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 December 31, 2002

                              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.)


                              5968 Government Way
                          Dalton Gardens, Idaho 83815
                    (Address of principal executive office)

                   Issuer's telephone number:  (208) 773-2250


           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:

                                      None
                                (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  [   ]

The number of shares outstanding at December 31, 2002: 28,933,782 shares


<PAGE>



                              TREND MINING COMPANY
                         (AN EXPLORATION STAGE COMPANY)
                              FINANCIAL STATEMENTS
                                DECEMBER 31, 2002





                            WILLIAMS & WEBSTER, P.S.
                          CERTIFIED PUBLIC ACCOUNTANTS
                        BANK OF AMERICA FINANCIAL CENTER
                          601 W. RIVERSIDE, SUITE 1940
                           SPOKANE, WASHINGTON  99201
                                 (509) 838-5111




<PAGE>
                              TREND MINING COMPANY



FINANCIAL  STATEMENTS

     Balance  Sheets                                         1

     Statements  of  Operations                              2

     Statement  of  Stockholders'  Equity  (Deficit)         3

     Statements  of  Cash  Flows                             5


NOTES  TO  THE  FINANCIAL  STATEMENTS                        6


<PAGE>
Board of Directors
Trend Mining Company
Coeur d'Alene, Idaho

                           ACCOUNTANT'S REVIEW REPORT
                           --------------------------

We  have  reviewed  the  accompanying  balance  sheet  of  Trend  Mining Company
(formerly  Silver  Trend  Mining  Company)  (an exploration stage company) as of
December  31,  2002,  and the related statements of operations and comprehensive
loss,  stockholders'  equity  (deficit),  and  cash  flows  for  the three ended
December 31, 2002 and 2001 and for the period from October 1, 1996 (inception of
exploration  stage)  to  December  31,  2002.  All information included in these
financial  statements  is  the  representation of the management of Trend Mining
Company.

We conducted our review in accordance with standards established by the American
Institute  of  Certified  Public  Accountants.  A  review  of  interim financial
information  consists principally of applying analytical procedures to financial
data  and  making  inquiries of persons responsible for financial and accounting
matters.  It  is  substantially  less  in scope than an audit in accordance with
auditing  standards  generally  accepted  in  the  United States of America, the
objective  of  which  is  the  expression  of an opinion regarding the financial
statements  taken  as  a whole.  Accordingly, we do not express such an opinion.

Based  on our review, we are not aware of any material modifications that should
be  made  to  the  accompanying  financial statements in order for them to be in
conformity with accounting principles generally accepted in the United States of
America.

The  financial  statements for the year ended September 30, 2002 were audited by
us  and we expressed an unqualified opinion on them in our report dated December
2,  2002.  We  have  not  performed  any  auditing  procedures  since that date.

The  accompanying  financial  statements  have  been  prepared assuming that the
Company  will  continue  as  a  going  concern.  As  discussed  in Note 2 to the
financial  statements,  the  Company's  significant  operating  losses  raise
substantial  doubt  about  its  ability  to  continue  as  a  going  concern.
Management's  plans regarding the resolution of this issue are also discussed in
Note  2.  The  financial  statements  do  not include any adjustments that might
result  from  the  outcome  of  this  uncertainty.



Williams & Webster,  P.S.
Certified Public Accountants
Spokane, Washington
February 18, 2002


<PAGE>
<TABLE>
<CAPTION>
                                              TREND MINING COMPANY
                                         (AN EXPLORATION STAGE COMPANY)
                                                 BALANCE SHEETS


                                                                         December 31,
                                                                             2002              September 30,
                                                                          (unaudited)              2002
                                                                     --------------------  ---------------------
<S>                                                                  <C>                   <C>
ASSETS

CURRENT ASSETS
  Cash                                                               $           153,172   $              2,281
    TOTAL CURRENT ASSETS                                                         153,172                  2,281
                                                                     --------------------  ---------------------

MINERAL PROPERTIES                                                                     -                      -
                                                                     --------------------  ---------------------

PROPERTY AND EQUIPMENT, net of depreciation                                       23,201                 25,929
                                                                     --------------------  ---------------------

OTHER ASSETS
  Investments                                                                        250                    250
                                                                     --------------------  ---------------------

TOTAL ASSETS                                                         $           176,623   $             28,460
                                                                     ====================  =====================

LIABILITIES AND STOCKHOLDERS' DEFICIT

CURRENT LIABILITIES
  Accounts payable                                                   $           121,705   $            492,250
  Accrued expenses                                                                52,213                100,542
  Interest payable                                                                73,125                 52,298
  Loans payable to stockholders                                                1,052,858              1,062,358
  Current portion of long-term debt                                                2,608                  2,897
                                                                     --------------------  ---------------------
    TOTAL CURRENT LIABILITIES                                                  1,302,509              1,710,345
                                                                     --------------------  ---------------------

LONG-TERM DEBT, net of current portion                                            11,465                 12,161
                                                                     --------------------  ---------------------

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; 28,933,782 and
    22,588,435 shares issued and outstanding, respectively                       289,337                225,884
  Additional paid-in capital                                                   5,597,300              5,012,134
  Stock options and warrants                                                   1,383,042              1,383,042
  Pre-exploration stage accumulated deficit                                     (558,504)              (558,504)
  Accumulated deficit during exploration stage                                (7,848,526)            (7,756,602)
                                                                     --------------------  ---------------------
    TOTAL STOCKHOLDERS' DEFICIT                                               (1,137,351)            (1,694,046)
                                                                     --------------------  ---------------------

TOTAL LIABILITIES AND
  STOCKHOLDERS' DEFICIT                                              $           176,623   $             28,460
                                                                     ====================  =====================

<FN>
The accompanying notes are an integral part of these financial statements.
</TABLE>


                                        1
<PAGE>
<TABLE>
<CAPTION>
                                            TREND MINING COMPANY
                                       (AN EXPLORATION STAGE COMPANY)
                                          STATEMENTS OF OPERATIONS


                                                                                            Period from
                                                                                          October 1, 1996
                                                                                           (Inception of
                                                         Three Months    Three Months   Exploration Stage)
                                                            Ended           Ended               to
                                                         December 31,    December 31,      December 31,
                                                             2002            2001              2002
                                                         (unaudited)     (unaudited)        (unaudited)
                                                        --------------  --------------  -------------------
<S>                                                     <C>             <C>             <C>
REVENUES                                                $           -   $           -   $                -
                                                        --------------  --------------  -------------------
EXPENSES
  Exploration expense                                          33,127           4,070            2,797,914
  General and administrative                                  116,920         134,937            1,912,811
  Officers and directors compensation                          18,454          22,250            1,260,594
  Legal and professional                                       21,386          21,884            1,110,658
  Depreciation                                                  2,728             611               41,114
                                                        --------------  --------------  -------------------
    Total Expenses                                            192,615         183,752            7,123,091
                                                        --------------  --------------  -------------------

OPERATING LOSS                                               (192,615)       (183,752)          (7,123,091)
                                                        --------------  --------------  -------------------
OTHER INCOME (EXPENSE)
  Dividend and interest income                                      -               -                6,398
  Gain (loss) on disposition and impairment of assets               -             500             (179,854)
  Loss on investment sales                                          -               -              (53,772)
  Financing expense                                                 -          (9,876)            (911,513)
  Interest expense                                            (21,663)        (35,969)            (161,467)
  Miscellaneous income                                              -               -               10,345
  Forgiveness of debt                                         122,354               -              564,428
                                                        --------------  --------------  -------------------
    Total Other Income (Expense)                              100,691         (45,345)            (725,435)
                                                        --------------  --------------  -------------------

LOSS BEFORE INCOME TAXES                                      (91,924)       (229,097)          (7,848,526)
INCOME TAXES                                                        -               -                    -
                                                        --------------  --------------  -------------------
NET LOSS                                                $     (91,924)  $    (229,097)  $       (7,848,526)
                                                        ==============  ==============  ===================
BASIC AND DILUTED NET LOSS PER SHARE                    $         nil   $       (0.01)
                                                        ==============  ==============
WEIGHTED AVERAGE NUMBER OF
  COMMON SHARES OUTSTANDING                                24,687,545      18,787,746
                                                        ==============  ==============

<FN>
The accompanying notes are an integral part of these financial statements.
</TABLE>


                                        2
<PAGE>
<TABLE>
<CAPTION>
                                                   TREND MINING EXPLORATION
                                                (AN EXPLORATION STAGE COMPANY)
                                          STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT)


                                                                 Common Stock
                                                            ---------------------  Additional        Stock
                                                              Number                 Paid-in      Options and     Accumulated
                                                             of Shares    Amount     Capital        Warrants        Deficit
                                                            -----------  --------  ------------  -------------  --------------
<S>                                                         <C>          <C>       <C>           <C>            <C>
Balance, October 1, 1996                                     1,754,242   $ 17,542  $    663,218  $          0   $    (558,504)

Common stock issuances as follows:
  - for cash at $0.50 per share                                200,000      2,000        98,000             -               -
  - for payment of liabilities and expenses at $0.50
      per share                                                 45,511        455        22,301             -               -

