**UNITED        STATES**

**SECURITIES        AND EXCHANGE COMMISSION**

**WASHINGTON,        D.C. 20549**

**_____________________**

**FORM        10QSB**

**Under        Section 12(b) or Section 12(g) of**

**The        Securities Exchange Act of 1934**

**for        the quarter ended June 30, 2005**

**TREND        MINING COMPANY **

----

**(Name        of Small Business Issuer in its Charter)**

| **Delaware**                                           |   | **81-0304651**                             |
|--------------------------------------------------------|--------|--------------------------------------------|
| **(State                    or Other Jurisdiction of** |   | **(I.R.S.                    Employer**    |
| **Incorporation                    or Organization)**  |   | **Identification                    No.)** |

**5439        South Prince**
**        Street **

**Littleton        Colorado 80120**

----

**(Address          of principal executive office)**

**Issuer's        telephone number**
**:        **
**303-798-7363**

**Securities        to be registered under Section 12(b) of the Act:**

**None**

**(Title        of Class)**

**Securities        to be registered under Section 12(g) of the Act:**

**Common        par value $0.01**

**(Title        of Class)**

**________________________________________________________________________________**

**Indicate        by check mark whether the registrant (1) has filed all reports required**
**to        be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during        **
**the        preceding 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 o**

**The        number of shares outstanding at June 30, 2005: 36,275,215        shares**

----

**TREND        MINING COMPANY**

**(An        Exploration Stage Company)**

**Financial        Statements**

**June        30, 2005**

----

**TREND        MINING COMPANY**

**FINANCIAL        STATEMENTS**

| Balance                  Sheets                                    | 1      |
|--------------------------------------------------------------------|--------|
|                                                               |   |
| Statements                  of Operations                          | 2      |
|                                                               |   |
| Statement                  of Stockholders’ Equity (Deficit) | 3      |
|                                                               |   |
| Statements                  of Cash Flows                          | 9      |
|                                                               |   |
| NOTES                  TO THE FINANCIAL STATEMENTS                 | 10     |
|                                                               |   |
| MANAGEMENT                  DISCUSSION AND ANALYSIS                | 13     |

----

**ITEM        1. FINANCIAL STATEMENTS AND NOTES**

| **TREND                    MINING COMPANY**                                   |
|-----------------------------------------------------------------------------------------|
| **(An                    Exploration Stage Company)**                         |
| **BALANCE                    SHEETS**                                         |
|                                                                                    |   |   |   |    |   |
|                                                                                    |   | **June                    30,** | ** ** | ** September                    30,** | ** ** |
| ** **                                                                              | ** ** | **2005** | ** ** | ** 2004** | ** ** |
| ** **                                                                              | ** ** | **(unaudited)** | ** ** | ** ****(Restated)** |   |
| **ASSETS**                                                                              |   |   |   |    |   |
|                                                                                    |   |   |   |    |   |
| CURRENT                    ASSETS                                                       |   |   |   |    |   |
| Cash                                                                               |   | $ | 116,867 |   | $ | 8,313 |   |
| Prepaid                    expenses                                                |   |   | 27,036 |   |   | 2,948 |   |
| Purchase                    deposit                                                |   |   | 300,000 |   |   | — |   |
|  TOTAL                    CURRENT ASSETS                                           |   |   | 443,903 |   |   | 11,261 |   |
|                                                                                    |   |   |   |   |   |   |   |
| MINERAL                    PROPERTIES                                                   |   |   | — |   |   | — |   |
|                                                                                    |   |   |   |   |   |   |   |
| PROPERTY                    AND EQUIPMENT, net of depreciation                          |   |   | 7,132 |   |   | 6,631 |   |
|                                                                                    |   |   |   |   |   |   |   |
| OTHER                    ASSETS                                                         |   |   |   |   |   |   |   |
| Reclamation                    bond                                                |   |   | 6,500 |   |   | — |   |
|                                                                                    |   |   |   |   |   |   |   |
| **TOTAL                    ASSETS**                                                     |   | $ | 457,535 |   | $ | 17,892 |   |
|                                                                                    |   |   |   |   |   |   |   |
| **LIABILITIES                    AND STOCKHOLDERS' DEFICIT**                            |   |   |   |   |   |   |   |
|                                                                                    |   |   |   |   |   |   |   |
| CURRENT                    LIABILITIES                                                  |   |   |   |   |   |   |   |
| Accounts                    payable                                                |   | $ | 61,024 |   | $ | 205,686 |   |
| Accrued                    expenses                                                |   |   | 71,618 |   |   | 75,780 |   |
| Interest                    payable                                                |   |   | 238,171 |   |   | 125,561 |   |
| Loans                    payable to stockholders                                   |   |   | 1,047,857 |   |   | 1,032,857 |   |
| Current                    portion of long-term debt                               |   |   | 549,187 |   |   | — |   |
|  TOTAL                    CURRENT LIABILITIES                                      |   |   | 1,967,857 |   |   | 1,439,884 |   |
|                                                                                    |   |   |   |   |   |   |   |
| LONG-TERM                    DEBT, net of current portion                               |   |   | 56,052 |   |   | — |   |
|                                                                                    |   |   |   |   |   |   |   |
| COMMITMENTS                    AND CONTINGENCIES                                        |   |   | — |   |   | — |   |
|                                                                                    |   |   |   |   |   |   |   |
| STOCKHOLDERS'                    DEFICIT                                                |   |   |   |   |   |   |   |
| Preferred                    stock, $0.01 par value, 20,000,000 shares             |   |   |   |   |   |   |   |
|  authorized;                    0 and 1 share issued and outstanding, respectively |   |   | — |   |   | — |   |
| Common                    stock, $0.01 par value, 100,000,000                      |   |   |   |   |   |   |   |
|  shares                    authorized; 36,275,215 and                              |   |   |   |   |   |   |   |
|  35,967,715                    shares issued and outstanding, respectively         |   |   | 362,752 |   |   | 359,677 |   |
| Additional                    paid-in capital                                      |   |   | 7,990,295 |   |   | 7,518,815 |   |
| Stock                    options and warrants                                      |   |   | 1,503,817 |   |   | 974,268 |   |
| Pre-exploration                    stage accumulated deficit                       |   |   | (558,504 | ) |   | (558,504 | ) |
| Accumulated                    deficit during exploration stage                    |   |   | (10,864,734 | ) |   | (9,716,248 | ) |
|  TOTAL                    STOCKHOLDERS' DEFICIT                                    |   |   | (1,566,374 | ) |   | (1,421,992 | ) |
|                                                                                    |   |   |   |   |   |   |   |
| **TOTAL                    LIABILITIES AND**                                            |   |   |   |   |   |   |   |
| **STOCKHOLDERS'                    DEFICIT**                                       |   | $ | 457,535 |   | $ | 17,892 |   |
|                                                                                    |   |   |   |   |   |   |   |

