Document:

<PAGE>   1
                                                                   EXHIBIT 10.21

                                         MATERIAL IN THIS DOCUMENT HAS BEEN
                                         OMITTED PURSUANT TO A CONFIDENTIAL
                                         TREATMENT REQUEST. THE OMITTED MATERIAL
                                         HAS BEEN FILED SEPARATELY
                                         WITH THE COMMISSION.

                            FIRST AMENDMENT AGREEMENT
                                       TO
                     PALLADIUM AND PLATINUM SALES AGREEMENT

         THIS FIRST AMENDMENT AGREEMENT (this "Amendment"), is made and entered
into this 20th day of November, 2000, by and between STILLWATER MINING COMPANY,
a Delaware corporation, whose address is 1200 17th Street, Suite 900, Denver,
Colorado ("SMC") and GENERAL MOTORS CORPORATION, a Delaware corporation, whose
address is 100 Renaissance Center, Detroit, Michigan 48265-1000 ("GM").

         SMC and GM are parties to a Palladium and Platinum Sales Agreement
dated as of August 17, 1998 (the "Original Contract," and, as the same may be
amended from time to time, the "Agreement"). SMC has requested that GM agree to
certain amendments to the Agreement, and GM has agreed to such request, subject
to the terms and conditions hereof.

         Accordingly, the parties hereto agree as follows:

         SECTION 1 Definitions; Interpretation.

         (a) Terms Defined in Agreement. All capitalized terms used in this
Amendment and not otherwise defined herein shall have the meanings assigned to
them in the Agreement.

         (b) Interpretation. Headings in this Amendment are for convenience of
reference only and are not part of the substance hereof.

         SECTION 2 Amendments to the Agreement.

         (a) Amendments. The Agreement shall be amended as follows, effective as
of the date hereof, upon satisfaction of the conditions set forth in Section 3:

               (i) Section 2 of the Agreement shall be amended by deleting it in
     its entirety and by substituting the following therefor:

                    "Section 2. Term. This Agreement shall become effective on
         January 1, 2001, through and including the date upon which SMC shall
         satisfy its obligation to sell and deliver to GM the aggregate number
         of [  ***  ] Ounces of Palladium stipulated in the Original Contract.
         Specifically, the Original Contract stipulated the sale and delivery by
         SMC to GM of an aggregate number of [  ***  ] Ounces of Palladium,
         [ *** ] of which Ounces were subject to both a minimum and a maximum
         price (the "Min/Max Formula") and [ *** ] of which Ounces were subject
         only to a minimum price (the "Floor-Only Formula"). At the end of
         calendar year 2000 SMC and GM will determine the aggregate number of
         Ounces delivered pursuant to the Original Contract and will determine
         the number of Ounces remaining to be delivered under the Min/Max
         Formula and the number of Ounces remaining to

<PAGE>   2

          be delivered under the Floor-Only Formula. The Ounces of Palladium
          remaining to be delivered under the Min/Max Formula will be delivered
          under Tranche A hereunder and the Ounces of Palladium remaining to be
          delivered under the Floor-Only Formula will be delivered under Tranche
          B hereunder until each such obligation to sell and deliver [ *** ]
          Ounces to GM is satisfied. During the final year of the initial term
          and the final year of any extended term thereafter, SMC and GM, by
          mutual agreement, may extend the term of this Agreement for a mutually
          agreed upon period. This Agreement is subject to earlier termination
          pursuant to Section 9 of this Agreement."

                (ii) Section 3 of the Agreement shall be amended by deleting
     subsection (a) thereof in its entirety and by substituting the following
     therefor:

                    "(a) Palladium. (i) Tranche A. During each of the Contract
         Years commencing with 2001, SMC will sell and deliver and GM will
         purchase on a monthly basis [***] of the Actual Monthly Production of
         Palladium until such date (the "Tranche A Fulfillment Date") as SMC has
         sold and delivered and GM has purchased an aggregate of [ *** ] Ounces
         of Palladium pursuant to the terms and conditions of Tranche A
         specified herein (i.e., after subtracting the Ounces sold and delivered
         in 1999 and 2000). At the end of calendar year 2000, SMC and GM will
         determine the aggregate number of Ounces delivered pursuant to the
         Original Contract which satisfy such obligation of [ *** ] Ounces of
         Palladium and the aggregate number of Ounces remaining to be delivered
         during the remaining term of this Agreement. The parties acknowledge
         that the Actual Monthly Production of Palladium will vary from time to
         time.

                    (ii) Tranche B. During each of the Contract Years commencing
         with 2001, SMC will sell and deliver and GM will purchase on a monthly
         basis [***] of the Actual Monthly Production of Palladium until such
         date (the "Tranche B Fulfillment Date") as SMC has sold and delivered
         and GM has purchased an aggregate of [ *** ] Ounces of Palladium
         pursuant to the terms and conditions of Tranche B specified herein
         (i.e., after subtracting the Ounces sold and delivered in 1999 and
         2000). At the end of calendar year 2000, SMC and GM will determine the
         aggregate number of Ounces delivered pursuant to the Original Contract
         which satisfy such obligation of [ *** ] Ounces of Palladium and the
         aggregate number of Ounces remaining to be delivered during the
         remaining term of this Agreement. Commencing with the Tranche A
         Fulfillment Date and continuing until the Tranche B Fulfillment Date,
         the [***] of the Actual Monthly Production of Palladium previously
         being sold and delivered under Tranche A will be sold and delivered
         pursuant to the terms and conditions of Tranche B set forth herein (so
         that the total combined percentage of Actual Monthly Production of
         Palladium being sold and delivered hereunder will be [***] from the
         Tranche A Fulfillment Date until the Tranche B Fulfillment Date).

                                      -2-

<PAGE>   3

               (iii) Section 3 of the Agreement shall be amended by inserting
     new subsections (e) and (f) at the end thereof which shall read as follows:

                    "(e) Monthly Accounting. SMC will include with its monthly
         notification of Actual Monthly Production provided to GM under Section
         3(c) hereof a statement of the number of Ounces of Palladium delivered
         pursuant to each of Tranches A and B hereunder. The parties shall
         endeavor in good faith to resolve promptly any disputes with respect to
         such numbers of Ounces.

                    [***]

               (iv) Section 9 of the Agreement shall be amended by deleting the
     last sentence thereof and by substituting the following therefor:

                    "The provisions of Sections 5, 8, 11, 12, 15 and 18 of this
         Agreement will survive the termination hereof."

               (v) Section 17 of the Agreement shall be amended by deleting the
     addresses of SMC and GM therefrom and by substituting the following
     therefor:

                    "SMC      Stillwater Mining Company
                              1200 17th Street, Suite 900
                              Denver, Colorado 80202

                                      -3-

<PAGE>   4

                              Attention: Vice President of Metals Marketing
                              with a copy to: Chief Financial Officer
                              Facsimile No.: (303) 352-2095
                              and with a copy to: Mr. James Binando
                              Facsimile No.: (406) 322-8895

                    GM        General Motors Corporation
                              Cadillac Building
                              30009 Van Dyke Avenue
                              Warren, Michigan 48090
                              Attention: Purchasing Director
                              Facsimile No.: (810) 575-4004
                              with a copy to: Executive Director, Metallic
                                              Worldwide Purchasing
                              Facsimile No.: (810) 575-1897"

         (b) References Within Agreement. Each reference in the Agreement to
"this Agreement" and the words "hereof," "herein," "hereunder," or words of like
import, shall mean and be a reference to the Agreement as amended by this
Amendment.

