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

[X] Quarterly Report under Section 13 or 15(d) of the
    Securities Exchange Act of 1934 for the quarterly
    period ended September 30, 2001

[ ] 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) 990-2072

                          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

The number of shares of our common stock issued and outstanding
as of September 30, 2001 was 11,500,000.  The Post-Effective
Amendment to our Form SB-2 and all exhibits thereto, filed on
December 10, 2001 are incorporated herein by reference.


                               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, but were reviewed by
Clyde Bailey, P.C., our independent certified public accountant.
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 our 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
included in our Form 10KSB for the year ended December 31, 2000.
















                                   2
<PAGE>







                     REPORT OF INDEPENDENT ACCOUNTANT



To the Board of Directors
Natalma Industries, Inc.
(a Nevada corporation)


We have made a review of the balance sheet of Natalma Industries,
Inc. as of September 30, 2001, and the related statements of
operations and cash flows for the three and nine month periods
ended September 30, 2001 and 2000, in accordance with the
standards established by the American Institute of Certified
Public Accountants. These financial statements are the
responsibility of the Company's management.

A review of interim financial information consists principally
of obtaining an understanding of the system for the preparation
of interim financial information, applying analytical review
procedures to financial data, and making inquiries of persons
responsible for financial and accounting matters.  It is
substantially less in scope than an audit in accordance with
generally accepted auditing standards,  the objective of which
is the expression of an opinion regarding the financial
statements taken as a whole.  Accordingly, we do not express
such an  opinion.

Based on our review, we are not aware of any material
modifications that should be made to the consolidated
financial statements referred to above for them to be in
conformity with generally accepted accounting principles.

We have previously audited, in accordance with generally
accepted auditing standards, the balance sheet as of
December 31, 2000, and the related statements of
operations, cash flows and changes in common shareholders' equity
(deficit) for the period then ended ; and in our report
dated February 17, 2001, we expressed a qualified opinion
on those financial statements.  In our opinion, the
information set forth in the accompanying balance sheet
as of December 31, 2000, is fairly stated in all
material respects in relation to the balance sheet from which
it has been derived.

                         Clyde Bailey P.C.


San Antonio, Texas
October 12, 2001


                                3
<PAGE>
<TABLE><CAPTION>
                    NATALMA INDUSTRIES, INC.
            (A Development State Enterprise)
                        Balance Sheet
                      Unaudited

                         A S S E T S
                         -----------
                                September 30  December 31
                                     2001        2000
                                    -----        ----
<S>                                  <C>          <C>
Current Assets
--------------
Cash                              $ 3,139      $  5,890
                                  -------      --------
Total Current Assets                3,139         5,890
Other Assets
------------
Mineral Properties, net of      24,356        32,600
  impairment loss                  ------       -------
Total Other Assets              24,356        32,600
                                  -------        ------
Total Assets                   $27,495       $38,490
                                  =======       =======
              L I A B I L I T I E S
              ---------------------
Current Liabilities
-------------------
Accounts payable                  $     -       $     -
Officer Advances                    3,500             -
                                  -------       -------
Total Current Liabilities           3,500             -
                                  -------       -------
Total Liabilities                   3,500             -
Commitments and
Contingencies                           -             -

          S T O C K H O L D E R S' E Q U I T Y
          ------------------------------------
Common Stock                       11,500        11,500
25,000,000 authorized shares,
par value $.001, 11,500,000
shares issued and outstanding
Additional Paid-In-Capital         53,930        53,930
Accumulated Deficit during the
Development Period             (41,435)      (26,940)
                                  -------       -------
Total Stockholders' Equity
(Deficit)                       23,995        38,490
                                  -------       -------
Total Liabilities and
Shareholders' Equity               58,639        61,390
                                  =======       =======
</TABLE>
The accompanying notes are integral part of the consolidated
financial statements.


                                4
<PAGE>

<TABLE><CAPTION>
                  NATALMA INDUSTRIES, INC.
        (A Development State Enterprise)
            Statements of Operations (Unaudited)
           ------------------------------------
   Three Months    Nine Months  From 7/9/98
      Ended           Ended         (Initial)
   September 30    September 30     to Sept. 30
  -------------   --------------       2001
                                2001     2000   2001     2000    ============
                                =============   ==============

                             <c>     <c>      <c>      <c>         <c>
Revenues:
---------
Revenues                          -       -       -       -          -
                               -----  ------    ------  ------    --------
Total Revenues                $   -   $   -     $ -     $ -      $   -
Expenses:
---------
Professional fees                 -       -      3,300     470    $ 3,950
Impairment loss on
  long-lived assets             2,748   2,748    8,244   8,244       31,144
Operating Expenses                150     470    2,951   2,029     6,341
                               -----  ------    ------  ------     --------
Total Expenses               2,898   3,218   14,495  10,743       41,435
Net Income before Taxes     (2,898) (3,218) (14,495)(10,743)     (41,435)