----

| **TREND                      MINING COMPANY**                                  |
|--------------------------------------------------------------------------------|
| **(An                      Exploration Stage Company)**                        |
| **STATEMENTS                      OF OPERATIONS**                              |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |
|                                                                           |   |   |   |   |   |   |   |   |   | **Period                      from** |   |
|                                                                           |   |   |   |   |   |   |   |   |   | **October                      1, 1996** |   |
|                                                                           |   |   |   |   |   |   |   |   |   | **(Inception                      of** |   |
|                                                                           |   | **Three                      Months** |   | **Three                      Months** |   | **Nine                      Months** |   | **Nine                      Months** |   | **Exploration                      Stage)** |   |
|                                                                           |   | **Ended** |   | **Ended** |   | **Ended** |   | **Ended** |   | **to** |   |
|                                                                           |   | **June                      30,** |   | **June                      30,** |   | **June                      30,** |   | **June                      30,** |   | **June                      30,** |   |
|                                                                           |   | **2005** |   | **2004** |   | **2005** |   | **2004** |   | **2005** |   |
|                                                                           |   | **(unaudited)** |   | **(unaudited)** |   | **(unaudited)** |   | **(unaudited)** |   | **(unaudited)** |   |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| REVENUES                                                                       |   | $ | — |   | $ | — |   | $ | — |   | $ | — |   | $ | — |   |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EXPENSES                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Exploration                      expense                                  |   |   | 48,088 |   |   | — |   |   | 147,981 |   |   | — |   |   | 3,076,856 |   |
| General                      and administrative                           |   |   | 50,177 |   |   | 107,433 |   |   | 136,371 |   |   | 152,155 |   |   | 2,714,519 |   |
| Consulting                                                                |   |   | 74,201 |   |   | — |   |   | 167,372 |   |   | — |   |   | 167,372 |   |
| Officers                      and directors compensation                  |   |   | 32,000 |   |   | 44,600 |   |   | 89,000 |   |   | 119,700 |   |   | 1,748,190 |   |
| Legal                      and professional                               |   |   | 26,482 |   |   | 156,380 |   |   | 108,428 |   |   | 234,012 |   |   | 1,514,307 |   |
| Depreciation                                                              |   |   | 668 |   |   | 690 |   |   | 2,661 |   |   | 2,069 |   |   | 54,537 |   |
|  Total                      Expenses                                      |   |   | 231,616 |   |   | 309,103 |   |   | 651,813 |   |   | 507,936 |   |   | 9,275,781 |   |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| OPERATING                      LOSS                                            |   |   | (231,616 | ) |   | (309,103 | ) |   | (651,813 | ) |   | (507,936 | ) |   | (9,275,781 | ) |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| OTHER                      INCOME (EXPENSE)                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividend                      and interest income                         |   |   | 3,660 |   |   | — |   |   | 4,479 |   |   | — |   |   | 10,877 |   |
| Gain                      (loss) on disposition and impairment of assets  |   |   | — |   |   | — |   |   | — |   |   | — |   |   | (177,519 | ) |
| Gain                      (loss) on investment sales                      |   |   | — |   |   | (40,500 | ) |   | — |   |   | (40,383 | ) |   | (63,813 | ) |
| Financing                      expense                                    |   |   | (142,945 | ) |   | — |   |   | (436,572 | ) |   | — |   |   | (1,571,685 | ) |
| Interest                      expense                                     |   |   | (56,850 | ) |   | (22,573 | ) |   | (127,395 | ) |   | (67,221 | ) |   | (443,531 | ) |
| Miscellaneous                      income                                 |   |   | — |   |   | — |   |   | — |   |   | 139 |   |   | 26,757 |   |
| Forgiveness                      of debt                                  |   |   | — |   |   | — |   |   | 62,815 |   |   | — |   |   | 629,961 |   |
|  Total                      Other Income (Expense)                        |   |   | (196,135 | ) |   | (63,073 | ) |   | (496,673 | ) |   | (107,465 | ) |   | (1,588,953 | ) |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LOSS                      BEFORE INCOME TAXES                                  |   |   | (427,751 | ) |   | (372,176 | ) |   | (1,148,486 | ) |   | (615,401 | ) |   | (10,864,734 | ) |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| INCOME                      TAXES                                              |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NET                      LOSS                                                  |   |   | (427,751 | ) |   | (372,176 | ) |   | (1,148,486 | ) |   | (615,401 | ) |   | (10,864,734 | ) |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| OTHER                      COMPREHENSIVE INCOME (LOSS)                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Change                      in market value of investments                |   |   | — |   |   | (33,030 | ) |   | — |   |   | (1,800 | ) |   | 1,800 |   |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NET                      COMPREHENSIVE LOSS                                    |   | $ | (427,751 | ) | $ | (405,206 | ) | $ | (1,148,486 | ) | $ | (617,201 | ) | $ | (10,862,934 | ) |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| BASIC                      AND DILUTED NET LOSS PER SHARE                      |   | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.03 | ) | $ | (0.02 | ) |   |   |   |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| WEIGHTED                      AVERAGE NUMBER OF                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| COMMON                      SHARES OUTSTANDING                            |   |   | 36,275,215 |   |   | 34,556,585 |   |   | 36,100,771 |   |   | 33,671,585 |   |   |   |   |

----

| **TREND                      MINING COMPANY**                                                         |
|-------------------------------------------------------------------------------------------------------|
| **(An                      Exploration Stage Company)**                                               |
| **STATEMENT                      OF STOCKHOLDERS' EQUITY (DEFICIT)                      (Continued)** |

|                                                                             |   |                        **Common                        Stock** | ** ** | ** **                   | ** ** | ** **                   | ** ** | ** **                                          | ** ** | ** **             | ** ** | ** **                                                 | ** ** |
|----------------------------------------------------------------------------------|--------|---------------------------------------------------------------------|------------|------------------------------|------------|------------------------------|------------|-----------------------------------------------------|------------|------------------------|------------|------------------------------------------------------------|------------|
| ** **                                                                       |   | **Number                        ofShares**                          |       | ** Amount  ** | ** ** | **AdditionalPaid-inCapital** | ** ** | **StockOptions                        andWarrants** | ** ** | **AccumulatedDeficit** | ** ** | **OtherComprehensiveIncome                        (Loss)** | ** ** | **Total** |   |
| Balance,                        October 1, 1996                                  |   |                                                                | 1,754,242  |                         | $          | 17,542                       |       | $                                                   | 663,218    |                   | $          | —                                                    |       | $ | (558,504 | ) | $ | — |   | $ | 122,256 |   |
|                                                                             |   |                                                                |       |                         |       |                         |       |                                                |       |                   |       |                                                       |       |   |   |   |   |   |   |   |   |   |
| Common                        stock issuances as follows:                        |   |                                                                |       |                         |       |                         |       |                                                |       |                   |       |                                                       |       |   |   |   |   |   |   |   |   |   |
| -                        for cash at $0.50 per share                        |   |                                                                | 200,000    |                         |       | 2,000                        |       |                                                | 98,000     |                   |       | —                                                    |       |   | — |   |   | — |   |   | 100,000 |   |
| -                        for payment of liabilities and expenses at $0.50   |   |                                                                |       |                         |       |                         |       |                                                |       |                   |       |                                                       |       |   |   |   |   |   |   |   |   |   |
|  per                        share                                           |   |                                                                | 45,511     |                         |       | 455                          |       |                                                | 22,301     |                   |       | —                                                    |       |   | — |   |   | — |   |   | 22,756 |   |
|                                                                             |   |                                                                |       |                         |       |                         |       |                                                |       |                   |       |                                                       |       |   |   |   |   |   |   |   |   |   |
| Net                        loss for the year ended September 30, 1997            |   |                                                                | —    |                         |       | —                      |       |                                                | —    |                   |       | —                                                    |       |   | (128,614 | ) |   | — |   |   | (128,614 | ) |
|                                                                             |   |                                                                |       |                         |       |                         |       |                                                |       |                   |       |                                                       |       |   |   |   |   |   |   |   |   |   |
| Balance,                        September 30, 1997                               |   |                                                                | 1,999,753  |                         |       | 19,997                       |       |                                                | 783,519    |                   |       | —                                                    |       |   | (687,118 | ) |   | — |   |   | 116,398 |   |
|                                                                             |   |                                                                |       |                         |       |                         |       |                                                |       |                   |       |                                                       |       |   |   |   |   |   |   |   |   |   |
| Issuance                        of common stock as follows:                      |   |                                                                |       |                         |       |                         |       |                                                |       |                   |       |                                                       |       |   |   |   |   |   |   |   |   |   |
| —                        for mineral property at $0.50 per share      |   |                                                                | 150,000    |                         |       | 1,500                        |       |                                                | 73,500     |                   |       | —                                                    |       |   | — |   |   | — |   |   | 75,000 |   |
| -                        for lease termination at $0.50 per share           |   |                                                                | 12,000     |                         |       | 120                          |       |                                                | 5,880      |                   |       | —                                                    |       |   | — |   |   | — |   |   | 6,000 |   |
| -                        for debt at $0.50 per share                        |   |                                                                | 80,000     |                         |       | 800                          |       |                                                | 39,200     |                   |       | —                                                    |       |   | — |   |   | — |   |   | 40,000 |   |
| -                        for cash at $0.20 per share                        |   |                                                                | 7,500      |                         |       | 75                           |       |                                                | 1,425      |                   |       | —                                                    |       |   | — |   |   | — |   |   | 1,500 |   |
| -                        for compensation at $0.50 per share                |   |                                                                | 9,000      |                         |       | 90                           |       |                                                | 4,410      |                   |       | —                                                    |       |   | — |   |   | — |   |   | 4,500 |   |
|                                                                             |   |                                                                |       |                         |       |                         |       |                                                |       |                   |       |                                                       |       |   |   |   |   |  |   |   |   |   |
| Issuance                        of stock options for financing activities        |   |                                                                | —    |                         |       | —                      |       |                                                | —    |                   |       | 2,659                                                      |       |   | — |   |   | — |   |   | 2,659 |   |
|                                                                             |   |                                                                |       |                         |       |                         |       |                                                |       |                   |       |                                                       |       |   |   |   |   |   |   |   |   |   |
| Net                        loss for the year ended September 30, 1998            |   |                                                                | —    |                         |       | —                      |       |                                                | —    |                   |       | —                                                    |       |   | (119,163 | ) |   | — |   |   | (119,163 | ) |
|                                                                             |   |                                                                |       |                         |       |                         |       |                                                |       |                   |       |                                                       |       |   |   |   |   |   |   |   |   |   |
| Change                        in market value of investments                     |   |                                                                | —    |                         |       | —                      |       |                                                | —    |                   |       | —                                                    |       |   | — |   |   | 117,080 |   |   | 117,080 |   |
|                                                                             |   |                                                                |       |                         |       |                         |       |                                                |       |                   |       |                                                       |       |   |   |   |   |   |   |   |   |   |
| Balance,                        September 30, 1998                               |   |                                                                | 2,258,253  |                         | $          | 22,582                       |       | $                                                   | 907,934    |                   | $          | 2,659                                                      |       | $ | (806,281 | ) | $ | 117,080 |   | $ | 243,974 |   |

