<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C., 20549

                                   FORM 10-QSB

                                   (Mark one)

                [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
                   THE SECURITIES EXCHANGE ACT OF 1934 For the
                    Quarterly period ended December 31, 2004

       [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
             For the transition period from __________to___________

                        Commission file number 333-102117

                         MAYFAIR MINING & MINERALS, INC.
        (Exact name of small business issuer as specified in its charter)
================================================================================
Nevada                                                       45-0487294
(State or other jurisdiction of incorporation or             (IRS Employer
organization)                                                Identification No.)
================================================================================
Paxhill, Park Lane, Lindfield, West Sussex, RH16 2QS, UK
(Address of principal executive offices)
================================================================================
44-(1444)-487100
(Issuer's Telephone Number)
================================================================================
(Former name, former address and former fiscal year,
if changed since last report)
================================================================================

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDING DURING THE
PRECEDING FIVE YEARS

Check whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by a court. Yes [ ] No [ ].

APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's classes of common
equity as of the latest practicable date:

Outstanding as of February 14, 2005: 12,000,000 common shares

<PAGE>

                         PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

The following interim unaudited financial statements for the period ended
December 31, 2004 have been prepared by the Company.


                                       1
<PAGE>

                         MAYFAIR MINING & MINERALS, INC.
                         (AN EXPLORATION STAGE COMPANY)

                          INTERIM FINANCIAL STATEMENTS

                                DECEMBER 31, 2004
                                   (UNAUDITED)
                            (STATED IN U.S. DOLLARS)


                                       2
<PAGE>

<TABLE>
                                            MAYFAIR MINING & MINERALS, INC.
                                             (AN EXPLORATION STAGE COMPANY)

                                                 INTERIM BALANCE SHEET
                                                (STATED IN U.S. DOLLARS)


-----------------------------------------------------------------------------------------------------------------------
                                                                                       DECEMBER 31          MARCH 31
                                                                                          2004               2004
-----------------------------------------------------------------------------------------------------------------------
                                                                                                            (Audited)
<S>                                                                                   <C>                <C>
ASSETS

CURRENT
     Cash                                                                             $     567,242      $     130,220
=======================================================================================================================
LIABILITIES

 CURRENT
     Accounts payable and accrued liabilities                                         $         800      $       3,788
                                                                                      --------------     --------------

STOCKHOLDERS' EQUITY

SHARE CAPITAL
     Authorized:
         75,000,000 Common shares, par value $0.001 per share

     Issued and outstanding:
         12,000,000 common shares at December 31, 2004
          8,500,000 common shares at March 31, 2004                                          12,000              8,500

     Additional paid-in capital                                                             650,584            152,695

DEFICIT ACCUMULATED DURING THE EXPLORATION STAGE                                            (96,142)           (34,763)
                                                                                      --------------     --------------
                                                                                            566,442            126,432
                                                                                      --------------     --------------

                                                                                      $     567,242      $     130,220
=======================================================================================================================

</TABLE>

                                                           3
<PAGE>
<TABLE>
                                             MAYFAIR MINING & MINERALS, INC.
                                             (AN EXPLORATION STAGE COMPANY)

                                             INTERIM STATEMENT OF OPERATIONS
                                                       (UNAUDITED)
                                                (STATED IN U.S. DOLLARS)


                                                                                                             CUMULATIVE
                                                                                                              FROM DATE
                                                                                                            OF INCEPTION
                                                                                                             AUGUST 14
                                            THREE MONTHS ENDED                NINE MONTHS ENDED                2002 TO
                                                DECEMBER 31                      DECEMBER 31                 DECEMBER 31
                                           2004              2003            2004             2003              2004
------------------------------------------------------------------------------------------------------------------------
<S>                                   <C>               <C>              <C>              <C>              <C>
EXPENSES
     Office and sundry                $      4,998      $      2,964     $     12,660     $      3,941     $     19,261
     Organizational costs                       --                --               --               --            1,215
     Professional fees                        (677)            9,361           10,320           17,529           33,101
     Travel                                 12,633                --           13,600               --           16,395
     Mineral property acquisition
       costs
       (Note 4)                                 --                --               --              930            1,371
     Management fees                        19,893                --           24,799               --           24,799
------------------------------------------------------------------------------------------------------------------------

NET LOSS FOR THE PERIOD               $     36,847      $     12,325     $     61,379     $     22,400     $     96,142
========================================================================================================================

