Stillwater Mining Company (NYSE:SWC) today
reported financial results for the quarter ended March 31, 2016.
First Quarter 2016 Highlights:
- All-in sustaining costs (AISC)* of $613 per mined ounce of
palladium and platinum, down 19.7% from $763 per mined ounce for
the first quarter of 2015
- Cash and cash equivalents plus highly liquid investments of
$452.4 million at quarter end
- Mined palladium and platinum production of 137,300 ounces, an
increase of 3.0% from the 133,300 ounces mined during the first
quarter of 2015
- Processed 154,200 ounces of recycled palladium, platinum and
rhodium, an increase of 41.9% over 108,700 ounces recycled during
the first quarter of 2015
- Consolidated net loss attributable to common stockholders of
$9.9 million or $0.08 per diluted share, reflecting the decrease in
average sales price per mined ounce (palladium and platinum) to
$612, a 29.7% decrease from $871 realized for the first quarter of
2015
Commenting on the first quarter results, Mick
McMullen, the Company’s President and Chief Executive Officer
stated, "From an operational perspective, the first quarter of 2016
was a very good start to the year. AISC* for the quarter of $613
per mined ounce was a great result that was slightly better than
the lower end of our current annual guidance range of $615 to $665
per mined ounce. Further, this performance was consistent with our
result for the fourth quarter of 2015 and demonstrates that we have
achieved a new operating cost structure. Our mined production was a
strong result and is showing the benefits of our productivity drive
over the past two years.
"While the progress made to reduce costs has
been notable, we believe that there are additional opportunities to
further improve productivity and our team is working diligently to
make added sustainable improvements. In addition, recycling volumes
were ahead of plan for the first quarter of 2016 and we continue to
pursue expansion of this business given our processing
capacity.
"The Blitz project is a high priority for the
Company and we have spent considerable time working on plans to
accelerate this development. This effort is starting to deliver
results, with advance rates increasing by 45% in the first quarter
of 2016 compared to the 2015 average. Drilling of the J-M Reef from
the underground development is being prioritized and results
continue to be consistent with or slightly more favorable than
typical off-shaft mineralization.
“As we have continued to make operational and
cost improvements, the PGM price environment was challenging during
the first two months of the quarter. Our average sales price for
mined palladium and platinum totaled $531 and $919 per ounce
respectively for the quarter, resulting in an average basket price
of $612 per mined ounce. Fortunately, prices for both palladium and
platinum increased throughout the quarter and have continued to
increase subsequent to quarter end. We continue to believe the
market fundamentals for palladium, our primary product, remain
robust. Regardless of the near term fluctuations in PGM prices, our
approach remains the same. We will continue our disciplined
approach to capital deployment and focus on improving operational
efficiencies. I believe this approach and our unique assets have
positioned Stillwater in an industry-leading position for the
benefit of our shareholders.” concluded Mr. McMullen.
2016 Full-Year Guidance:
Following a review of first quarter 2016 results and forecasts
for the remainder of the year, guidance for the full-year 2016
remains unchanged and is detailed in the table below:
|
|
|
|
|
2016 Guidance |
Mined Production
(palladium and platinum ounces) |
|
515,000 - 535,000 |
Total Cash Costs per
Mined Ounce (net of by-product and recycling credits)* |
|
$445 -
$485 |
All-In Sustaining Costs
per Mined Ounce* |
|
$615 -
$665 |
General and
Administrative (millions) |
|
$30 -
$40 |
Exploration
(millions)(1) |
|
$8 -
$11 |
Sustaining Capital
Expenditures (millions) |
|
$50 -
$60 |
Project Capital
Expenditures (millions)(2) |
|
$40 -
$45 |
Total Capital
Expenditures (millions)(2) |
|
$90 -
$105 |
|
|
|
(1) Exploration includes expenses for Marathon, Altar and
Montana operations.(2) Excludes project capitalized interest and
capitalized depreciation.
First Quarter 2016 Results:
For the first quarter of 2016, the Company
reported consolidated net loss attributable to common stockholders
of $9.9 million, or $0.08 per diluted share, compared to
consolidated net income attributable to common stockholders of
$23.0 million, or $0.17 per diluted share for the first quarter of
2015. The decrease for the first quarter was impacted by
significantly lower realized metal prices and lower sales volumes
partially offset by lower costs.
Mine Production Comparison:
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
(Produced
ounces) |
|
2016 |
|
2015 |
Palladium |
|
62,000 |
|
64,500 |
Platinum |
|
18,900 |
|
19,200 |
Stillwater Mine
Total |
|
80,900 |
|
83,700 |
|
|
|
|
|
Palladium |
|
44,000 |
|
38,700 |
Platinum |
|
12,400 |
|
10,900 |
East Boulder Mine
Total |
|
56,400 |
|
49,600 |
|
|
|
|
|
Palladium |
|
106,000 |
|
103,200 |
Platinum |
|
31,300 |
|
30,100 |
Total |
|
137,300 |
|
133,300 |
|
|
|
|
|
Revenues from the Company’s Mine Production
segment (including proceeds from the sale of by-products) totaled
$85.8 million in the first quarter of 2016, down from $125.7
million for the first quarter of 2015. The combined average
realized price for the sales of mined palladium and platinum
decreased for the first quarter of 2016 to $612 per ounce, compared
to $871 per ounce realized in the first quarter of 2015. The total
quantity of mined palladium and platinum sold in the first quarter
of 2016 was 132,000 ounces compared to 136,700 ounces sold in the
first quarter of 2015.
Total costs of metals sold in the Mine
Production segment decreased to $67.4 million in the first quarter
of 2016 from $80.0 million in the first quarter of 2015.
Recycling Activity Comparison:
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
|
|
2016 |
|
2015 |
Average tons of
catalyst fed per day |
|
22.5 |
|
|
16.1 |
|
Tons processed |
|
2,048 |
|
|
1,448 |
|
Tons tolled |
|
1,002 |
|
|
371 |
|
Tons
purchased |
|
1,046 |
|
|
1,077 |
|
PGM ounces fed |
|
154,200 |
|
|
108,700 |
|
PGM ounces sold |
|
63,400 |
|
|
74,600 |
|
PGM tolled ounces
returned |
|
75,900 |
|
|
40,200 |
|
|
|
|
|
|
|
|
Total recycle PGM ounces fed to the smelter were up 41.9% from
the first quarter of 2015 to 154,200 ounces, with a large amount of
the growth coming from tolled material as well as increased grades
in the purchased material.
