UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                 Washington, D.C. 20549
                       FORM 10-QSB

[X] Quarterly Report under Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the quarterly period ended June 30, 2004

[ ] Transition report under Section 13 or 15(d) of the Exchange Act
For the transition period from ---- to -----

               Commission File Number 333-79405

                   NATALMA INDUSTRIES, INC.
   --------------------------------------------------
  (Exact name of registrant as specified in its charter)

       Nevada                            88-0409369
--------------------------            -----------------
(State or other jurisdiction          (I.R.S. Employer
of incorporation or organization      Identification No.)


    1550 Ostler Court N. Vancouver, B.C., Canada   V7G 2P1
------------------------------------------------   -------
(Address of principal executive offices)          (Zip Code)

Registrant's telephone number, including area code:(604) 924-8000

                               None
------------------------------------------------------------------
Former Name, Address and Fiscal Year, if Changed Since Last Report

Check whether the issuer: (1) filed all reports required to be filed
by Section 13 or 15(d) of the Exchange Act during the past 12 months
(or for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes X No

At June 30, 2004, there were 11,777,500 shares of our common
stock issued and outstanding.


                                1

<PAGE>


                             PART 1

Item 1. Financial Statements
----------------------------

The financial statements included herein have been prepared by us,
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 generally accepted accounting principles have been
omitted. However, in the opinion of management, all adjustments
(which include only normal recurring accruals) necessary to present
fairly the financial position and results of operations for the period
presented have been made. The results for interim periods are not
necessarily indicative of trends or of results to be expected for the
full year. These financial statements should be read in conjunction
with the financial statements and notes thereto included in the
our Form 10KSB for the year ended December 31, 2003, which can be
found on the SEC website (www.sec.gov) under SEC File Number
333-79405.





















                                2
<PAGE>

<TABLE><CAPTION>
                   NATALMA INDUSTRIES, INC.
                       Balance Sheet
                        A S S E T S
                        -----------
                                   June 30    December 31
                                     2004        2003
                                  ---------   -----------
 <S>                                  <C>          <C>
Current Assets
--------------
Cash                              $229,929     $234,478
                                  --------     --------
Total Current Assets               229,929      234,478
                                  --------     --------
Total Assets                      $229,929     $234,478
                                  ========      =======

              L I A B I L I T I E S
              ---------------------
Current Liabilities
-------------------
Accounts payable                  $ 1,700      $  2,250
                                  -------       -------
Total Current Liabilities           1,700         2,250
                                  -------       -------
Total Liabilities                   1,700         2,250

Commitments and
Contingencies                           -             -

          S T O C K H O L D E R S' E Q U I T Y
          ------------------------------------
Common Stock                       11,778        11,778
25,000,000 authorized shares,
par value $.001, 11,777,500
shares issued and outstanding
Additional Paid-In-Capital        331,152       331,152
Accumulated Deficit during the
Development Period               (114,701)     (110,702)
                                  -------       -------
Total Stockholders' Equity
(Deficit)                         228,229       232,228
                                  -------       -------
Total Liabilities and
Shareholders' Equity              229,929       234,478
                                  =======       =======
</TABLE>

The accompanying notes are integral part of the consolidated
financial statements.
                               3
<PAGE>

<TABLE><CAPTION>

              NATALMA INDUSTRIES, INC.
              Statement of Operations
                   (Unaudited)                                          From
                            ------------------   -------------------  Inception
                            Three Months Ended    Six Months Ended    on July 9,
                                   June 30             June 30         1998 to
                            ------------------   -------------------   June 30,
                              2004       2003       2004     2003        2004
                            =========  ========   ======== =========  =========
<S>                            <C>       <C>        <C>      <C>         <C>
Revenues:
---------
Revenues                            -       567      1,694       566       566
                            --------- ---------  --------- ---------  ---------
Total Revenues              $       - $     567  $   1,694 $     566  $    566

Expenses:
--------
Professional fees               4,292     2,634      4,224     3,434    46,391
Travel                          1,147         -      1,147         -     1,147
Option to Purchase
  mineral property                  -         -          -         -    55,500
Operating Expenses                  6       108        322       108    12,229
                            --------- ---------  --------- ---------  --------
Total Expenses                  5,445     2,742      5,693     3,542  $115,267

Net Income before Taxes     $  (5,445)$  (2,742) $  (3,999) $ (2,976)$(114,701)

Provision for Income Taxes:
---------------------------
Income Tax Benefit                  -         -          -          -
Net Income (Loss)           $  (5,445)$  (2,742) $  (3,999) $ (2,976)$(114,701)
                            ========== ========= ========== ========== =======
Basic and Diluted
Earnings Per Common Share       (0.00)    (0.00)     (0.00)    (0.00)   (0.01)
                            ---------- --------- ---------  ---------- -------
Weighted Average number of
Common Shares used in per
share calculations         11,777,500 11,777,500 11,668,333 11,500,000 11,500,000
                           ========== ========== ========== ========== ==========
</TABLE>

The accompanying notes are integral part of the consolidated
financial statements.


