLE FOR BENEFITS
Beginning of year		23,822,514		20,011,092
End of year	$	29,287,358	$	23,822,514

See accompanying notes to financial statements. 3

STILLWATER MINING COMPANY
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2005 AND 2004

NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of Plan

On June 1, 1993, Stillwater Mining Company (the “Company”) established the Stillwater Mining Company 401(k) Plan (the “Plan”). The following description of the Plan provides general information only. Participants should refer to the Plan Document for a more complete description of the Plan’s provisions.

   General

The Plan is a defined contribution plan, covering all non-union employees of the Company, as defined in the Plan Document, and is subject to the provisions of the Employee Retirement Income Security Act, as amended (“ERISA”). Employees are eligible to participate in the Plan at the beginning of the month following the employee’s date of hire.

   Plan and Trust Administration

The administration of the Plan is the responsibility of the Company. Effective October 1, 2004, the assets of the Plan are maintained in a trust fund that is administered under a trust agreement with Investors Bank and Trust Company (the “Trustee”). Prior to October 1, 2004, the assets of the Plan were maintained under a trust agreement with Smith Barney Corporate Trust Company.

   Plan Amendments

Effective January 1, 2004, the Plan was amended and restated. The plan increased the maximum participant pre-tax “elective deferral contributions” to 60% of eligible compensation from 20%. The amendment and restatement also reflects certain provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA).

Effective October 1, 2004, the Plan was amended and restated and a new trustee and recordkeeper were appointed.

The Plan was amended in 2005 to allow for lump sum distributions to terminated participants with accumulated benefits in amounts greater than $1,000 but less than $5,000 for automatic rollover into an individual retirement account (IRA) designated by the administrator.

   Contributions

During 2005 and 2004, each participant had the option to make pre-tax “elective deferral contributions” to the Plan of not less than 1% nor more than 60% of eligible compensation as defined by the Plan Document. The Company contributes an amount equal to 100% of each participant’s elective deferral contribution, up to 6% of the participant’s compensation for the contribution period. The Company matching contribution may be made in Company common stock or cash. During 2005 and 2004, all Company matching contributions were made in the form of common stock. Each participant also had the option to make after-tax contributions to the Plan of not less than 1% nor more than 10% of eligible compensation.

The Company may make annual discretionary profit sharing contributions during each Plan year. Profit sharing contributions will be allocated to participants based on the ratio of each participant’s eligible compensation to the total compensation paid to all eligible participants for the Plan year. There were no discretionary contributions during the years ended December 31, 2005 or 2004.

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STILLWATER MINING COMPANY
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2005 AND 2004

During 2005 and 2004, participants aged 50 and over made catch-up contributions totaling $34,446 and $25,456, respectively.

   Participant Accounts

Each participant’s account is credited with the participant’s contribution and allocations of (a) the Company’s matching contribution, (b) Plan earnings and losses, and (c) discretionary contributions by the Company and is charged with an allocation of administrative expenses. Allocations of Plan earnings and losses are based on individual participant account balances. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

   Investment Options

Upon enrollment in the Plan, a participant directs contributions to any investment option offered. The investment options available under the Plan include blended investment funds. The blended investment funds do not file directly with the Department of Labor and therefore, the underlying assets of each of these funds are listed in the attached supplemental schedule of Schedule H, line 4i — schedule of assets (held at end of year). Participants may change their investment options and make transfers between investment options daily.

   Vesting

Participants are at all times fully vested in their voluntary contributions plus actual earnings thereon. Vesting in employer contributions is based on years of continuous service. Participants become 100 percent cliff vested after three years of service.

