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

                                   Form 10-QSB


                   QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                        For Quarter Ended November 30,2000

                         Commission File Number 0-30368



                         American Precious Metals, Inc.



   Delaware                                           22-3489463
-------------------------------             ------------------------------------

(State or other jurisdiction of             (I.R.S. Employer Identification No.)
 incorporation or organization)



                  260 Garibaldi Avenue, Lodi, New Jersey 07644
          ------------------------------------------------------------
                    (Address of principal executive offices)


                                 (973) 335-4400
              (Registrant's telephone number, including area code)

Securities registered under Section 12 (b) of the Act:

         Title of each class              Name of exchange on which
          to  be  registered             each  class is to be registered

            None                              None


Securities registered under Section 12(g) of the Act:

Common Stock
(Title of Class)

 Indicate  by check  mark  whether  the  registrant  (1) has filed  all  reports
 required to be filed by Section 13 or 15 (d) of the Securities  Exchange Act of
 1934 during the  proceeding  12 months and (2) has been  subject to such filing
 requirements for the past 90 days.

(1) Yes: [X]    No: [ ]
(2) Yes: [X]    No: [ ]



Indicate the number of shares  outstanding  of each of the issuer's  classes of
common stock, as of the close of the period covered by this report:

              9,020,544 shares of Common Stock, $.00001 par value.

Transitional Small Business Issuer Format (Check One):
Yes:      No:  X

<PAGE>

                          AMERICAN PRECIOUS METALS, INC.
                          (A Development Stage Company)

                                Form 10-QSB Index
                                November 30, 2000


                          PART I -FINANCIAL INFORMATION
<TABLE>
<CAPTION>

                                                                                      Page
                                                                                      Number
<S>                                                                                   <C>
Item 1.   Financial Statements (Unaudited):

          Balance Sheet at November 30, 2000----------------------------------------      3

          Statements of Operations and Accumulated Deficit for the six months
          ended November 30, 2000 and the six months ended November 30, 1999--------      4

            Statements of Operations and Accumulated Deficit for the three months
          ended November 30, 2000 and the three months ended November 30, 1999------      5

          Statements of Cash Flows for the six months
          ended November 30, 2000 and Cumulative from Inception --------------------      6

          Notes to Financial Statements --------------------------------------------      7

Item 2.   Management's Discussion and Analysis or Plan of Operations ---------------      8

                                     PART II

Item 1.   Legal Proceedings --------------------------------------------------------      9


Item 2.   Changes in Securities ----------------------------------------------------      9


Item 3.   Defaults Upon Senior Securities ------------------------------------------      9


Item 4.   Submission of Matters to a Vote of Security Holders ----------------------      9


Item 5.   Other Information---------------------------------------------------------      9


Item 6.   Exhibits and Reports on Form 8-K------------------------------------------      9


Signatures--------------------------------------------------------------------------     11

</TABLE>

                                        2

<PAGE>


Item 1. Financial Statements


                         AMERICAN PRECIOUS METALS, INC.
                          (a development stage company)
                                  BALANCE SHEET
                                   (UNAUDITED)

                                     ASSETS


<TABLE>
<CAPTION>
                                                   November 30,2000                   May 31, 2000
                                                   ----------------                   ------------
<S>                                                <C>                                <C>
CURRENT ASSETS
 Cash                                              $        6,577                    $        63
 Prepaid Expenses                                             150                            100
 Notes Receivable                                          10,000                              0
                                                   -----------------                 -------------
  Total Current Assets                                     16,727                            163
                                                   -----------------                 -------------

PROPERTY & EQUIPMENT
 Machinery & Equipment                                    11,567                         11,567
 Less Depreciation                                        (3,070)                        (1,913)
                                                   ---------------                   -------------
  Total Property & Equipment                               8,497                          9,654
                                                   ----------------                  -------------
OTHER ASSETS
 Investment - Long Term                                  227,924                              0
                                                   ----------------                  -------------
 Total Other Assets                                      227,924                              0
                                                   ----------------                  -------------
TOTAL ASSETS                                       $     253,148                     $    9,817
                                                   ================                  =============



