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

                                   Form 10-Q SB


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

                        For Quarter Ended November 30,1999

                         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)


 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.


                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:

              8,420,544 shares of Common Stock, $.00001 par value.


<PAGE>


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

                                Form 10-Q SB Index
                                 November 30,1999

                                     PART I


                                                                          Page
                                                                          Number
Item 1.   Financial Statements (Unaudited):

          Balance Sheet at November 30, 1999--------------------------------  3

          Statements of Operations and Accumulated Deficit for the quarter
          ended November 30,1999 and the year ended May 31, 1999 -----------  4

          Statements of Cash Flows for the quarter
          ended November 30,1999 and the year ended May 31, 1999 -----------  5

          Notes to Financial Statements ------------------------------------  6

Item 2.   Management's Discussion and Analysis or Plan of Operations -------  7

                                     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------------------------------------------------------------------ 10


                                      2


<PAGE>

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

                                     ASSETS

<TABLE>
<CAPTION>



                                                   November 30,1999                    May 31, 1999
                                                   ----------------                    ------------
<S>                                                <C>                                 <C>


CASH                                               $          172                      $    5,604


PROPERTY & EQUIPMENT
  Equipment                                                11,567                          11,567
    Less Depreciation                                        (568)                           (378)
                                                   ---------------                    ------------
                                                           11,094                          11,189

OTHER ASSETS
  Security deposit                                            675                             675
                                                   ---------------                    ------------
                                                              675                             675
                                                   ---------------                    ------------
    TOTAL ASSETS                                   $       11,846                      $   17,468
                                                   ===============                    ============


LIABILITIES AND
STOCKHOLDERS' DEFICIENCY

CURRENT LIABILITIES
  Accounts payable                                 $       12,760                      $   12,291
  Due to related parties                                   31,976                          23,976
                                                   ---------------                    ------------
    TOTAL CURRENT LIABILITIES                              44,736                          36,267

STOCKHOLDERS' DEFICIENCY
  Common stock (50,000,000 shares authorized
  6,922,159 and 6,922,159 issued, par                       6,923                           6,923
    value .001, respectfully
  1,493,385 and 1,493,385 issued, par
    value .00001, respectfully)                                14                              14
                                                   ---------------                    ------------
                                                            6,937                           6,937

  Paid in capital                                         336,750                         336,750
  Accumulated (deficit)                                  (376,577)                       (362,486)
                                                   ---------------                    ------------

    TOTAL STOCKHOLDERS' (DEFICIENCY)                      (32,890)                        (18,799)
                                                   ---------------                    ------------
    TOTAL LIABILITIES &
           STOCKHOLDERS' DEFICIENCY               $       11,846                       $   17,468
                                                   ===============                    ============
</TABLE>


 See notes to financial statements


                                      3


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

                                           Cumulative           Three Months
                                             From                   Ended
                                           Inception            November 30,1999
                                           -----------          ----------------


REVENUE                                     $        0           $           0

EXPENSES
GENERAL AND ADMINISTRATIVE EXPENSES            376,577                   3,948
                                            -----------          ---------------
NET LOSS                                      (376,577)                 (3,948)
                                            -----------          ---------------

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

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



LOSS PER SHARE                                ($0.0447)               ($0.0007)
                                            ===========          ===============

WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING DURING THE PERIOD                8,415,544                8,420,544
                                            -----------          ---------------


See notes to financial statements

                                      4
<PAGE>

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


<TABLE>
<CAPTION>


                                                                Cumulative      Three Months
                                                                  From             Ended
                                                                Inception       November 30,1999
                                                                ----------      ----------------
<S>                                                             <C>             <C>


CASH FLOWS FROM OPERATING ACTIVITIES

  Net Income/(Loss)                                             $(376,577)      $      (3,947)

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

Increase/(decrease) in cash:
  Depreciation                                                        568                  95
  Deposits                                                           (675)                  0
  Accounts payable                                                 13,903                (676)
                                                                ----------      ---------------
Net cash provided by operating activities                        (362,780)             (4,528)


