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, 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 September 30, 2002 was 11,777,500. Registrant's Form
SB-2/A and all exhibits thereto, filed on March 17, 2000 are
incorporated herein by reference.





                                1



<PAGE>



                            PART 1

FINANCIAL INFORMATION

Item 1. Financial Information

The consolidated financial statements for Natalma Industries,
Inc. (the Company) included herein are unaudited but reflect,
in management's opinion, all adjustments, consisting only of
normal recurring adjustments, that are necessary for a fair
presentation of the Company's financial position and results
of operations interim periods presented.  Because of the nature
of the Company's business, the results of operations for the
three and nine months ended September 30, 2002 are not necessarily
indicative of the results that may be expected for the full
fiscal year. The financial statements included herein should
be read in conjunction with the financial statements and notes
thereto included in the Form 10KSB for the year ended
December 31, 2001.































                                 2
<PAGE>







             REVIEW 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, 2002, and the related statement of operations
and cash flows for the three and nine months period ended September 30,
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 date, and making inquires 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 operation, 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 tot he balance sheet from which it has been derived.

/s/  Clyde Bailey P.C.
San Antonio, Texas
October 22, 2002









                                   3
<PAGE>

<TABLE><CAPTION>

                   NATALMA INDUSTRIES, INC.
                       Balance Sheet
                        (Unaudited)

A S S E T S
-----------
                                 ------------   ------------
                                 September 30   December 31
                                     2002           2001
                                 ------------   ------------
<S>                                 <C>              <C>
Current Assets
--------------
Cash                             $   241,930     $      400
                                 ------------   ------------
     Total Current Assets        $   241,930     $      400
                                 ------------   ------------

     Total Current Assets        $   241,930     $      400
                                 ============   ============

L I A B I L I T I E S
---------------------
Current Liabilities
-------------------
Accounts payable                 $     1,750               -
Officer Advances                          -            4,200
                                 ------------   ------------
     Total Current Liabilities         1,750           4,200
                                 ------------   ------------
     Total Liabilities                 1,750           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                          11,778          11,500
25,000,000 authorized shares, par
value $.001, 11,777,500 shares
issued and outstanding

Additional Paid-In-Capital           331,152         53,930
Accumulated Deficit during the
Development Period                 (102,750)        (69,230)
                                 ------------     -----------
Total Stockholders'Equity(Deficit)  240,180          (3,800)
                                 ------------     -----------
Total Liabilities and
Shareholders' Equity             $   241,930      $     400
                                 ===========      ==========
</TABLE>
The accompanying notes are integral part of the consolidated
financial statements.
                               4
<PAGE>

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

                             -------------------------------------
                             Three Months Ended  Nine Months Ended
                              September 30         September 30
                             -------------------------------------
                              2002      2001      2002      2001
                             -------------------------------------
<S>                             <C>      <C>        <C>       <C>
Revenues:
---------
    Revenues                        -        -         -        -
                             ------------------------------------
      Total Revenues         $      -  $     -  $      - $      -

Expenses:
---------
    Professional Fees          27,156      150    32,922    6,251
    Operating Expenses            100                598        -
                            -------------------------------------
     Total Expenses            27,256      150    33,520    6,251

     Net Income before taxes (27,256)  $  (150)  (33,520) $(6,251)