         SECTION 3 Conditions of Effectiveness. The effectiveness of Section 2
of this Amendment shall be subject to the satisfaction of each of the following
conditions precedent:

         (a) Agreement. SMC and GM shall have each received a signed counterpart
of this Amendment, or a facsimile copy thereof, signed by the other party
hereto.

         SECTION 4 Miscellaneous.

         (a) Agreement Otherwise Not Affected. Except as expressly amended
pursuant hereto, the Agreement shall remain unchanged and in full force and
effect and is hereby ratified and confirmed in all respects.

         (b) No Reliance. Each party hereto hereby acknowledges and confirms to
the other that such party is executing this Amendment on the basis of its own
investigation and for its own reasons without reliance upon any agreement,
representation, understanding or communication by or on behalf of any other
Person.

         (c) Binding Effect. This Amendment shall be binding upon, inure to the
benefit of and be enforceable by each party hereto and their respective
successors and assigns.

         (d) Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK UPON THE SAME TERMS AND
CONDITIONS AS THOSE SET FORTH IN SECTION 25 OF THE AGREEMENT.

                                      -4-

<PAGE>   5

         (e) Complete Agreement; Amendments. This Amendment contains the entire
and exclusive agreement of the parties hereto with reference to the matters
discussed herein and therein. This Amendment supersedes all prior commitments,
drafts, communications, discussions and understandings, oral or written, with
respect thereto. This Amendment may not be modified, amended or otherwise
altered except in accordance with the terms of Section 24 of the Agreement.

         (f) Severability. Whenever possible, each provision of this Amendment
shall be interpreted in such manner as to be effective and valid under all
applicable laws and regulations. If, however, any provision of this Amendment
shall be prohibited by or invalid under any such law or regulation in any
jurisdiction, it shall, as to such jurisdiction, be deemed modified to conform
to the minimum requirements of such law or regulation, or, if for any reason it
is not deemed so modified, it shall be ineffective and invalid only to the
extent of such prohibition or invalidity without affecting the remaining
provisions of this Amendment, or the validity or effectiveness of such provision
in any other jurisdiction.

         (g) Counterparts. This Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken
together shall constitute but one and the same agreement.

               [Remainder of this page intentionally left blank.]

                                      -5-

<PAGE>   6

         IN WITNESS WHEREOF, the parties hereto have duly executed this
Amendment, as of the date first above written.

                                       STILLWATER MINING COMPANY

                                       By /s/ William E. Nettles
                                          ---------------------------------
                                          Name:  William E. Nettles
                                          Title: Chief Executive Officer

                                       By /s/ Robert C. Lapple
                                          ---------------------------------
                                          Name:  Robert C. Lapple
                                          Title: Vice President of Metals
                                                 Marketing

                                       GENERAL MOTORS CORPORATION

                                       By /s/ Barbara Whittaker
                                          ---------------------------------
                                          Name:  Barbara Whittaker
                                          Title: Executive Director

                                       By /s/ David Andrew
                                          ---------------------------------
                                          Name:  David Andrew
                                          Title: Purchasing Director

                                      -6-<PAGE>   1
                                                                   EXHIBIT 10.22

                                         MATERIAL IN THIS DOCUMENT HAS BEEN
                                         OMITTED PURSUANT TO A CONFIDENTIAL
                                         TREATMENT REQUEST. THE OMITTED MATERIAL
                                         HAS BEEN FILED SEPARATELY
                                         WITH THE COMMISSION.

                               REFINING AGREEMENT

     This REFINING AGREEMENT (this "Agreement") is by and between the CATALYST
AND CHEMICALS DIVISION OF JOHNSON MATTHEY INC., a Pennsylvania corporation
("JM"), and STILLWATER MINING COMPANY, a Delaware corporation ("SMC").

                                   WITNESSETH:

     WHEREAS, JM owns and operates certain facilities located at 2001 Nolte
Drive, West Deptford, New Jersey (the "Facility"), capable of treating Filter
Cake (as such term is defined herein);

     WHEREAS, SMC intends to mine, mill and process minerals from its present
mine in Nye, Montana as described herein (the "Stillwater Mine"), from its
planned mine at the East Boulder Project currently under development and any
other present or future mine (other than the Stillwater Mine) within the J-M
Reef (collectively, the "East Boulder Mine") and [***] and to receive and
process secondary feeds from other sources ("Secondary Feeds") and toll
processing material from third parties; and

     WHEREAS, SMC desires JM to treat and refine Filter Cake produced by SMC
from the Mines, Secondary Feeds, and Toll Materials; JM desires to treat and
refine the Filter Cake at its Facility; and

     WHEREAS, SMC and JM have previously executed that certain Refining
Agreement, dated as of October 1, 1998 (the "1998 Agreement"), whereby JM agreed
to treat and refine the Filter Cake produced by SMC, and the parties are
entering into this Agreement, which will, effective as of the date of the
signature of the last signing party hereto (the "Effective Date"), supersede the
1998 Agreement.

     NOW THEREFORE, for and in consideration of the premises and of the several
and mutual agreements herein contained, value and sufficiency being hereby
acknowledged, the Parties agree as follows:

1.   DEFINITIONS

     Throughout this Agreement, the following terms shall mean:

     1.1  AGREED CONTENT means the concentration of a metal found in the Filter
          Cake as determined in accordance with Section 12 hereof and on which
          the return of metals by JM to SMC and the payment of treatment,
          refining and assaying charges by SMC to JM shall be based, subject to
          adjustment, if any, in the event the Final Assay differs from such
          amount.

     1.2  [***] shall have the meaning set forth in Section 5.2 hereof.

     1.3  AVAILABLE MONTHLY PRODUCTION means the actual amount of mined metal
          produced from the Mines during any one calendar month.

     1.4  BUSINESS DAY OR BUSINESS DAYS means each Monday, Tuesday, Wednesday,
          Thursday and Friday which is not a day on which banking institutions
          in the United States are authorized or obligated by law or executive
          order to close.

<PAGE>   2

     1.5  DATE OF DELIVERY means the date the Filter Cake is received by JM as
          acknowledged in accordance with Section 6.3 hereof.

     1.6  DAY OR DAYS means a calendar day or days.

     1.7  EAST BOULDER MINE means SMC's planned mine located in Big Timber,
          Montana, approximately 13 miles from the Stillwater Mine.

     1.8  FACILITY means JM's facilities capable of treating and refining Filter
          Cake located at 2001 Nolte Drive, West Deptford, New Jersey.

     1.9  FILTER CAKE means materials produced by SMC from the Mines, Secondary
          Feeds and Toll Material, in each case containing principally platinum,
          palladium and rhodium and generally having the composition as
          described in Section 5.1 hereof.

     1.10 FINAL ASSAY means the final determination of the concentration of
          metals found in the Filter Cake as determined in accordance with
          Section 12 hereof and on which a final accounting of the return of
          metals by JM to SMC and the payment of treatment, refining and
          assaying charges by SMC to JM shall be based.