   Participant Loans

Participant loans shall not exceed the lesser of: (a) $50,000 reduced by the excess (if any) of the highest outstanding balance of loans during the one year period ending on the day before the loan is made, over the outstanding balance of loans from the Plan on the date the loan is made; or (b) 50% of the participant’s vested balance. Participant loans bear an interest rate comparable to the rate charged by commercial lenders in the geographical area for similar loans. All participant loans must be repaid within five years, unless the loan is utilized by the participant for the purchase of a principal residence, in which case the term of the loan must be repaid over a reasonable period of time, not to exceed ten years. Interest rates on the participant loans outstanding at December 31, 2005 and 2004 ranged from 6% to 10%. Participant loans mature between January 2006 and November 2015.

   Payment of Benefits

Upon termination, retirement or death, participants or their beneficiaries may elect to receive an amount equal to the vested value of his or her account in either a lump-sum amount or in installments determined by the participant or their beneficiary. Vested accounts which do not exceed $5,000, but are greater than $1,000 are automatically rolled over into an individual retirement account (IRA). Accounts which are less than $1,000 are automatically distributed in a lump-sum.

   Forfeitures

Forfeitures of terminated participants’ non-vested accounts are retained in the Plan and used first to pay administrative expenses and then to reduce future Company matching contributions. At December 31, 2005 and 2004, forfeited nonvested accounts totaled $172,439 and $52,092, respectively. During 2005 and 2004, $118,799 and $81,062 of employer matching contributions were forfeited by employees who terminated before those amounts became vested. Net earnings related to forfeited funds in 2005 and 2004 totaled $7,398 and $556, respectively.

The amount of forfeitures used to pay administrative expenses in 2005 and 2004 totaled $5,850 and $51,662, respectively.

(continued on next page) 5

STILLWATER MINING COMPANY
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2005 AND 2004

   Plan to Plan Transfers

Net transfers from other Company plan includes $546,793 and $983,262 of net transfers from the Stillwater Mining Company Bargaining Unit 401(k) Plan for the years ended December 31, 2005 and 2004, respectively. The Stillwater Mining Company Bargaining Unit 401(k) Plan covers union employees of the Company (as defined by the Plan Document) and, therefore, transfers to and from this Plan occur when the union membership status of an employee changes.

Basis of Presentation

The Plan’s financial statements have been prepared using the accrual method of accounting.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

Risks and Uncertainties

The Plan may invest in various types of investment securities. Investment securities are exposed to various risks, such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the statement of net assets available for plan benefits.

Investment Valuation and Income Recognition

The Plan’s investments in mutual funds and common stock are stated at fair value based on the quoted market value or quoted share price at the end of the year. The Plan’s guaranteed interest account is fully benefit-responsive and is recorded at contract value. Contract value represents contributions made under the contract, plus interest at a specified rate determined semi-annually (note 2). Plan investments in blended investment funds are valued based on the quoted market values of the underlying investments at the end of the Plan year. Participant loans are valued at principal amount. Purchases and sales of investments are recorded on the trade date basis.

Dividends are recorded as of the ex-dividend date. Interest income is recorded on the accrual basis. The Plan presents in the statement of changes in net assets the net appreciation (depreciation) in the fair value of its investments, which consists of the realized gains (losses) and the unrealized appreciation (depreciation) of those investments.

Expenses of the Plan

The Company may reimburse expenses incurred in the administration of the Plan at its discretion. Substantially all expenses are paid with forfeitures, although some expenses, including but not limited to audit fees, legal expenses and other administrative costs, are paid by the Company.

(continued on next page) 6

STILLWATER MINING COMPANY
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2005 AND 2004

Payment of Benefits

Benefits are recorded when paid.

NOTE 2 — INVESTMENT CONTRACT WITH INSURANCE COMPANY

In 2005 and 2004, the Plan held an investment contract with Massachusetts Mutual Life Insurance Company (“MassMutual”), a party-in-interest to the Plan (note 5). MassMutual maintains the contributions in a general account. Participants may direct the withdrawal or transfer of all or a portion of their investment at contract value.