LIABILITIES AND
STOCKHOLDERS' DEFICIENCY

CURRENT LIABILITIES
  Accounts payable                                 $       2,500                     $   10,077
  Loan payable                                            37,164                         37,876
  Deposit Payable                                         10,000                         10,000
  Federal & State tax payable                                  0                            200
                                                   ---------------                   -------------
  TOTAL Current Liabilities                               49,664                         58,153
                                                   ---------------                   -------------

STOCKHOLDERS' DEFICIENCY
  Common stock (50,000,000 shares authorized
  6,927,159 and 6,927,159 issued, par                      6,928                          6,928
    value .001, respectfully
  2,093,385 and 1,493,385 issued, par
    value .00001, respectfully)                               20                             14
                                                   ---------------                    ------------
                                                           6,948                          6,942

  Paid in capital                                        374,239                        336,745
  Unrealized gain/(loss) on investments                  227,924                              0
  Accumulated (deficit)                                 (405,627)                      (392,023)
                                                   ---------------                    ------------
       TOTAL STOCKHOLDERS' (DEFICIENCY)                  203,484                        (48,336)
                                                   ---------------                    ------------
       TOTAL LIABILITIES &
           STOCKHOLDERS' DEFICIENCY                $     253,148                      $   9,817
                                                   ===============                    ============
</TABLE>


See notes to financial statements


                                        3
<PAGE>


                         AMERICAN PRECIOUS METALS, INC.
                          (a development stage company)
                STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
                                   (UNAUDITED)
<TABLE>
<CAPTION>

                                            Cumulative     Three Months         Three Months
                                              From            Ended               Ended
                                            Inception      November 30,2000     November 30,1999
                                            -----------    ----------------     ----------------
<S>                                         <C>            <C>                  <C>
REVENUE                                     $        0     $            0       $            0

EXPENSES
GENERAL AND ADMINISTRATIVE EXPENSES            405,627              9,069                3,948
                                            -----------    ----------------     ----------------
NET LOSS                                      (405,627)            (9,069)              (3,948)
                                            -----------    ----------------     ----------------

ACCUMULATED DEFICIT - BEGINNING             $        0     $     (396,558)      $     (372,629)
                                            -----------    ----------------     ----------------

ACCUMULATED DEFICIT - ENDING                $ (405,627)    $     (405,627)      $     (376,577)
                                            ===========    ================     ================



LOSS PER SHARE                                ($0.0450)          ($0.0010)            ($0.0005)
                                            ===========    ================     ================

WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING DURING THE PERIOD                9,020,544          8,820,544            8,420,544
                                            -----------    ----------------     ----------------
</TABLE>



See notes to financial statements


                                        4
<PAGE>


                         AMERICAN PRECIOUS METALS, INC.
                          (a development stage company)
                STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                            Cumulative     Six Months           Six Months
                                              From           Ended                Ended
                                            Inception      November 30,2000     November 30, 1999
                                            -----------    ----------------     -----------------
<S>                                         <C>            <C>                  <C>
REVENUE                                     $        0     $            0       $            0

EXPENSES
GENERAL AND ADMINISTRATIVE EXPENSES            405,627             13,604               14,090
                                            -----------    ----------------     -----------------
NET LOSS                                      (405,627)           (13,604)             (14,090)
                                            -----------    ----------------     -----------------

ACCUMULATED DEFICIT - BEGINNING             $        0     $     (392,023)      $     (362,487)
                                            -----------    ----------------     -----------------

ACCUMULATED DEFICIT - ENDING                $ (405,627)    $     (405,627)      $     (376,577)
                                            ===========    ================     =================



LOSS PER SHARE                                ($0.0450)          ($0.0016)            ($0.0017)
                                            ===========    ================     =================

WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING DURING THE PERIOD                9,020,544          8,620,544            8,420,544
                                            -----------    ----------------     -----------------