     1.11 g means gram, i.e., 0.001 kg.

     1.12 HEREOF, HEREIN, HERETO, HEREUNDER refers to this Agreement as a whole
          and not solely to a particular subdivision thereof in which the same
          appear.

     1.13 HERAEUS means Heraeus Metals Processing, Inc., located in Santa Fe
          Springs, California, formerly known as PGP Industries, Inc.

     1.14 kg means kilogram, i.e., 1,000 g, or 32.15074 troy ounces.

     1.15 LOT means a single shipment not to exceed 300 pounds of Filter Cake
          delivered to JM.

     1.16 MINES means, collectively, the Stillwater Mine, the East Boulder Mine
          and the New Mines.

     1.17 oz means troy ounce, i.e., 31.1035 grams.

     1.18 PARTY OR PARTIES means JM and SMC, individually or collectively as the
          context implies, and the successors and assigns of any Party which
          shall have become a Party hereto in accordance with the terms hereof.

     1.19 PROVISIONAL INVOICE means an invoice for charges by JM to SMC based on
          the Agreed Content.

     1.20 RETURNABLE METALS means the metals contained in the Filter Cake to be
          refined and returned to SMC's account by JM in the quantities, at the
          purity levels and otherwise as required by Section 10.1 hereof.

     1.21 SECONDARY MATERIAL means any manufactured industrial product and
          by-product, including slag, containing certain platinum group metals
          (collectively, platinum, palladium and rhodium).

                                      -2-

<PAGE>   3

     1.22 SHIPMENT ASSAY means the determination of the concentrations of metals
          in the Filter Cake made by SMC prior to shipment of the Filter Cake to
          the Facility.

     1.23 SMC ACCOUNT means the account for Returnable Metals established with
          JM in accordance with Section 10.4 hereof.

     1.24 SMC PURCHASER means Ford Motor Company, General Motors Corporation,
          Mitsubishi Corporation, KEMET Corp. or any other third party purchaser
          of SMC's production.

     1.25 [***] shall have the meaning set forth in Section 5.2 hereof.

     1.26 US$ means United States dollars, the lawful currency of the United
          States of America.

     1.27 UM means S.A. Union Miniere N.V., with whom SMC had previously
          contracted to refine its Filter Cake.

2.   DELIVERY OF FILTER CAKE; REFINING; RETURN OF METALS; SECONDARY MATERIALS

     2.1  DELIVERY OF FILTER CAKE

          SMC shall deliver to JM Filter Cake in the quantities and with the
          composition and otherwise in accordance with the terms and conditions
          of this Agreement. SMC shall deliver the first shipment of Filter Cake
          to JM under this Agreement as soon as practicable after the Effective
          Date.

     2.2  REFINING OF FILTER CAKE

          JM shall take delivery of the Filter Cake provided by SMC under this
          Agreement, and shall treat and refine the Filter Cake and credit
          Returnable Metals to the account of SMC upon the terms and conditions
          of this Agreement.

     2.3  WARRANTIES OF SMC

          SMC declares and warrants to JM that the execution and delivery of
          this Agreement by SMC does not conflict with the laws of the United
          States or with any applicable laws and regulations, and that SMC has
          the absolute right and authority to enter into and to perform this
          Agreement in accordance with the terms and conditions hereof.

     2.4  WARRANTIES OF JM

          JM declares and warrants to SMC that the execution and delivery of
          this Agreement by JM does not conflict with the laws of the United
          States or with any applicable laws and regulations, and that JM has
          the absolute right and authority to enter into and to perform this
          Agreement in accordance with the terms and conditions hereof.

                                      -3-

<PAGE>   4

     2.5  SUPPLY OF SECONDARY MATERIALS

          JM shall make a reasonable good faith effort to provide to SMC
          Secondary Materials in such quantities, at such times and otherwise on
          the terms as mutually agreed; provided that this Section 2.5 shall not
          require JM to breach its existing commitments or to otherwise impair
          its relations with its existing suppliers of refining services, which
          determination of breach or impairment shall be made solely by JM.

3.   TERMS, TERMINATION AND EXTENSION

     3.1  TERM

          This Agreement will remain in force and effective until May 31, 2009,
          unless extended or terminated by written agreement of the Parties or
          according to the provisions of this Agreement.

     3.2  SMC EARLY TERMINATION

          SMC may terminate this Agreement by notifying JM in writing at least
          thirty (30) Days in advance of the date of such termination, without
          payment of any penalty or other amounts except payment of charges due
          in accordance with Section 11 for processing already performed, under
          the following circumstances:

          3.2.1  Force Majeure. A condition or conditions of force majeure
                 continue for the applicable periods set forth in Section 14.2
                 hereof; or

          3.2.2  Change in Law. An order, statute, rule, regulation, executive
                 order, injunction, stay, decree or restraining order shall have
                 been enacted, entered, promulgated or enforced by any
                 governmental or regulatory authority or instrumentality or
                 court of competent jurisdiction that imposes a new tax or
                 charge on the transactions contemplated by this Agreement or
                 otherwise materially adversely affects the transactions
                 contemplated by this Agreement, the market conditions thereof
                 or the economic benefits to SMC thereof; or

          3.2.3  Default by JM. JM commits an act of default as specified in
                 Section 13.2 hereof; or

     3.3  [***]

          [***]

                                      -4-

<PAGE>   5

4.   QUANTITIES

     4.1  PERCENTAGE OF AVAILABLE MONTHLY PRODUCTION

          In the periods indicated below, SMC shall ship to JM under this
          Agreement, and JM will treat, Filter Cake in quantities which shall be
          an amount of Filter Cake which represents the following percentages of
          total Available Monthly Production of Filter Cake from the Mines,
          together with the Filter Cake produced from the Secondary Feeds and
          Toll Material for the respective periods.

                            PERCENTAGES OF PRODUCTION

<TABLE>
<CAPTION>
                                                          Percentage of Available
               Periods                                      Monthly Production
               -------                                    -----------------------

<S>                                                                 <C>
PERIOD A: From the Effective Date
through October 31, 2001                                            [***]

PERIOD B: The first Day following the end of Period A
through May 31, 2009                                                [***]
</TABLE>

     4.2  ESTIMATED FILTER CAKE SHIPMENT FORECASTS

          By the end of each month, SMC shall provide JM verbally or in writing
          with an estimated Filter Cake shipment forecast with estimated
          delivery dates for the following month. SMC may make changes to the
          estimated forecast at any time during the month provided any such
          change is communicated to JM verbally or in writing.