PGM Recycling revenues totaled $47.7 million for
the 2016 first quarter, a decrease from $74.7 million in the same
period of 2015. The Company's combined average realized price for
sales of recycled palladium, platinum and rhodium was $700 per
ounce in the first quarter of 2016 compared to $981 per ounce in
the first quarter of 2015. Recycling sales volumes for the first
quarter of 2016 decreased to 63,400 ounces from 74,600 ounces sold
in the first quarter of 2015. In conjunction, tolled ounces
returned to customers increased to 75,900 ounces for the first
quarter of 2016 from 40,200 ounces in the first quarter of 2015.
Only the treatment charges for tolled material are included in
recycling revenues, hence the decrease in recycling revenues.
PGM Recycling costs of metals sold totaled $46.0
million in the first quarter of 2016, down from the $72.7 million
in the first quarter of 2015. A majority of the cost of metals sold
from recycling in each period is attributable to the acquisition
cost of purchasing recyclable materials for the Company's own
account; therefore, the aggregate cost of metals sold from the PGM
Recycling segment is driven mostly by the volume and the value of
the PGMs in the materials purchased by the Company.
General and administrative costs were $8.3
million in the first quarter of 2016, in line with the $8.3 million
incurred during the same period of 2015.
All-In Sustaining Costs Per Mined Ounce:
AISC* per mined ounce totaled $613 for the first
quarter of 2016, a decrease from $763 recorded for the same period
of 2015. Reductions in cash costs and sustaining capital
contributed to the lower AISC result.
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
All-In Sustaining Costs Per Mined Ounce Combined Montana
Mining Operations |
|
2016 |
|
2015 |
Total combined cash
costs per mined ounce, net of by-product and recycling
credits* |
|
$ |
446 |
|
|
$ |
537 |
|
PGM Recycling
income credit per mined ounce |
|
13 |
|
|
16 |
|
Corporate
General & Administrative Costs (Before DD&A) |
|
56 |
|
|
58 |
|
Capital Outlay
to Sustain Production at the Montana Operating Mines |
|
98 |
|
|
152 |
|
All-In Sustaining Costs
per mined ounce* |
|
$ |
613 |
|
|
$ |
763 |
|
|
|
|
|
|
|
|
|
|
Cash Costs Per Mined Ounce:
Total combined cash costs per mined ounce (net
of by-product and recycling credits)* totaled $446 per ounce for
the first quarter of 2016, compared to $537 per ounce for the first
quarter of 2015.
The table below illustrates the effect of
by-product and recycling credits on the total combined cash costs
per mined ounce, net of credits, for the Montana mining
operations.
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
Cash Costs Per Mined Ounce Combined Montana Mining
Operations |
|
2016 |
|
2015 |
Total combined cash
costs per mined ounce, net of by-product and recycling
credits* |
|
$ |
446 |
|
|
$ |
537 |
|
By-product
revenue credit per mined ounce |
|
37 |
|
|
51 |
|
PGM Recycling
income credit per mined ounce |
|
13 |
|
|
16 |
|
Total combined cash costs per mined ounce, before by-product and
recycling credits* |
|
$ |
496 |
|
|
$ |
604 |
|
|
|
|
|
|
|
|
|
|
*These are non-GAAP financial measures. For a
full description and reconciliation of these and other non-GAAP
financial measures to GAAP financial measures, see Reconciliation
of GAAP Financial Measures to Non-GAAP Financial Measures
below.
Cash Flow and Liquidity:
At March 31, 2016, the Company’s cash and cash
equivalents balance was $171.7 million, compared to $147.3 million
at December 31, 2015. The Company’s cash and cash equivalents
plus highly liquid investments totaled $452.4 million at March 31,
2016 (including $18.5 million of investments which have been
reserved as collateral on letters of credit), compared to $463.8
million at December 31, 2015. Net working capital decreased to
$520.8 million at March 31, 2016, compared to $523.0 million at the
end of 2015.
Net cash provided by operating activities (which
includes changes in working capital) totaled $8.1 million for the
quarter ended March 31, 2016, compared to $38.3 million of cash
provided by operating activities for the same period in 2015. Cash
capital expenditures were $18.8 million for the quarter ended March
31, 2016, compared to $27.9 million in the same period in 2015.
Outstanding total balance sheet debt reported at
March 31, 2016, was approximately $259.7 million, an increase from
$255.8 million at December 31, 2015. The Company’s debt
balance at March 31, 2016, included approximately $259.1 million of
1.75% convertible debentures (net of unamortized discount of
approximately $72.4 million and $3.6 million of deferred debt
issuance costs), $0.5 million of 1.875% convertible debentures and
less than $0.1 million for a capital lease. The change in debt
balance is a result of the accretion of the discount on the
Company's outstanding 1.75% convertible debentures.
2016 First Quarter Results Webcast and Conference Call:
Stillwater Mining Company will conduct a conference call to
discuss first quarter 2016 results at 12:00 noon Eastern Daylight
Time on Friday, May 6, 2016.
Dial-In Numbers: United
States: (877) 407-8037
International: (201) 689-8037
A simultaneous webcast and presentation to
accompany the conference call will be available through the
Investor Relations section of the Company's website
at: www.stillwatermining.com.
A telephone replay of the call will be available
for one week following the event. The replay dial-in numbers are
(877) 660-6853 (U.S.) and (201) 612-7415 (International), access
code 13631282. In addition, the call transcript will be archived in
the Investor Relations section of the Company's website.
About Stillwater Mining Company
Stillwater Mining Company is the only U.S. miner of platinum
group metals (PGMs) and the largest primary producer of PGMs
outside of South Africa and the Russian Federation. PGMs are rare
precious metals used in a wide variety of applications, including
automobile catalysts, fuel cells, hydrogen purification,
electronics, jewelry, dentistry, medicine and coinage. The Company
is engaged in the development, extraction and processing of PGMs
from a geological formation in south-central Montana recognized as
the J-M Reef. The J-M Reef is the only known significant source of
PGMs in the U.S. and the highest-grade PGM resource known in the
world. The Company also recycles PGMs from spent catalytic
converters and other industrial sources. The Company owns the
Marathon PGM-copper deposit in Ontario, Canada, and the Altar
porphyry copper-gold deposit located in the San Juan province of
Argentina. The Company’s shares are traded on the New York Stock
Exchange under the symbol SWC. Information about the Company can be
found at its website: www.stillwatermining.com.