CASH FLOWS FROM INVESTING ACTIVITIES
  Sale of Stock                                                   343,687                   0
  Sale /(purch):fixed assets                                      (11,567)
                                                                ----------      ---------------
Net cash used by investing activities                             332,120                   0


CASH FLOWS FROM FINANCING ACTIVITIES

  Increase in loans payable                                        31,976               4,700
                                                                ----------      ---------------
Net cash provided by financing activities                          31,976               4,700
                                                                ----------      ---------------
Net increase/(decrease) in cash and cash equivalent                     0                 172


 Cash - beginning of year                                               0                   0
                                                                ----------      ---------------
 Cash - end of year                                             $       0       $         172
                                                                ==========      ===============
</TABLE>

See notes to financial statements

                                      5
<PAGE>

                        AMERICAN PRECIOUS METALS, INC.
                          (a development stage company)
                          NOTES TO FINANCIAL STATEMENTS
                                 November 30,1999
                                   (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 10K report for the fiscal year ended May 31, 1999.



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

                                        November 30,1999
                                        ---------------
Due to (from) Related Parties:
Corporate Officers and Directors        $31,976
                                        ---------------
                                        $31,976
                                        ---------------



NOTE 3.   CAPITAL STOCK:
------------------------
     During the three months  ended  November  30,1999 the Company  issued 5,000
shares of common  stock,  par value  $.00001  per  share.  Money was  received &
deposited 7/1/98. Share were issued in the quarter ending 11/30/99.



NOTE 4.   OTHER MATTER
----------------------
     The financial statements show a loss of ($3,947) for the three months ended
November 30,1999 with accumulated (deficits) of ($376,577) as of that date.


                                     6
<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.  The Company  intends to assist other  mining  companies in
development,  process and/or operate junior mining  companies  through  majority
owned  subsidiaries  or investment  in other mining  companies  through  venture
capital arrangements.  If successful in acquisition program, the employees would
increase in  proportion  to the  company's  acquired.  At the  present  time the
Company has not submitted any proposals for potential acquisition.

     In the  next  twelve  months,  the  Company  plans  to  seek  out  business
opportunity  candidates.  To date,  the Company has  introduced  Birch  Mountain
Resources to several  analytical  labs and processes and a Finders Fee Agreement
has been  signed.  The  Board of  Directors  of Birch  Mountain  Resources  have
approved an agreement  dated the 25th day of June,  1999 with American  Precious
Metals, Inc. American Precious Metals, Inc. will receive 500,000 shares of Birch
Mountain  Resources  common  stock as a finder's  fee.  70% of the fee  (350,000
common  shares)  shall  be  issued  to  American   Precious   Metals,   Inc.  in
consideration of introductions to third parties who have materially advanced the
research and development of any assay procedure.  30% of the fee (150,000 common
shares)  shall be issued to American  Precious  Metals,  Inc. upon a proprietary
assay  procedure on Birch Mountain  Athabasca  Project.  The total value will be
approximately  $187,500.  To date the Company has not  received  the shares from
Birch Mountain.  The Company plans to introduce  other mining  companies and the
Company  believes  that this plan of  operations  can be  conducted  through the
efforts of a current  officer  and will not require any  additional  funds.  The
Company  anticipates that the business  opportunities  will be available through
the contacts of Jack Wagenti, the Company's  President.  The Company anticipates
that the  investigation  of specific mining  opportunities  and the negotiation,
drafting and execution of relevant  agreements,  and other  instruments  will be
done by Jack Wagenti or under his direction.  The Company plans to  investigate,
to the extent believed  reasonable by us, such potential  mining  opportunities.
Due to our limited  experience and resources in business  analysis,  the Company
may not discover or adequately  evaluate  adverse facts about a potential mining
opportunity.