Net loss for the year ended September 30, 1997                       -          -             -             -        (128,614)
                                                            -----------  --------  ------------  -------------  --------------

Balance, September 30, 1997                                  1,999,753     19,997       783,519             -        (687,118)

Issuance of common stock as follows:
  - for mineral property at $0.50 per share                    150,000      1,500        73,500             -               -
  - for lease termination at $0.50 per share                    12,000        120         5,880             -               -
  - for debt at $0.50 per share                                 80,000        800        39,200             -               -
  - for cash at $0.20 per share                                  7,500         75         1,425             -               -
  - for compensation at $0.50 per share                          9,000         90         4,410             -               -

Issuance of stock options for financing activities                   -          -             -         2,659               -

Net loss for the year ended September 30, 1998                       -          -             -             -        (119,163)

Change in market value of investments                                -          -             -             -               -
                                                            -----------  --------  ------------  -------------  --------------

Balance, September 30, 1998                                  2,258,253     22,582       907,934         2,659        (806,281)

Common stock issuances as follows:
  - for cash at an average of $0.07 per share                  555,000      5,550        35,450             -               -
  - for prepaid expenses at $0.33 per share                     50,000        500        16,000             -               -
  - for consulting services at an average of
      $0.20 per share                                          839,122      8,391       158,761             -               -
  - for mineral property at $0.13 per share                    715,996      7,160        82,470             -               -
  - for officers' compensation at an average of
      $0.24 per share                                          300,430      3,004        70,522             -               -
  - for debt,  investment and expenses at $0.30 per share        9,210         92         2,671             -               -
  - for directors' compensation at an average of
      $0.25 per share                                           16,500        165         3,960             -               -
  - for rent at $0.25 per share                                  1,000         10           240             -               -
  - for equipment at $0.30 per share                           600,000      6,000       174,000             -               -

Net loss for the year ended  September 30, 1999                      -          -             -             -        (716,759)

Other comprehensive loss                                             -          -             -             -               -
                                                            -----------  --------  ------------  -------------  --------------

Balance, September 30, 1999                                  5,345,511     53,454     1,452,007         2,659      (1,523,040)

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               -
  - for officers' and directors' compensation
    at an average of $1.19 per share                            11,500        115        13,615             -               -
  - for services at an average of $0.47 per share              530,177      5,302       246,333             -               -
  - for mineral property at $0.89 per share                  1,000,000      1,000        88,000             -               -
  - for investments at $0.33 per share                         200,000      2,000        64,000             -               -
  - for cash at $0.08 per share                                456,247      4,562        28,969             -               -
  - for cash, options and warrants                             100,000     10,000         2,414        87,586               -
  - for incentive fees at $0.33 per share                       65,285        653        20,891             -               -
  - for deferred mineral property acquisition
    costs at $0.13 per share                                   129,938      1,299        14,943             -               -
  - for modification of stockholder agreement
    at $0.60 per share                                         200,000      2,000       118,000        30,000               -
  - for modification of stockholder agreement                        -          -         4,262        10,379               -
  - from exercise of options at $0.12 per share              9,962,762     99,628     1,103,016       (37,524)              -

Cash received for the issuance of common stock
  warrants for 7,979,761 shares of stock                             -          -             -        10,000               -

Miscellaneous common stock adjustments                              (5)         -             -             -               -

Net loss for the year ended  September 30, 2000                      -          -             -             -      (2,186,541)

Other comprehensive income (loss)                                    -          -             -             -               -

                                                            -----------  --------  ------------  -------------  --------------
Balance, September 30, 2000                                 18,232,776   $182,327  $  3,296,897  $    118,920   $  (3,709,581)
                                                            -----------  --------  ------------  -------------  --------------


                                                                Other
                                                            Comprehensive
                                                             Income(Loss)      Total
                                                            -------------  ------------
<S>                                                         <C>            <C>
Balance, October 1, 1996                                    $          0   $   122,256

Common stock issuances as follows:
  - for cash at $0.50 per share                                        -       100,000
  - for payment of liabilities and expenses at $0.50
      per share                                                        -        22,756

Net loss for the year ended September 30, 1997                         -      (128,614)
                                                            -------------  ------------

Balance, September 30, 1997                                            -       116,398

Issuance of common stock as follows:
  - for mineral property at $0.50 per share                            -        75,000
  - for lease termination at $0.50 per share                           -         6,000
  - for debt at $0.50 per share                                        -        40,000
  - for cash at $0.20 per share                                        -         1,500
  - for compensation at $0.50 per share                                -         4,500

Issuance of stock options for financing activities                     -         2,659

Net loss for the year ended September 30, 1998                         -      (119,163)

Change in market value of investments                            117,080       117,080
                                                            -------------  ------------

Balance, September 30, 1998                                      117,080       243,974

Common stock issuances as follows:
  - for cash at an average of $0.07 per share                          -        41,000
  - for prepaid expenses at $0.33 per share                            -        16,500
  - for consulting services at an average of
      $0.20 per share                                                  -       167,152
  - for mineral property at $0.13 per share                            -        89,630
  - for officers' compensation at an average of
      $0.24 per share                                                  -        73,526
  - for debt,  investment and expenses at $0.30 per share              -         2,763
  - for directors' compensation at an average of
      $0.25 per share                                                  -         4,125
  - for rent at $0.25 per share                                        -           250
  - for equipment at $0.30 per share                                   -       180,000

Net loss for the year ended  September 30, 1999                        -      (716,759)

Other comprehensive loss                                         (79,179)      (79,179)
                                                            -------------  ------------

Balance, September 30, 1999                                       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                                                    -       158,580
  - for officers' and directors' compensation
    at an average of $1.19 per share                                   -        13,730
  - for services at an average of $0.47 per share                      -       251,635
  - for mineral property at $0.89 per share                            -        89,000
  - for investments at $0.33 per share                                 -        66,000
  - for cash at $0.08 per share                                        -        33,531
  - for cash, options and warrants                                     -       100,000
  - for incentive fees at $0.33 per share                              -        21,544
  - for deferred mineral property acquisition
    costs at $0.13 per share                                           -        16,242
  - for modification of stockholder agreement
    at $0.60 per share                                                 -       150,000
  - for modification of stockholder agreement                          -        14,641
  - from exercise of options at $0.12 per share                        -     1,165,120

Cash received for the issuance of common stock
  warrants for 7,979,761 shares of stock                               -        10,000

Miscellaneous common stock adjustments                                 -             -

Net loss for the year ended  September 30, 2000                        -    (2,186,541)

Other comprehensive income (loss)                                (38,314)      (38,314)

                                                            -------------  ------------
Balance, September 30, 2000                                 $       (413)  $  (111,850)
                                                            -------------  ------------


<FN>
The accompanying notes are an integral part of these financial statements.
</TABLE>


                                        3
<PAGE>
<TABLE>
<CAPTION>
                                                  TREND MINING COMPANY
                                             (AN EXPLORATION STAGE COMPANY)
                                 STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) (CONTINUED)


                                                           Common Stock
                                                       --------------------   Additional
                                                         Number                 Paid-in     Options and     Accumulated
                                                       of Shares    Amount      Capital       Warrants        Deficit
                                                       ----------  --------  ------------  -------------  --------------
<S>                                                    <C>         <C>       <C>           <C>            <C>
Balance, September 30, 2000                            18,232,776  $182,327  $  3,296,897  $    118,920   $  (3,709,581)

Common stock and option issuances as follows:
  - for cash of $1.00 per share                           192,000     1,920       190,080             -               -
  - for cash and consulting services from
      options for $0.39 per share                          33,333       333        12,737        (3,070)              -
  - for services at an average of $0.92 per share          13,700       137        12,463             -               -
  - for officer and employee compensation at
      $1.13 per share                                       5,200        52         5,828             -               -
  - for payment of accrued officer's compensation
      at $1.35 per share                                   10,000       100        13,400             -               -
  - for consulting services at an average of
      $0.77 per share                                      45,461       455        34,247             -               -
  - for directors' compensation at $0.85 per share         75,000       750        63,000             -               -
  - for modification of contract at $0.78 per share         3,000        30         2,310             -               -
  - for interest payment on contract
      at an average of $0.80 per share                     10,000       100         7,900             -               -
  - for mineral property expenses at $0.85 per share        1,000        10           840             -               -
  - for debt at $1.00 per share                           134,500     1,345       133,155             -               -

Options issued to officers, directors and
  employees for services                                        -         -             -       354,000               -

Warrants issued as follows:
  - for consulting services                                     -         -             -       170,521               -
  - for loan agreements                                         -         -             -       141,547               -
  - for extension of exercise period
      on outstanding warrants                                   -         -             -       608,058               -

Net loss for the year ended September 30, 2001                  -         -             -             -      (3,437,354)

Other comprehensive income                                      -         -             -             -               -
                                                       ----------  --------  ------------  -------------  --------------

Balance, September 30, 2001                            18,755,970   187,559     3,772,857     1,389,976      (7,146,935)