Cautionary Note Concerning
Forward-Looking Statements
Some statements contained in this press release are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended and Section 21E of the
Securities Exchange Act of 1934, as amended, and, therefore,
involve uncertainties or risks that could cause actual results to
differ materially from management's expectations. These statements
may contain words such as “believes,” “anticipates,” “plans,”
“expects,” “intends,” “estimates,” “predicts,” “should,” “will,”
“may” or similar expressions. Such statements also include, but are
not limited to, comments regarding a new operating cost structure;
further opportunities to improve productivity and making further
sustainable improvements; pursing expansion of the recycling
business; plans to accelerate the Blitz project; robust market
fundamentals for palladium; disciplined approach to capital
deployment and improving operational efficiencies; Stillwater
possessing a leading industry position for the benefit of
shareholders; estimated 2016 production, cash costs per mined
ounce, AISC, exploration expense, general and administrative costs
and capital expenditures; and the usefulness of non-GAAP financial
measures. The forward-looking statements in this release are based
on assumptions and analyses made by management in light of
experience and perception of historical trends, current conditions,
expected future developments, and other factors that are deemed
appropriate. These statements are not guarantees of the Company’s
future performance and are subject to risks, uncertainties and
other important factors that could cause its actual performance or
achievements to differ materially from those expressed or implied
by these forward-looking statements. Additional information
regarding factors that could cause results to differ materially
from management's expectations is found in the section entitled
"Risk Factors" in the Company's Annual Report on Form 10-K. The
Company intends that the forward-looking statements contained
herein be subject to the above-mentioned statutory safe harbors.
Investors are cautioned not to rely on forward-looking statements.
The forward-looking statements herein speak only as of the date of
this release. The Company disclaims any obligation to update
forward-looking statements.
|
Stillwater Mining Company |
Consolidated Statements of Comprehensive (Loss)
Income |
(Unaudited) |
|
|
|
Three Months Ended |
|
|
March 31, |
(In thousands, except per share data) |
|
2016 |
|
2015 |
REVENUES |
|
|
|
|
Mine Production |
|
$ |
85,802 |
|
|
$ |
125,738 |
|
PGM Recycling |
|
47,736 |
|
|
74,682 |
|
Other |
|
100 |
|
|
100 |
|
Total revenues |
|
133,638 |
|
|
200,520 |
|
COSTS AND
EXPENSES |
|
|
|
|
Costs of metals sold |
|
|
|
|
Mine Production |
|
67,443 |
|
|
80,041 |
|
PGM Recycling |
|
46,044 |
|
|
72,705 |
|
Total costs of metals sold
(excludes depletion, depreciation and amortization) |
|
113,487 |
|
|
152,746 |
|
Depletion, depreciation and
amortization |
|
|
|
|
Mine Production |
|
17,069 |
|
|
16,869 |
|
PGM Recycling |
|
191 |
|
|
252 |
|
Total depletion, depreciation and
amortization |
|
17,260 |
|
|
17,121 |
|
Total costs of revenues |
|
130,747 |
|
|
169,867 |
|
(Gain) loss on disposal of
property, plant and equipment |
|
(1 |
) |
|
3 |
|
Loss on long-term investments |
|
— |
|
|
55 |
|
Exploration |
|
2,848 |
|
|
1,080 |
|
General and administrative |
|
8,297 |
|
|
8,345 |
|
Total costs and expenses |
|
141,891 |
|
|
179,350 |
|
OPERATING
(LOSS) INCOME |
|
(8,253 |
) |
|
21,170 |
|
OTHER (EXPENSE)
INCOME |
|
|
|
|
Other |
|
42 |
|
|
884 |
|
Interest income |
|
710 |
|
|
703 |
|
Interest expense |
|
(4,182 |
) |
|
(5,304 |
) |
Foreign currency transaction gain
(loss) , net |
|
1,192 |
|
|
(608 |
) |
(LOSS) INCOME
BEFORE INCOME TAX BENEFIT (PROVISION) |
|
(10,491 |
) |
|
16,845 |
|
Income tax benefit |
|
561 |
|
|
6,043 |
|
NET (LOSS)
INCOME |
|
$ |
(9,930 |
) |
|
$ |
22,888 |
|
Net loss attributable
to noncontrolling interest |
|
— |
|
|
(115 |
) |
NET (LOSS)
INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS |
|
$ |
(9,930 |
) |
|
$ |
23,003 |
|
Other comprehensive income, net of
tax |
|
|
|
|
Net unrealized gain on investments
available-for-sale and deferred compensation |
|
347 |
|
|
136 |
|
COMPREHENSIVE
(LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS |
|
$ |
(9,583 |
) |
|
$ |
23,139 |
|
Comprehensive loss
attributable to noncontrolling interest |
|
— |
|
|
(115 |
) |
TOTAL
COMPREHENSIVE (LOSS) INCOME |
|
$ |
(9,583 |
) |
|
$ |
23,024 |
|
Weighted
average common shares outstanding |
|
|
|
|
Basic |
|
121,071 |
|
|
120,521 |
|
Diluted |
|
121,071 |
