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, 2007

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 1-13053

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
1321 DISCOVERY DRIVE
BILLINGS, MONTANA 59102

REQUIRED INFORMATION

1.

Financial statements filed as a part of this annual report: Stillwater Mining Company 401(k) Plan — Financial Statements as of December 31, 2007 and 2006, and for the Year Ended December 31, 2007 (with Report of Independent Registered Public Accounting Firm), including the Statements of Net Assets Available For Benefits as of December 31, 2007 and 2006, the Statement of Changes in Net Assets Available For Benefits for the Year Ended December 31, 2007, and the related Notes to Financial Statements, together with supplemental Schedule H, line 4a — Schedule of Delinquent Participant Contributions for the Year Ended December 31, 2007, and Schedule H, line 4i — Schedule of Assets (Held at End of Year), as of December 31, 2007.

2.

Exhibits filed as part of this annual report: Exhibit 23.1 — Consent of Tanner LC, Independent Registered Public Accounting Firm.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on the Plan’s behalf by the undersigned hereunto duly authorized.

STILLWATER MINING COMPANY 401(K) PLAN
June 26, 2008	/s/ John R. Stark
Date	John R. Stark
	Vice President, Human Resources, Corporate Counsel and Secretary

STILLWATER MINING COMPANY
401(K) PLAN

FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES
AS OF DECEMBER 31, 2007 AND 2006
AND FOR THE YEAR ENDED DECEMBER 31, 2007

STILLWATER MINING COMPANY
401(K) PLAN

Table of Contents

	Page
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM		1
FINANCIAL STATEMENTS
Statements of Net Assets Available for Benefits as of December 31, 2007 and 2006		2
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2007		3
Notes to Financial Statements		4-9
SUPPLEMENTAL SCHEDULES*
Schedule H, Line 4a — Schedule of Delinquent Participant Contributions for the Year Ended December 31, 2007		10
Schedule H, Line 4i — Schedule of Assets (Held at End of Year) as of December 31, 2007		11-12

* Other supplemental schedules required by section 2520-103.10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

To the Plan 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, 2007 and 2006, and the related statement of changes in net assets available for benefits for the year ended December 31, 2007. 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 standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. 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, 2007 and 2006, and the changes in net assets available for benefits for the year ended December 31, 2007 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 H, line 4a — Schedule of Delinquent Participant Contributions for the year ended December 31, 2007, and Schedule H, line 4i — Schedule of Assets (Held at End of Year) as of December 31, 2007, are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the U.S. Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedules are the responsibility of the Plan’s management. The supplemental schedules have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole.

/s/ Tanner LC

Salt Lake City, Utah
June 26, 2008

STILLWATER MINING COMPANY
401(K) PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 2007 AND 2006

	2007		2006
ASSETS
Investments at fair value (see note 3):
Mutual funds and guaranteed interest account	$	36,576,189	$	31,072,225
Common stock fund		3,596,125		4,167,639
Participant loans		1,341,941		1,400,970
Non-interest bearing cash		1,937		5,373
Total investments		41,516,192		36,646,207
Receivables:
Employer contributions		119,166		110,672
Participant contributions and loan repayments		109,575		103,941
Other		5,791		3,322
Total receivables		234,532		217,935
Total assets		41,750,724		36,864,142
LIABILITIES
Accounts payable		2,235		1,970
NET ASSETS AVAILABLE FOR BENEFITS AT FAIR VALUE		41,748,489		36,862,172
Adjustment from fair value to contract value for fully benefit- responsive guaranteed interest account		185,399		106,462
NET ASSETS AVAILABLE FOR BENEFITS	$	41,933,888	$	36,968,634

See accompanying notes to financial statements.

2

STILLWATER MINING COMPANY
401(K) PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED DECEMBER 31, 2007

ADDITIONS
Investment Income
Net appreciation in fair value of investments (see note 3)	$	2,853,699
Interest and dividends		157,318
Interest income on participant loans		115,724
Total investment income		3,126,741
Contributions
Participant contributions		2,369,812
Employer contributions of Employer securities		1,381,510
Participant rollovers		581,185
Total contributions		4,332,507
Total additions		7,459,248
DEDUCTIONS
Distributions and withdrawals		3,527,229
Administrative expenses and other		32,292
Total deductions		3,559,521
Net increase before net transfers from other Company plan		3,899,727
NET TRANSFERS FROM OTHER COMPANY PLAN (see note 1)		1,065,527
Net increase		4,965,254
NET ASSETS AVAILABLE FOR BENEFITS
Beginning of year		36,968,634
End of year	$	41,933,888