5.   QUALITY

     5.1  HISTORICAL AVERAGE QUALITY OF FILTER CAKE AND MINIMUM REQUIREMENTS

          The Filter Cake is expected to have the following approximate
          composition, based on average composition of Filter Cake produced by
          SMC in 1999:

      PREVIOUS 18 MONTHS AVERAGE AND RANGE COMPOSITION FOR THE FILTER CAKE

<TABLE>
<CAPTION>
ITEM                COMPONENT              MAXIMUM               AVERAGE
----                ---------              -------               -------

<S>                 <C>                    <C>                   <C>
 1.                     Pt                  [***]                  [***]
 2.                     Pd                  [***]                  [***]
 3.                     Rh                  [***]                  [***]
 4.                     Au                  [***]                  [***]
 5.                     Ag                  [***]                  [***]
 6.                     Co                  [***]                  [***]
 7.                     Cu                  [***]                  [***]
 8.                     Fe                  [***]                  [***]
 9.                     Ni                  [***]                  [***]
10.                     S                   [***]                  [***]
11.                     Pb                  [***]                  [***]
12.                     As                  [***]                  [***]
13.                     Si                  [***]                  [***]
14.                     Se                  [***]                  [***]
15.                     Te                  [***]                  [***]
</TABLE>

                                      -5-

<PAGE>   6
     5.2  [***]

          [***]

     5.3  MATERIAL CHANGES IN FILTER CAKE COMPOSITION

          In the event that the composition of Filter Cake delivered hereunder
          departs materially from the composition described in Section 5.1
          above, JM and SMC will negotiate in good faith with full disclosure to
          overcome any significant economic hardships or technical difficulty
          which either JM or SMC may suffer as a result thereof. It is
          understood and agreed that the Filter Cake shall not include any
          hazardous or toxic materials, nor shall it contain any other
          impurities the solubility of which will materially negatively impact
          the refining process, and in either such case, JM shall have the
          absolute right to refuse to accept that particular Filter Cake for
          refining or (at the sole option of JM) renegotiate the financial terms
          of this Agreement as they relate to the Filter Cake containing such
          materials or impurities. Any and all direct costs and liabilities
          arising out of or related to the failure of SMC to deliver Filter Cake
          without such materials and impurities as required in the preceding
          sentence shall be the sole and absolute responsibility of SMC,
          provided that SMC shall not, under any circumstances, be responsible
          for any incidental or consequential damages suffered by JM arising out
          of any claimed failure of SMC to comply with this provision.

     5.4  EAST BOULDER MINE

          Notwithstanding anything to the contrary in this Agreement, the
          provisions of Sections 5.1, 5.2 and 5.3 hereof shall apply only to the
          Stillwater Mine as of the date of this Agreement. At such

                                      -6-

<PAGE>   7

          time as Filter Cake is being produced at the East Boulder Mine, if the
          composition of such Filter Cake does not depart materially from the
          composition described in Section 5.1 above, and falls with the range
          of composition for either the [***], SMC shall ship the Filter Cake
          produced at the East Boulder Mine to JM, and JM shall process such
          Filter Cake in accordance with the terms of this Agreement. In the
          event that the composition of such Filter Cake departs materially from
          the composition described in Section 5.1 above, JM and SMC will
          negotiate in good faith with full disclosure to overcome any
          significant economic hardships or technical difficulty which either JM
          or SMC may suffer as a result thereof, and if the parties are unable
          to reach agreement with respect thereto, the Filter Cake produced at
          the East Boulder Mine shall not be subject to the terms and conditions
          of this Agreement.

6.   SHIPMENT AND DELIVERY: RECEIPT

     6.1  SHIPMENT TO JM

          Shipment shall be made at a regular rate during the term of this
          Agreement. The Filter Cake will be shipped in Lots sealed in pails. No
          more than four (4) Lots may be shipped by SMC to JM at a time without
          the prior verbal or written consent of JM.

     6.2  DELIVERY

          Delivery shall be free of all charges to the Facility, at which time
          possession of the Filter Cake shall transfer to JM.

     6.3  RECEIPT BY JM

          JM shall promptly notify SMC in writing when it has received Filter
          Cake at the Facility. Acknowledgment by JM of delivery, on carrier's
          receipt, will not constitute agreement as to description, weight or
          composition of the Filter Cake received.

7.   RISK OF LOSS

     All risk of loss or damage to the Filter Cake and contained metals from all
     causes shall be assumed by the Party in possession of such Filter Cake
     and/or Returnable Metals. Risk of loss of the Filter Cake and Returnable
     Metals shall pass to JM upon receipt and acceptance of the Filter Cake by
     JM. Risk of loss shall remain with JM as to any and all Returnable Metals
     which have been credited to the SMC Account established in Section 10.4
     hereof until such time as such Returnable Metals have been delivered to a
     carrier for shipment at the written direction of SMC.

8.   INSURANCE

     JM shall acquire and maintain adequate insurance to cover 100% of the value
     of the Filter Cake and Returnable Metals while in JM's possession.

                                      -7-

<PAGE>   8

9.   WEIGHING: SAMPLING: MOISTURE

     9.1  PROCEDURES

          Except as provided in Section 9.4 and Section 9.5, weighing, sampling
          and moisture determinations as to each Lot shall be conducted at the
          Facility by JM following receipt by JM of the Filter Cake in
          accordance with the procedures set forth in Exhibit A attached hereto
          and by this reference incorporated herein. JM shall provide to SMC and
          retain for itself samples pursuant to the procedures set forth in
          Exhibit A.

     9.2  SMC REPRESENTATIVE

          SMC shall be entitled to be represented at weighing, sampling and
          moisture determinations, at its own cost, by a supervising company
          whose nomination shall be subject to JM's approval, which approval
          shall not be unreasonably withheld. An unexhaustive list of
          representatives approved by JM as of the date hereof is attached
          hereto as Exhibit B. SMC's designated representative with respect to a
          particular Lot or Lots shall not be selected to act as an umpire for
          the assays from such Lot or Lots in accordance with Section 12.4
          hereof. SMC shall nominate any such representative by providing
          written notice to JM which indicates the name of the representative
          and the particular Lot or Lots which it is supervising on behalf of
          SMC. Except as provided in Section 9.4, weighing, sampling and
          moisture determinations as to each Lot for which SMC has nominated a
          representative shall be conducted at the Facility by JM on the
          Business Day following receipt by JM of the Filter Cake. If no
          representative has been so nominated by SMC within a reasonable time
          after SMC has provided JM with a shipment forecast as required by
          Section 4.2 or if such representative is not present at the time of
          the weighing, sampling and moisture determination, then SMC shall not
          be represented for that particular Lot or Lots.

     9.3  SEPARATE TREATMENT OF LOTS

          Each Lot shall be considered complete and separate for all accounting
          purposes under this Agreement.

     9.4  ALTERNATIVE PROCEDURES

          Weighing, sampling and moisture determinations as to each Lot shall be
          conducted in accordance with Section 9.1 or Section 9.5, except that
          SMC and JM may agree in writing to certain alternative procedures to
          be followed for such weighing, sampling and moisture determinations as
          to each Lot, which alternative procedures shall be thereafter
          implemented for Lots delivered under this Agreement.

     9.5  SAMPLING BY SMC

          The parties agree that SMC shall have the opportunity to conduct the
          sampling and moisture determinations as to certain Lots in accordance
          with this Section 9.5. During a six (6) month period (the "Trial
          Period"), the start date of which shall be selected by SMC with the
          written consent of JM, which consent shall not be withheld
          unreasonably, SMC shall perform the above functions on approximately
          fifty percent (50%) of the Lots to be refined under this Agreement
          during the Trial Period. The sampling and moisture determinations as
          to each Lot shall be

                                      -8-

<PAGE>   9

          conducted at SMC's Columbus facility by SMC. SMC shall provide to JM
          and retain for itself samples pursuant to the procedures SMC uses. The
          validity of the data produced during the Trial Period shall be subject
          to verification by Matrix Consultant Limited or such other
          independent, third-party statistician as shall be mutually agreed upon
          by the parties. Once the validity of the data has been verified, SMC
          shall have the right, but not the obligation, to elect by written
          notice to JM to perform the sampling and moisture determinations in
          accordance with this Agreement on fifty percent (50%) of all Lots
          refined under this Agreement. In all cases where sampling is conducted
          by SMC, JM shall have the same rights specified for SMC under Section
          9.2.