|
|
156,807 |
|
Basic (loss) earnings per
share attributable to common stockholders |
|
$ |
(0.08 |
) |
|
$ |
0.19 |
|
Diluted (loss) earnings per
share attributable to common stockholders |
|
$ |
(0.08 |
) |
|
$ |
0.17 |
|
Stillwater Mining Company |
Consolidated Balance Sheets |
(Unaudited) |
|
|
|
March 31, |
|
December 31, |
(In thousands, except per share data) |
|
2016 |
|
2015 |
ASSETS |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash
equivalents |
|
$ |
171,724 |
|
|
$ |
147,336 |
|
Investments, at fair
value |
|
280,658 |
|
|
316,429 |
|
Inventories |
|
105,185 |
|
|
102,072 |
|
Trade receivables |
|
1,223 |
|
|
800 |
|
Prepaid expenses |
|
1,295 |
|
|
2,821 |
|
Other current
assets |
|
26,617 |
|
|
21,628 |
|
Total current assets |
|
586,702 |
|
|
591,086 |
|
Mineral properties |
|
112,480 |
|
|
112,480 |
|
Mine development,
net |
|
467,285 |
|
|
460,751 |
|
Property, plant and
equipment, net |
|
104,630 |
|
|
109,957 |
|
Other noncurrent
assets |
|
4,142 |
|
|
4,115 |
|
Total assets |
|
$ |
1,275,239 |
|
|
$ |
1,278,389 |
|
LIABILITIES AND
EQUITY |
|
|
|
|
Current
liabilities |
|
|
|
|
Accounts payable |
|
$ |
17,779 |
|
|
$ |
18,205 |
|
Accrued compensation
and benefits |
|
28,646 |
|
|
30,046 |
|
Property, production
and franchise taxes payable |
|
12,676 |
|
|
13,907 |
|
Current portion of
long-term debt and capital lease obligations |
|
46 |
|
|
657 |
|
Other current
liabilities |
|
6,768 |
|
|
5,286 |
|
Total current liabilities |
|
65,915 |
|
|
68,101 |
|
Long-term debt and
capital lease obligations |
|
259,661 |
|
|
255,099 |
|
Deferred income
taxes |
|
22,235 |
|
|
22,761 |
|
Accrued workers
compensation |
|
6,347 |
|
|
6,070 |
|
Asset retirement
obligation |
|
10,947 |
|
|
11,027 |
|
Other noncurrent
liabilities |
|
9,826 |
|
|
6,102 |
|
Total liabilities |
|
374,931 |
|
|
369,160 |
|
EQUITY |
|
|
|
|
Stockholders’
equity |
|
|
|
|
Preferred stock, $0.01
par value, 1,000,000 shares authorized; none issued |
|
— |
|
|
— |
|
Common stock, $0.01 par
value, 200,000,000 shares authorized; 121,072,613 and 121,049,471
issued and outstanding at March 31, 2016 and December 31,
2015, respectively |
|
1,211 |
|
|
1,210 |
|
Paid-in capital |
|
1,099,944 |
|
|
1,099,283 |
|
Accumulated
deficit |
|
(200,997 |
) |
|
(191,067 |
) |
Accumulated other
comprehensive income (loss) |
|
150 |
|
|
(197 |
) |
Total equity |
|
900,308 |
|
|
909,229 |
|
Total liabilities and equity |
|
$ |
1,275,239 |
|
|
$ |
1,278,389 |
|
Stillwater Mining Company |
Consolidated Statements of Cash Flows |
(Unaudited) |
|
|
|
Three Months Ended |
|
|
March 31, |
(In thousands) |
|
2016 |
|
2015 |
CASH FLOWS FROM
OPERATING ACTIVITIES |
|
|
|
|
Net (loss) income |
|
$ |
(9,930 |
) |
|
$ |
22,888 |
|
Adjustments to
reconcile net (loss) income to net cash provided by operating
activities: |
|
|
|
|
Depletion, depreciation and
amortization |
|
17,260 |
|
|
17,121 |
|
Loss on long-term
investments |
|
— |
|
|
55 |
|
Amortization/accretion of
investment premium/discount |
|
607 |
|
|
420 |
|
(Gain) loss on disposal of
property, plant and equipment |
|
(1 |
) |
|
3 |
|
Foreign currency transaction
(gain) loss, net |
|
(1,192 |
) |
|
608 |
|
Deferred income taxes |
|
355 |
|
|
(12,409 |
) |
Accretion of asset retirement
obligation |
|
208 |
|
|
191 |
|
Amortization of deferred debt
issuance costs |
|
217 |
|
|
303 |
|
Accretion of convertible
debenture debt discount |
|
4,345 |
|
|
4,525 |
|
Share based compensation and
other benefits |
|
732 |
|
|
3,438 |
|
Non-cash capitalized
interest |
|
(1,292 |
) |
|
(866 |
) |
Changes in operating
assets and liabilities: |
|
|
|
|
Inventories |
|
(2,057 |
) |
|
5,997 |
|
Trade receivables |
|
(423 |
) |
|
125 |
|
Prepaid expenses |
|
1,526 |
|
|
1,183 |
|
Accounts payable |
|
(83 |
) |
|
(2,043 |
) |
Accrued compensation and
benefits |
|
(1,400 |
) |
|
(2,152 |
) |
Property, production and
franchise taxes payable |
|
2,494 |
|
|
794 |
|
Accrued workers
compensation |
|
277 |
|
|
(146 |
) |
Other operating assets |
|
(4,879 |
) |
|
(1,879 |
) |
Other operating
liabilities |
|
1,357 |
|
|
156 |
|
NET CASH
PROVIDED BY OPERATING ACTIVITIES |
|
8,121 |
|
|
38,312 |
|
CASH FLOWS FROM
INVESTING ACTIVITIES |
|
|
|
|
Capital expenditures |
|
(18,842 |
) |
|
(27,902 |
) |
Proceeds from disposal of
property, plant and equipment |
|
1 |
|
|
— |
|
Purchases of investments |
|
(75,531 |
) |
|
(57,371 |
) |
Proceeds from maturities and
sales of investments |
|
111,250 |
|
|
29,839 |
|
NET CASH
PROVIDED BY (USED IN) INVESTING ACTIVITIES |
|
16,878 |
|
|
(55,434 |
) |
CASH FLOWS FROM
FINANCING ACTIVITIES |
|
|
|
|
Payments on debt and capital
lease obligations |
|
(612 |
) |
|
(584 |