BASIC AND DILUTED LOSS PER SHARE      $       0.01      $       0.01     $       0.01     $       0.01
=======================================================================================================

WEIGHTED AVERAGE NUMBER OF SHARES
  OUTSTANDING                           10,752,500         7,000,000        9,253,564        7,000,000
=======================================================================================================


</TABLE>

                                                                4
<PAGE>
<TABLE>
                                   MAYFAIR MINING & MINERALS, INC.
                                    (AN EXPLORATION STAGE COMPANY)

                                   INTERIM STATEMENT OF CASH FLOWS
                                             (UNAUDITED)
                                       (STATED IN U.S. DOLLARS)


----------------------------------------------------------------------------------------------------
                                                                                         CUMULATIVE
                                                                                          FROM DATE
                                                                                        OF INCEPTION
                                                                                          AUGUST 14
                                                                NINE MONTHS ENDED          2002 TO
                                                                   DECEMBER 31           DECEMBER 31
                                                               2004          2003           2004
----------------------------------------------------------------------------------------------------
<S>                                                         <C>            <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES
     Net loss for the period                                $ (61,379)     $ (22,400)     $ (96,142)

ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH USED BY
  OPERATING ACTIVITIES
     Accounts payable and accrued liabilities                  (2,988)           (77)           800
                                                            ----------------------------------------
                                                              (64,367)       (22,477)       (95,342)
                                                            ----------------------------------------

CASH FLOWS FROM FINANCING ACTIVITIES
     Share capital issued                                     525,000             --        682,000
     Deferred share issue costs                                    --         (5,842)       (19,416)
     Related party loan payable                               (23,611)         7,075             --
     Share subscription received                                   --        150,000             --
                                                            ----------------------------------------
                                                              501,389        151,233        662,584
                                                            ----------------------------------------
(DECREASE) INCREASE IN CASH                                   437,022        128,756        567,242

CASH, BEGINNING OF PERIOD                                     130,220          6,748             --
                                                            ----------------------------------------

CASH, END OF PERIOD                                         $ 567,242      $ 135,504      $ 567,242
====================================================================================================


</TABLE>

                                       5
<PAGE>
<TABLE>
                                          MAYFAIR MINING & MINERALS, INC.
                                           (AN EXPLORATION STAGE COMPANY)

                                     INTERIM STATEMENT OF STOCKHOLDERS' EQUITY

                                                 DECEMBER 31, 2004
                                                    (UNAUDITED)
                                              (STATED IN U.S. DOLLARS)



                                                    COMMON STOCK                        DEFICIT
                                    --------------------------------------------      ACCUMULATED
                                                                      ADDITIONAL       DURING THE
                                                                       PAID-IN         EXPLORATION
                                         SHARES         AMOUNT         CAPITAL            STAGE            TOTAL
                                    -------------------------------------------------------------------------------
<S>                                    <C>                 <C>            <C>              <C>              <C>
Shares issued for cash at
  $0.001                               7,000,000     $     7,000     $        --      $        --      $     7,000
Related party loan payable
  contributed as capital                      --              --          16,536               --           16,536
Net loss for the period                       --              --              --           (3,291)          (3,291)
                                    -------------------------------------------------------------------------------

Balance, March 31, 2003                7,000,000           7,000          16,536           (3,291)          20,245

Related party loan payable
   contributed as capital                     --              --           7,075               --            7,075
Shares issued for cash at $0.10,
  net of share issue costs of
  $19,416                              1,500,000           1,500         129,084               --          130,584
Net loss for the year                         --              --              --          (31,472)         (31,472)
                                    -------------------------------------------------------------------------------

Balance, March 31, 2004                8,500,000           8,500         152,695          (34,763)         126,432

Repayment of related party loan
  payable to principal
  shareholder                                 --              --         (23,611)              --          (23,611)
Shares issued for cash at $0.15        3,500,000           3,500         521,500               --          525,000
Net loss for the period                       --              --              --          (63,776)         (63,776)
                                    -------------------------------------------------------------------------------

Balance, December 31, 2004            12,000,000     $    12,000     $   650,584      $   (98,539)     $   564,045
                                    ===============================================================================


</TABLE>


                                       6
<PAGE>

                         MAYFAIR MINING & MINERALS, INC.
                         (AN EXPLORATION STAGE COMPANY)