10.  RETURNABLE METALS

     10.1 PERCENTAGE OF METAL RETURNS; PURITY

          JM shall return to SMC, in accordance with this Agreement, the
          respective percentages of the metals contained in the Filter Cake, in
          the form of sponge, or, upon the specific written consent of both
          parties, in the form of grain, in each case conforming to the
          respective percentages of minimum purity as set forth in the
          applicable table of Exhibit C. [***]. SMC may, upon the written
          consent of JM, direct JM to provide Returnable Metals in the form of
          solution rather than sponge with the same respective minimum purity
          levels as set forth in the applicable table of Exhibit C, provided
          however that, in such case, JM shall have the right to charge an
          additional fee for providing said solutions if such additional fee is
          economically justified by JM.

     10.2 RETURN OF METALS

          JM shall credit the Returnable Metals to the SMC Account. Thereafter,
          at SMC's written direction, JM shall transfer Returnable Metals to
          another pool account established by SMC or physically deliver the
          Returnable Metals on behalf of SMC to a carrier for delivery, at SMC's
          cost, to a destination designated by SMC in writing, within the time
          periods set forth in Section 10.3; [***]. All shipments requiring
          physical delivery shall take place on the date that the metal is due
          to be returned unless SMC fails to notify JM at least three (3)
          Business Days in advance. Upon delivery to a carrier, JM's
          responsibility for risk of loss and insurance related to Returnable
          Metals shall terminate. The return of metals shall be based on the
          Agreed Content, provided that in the event the Final Assay differs
          from the Agreed Content, an adjustment will be made to the SMC Account
          to credit the SMC Account in the event the Final Assay is greater than
          the Agreed Content or to debit the SMC Account in the event the Final
          Assay is less than the Agreed Content.

     10.3 TIME FOR RETURN OF THE METALS IN LOTS

          10.3.1 If [***] Apply. For all Lots with respect to which [***] apply,
          platinum, palladium, silver, gold and rhodium shall be made available
          by JM to SMC or credited to the SMC Account no later than the number
          of Days set forth below after the later of (i) receipt by JM of the
          Filter Cake containing such metal in accordance with Section 6.3
          hereof or (ii) in

                                      -9-

<PAGE>   10

          the event the non-sampling party has notified the sampling party of
          its nomination of a representative as provided by Section 9.2, the
          date that is one Business Day following receipt by JM of the Filter
          Cake.

<TABLE>
<CAPTION>
Period                                 Pd      Pt     Au      Ag     Rh
<S>                                    <C>     <C>    <C>     <C>    <C>
Effective Date through May 31, 2003    [***]   [***]  [***]   [***]  [***]
June 1, 2003 through May 31, 2009      [***]   [***]  [***]   [***]  [***]
</TABLE>

          10.3.2 If [***] Apply. For all Lots with respect to which [***] apply,
          platinum, palladium, silver, gold and rhodium shall be made available
          by JM to SMC or credited to the SMC Account no later than the number
          of Days set forth below after the later of (i) receipt by JM of the
          Filter Cake containing such metal in accordance with Section 6.3
          hereof or (ii) in the event the non-sampling party has notified the
          sampling party of its nomination of a representative as provided by
          Section 9.2, the date that is one Business Day following receipt by JM
          of the Filter Cake.

<TABLE>
<CAPTION>
Period                                 Pd      Pt     Au      Ag     Rh
<S>                                    <C>     <C>    <C>     <C>    <C>
Effective Date through May 31, 2003    [***]   [***]  [***]   [***]  [***]
June 1, 2003 through May 31, 2009      [***]   [***]  [***]   [***]  [***]
</TABLE>

     10.4 SMC ACCOUNT

          In order to establish proper accounting for the Returnable Metals due
          to SMC under this Agreement, JM has established a precious metal
          account in the name of SMC which will reflect the accurate amounts of
          each element of Returnable Metal so held by JM, subject to the further
          orders of SMC. Returnable Metals within the SMC Account shall be held
          by JM in Pennsylvania. JM shall store, safeguard and insure all
          precious metals accounted for in said account, at no charge to SMC.
          SMC may require physical delivery of Returnable Metals held in the SMC
          Account, or it may draw upon its account to transfer to other third
          party accounts upon written direction to JM. Any shipments requiring
          physical delivery shall be F.O.B. JM storage facility in Pennsylvania.
          [***]

     10.5 WARRANTIES OF JM REGARDING PURITY

          JM warrants that Returnable Metals refined on behalf of SMC according
          to the terms of this Agreement shall have the following minimum levels
          of purity:

                                      -10-

<PAGE>   11

<TABLE>
<S>                                               <C>
Platinum                                          [***]
Palladium                                         [***]
Rhodium                                           [***]
Gold                                              [***]
Silver                                            [***]
</TABLE>

          THE FOREGOING WARRANTY IS MADE SOLELY TO SMC AND IN LIEU OF ALL OTHER
          WARRANTIES, EXPRESSED OR IMPLIED, ARISING BY LAW OR CUSTOM INCLUDING
          WITHOUT LIMITATION ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS
          FOR A PARTICULAR PURPOSE. JM's liability for violation of the warranty
          of purity, if any, is limited to the replacement by JM within three
          (3) Business Days after return to JM of the nonconforming metal, with
          like metal fulfilling the minimum specified purity levels above.
          Claims for rejected, nonconforming metal must be made (i) within seven
          (7) Days of physical receipt by SMC of such nonconforming metal, with
          respect to metal physically received by SMC or received for the
          account of SMC, or (ii) within seven (7) Days of receipt by SMC of
          notice from any SMC Purchaser of such nonconforming metal, with
          respect to metal delivered to any SMC Purchaser. Any claims not made
          within this time shall be deemed waived. JM shall not, under any
          circumstances, be responsible for any incidental or consequential
          damages suffered by SMC arising out of any claimed breach of warranty
          or otherwise.

11.  CHARGES

     11.1 TREATMENT, REFINING AND ASSAYING CHARGES

          SMC shall pay to JM the [***], as the case may be, determined in
          accordance with Section 5.2 and as set forth in Exhibit D, which shall
          be the total amount due to JM for its treatment, refining and assaying
          of the Filter Cake and the contained metals therein under this
          Agreement. Except as set forth in this Section 11.1, in Section 10.1
          and Section 12.4.5, no other charges shall be paid or payable by SMC
          to JM under this Agreement without the mutual written agreement of the
          parties hereto.