----

| **TREND                          MINING COMPANY**                                                             |
|---------------------------------------------------------------------------------------------------------------|
| **(An                          Exploration Stage Company)**                                                   |
| **STATEMENT                          OF STOCKHOLDERS' EQUITY (DEFICIT)                          (Continued)** |

|            |   |                          **Common                          Stock** | ** ** | ** **                   | ** ** | ** **                   | ** ** | ** **                                            | ** ** | ** **             | ** ** | ** **                                                   | ** ** |
|------------|--------|-------------------------------------------------------------------------|------------|------------------------------|------------|------------------------------|------------|-------------------------------------------------------|------------|------------------------|------------|--------------------------------------------------------------|------------|
| ** ** |   | **Number                          ofShares**                            |       | ** Amount  ** | ** ** | **AdditionalPaid-inCapital** | ** ** | **StockOptions                          andWarrants** | ** ** | **AccumulatedDeficit** | ** ** | **OtherComprehensiveIncome                          (Loss)** | ** ** | **Total** |   |

| Balance,                          September 30, 1998                                  |   |   | 2,258,253 |   | $      | 22,582  |   | $      | 907,934   |   | $      | 2,659   |   | $      | (806,281   | )      | $      | 117,080 |   | $      | 243,974  |   |
|---------------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|---------|--------|--------|-----------|--------|--------|---------|--------|--------|------------|--------|--------|---------|--------|--------|----------|--------|
|                                                                                  |   |   |      |   |   |    |   |   |      |   |   |    |   |   |       |   |   |    |   |   |     |   |
| Common                          stock issuances as follows:                           |   |   |      |   |   |    |   |   |      |   |   |    |   |   |       |   |   |    |   |   |     |   |
| -                          for cash at an average of $0.07 per share             |   |   | 555,000   |   |   | 5,550   |   |   | 35,450    |   |   | — |   |   | —    |   |   | — |   |   | 41,000   |   |
| -                          for prepaid expenses at $0.33 per share               |   |   | 50,000    |   |   | 500     |   |   | 16,000    |   |   | — |   |   | —    |   |   | — |   |   | 16,500   |   |
| -                          for consulting services at an average of              |   |   |      |   |   |    |   |   |      |   |   |    |   |   |       |   |   |    |   |   |     |   |
|  $0.20                          per share                                        |   |   | 839,122   |   |   | 8,391   |   |   | 158,761   |   |   | — |   |   | —    |   |   | — |   |   | 167,152  |   |
| -                          for mineral property at $0.13 per share               |   |   | 715,996   |   |   | 7,160   |   |   | 82,470    |   |   | — |   |   | —    |   |   | — |   |   | 89,630   |   |
| -                          for officers' compensation at an average of           |   |   |      |   |   |    |   |   |      |   |   |    |   |   |       |   |   |    |   |   |     |   |
|  $0.24                          per share                                        |   |   | 300,430   |   |   | 3,004   |   |   | 70,522    |   |   | — |   |   | —    |   |   | — |   |   | 73,526   |   |
| -                          for debt, investment and expenses at $0.30 per share  |   |   | 9,210     |   |   | 92      |   |   | 2,671     |   |   | — |   |   | —    |   |   | — |   |   | 2,763    |   |
| -                          for directors' compensation at an average of          |   |   |      |   |   |    |   |   |      |   |   |    |   |   |            |   |   |    |   |   |     |   |
|  $0.25                          per share                                        |   |   | 16,500    |   |   | 165     |   |   | 3,960     |   |   | — |   |   | —    |   |   | — |   |   | 4,125    |   |
| -                          for rent at $0.25 per share                           |   |   | 1,000     |   |   | 10      |   |   | 240       |   |   | — |   |   | —    |   |   | — |   |   | 250      |   |
| -                          for equipment at $0.30 per share                      |   |   | 600,000   |   |   | 6,000   |   |   | 174,000   |   |   | — |   |   | —    |   |   | — |   |   | 180,000  |   |
|                                                                                  |   |   |      |   |   |    |   |   |      |   |   |    |   |   |       |   |   |    |   |   |     |   |
| Net                          loss for the year ended September 30, 1999               |   |   | —   |   |   | — |   |   | —   |   |   | — |   |   | (716,759   | )      |   | — |   |   | (716,759 | )      |
|                                                                                  |   |   |      |   |   |    |   |   |      |   |   |    |   |   |       |   |   |    |   |   |     |   |
| Other                          comprehensive loss                                     |   |   | —   |   |   | — |   |   | —   |   |   | — |   |   | —    |   |   | (79,179 | )      |   | (79,179  | )      |
|                                                                                  |   |   |      |   |   |    |   |   |      |   |   |    |   |   |       |   |   |    |   |   |     |   |
| Balance,                          September 30, 1999                                  |   |   | 5,345,511 |   | $      | 53,454  |   | $      | 1,452,007 |   | $      | 2,659   |   | $      | (1,523,040 | )      | $      | 37,901  |   | $      | 22,982   |   |

----

| **TREND                            MINING COMPANY**                                                               |
|-------------------------------------------------------------------------------------------------------------------|
| **(An                            Exploration Stage Company)**                                                     |
| **STATEMENT                            OF STOCKHOLDERS' EQUITY (DEFICIT)                            (Continued)** |

|            |   |                          **Common                          Stock** | ** ** | ** **                   | ** ** | ** **                   | ** ** | ** **                                            | ** ** | ** **             | ** ** | ** **                                                   | ** ** |
|------------|--------|-------------------------------------------------------------------------|------------|------------------------------|------------|------------------------------|------------|-------------------------------------------------------|------------|------------------------|------------|--------------------------------------------------------------|------------|
| ** ** |   | **Number                          ofShares**                            |       | ** Amount  ** | ** ** | **AdditionalPaid-inCapital** | ** ** | **StockOptions                          andWarrants** | ** ** | **AccumulatedDeficit** | ** ** | **OtherComprehensiveIncome                          (Loss)** | ** ** | **Total** |   |