Common stock and option issuances as follows:
  - for cash at $0.10 per share                         2,500,000    25,000       225,000             -               -
  - for a loan payable at $1.00 per share                  25,000       250        24,750             -               -
  - for consulting fees payable at $0.55 per share         12,536       126         6,769             -               -
  - for mineral properties at $0.70 per share           1,100,000    11,000       759,000             -               -
  - for services at an average of $0.49 per share         112,500     1,125        53,625             -               -
  - for financing expense at an average of                 82,429       824        35,369             -               -
    $0.44 per share

Options issued to officers, directors and
  employees for services                                        -         -             -        29,528               -

Warrants issued as follows:
  - for loan agreements                                         -         -             -        55,352               -

Expiration of stock options and warrants                        -         -        91,814       (91,814)              -

Interest expense forgiven by shareholders                       -         -        42,950             -               -

Net loss for the year ended September 30, 2002                  -         -             -             -      (1,168,171)
                                                       ----------  --------  ------------  -------------  --------------

Balance, September 30, 2002                            22,588,435   225,884     5,012,134     1,383,042      (8,315,106)

Common stock issuances as follows:
  - for cash at $0.10 per share                         5,250,000    52,500       472,500             -               -
  - for consulting services at an average of              926,187     9,261       104,858             -               -
    $0.17 per share
  - for a loan payable at $0.06 per share                 169,160     1,692         7,808             -               -

Net loss for the period ended
  December 31, 2002 (unaudited)                                 -         -             -             -         (91,924)
                                                       ----------  --------  ------------  -------------  --------------

Balance, December 31, 2002 (unaudited)                 28,933,782  $289,337  $  5,597,300  $  1,383,042   $  (8,407,030)
                                                       ==========  ========  ============  =============  ==============


                                                           Other
                                                       Comprehensive
                                                        Income(loss)      Total
                                                       -------------  ------------
<S>                                                    <C>            <C>
Balance, September 30, 2000                            $       (413)  $  (111,850)

Common stock and option issuances as follows:
  - for cash of $1.00 per share                                   -       192,000
  - for cash and consulting services from
      options for $0.39 per share                                 -        10,000
  - for services at an average of $0.92 per share                 -        12,600
  - for officer and employee compensation at
      $1.13 per share                                             -         5,880
  - for payment of accrued officer's compensation
      at $1.35 per share                                          -        13,500
  - for consulting services at an average of
      $0.77 per share                                             -        34,702
  - for directors' compensation at $0.85 per share                -        63,750
  - for modification of contract at $0.78 per share               -         2,340
  - for interest payment on contract
      at an average of $0.80 per share                            -         8,000
  - for mineral property expenses at $0.85 per share              -           850
  - for debt at $1.00 per share                                   -       134,500

Options issued to officers, directors and                         -       354,000
  employees for services

Warrants issued as follows:
  - for consulting services                                       -       170,521
  - for loan agreements                                           -       141,547
  - for extension of exercise period
      on outstanding warrants                                     -       608,058

Net loss for the year ended September 30, 2001                    -    (3,437,354)

Other comprehensive income                                      413           413
                                                       -------------  ------------

Balance, September 30, 2001                                       -    (1,796,543)

Common stock and option issuances as follows:
  - for cash at $0.10 per share                                   -       250,000
  - for a loan payable at $1.00 per share                         -        25,000
  - for consulting fees payable at $0.55 per share                -         6,895
  - for mineral properties at $0.70 per share                     -       770,000
  - for services at an average of $0.49 per share                 -        54,750
  - for financing expense at an average of                        -        36,193
    $0.44 per share

Options issued to officers, directors and                         -        29,528
  employees for services

Warrants issued as follows:
  - for loan agreements                                           -        55,352

Expiration of stock options and warrants                          -             -

Interest expense forgiven by shareholders                         -        42,950

Net loss for the year ended September 30, 2002                    -    (1,168,171)
                                                       -------------  ------------

Balance, September 30, 2002                                       -    (1,694,046)

Common stock issuances as follows:
  - for cash at $0.10 per share                                   -       525,000
  - for consulting services at an average of                      -       114,119
    $0.17 per share
  - for a loan payable at $0.06 per share                         -         9,500

Net loss for the period ended                                     -       (91,924)
                                                       -------------  ------------
  December 31, 2002 (unaudited)

Balance, December 31, 2002 (unaudited)                 $          0   $(1,137,351)
                                                       =============  ============


<FN>
The accompanying notes are an integral part of these financial statements.
</TABLE>


                                        4
<PAGE>
<TABLE>
<CAPTION>
                                                    TREND MINING COMPANY
                                               (AN EXPLORATION STAGE COMPANY)
                                                  STATEMENTS OF CASH FLOWS


                                                                                                           Period from
                                                                                                          October 1, 1996
                                                                                                           (Inception of
                                                                       Three Months      Three Months    Exploration Stage)
                                                                           Ended            Ended               to
                                                                       December 31,      December 31,      December 31,
                                                                           2002              2001              2002
                                                                        (unaudited)       (unaudited)       (unaudited)
                                                                     -----------------  --------------  -------------------
<S>                                                                  <C>                <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss                                                           $        (91,924)  $    (229,097)  $       (7,848,526)
  Adjustments to reconcile net loss to net cash used by
    operating activities:
    Depreciation                                                                2,728             611               41,114
    Loss on investment sales                                                        -               -               58,928
    Loss on disposition and impairment of assets                                    -               -              188,226
    Gain on sale of mineral property claims for securities                          -            (500)                (500)
    Gain on trade-in of property and equipment                                      -               -               (7,872)
    Gain on forgiveness of debt                                              (122,354)              -             (564,428)
    Interest expense forgiven by shareholders                                       -               -               23,566
    Common stock issued for services
      and expenses                                                             81,119               -              714,668
    Common stock issued for payables                                                -           6,895               31,895
    Common stock and options issued as compensation                                 -               -              721,119
    Stock options and warrants issued for financing activities                      -           9,876              822,257
    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                                                  -               -               22,539
  Changes in assets and liabilities:
    Inventory                                                                       -               -                3,805
    Accounts payable                                                         (248,191)         47,516              779,198
    Accrued expenses                                                          (15,329)         11,625               11,028
    Interest payable                                                           20,827               -               43,982
                                                                     -----------------  --------------  -------------------
  Net cash used by operating activities                                      (373,124)       (153,074)          (3,652,063)
                                                                     -----------------  --------------  -------------------

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                                             -               -              (41,695)
    Proceeds from investments sold                                                  -               -              101,430
                                                                     -----------------  --------------  -------------------
  Net cash provided by investing activities                                         -               -              114,861
                                                                     -----------------  --------------  -------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
    Payments on notes payable and short-term borrowings                          (985)           (732)              (9,741)
    Sale of warrants for common stock                                               -               -               10,000
    Proceeds from short-term borrowings                                             -         129,445            1,353,357
    Sale of common stock, subscriptions
      and exercise of options                                                 525,000               -            2,333,151
                                                                     -----------------  --------------  -------------------
  Net cash provided by financing activities                                   524,015         128,713            3,686,767
                                                                     -----------------  --------------  -------------------

NET DECREASE IN CASH                                                          150,891         (24,361)             149,565

CASH, BEGINNING OF PERIOD                                                       2,281          24,954                3,607
                                                                     -----------------  --------------  -------------------

CASH, END OF PERIOD                                                  $        153,172   $         593   $          153,172
                                                                     =================  ==============  ===================

SUPPLEMENTAL CASH FLOW INFORMATION:
  Interest paid                                                      $            323   $         132   $            3,835
  Income taxes paid                                                  $              0   $           0   $                0

NON-CASH FINANCING AND INVESTING ACTIVITIES:
  Common stock and warrants issued to acquire
    mineral properties                                               $              0   $           0   $          344,873
  Common stock issued to acquire mineral property                    $              0   $           0   $          845,000
  Common stock issued for acquisition of
    mining equipment                                                 $              0   $           0   $          180,000
  Common stock issued for services and expenses                      $              0   $           0   $          633,549
  Common stock issued for investment                                 $              0   $           0   $           67,000
  Common stock issued for debt                                       $         42,500   $      31,895   $          249,737
  Common stock issued for incentive fees                             $              0   $           0   $           21,544
  Common stock and options issued as compensation                    $              0   $           0   $          691,591
  Options issued to officers, directors and employees for services   $              0   $           0   $          383,528
  Stock options  and warrants issued for financing activities        $              0   $       9,876   $          822,257
  Warrants issued for consulting fees                                $              0   $           0   $          170,521
  Deferred acquisition costs on mining property                      $              0   $           0   $           46,242
  Purchase of equipment with financing agreement                     $              0   $           0   $           21,814
  Investments received for mineral property                          $              0   $         500   $            5,500
  Investments traded for services                                    $              0   $           0   $           22,539
  Equipment for loans payable                                        $              0   $           0   $            4,500


<FN>
The accompanying notes are an integral part of these financial statements.
</TABLE>


                                        5
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2002

NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS

Trend  Mining Company (formerly Silver Trend Mining Company) ("the Company") was
originally  incorporated  on  September  7,  1968 under the laws of the State of
Montana  for  the  purpose  of  acquiring,  exploring  and  developing  mining
properties.  From 1984 to late 1996, the Company was dormant.  In November 1998,
the  Company changed its focus to exploration for platinum and palladium related
metals.  In February 1999, the Company changed its name from Silver Trend Mining
Company  to Trend Mining Company to better reflect the Company's change of focus
to  platinum  group  metals.  The Company conducts operations primarily from its
office  in  Post  Falls,  Idaho.  The  Company has elected a September 30 fiscal
year-end.

