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<TYPE>EX-1
<SEQUENCE>2
<FILENAME>tex1-8399.txt
<DESCRIPTION>EX-1
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                                                                       EXHIBIT 1

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                          NORTH AMERICAN PALLADIUM LTD.

                             MATERIAL CHANGE REPORT


TO:             British Columbia Securities Commission
                Alberta Securities Commission
                Saskatchewan Financial Services Commission, Securities Division
                Ontario Securities Commission
                Commission des valeurs mobilieres du Quebec
                Nova Scotia Securities Commission
                Securities Commission of Newfoundland and Labrador

ITEM 1.   REPORTING ISSUER

          The reporting issuer filing this material change report is North
          American Palladium Ltd. (the "Corporation"), Suite 2116, 130 Adelaide
          Street West, Toronto, Ontario, M5H 3P5.

ITEM 2.   DATE OF MATERIAL CHANGE

          November 28, 2005

ITEM 3.   NEWS RELEASE

          A news release was issued on November 29, 2005 through CNW news wire
          service.

ITEM 4.   SUMMARY OF MATERIAL CHANGE

          The Corporation announced the appointment of James D. Excell as the
          President and Chief Executive Officer effective January 1, 2006.

ITEM 5.   FULL DESCRIPTION OF MATERIAL CHANGE

          See attached news release dated November 29, 2005.

ITEM 6.   RELIANCE ON SUBSECTION 7.1(2) OR (3) OF NATIONAL INSTRUMENT 51-102

          N/A

ITEM 7.   OMITTED INFORMATION

          N/A

ITEM 8.   EXECUTIVE OFFICER

          Mary D. Batoff, Vice President, Legal & Secretary

          Tel.:  416-360-2655

ITEM 9.   DATE OF REPORT

          December 5, 2005.
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