| Balance,                          September 30, 1999                           |   |   | 5,345,511  |   | $      | 53,454  |   | $      | 1,452,007 |   | $      | 2,659   |   | $      | (1,523,040 | )      | $      | 37,901  |   | $      | 22,982     |   |
|--------------------------------------------------------------------------------|--------|--------|------------|--------|--------|---------|--------|--------|-----------|--------|--------|---------|--------|--------|------------|--------|--------|---------|--------|--------|------------|--------|
|                                                                           |   |   |       |   |   |    |   |   |      |   |   |    |   |   |       |   |   |    |   |   |       |   |
| Common                          stock and option issuances as follows:         |   |   |       |   |   |    |   |   |      |   |   |    |   |   |       |   |   |    |   |   |       |   |
| -                          for employee, officer and director             |   |   |       |   |   |    |   |   |           |   |   |    |   |   |       |   |   |    |   |   |       |   |
| compensation                          at an average of                    |   |   |       |   |   |    |   |   |      |   |   |    |   |   |       |   |   |    |   |   |       |   |
| $0.61                          per share                                  |   |   | 231,361    |   |   | 2,314   |   |   | 140,446   |   |   | 15,820  |   |   | —    |   |   | — |   |   | 158,580    |   |
| -                          for officers' and directors' compensation      |   |   |       |   |   |    |   |   |      |   |   |    |   |   |       |   |   |    |   |   |       |   |
| at                          an average of $1.19 per share                 |   |   | 11,500     |   |   | 115     |   |   | 13,615    |   |   | — |   |   | —    |   |   | — |   |   | 13,730     |   |
| -                          for services at an average of $0.47 per share  |   |   | 530,177    |   |   | 5,302   |   |   | 246,333   |   |   | — |   |   | —    |   |   | — |   |   | 251,635    |   |
| -                          for mineral property at $0.89 per share        |   |   | 1,000,000  |   |   | 1,000   |   |   | 88,000    |   |   | — |   |   | —    |   |   | — |   |   | 89,000     |   |
| -                          for investments at $0.33 per share             |   |   | 200,000    |   |   | 2,000   |   |   | 64,000    |   |   | — |   |   | —    |   |   | — |   |   | 66,000     |   |
| -                          for cash at $0.08 per share                    |   |   | 456,247    |   |   | 4,562   |   |   | 28,969    |   |   | — |   |   | —    |   |   | — |   |   | 33,531     |   |
| -                          for cash, options and warrants                 |   |   | 100,000    |   |   | 10,000  |   |   | 2,414     |   |   | 87,586  |   |   | —    |   |   | — |   |   | 100,000    |   |
| -                          for incentive fees at $0.33 per share          |   |   | 65,285     |   |   | 653     |   |   | 20,891    |   |   | — |   |   | —    |   |   | — |   |   | 21,544     |   |
| -                          for deferred mineral property acquisition      |   |   |       |   |   |    |   |   |      |   |   |    |   |   |       |   |   |    |   |   |       |   |
| costs                          at $0.13 per share                         |   |   | 129,938    |   |   | 1,299   |   |   | 14,943    |   |   | — |   |   | —    |   |   | — |   |   | 16,242     |   |
| -                          for modification of stockholder agreement      |   |   |       |   |   |    |   |   |      |   |   |    |   |   |       |   |   |    |   |   |       |   |
| at                          $0.60 per share                               |   |   | 200,000    |   |   | 2,000   |   |   | 118,000   |   |   | 30,000  |   |   | —    |   |   | — |   |   | 150,000    |   |
| -                          for modification of stockholder agreement      |   |   | —    |   |   | — |   |   | 4,262     |   |   | 10,379  |   |   | —    |   |   | — |   |   | 14,641     |   |
| -from                          exercise of options at $0.12 per share     |   |   | 9,962,762  |   |   | 99,628  |   |   | 1,103,016 |   |   | (37,524 | )      |   | —    |   |   | — |   |   | 1,165,120  |   |
|                                                                           |   |   |       |   |   |    |   |   |      |   |   |    |   |   |       |   |   |    |   |   |       |   |
| Cash                          received for the issuance of common stock        |   |   |       |   |   |    |   |   |      |   |   |    |   |   |       |   |   |    |   |   |       |   |
| warrants                          for 7,979,761 shares of stock           |   |   | —    |   |   | — |   |   | —   |   |   | 10,000  |   |   | —    |   |   | — |   |   | 10,000     |   |
|                                                                           |   |   |       |   |   |    |   |   |      |   |   |    |   |   |       |   |   |         |   |   |       |   |
| Miscellaneous                          common stock adjustments                |   |   | (5         | )      |   | — |   |   | —   |   |   | — |   |   | —    |   |   | — |   |   | —    |   |
|                                                                           |   |   |            |   |   |    |   |   |      |   |   |    |   |   |       |   |   |    |   |   |       |   |
| Net                          loss for the year ended September 30, 2000        |   |   | —    |   |   | — |   |   | —   |   |   | — |   |   | (2,186,541 | )      |   | — |   |   | (2,186,541 | )      |
|                                                                           |   |   |       |   |   |    |   |   |      |   |   |    |   |   |       |   |   |    |   |   |       |   |
| Other                          comprehensive income (loss)                     |   |   | —    |   |   | — |   |   | —   |   |   | — |   |   | —    |   |   | (38,314 | )      |   | (38,314    | )      |
|                                                                           |   |   |       |   |   |    |   |   |      |   |   |    |   |   |       |   |   |    |   |   |       |   |
| Balance,                          September 30, 2000                           |   |   | 18,232,776 |   | $      | 182,327 |   | $      | 3,296,897 |   | $      | 118,920 |   | $      | (3,709,581 | )      | $      | (413    | )      | $      | (111,850   | )      |
|                                                                           |   |   |       |   |   |    |   |   |      |   |   |    |   |   |       |   |   |    |   |   |       |   |

----

| **TREND                      MINING COMPANY**                                                         |
|-------------------------------------------------------------------------------------------------------|
| **(An                      Exploration Stage Company)**                                               |
| **STATEMENT                      OF STOCKHOLDERS' EQUITY (DEFICIT)                      (continued)** |