     11.2 PAYMENT OF CHARGES

          Treatment, refining and assaying charges shall be calculated based on
          the ounces of each element of Returnable Metals determined by the
          Agreed Content to be present in the Filter Cake (and shall apply pro
          rata to fractional amounts), provided that in the event the Final
          Assay differs from the Agreed Content, a Provisional Invoice will be
          sent to SMC based on the Agreed Content and after a final accounting
          based on the Final Assay has been completed, a final invoice will be
          sent to SMC reflecting additional charges in the event the Final Assay
          is greater than the Agreed Content or reflecting a credit to be
          applied to future charges in the event the Final Assay is less than
          the Agreed Content. SMC shall pay to JM the total amount of the
          charges payable under this Agreement. Such amount shall be paid by SMC
          in U. S. dollars. JM shall invoice SMC for charges on a monthly basis
          by sending an invoice to SMC at the end of each month via overnight
          carrier. Payment must be received by JM no later than fourteen (14)
          Days after receipt of such monthly invoice by SMC.

                                      -11-

<PAGE>   12

12.  ASSAYS

     12.1 ASSAY PROCEDURES

          The samples of Filter Cake, by Lot, shall be analyzed by each Party
          independently to assay the content therein of Returnable Metals.

     12.2 EXCHANGE OF ASSAYS

          The results of the assays of samples performed as described in Section
          12.1 shall be exchanged simultaneously by registered airmail or such
          other agreed method between SMC and JM on a date to be agreed upon in
          advance, but in no event later than a date sixty (60) Days after the
          Date of Delivery of the respective Lot.

     12.3 SPLITTING DIFFERENCE IN PARTIES' ASSAYS

          In order for the parties to arrive at the Agreed Content of a Lot by
          assay exchange, JM's assay for every precious metal analyzed must fall
          within the minimum relative percentage variations permitted in Exhibit
          E hereto (the "Splitting Limits") from SMC's assay. Therefore, when
          the assays for each precious metal are within the applicable
          "Splitting Limit" the Agreed Content with respect to each such
          precious metal shall be the average (mean) of the assays in question,
          and the Final Assay shall equal the Agreed Content for the purpose of
          Section 10.2 and 11.2. If JM's assay for a precious metal is not
          within the "Splitting Limit" of SMC's assay for that metal, the Final
          Assay for that metal shall be determined by the Umpire Assay, as more
          particularly set forth herein, unless otherwise agreed by both parties
          hereto.

     12.4 UMPIRE ASSAY

          12.4.1 Rotation Among Umpires. In the event that a party's Matching
                 Assay for a precious metal is not within the Splitting Limits
                 as specified in Section 12.3 above, an umpire assay shall be
                 made by one of the following umpires, acting in rotation,
                 sampled Lot by sampled Lot:

                 A.H. Knight International Ltd
                 Eccleston Grange, Prescot Rd.
                 GB-WA 10 3BA St. Helens -- Merseyside
                 Great Britain

                 Inspectorate Griffith Ltd
                 2 Perry Road, Witham
                 Essex, CM8 3TU
                 England, Great Britain

                 Le Doux & Company
                 359 Alfred Avenue
                 Teaneck, NJ 07666

                                      -12-

<PAGE>   13

          12.4.2 Agreed Content. In the event this Section 12.4 applies, then
                 for purposes of this Section 12.4 and of Sections 10.2 and
                 11.2, the Agreed Content shall mean 100% of the lowest results
                 of the assays performed by the Parties pursuant to Section
                 12.1.

          12.4.3 Umpire Assay Between Parties' Assays. Should the umpire assay
                 fall between the results of the two Parties or coincide with
                 either, the arithmetical mean of the umpire assay and the assay
                 of the Party which is nearer to the umpire assay shall be taken
                 as the Final Assay. In the event that the umpire assay is
                 exactly between the assay of the two Parties, the umpire assay
                 shall be taken as the Final Assay.

          12.4.4 Umpire Assay Outside Exchanged Results. Should the umpire assay
                 fall outside the exchanged results, the assay of the Party
                 which is nearer to the umpire assay shall be taken as the Final
                 Assay.

          12.4.5 Cost of Umpire Assay. The cost of the umpire assay shall be
                 borne by the Party whose result is further from the umpire's.
                 However, if the umpire assay is the exact mean of the assays
                 exchanged by the Parties, such cost shall be borne equally by
                 the Parties.

          12.4.6 Replacement of Existing Umpire. Either Party may recommend that
                 an existing umpire be replaced. Any such replacement shall be
                 subject to unanimous agreement of the Parties.

     12.5 PROVISIONAL SETTLEMENT OF ASSAYS

          In the event SMC or JM is unprepared to exchange assays in accordance
          with Section 12.2 prior to the return time set forth in Section 10.3,
          the Agreed Content of the Lot shall be assumed to be a percentage
          between 95% and 100%, as mutually agreed upon by SMC and JM, of the
          metal amounts reported on the Shipment Assay for such Lot. A
          Provisional Invoice shall be issued in accordance with Section 11.2,
          followed by an adjustment of the amount of metals returned by JM to
          SMC and the amount of treatment, refining and assaying charges paid by
          SMC to JM once the Final Assay of the Lot is determined.

13.  DEFAULT

     13.1 SMC FAILURE TO PAY CHARGES

          If SMC shall fail to pay the charges as required by this Agreement and
          such failure is not cured within seven (7) Business Days after receipt
          by SMC of notice thereof, JM shall have the right to (i) retain or
          sell Returnable Metals for an amount equivalent to the total amount of
          charges due plus interest for the applicable period, which shall be at
          the one-month LIBOR rate ruling at the due date of the payment, as
          published in the Wall Street Journal and (ii) suspend its further
          performance under this Agreement during the continuance of SMC's
          failure to pay. Returnable Metals retained or sold by JM under the
          terms of this Section 13.1 shall be valued or sold at the Second
          London Fix for the applicable metal on the date of retention or sale.

                                      -13-

<PAGE>   14

     13.2 JM EVENT OF DEFAULT

          A "JM Event of Default" shall occur if (i) JM fails to satisfy the
          minimum purity levels for Returnable Metals and such failure is not
          cured in accordance with Section 10.5 (i.e. within three (3) Business
          Days after return of metals to JM); (ii) JM fails to return metal
          timely in accordance with Section 10 and such failure is not cured
          within three (3) Business Days after receipt of notice thereof by JM;
          (iii) JM is generally not paying its debts as such debts become due,
          or admits in writing its inability to pay its debts generally or makes
          a general assignment for the benefit of creditors, there is the
          appointment of a receiver for JM or any of its assets, the filing by
          JM of a voluntary petition in bankruptcy or any form of
          reorganization, the filing of an involuntary petition in bankruptcy
          against JM which is not dismissed with prejudice within sixty (60)
          Days of such filing, or the making of an assignment for the benefit of
          creditors of JM; or (iv) JM fails to satisfy any of its other material
          obligations hereunder and such failure is not cured within three (3)
          Business Days after receipt of notice thereof by JM. Upon a JM Event
          of Default, SMC shall have the right to: (A) suspend its further
          performance under this Agreement during the continuance of a JM Event
          of Default; (B) terminate this Agreement as provided in Section 3.2.3,
          and all future obligations of SMC shall cease and SMC shall retain
          sole ownership of all Filter Cake and Returnable Metals from Filter
          Cake received by JM as of such date; and/or (C) pursue any other
          remedies available to SMC under this Agreement and under applicable
          laws and legal and equitable remedies.