Provision for Income Taxes:
---------------------------
Income Tax Benefit               -       -        -       -                -
Net Income (Loss)           (2,898) (3,218) (14,495)(10,743)     (41,435)
                               ======  ======   ======  ======
Basic and Diluted
Earnings Per Common Share       -nil    -nil      -nil    -nil     (0.00)
                               ------  ------   ------   ------     --------
Weighted Average number of
Common Shares used in per
share calculations (millions)  11,500  11,500   11,500   11,500    11,500
                               ======  ======   ======   ======       ========
</TABLE>
The accompanying notes are integral part of the consolidated
financial statements.



                                5

<PAGE>




<TABLE><CAPTION
                  NATALMA INDUSTRIES, INC.
           (A Development Stage Enterprise)
         Statement of Stockholders' Equity As of
                September 30, 2000 (Unaudited)

                                                     Stock-
                       $0.001   Paid-In Accumulated holders'
               Shares Par Value Capital   Deficit    Equity
              ------- --------- ------- ----------- -------

            <c>       <c>      <c>       <c>        <c>

Balance
July 9,
1998              -          -        -         -          -

Issuance
of common
stock       3,000,000    3,000        -         -      3,000

Net Income
(Loss)                                       (916)      (616)
           -------------------------------------------------
Balance
December
31, 1998    3,000,000    3,000        -      (916)     2,384

Issuance
of common
stock       8,500,000    8,500   72,000         -     80,500

Expenses
for stock
offering            -        -  (18,070)        -    (18,070)

Net Income
(Loss)                                    (13,341)   (13,341)
           --------------------------------------------------
Balance
December
31, 1999   11,500,000   11,500   53,930   (14,257)    51,173

Net Income
(Loss)            -          -       -    (12,683)   (12,683)
            ========= ======== =========   =======    ======
Balance,
December 31,
2000       11,500,000   11,500   53,930   (26,940)    38,490

Net Income
(Loss)                                    (14,495)   (14,495)
           -------------------------------------------------
Balance,
Sept. 30,
2001       11,500,000  11,500    53,930   (41,435)    23,995
           =================================================

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



                               6



<PAGE>

<TABLE><CAPTION>
                    NATALMA INDUSTRIES, INC.
               (A Development Stage Enterprise)
              Statement of Cash Flows (Unaudited)
              ------------------------------------
                                  For the Nine Months Ended
                                     September 30
                          ------------------------------------
                                 2001                  2000
                          ---------------      ---------------

                            <c>                    <c>
Cash Flows from
Operating Activities:
--------------------
Net Income (Loss)        $ (14,495)         $  (10,743)
Adjustments to reconcile
net loss to net cash
provided (used) for
operating activities:
Impairment loss on
   long-lived assets            8,244               8,244
  Increase (Decrease) in
  Accounts Payable                  -              (1,067)
                             -----------         -----------
Total Adjustments        $   8,244           $   7,177
                             -----------         -----------
Net Cash Used in
Operating Activities     $  (6,251)          $  (3,566)
Cash Flows from
Investing Activities:
---------------------
Purchase of Mineral
Properties                           -                     -
                             -----------         -----------
Net Cash Used in
Investing Activities         $       -           $         -
                             -----------         -----------
Cash Flows from
Financing Activities:
--------------------
Stockholder Advance               3,500                    -
Proceeds from
Issuance of Stock                     -                    -
Costs Incurred to
Raise Capital                         -                    -
                             -----------         -----------
Net Cash Provided for
Financing Activities         $    3,500          $         -
                             -----------         -----------
Net Increase (Decrease)
in Cash                      $   (2,751)      $    (3,566)
Cash Balance, Begin
Period                            5,890               10,158
                             ----------          -----------
Cash Balance,
End Period                   $    3,139       $     6,592
                             ==========          ===========

Supplemental Disclosures:
 Cash Paid for Interest               -                    -
 Cash Paid for Income Taxes           -                    -

</TABLE>

The accompanying notes are integral part of the consolidated financial
statements.
                              7

<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
with 11,500,000 common shares issued and outstanding as of
December 31, 2000 and  September 30, 2001.

Fixed Assets
------------
The Company has no fixed assets at this time.

 Development Stage Enterprise
--------------------------------
The Company is a development stage enterprise, as defined in Financial
Accounting Standards Board No. 7.  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.

