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 March 31, 2002

[ ] 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 outstanding of the registrant's common stock as
of March 31, 2002 was 11,500,000. The Post-Effective Amendment to
Registrant's Form SB-2 and all exhibits thereto, filed under SEC
File Number 333-79405, are incorporated herein by reference.



                                1

<PAGE>

                             PART 1

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

The financial statements included herein have been prepared by the
Company, 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
Company's Form 10KSB for the year ended December 31, 2001.

The financial statements included herein have been subjected to a
limited review by Clyde Bailey P.C., independent accountant for the
Company, whose report is included herein.
























                                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 March 31, 2002, and the related statements of operations
and cash flows for the three months period ended March 31, 2002 and
2001, 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, 2001, 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 January 14,
2002, 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, 2001, 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
April 18, 2002


                                                          3
<PAGE>



<TABLE><CAPTION>
                   NATALMA INDUSTRIES, INC.
                       Balance Sheet
                        A S S E T S
                        -----------
                                   March 31   December 31
					       2002        2001
----        -----
                                 (Unaudited)   (Audited)
<S>                                  <C>          <C>
Current Assets
--------------
Cash                              $ 4,355      $    400
                                  -------      --------
Total Current Assets                4,355           400

Total Assets                      $ 4,355       $   400
                                  =======       =======

              L I A B I L I T I E S
              ---------------------
Current Liabilities
-------------------
Accounts payable                  $   750       $     -
Officer Advances                    9,200         4,200
                                  -------       -------
Total Current Liabilities           9,950         4,200
                                  -------       -------
Total Liabilities                   9,950         4,200
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                (71,025)      (69,230)
                                  -------       -------
Total Stockholders' Equity
(Deficit)                          (5,595)       (3,800)
                                  -------       -------
Total Liabilities and
Shareholders' Equity                4,355           400
                                  =======       =======
</TABLE>

The accompanying notes are integral part of the consolidated
financial statements.
                               4
<PAGE>

<TABLE><CAPTION>

              NATALMA INDUSTRIES, INC.
         Statement of Operations (Unaudited)
        ------------------------------------
 For the Three Months
         Ended
  March 31      March 31
----------------------------
                                  2002          2001
                             ==============  =============
<S>                                <C>           <C>
Revenues:
---------
Revenues                            -                -
                               -------          --------
Total Revenues                 $    -           $    -

Expenses:
---------
Professional fees                1,518           5,052
Operating Expenses                 277           4,638
                               -------          -------
Total Expenses                   1,795           9,690

Net Income before Taxes       $ (1,795)        $(9,690)

Provision for Income Taxes:
---------------------------
Income Tax Benefit                  -               -
Net Income (Loss)             $ (1,795)        $(9,690)

                              =========        ========
Basic and Diluted
Earnings Per Common Share           -          (0.0008)
                              ---------        --------
Weighted Average number of
Common Shares used in per
share calculations           11,500,000       11,500,000
                             ==========       ==========
</TABLE>

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


                            5

<PAGE>

<TABLE><CAPTION>

              NATALMA INDUSTRIES, INC.
       Statement of Stockholders' Equity As of
              March 31, 2002 (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)
         ----------   ------  ------     ------     ------
Net Income
(Loss)                                      -           -
         ----------   ------  ------     ------     ------
Balance,
March 31
2002     11,500,000   11,500  53,930    (69,230)    (3,800)
         ==========   ======  ======     ======     ======
</TABLE>

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








                                6

<PAGE>

<TABLE><CAPTION>
                 NATALMA INDUSTRIES, INC.
          Statement of Cash Flows (Unaudited)

                     ------------------------------------
                         For the Three Months Ended
                                  March 31
                     ------------------------------------
                            2002             2001
                     ---------------- ---------------
<S>                         <C>              <C>
Cash Flows from
Operating Activities:
---------------------
Net Income (Loss)          $     -       $ (9,690)
Adjustments to reconcile
net loss to net cash
provided (used) for
operating activities:

  Increase (Decrease) in
  Accounts Payable            5,750         4,200
                          ---------       --------
Total Adjustments             5,750         4,200
                          ---------       --------
Net Cash Used in
Operating Activities       $  5,750      $ (5,490)

Cash Flows from
Investing Activities:
---------------------
Purchase of Mineral Properties    -           -
                           ---------     ---------
Net Cash Used in Investing
Activities                 $      -      $    -
                           ---------     ---------
Cash Flows from
Financing Activities:
---------------------
Payments on Stockholder
Advance                           -           -
Proceeds from Issuance
of Stock                          -           -
Costs Incurred to
Raise Capital                     -           -
                          ---------       --------
Net Cash Provided for
Financing Activities      $       -      $    -
                          ---------       --------
Net Increase(Decrease)
in Cash                   $  5,750      $  (5,490)
Cash Balance, Begin Period     400          5,890
                          --------        -------
Cash Balance, End Period     6,150            400
                          ========        =======

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.

                           7
<PAGE>


              NATALMA INDUSTRIES, INC.
           Notes to Financial Statements

Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES -
----------------------------------------------------
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 11,500,000 common shares
issued and outstanding as of December 31, 2001 and March 31, 2002.

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

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
commeced, 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


                         8
<PAGE>

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.

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.

                             9
<PAGE>


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.

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

                          9
<PAGE>


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 December 31, 2000 and 1999.

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.

Note 3 - SUPPLEMENTARY SCHEDULE OF NONCASH ACTIVITIES
-----------------------------------------------------
No amounts were actually paid for either interest or income taxes
during the years ended December 31, 2001 and March 31, 2002.

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, 2002.  The Company expensed
the cost of the option when the payments were paid in March 1999.

                      11
<PAGE>


Note 5 - 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
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 6 - RELATED PARTIES
------------------------
During the first quarter of 2002, a major shareholder advanced the
Company a total of $5,000.

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
that raises substantial doubt about its ability  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.


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

Plan of Operation
-----------------
Registrant expects the proceeds from the sale of shares of its
common stock, as registered with the Securities and Exchange
Commission on Form SB-2, as amended, to satisfy its cash requirements
for business operations for at least the next 12 months without having
to raise additional funds or seek bank loans.

During the three months ended March 31, 2002, Derick Sinclair, an
officer, director and the principal shareholder of Registrant advanced
a total of $5,000 to Registrant for operating expenses.  The
stockholders/officers and/or directors have committed to advancing
operating costs of Registrant interest free.

For three months ended March 31, 2002, Registrant had not yet
generated any revenues or expended any significant amount of money
for research and development. During the next 12 months, Registrant
does not intend to purchase any significant property or equipment.
Please see the "Use of Proceeds" section of the Post Effective
Amendment to Registrant's Form SB-2/A Registration Statement,
incorporated herein by reference, for the intended use of the
proceeds to be received from the sale of Registrant's equity securities
under the offering. As of the date of this filing, no shares have yet
been sold.

Results of Operations
---------------------
For the three months ended March 31, 2002, Registrant had no revenues
and incurred net operating losses of $1,795, all of which comprised
general and administrative expenses.

Registrant is wholly dependent on receipt of the proceeds it expects
to generate from the sale of its equity securities to continue as a
going concern.


                             13
<PAGE>



                 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 Registrant's 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
</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: May 14, 2002    By:/s/ Derick Sinclair, President,
                           Secretary, Treasurer and Director

Dated: May 14, 2002    By:/s/ Rex Pegg, Vice President






                                14



<PAGE>