) |
Proceeds from issuance of
common stock |
|
1 |
|
|
28 |
|
NET CASH USED
IN FINANCING ACTIVITIES |
|
(611 |
) |
|
(556 |
) |
CASH AND CASH
EQUIVALENTS |
|
|
|
|
Net decrease |
|
24,388 |
|
|
(17,678 |
) |
Balance at beginning of
period |
|
147,336 |
|
|
280,286 |
|
BALANCE AT END
OF PERIOD |
|
$ |
171,724 |
|
|
$ |
262,608 |
|
Stillwater Mining Company |
Key
Operating Factors |
(Unaudited) |
|
|
|
Three Months Ended |
|
|
March 31, |
(In thousands, except where noted) |
|
2016 |
|
2015 |
OPERATING AND
COST DATA FOR MINE PRODUCTION |
|
|
|
|
Consolidated: |
|
|
|
|
Ounces produced |
|
|
|
|
Palladium |
|
106 |
|
|
103 |
|
Platinum |
|
31 |
|
|
30 |
|
Total |
|
137 |
|
|
133 |
|
Tons milled |
|
313 |
|
|
308 |
|
Mill head grade (ounce
per ton) |
|
0.47 |
|
|
0.46 |
|
Sub-grade tons milled
(1) |
|
20 |
|
|
28 |
|
Sub-grade tons mill
head grade (ounce per ton) |
|
0.17 |
|
|
0.16 |
|
Total tons
milled(1) |
|
333 |
|
|
336 |
|
Combined mill head
grade (ounce per ton) |
|
0.45 |
|
|
0.44 |
|
Total mill recovery
(%) |
|
93 |
|
|
92 |
|
Total mine concentrate
shipped (tons) (3) |
|
7,872 |
|
|
8,456 |
|
Platinum grade in
concentrate (ounce per ton) (3) |
|
4.20 |
|
|
3.74 |
|
Palladium grade in
concentrate (ounce per ton) (3) |
|
13.81 |
|
|
12.58 |
|
Total combined cash
costs per ounce - net of credits (Non-GAAP) (2) |
|
$ |
446 |
|
|
$ |
537 |
|
Total combined cash
costs per ton milled - net of credits (Non-GAAP) (2) |
|
$ |
184 |
|
|
$ |
213 |
|
Stillwater
Mine: |
|
|
|
|
Ounces produced |
|
|
|
|
Palladium |
|
62 |
|
|
64 |
|
Platinum |
|
19 |
|
|
19 |
|
Total |
|
81 |
|
|
83 |
|
Tons milled |
|
162 |
|
|
172 |
|
Mill head grade (ounce
per ton) |
|
0.53 |
|
|
0.51 |
|
Sub-grade tons milled
(1) |
|
8 |
|
|
18 |
|
Sub-grade tons mill
head grade (ounce per ton) |
|
0.27 |
|
|
0.19 |
|
Total tons milled
(1) |
|
170 |
|
|
190 |
|
Combined mill head
grade (ounce per ton) |
|
0.51 |
|
|
0.48 |
|
Total mill recovery
(%) |
|
93 |
|
|
93 |
|
Total mine concentrate
shipped (tons) (3) |
|
4,055 |
|
|
4,650 |
|
Platinum grade in
concentrate (ounce per ton) (3) |
|
5.05 |
|
|
4.44 |
|
Palladium grade in
concentrate (ounce per ton) (3) |
|
15.89 |
|
|
14.48 |
|
Total cash costs per
mined ounce - net of credits (Non-GAAP) (2) |
|
$ |
446 |
|
|
$ |
531 |
|
Total cash costs per
ton milled - net of credits (Non-GAAP) (2) |
|
$ |
212 |
|
|
$ |
234 |
|
Stillwater Mining Company |
Key
Operating Factors (Continued) |
(Unaudited) |
|
|
|
Three Months Ended |
|
|
March 31, |
(In thousands, except where noted) |
|
2016 |
|
2015 |
OPERATING AND
COST DATA FOR MINE PRODUCTION (Continued) |
|
|
|
|
East Boulder
Mine: |
|
|
|
|
Ounces produced |
|
|
|
|
Palladium |
|
44 |
|
|
39 |
|
Platinum |
|
12 |
|
|
11 |
|
Total |
|
56 |
|
|
50 |
|
Tons milled |
|
151 |
|
|
136 |
|
Mill head grade (ounce
per ton) |
|
0.40 |
|
|
0.40 |
|
Sub-grade tons milled
(1) |
|
12 |
|
|
10 |
|
Sub-grade tons mill
head grade (ounce per ton) |
|
0.10 |
|
|
0.10 |
Total tons milled
(1) |
|
163 |
|
|
146 |
|
Combined mill head
grade (ounce per ton) |
|
0.38 |
|
|
0.38 |
Total mill recovery
(%) |
|
91 |
|
|
91 |
|
Total mine concentrate
shipped (tons) (3) |
|
3,817 |
|
|
3,806 |
|
Platinum grade in
concentrate (ounce per ton) (3) |
|
3.29 |
|
|
2.89 |
|
Palladium grade in
concentrate (ounce per ton) (3) |
|
11.60 |
|
|
10.25 |
|
Total cash costs per
mined ounce - net of credits (Non-GAAP) (2) |
|
$ |
446 |
|
|
$ |
547 |
|
Total cash costs per
ton milled - net of credits (Non-GAAP) (2) |
|
$ |
154 |
|
|
$ |
186 |
|
|
|
|
|
|
|
|
|
|
(1) Sub-grade tons milled includes reef waste material only.
Reef waste material is PGM-bearing mined material below the cutoff
grade for proven and probable reserves but with sufficient economic
value to justify processing it through the concentrator along with
the mined ore. Total tons milled includes ore tons and sub-grade
tons only. See “Proven and Probable Ore Reserves – Discussion” in
the Company’s 2015 Annual Report on Form 10-K for further
information.(2) Total cash costs include total
operating costs plus royalties, insurance and taxes other than
income taxes. Total cash costs per mined ounce, net of credits is a
non-GAAP financial measure that management uses to monitor and
evaluate the efficiency of its mining operations. This measure of
cost is not defined under U.S. Generally Accepted Accounting
Principles (GAAP). Please see Reconciliation of GAAP Financial
Measures to Non-GAAP Financial Measures and the accompanying
discussion for additional detail.(3) The concentrate tonnage and
grade values are inclusive of periodic re-processing of smelter
slag and internal furnace brick PGM bearing materials.