There are no reserves against contract value for credit risk of the contract issuer. The average yields were 3.27% and 4% for the years ending December 31, 2005 and 2004, respectively. The crediting interest rates were 3.25% and 4% as of December 31, 2005 and 2004, respectively. The crediting interest rate is based on a formula agreed upon by the issuer, but may not be less than 3%. Such interest rates are reviewed on a semi-annual basis for resetting.

(continued on next page) 7

STILLWATER MINING COMPANY
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2005 AND 2004

NOTE 3 — INVESTMENTS

The following presents the fair values of investments that represent 5 percent or more of the Plan’s net assets as determined by quoted market prices as of December 31:

	2005				2004
	# of shares,				# of shares,
	units or				units or
	loans		Fair Value		loans		Fair Value
Stillwater Unitized Stock		518,021	$	3,917,166		487,498	$	3,558,616
Mutual Funds:
American Funds Growth Fund of America		115,502		3,522,813		118,097		3,200,437
Davis Large Cap Value Fund		266,936		3,021,721		269,249		2,808,272
Baron Growth Fund		60,105		2,728,774		70,303		3,154,479
Oppenheimer Developing Market Fund		64,452		2,341,543		*		*
American Funds EuroPacific Fund		56,232		2,283,581		45,150		1,591,987
PIMCO Total Return Fund		138,798		1,457,375		114,865		1,226,021
T. Rowe Price Mid Cap Growth Equity II Fund		*		*		108,084		1,431,036
				15,355,807				13,412,232
Guaranteed interest account		203,597		2,133,194		161,737		1,631,821
Other investments less than 5% of the Plan’s net assets:
Participant loans		119		1,372,169		96		914,098
Other				6,316,801				4,128,471
			$	29,095,137			$	23,645,238

* Amount was not greater than 5% of net assets for respective year.

(continued on next page) 8

STILLWATER MINING COMPANY
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2005 AND 2004

During 2005 and 2004,the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated in value as follows:

	2005		2004
Common stock	$	388,787	$	886,818
Mutual funds		1,681,118		1,708,965
Common/collective trust fund		—		29,889
	$	2,069,905	$	2,625,672

NOTE 4 — PLAN TERMINATION

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

NOTE 5 — RELATED PARTY TRANSACTIONS

MassMutual Retirement Services, the record keeper of the Plan subsequent to October 1, 2004, is a division of MassMutual. Certain Plan investments are units of a guaranteed interest account where participant contributions are invested in an investment contract maintained by MassMutual (note 2). These transactions qualify as allowable party-in-interest transactions.

The Company made matching contributions in Company common stock of $1,256,196 (139,937 shares) and $1,161,628 (87,969 shares) during the years ended December 31, 2005 and 2004, respectively. At December 31, 2005 and 2004, the Plan held $3,777,584 (326,498 shares) and $3,417,602 (303,517 shares), respectively, of common stock; and $139,582 and $141,014, respectively, of interest-bearing cash in a unitized Company stock fund.

At December 31, 2005 and 2004, the Plan had employer contributions receivable of $101,474 and $94,043, respectively.

NOTE 6 — TAX STATUS

The Internal Revenue Service issued a determination letter dated March 1, 2005, stating that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code (IRC) applicable for the plan amendments executed on January 20, 2004. The Plan has been amended since the period covered by the determination letter. However, due to the minimal changes in the design of the Plan through subsequent amendments, the Plan administrator and the Plan’s tax counsel believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC.

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STILLWATER MINING COMPANY
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2005 AND 2004

NOTE 7 — RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500

The following is a reconciliation of net assets available for benefits per Schedule H of the Form 5500:

	2004
Net assets available for benefits per the financial statements	$	23,822,514
Total non-interest bearing cash related to unsettled trades		125,935
Other liabilities related to unsettled trades		(125,935	)
Net assets available for benefits per Schedule H, Form 5500	$	23,822,514

Interest bearing cash in the 2004 Schedule H of the Form 5500 of $143,412 includes $141,014 of cash included in the unitized Company stock fund.