                      INTERIM NOTES TO FINANCIAL STATEMENTS

                                DECEMBER 31, 2004
                                   (UNAUDITED)
                            (STATED IN U.S. DOLLARS)


1.       BASIS OF PRESENTATION

         The interim financial statements as of December 31, 2004 included
         herein have been prepared without audit pursuant to the rules and
         regulations of the Securities and Exchange Commission. Certain
         information and footnote disclosures normally included in financial
         statements prepared in accordance with United States generally accepted
         accounting principles have been condensed or omitted pursuant to such
         rules and regulations. In the opinion of management, all adjustments
         (consisting of normal recurring accruals) considered necessary for a
         fair presentation have been included. It is suggested that these
         financial statements be read in conjunction with the March 31, 2004
         audited financial statements and notes hereto.

2.       NATURE OF OPERATIONS

         a)       Organization

                  The Company was incorporated in the State of Nevada, U.S.A.,
                  on August 14, 2002.

         b)       Exploration Stage Activities

                  The Company has been in the exploration stage since its
                  formation and has not yet realized any revenues from its
                  planned operations. It is primarily engaged in the acquisition
                  and exploration of mining properties. Upon location of a
                  commercial minable reserve, the Company expects to actively
                  prepare the site for its extraction and enter a development
                  stage.

         c)       Going Concern

                  The accompanying financial statements have been prepared
                  assuming the Company will continue as a going concern.

                  As shown in the accompanying financial statements, the Company
                  has incurred a net loss of $96,142 for the period from
                  inception, August 14, 2002, to December 31, 2004, and has no
                  sales. The future of the Company is dependent upon its ability
                  to obtain financing and upon future profitable operations from
                  the development of its mineral properties. Management has
                  plans to seek additional capital through a public offering of
                  its common stock. The financial statements do not include any
                  adjustments relating to the recoverability and classification
                  of recorded assets, or the amounts of and classification of
                  liabilities that might be necessary in the event the Company
                  cannot continue in existence.


                                       7
<PAGE>

                         MAYFAIR MINING & MINERALS, INC.
                         (AN EXPLORATION STAGE COMPANY)

                      INTERIM NOTES TO FINANCIAL STATEMENTS

                                DECEMBER 31, 2004
                                   (UNAUDITED)
                            (STATED IN U.S. DOLLARS)


3.       SIGNIFICANT ACCOUNTING POLICIES

         The financial statements of the Company have been prepared in
         accordance with generally accepted accounting principles in the United
         States. Because a precise determination of many assets and liabilities
         is dependent upon future events, the preparation of financial
         statements for a period necessarily involves the use of estimates which
         have been made using careful judgement.

         The financial statements have, in management's opinion, been properly
         prepared within reasonable limits of materiality and within the
         framework of the significant accounting policies summarized below:

         a)       Organizational and Start Up Costs

                  Costs of start up activities, including organizational costs,
                  are expensed as incurred.

         b)       Deferred Share Issue Costs

                  The Company defers all direct costs of obtaining proceeds from
                  a public offering to be deducted from additional paid-in
                  capital upon completion of the public offering.

         c)       Mineral Property Acquisition Payments and Exploration Costs

                  The Company expenses all costs related to the acquisition and
                  exploration of mineral claims in which it has secured
                  exploration rights prior to establishment of proven and
                  probable reserves. To date, the Company has not established
                  the commercial feasibility of its exploration prospects,
                  therefore, all costs are being expensed.

         d)       Use of Estimates

                  The preparation of financial statements in conformity with
                  generally accepted accounting principles requires management
                  to make estimates and assumptions that affect the reported
                  amounts of assets and liabilities, and disclosure of
                  contingent assets and liabilities at the date of the financial
                  statements, and the reported amounts of revenues and expenses
                  for the reporting period. Actual results could differ from
                  these estimates.