|                                                                                                        |       | ** Common                      Stock**        | ** ** | ** **             | ** ** | ** **                   | ** ** | ** **                                        | ** ** | ** **             | ** ** | ** **                                               | ** ** |
|-------------------------------------------------------------------------------------------------------------|------------|----------------------------------------------------|------------|------------------------|------------|------------------------------|------------|---------------------------------------------------|------------|------------------------|------------|----------------------------------------------------------|------------|
| ** **                                                                                                  | ** ** | ** ****Number                      ofShares** | ** ** | ** Amount ** | ** ** | **AdditionalPaid-inCapital** | ** ** | **StockOptions                      andWarrants** | ** ** | **AccumulatedDeficit** | ** ** | **OtherComprehensiveIncome                      (Loss)** | ** ** | ** ****Total** |   |
| Balance,                      September 30, 2000                                                            |       |                                               | 18,232,776 |                   | $          | 182,327                      |       | $                                                 | 3,296,897  |                   | $          | 118,920                                                  |       | $ | (3,709,581 | ) | $ | (413 | ) | $ | (111,850 | ) |
|                                                                                                        |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
| Common                      stock and option issuances as follows:                                          |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |  |   |   |   |   |   |   |   |
| -                      for cash of $1.00 per share                                                     |       |                                               | 192,000    |                   |       | 1,920                        |       |                                              | 190,080    |                   |       | —                                                  |       |   | — |   |   | — |   |   | 192,000 |   |
| -                      for cash and consulting services from                                           |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
|  options                      for $0.39 per share                                                      |       |                                               | 33,333     |                   |       | 333                          |       |                                              | 12,737     |                   |       | (3,070                                                   | )          |   | — |   |   | — |   |   | 10,000 |   |
| -                      for services at an average of $0.92 per share                                   |       |                                               | 13,700     |                   |       | 137                          |       |                                              | 12,463     |                   |       | —                                                  |       |   | — |   |   | — |   |   | 12,600 |   |
| -                      for officer and employee compensation at                                        |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
|  $1.13                      per share                                                                  |       |                                               | 5,200      |                   |       | 52                           |       |                                              | 5,828      |                   |       | —                                                  |       |   | — |   |   | — |   |   | 5,880 |   |
| -                      for payment of accrued officer's compensation                                   |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
|  at                      $1.35 per share                                                               |       |                                               | 10,000     |                   |       | 100                          |       |                                              | 13,400     |                   |       | —                                                  |       |   | — |   |   | — |   |   | 13,500 |   |
| -                      for consulting services at an ave of $0.77 per share                            |       |                                               | 45,461     |                   |       | 455                          |       |                                              | 34,247     |                   |       | —                                                  |       |   | — |   |   | — |   |   | 34,702 |   |
| -                      for directors' compensation at $0.85 per share                                  |       |                                               | 75,000     |                   |       | 750                          |       |                                              | 63,000     |                   |       | —                                                  |       |   | — |   |   | — |   |   | 63,750 |   |
| -                      for modification of contract at $0.78 per share                                 |       |                                               | 3,000      |                   |       | 30                           |       |                                              | 2,310      |                   |       | —                                                  |       |   | — |   |   | — |   |   | 2,340 |   |
| -                      for interest payment on contract                                                |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
|  at                      an average of $0.80 per share                                                 |       |                                               | 10,000     |                   |       | 100                          |       |                                              | 7,900      |                   |       | —                                                  |       |   | — |   |   | — |   |   | 8,000 |   |
| -                      for mineral property expenses at $0.85 per share                                |       |                                               | 1,000      |                   |       | 10                           |       |                                              | 840        |                   |       | —                                                  |       |   | — |   |   | — |   |   | 850 |   |
| -                      for debt at $1.00 per share                                                     |       |                                               | 134,500    |                   |       | 1,345                        |       |                                              | 133,155    |                   |       | —                                                  |       |   | — |   |   | — |   |   | 134,500 |   |
|                                                                                                        |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
| Options                      issued to officers, directors and employees for services                       |       |                                               | —    |                   |       | —                      |       |                                              | —    |                   |       | 354,000                                                  |       |   | — |   |   | — |   |   | 354,000 |   |
|                                                                                                        |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |  |   |   |   |   |   |   |   |
| Warrants                      issued as follows:                                                            |       |                                               |            |                   |       |                              |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
| -                      for consulting services                                                         |       |                                               | —    |                   |       | —                      |       |                                              | —    |                   |       | 170,521                                                  |       |   | — |   |   | — |   |   | 170,521 |   |
| -                      for loan agreements                                                             |       |                                               | —    |                   |       | —                      |       |                                              | —    |                   |       | 141,547                                                  |       |   | — |   |   | — |   |   | 141,547 |   |
| -                      for extension of exercise period                                                |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
|  on                      outstanding warrants                                                          |       |                                               | —    |                   |       | —                      |       |                                              | —    |                   |       | 608,058                                                  |       |   | — |   |   | — |   |   | 608,058 |   |
|                                                                                                        |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
| Net                      loss for the year ended September 30, 2001                                         |       |                                               | —    |                   |       | —                      |       |                                              | —    |                   |       | —                                                  |       |   | (3,437,354 | ) |   | — |   |   | (3,437,354 | ) |
|                                                                                                        |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
| Other                      comprehensive income                                                             |       |                                               | —    |                   |       | —                      |       |                                              | —    |                   |       | —                                                  |       |   | — |   |   | 413 |   |   | 413 |   |
| Balance,                      September 30, 2001                                                            |       |                                               | 18,755,970 |                   | $          | 187,559                      |       | $                                                 | 3,772,856  |                   | $          | 1,389,976                                                |       | $ | (7,146,935 | ) | $ | — |   | $ | (1,796,543 | ) |
|                                                                                                        |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
| Balance,                      September 30, 2001                                                            |       |                                               | 18,755,970 |                   | $          | 187,559                      |       | $                                                 | 3,772,856  |                   | $          | 1,389,976                                                |       | $ | (7,146,935 | ) | $ | — |   | $ | (1,796,543 | ) |
|                                                                                                        |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
| Common                      stock issuances as follows:                                                     |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
| -                      for cash at $0.10 per share                                                     |       |                                               | 2,500,000  |                   |       | 25,000                       |       |                                              | 225,000    |                   |       | —                                                  |       |   | — |   |   | — |   |   | 250,000 |   |
| -                      for a note payable at $1.00 per share                                           |       |                                               | 25,000     |                   |       | 250                          |       |                                              | 24,750     |                   |       | —                                                  |       |   | — |   |   | — |   |   | 25,000 |   |
| -                      for consulting fees payable at $0.55 per share                                  |       |                                               | 12,536     |                   |       | 126                          |       |                                              | 6,769      |                   |       | —                                                  |       |   | — |   |   | — |   |   | 6,895 |   |
| -                      for mineral properties at $0.70 per share                                       |       |                                               | 1,100,000  |                   |       | 11,000                       |       |                                              | 759,000    |                   |       | —                                                  |       |   | — |   |   | — |   |   | 770,000 |   |
| -                      for services at an average of $0.49 per share                                   |       |                                               | 112,500    |                   |       | 1,125                        |       |                                              | 53,625     |                   |       | —                                                  |       |   | — |   |   | — |   |   | 54,750 |   |
| -                      for financing expense at an average of $0.44 per                      share     |       |                                               | 82,429     |                   |       | 824                          |       |                                              | 35,369     |                   |       | —                                                  |       |   | — |   |   | — |   |   | 36,193 |   |
|                                                                                                        |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
| Options                      issued to officers, directors and employees for services                       |       |                                               | —    |                   |       | —                      |       |                                              | —    |                   |       | 29,528                                                   |       |   | — |   |   | — |   |   | 29,528 |   |
|                                                                                                        |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
| Warrants                      issued as follows:                                                            |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   | — |   |
| -                      for loan agreements                                                             |       |                                               | —    |                   |       | —                      |       |                                              | —    |                   |       | 55,352                                                   |       |   | — |   |   | — |   |   | 55,352 |   |
|                                                                                                        |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
| Expiration                      of stock options and warrants                                               |       |                                               | —    |                   |       | —                      |       |                                              | 91,814     |                   |       | (91,814                                                  | )          |   | — |   |   | — |   |   | — |   |
|                                                                                                        |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
| Interest                      expense forgiven by shareholders                                              |       |                                               | —    |                   |       | —                      |       |                                              | 42,950     |                   |       | —                                                  |       |   | — |   |   | — |   |   | 42,950 |   |
|                                                                                                        |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