See accompanying notes to financial statements

3

STILLWATER MINING COMPANY
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006

NOTE 1 — DESCRIPTION OF PLAN AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of Plan

On June 1, 1993, Stillwater Mining Company (the “Company” or “Employer”) 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 of 1974, as amended (“ERISA”). An employee is 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. The assets of the Plan are maintained in a trust fund that is administered under a trust agreement with Investors Bank & Trust Company, which was acquired by State Street Corporation (the “Trustee”) in July 2007.

     Plan Amendments

Effective January 1, 2007, the Plan was amended to change the Plan Administrator to the Stillwater Mining Company Retirement Plan Committee.

Effective February 25, 2008, the Plan was amended to change the Plan’s default investment option to the Stillwater Aggressive Blend Fund, the Qualified Default Investment Alternative (QDIA).

     Contributions

Each participant has 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 2007, 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 are 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 was no discretionary contribution made during the year ended December 31, 2007.

During 2007, certain participants age 50 and over made catch-up contributions totaling $65,460.

     Participant Accounts

Each participant’s account is adjusted for the participant’s contributions and allocations of (a) the Company’s matching contribution, (b) Plan earnings and losses, (c) discretionary contributions by the Company, and (d) 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.

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4

STILLWATER MINING COMPANY
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006

     Investment Options

Upon enrollment in the Plan, a participant directs contributions to any investment option offered. 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 net 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, 2007 and 2006 ranged from 6.00% to 10.25%. Participant loans mature between March 2008 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 their account in either a lump-sum amount or in installments determined by the participants or their beneficiaries. Vested accounts for terminated employees 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 $1,000 or less 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, 2007 and 2006, forfeited nonvested accounts totaled $143,165 and $162,066, respectively. During 2007, $60,433 of Employer matching contributions were forfeited by employees who terminated before those amounts became vested. Net earnings related to forfeited funds in 2007 totaled $12,567. The amount of forfeitures used to pay administrative expenses in 2007 totaled $12,862. The amount of forfeitures used to reduce Employer matching contributions in 2007 totaled $79,039.

     Plan to Plan Transfers

Net transfers from the other Company plan consisted of $1,065,527 of net transfers from the Stillwater Mining Company Bargaining Unit 401(k) Plan for the year ended December 31, 2007. 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.

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5

STILLWATER MINING COMPANY
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006

Significant Accounting Policies

     Basis of Accounting

The Plan’s financial statements have been prepared using the accrual method of accounting in accordance with accounting principles generally accepted in the United States of America.

As described in Financial Accounting Standards Board Staff Position AAG INV-1 and SOP 94-4-1, Reporting of Fully Benefit-Responsive Investment Contracts Held by Certain Investment Companies Subject to the AICPA Investment Company Guide and Defined-Contribution Health and Welfare and Pension Plans (the FSP), investment contracts held by a defined-contribution plan are required to be reported at fair value. However, contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined-contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. As required by the FSP, the Statement of Net Assets Available for Benefits presents the fair value of the investment contract as well as the adjustment of the fully benefit-responsive investment contract from fair value to contract value. The Statement of Changes in Net Assets Available for Benefits is prepared on a contract value basis.

     Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 invests 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 statements of net assets available for 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. 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, except for the guaranteed interest account included in blended investment funds, which is valued as described below. The fair value of the guaranteed interest account is calculated by Massachusetts Mutual Life Insurance Company (“MassMutual”), a party-in-interest to the Plan (see note 5). The market value formula MassMutual uses is the same as a serial bond valuation formula for a bond which repays its original principal in installments, pays interest on the outstanding principal, and is being valued in the current interest rate environment. Participant loans are valued at their outstanding balances, which approximate fair value. Purchases and sales of investments are recorded on a trade date basis.

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6

STILLWATER MINING COMPANY
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006

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 pay 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, may be paid by the Company.

     Payment of Benefits

Benefits are recorded when paid by the Plan.