                                         4

<PAGE>

<TABLE><CAPTION>

                      NATALMA INDUSTRIES, INC.
              Statement of Stockholders' Equity As of
                     June 30, 2004 (Unaudited)

                                                    Stock-
                      $0.001  Paid-In  Accumulated  holders
            Shares  Par Value Capital   Deficit     Equity
            ------  --------- -------  -----------  -------
<S>          <C>      <C>       <C>        <C>        <C>
Balance,
January 1,
2001
          11,500,000  11,500  53,930    (59,540)     5,890

Net Income
(Loss)        -         -        -       (9,690)    (9,690)
          ==========  ======  ======    =======     ======
Balance,
December
31, 2001 11,500,000   11,500  53,930    (69,230)    (3,800)
         ----------   ------  ------     ------     ------
Issuance
of common
stock       252,500      253 252,247               252,500

Expenses
for stock
offering     25,000       25  24,975                25,000

Net Income
(Loss)                                  (34,009)   (34,009)
         ----------  ------- -------    -------   ---------
Balance,
December
31, 2002 11,777,500   11,778  331,152   (103,239)   239,691
         ----------   ------  -------   --------    -------
Net Income
(Loss)                                    (3,858)    (3,858)
         ----------   ------  -------   --------    -------
Balance,
June
30, 2004 11,777,500   11,778  331,152   (107,097)   235,833
         ==========   ======  =======   =========   =======

</TABLE>

The accompanying notes are integral part of the consolidated
financial statements.


                              5

<PAGE>
<TABLE><CAPTION>
                    NATALMA INDUSTRIES, INC.
                    Statement of Cash Flows
                         (Unaudited)
                         ---------------------------------
                           For the Six Months Ended
                                    June 30
                         ---------------------------------
                               2004              2003
                         ---------------   ---------------
<S>                            <C>                <C>
Cash Flows from
Operating Activities:
---------------------
Net Income (Loss)          $    (3,999)     $     (2,976)
Adjustments to reconcile
net loss to net cash provided
(used) for operating
activities:
  Increase (Decrease) in
  Accounts Payable                 (550)             450
                           ------------     ------------
Total Adjustments                  (550)             450
                           ------------     ------------
Net Cash Used in
Operating Activities       $     (4,549)     $    (2,526)

Cash Flows from
Financing Activities:
---------------------
Stockholder Advance                   -                -
Proceeds from Issuance
of Stock                              -                -
Costs Incurred to
Raise Capital                         -                -
                           ------------     ------------
Net Cash Provided for
Financing Activities       $          -     $          -
                           ------------     ------------
Net Increase(Decrease)
in Cash                    $     (4,549)    $      2,526
Cash Balance, Begin Period      234,478          241,441
                           ------------     ------------
Cash Balance, End Period   $    229,929     $    238,915
                           ============     ============
Supplemental Disclosures:
Cash Paid for interest     $          -     $          -
Cash Paid for income taxes $          -     $          -
Stock Issued for Option
 to Purchase                          -                -
Stock Issued for Repayment
 of Shareholder Advances              -                -

</TABLE>
The accompanying notes are integral part of the consolidated
financial statements.

                           6
<PAGE>
                     NATALMA INDUSTRIES, INC.
                 Notes to Financial Statements

Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
--------------------------------------------------
NATURE OF BUSINESS
------------------
Organization
------------
Natalma Industries, Inc. ("the Company") was incorporated under
the laws of the State of Nevada on July 9, 1998 for the purpose
to promote and carry on any lawful business for which a corporation
may be incorporated under the laws of the State of Nevada. The
company has a total of 25,000,000 authorized common shares with a
par value of $.001 per share and with 11,777,500 common shares
issued and outstanding as of December 31, 2003 and June 30, 2004.

Financial Statement Presentation
--------------------------------
The consolidated unaudited interim financial statements of the
Company as of June 30, 2004 and for the three months ended
June 30, 2004, included herein have been prepared in accordance
with the instructions to Form 10QSB under the Securities Exchange
Act of 1934, as amended, and Article 10 of Regulation S-X under the
Securities Act of 1933, as amended.  The December 31, 2003
consolidated balance sheet was derived from audited financial
statements, but doe snot include all disclosures required by
generally accepted accounting principles.  Certain information and
note disclosures normally included in financial statements
prepared in accordance with generally accepted accounting principles
have been condensed or omitted pursuant to such rules and regulations
relating to interim consolidated financial statements.