     Inasmuch as the Company  will have no funds  available  to us in our search
for mining  opportunities,  the Company  will not be able to expend  significant
funds  on  a  complete  and  exhaustive   investigation   of  potential   mining
opportunities.  The Company  anticipates  that it will incur nominal expenses in
the  implementation of our business plan described  herein.  Because the Company
has no capital with which to pay these expenses,  our present management,  which
consists of Jack Wagenti,  President,  and Dr. Emanuel  Ploumis  Chairman of the
Board,  CEO, the  Company's  CEO and  President  intend to pay all expenses with
personal funds as loans to the Company.

     The Company's  management  has no future  obligation to provide the Company
with future loans or  contributions.  The failure of our  management  to provide
loans or  contributions  in the future could prevent the Company's  plan to seek
out business opportunities.

REVENUES

     Three Months ended November 30,1999, the Registrant's revenues were $ -0-.




                                     7


<PAGE>


RENT AND ADMINISTRATION

     As of  February  1,  1999,  the  Company  does not own or lease any real or
personal  property.  The Company currently  operates without charge out of space
donated by the Company's President, Jack Wagenti, at 260 Garibaldi Avenue, Lodi,
NJ 07644,  his home.  No rent is  charged  to the  Company  and no formal  lease
exists.


GENERAL AND ADMINISTRATIVE EXPENSES

     General and administrative expenses for the quarter ended November 30,1999,
amounted to $14,090.  Expenses for the year ended May 31, 1999 totaled  $74,372.
Cumulative expenses since inception totaled $376,577.

                         LIQUIDITY AND CAPITAL RESOURCES

     The Company's cash position was $ 172 as of November  30,1999,  as compared
with a $5,604 balance as of year end May 31, 1999.

     The net cash  provided  during  the six months  ended  November  30,  1999,
consisted  of the year end  balance of May 31,  1999,  $5,603 and loans from the
President Jack Wagenti of $8,000.  These proceeds  funded  operating  activities
during the six months.

     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.

     As of the date of the filing of this report,  there were no commitments for
material capital expenditures.




                                     8
<PAGE>


                                                                PART II

Item 1.   Legal Proceedings.

          None

Item 2.   Changes in Securities.

     5,000 common shares par value  $0.00001,  money was received & deposited on
7/1/98. Shares were issued in the quarter ending 11/30/99.

Item 3.   Defaults Upon Senior Securities.

          None

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

          None

Item 5.   Other Information.

     The  Board of  Directors  of Birch  Mountain  Resources  have  approved  an
agreement dated the 25th day of June, 1999 with American  Precious Metals,  Inc.
American  Precious  Metals,  Inc. will receive  500,000 shares of Birch Mountain
Resources common stock as a finder's fee. 70% of the fee (350,000 common shares)
shall  be  issued  to  American  Precious  Metals,   Inc.  in  consideration  of
introductions  to third  parties who have  materially  advanced the research and
development of any assay procedure. 30% of the fee (150,000 common shares) shall
be issued to American  Precious Metals,  Inc. upon a proprietary assay procedure
on Birch  Mountain  Athabasca  Project.  The total  value will be  approximately
$187,500. To date the shares have not been received from Birch Mountain.

Item 6.   Exhibits and Reports on Form 8-K

          (a) Exhibits

     The following  exhibits marked with a footnote  reference were filed with a
registration statement,  which will automatically become effective on January 8,
2000 under the Securities Act of 1933, as amended (the  "Securities  Act"),  and
are incorporated herein by this reference. If no footnote reference is made, the
exhibit is filed with this Report.

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       Copy of Agreement with Birch Mountain Resources.  (2)

27         Financial Data Schedule.
-------------------------------------

     (1) Filed as an Exhibit to the Company's  Form 10SB filed November 8, 1999
         and incorporated herein by this reference.
     (2) Filed as an Exhibit to the Company's Form 10QSB filed December 30, 1999
         and incorporated herein by this reference.

          (b) Reports on Form 8-K
              None

                                     9


<PAGE>







                                   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 23, 2000


AMERICAN PRECIOUS METALS, INC.


By:/s/ Jack Wagenti
--------------------
       Jack Wagenti
       President


                                      10