NOTE 2 — INVESTMENT CONTRACT WITH INSURANCE COMPANY

In 2007 and 2006, the Plan held a guaranteed interest account (separately, and as part of blended investment funds), which is a benefit-responsive investment contract with MassMutual, a party-in-interest to the Plan (see note 5). MassMutual maintains the contributions in a general account. The account is credited with earnings on the underlying investments and charged for participant withdrawals and administrative expenses. The contract is included in the financial statements at contract value as reported to the Plan by MassMutual. Contract value represents contributions made under the contract, plus earnings, less participant withdrawals and administrative expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value. The guaranteed interest account issuer is contractually obligated to repay the principal and interest at a specified rate that is guaranteed to the Plan.

As described in Note 1, because the guaranteed interest account is fully benefit-responsive, contract value is the relevant measurement attribute for that portion of the net assets available for benefits attributable to the guaranteed interest account.

There are no reserves against contract value for credit risk of the contract issuer or otherwise. The crediting interest rate is based on a formula agreed upon with the issuer, but it may not be less than 3%. Such interest rates are reviewed on a semi-annual basis for resetting. The crediting interest rate was 4% as of December 31, 2007 and 2006.

Certain events may limit the ability of the Plan to transact at contract value with the issuer. Such events include the following: (1) amendments to the Plan documents (including complete or partial plan termination or merger with another plan), (2) changes to the Plan’s prohibition on competing investment options or deletion of equity wash provisions, (3) bankruptcy of the Company or other Company events (for example, divestitures or spin-offs of a subsidiary) that cause a significant withdrawal from the Plan, or (4) the failure of the trust to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA. The Plan Administrator does not believe that the occurrence of any such event, which would limit the Plan’s ability to transact at contract value with participants, is probable.

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7

STILLWATER MINING COMPANY
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006

The issuer may terminate the guaranteed interest account with the Plan due to a failure of the Plan to comply with the contractual requirements, failure by the Plan to meet the requirements of the Internal Revenue Code, or a termination or partial termination of the Plan. For termination or partial termination of the Plan, the issuer may terminate at a settlement amount other than the contract value.

Average Yields	2007			2006
Based on actual earnings		4.195	%		4.112	%
Based on interest rate credited to participants		4.195	%		4.112	%

NOTE 3 — INVESTMENTS

The following presents the fair values of investments that represent 5% or more of the Plan’s net assets as of December 31:

	2007				2006
	# of				# of
	shares,				shares,
	units or				units or
	loans		Fair Value		loans		Fair Value
Stillwater Unitized Stock Fund		568,672	$	3,596,125		514,620	$	4,167,639
Mutual Funds
Oppenheimer Developing Market Fund		98,465		4,790,324		83,225		3,429,706
American Funds Growth Fund of America		133,882		4,487,718		126,204		4,095,333
American Funds EuroPacific Growth Fund		75,051		3,757,075		70,761		3,247,921
Baron Growth Fund		60,360		3,058,424		66,663		3,325,130
Davis Large Cap Value Fund		242,458		3,052,541		264,176		3,402,589
				19,146,082				17,500,679
Guaranteed interest account		323,278		3,474,997		340,398		3,588,202
Other investments less than 5% of the Plan’s net assets				15,298,988				11,389,687
			$	41,516,192			$	36,646,207

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8

STILLWATER MINING COMPANY
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006

During 2007, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated (depreciated) in value as follows:

Common stock	$	(519,655	)
Mutual funds		3,373,354
	$	2,853,699

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, 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 (see note 2). These transactions qualify as exempt party-in-interest transactions.

The Company made matching contributions in Company common stock of $1,381,510 (124,359 shares) during the year ended December 31, 2007. At December 31, 2007 and 2006, the Plan held $3,402,414 (352,217 shares) and $4,074,392 (326,212 shares), respectively, of common stock; and $193,711 and $93,247, respectively, of interest-bearing cash in a unitized Company stock fund.

At December 31, 2007 and 2006, the Plan had Employer contributions receivable of $119,166 and $110,672, respectively.

At December 31, 2007 and 2006, the Plan held loans from participants totaling $1,341,941 and $1,400,970, respectively. Interest income on these loans was $115,724 for 2007.

NOTE 6 — TAX STATUS

The Internal Revenue Service issued a determination letter dated December 19, 2007, stating that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code (IRC). 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 legal counsel believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC. Therefore, no provision for income taxes has been recorded in the accompanying financial statements.