On  March  28,  2001, the Company reincorporated in Delaware.  Under its amended
certificate  of  incorporation, Trend has authorized the issuance of 100,000,000
shares of common stock with a par value of $0.01 per share and 20,000,000 shares
of  preferred stock with a par value of $0.01, with rights and preferences to be
determined  by  the  Company's  board  of  directors.

The  Company  is  actively seeking additional capital.  Management believes that
additional  stock  can  be  sold  to  enable the Company to continue to fund its
property  acquisition and platinum group metals exploration activities, however,
management  is  unable  to  provide  assurances  that  it  will be successful in
obtaining  sufficient  sources  of  capital.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

This  summary  of  significant  accounting  policies  is  presented to assist in
understanding  the Company's financial statements.  The financial statements and
notes  rely on the integrity and objectivity of the Company's management.  These
accounting  policies  conform to accounting principles generally accepted in the
United  States  of America and have been consistently applied in the preparation
of  the  financial  statements.

Accounting  Method
------------------
The  Company's  financial  statements  are  prepared using the accrual method of
accounting.

Basic and Diluted Loss per Share
--------------------------------
Basic  and  diluted  loss per share are computed by dividing the net loss by the
weighted  average  number  of shares outstanding during the year or period.  The
weighted  average  number of shares is calculated by taking the number of shares
outstanding and weighting them by the length of time that they were outstanding.

Outstanding  options  and warrants representing 10,240,856 and 10,049,006 shares
as  of  December  31,  2002  and 2001, respectively, have been excluded from the
calculation  of  diluted  loss  per  share  as  they  would  be  antidilutive.

Cash and Cash Equivalents
-------------------------
For  purposes  of  its  statement  of  cash  flows,  the  Company  considers all
short-term  debt securities purchased with a maturity of three months or less to
be  cash  equivalents.


                                        6
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2002

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Compensated  Absences
---------------------
The  Company's  employees  are  entitled  to  paid  vacation, paid sick days and
personal  days  off depending on job classification, length of service and other
factors.  The  Company  estimates  that  the  amount  of compensation for future
absences  is  minimal and immaterial for the periods ended December 31, 2002 and
2001.  Accordingly,  no liability has been recorded in the financial statements.
The  Company's  policy  is  to  recognize  the cost of compensated absences when
compensation  is  actually  paid  to  employees.

Comprehensive  Income  (Loss)
-----------------------------
The  Company reports comprehensive income (loss) in accordance with Statement of
Financial  Accounting  Standards  ("SFAS")  No.  130,  "Reporting  Comprehensive
Income."  Amounts are reported net of tax and include unrealized gains or losses
on  available  for  sale  securities.

Derivative  Instruments
-----------------------
The  Financial Accounting Standards Board ("FASB") issued Statement of Financial
Accounting  Standards  ("SFAS")  No. 133, "Accounting for Derivative Instruments
and  Hedging Activities," as amended by SFAS No. 137, "Accounting for Derivative
Instruments  and Hedging Activities - Deferral of the Effective Date of SFAS No.
133,"  and  SFAS  No.  138,  "Accounting  for Certain Derivative Instruments and
Certain Hedging Activities," which is effective for the Company as of January 1,
2001.  These  standards  establish  accounting  and  reporting  standards  for
derivative  instruments,  including  certain  derivative instruments embedded in
other  contracts,  and  for  hedging  activities.  They  require  that an entity
recognize  all  derivatives as either assets or liabilities in the balance sheet
and  measure  those  instruments  at  fair  value.

If  certain conditions are met, a derivative may be specifically designated as a
hedge, the objective of which is to match the timing of gain or loss recognition
on  the  hedging  derivative with the recognition of (i) the changes in the fair
value  of the hedged asset or liability that are attributable to the hedged risk
or  (ii)  the  earnings  effect  of  the  hedged  forecasted  transaction. For a
derivative  not  designated  as  a  hedging  instrument,  the  gain  or  loss is
recognized  in  income  in  the  period  of  change.

Historically,  the  Company  has  not entered into derivative contracts to hedge
existing  risks  or  for  speculative  purposes.

During the periods ended December 31, 2002 and 2001, the Company has not engaged
in  any  transactions that would be considered derivative instruments or hedging
activities.

Estimates
---------
The preparation of financial statements in conformity with accounting principles
generally  accepted  in the United States of America requires management to make
estimates  and  assumptions  that  affect  the  reported  amounts  of assets and
liabilities  and  disclosure of contingent assets and liabilities at the date of
the  financial  statements  and  the  reported  amounts of revenues and expenses
during  the reporting period.  Actual results could differ from those estimates.

Employee  and  Non-Employee  Stock  Compensation
------------------------------------------------
The  Company  values  common  stock  issued  to  employees and non-employees for
services, property and investments at the fair market value of the common stock,
which  is  the  closing  price  of  Company stock on the day of issuance.  If no
trading  occurred  on  that day, then the fair market value used is the lower of
the closing prices on the first previous day or the first following day on which
the  Company's  stock  was  traded.


                                        7
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2002

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Exploration  Costs
------------------
In accordance with accounting principles generally accepted in the United States
of  America,  the  Company  expenses exploration costs as incurred.  Exploration
costs  expensed during the periods ended December 31, 2002 and 2001 were $33,127
and  $4,070,  respectively.  As  of  December  31,  2002,  the exploration costs
expensed  during  the  Company's  exploration  stage  were  $2,797,914.

Exploration Stage Activities
----------------------------
The  Company  has  been in the exploration stage since October 1, 1996, when the
Company  emerged from a period of dormancy, and has no revenues from operations.
The  Company  is primarily engaged in the acquisition and exploration of mineral
properties.  Should  the  Company  locate  a  commercially  viable  reserve, the
Company would expect to actively prepare the site for extraction.  The Company's
accumulated  deficit  prior  to  the  exploration  stage  was  $558,504.

Fair Value of Financial Instruments
-----------------------------------
The  carrying  amounts  for  cash,  accounts  payable, loans payable and accrued
liabilities  approximate  their  fair  value.

Going  Concern
--------------
As shown in the accompanying financial statements, the Company has limited cash,
has  negative  working  capital,  has  no  revenues,  has incurred a net loss of
$91,924 for the period ended December 31, 2002 and has an accumulated deficit of
$8,407,030.  These  factors  indicate that the Company may be unable to continue
in  existence  in  the  absence  of receiving additional funding.  The financial
statements  do  not  include  any  adjustments related to the recoverability and
classification  of  recorded  assets,  or  the  amounts  and  classification  of
liabilities  that might be necessary in the event the Company cannot continue in
existence.  The  Company's  management believes that it will be able to generate
sufficient  cash from public or private debt or equity financing for the Company
to  continue  to  operate  based  on  current  expense  projections.

Impaired  Asset  Policy
-----------------------
The  Company  adopted  FASB  statement  SFAS  No.  121  titled  "Accounting  for
Impairment  of  Long-Lived  Assets,"  which  has  been replaced by SFAS No. 144,
"Accounting for Impairment or Disposal of Long-Lived Assets."  In complying with
these  standards,  the  Company  reviews  its  long-lived  assets  quarterly  to
determine  if  any  events  or  changes  in  circumstances have transpired which
indicate  that  the  carrying  value  of its assets may not be recoverable.  The
Company  determines  impairment  by comparing the undiscounted future cash flows
estimated  to  be  generated  by its assets to their respective carrying amounts
whenever  events  or  changes in circumstances indicate that an asset may not be
recoverable.  Properties  are acquired and recorded at fair values negotiated in
arm's  length transactions.  The Company expenses, as costs, the exploration and
maintenance  of its properties and claims.  If results of exploration warrant an
assessment of the carrying value of a mineral property's acquisition cost, or if
the  Company  has  an  indication  that  a  property's  recorded  fair value has
declined,  such  costs will be reviewed and the related impairment, if any, will
be  recognized  at  that  time.

Investment  Policies
--------------------
The  Company  uses  the  average  cost  method  to determine the gain or loss on
investment securities held as available-for-sale based upon the accumulated cost
bases  of  specific  investment  accounts.


                                        8
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2002

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Mineral  Properties
-------------------
The  Company capitalizes only amounts paid in cash or stock as consideration for
the  acquisition  of  real  property.  See  Note 3.  Properties are acquired and
recorded at fair values negotiated in arm's length transactions.  Costs and fees
paid to locate and maintain mining claims, to acquire options to purchase claims
or  properties,  and  to maintain the mineral rights and leases, are expensed as
incurred.  When a property reaches the production stage, the related capitalized
costs  will  be  amortized, using the units of production method on the basis of
periodic  estimates  of  ore  reserves.