| Net                      loss for the year ended September 30, 2002                                         |       |                                               | —    |                   |       | —                      |       |                                              | —    |                   |       | —                                                  |       |   | (1,168,171 | ) |   | — |   |   | (1,168,171 | ) |
| Balance,                      September 30, 2002                                                            |       |                                               | 22,588,435 |                   |       | 225,884                      |       |                                              | 5,012,133  |                   |       | 1,383,042                                                |       |   | (8,315,106 | ) |   | — |   |   | (1,694,046 | ) |
|                                                                                                        |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
| Common                      stock issuances as follows:                                                     |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
| -                      miscellaneous common stock adjustment                                           |       |                                               | 29,555     |                   |       | 296                          |       |                                              | —    |                   |       | —                                                  |       |   | — |   |   | — |   |   | 296 |   |
| -                      for cash at $0.10 per share                                                     |       |                                               | 5,500,000  |                   |       | 55,000                       |       |                                              | 495,000    |                   |       | —                                                  |       |   | — |   |   | — |   |   | 550,000 |   |
| -                      for consulting services at an average of $0.15 per                      share   |       |                                               | 1,763,779  |                   |       | 17,638                       |       |                                              | 243,362    |                   |       | —                                                  |       |   | — |   |   | — |   |   | 261,000 |   |
| -                      for loans payable at an average of $0.10 per share                              |       |                                               | 369,160    |                   |       | 3,692                        |       |                                              | 33,225     |                   |       | —                                                  |       |   | — |   |   | — |   |   | 36,917 |   |
| -                      for prior period services at an average of $.13 per                      share  |       |                                               | 245,000    |                   |       | 2,450                        |       |                                              | 30,550     |                   |       | —                                                  |       |   | — |   |   | — |   |   | 33,000 |   |
| -                      for investments at $0.21 per share                                              |       |                                               | 450,000    |                   |       | 4,500                        |       |                                              | 88,668     |                   |       | —                                                  |       |   | — |   |   | — |   |   | 93,168 |   |
| -                      to officers and directors for services at $.10 per                      share   |       |                                               | 1,423,156  |                   |       | 14,231                       |       |                                              | 129,025    |                   |       | —                                                  |       |   | — |   |   | — |   |   | 143,256 |   |
| -                      penalty shares at $.26 per share                                                |       |                                               | 860,000    |                   |       | 8,600                        |       |                                              | 215,000    |                   |       | —                                                  |       |   | — |   |   | — |   |   | 223,600 |   |
|                                                                                                        |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
| Change                      in market value of investments                                                  |       |                                               | —    |                   |       | —                      |       |                                              | —    |                   |       | —                                                  |       |   | — |   |   | 1,800 |   |   | 1,800 |   |
|                                                                                                        |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
| Net                      loss for the year ended September 30, 2003                                         |       |                                               | —    |                   |       | —                      |       |                                              | —    |                   |       | —                                                  |       |   | (966,958 | ) |   | — |   |   | (966,958 | ) |
| Balance,                      September 30, 2003                                                            |       |                                               | 33,229,085 |                   | $          | 332,291                      |       | $                                                 | 6,246,963  |                   | $          | 1,383,042                                                |       | $ | (9,282,064 | ) | $ | 1,800 |   | $ | (1,317,968 | ) |
|                                                                                                        |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
| Balance,                      September 30, 2003                                                            |       |                                               | 33,229,085 |                   | $          | 332,291                      |       | $                                                 | 6,246,963  |                   | $          | 1,383,042                                                |       | $ | (9,282,064 | ) | $ | 1,800 |   | $ | (1,317,968 | ) |
|                                                                                                        |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
|                                                                                                        |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
| Common                      stock issuances as follows:                                                     |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
| -                      for cash at $0.20 per share                                                     |       |                                               | 1,675,000  |                   |       | 16,750                       |       |                                              | 318,250    |                   |       | —                                                  |       |   | — |   |   | — |   |   | 335,000 |   |
| -                      for consulting services at an average of $0.35 per                      share   |       |                                               | 162,500    |                   |       | 1,625                        |       |                                              | 54,800     |                   |       | —                                                  |       |   | — |   |   | — |   |   | 56,425 |   |
| -                      for accounts payable at an average of $.24 per share                            |       |                                               | 626,130    |                   |       | 6,261                        |       |                                              | 144,584    |                   |       | —                                                  |       |   | — |   |   | — |   |   | 150,845 |   |
| —                      for investments at $0.20 per share                                        |       |                                               | 125,000    |                   |       | 1,250                        |       |                                              | 23,750     |                   |       | —                                                  |       |   | — |   |   | — |   |   | 25,000 |   |
| -                      to officers and directors for services at $.12 per                      share   |       |                                               | 150,000    |                   |       | 1,500                        |       |                                              | 16,500     |                   |       | —                                                  |       |   | — |   |   | — |   |   | 18,000 |   |
|                                                                                                        |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
| Expired                      options & warrants                                                         |       |                                               | —    |                   |       | —                      |       |                                              | 503,774    |                   |       | (503,774                                                 | )          |   | — |   |   | — |   |   | — |   |
|                                                                                                        |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
| Options                      issued to officers and directors for services                                  |       |                                               | —    |                   |       | —                      |       |                                              | —    |                   |       | 95,000                                                   |       |   | — |   |   | — |   |   | 95,000 |   |
|                                                                                                        |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
| Gain                      on sale of internal securities                                                    |       |                                               | —    |                   |       | —                      |       |                                              | 210,194    |                   |       | —                                                  |       |   | — |   |   | — |   |   | 210,194 |   |
|                                                                                                        |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
| Change                      in market value of investments                                                  |       |                                               | —    |                   |       | —                      |       |                                              | —    |                   |       | —                                                  |       |   | — |   |   | (1,800 | ) |   | (1,800 | ) |
|                                                                                                        |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
| Net                      loss for the year ended September 30, 2004                                         |       |                                               | —    |                   |       | —                      |       |                                              | —    |                   |       | —                                                  |       |   | (992,688 | ) |   | — |   |   | (992,688 | ) |
|                                                                                                        |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
| Balance,                      September 30, 2004 (Restated)                                                 |       |                                               | 35,967,715 |                   |       | 359,677                      |       |                                              | 7,518,815  |                   |       | 974,268                                                  |       |   | (10,274,752 | ) |   | — |   |   | (1,421,992 | ) |
|                                                                                                        |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
| Common                      stock issuances as follows:                                                     |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
| -                      for accounts payable at an average of                                           |       |                                               | 10,000     |                   |       | 100                          |       |                                              | 3,700      |                   |       | —                                                  |       |   | — |   |   | — |   |   | 3,800 |   |
| $.38                      per share                                                                    |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
| -                      for services at an average of $.29 per share                                    |       |                                               | 297,500    |                   |       | 2,975                        |       |                                              | 84,035     |                   |       | —                                                  |       |   | — |   |   | — |   |   | 87,010 |   |
|                                                                                                        |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
| Convertible                      debt issuance:                                                             |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
| -                      class A warrants at $0.15 per share                                             |       |                                               | —    |                   |       | —                      |       |                                              | —    |                   |       | 341,801                                                  |       |   | — |   |   | — |   |   | 341,801 |   |
| -                      class B warrants at $0.08 per share                                             |       |                                               |       |                   |       |                         |       |                                              |       |                   |       | 187,748                                                  |       |   |   |   |   | — |   |   | 187,748 |   |
| -                      beneficial conversion rights at $0.19 per share                                 |       |                                               | —    |                   |       | —                      |       |                                              | 383,745    |                   |       | —                                                  |       |   | — |   |   | — |   |   | 383,745 |   |
|                                                                                                        |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
| Net                      loss for the period ended June 30, 2005                                            |       |                                               | —    |                   |       | —                      |       |                                              | —    |                   |       | —                                                  |       |   | (1,148,486 | ) |   | — |   |   | (1,148,486 | ) |
|                                                                                                        |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |
| Balance,                      June 30, 2005                                                                 |       |                                               | 36,275,215 |                   | $          | 362,752                      |       | $                                                 | 7,990,295  |                   | $          | 1,503,817                                                |       | $ | (11,423,238 | ) | $ | — |   | $ | (1,566,374 | ) |
|                                                                                                        |       |                                               |       |                   |       |                         |       |                                              |       |                   |       |                                                     |       |   |   |   |   |   |   |   |   |   |

