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 September 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 September 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
                        -----------
                                 September 30 December 31
                                     2004        2003
                                  ---------   -----------
 <S>                                  <C>          <C>
Current Assets
--------------
Cash                              $229,233     $234,478
                                  --------     --------
Total Current Assets               229,233      234,478
                                  --------     --------
Total Assets                      $229,233     $234,478
                                  ========      =======

              L I A B I L I T I E S
              ---------------------
Current Liabilities
-------------------
Accounts payable                  $ 1,500      $  2,250
                                  -------       -------
Total Current Liabilities           1,500         2,250
                                  -------       -------
Total Liabilities                   1,500         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               (115,197)     (110,702)
                                  -------       -------
Total Stockholders' Equity
(Deficit)                         227,733       232,228
                                  -------       -------
Total Liabilities and
Shareholders' Equity              229,233       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   Nine Months Ended    on July 9,
                               September 30         September 30      1998 to
                            ------------------   -------------------  September 30
                              2004       2003       2004     2003        2004
                            =========  ========   ======== =========  =========
<S>                            <C>       <C>        <C>      <C>         <C>
Revenues:
---------
Revenues                          814       567      2,508       566     1,380
                            --------- ---------  --------- ---------  ---------
Total Revenues              $     814 $     567  $   2,508 $     566  $  1,380

Expenses:
--------
Professional fees                  67       866      4,290     4,300    46,458
Travel                            919         -      2,066         -       919
Option to Purchase
  mineral property                  -         -          -         -    55,500
Operating Expenses                324       15        647       124     12,553
                            --------- ---------  --------- ---------  --------
Total Expenses                  1,310      881      7,003     4,424   $115,430

Net Income before Taxes     $   (496) $   (881)  $ (4,495) $ (3,858) $(114,050)

Provision for Income Taxes:
---------------------------
Income Tax Benefit                  -         -          -          -
Net Income (Loss)           $   (496) $   (881)  $ (4,495) $ (3,858) $(114,050)
                            ========== ========= ========== ========== =======
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 11,500,000 11,777,500 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
                     September 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)                                    (7,463)    (7,463)
         ----------   ------  -------   --------    -------
Balance,
December 31,
2003     11,777,500   11,778  331,152   (107,097)   235,833
         ----------   ------  ------     ------     -------
Net Income
(Loss)                                    (4,495)    (4,495)
         ----------   ------  -------   --------    -------
Balance,
September 30,
2004     11,777,500   11,778  331,152   (115,197)   227,733
         ==========   ======  =======   =========   =======

</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 Nine Months Ended
                                   September 30
                         ---------------------------------
                               2004              2003
                         ---------------   ---------------
<S>                            <C>                <C>
Cash Flows from
Operating Activities:
---------------------
Net Income (Loss)          $    (4,495)     $     (3,858)
Adjustments to reconcile
net loss to net cash provided
(used) for operating
activities:
  Increase (Decrease) in
  Accounts Payable                 (750)             450
                           ------------     ------------
Total Adjustments                  (750)             450
                           ------------     ------------
Net Cash Used in
Operating Activities       $     (5,245)     $    (3,408)

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                    $     (5,245)    $    (3,408)
Cash Balance, Begin Period      234,478          241,441
                           ------------     ------------
Cash Balance, End Period   $    229,233     $    238,033
                           ============     ============
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 September 30, 2004.

Financial Statement Presentation
--------------------------------
The consolidated unaudited interim financial statements of the
Company as of September 30, 2004 and for the three months ended
September 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 September 30, 2004, and the results
of their operaitons for the three months ended September 30, 2004 and
2003, and their cash flows for the nine months ended September 30, 2004
and 2003.

The results of operations 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
<PAGE>

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 extended 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 nine months ended September 30,
2004 as compared to the three and nine months ended September 30, 2003.

                                 8
<PAGE>

For the three months ended September 30, 2004, we had revenues
of $814, as compared to $567 for the three months ended September 30,
2003. These revenues were realized from interest earned on our cash in
the bank. For the three months ended September 30, 2004, we incurred net
operating losses of $496 as compared to net operating losses of
$881 for the three months ended September 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 $229,233 at September 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 nine
months ended September 30, 2004.

Shareholder's equity as of September 30, 2004, was $227,733, 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. We are continuing our esearch 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
accountingfor 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,
Chief Financial Officer and Principal Accounting 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.

                                11


                        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: November 13, 2004  By:/s/ Derick Sinclair, President, CEO,
                           Secretary, Treasurer, CFO, Principal
                           Accounting Officer and Director





















                                12



                              11
<PAGE>