Exhibit 1.5    KPMG LLP
  
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  (416) 228-7000Chartered Accountants
  
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  www.kpmg.ca4100 Yonge Street Suite 200Toronto ON M2P 2H3  REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM  To the Board of Directors of North American
Palladium Ltd.  We have audited North American Palladium (the
Company)s internal control over financial reporting as of December 31,
2008, based on the criteria
established in Internal ControlIntegrated Framework issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO). The Companys
management is responsible for maintaining effective internal control over
financial reporting and for its assessment of the effectiveness of internal
control over financial reporting, included in the accompanying Management
Discussion and Analysis. Our
responsibility is to express an opinion the Companys internal control over
financial reporting based on our audit.  We conducted our audit in accordance with
the standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether effective internal control over financial reporting was
maintained in all material respects. Our audit included obtaining an
understanding of internal control over financial reporting, assessing the risk
that a material weakness exists, and testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk. Our
audit also included performing such other procedures as we considered necessary
in the circumstances. We believe that our audit provides a reasonable basis for
our opinion.  A companys internal control over financial
reporting is a process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting
principles. A companys internal control over financial reporting includes
those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the company are
being made only in accordance with authorizations of management and directors
of the company; and (3) provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use, or disposition of the
companys assets that could have a material effect on the financial statements.  Because of its inherent limitations,
internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become inadequate because of
changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.  In our opinion, the Companymaintained, in all material respects,
effective internal control over financial reporting as of December 31,
2008, based on the criteria
established in Internal  KPMG LLP, a Canadian
limited liability partnership is the Canadian member firm of KPMG
International, a Swiss cooperative.


ControlIntegrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO).  We also have conducted our audits on the
consolidated financial
statements in accordance with Canadian generally accepted auditing standards.
With respect to the years ended December 31, 2008 and December 31,
2007, we also have conducted our audit in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Our report dated February 23,
2009 expressed an unqualified opinion
on thoseconsolidatedfinancial
statements.    Chartered Accountants, Licensed Public Accountants   Toronto, Canada  February 23, 2009