|
|
Stillwater Mining Company |
Key
Operating Factors (Continued) |
(Unaudited) |
|
|
|
Three Months Ended |
|
|
March 31, |
(In thousands, except for average prices) |
|
2016 |
|
2015 |
SALES AND PRICE
DATA |
|
|
|
|
Ounces
sold |
|
|
|
|
Mine Production: |
|
|
|
|
Palladium (oz.) |
|
105 |
|
|
107 |
|
Platinum (oz.) |
|
27 |
|
|
30 |
|
Total |
|
132 |
|
|
137 |
|
PGM Recycling: (1) |
|
|
|
|
Palladium (oz.) |
|
37 |
|
|
44 |
|
Platinum (oz.) |
|
21 |
|
|
25 |
|
Rhodium (oz.) |
|
5 |
|
|
6 |
|
Total |
|
63 |
|
|
75 |
|
By-products from Mine
Production: (2) |
|
|
|
|
Rhodium (oz.) |
|
1 |
|
|
1 |
|
Gold (oz.) |
|
3 |
|
|
3 |
|
Silver (oz.) |
|
1 |
|
|
1 |
|
Copper (lb.) |
|
257 |
|
|
260 |
|
Nickel (lb.) |
|
390 |
|
|
398 |
|
Average
realized price per ounce (3) |
|
|
|
|
Mine Production: |
|
|
|
|
Palladium ($/oz.) |
|
$ |
531 |
|
|
$ |
784 |
|
Platinum ($/oz.) |
|
$ |
919 |
|
|
$ |
1,189 |
|
Combined ($/oz.)(4) |
|
$ |
612 |
|
|
$ |
871 |
|
PGM Recycling: (1) |
|
|
|
|
Palladium ($/oz.) |
|
$ |
574 |
|
|
$ |
797 |
|
Platinum ($/oz.) |
|
$ |
912 |
|
|
$ |
1,250 |
|
Rhodium ($/oz.) |
|
$ |
719 |
|
|
$ |
1,220 |
|
Combined ($/oz.)(4) |
|
$ |
700 |
|
|
$ |
981 |
|
By-products from Mine
Production: (2) |
|
|
|
|
Rhodium ($/oz.) |
|
$ |
690 |
|
|
$ |
1,166 |
|
Gold ($/oz.) |
|
$ |
1,192 |
|
|
$ |
1,222 |
|
Silver ($/oz.) |
|
$ |
15 |
|
|
$ |
17 |
|
Copper ($/lb.) |
|
$ |
1.91 |
|
|
$ |
2.46 |
|
Nickel ($/lb.) |
|
$ |
2.75 |
|
|
$ |
4.97 |
|
Average market
price per ounce (3) |
|
|
|
|
Palladium ($/oz.) |
|
$ |
525 |
|
|
$ |
786 |
|
Platinum ($/oz.) |
|
$ |
915 |
|
|
$ |
1,192 |
|
Combined ($/oz.)(4) |
|
$ |
605 |
|
|
$ |
873 |
|
|
|
|
|
|
|
|
|
|
(1) Ounces sold and average realized price per ounce from PGM
Recycling relate to ounces produced from processing of spent
catalyst from catalytic converters and other industrial sources.(2)
By-product metals sold reflect contained metal. Realized prices
reflect net values (discounted due to product form and
transportation and marketing charges) per unit received.(3) The
Company’s average realized price represents revenues, hedging gains
and losses realized on commodity instruments and agreement
discounts, divided by ounces sold. The average market price
represents the average London market for the actual months of the
period.(4) The Company reports a combined average realized and
market price of palladium and platinum at the same ratio as ounces
that are produced from the base metal refinery.
RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP
FINANCIAL MEASURES
The Company utilizes certain non-GAAP financial measures as
indicators in assessing the performance of its mining and
processing operations during any period. Because of the processing
time required to complete the extraction of finished PGM products,
there are typically lags of one to three months between ore
production and sale of the finished product. Sales in any period
include some portion of material mined and processed from prior
periods as the revenue recognition process is completed.
Consequently, while costs of revenues (a GAAP financial measure
included in the Company’s Consolidated Statements of Comprehensive
(Loss) Income) appropriately reflects the expense associated with
the materials sold in any period, the Company has developed certain
non-GAAP financial measures to assess the costs associated with its
producing and processing activities in a particular period and to
compare those costs between periods.
While the Company believes that these non-GAAP financial
measures may also be of value to outside readers, both as general
indicators of the Company’s mining efficiency from period to period
and as insight into how the Company internally measures its
operating performance, these non-GAAP financial measures are not
standardized across the mining industry and in most cases will not
be directly comparable to similar measures that may be provided by
other companies. These non-GAAP financial measures are only useful
as indicators of relative operational performance in any period,
and because they do not take into account the inventory timing
differences that are included in costs of revenues, they cannot
meaningfully be used to develop measures of earnings or
profitability. A reconciliation of these measures to costs of
revenues, the most directly comparable GAAP financial measure, for
each period shown is provided as part of the following tables, and
a description of each non-GAAP financial measure is provided
below.
Total Consolidated Costs of Revenues: For the
Company as a whole, this measure is equal to total costs of
revenues, as reported in the Company's Consolidated Statements of
Comprehensive (Loss) Income. For the Stillwater Mine, the East
Boulder Mine, and PGM Recycling and Other, the Company segregates
the expenses within total costs of revenues that are directly
associated with each of these activities and then allocates the
remaining facility costs included in total cost of revenues in
proportion to the monthly volumes from each activity. The resulting
total costs of revenues measures for the Stillwater Mine, the East
Boulder Mine and PGM Recycling and Other are equal in the
aggregate, to total consolidated costs of revenues as reported in
the Company’s Consolidated Statements of Comprehensive (Loss)
Income.
Total Cash Costs (Non-GAAP): These non-GAAP
financial measures are calculated as total costs of revenues
adjusted to exclude costs of metals sold from PGM Recycling and
Other, depletion and depreciation and amortization for Mine
Production and PGM Recycling and Other, asset retirement costs, and
timing differences resulting from changes in product inventories to
arrive at Total Cash Costs before by-product and recycling credits.
From this calculation, the Company deducts by-product and recycling
income credits to arrive at Total Cash Costs, net of by-product and
recycling credits. Total Cash Costs is a measure of extraction
efficiency. The Company uses this measure as a comparative
indication of the cash costs related to production and processing
in its mining operations in any period.
When divided by the total recoverable PGM ounces from production
in the respective period, Total Cash Costs per Mined Ounce
(Non-GAAP), measured for each mine or combined, provides
an indication of the level of cash costs incurred per PGM ounce
produced in that period. Recoverable PGM ounces from production are
an indication of the amount of PGM product extracted through mining
in any period. Because ultimately extracting PGM material is the
objective of mining, the cash cost per mined ounce of extracting
and processing PGM ounces in a period is a useful measure for
comparing extraction efficiency between periods and between the
Company’s mines. Consequently, Total Cash Costs per Mined Ounce
(Non-GAAP) in any period is a general measure of extraction
efficiency, and is affected by the level of Total Cash Costs
(Non-GAAP), by the grade of the ore produced and by the volume of
ore produced in the period.