Mineral  properties  are  periodically  assessed for impairment of value and any
diminution  in value is charged to operations at the time of impairment.  Should
a  property  be  abandoned,  its  unamortized  capitalized  costs are charged to
operations.  The  Company  charges  to  operations  the  allocable  portion  of
capitalized  costs  attributable  to  properties  sold.  Capitalized  costs  are
allocated  to  properties  abandoned  or  sold based on the proportion of claims
abandoned or sold to the claims remaining within the project area.

Option and Warrant Fair Value Calculations
------------------------------------------
The  Company  utilizes  the  Black-Scholes valuation model to calculate the fair
value  of  options  and warrants issued for financing, acquisition, compensation
and  payment  for  services  purposes.  The  parameters  used in such valuations
include  a  risk  free  rate of 5.5%, the assumption that no dividends are paid,
exercise  periods  ranging  from 1 week to 5.5 years depending upon the terms of
the  instrument  issued,  and  a  volatility factor calculated annually based on
estimates  of expected volatility, in accordance with SFAS No. 123.  The Company
used  its  historic  volatility  data  to  develop  the  1998  estimate  of 30%,
consistent  with  its  limited public trading in 1998.  The volatility estimates
for  calculation  purposes  reflect  an  average  of Company data and volatility
factors  reported  by  two  other mining companies at comparable stages in their
respective  public  trading  histories,  resulting  in  expected volatilities of
55.12%  in  1999,  48.05%  in  2000,  46.4%  in  2001  and  50%  in  2002.

Reverse  Stock  Split
---------------------
The  Company's  board  of  directors in 1999 authorized a 1 for 10 reverse stock
split  of  its  no  par  value common stock.  See Note 4.  All references in the
accompanying financial statements to the number of common shares outstanding and
per  share  amounts  have  been  restated  to  reflect  the reverse stock split.

Recent  Accounting  Pronouncements
----------------------------------
In  April 2002, the FASB issued SFAS No. 145, "Rescission of SFAS Statements No.
4,  44  and  64,  Amendment  of  SFAS  No. 13, and Technical Corrections," which
updates,  clarifies and simplifies existing accounting pronouncements.  SFAS No.
4,  which  required  all  gains and losses from the extinguishment of debt to be
aggregated and, if material, classified as an extraordinary item, net of related
tax  effect  was rescinded, and as a result, SFAS No. 64, which amended SFAS No.
4,  was  rescinded as it was no longer necessary.  SFAS No. 145 amended SFAS No.
13  to  eliminate  an  inconsistency  between  the  required  accounting  for
sale-leaseback  transactions  and  the  required  accounting  for  certain lease
modifications  which  have  economic  effects similar to those of sale-leaseback
transactions.  Management  has  not  yet determined the effects of adopting this
Statement  on  the  financial  position or results of operations, except for the
need  to  classify  debt  extinguishments  as  ordinary.

In  June  2002,  the  FASB issued SFAS No. 146, "Accounting for Costs Associated
with  Exit  or  Disposal Activities."  SFAS No. 146 addresses significant issues
regarding  the  recognition, measurement, and reporting of costs associated with
exit  and disposal activities, including restructuring activities.  SFAS No. 146
also  addresses  recognition  of certain costs related to terminating a contract
that  is  not  a  capital  lease,  costs  to  consolidate facilities or relocate
employees, and termination benefits provided to employees that are involuntarily
terminated  under  the  terms  of  a  one-time  benefit  arrangement that is not


                                        9
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2002

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Recent  Accounting  Pronouncements  (continued)
-----------------------------------------------
an  ongoing benefit arrangement or an individual deferred-compensation contract.
SFAS  No.  146 was issued in June 2002 and its adoption has had no impact on the
Company's  financial  position  or  results  of  operations.

In  November  2002,  the  FASB  issued  FASB  Interpretation  ("FIN")  No.  45,
"Guarantor's  Accounting  and  Disclosure Requirements for Guarantees, Including
Indirect  Guarantees."  FIN  45  elaborates  on  the disclosures to be made by a
guarantor  in  its interim and annual financial statements about its obligations
under certain guarantees that it has issued.  It also clarifies that a guarantor
is  required  to recognize, at the inception of a guarantee, a liability for the
fair  value  of the obligation undertaken in issuing the guarantee.  FIN 45 does
not  prescribe  a  specific  approach for subsequently measuring the guarantor's
recognized  liability  over  the  term  of  the  related  guarantee.  It  also
incorporates,  without  change,  the  guidance  in  FASB  Interpretation No. 34,
Disclosure  of  Indirect  Guarantees  of  Indebtedness of Others, which is being
superseded.  FIN No. 45 has had no impact on the Company's financial position or
results  of  operations  as  the  Company  has  not  entered  into  any  of  the
aforementioned  transactions.

In  December  2002,  the  FASB  issued SFAS No. 148, "Accounting for Stock-Based
Compensation  -  Transition  and  Disclosure."  SFAS  148  amends  SFAS No. 123,
"Accounting  for  Stock-Based  Compensation,"  to provide alternative methods of
transition for an entity that voluntarily changes to the fair value based method
of accounting for stock-based employee compensation. In addition, it also amends
the  disclosure provisions of SFAS 123 to require prominent disclosure about the
effects  on  reported net income of an entity's accounting policy decisions with
respect  to  stock-based employee compensation. SFAS 148 also amends APB Opinion
No.  28,  Interim Financial Reporting, to require disclosure about the effect in
interim  financial  information.  Prior  to  the  issuance  of SFAS No. 148, the
Company  adopted  the  fair  value  based  method  of accounting for stock-based
employee  compensation.  Thus,  the  Company's  financial  reporting will not be
significantly  effected  by  SFAS  148.

Provision  for  Taxes
---------------------
Income taxes are provided based upon the liability method of accounting pursuant
to  SFAS  No.  109 "Accounting for Income Taxes."  Under this approach, deferred
income  taxes  are  recorded  to reflect the tax consequences on future years of
differences  between the tax basis of assets and liabilities and their financial
reporting  amounts  at each year-end.  A valuation allowance is recorded against
deferred tax assets if management does not believe the Company has met the "more
likely  than  not" standard imposed by SFAS No. 109 to allow recognition of such
an  asset.

At  December  31, 2002, the Company had net deferred tax assets of approximately
$1,190,000, principally arising from net operating loss carryforwards for income
tax  purposes.  As  management  of  the Company cannot determine that it is more
likely  than  not  that the Company will realize the benefit of the net deferred
tax  asset,  a  valuation allowance equal to the net deferred tax asset has been
established  at  December  31,  2002.

At  December  31,  2002,  the  Company  has  net operating loss carryforwards of
approximately  $3,950,000, which expire in the years 2001 through 2021.  The net
operating loss carryforwards do not include expenses that are not deductible for
tax  purposes,  such  as  compensation  expense,  in  the  amount  of $2,398,837
attributable  to  options and warrants issued to employees and consultants.  The
Company  also  owes  to  the  Internal  Revenue  Service  employment  taxes  of
approximately  $50,000  as  of  December  31,  2002.


                                       10
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2002

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Reclassification
----------------
Certain  amounts  from  prior  periods  have been reclassified to conform to the
current  period  presentation.  This reclassification has resulted in no changes
to  the  Company's  accumulated  deficit  or  net  losses  presented.

Interim  Financial  Statements
------------------------------
The  interim  financial  statements  for  the  period  ended  December 31, 2002,
included  herein,  have  not  been audited, at the request of the Company.  They
reflect  all  adjustments, which are, in the opinion of management, necessary to
present  fairly  the results of operations for the period.  All such adjustments
are  normal  recurring  adjustments.  The  results  of operations for the period
presented  is  not  necessarily indicative of the results to be expected for the
full  fiscal  year.

NOTE 3 - MINERAL PROPERTIES

The following describes the Company's significant mineral properties:

Wyoming  Properties
-------------------
During  the  year  ended  September 30, 1999, the Company entered into an option
agreement  with  General  Minerals  Corporation ("GMC") to acquire the Lake Owen
Project  located in Albany County, Wyoming.  The agreement with GMC entitled the
Company  to  receive 104 unpatented mining claims in exchange for 715,996 shares
of  common  stock,  $40,000  in  cash  to  be paid in four quarterly payments of
$10,000  and $750,000 in exploration expenditure commitments to be incurred over
a  three-year  option  period.  In  May  2000,  the Company issued an additional
129,938  shares  of common stock under this agreement for the acquisition of the
Lake  Owen  Project.