                                       8
<PAGE>

                         MAYFAIR MINING & MINERALS, INC.
                         (AN EXPLORATION STAGE COMPANY)

                      INTERIM NOTES TO FINANCIAL STATEMENTS

                                DECEMBER 31, 2004
                                   (UNAUDITED)
                            (STATED IN U.S. DOLLARS)


3.       SIGNIFICANT ACCOUNTING POLICIES (Continued)

         e)       Foreign Currency Translation

                  The Company's functional currency is the U.S. dollar.
                  Transactions in foreign currency are translated into U.S.
                  dollars as follows:

                  i)       monetary items at the rate prevailing at the balance
                           sheet date;
                  ii)      non-monetary items at the historical exchange rate;
                  iii)     revenue and expense at the average rate in effect
                           during the applicable accounting period.

         f)       Income Taxes

                  The Company has adopted Statement of Financial Accounting
                  Standards No. 109 - "Accounting for Income taxes" (SFAS 109).
                  This standard requires the use of an asset and liability
                  approach for financial accounting, and reporting on income
                  taxes. If it is more likely than not that some portion or all
                  of a deferred tax asset will not be realized, a valuation
                  allowance is recognized.

         g)       Basic and Diluted Loss Per Share

                  In accordance with SFAS No. 128 - "Earnings Per Share", the
                  basic loss per common share is computed by dividing net loss
                  available to common stockholders by the weighted average
                  number of common shares outstanding. Diluted loss per common
                  share is computed similar to basic loss per common share
                  except that the denominator is increased to include the number
                  of additional common shares that would have been outstanding
                  if the potential common shares had been issued and if the
                  additional common shares were dilutive. At December 31, 2004,
                  the Company has no stock equivalents that were anti-dilutive
                  and excluded in the earnings per share computation.


4.       MINERAL PROPERTY INTEREST

         The Company has acquired a 100% interest in six mineral claims located
         in the Slocan Mining Division of British Columbia, Canada.


                                       9
<PAGE>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF PLAN OF OPERATIONS.

Some discussions in this report include a number of forward-looking statements
that reflect our current views with respect to future events and financial
performance. Forward-looking statements are often identified by words like:
believe, expect, estimate, anticipate, intend, project and similar expressions,
or words which, by their nature, refer to future events. You should not place
undue certainty on these forward-looking statements, which apply only as of the
date of this report. These forward-looking statements are subject to certain
risks and uncertainties that could cause actual results to differ materially
from historical results or our predictions.

We are a start-up, exploration-stage company, and have not yet generated or
realized any revenues from our business operations. We are not a blank check
company. We have no intentions of merging with any other companies or allowing
ourselves to be acquired by another company, or to act as a blank check company
as that term is defined under Rule 419 of Regulation C under the Rules of the
Securities Act of 1933.

We filed a registration statement on December 23, 2002, in a Form SB-2 under the
Securities Act of 1933, which was effective on July 10, 2003. This registration
statement was for a public offering of our shares of common stock for a minimum
amount of $40,000 and a maximum of $150,000. We commenced the offering of the
shares during October, 2003, and completed the maximum subscription of $150,000
in late November, 2003. We had intended to commence Phase 1 of the exploration
of the Company's mineral property in British Columbia in late October, 2003 in
order to complete Phase 1 by the end of November, 2003. However, due to snow in
the region, we delayed commencement of Phase 1 until June, 2004. The independent
geologist, Locke B. Goldsmith, has reported that the field work on the company's
claims was completed on September 15, 2004. The samples taken from the property
were submitted for analysis on Sept 21, 2004. The report on the results is
underway and will be completed when the results are received.

Subject to the results of this exploration program, we would then start Phase 2
in June, 2005 and complete Phase 2 at the end of August, 2005. Phase 2 would
take approximately three months to complete and would cost $35,000. We would
start Phase 3 at the beginning of November, 2005 and complete Phase 3 at the end
of September, 2006. Phase 3 would take approximately six months and would cost
$50,000. We cannot work from December to May because of bad weather conditions.

If the results of Phase 1 or 2 are not successful and we choose not to continue
Phase 2 or 3, we will seek to acquire other claims for exploration as we are an
exploration company. We will not acquire claims from related parties.

We have not generated any revenues and no revenues are anticipated unless and
until silver, lead and zinc are discovered on the property in which we have an
interest. Accordingly, we must raise cash from other than the sale of the
silver, lead and zinc. We will be conducting research in connection with the
exploration of the property on which we own mining interests. We are not going
to buy or sell any plant or significant equipment. We do not expect a change in
the number of our employees.