</TABLE>


See notes to financial statements



                                        5
<PAGE>


                         AMERICAN PRECIOUS METALS, INC.
                          (a development stage company)
                            STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                                Cumulative      Six Months
                                                                  From             Ended
                                                                Inception       November 30,2000
                                                                ----------      ----------------
<S>                                                             <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES

  Net Income/(Loss)                                             $(405,627)      $      (13,604)

Adjustments to reconcile net income to net
cash provided by operating activities

Increase/(decrease) in cash:
 Depreciation                                                       3,070                1,157
 Notes Receivable                                                 (10,000)             (10,000)
 Deposits Payable                                                  10,000                    0
 Accounts Payable                                                   2,500              ( 7,577)
 Prepaid Expenses                                                    (150)             (    50)
 Federal and State Taxes Payable                                        0              (   200)
                                                                ----------      ----------------
Net cash provided by operating activities                        (400,207)             (30,274)


CASH FLOWS FROM INVESTING ACTIVITIES
  Sale of Stock                                                   381,187               37,500
  Sale /(purch):fixed assets                                      (11,567)                   0
                                                                ----------      ----------------
Net cash used by investing activities                             369,620               37,500


CASH FLOWS FROM FINANCING ACTIVITIES

  Increase in loans payable                                        37,164                 (712)
                                                                ----------      ----------------
Net cash provided by financing activities                          37,164               36,788
                                                                ----------      ----------------
Net increase/(decrease) in cash and cash equivalent                 6,577                6,514


 Cash - beginning of year                                               0                   63
                                                                ----------      ----------------
 Cash - end of year                                             $   6,577       $        6,577
                                                                ==========      ================

</TABLE>

See notes to financial statements




                                        6
<PAGE>


                        AMERICAN PRECIOUS METALS, INC.
                          (a development stage company)
                          NOTES TO FINANCIAL STATEMENTS
                                 November 30,2000
                                   (UNAUDITED)



NOTE 1.   REGARDING FINANCIAL STATEMENTS:
-----------------------------------------
     The financial  information herein submitted is unaudited.  However,  in the
opinion of management,  such  information  reflects all adjustments  (consisting
only of normal occurring accruals) necessary for a fair statement of the results
of operations for the periods being presented.  Additionally, it should be noted
that the  accompanying  condensed  financial  statements  do not purport to be a
complete disclosure in conformity with generally accepted accounting principles.
These  condensed  statements  should be read in  conjunction  with the Company's
financial statements and Form 10-KSB for the fiscal year ended May 31, 2000.

NOTE 2.   DUE FROM/TO RELATED PARTIES:
--------------------------------------
     Receivables and Payables have been generated by  transactions  with related
parties, which are detailed as follows:

                                        November 30,2000
                                        ----------------
Due to (from) Related Parties:
Corporate Officers and Directors              $37,164
                                        ----------------
                                              $37,164
                                        ----------------


NOTE 3.   CAPITAL STOCK:
------------------------
     During the three months ended  November  30,2000 the Company issued 600,000
units at $0.0625.  A unit  consist  one share of common  stock and one half of a
common stock purchase warrant.

     The terms of the Stock Warrants are generally described as follows:

     (i) each full Stock  Warrant  shall enable the holder to purchase one share
         of common  stock of the  Company  for the  exercise  price per share
         during the exercise period, provided that no fractional share exercise
         is permissible.

    (ii) the exercise price for each full share of common stock is $1.00.

   (iii) the exercise  period will commence on date issued and will  terminate
         one (1) year from such date.

     The shares  were  issued to  accredited  investors  in the  quarter  ending
11/30/00 and gave the Company $37,500 in working capital.