The  Company  and  GMC  subsequently  entered into an amendment to the agreement
under  which  (i)  the Company issued 416,961 shares of common stock to GMC upon
GMC's  exercise  of  preemptive  rights,  (ii)  the Company agreed to perform an
additional  $15,000  of  geophysical  work  on  the  Lake  Owen Project prior to
December  31,  2000  (subsequently  modified),  (iii) the Company issued 200,000
additional  shares  and warrants exercisable until June 2002 to purchase 200,000
shares at $0.70 per share, and (iv) GMC agreed to terminate its antidilution and
preemptive  rights  as  provided  in  the  original  agreement.  The Company has
expensed $295,873 for cash paid and common stock issued to acquire this project.
The  200,000  warrants  have  expired.  See  Note  5.

The Company has obtained an additional 497 unpatented mining claims in an agreed
area  of  interest  near  the  Lake  Owen  Project.

In  March  2002, the Company issued 1,100,000 shares, valued at $770,000 in full
satisfaction  of  cash  commitments  relating  to  exploration  activities.  The
issuance of these shares resulted in the full ownership of the Lake Owen Project
property.

The  Company  also  staked  and  claimed  six claims known as the Albany Project
during  the  year  ended September 30, 1999.  These claims are located in Albany
County,  Wyoming.

The Company additionally staked and claimed 42 unpatented mining claims known as
the Spruce Mountain claims, 159 unpatented mining claims known as the Centennial
West  claims  (dropped on September 1, 2002), 34 unpatented mining claims at the
Douglas  Creek  property  and 121 unpatented mining claims known as the Keystone
property.  These  claims  are  also  located  in  Albany  County,


                                       11
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2002

NOTE 3 - MINERAL PROPERTIES (CONTINUED)

Wyoming  Properties  (continued)
--------------------------------
Wyoming.  As  of  December  31, 2002, the Company owns a total of 804 unpatented
mining  claims  in  Albany  County,  Wyoming.

Montana  Properties
-------------------
In  March 2000, the Company entered into a three-year lease and option agreement
under  which it had the right to acquire a 100% interest in the Intrepid claims.
Upon  entering  into  the agreement, the Company paid the claim owners $5,800 in
cash  and  100,000 shares of common stock.  In the Company's acquisition of this
option,  it  expensed  $97,140  for  cash  paid  and  common  stock  issued.

Under  the  agreement,  the  Company  was obligated to incur minimal exploration
expenditures  of  $10,000  by  September  30, 2001, $15,000 by March 4, 2002 and
$15,000  by  March  4, 2003.  In addition, the Company must make advance royalty
payments  of $10,000 by March 4, 2001, $25,000 by March 4, 2002 and $35,000 each
year  thereafter.  In  March  2001,  the Company and the claim holders agreed to
replace  the March $10,000 advance royalty payment with a $9,000 payment due May
11,  2001.  In connection with this agreement, the Company issued to the holders
3,000  shares  of  common  stock  on  March  11, 2001 with an aggregate value of
$2,340.

Following  this  agreement, the Company was unable to make the May 11th payment.
On  May  24,  2001,  the  claim  holders agreed to a modification to continue to
extend this payment initially to June 5th, but this payment was also not made as
scheduled.  The Company issued an additional 1,000 shares with value of $850 and
paid  $1,000  in  cash  per  the  terms  of  the modification, which reduced the
outstanding  $9,000  payment  to  $8,000.  By  September  30,  2001, the Company
abandoned  all  of  its  interests  in  the  Intrepid  claims.

Other properties in Montana include the Vanguard Project and the McCormick Creek
Project, which is in Missoula County.  In 2000, the Company staked 121 claims in
regards  to  the  Vanguard  Project  and  explored  and staked 36 claims for the
McCormick  Creek  Project.  By September 30, 2001, the Company had abandoned all
of  its  interests  in  the  Vanguard  Project.

During  the  year  ended  September 30, 2000, the Company located and staked 211
claims  in Stillwater County Montana.  During the year ended September 30, 2001,
172  claims  were staked and added, and 304 claims were abandoned.  In September
2002,  the  Company  abandoned  all  of  its  interests in the Stillwater County
claims.

During  the year ended September 30, 2002, the Company entered into an agreement
in  which the Company acquired a 100% interest in four mineral leases covering a
total  of  920  acres  in  Missoula  County,  Montana.

Oregon  Property
----------------
During  the year ended September 30, 1999, the Company entered into an agreement
in  which  it  would  explore  and  stake five claims located in Jackson County,
Oregon  known as the Shamrock property.  All transactions were completed and the
Company  acquired  title  to  these  claims.  On  September 1, 2002, the Company
abandoned  all  of  its  interests  in  the  Jackson  County  claims.

Nevada  Properties
------------------
During  the year ended September 30, 1999, the Company entered into an agreement
whereby  Mountain  Gold Exploration would explore and stake claims, transferring
title  to  the  Company  upon  completion


                                       12
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2002

NOTE 3 - MINERAL PROPERTIES (CONTINUED)

Nevada  Properties  (continued)
-------------------------------
thereof.  Transactions  were  finalized  for  13  claims  known  as the Hardrock
Johnson  Property  located  in  Clark  County,  Nevada.

During  March of 2000, the Company located and staked 31 unpatented claims known
as  the  Willow Springs claims.  These claims are located in Nye County, Nevada.
On  September  1, 2002, the Company abandoned all of its interests in the Willow
Springs  claims.

In  1979,  the  Company  acquired  the  Pyramid  Mine,  which  consists  of five
unpatented  lode mining claims within the Walker Indian Reservation near Fallon,
Nevada.  Pursuant  to  an  impairment  analysis  performed  by  the Company, the
Company wrote off its $70,333 investment in the Pyramid Mine, effective prior to
the  inception  of  the  Company's  exploration  stage.

The  Company sold the Pyramid Mine claims on November 12, 2001 to Calumet Mining
Company,  a  related  party, for 50,000 shares of common stock of Calumet Mining
Company.  This  company's stock was subsequently acquired by Western Goldfields,
Inc.  on  a  1 for 2 basis.  As a result, the Company now holds 25,000 shares of
Western  Goldfields,  Inc.  The  Company  retained  a  1.5%  net  smelter return
production  royalty  interest  in  the  Pyramid  Mine.  See  Notes  6  and  8.

California  Properties
----------------------
In mid-2000, the Company acquired 79 unpatented mining claims, known as the Pole
Corral  property,  in  Tehema  County,  California.  On  September  1, 2002, the
Company  abandoned  all  of  its  interests  in  the  Pole  Corral  property.

Canadian  Property
------------------
In August 2000, the Company entered into an agreement whereby Spectra Management
Corporation  would,  on  behalf  of  the  Company, explore and stake five claims
comprising  about  67,000  acres in northern Saskatchewan.  This property is now
known as the Peter Lake Claims.  The Company abandoned these claims in September
2002.  In  December  2002,  the  Company  restaked  these  claims.  Exploration
commitments  totaling $268,000 must be completed by December 2004 as a condition
of  acquiring  these  claims.

Idaho  Property
---------------
The  Company  owned  the Silver Strand Mine in Idaho until it was disposed of in
July  2001.  The  Company  initially  entered  into an agreement with New Jersey
Mining  Company  (New  Jersey) whereby the Company received 50,000 shares of New
Jersey's  restricted  common  stock  in exchange for New Jersey's opportunity to
earn  a  100%  interest  less  a net smelter royalty in the Company's unpatented
claims  in  Kootenai  County,  Idaho.  In July 2001, the Company quitclaimed any
remaining interest in the Silver Strand property to Mine Systems Design, Inc. in
exchange  for  cancellation of $22,539 of outstanding invoices due Mine Systems.
The  Company  also transferred 50,000 shares of New Jersey stock to Mine Systems
Design  as  part  of  this  settlement.

NOTE  4  -  CAPITAL  STOCK

Preferred  Stock
----------------
Under  its  amended  Delaware certificate of incorporation, Trend authorized the
issuance  of  20,000,000 shares of preferred stock with a par value of $0.01 per
share,  with  rights  and preferences to be determined by the Company's board of
directors.


                                       13
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2002

NOTE 4 - CAPITAL STOCK (CONTINUED)

Preferred Stock (continued)
---------------------------
One  share  of Series A preferred stock was issued to Mr. Thomas S. Kaplan under
an  agreement  which  requires the holder's approval of all common and preferred
stock  and  equity  issuances until such time as Mr. Kaplan, Electrum LLC or Mr.
Asher  B.  Edelman  no  longer  beneficially own more than twenty percent of the
Company's outstanding stock.  Holders of the Company's common stock will vote on
the  continued  existence  of  the  Series  A preferred stock at each subsequent
annual  meeting.  In  the  event  that  the  Company's  preferred  stock  is not
continued, the outstanding share of Series A preferred stock can be tendered for
one  share  of  the  Company's common stock.  In October 2002, this one and only
share  of  outstanding  preferred  stock  was cancelled at the holder's request.

Common  Stock
-------------
On March 28, 2001, the Company completed its reincorporation in Delaware.  Under
its  amended  certificate  of  incorporation,  Trend  authorized the issuance of
100,000,000  shares  of  common  stock  with  a  par  value  of $0.01 per share.