10

STILLWATER MINING COMPANY
401(K) PLAN
SCHEDULE H, LINE 4I — SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2005 AND 2004

		(c) Description of
		investment including
		maturity date, rate
		of interest,
	(b) Identity of issue, borrower, lessor,	collateral, par or	Number of Units/
(a)	or similar party	maturity value	Shares		(d) Cost	(e) Current Value
	American Funds Growth Fund of America	Mutual Fund		115,502	N/A	$	3,522,813
	Davis Large Cap Value Fund	Mutual Fund		266,936	N/A		3,021,721
	Baron Growth Fund	Mutual Fund		60,105	N/A		2,728,774
	Oppenheimer Developing Market Fund	Mutual Fund		64,452	N/A		2,341,543
	American Funds EuroPacific Growth Fund	Mutual Fund		56,232	N/A		2,283,581
	PIMCO Total Return Fund	Mutual Fund		138,798	N/A		1,457,375
	T. Rowe Price Mid Cap Growth Equity II Fund	Mutual Fund		93,547	N/A		1,341,460
	Oppenheimer Main Street Fund	Mutual Fund		23,328	N/A		866,170
	Northern Trust Indexed Equity Fund	Mutual Fund		51,506	N/A		592,318
	Oppenheimer High Yield Fund	Mutual Fund		16,379	N/A		152,984
	T. Rowe Price Small Company Value Fund	Mutual Fund		7,283	N/A		104,437
	Harris Focused Value Fund	Mutual Fund		5,105	N/A		86,378
	Stillwater Moderate Blend:
	PIMCO Total Return Fund	Mutual Fund		30,931	N/A		324,774
	American Funds Growth Fund of America	Mutual Fund		4,246	N/A		129,502
	Davis Large Cap Value Fund	Mutual Fund		9,840	N/A		111,386
	Oppenheimer Main Street Fund	Mutual Fund		1,739	N/A		64,579
	Northern Trust Indexed Equity Fund	Mutual Fund		4,858	N/A		55,871
*	Guaranteed Interest Account	Insurance Contract		4,433	N/A		46,469
	Oppenheimer Developing Market Fund	Mutual Fund		1,157	N/A		42,037
	American Funds EuroPacific Growth Fund	Mutual Fund		1,029	N/A		41,804
	Harris Focused Value Fund	Mutual Fund		1,727	N/A		29,225
	T. Rowe Price Mid Cap Growth Equity II Fund	Mutual Fund		1,989	N/A		28,519
	T. Rowe Price Small Company Value Fund	Mutual Fund		1,984	N/A		28,444
	Baron Growth Fund	Mutual Fund		611	N/A		27,748
				85,013			930,358
	Stillwater Aggressive Blend:
	American Funds Growth Fund of America	Mutual Fund		5,375	N/A		163,950
	Davis Large Cap Value Fund	Mutual Fund		13,772	N/A		155,894
	Northern Trust Indexed Equity Fund	Mutual Fund		6,803	N/A		78,229
	Oppenheimer Main Street Fund	Mutual Fund		2,086	N/A		77,444
	Oppenheimer High Yield Fund	Mutual Fund		7,109	N/A		66,399
	PIMCO Total Return Fund	Mutual Fund		6,183	N/A		64,923
	Oppenheimer Developing Market Fund	Mutual Fund		1,560	N/A		56,679
	American Funds EuroPacific Growth Fund	Mutual Fund		1,388	N/A		56,356
	Harris Focused Value Fund	Mutual Fund		2,697	N/A		45,628
	T. Rowe Price Mid Cap Growth Equity II Fund	Mutual Fund		2,478	N/A		35,541
	T. Rowe Price Small Company Value Fund	Mutual Fund		2,472	N/A		35,444
	Baron Growth Fund	Mutual Fund		760	N/A		34,514
				77,202			871,001

(continued on next page)