When divided by the total tons milled in the respective period,
Total Cash Costs per Ore Ton Milled (Non-GAAP),
measured for each mine or combined, provides an indication of the
level of cash costs incurred per ore ton milled in that period.
Because of variability of ore grade in the Company’s mining
operations, mine production efficiency underground is frequently
measured against ore tons produced rather than contained PGM
ounces. Because ore tons are first weighed as they are fed into the
mill, mill feed is the first point at which mine production tons
are measured precisely. Consequently, Total Cash Costs per Ore Ton
Milled (Non-GAAP) is a general measure of production efficiency,
and is affected both by the level of Total Cash Costs (Non-GAAP)
and by the volume of tons produced and fed to the mill.
With respect to 2016 guidance regarding Total Cash Costs per
Mined Ounce (net of by-product and recycling credits) and AISC per
Mined Ounce, the Company cannot provide a quantitative
reconciliation to the most directly comparable GAAP measure without
unreasonable effort. However, the Company would expect to
calculate these non-GAAP measures in the same manner they were
calculated in the reconciliations included in this press
release.
|
Stillwater Mining Company |
Reconciliation of GAAP Financial Measures to Non-GAAP
Financial Measures |
(Unaudited) |
|
|
|
Three Months Ended |
|
|
March 31, |
(In thousands, except per ounce and per ton
data) |
|
2016 |
|
2015 |
Consolidated: |
|
|
|
|
Reconciliation
from costs of revenues: |
|
|
|
|
Total costs of
revenues |
|
$ |
130,747 |
|
|
$ |
169,867 |
|
Costs of metals
sold |
|
|
|
|
PGM
Recycling |
|
(46,044 |
) |
|
(72,705 |
) |
Depletion, depreciation
and amortization |
|
|
|
|
Mine
Production |
|
(17,069 |
) |
|
(16,869 |
) |
PGM
Recycling |
|
(191 |
) |
|
(252 |
) |
Depletion, depreciation
and amortization (in inventory) |
|
(1,055 |
) |
|
937 |
|
Change in product
inventories |
|
1,942 |
|
|
(354 |
) |
Asset retirement
costs |
|
(208 |
) |
|
(191 |
) |
Total combined cash
costs, before by-product and recycling credits
(Non-GAAP) |
|
$ |
68,122 |
|
|
$ |
80,433 |
|
By-product credit |
|
(5,115 |
) |
|
(6,745 |
) |
Recycling income
credit |
|
(1,777 |
) |
|
(2,127 |
) |
Total combined cash
costs, net of by-product and recycling credits
(Non-GAAP) |
|
$ |
61,230 |
|
|
$ |
71,561 |
|
|
|
|
|
|
Mined ounces
produced |
|
137 |
|
|
133 |
|
|
|
|
|
|
Total combined cash
costs per mined ounce, before by-product and recycling
credits (Non-GAAP) |
|
$ |
496 |
|
|
$ |
604 |
|
By-product credit per
mined ounce |
|
(37 |
) |
|
(51 |
) |
Recycling income credit
per mined ounce |
|
(13 |
) |
|
(16 |
) |
Total combined cash
costs per mined ounce, net of by-product and recycling
credits (Non-GAAP) |
|
$ |
446 |
|
|
$ |
537 |
|
|
|
|
|
|
Ore tons milled |
|
333 |
|
|
336 |
|
|
|
|
|
|
Total combined cash
costs per ore ton milled, before by-product and recycling
credits (Non-GAAP) |
|
$ |
204 |
|
|
$ |
239 |
|
By-product credit per
ore ton milled |
|
(15 |
) |
|
(20 |
) |
Recycling income credit
per ore ton milled |
|
(5 |
) |
|
(6 |
) |
Total combined cash
costs per ore ton milled, net of by-product and recycling
credits (Non-GAAP) |
|
$ |
184 |
|
|
$ |
213 |
|
Stillwater Mining Company |
Reconciliation of GAAP Financial Measures to Non-GAAP
Financial Measures (Continued) |
(Unaudited) |
|
|
|
Three Months Ended |
|
|
March 31, |
(In thousands, except per ounce and per ton
data) |
|
2016 |
|
2015 |
Stillwater
Mine: |
|
|
|
|
Reconciliation
from costs of revenues: |
|
|
|
|
Total costs of
revenues |
|
$ |
51,476 |
|
|
$ |
62,355 |
|
Depletion, depreciation
and amortization |
|
|
|
|
Mine
Production |
|
(11,891 |
) |
|
(12,095 |
) |
Depletion, depreciation
and amortization (in inventory) |
|
(392 |
) |
|
716 |
|
Change in product
inventories |
|
688 |
|
|
(1,259 |
) |
Asset retirement
costs |
|
(194 |
) |
|
(183 |
) |
Total cash costs,
before by-product and recycling credits (Non-GAAP) |
|
$ |
39,687 |
|
|
$ |
49,534 |
|
By-product credit |
|
(2,574 |
) |
|
(3,805 |
) |
Recycling income
credit |
|
(1,034 |
) |
|
(1,335 |
) |
Total cash costs, net
of by-product and recycling credits (Non-GAAP) |
|
$ |
36,079 |
|
|
$ |
44,394 |
|
|
|
|
|
|
Mined ounces
produced |
|
81 |
|
|
84 |
|
|
|
|
|
|
Total cash costs per
mined ounce, before by-product and recycling credits
(Non-GAAP) |
|
$ |
491 |
|
|
$ |
592 |
|
By-product credit per
mined ounce |
|
(32 |
) |
|
(45 |
) |
Recycling income credit
per mined ounce |
|
(13 |
) |
|
(16 |
) |
Total cash costs per
mined ounce, net of by-product and recycling credits
(Non-GAAP) |
|
$ |
446 |
|
|
$ |
531 |
|
|
|
|
|
|
Ore tons milled |
|
170 |
|
|
190 |
|
|
|
|
|
|
Total cash costs per
ore ton milled, before by-product and recycling credits
(Non-GAAP) |
|
$ |
233 |
|
|
$ |
261 |
|
By-product credit per
ore ton milled |
|
(15 |
) |
|
(20 |
) |
Recycling income credit
per ore ton milled |
|
(6 |
) |
|
(7 |
) |
Total cash costs per
ore ton milled, net of by-product and recycling credits
(Non-GAAP) |
|
$ |
212 |
|
|
$ |
234 |
|
Stillwater Mining Company |