On  February  16,  1999,  the Company's board of directors authorized a 1 for 10
reverse  stock split of the Company's no par value common stock.  As a result of
the  split,  26,356,430 shares were retired.  All references in the accompanying
financial  statements  to  the number of common shares and per-share amounts for
the  periods  presented  have  been restated to reflect the reverse stock split.

During  the  period ended December 31, 2002, the Company issued 5,250,000 shares
of  common  stock  for  $525,000  cash, 926,187 shares of common stock valued at
$114,119  for consulting services, and 169,160 shares of common stock for a loan
payable  of  $9,500.

During  the  year  ended September 30, 2002, the Company issued 25,000 shares of
common stock valued at $25,000 for a note payable, 12,536 shares of common stock
valued  at  $6,895 for accounts payable, 1,100,000 shares of common stock valued
at  $770,000  for  mineral  property,  112,500  shares of common stock valued at
$54,750  for  services,  82,429  shares  of  common  stock valued at $36,193 for
financing  expense,  and  2,500,000  shares  of  common stock for $250,000 cash.

During  the  year  ended September 30, 2001, the Company issued 69,161 shares of
common stock valued at $60,802 for services, 5,200 shares of common stock valued
at  $5,880 as compensation, 33,333 shares of common stock from options exercised
by an employee for cash of $10,000, 75,000 shares valued at $63,750 to directors
as  compensation,  3,000  shares valued at $2,340 to modify an agreement, 10,000
shares  valued  at  $8,000  in lieu of interest on unpaid invoices, 1,000 shares
valued  at  $850  for  mineral property expenses, 192,000 shares of common stock
sold  for  $192,000  cash  as  a private placement, and 134,500 shares of common
stock  valued  at  $134,500  for  loans  payable.

See Note 5 regarding future loan repayments in units of Trend securities.

The following table discloses the Company's stock and equity transactions during
its  exploration  stage.  This  information meets the disclosure requirements of
SFAS  No.  7  for  development and exploration stage disclosures.  The following
abbreviations  are used in the table:  CS for Common Stock; OPT for Options; and
WAR  for  Warrants.


                                       14
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2002

NOTE 4 - CAPITAL STOCK (CONTINUED)

<TABLE>
<CAPTION>
                                                                                 COMMON   ADDITIONAL
                                                         NUMBER OF  PRICE PER    STOCK     PAID-IN      TOTAL     NUMBER OF
                                             ISSUE DATE   SHARES      SHARE      AMOUNT    CAPITAL      AMOUNT     OPTIONS
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
<S>                                          <C>         <C>        <C>         <C>      <C>          <C>         <C>

BALANCE, OCTOBER 1, 1996                                 1,754,242  $        -  $17,542  $   663,218  $  680,760
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------

CS for Cash                                  03/25/1997    200,000        0.50    2,000       98,000     100,000
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Payment of liabilities
and expenses                                 09/30/1997     45,511        0.50      455       22,301      22,756
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------

BALANCE SEPTEMBER 30, 1997                               1,999,753               19,998      783,518     803,516
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------

CS for Mineral property                      07/23/1998    150,000        0.50    1,500       73,500      75,000
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Cash                                  07/23/1998      7,500        0.20       75        1,425       1,500
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Lease termination                     07/23/1998     12,000        0.50      120        5,880       6,000
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Debt                                  07/23/1998     80,000        0.50      800       39,200      40,000
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
OPT for Financing                            09/24/1998                                                             180,000
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Compensation                          09/30/1998      9,000        0.50       90        4,410       4,500
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------

BALANCE September 30, 1998                               2,258,253               22,583      907,933     930,516    180,000
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------

CS for Debt, investment and expenses         10/12/1998      9,210        0.30       92        2,671       2,763
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Equipment                             10/30/1998    600,000        0.30    6,000      174,000     180,000
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Cash                                  11/28/1998      5,000        0.20       50          950       1,000
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Officers' compensation                12/31/1998     30,858        0.44      309       13,191      13,500
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Directors' compensation               01/25/1999     16,500        0.25      165        3,960       4,125
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Officers' compensation                01/31/1999      8,572        0.35       86        2,914       3,000
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Officers' compensation                03/31/1999     24,000        0.25      240        5,760       6,000
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Consulting services                   03/31/1999      6,000        0.25       60        1,440       1,500
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Consulting services                   04/30/1999     32,000        0.28      320        8,640       8,960
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Officers' compensation                04/30/1999     12,000        0.28      120        3,240       3,360
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Consulting services                   05/31/1999     73,333        0.25      733       17,600      18,333
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Consulting services                   06/30/1999     34,353        0.25      344        8,244       8,588
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Officers' compensation                06/30/1999     50,000        0.16      500        7,500       8,000
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Consulting services                   06/30/1999     95,833        0.16      958       14,375      15,333
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Consulting services                   07/06/1999      5,000        0.25       50        1,200       1,250
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
OPT for Financing activities                 07/22/1999                                                              50,000
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Mineral property option               07/27/1999    715,996        0.13    7,160       82,471      89,631
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Cash                                  07/29/1999     33,333        0.15      333        4,667       5,000
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Consulting services                   07/30/1999    146,603        0.12    1,466       16,126      17,592
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Consulting services                   07/31/1999    133,697        0.12    1,337       14,707      16,044
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Officers' compensation                07/31/1999     41,667        0.12      417        4,583       5,000
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Cash                                  08/04/1999     16,667        0.15      167        2,333       2,500
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Rent                                  08/09/1999      1,000        0.25       10          240         250
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
OPT for Financing activities                 08/13/1999                                                             100,000
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Cash                                  08/15/1999     50,000        0.05      500        2,000       2,500
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Consulting services                   08/17/1999      5,000        0.25       50        1,200       1,250
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Cash                                  08/17/1999    100,000        0.05    1,000        4,000       5,000
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Cash                                  08/26/1999    100,000        0.10    1,000        9,000      10,000
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Consulting services                   08/31/1999    159,750        0.25    1,598       38,341      39,938
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Prepaid expenses                      09/10/1999     50,000        0.33      500       16,000      16,500
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Cash                                  09/10/1999     50,000        0.10      500        4,500       5,000
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Cash                                  09/13/1999    200,000        0.05    2,000        8,000      10,000
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Consulting services                   09/30/1999     80,053        0.26      801       20,013      20,814
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Officers' compensation                09/30/1999    133,333        0.26    1,333       33,334      34,667
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------
CS for Consulting services                   09/30/1999     67,500        0.26      675       16,875      17,550
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------

BALANCE SEPTEMBER 30, 1999                               5,345,511               53,455    1,452,009   1,505,464    330,000
-------------------------------------------  ----------  ---------  ----------  -------  -----------  ----------  ---------


                                             NUMBER OF  VALUE OF
                                             WARRANTS   OPTIONS/
                                                        WARRANTS
-------------------------------------------  ---------  ---------
<S>                                          <C>        <C>
BALANCE, OCTOBER 1, 1996                                $       -
-------------------------------------------  ---------  ---------

CS for Cash
-------------------------------------------  ---------  ---------
CS for Payment of liabilities and expenses
-------------------------------------------  ---------  ---------

BALANCE SEPTEMBER 30, 1997
-------------------------------------------  ---------  ---------

CS for Mineral property
-------------------------------------------  ---------  ---------
CS for Cash
-------------------------------------------  ---------  ---------
CS for Lease termination
-------------------------------------------  ---------  ---------
CS for Debt
-------------------------------------------  ---------  ---------
OPT for Financing                                           2,659
-------------------------------------------  ---------  ---------
CS for Compensation
-------------------------------------------  ---------  ---------

BALANCE September 30, 1998                                  2,659
-------------------------------------------  ---------  ---------

CS for Debt, investment and expenses
-------------------------------------------  ---------  ---------
CS for Equipment
-------------------------------------------  ---------  ---------
CS for Cash
-------------------------------------------  ---------  ---------
CS for Officers' compensation
-------------------------------------------  ---------  ---------
CS for Directors' compensation
-------------------------------------------  ---------  ---------
CS for Officers' compensation
-------------------------------------------  ---------  ---------
CS for Officers' compensation
-------------------------------------------  ---------  ---------
CS for Consulting services
-------------------------------------------  ---------  ---------
CS for Consulting services
-------------------------------------------  ---------  ---------
CS for Officers' compensation
-------------------------------------------  ---------  ---------
CS for Consulting services
-------------------------------------------  ---------  ---------
CS for Consulting services
-------------------------------------------  ---------  ---------
CS for Officers' compensation
-------------------------------------------  ---------  ---------
CS for Consulting services
-------------------------------------------  ---------  ---------
CS for Consulting services
-------------------------------------------  ---------  ---------
OPT for Financing activities
-------------------------------------------  ---------  ---------
CS for Mineral property option
-------------------------------------------  ---------  ---------
CS for Cash
-------------------------------------------  ---------  ---------
CS for Consulting services
-------------------------------------------  ---------  ---------
CS for Consulting services
-------------------------------------------  ---------  ---------
CS for Officers' compensation
-------------------------------------------  ---------  ---------
CS for Cash
-------------------------------------------  ---------  ---------
CS for Rent
-------------------------------------------  ---------  ---------
OPT for Financing activities
-------------------------------------------  ---------  ---------
CS for Cash
-------------------------------------------  ---------  ---------
CS for Consulting services
-------------------------------------------  ---------  ---------
CS for Cash
-------------------------------------------  ---------  ---------
CS for Cash
-------------------------------------------  ---------  ---------
CS for Consulting services
-------------------------------------------  ---------  ---------
CS for Prepaid expenses
-------------------------------------------  ---------  ---------
CS for Cash
-------------------------------------------  ---------  ---------
CS for Cash
-------------------------------------------  ---------  ---------
CS for Consulting services
-------------------------------------------  ---------  ---------
CS for Officers' compensation
-------------------------------------------  ---------  ---------
CS for Consulting services
-------------------------------------------  ---------  ---------