NOTE 7 — NONEXEMPT TRANSACTIONS

During 2006, there were unintentional delays by the Company in submitting certain employee contributions and loan repayments in the aggregate amount of $202 to the Trustee. The Company reimbursed the Plan for lost interest in the amount of $10 in 2007.

9

STILLWATER MINING COMPANY
401(K) PLAN
SCHEDULE H, LINE 4a — SCHEDULE OF DELINQUENT PARTICIPANT CONTRIBUTIONS
YEAR ENDED DECEMBER 31, 2007

Plan	Participant Contributions			Total that Constitute
Year	Transferred Late to Plan			Nonexempt Prohibited Transactions
2007		$	0		$	0
2006			202			202

See Report of Independent Registered Public Accounting Firm

10

STILLWATER MINING COMPANY
401(K) PLAN
SCHEDULE H, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2007

			(c) Description of
			investment
			including maturity
			date, rate of
			interest,	Number of
		(b) Identity of issue, borrower, lessor,	collateral, par or	Units/				(e) Current
(a)		or similar party	maturity value	Shares		(d) Cost		Value
		Oppenheimer Developing Market Fund	Mutual Fund		98,465		N/A	$	4,790,324
		American Funds Growth Fund of America	Mutual Fund		133,882		N/A		4,487,718
		American Funds EuroPacific Growth Fund	Mutual Fund		75,051		N/A		3,757,075
		Baron Growth Fund	Mutual Fund		60,360		N/A		3,058,424
		Davis Large Cap Value Fund	Mutual Fund		242,458		N/A		3,052,541
		PIMCO Total Return Fund	Mutual Fund		177,988		N/A		1,902,694
		T. Rowe Price Mid Cap Growth Equity II Fund	Mutual Fund		116,395		N/A		1,748,250
		Fidelity Advisor Leverage Company Stock Fund	Mutual Fund		34,859		N/A		1,316,981
		Oppenheimer Main Street Fund	Mutual Fund		33,621		N/A		1,232,868
		Northern Trust Indexed Equity Fund	Mutual Fund		60,857		N/A		824,006
		Oppenheimer Champion Income Fund	Mutual Fund		44,970		N/A		399,338
		T. Rowe Price Small Company Value Fund	Mutual Fund		12,893		N/A		163,738
		Stillwater Aggressive Blend:
		American Funds Growth Fund of America	Mutual Fund		10,903		N/A		365,467
		Davis Large Cap Value Fund	Mutual Fund		27,602		N/A		347,513
		Northern Trust Indexed Equity Fund	Mutual Fund		12,777		N/A		172,997
		Oppenheimer Main Street Fund	Mutual Fund		4,715		N/A		172,909
		PIMCO Total Return Fund	Mutual Fund		13,671		N/A		146,148
		Oppenheimer Champion Income Fund	Mutual Fund		16,315		N/A		144,882
		Oppenheimer Developing Market Fund	Mutual Fund		2,583		N/A		125,683
		American Funds EuroPacific Growth Fund	Mutual Fund		2,508		N/A		125,544
		Fidelity Advisor Leverage Company Stock Fund	Mutual Fund		2,548		N/A		96,246
		T. Rowe Price Mid Cap Growth Equity II Fund	Mutual Fund		5,128		N/A		77,027
		Baron Growth Fund	Mutual Fund		1,518		N/A		76,900
		T. Rowe Price Small Company Value Fund	Mutual Fund		6,043		N/A		76,748
					137,959				1,928,064
		Stillwater Moderate Blend:
		PIMCO Total Return Fund	Mutual Fund		53,881		N/A		575,983
		American Funds Growth Fund of America	Mutual Fund		6,786		N/A		227,467
		Davis Large Cap Value Fund	Mutual Fund		15,544		N/A		195,694
		Oppenheimer Main Street Fund	Mutual Fund		3,098		N/A		113,604
		Northern Trust Indexed Equity Fund	Mutual Fund		7,195		N/A		97,420
	*	Guaranteed Interest Account (at contract value)	Insurance Contract		7,300		N/A		82,318
		Oppenheimer Developing Market Fund	Mutual Fund		1,511		N/A		73,493
		American Funds EuroPacific Growth Fund	Mutual Fund		1,466		N/A		73,400
		T. Rowe Price Mid Cap Growth Equity II Fund	Mutual Fund		3,249		N/A		48,796
		Fidelity Advisor Leverage Company Stock Fund	Mutual Fund		1,291		N/A		48,775
		Baron Growth Fund	Mutual Fund		962		N/A		48,723
		T. Rowe Price Small Company Value Fund	Mutual Fund		3,829		N/A		48,625
					124,567			$	1,634,298

