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, 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

At September 30, 2003, 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, 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
                        -----------
                                September 30   December 31
                                    2003          2002
                                  ---------   -----------
 <S>                                  <C>          <C>
Current Assets
--------------
Cash                              $238,033     $241,441
                                  --------     --------
Total Current Assets               238,033      241,441

Total Assets                      $238,033     $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               (107,097)     (103,239)
                                  -------       -------
Total Stockholders' Equity
(Deficit)                         235,833       239,691
                                  -------       -------
Total Liabilities and
Shareholders' Equity              238,033       241,441
                                  =======       =======
</TABLE>

The accompanying notes are integral part of the consolidated
financial statements.
                               3
<PAGE>

<TABLE><CAPTION>

              NATALMA INDUSTRIES, INC.
              Statement of Operations
                   (Unaudited)
                            ------------------   -------------------
                            Three Months Ended    Nine Months Ended
                              September 30          September 30
                            ------------------   -------------------
                              2003       2002       2003     2002
                            =========  ========   ======== =========
<S>                            <C>       <C>        <C>      <C>
Revenues:
---------
Revenues                            -         -          -         -
                            --------- ---------  --------- ---------
Total Revenues              $       - $       -  $       - $       -

Expenses:
--------
Professional fees                 865    27,130      4,300    33,091
Operating Expenses                 16       195        14        498
                            --------- ---------  --------- ---------
Total Expenses                    881    27,325      4,424    33,589

Net Income before Taxes     $    (881)$ (27,325) $  (4,424) $(33,589)

Other Income
------------
Interest income                     -         -        566         -

Provision for Income Taxes:
---------------------------
Income Tax Benefit                  -         -          -          -
Net Income (Loss)           $    (881)$ (27,325) $  (3,858) $(33,589)
                            ========== ========= ========== ==========
Basic and Diluted
Earnings Per Common Share       (0.00)    (0.00)     (0.00)    (0.00)
                            ---------- --------- ---------  ----------
Weighted Average number of
Common Shares used in per
share calculations         11,777,500 11,777,500 11,668,333 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, 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)
         ----------  ------- -------    -------   ---------
Balance,
December
31, 2002 11,777,500   11,778  331,152   (103,239)   239,691
         ----------   ------  -------   --------    -------
Net Income
(Loss)                                    (3,858)    (3,858)
         ----------   ------  -------   --------    -------
Balance,
September
30, 2003 11,777,500   11,778  331,152   (107,097)   235,833
         ==========   ======  =======   =========   =======

</TABLE>

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


                              5

<PAGE>
<TABLE><CAPTION>
                 NATALMA INDUSTRIES, INC.
                 Statement of Cash Flows
                         (Unaudited)
                         ---------------------------------
                                  Nine Months Ended
                                    September 30
                         ---------------------------------
                               2003              2002
                         ---------------   ---------------
<S>                            <C>                <C>
Cash Flows from
Operating Activities:
---------------------
Net Income (Loss)          $    (3,858)     $    (33,589)
Adjustments to reconcile
net loss to net cash provided
(used) for operating
activities:
  Increase (Decrease) in
  Accounts Payable                  450            1,750
                           ------------     ------------
Total Adjustments                   450            1,750
                           ------------     ------------
Net Cash Used in
Operating Activities       $     (3,408)     $   (31,839)
Cash Flows from
Financing Activities:
---------------------
Stockholder Advance                   -           (4,200)
Proceeds from Issuance
of Stock                              -          277,500
Costs Incurred to
Raise Capital                         -                -
                           ------------     ------------
Net Cash Provided for
Financing Activities       $          -     $    273,300
                           ------------     ------------
Net Increase(Decrease)
in Cash                    $     (3,408)     $   241,461
Cash Balance, Begin Period      241,441              400
                           ------------     ------------
Cash Balance, End Period   $    238,033     $    241,861
                           ============     ============
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, 2002 and September 30, 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
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.

                               7
<PAGE>
              NATALMA INDUSTRIES, INC.
           Notes to Financial Statements

Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continuation)
------------------------------------------------------------------
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.

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 September 30, 2003.

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


                         8
<PAGE>


              NATALMA INDUSTRIES, INC.
           Notes to Financial Statements

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 nine months ended
September 30, 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.


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

                           9

<PAGE>


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, 2002; and should further be read in conjunction
with the financial statements included in this report.
Comparisons made between reporting periods herein are for
the nine months ended September 30, 2003 as compared to the
nine months ended September 30, 2002.

For the three and nine months ended September 30, 2003,
we had no revenues and incurred net operating losses of $865
and $4,424, respectively, as compared to no revenues and net
operating losses of $4,300 and $33,091 for the three and
nine months ended September 30, 2003. Most of our expenses
comprised legal and professional fees incurred in connection
with the preparation and filing of our initial public offering
and registration documents.

Net cash provided by financing activities for the nine
months ended September 30, 2003 was zero, compared to
$273,300 for the nine months ended September 30, 2002.

Liquidity and Capital Resources
-------------------------------
We expect our current cash in the bank of $238,033 at
September 30, 2003, 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 for the nine months ended
September 30, 2003.

Shareholder's equity as of September 30, 2003, was $235,833, as
compared to $239,691 at December 31, 2002.

Plan of Operation
-----------------
We are a start-up, exploration stage company and have not yet
generated any revenues or fully implemented our business plan. We
have been doing research 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.

                           10
<PAGE>

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.

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, 2002, 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 accounting
for 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.

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.

                            11
<PAGE>

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 and Chief
Financial 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                            Page
----------            -----------                            ----
*  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                  13
  99.2		      Sec. 906 Certification                  14
</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: November 12, 2003   By:/s/ Derick Sinclair, President, CEO,
                           Secretary, Treasurer, CFO and Director



                              12
<PAGE>