Federal Income Tax
------------------
The Company will be taxed under Subchapter C of the Internal Revenue
Code for its US operations. The Company has adopted the provisions of
Financial Accounting Standards Board Statement No. 109, Accounting for
Income Taxes. "Accounting for Income Taxes", which requires an asset
and liability approach to calculating deferred income taxes. The asset
and liability approach requires the recognition of deferred tax
liabilities and assets for the expected future tax consequences of
temporary differences between the carrying amounts and the tax basis
of assets and liabilities.

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 on contingent assets and liabilities
at the date of the financial statements, and the reported
amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.

Cash and Cash Equivalents
-------------------------
For purposes of the statement of cash flows, the Company
considers all highly liquid debt instruments purchased with a
maturity of three months or less to be cash equivalents.

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.


                               8
</PAGE>


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. Diluted earnings per share are
computed on the basis of the weighted average number of common
shares and dilutive securities outstanding. Dilutive securities
having an anti-dilutive effect on diluted earnings per share
are excluded from the calculation.

Comprehensive Income
--------------------
Statement of Financial Accounting Standards (SFAS) No.
130, "Reporting Comprehensive Income," establishes standards
for reporting and display of comprehensive income, its
components and accumulated balances. Comprehensive income
is defined to include all changes in equity except those
resulting from investments by owners and distributions to
owners. Among other disclosures, SFAS No. 130 requires that
all items that are required to be recognized under current
accounting standards as components of comprehensive income
be reported in a financial statement that is displayed with
the same prominence as other financial statements. The
Company does not have any assets requiring disclosure of
comprehensive income.

Segments of an Enterprise and Related Information
-------------------------------------------------
Statement of Financial Accounting Standards (SFAS) No. 131,
Disclosures about Segments of an Enterprise and Related
Information, supersedes SFAS No. 14, "Financial
Reporting for Segments of a Business Enterprise." SFAS 131
establishes standards for the way that public companies
report information about operating segments in annual
financial statements and requires reporting of selected
information about operating segments in interim financial
statements issued to the public. It also establishes
standards for disclosures regarding products and services,
geographic areas and major customers. SFAS 131 defines
operating segments as components of a company about
which separate financial information is available that is
evaluated regularly by the chief operating decision maker
in deciding how to allocate resources and in assessing
performance. The Company has evaluated this SFAS and does
not believe it is applicable at this time.
















                                   9

</PAGE>





Employers' Disclosure about Pensions and Other
Postretirement Benefits
----------------------------------------------
Statement of Financial Accounting Standards (SFAS) 132,
"Employers' Disclosure about Pensions and Other
Postretirement Benefits," revises standards for
disclosures regarding pensions and other postretirement
benefits. It also requires additional information on changes
in the benefit obligations and fair value of plan assets
that will facilitate financial analysis. This statement
does not change the measurement or recognition of the
pension and other post-retirement plans. The financial
statements are unaffected by implementation of this new
standard.

Accounting for Derivative Instruments and Hedging
Activities
-------------------------------------------------
Statement of Financial Accounting Standards (SFAS) 133,
"Accounting for Derivative Instruments and Hedging
Activities," establishes accounting and reporting
standards for derivative instruments, including certain
derivative instruments embedded in other contracts,
(collectively referred to as derivatives) and for hedging
activities. It requires that an entity recognize all
derivatives as either assets or liabilities in the
statement of financial position and measure those
instruments at fair value. If certain conditions met, a
derivative may be specifically designated as (a) a hedge
of the exposure to changes in the fair value of a
recognized asset or liability or an unrecognized firm
commitment, (b) a hedge of the exposure to variable
cash flows of a forecasted transaction, or (c) a hedge
of the foreign currency exposure of a net investment
in a foreign operation, an unrecognized firm commitment,
an available-for sale security, or a foreign currency-
denominated forecasted transaction. Because the Company
has no derivatives, this accounting pronouncement has no
effect on the Company's financial statements.

Fair Value of Financial Instruments
-----------------------------------
The Financial Accounting Standards Board ("FASB") Statement
No. 107. "Disclosure About Fair Value of Financial
Instruments" is a part of a continuing process by the FASB
to improve information on financial statements. The carrying
amounts reported in the balance sheets for the Company's
assets and liabilities approximate their fair values as of
September 30, 2001 and 2000.

 Impairment of Long-Lives Assets
-----------------------------------
The Company follows SFAS No. 121, "Accounting for Impairment
of Long-Lived Assets and for Long-Lived Assets to be Disposed
Of".  The statement requires that long-lived assets and certain
identifiable intangibles to be held and used by an entity be
reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount of an asset.

Note 2 - COMMON STOCK
---------------------
The Company issued 8,500,000 shares of common stock to
various investors for cash totaling $80,500. The Company
issued 500,000 shares of common stock at $.001 per share in
accordance with the Assignment of Option to Purchase Agreement
of Mineral Properties.

