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, 2003

[ ] 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, 2003 was 11,777,500. 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, 2002, 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
                        -----------
                                   March 31   December 31
 			            2003        2002
                                  ---------   -----------
 <S>                                  <C>          <C>
Current Assets
--------------
Cash                              $241,090     $241,441
                                  -------      --------
Total Current Assets               241,090      241,441

Total Assets                      $241,090     $241,441
                                  =======       =======

              L I A B I L I T I E S
              ---------------------
Current Liabilities
-------------------
Accounts payable                  $ 2,200      $  1,750
                                  -------       -------
Total Current Liabilities           2,200         1,750
                                  -------       -------
Total Liabilities                   2,200         1,750

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               (104,040)     (103,239)
                                  -------       -------
Total Stockholders' Equity
(Deficit)                         238,890       239,691
                                  -------       -------
Total Liabilities and
Shareholders' Equity              241,090       241,441
                                  =======       =======
</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
                             -----------------------------
                                  2003          2002
                             ==============  =============
<S>                                <C>           <C>
Revenues:
---------
Revenues                            -                -
                               -------          --------
Total Revenues                 $    -           $    -

Expenses:
---------
Professional fees                  800            1,518
Operating Expenses                   1              277
                               -------          -------
Total Expenses                     801            1,795

Net Income before Taxes       $    801           (1,795)

Provision for Income Taxes:
---------------------------
Income Tax Benefit                  -               -
Net Income (Loss)             $   (801)          (1,795)

                              =========        ========
Basic and Diluted
Earnings Per Common Share      (0.0001)         (0.0002)
                              ---------        --------
Weighted Average number of
Common Shares used in per
share calculations           11,777,500       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, 2003 (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)
        -----------  ------- -------    -------   ---------
Net Income
(Loss)                                      -           -
         ----------   ------  ------     ------     ------
Balance,
December
31, 2002 11,777,500   11,778  331,152   (103,239)   239,691
         ----------   ------  -------   --------    -------
Net Income
(Loss)                                      (801)      (801)
         ----------   ------  -------   --------    -------
Balance,
March 31
2003     11,777,500   11,778  331,152   (104,040)   238,890
         ==========   ======  =======   =========   =======
</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
                     ------------------------------------
                            2003             2002
                     ---------------- ---------------
<S>                         <C>              <C>
Cash Flows from
Operating Activities:
---------------------
Net Income (Loss)          $   (801)     $ (1,795)
Adjustments to reconcile
net loss to net cash
provided (used) for
operating activities:
  Increase (Decrease) in
  Accounts Payable              450         5,750
                          ---------       --------
Total Adjustments               450         5,750
                          ---------       --------
Net Cash Used in
Operating Activities       $   (351)        3,955
Cash Flows from
Investing Activities:
---------------------
Purchase of Mineral Properties    -           -
                           ---------     ---------
Net Cash Used in Investing
Activities                 $      -      $    -
                           ---------     ---------
Cash Flows from
Financing Activities:
---------------------
Proceeds from Issuance
of Stock                          -           -
Costs Incurred to
Raise Capital                     -           -
                          ---------       --------
Net Cash Provided for
Financing Activities      $       -      $    -
                          ---------       --------
Net Increase(Decrease)
in Cash                   $   (351)      $  3,955
Cash Balance, Begin Period 241,441            400
                          --------        -------
Cash Balance, End Period   241,090          4,355
                          ========        =======
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 11,777,500 common shares
issued and outstanding as of December 31, 2002 and March 31, 2003.

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

                          10
<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, 2002 and March 31, 2003.

Note 2 - COMMON STOCK
---------------------
In 2002, the Company issued 252,500 shares of common stock to
various investors for cash totalling $252,247.

In 2002, the Company issued 25,000 shares of common stock for
services.

In 1998, the Company issued 8,000,000 shares of common stock to
various investors for cash totaling $80,000.

The Company issued 500,000 shares of common stock at $.001 per
share in accordance with an 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, 2002 and March 31, 2003.

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, 2003.  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 2002, a major shareholder advanced the Company a total of $5,000
which was repaid from the proceeds of stock sold in 2002.

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.

                           12

<PAGE>


                 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 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
  99                  Certification of Officers
</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, 2003    By:/s/ Derick Sinclair, President, CEO,
                           Secretary, Treasurer, CFO and Director


                                13

<PAGE>

         CERTIFICATION PURSUANT TO SECTION 302 OF THE ACT
         ------------------------------------------------

     I, Derick Sinclair, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of Natalma
Industries, Inc.

2. Based on my knowledge, this quarterly report does not contain any
untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect
to the period covered by this quarterly report.

3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all
material respects the financial condition, results of operations and
cash flows of Natalma Industries, Inc. as of, and for, the periods
presented in this quarterly report.

4.  Natalma Industries, Inc.'s other certifying officers and I are
responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for
Natalma Industries, Inc.. and have:

     (a) designed such disclosure controls and procedures to
     ensure that material information relating to Natalma
     Industries, Inc., including its consolidated subsidiaries,
     is made known to us by others within those entities,
     particularly during the period in which this quarterly
     report is being prepared;

     (b) evaluated the effectiveness of Natalma Industries, Inc.'s
     disclosure controls and procedures as of a date within
     90 days prior to the filing date of this quarterly report
     (the "Evaluation Date"); and

     (c) presented in this quarterly report our conclusions
     about the effectiveness of the disclosure controls and
     procedures based on our evaluation as of the Evaluation Date;

5.  The other certifying officers and I have disclosed, based on our
most recent evaluation, to our auditors and the audit committee of our
Board of Directors (or persons performing the equivalent functions):

   (a) all significant deficiencies in the design or operation of
   internal controls which could adversely affect our ability to
   record, process, summarize and report financial data and have
   identified for our auditors any material weaknesses in internal
   controls; and

   (b) any fraud, whether or not material, that involves management
   or other employees who have a significant role in our internal
   controls.

6. The other certifying officers and I have indicated in this quarterly
report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal
controls subsequent to the date of our most recent evaluation,
including any corrective actions with regard to significant deficiencies
and material weaknesses.

	May 14, 2003          /s/ Derick Sinclair
                              ----------------------------------------
			      Derick Sinclair, Chief Executive Officer,
                              Chief Financial Officer and Chairman
                              of the Board of Directors


				14

<PAGE>