                                       10
<PAGE>

During the period under review, the company completed a private placement equity
funding with a number of accredited investors and European institutions for
gross proceeds to the company of US $525,000 by the sale of 3,500,000 shares at
a price of $0.15 cents. This funding is going to be utilised for working capital
requirements and to review potential mining projects in Africa. Combined with
the balance of funds remaining from our initial public offering of $150,000, we
anticipate we will be able to satisfy our cash requirements for the next twelve
months. As of the date of this report, Mr. de Larrabeiti had loaned to us
$23,611. This amount was repaid during the period from the proceeds of the
private placement. The company is now listed on the OTC Bulletin Board under the
trading symbol "MFMM".

LIMITED OPERATING HISTORY

There is no historical financial information about our company upon which to
base an evaluation of our performance. We are an exploration-stage company and
have not generated any revenues from operations. We cannot guarantee we will be
successful in our business operations. The mining business is fraught with
uncertainties and risks. Our business is also subject to risks inherent in the
establishment of a new business enterprise, including limited capital resources,
possible delays in the anticipated exploration of our mining claims, and
possible cost overruns due to price and cost increases in goods and services.

RESULTS OF OPERATIONS

>From Inception to December 31, 2004.
We acquired our mining interest on a property located in British Columbia and,
if warranted by a property analysis and report being prepared by an independent
geologist, we may commence our mining operations on that property.

Since inception, Mr. de Larrabeiti has advanced to us the total sum of $23,611
for our corporate costs, mining interest acquisition costs and offering expenses
required before the completion of the offering, and we issued 8,500,000 shares
of common stock to raise money. The company also placed a further 3,500,000
shares by a private placement during the period. Net cash provided by financing
activities from inception to December 31, 2004, was $685,908, as a result of
proceeds received from share subscriptions.

LIQUIDITY AND CAPITAL RESOURCES

We issued 7,000,000 founders shares on August 14, 2002 for the amount of $7,000.
We further issued 1,500,000 shares during November, 2003 upon the completion of
our public offering for the amount of $150,000. We issued 3,500,000 shares
during November, 2004 in a private placement. Since our inception, Mr. de
Larrabeiti advanced to us the total sum of $23,611, which was used for
organizational and start-up costs, operating capital and offering expenses
incurred prior to the completion of this offering. The loan was repaid during
the period under review. As of December 31, 2004 our total assets were $567,242
and our total liabilities were $800.


                                       11
<PAGE>

ITEM 3.  CONTROLS AND PROCEDURES

Based on his most recent evaluation, which was completed within 90 days of
filing of this Form 10-QSB, the Company's chief executive officer and chief
financial officer believes the Company's disclosure controls and procedures (as
defined in Exchange Act Rule 13a-14 and 15d-14) are effective. There were not
any significant changes in the Company's internal controls or no other facts
that could significantly affect these controls subsequent to the date of this
evaluation, including any corrective actions with regard to significant
deficiencies and material weaknesses. The Company is presently unable to provide
segregation of duties within the Company as a means of internal control. As a
result, the Company is presently relying on overriding management reviews, and
assistance from its board of directors in providing short-term review procedures
until such time as additional funding is provided to hire additional executives
to segregate duties within the Company.

                           PART II - OTHER INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

(a)

         Exhibit No.   Description

         3.1*          Articles of Incorporation

         3.2*          Bylaws

         4.1*          Specimen Stock Certificate

         10.1*         Bill of Sale Absolute

         10.2*         Statement of Trustee

         10.3*         Deed

         10.4*         Agreement between Clive de Larrabeiti and the Company

         10.5*         Agreement between Locke Goldsmith and Clive de Larrabeiti

         10.6*         Escrow Agreement

         31            Certification provided pursuant to Section 302 of the
                       Sarbanes-Oxley Act of 2002

         32            Certification provided pursuant to 18 U.S.C. Section
                       1350 as adopted pursuant to Section 906 of the
                       Sarbanes-Oxley Act of 2002

*Filed as an Exhibit to the Company's Registration Statement on Form SB-2, dated
December 25, 2002, and incorporated herein by this reference.


                                       12
<PAGE>

(b)     No reports on Form 8-K and no financial statements were filed during the
        quarter for which this report is filed.

SIGNATURES

In accordance with the requirements of the Exchange Act, the Registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

Dated:  February 14, 2005

MAYFAIR MINING & MINERALS, INC.

BY: /S/ CLIVE DE LARRABEITI
    -----------------------
    Clive de Larrabeiti
    President and Director
    (who also performs the function of principal financial officer and principal
    accounting officer)

BY: /S/ PAUL CHUNG
    --------------
    Paul Chung
    A Director


                                       13