In the opinion of management, the accompanying consolidated unaudited
interim financial statements reflect all adjustments, consisting only
of normal recurring adjustments necessary to present fairly the
financial position of the Company at June 30, 2004, and the results
of their operaitons for the three months ended June 30, 2004 and
2003, and their cash flows for the six months ended June 30, 2004
and 2003.

The results of operaitons for such periods are not necessarily
indicative of results expected for the full year or for any future
period. These financial statements should be read in conjunction
with the audited consolidated financial statements as of December
31, 2003, and related notes, included in the Company's Form 10-KSB
filed with the Securities and Exchange Commission.

Exploration Stage Enterprise
----------------------------
The Company is an exploration stage enterprise, as defined in
Financial Accounting Standards Board No. 7 and Industry Guide
7 of the SEC Industry Guide.  The Company is devoting all of
its present efforts in securing and establishing a new
business, and its planned principal operations have not
commenced, and, accordingly, no revenue has been derived during
the organizational period.

                            7
Accounting Method
-----------------
The Company's financial statements are prepared using the accrual
method of accounting. Revenues are recognized when earned and expenses
when incurred. Fixed assets are stated at cost. Depreciation and
amortization using the straight-line method for financial reporting
purposes and accelerated methods for income tax purposes.

Earnings per Common Share
-------------------------
The Company adopted Financial Accounting Standards (SFAS) No. 128,
"Earnings Per Share," which simplifies the computation of earnings
per share requiring the restatement of all prior periods.

Basic earnings per share are computed on the basis of the weighted
average number of common shares outstanding during each year.

NOTE 2 - MINERAL PROPERTIES
---------------------------
On December 11, 1998, the Company entered into an Option to
Purchase Agreement with an unrelated third party (Seller) wherein the
Compnay would acquire 100% of the rights, title and interests in and
to a total of 10 unpatented mining claims in the Whitehorse Mining
District, Yukon Territory, Canada. The Agreement called for the
Company to pay $55,000 US in cash and to issue 500,000 shares of its
common stock. On March 16, 1999, the Company consummated the
Agreement by paying the Seller $55,000 US in cash. On May 11, 1999,
the Company issued 500,000 shares of its common stock. In addition,
the Company agreed to pay a 2% net smelter return on all
minerals produced by the properties to the Seller and to complete
a minimum of $80,000 Canadian in exploration and development work on
the properties on or before September 1, 2002. The Company expensed
the cost of the option when the payments were paid in March 1999.
The Company did not complete the minimum $80,000 Canadian in
exploration and development work on the properties before the
required date of September 1, 2002 and is in negotiations to extend
the deadline to December 31, 2004.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF
        OPERATION.
Results of Operations
---------------------
The following discussion should be read in conjunction with the
audited financial statements and notes thereto included in our
annual report on Form 10-KSB for the fiscal year ended December 31,
2003; and should further be read in conjunction with the financial
statements included in this report.Comparisons made between reporting
periods herein are for the three and six months ended June 30, 2004
as compared to the three and six months ended June 30, 2003.

                                 8

For the three and six months ended June 30, 2004, we had no revenues
from operations and realized $567 in interest income and incurred net
operating losses of $3,999 and 5,445, respectively, as compared to
no revenues, $566 in interest income and net operating losses of
$2,742 and $2,976 for the three and six months ended June 30, 2003.
Most of our expenses comprise legal and professional fees incurred in
connection with the preparation and filing of our public offering
and registration documents.

Liquidity and Capital Resources
-------------------------------
We expect our current cash in the bank of $229,929 at June 30, 2004
and as of the date of the filing of this report, to satisfy our cash
requirements for at least the next 12 months without having to raise
additional funds or seek bank loans.

Since inception, we have used our common stock to raise money for our
property acquisition and to repay outstanding indebtedness. We did not
raise any cash through financing activities during the three or six
months ended June 30, 2004.

Shareholder's equity as of June 30, 2004, was $229,229, as compared to
$232,228 at December 31, 2003.

Plan of Operation
-----------------
We are a start-up, exploration stage company and have not yet
generated any revenues or fully implemented our business plan. We
have been doing research on surrounding properties in order to
establish the most efficient exploration program. During the next
12 months, we intend to establish and begin our exploration program.
We will begin our Phase 1 program by subcontracting with
approximately three (3) geologists and a blasting crew with equipment
to locate and extract mineral samples on our property.  All samples
will then be sent to an assay lab for analysis and geological reports
prepared.