11

STILLWATER MINING COMPANY
401(K) PLAN
SCHEDULE H, LINE 4I — SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2005 AND 2004

		(c) Description of
		investment including
		maturity date, rate
		of interest,
	(b) Identity of issue, borrower, lessor,	collateral, par or	Number of Units/
(a)	or similar party	maturity value	Shares		(d) Cost	(e) Current Value
	Stillwater Conservative Blend:
	PIMCO Total Return Fund	Mutual Fund		32,051	N/A		336,531
*	Guaranteed Interest Account	Insurance Contract		13,448	N/A		140,963
	American Funds Growth Fund of America	Mutual Fund		1,540	N/A		46,962
	Davis Large Cap Value Fund	Mutual Fund		3,570	N/A		40,418
	Northern Trust Indexed Equity Fund	Mutual Fund		1,764	N/A		20,292
	Oppenheimer Main Street Fund	Mutual Fund		540	N/A		20,067
	Oppenheimer Developing Market Fund	Mutual Fund		467	N/A		16,960
	American Funds EuroPacific Growth Fund	Mutual Fund		415	N/A		16,861
	Harris Focused Value Fund	Mutual Fund		843	N/A		14,266
	Baron Growth Fund	Mutual Fund		296	N/A		13,418
	T. Rowe Price Mid Cap Growth Equity II Fund	Mutual Fund		483	N/A		6,929
	T. Rowe Price Small Company Value Fund	Mutual Fund		482	N/A		6,909
				63,266			680,576
	Stillwater Ultra-Aggressive Blend:
	American Funds Growth Fund of America	Mutual Fund		5,098	N/A		155,499
	Davis Large Cap Value Fund	Mutual Fund		12,720	N/A		143,985
	Oppenheimer Main Street Fund	Mutual Fund		2,000	N/A		74,244
	Northern Trust Indexed Equity Fund	Mutual Fund		5,890	N/A		67,736
	Oppenheimer Developing Market Fund	Mutual Fund		1,404	N/A		50,999
	American Funds EuroPacific Growth Fund	Mutual Fund		1,250	N/A		50,760
	Harris Focused Value Fund	Mutual Fund		2,041	N/A		34,531
	T. Rowe Price Mid Cap Growth Equity II Fund	Mutual Fund		2,384	N/A		34,189
	T. Rowe Price Small Company Value Fund	Mutual Fund		2,381	N/A		34,137
	Baron Growth Fund	Mutual Fund		744	N/A		33,792
				56,565			679,872
	Stillwater Unitized Stock Fund:
*	Stillwater Mining Company	Common Stock		326,498	N/A		3,777,584
	Interest Bearing Cash						139,582
				518,021			3,917,166
*	Loans
		Interest rates from
		6% to 10%		119	0		1,372,169
	Non-Interest Bearing Cash						11,247
*	Guaranteed Interest Account	Insurance Contract		203,597	N/A		2,133,194
						$	29,095,137
*	Party-in-interest to the Plan

12

STILLWATER MINING COMPANY
401(K) PLAN

EXHIBIT INDEX

Exhibit	Document
23	Consent of KPMG LLP, Independent Registered Public Accounting Firm.

EX-23

Exhibit 23

Consent of Independent Registered Public Accounting Firm

The Board of Directors and Stockholders
Stillwater Mining Company:

We consent to incorporation by reference in the registration statement (No. 333-129953) on Form S-8 of Stillwater Mining Company of our report dated June 28, 2006, with respect to the statements of net assets available for benefits of the Stillwater Mining Company 401(k) Plan as of December 31, 2005 and 2004 and the related statement of changes in net assets available for benefits for the years then ended and the supplemental schedule of assets (held at end of year) as of December 31, 2005, which report appears in the December 31, 2005 annual report on Form 11-K of the Stillwater Mining Company 401(k) Plan.

/s/ KPMG LLP

Billings, Montana
June 28, 2006