----

| **TREND                        MINING COMPANY**           |
|-----------------------------------------------------------|
| **(An                        Exploration Stage Company)** |
| **STATEMENTS                        OF CASH FLOWS**       |

|                                                                                                                      |       |                                   |       |                                   | ** ** | ** ** | ** Period                        from**        | ** ** |
|---------------------------------------------------------------------------------------------------------------------------|------------|----------------------------------------|------------|----------------------------------------|------------|------------|-----------------------------------------------------|------------|
| ** **                                                                                                                | ** ** |                                   | ** ** | ** **                             | ** ** | ** ** | ** October                        1, 1996**    | ** ** |
| ** **                                                                                                                | ** ** | ** **                             | ** ** | ** **                             | ** ** | ** ** | ** (Inception                        of**      | ** ** |
| ** **                                                                                                                | ** ** | **Nine                        Months** | ** ** | **Nine                        Months** | ** ** | ** ** | ** Exploration                        Stage)** | ** ** |
| ** **                                                                                                                | ** ** | **Ended**                              | ** ** | **Ended**                              | ** ** | ** ** | ** to**                                        | ** ** |
| ** **                                                                                                                | ** ** | **June                        30,**    | ** ** | **June                        30,**    | ** ** | ** ** | ** June                        30,**           | ** ** |
| ** **                                                                                                                | ** ** | **2005**                               | ** ** | **2004**                               | ** ** | ** ** | ** 2005**                                      | ** ** |
| ** **                                                                                                                | ** ** | **(unaudited)**                        | ** ** | **(unaudited)**                        | ** ** | ** ** | ** (unaudited)**                               |       |
| CASH                        FLOWS FROM OPERATING ACTIVITIES:                                                              |       |                                   |       |                                   |       |       |                                                |       |   |
| Net                        loss                                                                                           |       | $                                      | (1,148,486 | )                                      | $          | (615,401   | )                                                   |       |   | $ | (10,864,734 | ) |
| Adjustments                        to reconcile net loss to net cash used by operating                        activities: |       |                                   |       |                                   |       |       |                                                |       |   |   |   |   |
| Depreciation                                                                                                         |       |                                   | 2,661      |                                   |       | 2,069      |                                                |       |   |   | 54,537 |   |
| Amortization                        of debt discount                                                                 |       |                                   | 369,372    |                                   |       | —    |                                                |       |   |   | 369,372 |   |
| (Gain)/loss                        on investment sales                                                               |       |                                   | —    |                                   |       | 40,383     |                                                |       |   |   | 68,969 |   |
| Loss                        on disposition and impairment of assets                                                  |       |                                   | —    |                                   |       | —    |                                                |       |   |   | 185,891 |   |
| Gain                        on sale of mineral property claims for securities                                        |       |                                   | —    |                                   |       | —    |                                                |       |   |   | (500 | ) |
| Gain                        on trade-in of property and equipment                                                    |       |                                   | —    |                                   |       | —    |                                                |       |   |   | (7,872 | ) |
| Gain                        on forgiveness of debt                                                                   |       |                                   | (62,815    | )                                      |       | —    |                                                |       |   |   | (201,581 | ) |
| Interest                        expense forgiven by shareholders                                                     |       |                                   | —    |                                   |       | —    |                                                |       |   |   | 20,848 |   |
| Common                        stock issued for services                                                              |       |                                   |       |                                   |       |       |                                                |       |   |   |   |   |
| and                        expenses                                                                                  |       |                                   | 87,010     |                                   |       | 92,425     |                                                |       |   |   | 1,070,984 |   |
| Common                        stock issued for payables                                                              |       |                                   | 3,800      |                                   |       | —    |                                                |       |   |   | 223,456 |   |
| Common                        stock and options issued as compensation                                               |       |                                   | —    |                                   |       | —    |                                                |       |   |   | 977,375 |   |
| Stock                        options and warrants issued for financing activities                                    |       |                                   | —    |                                   |       | —    |                                                |       |   |   | 822,257 |   |
| Common                        stock issued for investments                                                           |       |                                   | —    |                                   |       | —    |                                                |       |   |   | 93,168 |   |
| Common                        stock and warrants issued to acquire mineral                                           |       |                                   |       |                                   |       |       |                                                |       |   |   |   |   |
| property                        options                                                                              |       |                                   | —    |                                   |       | —    |                                                |       |   |   | 1,114,873 |   |
| Warrants                        issued for consulting fees                                                           |       |                                   | —    |                                   |       | —    |                                                |       |   |   | 170,521 |   |
| Common                        stock issued for incentive fees                                                        |       |                                   | —    |                                   |       | —    |                                                |       |   |   | 21,544 |   |
| Investment                        traded for services                                                                |       |                                   | —    |                                   |       | —    |                                                |       |   |   | 45,939 |   |
| Changes                        in assets and liabilities:                                                                 |       |                                   |       |                                   |       |       |                                                |       |   |   |   |   |
| Inventory                                                                                                            |       |                                   | —    |                                   |       | —    |                                                |       |   |   | 857 |   |
| Accounts                        payable                                                                              |       |                                   | (81,848    | )                                      |       | 149,065    |                                                |       |   |   | 233,610 |   |
| Accounts                        payable - checks in excess of bank balance                                           |       |                                   |       |                                   |       | (3,297     | )                                                   |       |   |   | 7 |   |
| Accrued                        expenses                                                                              |       |                                   | (4,162     | )                                      |       | 77,700     |                                                |       |   |   | (2,567 | ) |
| Prepaid                        expenses                                                                              |       |                                   | (24,088    | )                                      |       | —    |                                                |       |   |   | (24,088 | ) |
| Purchase                        deposits                                                                             |       |                                   | (300,000   | )                                      |       | —    |                                                |       |   |   | (300,000 | ) |
| Reclamation                        bond                                                                              |       |                                   | (6,500     | )                                      |       | —    |                                                |       |   |   | (6,500 | ) |
| Interest                        payable                                                                              |       |                                   | 112,610    |                                   |       | (27,972    | )                                                   |       |   |   | 212,113 |   |
| Net                        cash used by operating activities                                                              |       |                                   | (1,052,446 | )                                      |       | (285,028   | )                                                   |       |   |   | (5,721,521 | ) |
|                                                                                                                      |       |                                   |       |                                   |       |       |                                                |       |   |   |   |   |
| CASH                        FLOWS FROM INVESTING ACTIVITIES:                                                              |       |                                   |       |                                   |       |       |                                                |       |   |   |   |   |
| Proceeds                        from sale of equipment                                                               |       |                                   | —    |                                   |       | —    |                                                |       |   |   | 35,126 |   |
| Proceeds                        from sale of mineral property                                                        |       |                                   | —    |                                   |       | —    |                                                |       |   |   | 20,000 |   |
| Purchase                        of furniture and equipment                                                           |       |                                   | (3,162     | )                                      |       | —    |                                                |       |   |   | (49,215 | ) |
| Proceeds                        from investments sold                                                                |       |                                   | —    |                                   |       | 15,000     |                                                |       |   |   | 183,161 |   |
| Net                        cash provided by investing activities                                                          |       |                                   | (3,162     | )                                      |       | 15,000     |                                                |       |   |   | 189,072 |   |
|                                                                                                                      |       |                                   |       |                                   |       |       |                                                |       |   |   |   |   |
| CASH                        FLOWS FROM FINANCING ACTIVITIES:                                                              |       |                                   |       |                                   |       |       |                                                |       |   |   |   |   |
| Payments                        on notes payable and short-term borrowings                                           |       |                                   | (81,250    | )                                      |       | (112,500   | )                                                   |       |   |   | (205,806 | ) |
| Proceeds                        from internal securities sale                                                        |       |                                   | —    |                                   |       | 210,194    |                                                |       |   |   | 210,194 |   |
| Sale                        of warrants for common stock                                                             |       |                                   | —    |                                   |       | —    |                                                |       |   |   | 10,000 |   |
| Proceeds                        from borrowings                                                                      |       |                                   | 1,245,412  |                                   |       | 47,500     |                                                |       |   |   | 2,714,569 |   |
| Sale                        of common stock, subscriptions                                                           |       |                                   |       |                                   |       |       |                                                |       |   |   |   |   |
| and                        exercise of options                                                                       |       |                                   | —    |                                   |       | 325,000    |                                                |       |   |   | 2,693,151 |   |
| Issuance                        of penalty shares                                                                    |       |                                   | —    |                                   |       | —    |                                                |       |   |   | 223,600 |   |
| Net                        cash provided by financing activities                                                          |       |                                   | 1,164,162  |                                   |       | 470,194    |                                                |       |   |   | 5,645,708 |   |
|                                                                                                                      |       |                                   |       |                                   |       |       |                                                |       |   |   |   |   |
| NET                        INCREASE IN CASH                                                                               |       |                                   | 108,554    |                                   |       | 200,166    |                                                |       |   |   | 113,260 |   |
|                                                                                                                      |       |                                   |       |                                   |       |       |                                                |       |   |   |   |   |
| CASH,                        BEGINNING OF PERIOD                                                                          |       |                                   | 8,313      |                                   |       | 2,558      |                                                |       |   |   | 3,607 |   |
|                                                                                                                      |       |                                   |       |                                   |       |       |                                                |       |   |   |   |   |
| CASH,                        END OF PERIOD                                                                                |       | $                                      | 116,867    |                                   | $          | 202,724    |                                                |       |   | $ | 116,867 |   |
|                                                                                                                      |       |                                   |       |                                   |       |       |                                                |       |   |   |   |   |
| SUPPLEMENTAL                        CASH FLOW INFORMATION:                                                                |       |                                   |       |                                   |       |       |                                                |       |   |   |   |   |
| Interest                        paid                                                                                      |       | $                                      | —    |                                   | $          | 95,194     |                                                |       |   | $ | 3,835 |   |
| Income                        taxes paid                                                                                  |       | $                                      | —    |                                   | $          | —    |                                                |       |   | $ | — |   |
|                                                                                                                      |       |                                   |       |                                   |       |       |                                                |       |   |   |   |   |
| NON-CASH                        FINANCING AND INVESTING ACTIVITIES:                                                       |       |                                   |       |                                   |       |       |                                                |       |   |   |   |   |
| Common                        stock and warrants issued to acquire                                                        |       |                                   |       |                                   |       |       |                                                |       |   |   |   |   |
| mineral                        properties                                                                                 |       | $                                      | —    |                                   | $          | —    |                                                |       |   | $ | 344,873 |   |
| Common                        stock issued to acquire mineral property                                                    |       | $                                      | —    |                                   | $          | —    |                                                |       |   | $ | 845,000 |   |
| Common                        stock issued for acquisition of                                                             |       |                                   |       |                                   |       |       |                                                |       |   |   |   |   |
| mining                        equipment                                                                                   |       | $                                      | —    |                                   | $          | —    |                                                |       |   | $ | 180,000 |   |
| Common                        stock issued for services and expenses                                                      |       | $                                      | 87,010     |                                   | $          | 56,425     |                                                |       |   | $ | 1,070,984 |   |
| Common                        stock issued for investment                                                                 |       | $                                      | —    |                                   | $          | 25,000     |                                                |       |   | $ | 185,168 |   |
| Common                        stock issued for payables and accrued expenses                                              |       | $                                      | 3,800      |                                   | $          | —    |                                                |       |   | $ | 223,456 |   |
| Common                        stock issued for incentive fees                                                             |       | $                                      | —    |                                   | $          | —    |                                                |       |   | $ | 21,544 |   |
| Common                        stock and options issued as compensation                                                    |       | $                                      | —    |                                   | $          | —    |                                                |       |   | $ | 977,375 |   |
| Options                        and warrants issued for expenses                                                           |       | $                                      | —    |                                   | $          | 36,000     |                                                |       |   | $ | — |   |
| Options                        issued to officers, directors and employees for services                                   |       | $                                      | —    |                                   | $          | —    |                                                |       |   | $ | 864,375 |   |
| Stock                        options and warrants issued for financing activities                                         |       | $                                      | 93,825     |                                   | $          | —    |                                                |       |   | $ | 916,082 |   |
| Beneficial                        conversion rights on convertible debt                                                   |       | $                                      | 77,158     |                                   | $          |       |                                                |       |   | $  | 77,158 |   |
| Warrants                        issued for consulting fees                                                                |       | $                                      | —    |                                   | $          | —    |                                                |       |   | $ | 170,521 |   |
| Deferred                        acquisition costs on mining property                                                      |       | $                                      | —    |                                   | $          | —    |                                                |       |   | $ | 46,242 |   |
| Purchase                        of equipment with financing agreement                                                     |       | $                                      | —    |                                   | $          | —    |                                                |       |   | $ | 21,814 |   |
| Investments                        received for mineral property                                                          |       | $                                      | —    |                                   | $          | —    |                                                |       |   | $ | 5,500 |   |
| Investments                        traded for services                                                                    |       | $                                      | —    |                                   | $          | —    |                                                |       |   | $ | 45,939 |   |
| Equipment                        for loans payable                                                                        |       | $                                      | —    |                                   | $          | —    |                                                |       |   | $ | 4,500 |   |