Provision for Income Taxes:
---------------------------
    Income Tax Benefit             -        -         -        -
      Net Income (Loss)      (27,256)  $  (150)  (33,520) $(6,251)
                             ====================================
Basic and Diluted Earnings
per Common Share                 -nil     -nil     -nil     -nil
                            -------------------------------------
Weighted Average number of
Common Shares used in per
share calculations        11,777,500 11,500,000 11,668,333 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
                  September 30, 2000 (Unaudited)
                                                     Stock-
                       $0.001   Paid-In Accumulated holders
               Shares Par Value Capital   Deficit    Equity
              ------- --------- ------- ----------- -------
<S>             <C>      <C>     <C>       <C>         <C>
Balance,
July 9,1998         -        -        -         -         -
Issuance of common
stock Par
Value$0.001   3,000,000   3,000        -         -     3,000
Net Income
(Loss)                                          -         -
            -----------------------------------------------
Balance,
December 31,
1998          3,000,000   3,000        -        -     3,000
Issuance of
common stock  8,500,000   8,500   72,000        -    80,500
Expense for
stock offering       -       -  (18,070)        -  (18,070)
Net Income(Loss)     -       -        -  (57,849)  (57,849)
                 ==========================================
Balance,
December 31,
1999          11,500,000  11,500  53,930 (57,849)    7,581
             ---------------------------------------------
Net Income
(Loss)                                    (1,691)  (1,691)
             ---------------------------------------------
Balance,
December 31,
2000          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)                                     (33,520)     -
             ---------------------------------------------
Balance,
September
30, 2002      11,777,500  11,778  331,152 (102,750) 273,700
             ==============================================
</TABLE>
                                 6
<TABLE><CAPTION>
               NATALMA INDUSTRIES, INC.
               Statement of Cash Flows
                    (Unaudited)
                                  --------------------------
                                  For the nine Months Ended
                                         September 30
                                   -------------------------
                                      2002          2001
                                   -------------------------
<S>                                   <C>             <C>
Cash Flows from
Operating Activities:
---------------------
Net Income (Loss)                 $   (33,520)    $   (6,251)
Adjustments to reconcile
net loss to net cash
provided (used) for
operating activities:
  Increase (Decrease) in
  Accounts Payable                      1,750              -
                                  --------------------------
Total Adjustments                       1,750              -
                                  --------------------------
Net Cash Used in
Operating Activities              $   (31,770)    $   (6,251)
Cash Flows from
Investing Activities:
---------------------
Purchase of Mineral Properties             -                -
                                  ---------------------------
Net Cash Used in
Investing Activities              $        -       $        -
                                  ---------------------------
Cash Flows from
Financing Activities:
--------------------
Stockholder Advance                    (4,200)          3,500
Proceeds from
Issuance of Stock                     277,500               -
Costs Incurred to
Raise Capital                              -                -
                                  ---------------------------
Net Cash Provided for
Financing Activities              $   273,300        $  3,500
                                  ---------------------------
Net Increase (Decrease)
in Cash                           $  241,530         $ (2,751)
Cash Balance, Begin Period               400            5,890
                                  ---------------------------
Cash Balance,End Period           $  241,930        $   3,139
                                  ===========================
Supplemental Disclosures:
Cash Paid for interest            $        -        $       -
Cash Paid for income taxes        $        -        $       -
Stock Issued for Option to Purchase        -                -
Stock Issued for Repayment
of Shareholder                             -                -
</TABLE>

                          7

             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 11,777,500
common shares issued and outstanding as of September 30, 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 Guides.  The Company is devoting all of its
present efforts to exploring business opportunities in the
natural resource area, but is not limiting its efforts to this
area.  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
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.

                               8
<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. 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
perating 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

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 December 31, 2001 and September 30, 2002.

Impairmant of Long-Lived Assets
-------------------------------
The Company follows SFAS No. 121, "Accounting for Impairment of Long-
\Lived Assets and for Long-Lives Asset to be Disposed Of".  The
Statement requires that long-lived assets and certain identifiable
intangibles to be held and used by an entity be reviewedf for
impairment whenever events of changes in circumstances indicates that
the carrying amount of an asset may not be recoverable.

Note 2 - COMMON STOCK
---------------------
In August 2002, the Company issued 25,000 shares in exchange for
legal services valued at $25,000.

In May 2002, the company issued 252,500 shares of common stock to
various investors for cash totaling $252,500.


                        10

Note 3 - SUPPLEMENTARY SCHEDULE OF NONCASH ACTIVITIES
-----------------------------------------------------
No amounts were actually paid for either interest or income taxes
during the year ended December 31, 2001 and the nine months ended
September 30, 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 has expensed the cost of the
option when the payments were paid in March 16, 1999.  The Company is
negotiating to extend the deadline to complete a minimum of $80,000,
Canadian, exploration and development work on the properties to on or
before September 30, 2003, to permit the work to be completed during
the summer of 2003.

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 nine months of 2002, a major shareholder advanced
the Company a total of $5,000.  During September 2002, the Company
repaid $9,200 of shareholder advances.  At September 30, 2002, all
shareholder advances had been repaid.

Note 7 - GOING CONCERN
----------------------
The Company's financial statements are prepared using generally
accepted accounting principles applicable to a going concern,

                            11


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 that raise substantial doubt about the Company's ability
to continue as a going concern.  The stockholders/officers and/
or directors have committed to advancing operating costs to 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 its current cash in the bank 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.

For the period from inception to the nine months ended September 30, 2000,
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.

Results of Operations
---------------------
For the nine months ended September 30, 2002, Registrant had no
revenues and incurred net operating losses of $33,520, $32,922 of
which comprised professional fees, consisting of legal and
accounting expenses incurred in connection with two public offerings
of Registrant's common stock and $598 in operating expenses.



                              12

<PAGE>

                   PART II - OTHER INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

A)   The following exhibits marked with an asterisk, which are
required to be filed herein are incorporated by reference to
Registrant's Form SB-2/A, previously filed with the Commission
on March 17, 2000.

Exhibit No.         Description
-----------        ------------
* 3(i)              Articles of Incorporation
* 3(ii)             Bylaws
 99                 Sec. 906 Certification

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.

Dated: November 4, 2002    By:/s/ Derick Sinclair, President,
                           Secretary, Treasurer and Director

Dated: November 4, 2002    By:/s/ Rex Pegg, Vice President


           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.


                                  13






<PAGE>


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.

	November 4, 2002      /s/ Derick Sinclair
                              ----------------------------------------
                              Chief Executive Officer and Chairman of
                              the Board of Directors

                                14
<PAGE>