14.  FORCE MAJEURE

     14.1 EXTENSION OF TIME

          If, at any time, either Party is delayed in or prevented from
          exercising its rights or performing its obligations under this
          Agreement (other than payment of money), which delays or preventions
          are caused by any cause beyond the reasonable control of such Party
          including, without limiting the generality of the foregoing, acts of
          God, accidents, strikes, insurrections, lockouts or other labor or
          industrial disturbances, actions of any competent governmental
          authority or court orders, future orders of any regulatory body having
          jurisdiction, acts of the public enemy, wars (declared or undeclared),
          riots, sabotage, blockades, embargoes, shortages of or inability to
          secure fuel, power, contractors, labor, raw materials, railroad or
          transport facilities, failure of and damage to or destruction of
          machinery, plant and equipment, snowslides, landslides, lightning,
          weather conditions materially preventing or impairing work, fires,
          storms, floods, washouts and explosions, and any other causes beyond
          the reasonable control of the Party in question, whether of the kind
          enumerated herein or otherwise, such Party shall not be liable for any
          such failure or delay by it to perform its obligations hereunder and
          the period of all such delays or preventions resulting from such
          causes or any of them shall be excluded in computing and shall extend
          the term in Section 3.1 of this Agreement by equal to the lesser of
          the total duration of all such instances or six (6) months.

     14.2 NOTICE REQUIRED; OPTION TO TERMINATE

          Neither Party's performance shall be excused or extended under this
          Section 14, unless the Party claiming force majeure shall give the
          other Party prompt notice of the occurrence of such event stating, to
          the extent known, the probable event by which it will be unable to
          perform or be delayed in performing its obligations hereunder and the
          expected duration thereof. In the event

                                      -14-

<PAGE>   15

          that such other party disagrees with the terms of such notice, such
          disagreement shall be resolved in accordance with the terms of Section
          17 hereof. The non-claiming Party shall be entitled to terminate this
          Agreement without further liability upon notice to the other Party in
          the event that a condition or conditions of force majeure shall
          continue for more than three (3) consecutive months. If the condition
          or conditions of force majeure continue for a period in excess of
          twelve (12) consecutive months, then either Party may terminate this
          Agreement, without further liability, by written notice to the other
          Party; provided, however, that JM may terminate this Agreement,
          without further liability, by written notice to SMC, in the event that
          JM is incurring additional costs in respect of this Agreement for a
          period of time in excess of nine (9) consecutive months as a result of
          Section 14.3 below.

     14.3 [***]

          [***]

     14.4 EFFECTS ON PARTIES

          Upon receipt of notice from JM of an occurrence of an event of force
          majeure in accordance with Section 14.2, SMC shall be immediately
          entitled to ship Filter Cake to an alternative treatment facility and
          divert any shipment already in route, and JM will bear the excess
          costs of such treatment and refining, if any, over the costs to SMC of
          treatment and refining by JM hereunder in the absence of such force
          majeure event. JM shall cooperate with SMC as necessary or appropriate
          to facilitate such diversion and alternative facility treatment and
          the orderly transition back to JM upon cessation of the condition of
          force majeure. JM shall be excused for the duration of any cause of
          force majeure from accepting further deliveries of Filter Cake from
          SMC.

     14.5 REASONABLE BEST EFFORTS REQUIRED

          The Party claiming force majeure shall use all reasonable best efforts
          to eliminate such event insofar as possible with a minimum of delay;
          provided, however, neither Party shall be required

                                      -15-

<PAGE>   16

          against its will to adjust or settle any labor dispute or strike or to
          question the validity of any third party claim or to refrain from
          pursuing its legal or equitable remedies against any third party.

15.  CONFIDENTIALITY

     Each Party shall consider all information, documents and other materials
     provided hereunder (collectively, "Confidential Information") as
     confidential and proprietary information of the disclosing Party, and the
     receiving Party agrees to maintain in confidence all such Confidential
     Information and not to divulge such Confidential Information in whole or in
     part to any third party and not to make use of such Confidential
     Information other than in relation to meeting its obligations under this
     Agreement. This obligation shall not apply to: (i) Confidential Information
     which at the time of disclosure is in the public domain; or (ii)
     Confidential Information which, after disclosure, becomes part of the
     public domain by publication or otherwise, other than by an unauthorized
     act or omission of the receiving Party; or (iii) Confidential Information
     which the receiving Party is required by law or regulation, or at the
     request of any governmental organization, to make public (such disclosure
     to be done in a manner which maintains confidentiality to the fullest
     extent permitted by law or regulation); or (iv) Confidential Information
     which a receiving Party can show by written records was within its
     possession prior to the time of the disclosure and was not under any
     obligation of confidentiality; or (v) Confidential Information which the
     receiving Party rightly receives from a third party lawfully possessing and
     lawfully entitled to disclose such Confidential Information. JM hereby
     acknowledges that SMC is lawfully entitled to disclose the terms of this
     Agreement and to file this Agreement in its entirety with the United States
     Securities and Exchange Commission (the "SEC"). [***]

16.  APPLICABLE LAW

     The parties to this Agreement are domiciled in two different states. In
     order to create greater certainty with respect to their legal rights and
     obligations under this Agreement, the parties desire to adopt as the
     substantive law of this Agreement the law of a state which has highly
     developed commercial law and precedent and which is not the domicile of
     either Party. The parties hereby agree that this Agreement shall be
     construed in accordance with the laws of the State of New York as though
     this Agreement were performed in full in the State of New York, without
     giving effect to any choice of law or conflict of law provision or rule
     (whether of the State of New York or any other jurisdiction) that would
     cause the application of the laws of any jurisdiction other than the State
     of New York.

17.  DISPUTE RESOLUTION

     If any dispute arises between the Parties arising out of or relating to
     this Agreement or the interpretation or enforcement thereof ("Dispute"),
     the Parties agree that they will first attempt to resolve the Dispute
     through direct negotiations. If such efforts to resolve the Dispute through
     negotiations fail, the Parties agree to attend a convening meeting,
     facilitated by a knowledgeable mediator, to discuss use of alternate
     dispute resolution methods to resolve the Dispute. Either Party may demand
     a convening meeting regarding a Dispute by sending written notice to the
     other Party. For such a convening meeting, the Parties agree that they will
     jointly select the mediator, schedule a convening meeting in New York at a
     mutually acceptable time, and will equally share the mediator's fees. Each
     Party agrees to attend such a

                                      -16-

<PAGE>   17

     meeting for at least two hours, but is free to withdraw from the convening
     meeting after attending for that time period. The Parties anticipate that
     such a convening meeting, among other things, would include discussion of
     the following: (a) the mode of proceeding further (for example, mediation,
     neutral evaluation, mini-trial, etc.); (b) a procedure and schedule for
     exchange of documents and other information related to the Dispute; (c)
     ground rules and a schedule for conducting the selected mode of proceeding;
     and, (d) selection and compensation of the neutral (if any). No earlier
     than ninety (90) Days after the demand by either Party for a convening
     meeting; either Party may initiate an action regarding the Dispute
     provided, however, that a Party may seek a preliminary injunction or other
     preliminary judicial relief if, in the judgment of that Party, such action
     is necessary to avoid irreparable damage or to preserve the status quo.
     Despite the initiation of any judicial proceedings for preliminary relief,
     the Parties will continue to participate in the convening meeting.