----

**TREND            MINING COMPANY**

**(An            Exploration Stage Company)**

**CONDENSED            NOTES TO THE FINANCIAL STATEMENTS**

**June            30, 2005**

**NOTE            1 - BASIS OF PRESENTATION OF UNAUDITED INTERIM FINANCIAL            INFORMATION**

**NOTE            2 - ORGANIZATION AND DESCRIPTION OF BUSINESS**

**NOTE            3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

----

**TREND              MINING COMPANY**

**(An              Exploration Stage Company)**

**CONDENSED              NOTES TO THE FINANCIAL STATEMENTS**

**June              30, 2005**

----

**TREND                MINING COMPANY**

**(An                Exploration Stage Company)**

**CONDENSED                NOTES TO THE FINANCIAL STATEMENTS**

**June                30, 2005**

----

**TREND                MINING COMPANY**

**(An                Exploration Stage Company)**

**CONDENSED                NOTES TO THE FINANCIAL STATEMENTS**

**June                30, 2005**

**NOTE            4 - RELATED PARTY TRANSACTIONS **

| Notes                      Payable as of September 30, 2004 | $                      1,032,857 |
|-------------------------------------------------------------|----------------------------------|
| Additions                                                   | 15,000                           |
| Repayments                                                  | —                          |
| Notes                      Payable as of June 30, 2005      | $                      1,047,857 |

----

**TREND            MINING COMPANY**

**(An              Exploration Stage Company)**

**CONDENSED              NOTES TO THE FINANCIAL STATEMENTS**

**June              30, 2005**

**NOTE            5 - CONVERTIBLE BRIDGE LOANS**

** **

----

**TREND            MINING COMPANY**

**(An              Exploration Stage Company)**

**CONDENSED              NOTES TO THE FINANCIAL STATEMENTS**

**June              30, 2005**

**NOTE            6 - COMMON STOCK**

**NOTE            7 - COMMON STOCK WARRANTS**

|                                                                                                                                                    |   | **Number                      of Shares****Under                      Warrants** | ** ** | **Weighted                      Average Exercise Price** |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------|------------|----------------------------------------------------------|--------|
| Outstanding                      at October 1, 2004                                                                                                     |   |                                                                             | 8,868,174  |                                                     | $      | 0.46 |   |
| Granted                                                                                                                                                 |   |                                                                             | 4,350,000  |                                                     |   | 0.36 |   |
| Exercised                                                                                                                                               |   |                                                                             | —    |                                                     |   | — |   |
| Forfeited                                                                                                                                               |   |                                                                             | (40,000    | )                                                        |   | 1.00 |   |
| Outstanding                      at June 30, 2005                                                                                                       |   |                                                                             | 13,178,174 |                                                     |   | 0.43 |   |
| Weighted                      average fair value of warrants granted in nine month period                      ended June 30,                      2005 |   |                                                                             |       |                                                     | $      | 0.12 |   |

----

**TREND            MINING COMPANY**

**(An              Exploration Stage Company)**

**CONDENSED              NOTES TO THE FINANCIAL STATEMENTS**

**June              30, 2005**

|                                      |   | Outstanding                      & exercisable warrants |
|-------------------------------------------|--------|-------------------------------------------------------------|
| Exercise                      Price Range |   | Number                      of Shares                       |   | Weighted                      Average Remaining Life |   | Weighted                      Average Exercise Price |
| $0.25                      - $1.00        |   | 13,178,174                                                  |   | 2.38 |   | $                      0.43 |

**NOTE            8 - INCOME TAXES**

**NOTE            9 - COMMITMENTS AND CONTINGENCIES**

**NOTE            10 - CORRECTION OF AN ERROR**

**NOTE                11 - SUBSEQUENT EVENT **

----

**ITEM        2. MANAGEMENT'S DISCUSSION, ANALYSIS, AND PLAN OF        OPERATIONS**

**ITEM        3. CONTROLS AND PROCEDURES.**

----

**FORWARD-LOOKING        STATEMENTS**

**PART        II**

**ITEM        1. LEGAL PROCEEDINGS.**

**ITEM        2. CHANGES IN SECURITIES AND USE OF PROCEEDS.**

**Common        Stock**

**Options**

**Warrants**

**ITEM        3. DEFAULTS UPON SENIOR SECURITIES.**

**ITEM        4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.**

**ITEM        5. OTHER INFORMATION.**

**ITEM        6. EXHIBITS AND REPORTS ON FORM 8-K.**

| 8-K | Current                  report, items 7.01 and 9.01   2005-06-27                      000-31159 |
|-----|--------------------------------------------------------------------------------------------------------------------------------|

----

**SIGNATURES**

|                                       |                                                                                                                               |                                  |
|--------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------|
|                                       | **TREND                MINING COMPANY**                                                                                            |
|                                  |                                                                                                                          |                             |
| Date:                 August 19, 2005 | By:                                                                                                                      | /s/ Thomas                Loucks |
|                                       | Thomas                  LoucksPresident                  and Chief Executive Officer(Principal                  Executive Officer) |
|                                       |                                                                                                                               |

|                                        |                                                                      |                                   |
|---------------------------------------------|---------------------------------------------------------------------------|----------------------------------------|
|                                        |                                                                      |
|                                   |                                                                 |                              |
| Date: August                  19, 2005 | By:                                                             | /s/ John                  P. Ryan |
|                                        | John                    P. RyanChief                    Financial Officer |
|                                        |                                                                      |