                            10
<PAGE>

Note 3 - SUPPLEMENTARY SCHEDULE OF NONCASH ACTIVITIES
-----------------------------------------------------
No amount were actually paid for either interest or income
taxes during the year ended December 31, 2000 and the period
ended September 30, 2001.

Note 4 - MINERAL PROPERTIES
---------------------------
On December 11, 1998, the Company entered into an
Option to Purchase Agreement with an unrelated third party,
("Seller) wherein the Company 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
U.S. 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 in cash. On May 11, 1999, the Company
issued 500,000 shares of its common stock. In addition, the
Company has 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, exploration and
development work on the properties on or before
September 1, 2000, which has been extended twice to
September 1, 2002.

Note 5 - RELATED PARTY
-------------------------
The Company has significant related party transactions and/or
relationships with the principal officer and shareholder, Derick
Sinclair, in the form of the initial stock issuance for services.

During the quarter ended June 30, 2001, the Company's principal
officer, Derick Sinclair, advanced the Company $3,500 to fund the
initial operation expenses of the Company.  The note will be repaid
as funds are available and does not contain an interest provision.

The Company neither owns nor leases any real or personal property.
An officer of the corporation provides office services without
charge. Such costs are immaterial to the financial statements and,
accordingly, have not been reflected therein.  The officers and
directors of the Company are involved in other business activities
and may in the future become involved in other business opportunities.
If a specific business opportunity becomes available, such persons
may face a conflict in selecting between the Company and their other
business interests. The Company has not formulated a policy for the
resolution of such conflicts.

Note 6 - ORGANIZATION COSTS
---------------------------
The Company has incurred legal, accounting and other
formation costs. During the year ended December 31, 1999,
these costs were charged to operations in accordance with
the American Institute of Certified Public Accountants'
Statement of Position 98-5. During the year ended December
31, 1998, the Company also incurred $12,885 in expenses
related to an offering of shares of its common stock. At
December 31, 1999 these costs were included in organization





                       11

<PAGE>








costs, as no proceeds had yet been received from the
offering. During the year ended December 31, 1999, these
expenses, plus additional offering costs incurred, were
charged against the gross proceeds received from the
offering in accordance with the Securities and Exchange
Commissions' Staff Accounting Bulletin 5A.


Note 7 - GOING CONCERN
-------------------------
The Company's financial statements are prepared using generally
accepted accounting principles applicable to a going concern, which
contemplates the realization of assets and liquidation of liabilities
in the normal course of business.  However, the Company does not have
significant cash or other material assets, nor does it have an
established source of revenues sufficient to cover its operating costs
and to allow it to continue as a going concern.  The stockholders/
officers and/or directors have committed to advancing operating costs of
the Company interest free.


Note 8 - SUBSEQUENT EVENTS
--------------------------
There were no other material subsequent events that have
occurred since the balance sheet date that warrants
disclosure in these financial statements.






















                                 12
<PAGE>




















Item 2.  Management's Discussion and Analysis of Financial
Condition and Results of Operations

Plan of Operation
-----------------
We expect our current cash in the bank, plus the proceeds
from the sale of additional shares of our common stock, as
registered with the Securities and Exchange Commission on
Form SB-2 in March, 2000; declared effective in April,
2000; and recently updated by the filing of a Post-Effective
Amendment with current financial information, to satisfy
our cash requirements for business operations for at least
the next 12 months without having to raise additional funds
or seek bank loans.

For the period from inception to the nine months ended
September 30, 2001, we have not yet generated any revenues or
expended any significant amount of money for research and
development. During the next 12 months, we do not intend to
purchase any significant property or equipment. Please see
the "Use of Proceeds" section of the Registration Statement
filed by us incorporated herein by reference for the intended
use of the proceeds to be received from the sale of our
equity securities under the offering. As of the date
of this filing, no shares have yet been sold.

Results of Operations
---------------------
For the nine months ended September 30, 2001, we had no
revenues and incurred net operating losses of  $14,495, the
of which $3,300 comprised professional fees, $2,951 for general
and administrative expenses, and $8,244 for impairment loss on
long-lived assets, which results from the indication that the
carrying amount of an asset (the mineral properties) may not
be recoverable.

We are wholly dependent on receipt of the proceeds we expect
to generate from the sale of our equity securities to
continue as a going concern.

                 PART II - OTHER INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

A)    The following exhibits 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:

<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

</TABLE>

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


                              13
<PAGE>
















                        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.

Dated: December 9, 2001    By:/s/ Derick Sinclair, President,
                           Secretary, Treasurer and Director

Dated: December 9, 2001    By:/s/ Rex Pegg, Vice President








































                                14

<PAGE>