NOTE 4.   INVESTMENTS

     At November  30, 2000 the Company  wrote up to fair market  value,  certain
equity security investments. The write up amounted to $227,924 and was due to an
increase in the fair market value of the equity  security.  The equity  security
was valued a $0 when received due to the suspension  from trading.  The write up
was credited to retained  earnings in accordance with SFAS 115 - "Accounting for
Certain Investments in Debt and Equity Securities",  in the accompanying balance
sheet Securities consisted of the following:

Non-Current Asset                   Cost                      Fair Market Value
-------------------------------------------------------------------------------

Common Stock                         $0                          $227,924


NOTE 5. OTHER MATTERS

     The  financial  statements  show a loss of $13,604 for the six months ended
November 30, 2000 with accumulated (deficits) of $405,627 as of that date.



                                        7
<PAGE>


Item 2.
Management's Discussion and Analysis or Plan of Operations

     The Company is considered to be in the development  stage as defined in the
Statement of Financial Accounting  Standards ("FASB") No.7.  Management believes
it will be able to satisfy its cash  requirements  through  debt  financing  and
sales of equity  through  private  placements  during  the next  twelve  months.
However,  there can be no  assurance  that the Company will be able to raise the
financing  required.  To date,  the  Company's  operations  have been limited to
providing  certain  consulting  services  to mining  companies.  These  services
include, the review and introduction of assay processes, and the introduction of
technical personnel and sources of investment capital. In June 1999, the Company
entered into a finder's fee  agreement  with Birch  Mountain  Resources  Ltd., a
company publicly traded on the Canadian Venture Exchange. The Company introduced
technical  consultants  to Birch  Mountain  that advanced  certain  mining assay
procedures  employed by Birch Mountain.  Pursuant to the finder's fee agreement,
the  Company is  entitled  to receive  500,000  shares of common  stock of Birch
Mountain,  of which the Company  has  received  350,000  shares.  The  remaining
150,000  shares  will be issued to Company  upon  Birch  Mountain  developing  a
proprietary  assay  procedure that meets certain  pre-determined  standards.  No
assurances  can be given that the  remaining  150,000  shares of common stock of
Birch  Mountain  will be issued to the Company.  The Company  intends to provide
similar  services to other mining  companies  in the future,  although it has no
present arrangement with any other mining company.

     During the second fiscal  quarter of 2000,  the Company made inquiry into a
business  opportunity  unrelated  to the mining  industry.  In this  regard,  on
November 2, 2000, the Company  entered into an Intent to Share Exchange with TLM
Industries,  Inc.  (see  "Part II OTHER  INFORMATION  Item 5 Other  Information"
herein below).

REVENUES

     Revenues for the three and six months ended November 30, 2000 and three and
six month periods ended November 30, 1999 were $0.

GENERAL AND ADMINISTRATIVE EXPENSES

     General and  administrative  expenses  for three month and six month period
ended November 30,2000, amounted to $9,069 and $13,604,  respectively,  compared
with $3,948 and $14,090 for the comparable period in 1999. Expenses for the year
ended May 31, 2000 totaled $29,537.  Cumulative expenses since inception totaled
$405,627.

LIQUIDITY AND CAPITAL RESOURCES

      As of November 30, 2000, the Company's cash position was $6,577.

     Since its inception,  the Company's operations have been funded principally
through  the  private  placement  of its  common  stock and from  loans from the
Company's president and chairman. During fiscal year 1998 and continuing through
fiscal year 2000, the Company's capital requirements have been insignificant due
to its relatively limited  operations.  During the six months ended November 30,
2000, operations were funded principally through available cash.

     In  connection  with the  acquisition  of TLM,  the  Company is required to
provide  approximately  $150,000  in capital for TLM's  operations.  The Company
plans to satisfy these  requirements  though the private placement of its common
stock,  or through debt  financing.  No assurances can be given that the Company
will be successful in its financing endeavors. To date, the Company has provided
$3O,000 of the $150,000 to TLM.

     During the next twelve  months,  American  Precious  Metals,  Inc. plans to
satisfy its cash requirements  through  additional debt and/or equity financing.
There can be no  assurance  that the Company will be  successful  in raising the
additional financing.