Phase 2 of our proposed program will be contingent on the success
of the Phase 1 exploration work; however, assuming Phase 1 is
successful and minerals are located, we will need to raise an
additional $300,000 either through sales of our common stock, loans
from banks or third parties, or by entering into a joint venture
agreement with a major mining company, who would have the cash
reserves and equipment required for further exploration and drilling
work. Phase 2 would consist of additional trenching and diamond drilling.

                                9

Phase 3 will be contingent on the success of Phases 1 and 2. Assuming
Phases 1 and 2 are successful and minerals are located on our
properties, of which we have no assurance or guarantee, we estimate we
will need to raise an additional $1,000,000 either through sales of our
common stock, loans from banks or third parties or by joint venturing
with a major mining company with establish cash reserves and the
equipment required to implement our proposed Phase 3 operations.

Accounting Policies
-------------------
The financial statements included herein have been prepared
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 generally accepted accounting principles have been
condensed or omitted pursuant to such rules and regulations for
interim financial statements. Management believes the disclosures
made are adequate to make the information not misleading and
recommends that these condensed financial statements be read
in conjunction with the financial statements and notes included
in its Form 10-KSB as of December 31, 2003, which can be found on
the SEC Website at www.sec.gov under SEC File Number 333-79405

The financial statements and accompanying notes included herein
were prepared in accordance with generally accepted accounting
principles. Preparing financial statements 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 during the reporting
period. These estimates and assumptions are affected by management's
application of accounting policies. These important accounting
policies include the successful efforts method of accounting
for property and equipment, revenue recognition, accounting for
income taxes, accounting for environmental matters, and foreign
currency translation.

We have adopted Statement of Financial Accounting Standards
(SFAS) No. 121, Accounting for the Impairment of Long-Lived Assets
and for Long-Lived Assets to be Disposed of, which provides guidance
on long-lived assets and certain intangibles which are reported at
the lower of the carrying amount or their estimated recoverable amounts.

                                10

We also apply SFAS No. 128, Earnings Per Share, for the
calculation of "Basic" and "Diluted" earnings per share. Basic
earnings per share includes no dilution and is computed by dividing
income available to common stockholders by the weighted average number
of common shares outstanding for the period. Diluted earnings per
share reflects the potential dilution of securities that could
share in our earnings.

We have also adopted SFAS No. 52, Foreign Currency Translation,
which requires that the translation of the applicable foreign currency
into U.S. dollars be performed for balance sheet accounts using current
exchange rates in effect at the balance sheet date and for revenue and
expense accounts using a weighted average exchange rate during the
period. The gains or losses resulting from such translation are
included in the consolidated statements of stockholders' equity
and comprehensive income.

ITEM 3.         CONTROLS AND PROCEDURES

Within the 90 days prior to the date of this report, our sole officer
and director, Derick Sinclair, has performed an evaluation of the
effectiveness of the design and operation of our disclosure controls and
procedures pursuant to Exchange Act Rule 13a-14. Based upon the evaluation,
Mr. Sinclair, who serves as our Chief Executive Officer and Chief
Financial Officer concluded that the current disclosure controls are
effective in timely alerting us to any material information required to
be included in our periodic SEC filings. There have been no significant
changes in our internal controls or in other factors that could
significantly affect our internal controls subsequent to the date of
this evaluation.

                 PART II - OTHER INFORMATION

Item 6. EXHIBITS AND REPORTS ON FORM 8-K

A)   The following exhibits marked with an asterisk and required to
be filed herein are incorporated by reference and can be found in
their entirety in our original Form SB-2 registration statement,
filed on May 27, 1999, under SEC File Number 333-79405:

<TABLE><CAPTION>

                 <c>
Exhibit No.           Description
----------            -----------
*  3(i)               Articles of Incorporation
*  3(ii)              Bylaws
* 10.1                Option to Purchase Agreeement
* 10.2                Assignment of Option to Purchase
* 10.3                Amendment to Option to Purchase
  99.1                Sec. 302 Certification
  99.2		      Sec. 906 Certification
</TABLE>

B) There were no reports on Form 8-K filed during the quarter.

                        SIGNATURES
                        ----------

Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be
signed on its behalf the undersigned thereunto duly authorized.

                            NATALMA INDUSTRIES, INC.,
                           a Nevada corporation (Registrant)


Dated: August 6, 2004      By:/s/ Derick Sinclair, President, CEO,
                           Secretary, Treasurer, CFO and Director



                              11
<PAGE>