See Report of Independent Registered Public Accounting Firm

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11

STILLWATER MINING COMPANY
401(K) PLAN
SCHEDULE H, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2007

			(c) Description of
			investment
			including maturity
			date, rate of
			interest,	Number of
		(b) Identity of issue, borrower, lessor,	collateral, par or	Units/				(e) Current
(a)		or similar party	maturity value	Shares		(d) Cost		Value
		Stillwater Ultra-Aggressive Blend:
		American Funds Growth Fund of America	Mutual Fund		10,037		N/A	$	336,451
		Davis Large Cap Value Fund	Mutual Fund		24,498		N/A		308,430
		Oppenheimer Main Street Fund	Mutual Fund		4,383		N/A		160,709
		Northern Trust Indexed Equity Fund	Mutual Fund		10,796		N/A		146,180
		Oppenheimer Developing Market Fund	Mutual Fund		2,267		N/A		110,294
		American Funds EuroPacific Growth Fund	Mutual Fund		2,201		N/A		110,190
		T. Rowe Price Mid Cap Growth Equity II Fund	Mutual Fund		4,875		N/A		73,228
		Fidelity Advisor Leverage Company Stock Fund	Mutual Fund		1,937		N/A		73,195
		Baron Growth Fund	Mutual Fund		1,443		N/A		73,095
		T. Rowe Price Small Company Value Fund	Mutual Fund		5,744		N/A		72,952
					95,727				1,464,724
		Stillwater Conservative Blend:
		PIMCO Total Return Fund	Mutual Fund		63,728		N/A		681,249
	*	Guaranteed Interest Account (at contract value)	Insurance Contract		24,037		N/A		271,061
		American Funds Growth Fund of America	Mutual Fund		2,810		N/A		94,200
		Davis Large Cap Value Fund	Mutual Fund		6,437		N/A		81,044
		Northern Trust Indexed Equity Fund	Mutual Fund		2,980		N/A		40,346
		Oppenheimer Main Street Fund	Mutual Fund		1,100		N/A		40,330
		Oppenheimer Developing Market Fund	Mutual Fund		695		N/A		33,813
		American Funds EuroPacific Growth Fund	Mutual Fund		674		N/A		33,760
		Fidelity Advisor Leverage Company Stock Fund	Mutual Fund		713		N/A		26,929
		Baron Growth Fund	Mutual Fund		531		N/A		26,909
		T. Rowe Price Mid Cap Growth Equity II Fund	Mutual Fund		897		N/A		13,471
		T. Rowe Price Small Company Value Fund	Mutual Fund		1,057		N/A		13,427
					108,608				1,356,539
		Stillwater Unitized Stock Fund:
	*	Stillwater Mining Company	Common Stock		352,217		N/A		3,402,414
		Interest Bearing Cash			193,711		N/A		193,711
					568,672				3,596,125
	*	Participant Loans	Interest rates from		178		N/A		1,341,941
			6.00% to 10.25%
		Non-Interest Bearing Cash							1,937
	*	Guaranteed Interest Account (at contract value)	Insurance Contract		323,278		N/A		3,644,006
								$	41,701,591
	*	Party-in-interest to the Plan

See Report of Independent Registered Public Accounting Firm

Note: Amounts for column (d) are not required as the investments are participant directed

12

STILLWATER MINING COMPANY

401(K) PLAN

EXHIBIT INDEX

Exhibit		Document
	23.1	Consent of Tanner LC, Independent Registered Public Accounting Firm

EX-23.1

     EXHIBIT 23.1

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 26, 2008, with respect to the statements of net assets available for benefits of the Stillwater Mining Company 401(k) Plan as of December 31, 2007 and 2006, the related statement of changes in net assets available for benefits for the year ended December 31, 2007, and the supplemental schedules of Delinquent Participant Contributions for the year ended December 31, 2007 and Assets (Held at End of Year) as of December 31, 2007, which report appears in the December 31, 2007 annual report on Form 11-K of the Stillwater Mining Company 401(k) Plan.

/s/ Tanner LC

Salt Lake City, Utah
June 26, 2008