                                        8
<PAGE>


                                     PART II

Item 1.   Legal Proceedings.

          None

Item 2.   Changes in Securities.

          None


Item 3.   Defaults Upon Senior Securities.

          None

Item 4.   Submission of Matters to a Vote of Security Holders.

          None

Item 5.   Other Information.

     On  November  2,  2000,  the  Company  signed an  Intent of Share  Exchange
("Letter of Intent") with TLM Industries,  Inc. ("TLM").  TLM through its wholly
owned subsidiary,  GetToner.com, Inc., sells disposable imaging products such as
laser  toner,  inkjet,  and fax ribbon  cartridges  for computer  printers,  fax
machines and copiers.  The Letter of Intent  provides for the acquisition by the
Company of all of the issued and  outstanding  capital  stock of TLM in exchange
for  2,000,000  shares of common  stock of the  Company  issuable  upon  certain
conditions.  The  Letter  of Intent  is  subject  to  certain  other  conditions
contained therein.  Following the execution of the Letter of Intent, the parties
have continued the negotiation of material terms of the transaction. The parties
have  negotiated  to  increase  in the  number of shares to be issued to the TLM
shareholders  from 2,000,000 to 3,225,000 shares of common stock of the Company.
In addition,  the shares are to be issued upon completion of the transaction and
such issuance is not subject to any other  conditions.  All of the  negotiations
between  the parties are subject to the  execution  of a  definitive  agreement.
Although  the parties are using  their best  efforts to enter into a  definitive
agreement,  no assurances can be given that an agreement will be entered into by
the  parties.  In  addition,  pursuant  to the Letter of Intent,  the Company is
required to provide approximately $150,000 in capital for TLM's operations on or
before  closing.  The Company  plans to satisfy  these  requirements  though the
private placement of its common stock, or through debt financing.  No assurances
can be given that the Company will be successful in its financing endeavors.  If
the  parties do not affect the  transaction,  all monies  provided to TLM by the
Company will be subject to and repaid pursuant to one or more  promissory  notes
in favor of the Company.  To date,  the Company has provided TLM with $30,000 in
capital.  A promissory note in the amount of $10,000 has been executed by TLM in
favor of the Company (see Exhibit 10.3 herein).


Item 6.   Exhibits and Reports on Form 8-K

          (a) Exhibits

Number    Exhibit
------------------

 3.1      Certificate  of  Incorporation  of Company filed with the Secretary
          of State of Delaware on January 13, 1998.  (1)

 3.2      Copy of the by-laws of the Company.  (1)

 3.3      Specimen Stock Certificate.  (1)

10.1      Finder's Fee  Agreement with Birch Mountain Resources Ltd. (2)

10.2      Intent of Share Exchange dated November 2, 2000 by and between
          American Precious Metals, Inc. and TLM Industries, Inc.

10.3      Promissory Note dated November 27, 2000 executed by GetToner.com,
          Inc. in favor of American Precious Metals, Inc.

27        Financial Data Schedule.

                                        9
<PAGE>

-------------------------------------

     (1)  Filed as an Exhibit to the Company's  Form 10 SB filed November 8,
          1999 and incorporated herein by this reference.

     (2)  Filed as an Exhibit to the Company's Form 10Q SB filed December 30,
          1999 and incorporated herein by this reference.

          (b) Reports on Form 8-K
              None

                                       10
<PAGE>

                                   SIGNATURES



     In accordance with the requirements of the Securities Exchange Act of 1934,
the  registrant  has duly  caused  this report to be signed on its behalf by the
undersigned thereunto duly authorized.

Dated: January 16, 2001

AMERICAN PRECIOUS METALS, INC.

BY:/s/Jack Wagenti
------------------
      Jack Wagenti
      President


                                       11
<PAGE>

                                 EXHIBIT INDEX

EXHIBIT NO.    DESCRIPTION                                       PAGE

10.2           Letter of Intent-Share Exchange                     2

10.3           12% Promissory Note due November 27, 2002           4

                                        1