18.  MODIFICATIONS

     Neither this Agreement nor any terms or provisions hereof may be changed,
     waived, discharged, or terminated orally, except only by an instrument in
     writing specifically purporting so to do and signed by the Parties hereto.

19.  SUCCESSORS AND ASSIGNS

     This Agreement (including the exhibits hereto) and all of its provisions
     shall be binding upon and inure to the benefit of the successors and
     permitted assigns of the Parties hereto.

20.  ASSIGNMENT

     This Agreement may not be assigned by any Party without the prior written
     consent of the other Party, which consent shall not be unreasonably
     withheld, except with respect to (a) any assignment to provide security in
     connection with any financing, expressly including, by way of example and
     not limitation, assignments of royalty, overriding royalties or net profits
     interests or production payments, or (b) any merger, consolidation or other
     reorganization or transfer by operation of law or any purchase or sale of
     substantially all of the assets of one of the Parties, with respect to
     which such consent by the nonassigning Party will not be required. This
     Agreement is entered into solely for the benefit of the Parties and not for
     the benefit of any other persons or entities. No other persons or entities
     may enforce it for their benefit nor shall they have any claim or remedy
     for its breach.

21.  NOTICES

     All notices shall be given by telex or telecopier and shall be deemed
     received upon receipt of electronic confirmation of the same.

     Notices to JM shall be directed as follows:

          Johnson Matthey
          2001 Nolte Drive
          West Deptford, New Jersey 08066
          Attn: Sales & Marketing Director
          Telephone:  (609) 384-7100
          Telecopier: (609) 384-7270

                                      -17-

<PAGE>   18

     With a copy to:

          Johnson Matthey Inc.
          460 East Swedesford Road
          Wayne, Pennsylvania 19087
          Attn: Robert M. Talley, Vice President & General Counsel
          Telephone:  (610) 971-3131
          Telecopier: (610) 971-3022

     Notices to SMC shall be directed as follows:

          Stillwater Mining Company
          536 East Pike Avenue
          Columbus, Montana 59019
          Attn: Lance Newman and Mike Shuck
          Telephone:  (406) 322-9700
          Telecopier: (406) 322-9985

     With a copy to:

          Stillwater Mining Company
          1200 Seventeenth Street, Suite 900
          Denver, Colorado 80202
          Attn: Bob Lapple
          Telephone:  (303) 352-2080
          Telecopier: (303) 352-2095

22.  ENTIRE AGREEMENT

     This Agreement (including the exhibits hereto) represents the complete
     agreement between the Parties hereto and supersedes all prior or
     contemporaneous oral or written agreements of the Parties to the extent
     they relate in any way to the subject matter hereof.

23.  COUNTERPARTS

     This Agreement may be executed by the Parties hereto in two or more
     counterparts, each of which when so executed and delivered shall be an
     original, and it shall not be necessary in making proof of this Agreement,
     as to any Party hereof, to produce or account for more than one such
     counterpart executed by such Party.

24.  WAIVER

     The waiver of any breach of this Agreement by either Party hereto shall in
     no way constitute a waiver of any future breach, whether similar or
     dissimilar in nature.

25.  HEADINGS

     The headings to all sections, subsections and exhibits shall not form a
     part of this Agreement or of its exhibits, but shall be regarded as having
     been used for the convenience of reference only.

                                      -18-

<PAGE>   19

26.  [***]

     [***]

                [Remainder of this page intentionally left blank]

                                      -19-

<PAGE>   20

     IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be
executed by their duly authorized officers effective from and after the day and
year first above written.

JOHNSON MATTHEY INC.,                  STILLWATER MINING COMPANY
CATALYST AND CHEMICALS DIVISION

By: /s/ Martin T. Durney, Ph.D.        By: /s/ William E. Nettles
   -----------------------------------    --------------------------------------
Name: Martin T. Durney, Ph.D.          Name: William E. Nettles
Title: General Manager, Chemicals N.A. Title: Chief Executive Officer

                                       By: /s/ Robert C. Lapple
                                          --------------------------------------
                                       Name: Robert C. Lapple
                                       Title: Vice President of Metals-Marketing

                                      -20-

<PAGE>   21

                                    EXHIBIT A

                     SAMPLING PROCEDURES FOR SMC FILTER CAKE

[***]

                                      -21-

<PAGE>   22

                                    EXHIBIT B

                        LIST OF APPROVED REPRESENTATIVES

A.H. Knight International Ltd
Eccleston Grange, Prescot Rd.
GB-WA 10 3BA St. Helens -- Merseyside
Great Britain

Inspectorate Griffith Ltd
2 Perry Road, Witham
Essex, CM8 3 TU
England, Great Britain

Le Doux & Company
359 Alfred Avenue
Teaneck, NJ 07666

<PAGE>   23

                                    EXHIBIT C

                PERCENTAGE RETURN AND PURITY OF CONTAINED METALS

        TABLE I (Effective from the Effective Date through May 31, 2003)

<TABLE>
<CAPTION>
Metal                    Percentage Return             Minimum Purity
-----                    -----------------             --------------

<S>                            <C>                         <C>
Silver (Ag)                    [***]                       [***]
Gold (Au)                      [***]                       [***]
Platinum (Pt)                  [***]                       [***]
Palladium (Pd)                 [***]                       [***]
Rhodium (Rh)                   [***]                       [***]
</TABLE>

                TABLE II (Effective June 1, 2003 and thereafter)

<TABLE>
<CAPTION>
Metal                    Percentage Return             Minimum Purity
-----                    -----------------             --------------

<S>                            <C>                         <C>
Silver (Ag)                    [***]                       [***]
Gold (Au)                      [***]                       [***]
Platinum (Pt)                  [***]                       [***]
Palladium (Pd)                 [***]                       [***]
Rhodium (Rh)                   [***]                       [***]
</TABLE>

<PAGE>   24

                                   EXHIBIT D

                                     [***]

FOR THE PERIOD COMMENCING ON THE EFFECTIVE DATE THROUGH MAY 31, 2009:

<TABLE>
<CAPTION>
                                                      Charges per
Metal                                              returnable ounce
-----                                              ----------------

<S>                                                     <C>
Platinum                                                [***]
Palladium                                               [***]
Gold                                                    [***]
Rhodium                                                 [***]
Silver                                                  [***]
</TABLE>

[***]

                                     [***]

FOR THE PERIOD COMMENCING ON THE EFFECTIVE DATE THROUGH MAY 31, 2009:

<TABLE>
<CAPTION>
                                                      Charges per
Metal                                              returnable ounce
-----                                              ----------------

<S>                                                     <C>
Platinum                                                [***]
Palladium                                               [***]
Gold                                                    [***]
Rhodium                                                 [***]
Silver                                                  [***]
</TABLE>

[***]

<PAGE>   25

                                    EXHIBIT E

                                SPLITTING LIMITS

<TABLE>
<CAPTION>
 % Concentration of Each
 Precious Metal Contained                             Relative % Variation
       in the Assay                                     From SMC's Assay
 ------------------------                             --------------------

<S>                                                           <C>
     [***]                                                    [***]

     [***]                                                    [***]

     [***]                                                    [***]

     [***]                                                    [***]

     [***]                                                    [***]

     [***]                                                    [***]

     [***]                                                    [***]

     [***]                                                    [***]
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00022-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00022-of-00352.parquet"}]]