Reconciliation of GAAP Financial Measures to Non-GAAP
Financial Measures (Continued) |
(Unaudited) |
|
|
|
Three Months Ended |
|
|
March 31, |
(In thousands, except per ounce and per ton
data) |
|
2016 |
|
2015 |
East Boulder
Mine: |
|
|
|
|
Reconciliation
from costs of revenues: |
|
|
|
|
Total costs of
revenues |
|
$ |
33,036 |
|
|
$ |
34,555 |
|
Depletion, depreciation
and amortization |
|
|
|
|
Mine
Production |
|
(5,178 |
) |
|
(4,774 |
) |
Depletion, depreciation
and amortization (in inventory) |
|
(663 |
) |
|
221 |
|
Change in product
inventories |
|
1,254 |
|
|
905 |
|
Asset retirement
costs |
|
(14 |
) |
|
(8 |
) |
Total cash costs,
before by-product and recycling credits (Non-GAAP) |
|
$ |
28,435 |
|
|
$ |
30,899 |
|
By-product credit |
|
(2,541 |
) |
|
(2,940 |
) |
Recycling income
credit |
|
(743 |
) |
|
(792 |
) |
Total cash costs, net
of by-product and recycling credits (Non-GAAP) |
|
$ |
25,151 |
|
|
$ |
27,167 |
|
|
|
|
|
|
Mined ounces
produced |
|
56 |
|
|
50 |
|
|
|
|
|
|
Total cash costs per
mined ounce, before by-product and recycling credits
(Non-GAAP) |
|
$ |
504 |
|
|
$ |
622 |
|
By-product credit per
mined ounce |
|
(45 |
) |
|
(59 |
) |
Recycling income credit
per mined ounce |
|
(13 |
) |
|
(16 |
) |
Total cash cost, per
mined ounce, net of by-product and recycling credits
(Non-GAAP) |
|
$ |
446 |
|
|
$ |
547 |
|
|
|
|
|
|
Ore tons milled |
|
163 |
|
|
146 |
|
|
|
|
|
|
Total cash costs per
ore ton milled, before by-product and recycling credits
(Non-GAAP) |
|
$ |
175 |
|
|
$ |
211 |
|
By-product credit per
ore ton milled |
|
(16 |
) |
|
(20 |
) |
Recycling income credit
per ore ton milled |
|
(5 |
) |
|
(5 |
) |
Total cash costs per
ore ton milled, net of by-product and recycling credits
(Non-GAAP) |
|
$ |
154 |
|
|
$ |
186 |
|
|
|
|
|
|
PGM
Recycling: |
|
|
|
|
Cost of metals
sold |
|
|
|
|
PGM
Recycling |
|
$ |
(46,044 |
) |
|
$ |
(72,705 |
) |
Depletion, depreciation
and amortization |
|
|
|
|
PGM
Recycling |
|
(191 |
) |
|
(252 |
) |
Total costs of
revenues |
|
$ |
(46,235 |
) |
|
$ |
(72,957 |
) |
|
|
|
|
|
|
|
|
|
Stillwater Mining CompanyAll-In
Sustaining Costs (a Non-GAAP Financial
Measure)(Unaudited)
All-In Sustaining Costs (Non-GAAP): This
non-GAAP financial measure is used as an indicator from period to
period of the level of total cash required by the Company to
maintain and operate the existing mines, including corporate
administrative costs and replacement capital. The measure is
calculated beginning with total combined cash costs (another
non-GAAP financial measure, described above), and adding to it the
recycling income credit, domestic corporate overhead and marketing
costs (excluding any depreciation, research and development, and
reorganization costs included in corporate overhead costs) and that
portion of total capital expenditures associated with sustaining
the current level of mining operations. (Capital expenditures for
Blitz, Graham Creek (prior to 2015) and certain other one-time
projects are not included in the calculation.)
When divided by the total recoverable PGM ounces in the
respective period, All-In Sustaining Costs per Mined Ounce
(Non-GAAP) provides an indication of the level of total
cash required to maintain and operate the mines per PGM ounce
produced in the period. Recoverable PGM ounces from production are
an indication of the amount of PGM product extracted through mining
in any period. Because the objective of PGM mining activity is to
extract PGM material, the all-in cash costs per mined ounce to
produce PGM material, administer the business and sustain the
operating capacity of the mines is a useful measure for comparing
overall extraction efficiency between periods. This measure is
affected by the total level of spending in the period and by the
grade and volume of mined ore produced.
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
(In thousands, except $/oz.) |
|
2016 |
|
2015 |
All-In
Sustaining Costs |
|
|
|
|
Total combined cash
costs, net of by-product and recycling credits
(Non-GAAP) |
|
$ |
61,230 |
|
|
$ |
71,561 |
|
Recycling income
credit |
|
1,777 |
|
|
2,127 |
|
|
|
$ |
63,007 |
|
|
$ |
73,688 |
|
|
|
|
|
|
Consolidated Corporate
General & Administrative costs |
|
$ |
8,297 |
|
|
$ |
8,345 |
|
Corporate depreciation
included in Consolidated Corporate General & Administrative
costs |
|
(111 |
) |
|
(132 |
) |
General &
Administrative Costs - Foreign Subsidiaries |
|
(444 |
) |
|
(417 |
) |
Total General &
Administrative costs |
|
$ |
7,742 |
|
|
$ |
7,796 |
|
|
|
|
|
|
Total capitalized
costs |
|
$ |
21,266 |
|
|
$ |
28,375 |
|
Capital associated with
expansion |
|
(7,804 |
) |
|
(8,121 |
) |
Total Capital incurred
to sustain existing operations |
|
$ |
13,462 |
|
|
$ |
20,254 |
|
|
|
|
|
|
All-In Sustaining
Costs (Non-GAAP) |
|
$ |
84,211 |
|
|
$ |
101,738 |
|
|
|
|
|
|
Mined ounces
produced |
|
137.3 |
|
|
133.3 |
|
|
|
|
|
|
All-In Sustaining Costs
per Mined Ounce ($/oz.) (Non-GAAP) |
|
$ |
613 |
|
|
$ |
763 |
|
INVESTOR CONTACT:
Mike Beckstead
(720) 502-7671
investor-relations@stillwatermining.com
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