BALANCE SEPTEMBER 30, 1999                                  2,659
-------------------------------------------  ---------  ---------
</TABLE>


                                       15
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2002


NOTE 4 - CAPITAL STOCK (CONTINUED)

<TABLE>
<CAPTION>
                                                                                          COMMON    ADDITIONAL
                                                                  NUMBER OF    PRICE PER   STOCK      PAID-IN      TOTAL
                                                     ISSUE DATE     SHARES       SHARE     AMOUNT     CAPITAL      AMOUNT
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
<S>                                                  <C>         <C>          <C>         <C>       <C>          <C>
BALANCE SEPTEMBER 30, 1999                                        5,345,511   $        -  $ 53,455  $ 1,452,009  $1,505,464
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------

CS for Consulting services                           10/04/1999      50,000         0.26       500       12,500      13,000
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS for Cash                                          10/22/1999      25,000         0.20       250        4,750       5,000
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS for Consulting services                           10/31/1999     273,675         0.31     2,737       82,103      84,840
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS for Officers' compensation                        11/30/1999      52,694         0.31       527       15,807      16,334
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS for Consulting services                           11/30/1999       4,327         0.31        43        1,298       1,341
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS, OPT & WAR for Cash                               12/31/1999   1,000,000        0.012    10,000        2,414      12,414
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS for Consulting services                           12/31/1999       1,200         0.35        12          408         420
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS for Consulting services                           01/04/2000      15,000         0.28       150        4,050       4,200
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS for Investments                                   01/15/2000     200,000         0.33     2,000       64,000      66,000
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS for Incentive fees                                01/17/2000      65,285         0.33       653       20,891      21,544
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
OPT Expiration                                       01/22/2000
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS for Cash                                          01/25/2000      14,286         0.35       143        4,857       5,000
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS for Cash from options                             02/22/2000   1,000,000        0.142    10,000      131,900     141,900
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS & OPT for Employees' compensation                 02/25/2000      16,667         0.66       167       10,833      11,000
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS for Consulting services                           02/29/2000      10,000         0.72       100        7,100       7,200
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS for Mineral property                              03/24/2000      50,000         1.03       500       51,000      51,500
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS for Cash from options                             03/27/2000   2,500,000        0.142    25,000      329,750     354,750
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS for Consulting services                           03/31/2000      75,000         0.81       750       60,000      60,750
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS for Officers' compensation                        03/31/2000       3,000         0.81        30        2,400       2,430
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS for Mineral property                              04/04/2000      50,000         0.75       500       37,000      37,500
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS & OPT for Directors' compensation                 04/11/2000     150,000         0.70     1,500      103,500     105,000
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS for Deferred mineral property acquisition costs   05/08/2000     129,938        0.125     1,299       14,943      16,242
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS for Consulting services                           05/15/2000       9,975         0.63       100        6,184       6,284
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS for Cash                                          06/26/2000     416,961        0.056     4,170       19,361      23,531
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS & WAR for Modification of stockholder agreement   06/26/2000     200,000         0.60     2,000      118,000     120,000
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
OPT & WAR for Modification of stockholder agreement  06/27/2000
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS for Cash from options                             06/29/2000   1,597,588        0.064    15,976       86,740     102,716
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS for Officers' compensation                        06/30/2000       9,000         0.81        90        7,185       7,275
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS for Consulting services                           06/30/2000       1,000         0.70        10          690         700
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
OPT Agreement Modification                           07/07/2000
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS for Cash from options                             07/14/2000      10,000         0.30       100        2,900       3,000
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS for Cash from options                             07/21/2000   1,800,000        0.122    18,000      201,060     219,060
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS for Cash from options                             07/26/2000     650,000        0.122     6,500       72,605      79,105
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS for Officers' compensation                        07/31/2000       3,000         1.24        30        3,690       3,720
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS for Cash from options                             08/01/2000      50,000         0.15       500        7,000       7,500
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS for Cash from options                             08/01/2000      50,000         0.30       500       14,500      15,000
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS for Cash from options                             08/14/2000      90,000        0.122       900       10,053      10,953
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS for Cash from options                             08/24/2000   1,000,000        0.122    10,000      111,700     121,700
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS for Directors' compensation                       08/25/2000       1,500         1.00        15        1,485       1,500
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS for Cash from options                             08/31/2000      15,000         0.30       150        4,350       4,500
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS for Officers' compensation                        08/31/2000       1,000         1.13        10        1,120       1,130
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS for Cash from options                             09/22/2000   1,200,174        0.122    12,002      134,720     146,722
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS for Consulting services                           09/22/2000      90,000         1.45       900       72,000      72,900
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS for Officers' compensation                        09/30/2000       6,000         1.35        60        8,040       8,100
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
Cash for Warrants                                    09/30/2000
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------
CS/ WAR Adjustment                                   09/30/2000          (5)
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------

BALANCE SEPTEMBER 30, 2000                                       18,232,776                182,328    3,296,897   3,479,225
---------------------------------------------------  ----------  -----------  ----------  --------  -----------  ----------


                                                                              VALUE OF
                                                      NUMBER OF   NUMBER OF   OPTIONS/
                                                       OPTIONS    WARRANTS    WARRANTS
---------------------------------------------------  -----------  ---------  ----------
<S>                                                  <C>          <C>        <C>
BALANCE SEPTEMBER 30, 1999                              330,000              $   2,659
---------------------------------------------------  -----------  ---------  ----------

CS for Consulting services
---------------------------------------------------  -----------  ---------  ----------
CS for Cash
---------------------------------------------------  -----------  ---------  ----------
CS for Consulting services
---------------------------------------------------  -----------  ---------  ----------
CS for Officers' compensation
---------------------------------------------------  -----------  ---------  ----------
CS for Consulting services
---------------------------------------------------  -----------  ---------  ----------
CS, OPT & WAR for Cash                                8,108,000   6,250,000     87,586
---------------------------------------------------  -----------  ---------  ----------
CS for Consulting services
---------------------------------------------------  -----------  ---------  ----------
CS for Consulting services
---------------------------------------------------  -----------  ---------  ----------
CS for Investments
---------------------------------------------------  -----------  ---------  ----------
CS for Incentive fees
---------------------------------------------------  -----------  ---------  ----------
OPT Expiration                                          (50,000)
---------------------------------------------------  -----------  ---------  ----------
CS for Cash
---------------------------------------------------  -----------  ---------  ----------
CS for Cash from options                             (1,000,000)                (1,900)
---------------------------------------------------  -----------  ---------  ----------
CS & OPT for Employees' compensation                     33,333                  3,070
---------------------------------------------------  -----------  ---------  ----------
CS for Consulting services
---------------------------------------------------  -----------  ---------  ----------
CS for Mineral property
---------------------------------------------------  -----------  ---------  ----------
CS for Cash from options                             (2,500,000)                (4,750)
---------------------------------------------------  -----------  ---------  ----------
CS for Consulting services
---------------------------------------------------  -----------  ---------  ----------
CS for Officers' compensation
---------------------------------------------------  -----------  ---------  ----------
CS for Mineral property
---------------------------------------------------  -----------  ---------  ----------
CS & OPT for Directors' compensation                     67,000                 12,750
---------------------------------------------------  -----------  ---------  ----------
CS for Deferred mineral property acquisition costs
---------------------------------------------------  -----------  ---------  ----------
CS for Consulting services
---------------------------------------------------  -----------  ---------  ----------
CS for Cash
---------------------------------------------------  -----------  ---------  ----------
CS & WAR for Modification of stockholder agreement                  200,000     30,000
---------------------------------------------------  -----------  ---------  ----------
OPT & WAR for Modification of stockholder agreement   1,729,762   1,729,761     14,641
---------------------------------------------------  -----------  ---------  ----------
CS for Cash from options                             (1,597,588)                (2,716)
---------------------------------------------------  -----------  ---------  ----------
CS for Officers' compensation
---------------------------------------------------  -----------  ---------  ----------
CS for Consulting services
---------------------------------------------------  -----------  ---------  ----------
OPT Agreement Modification                             (127,500)
---------------------------------------------------  -----------  ---------  ----------
CS for Cash from options                                (10,000)
---------------------------------------------------  -----------  ---------  ----------
CS for Cash from options                             (1,800,000)               (12,060)
---------------------------------------------------  -----------  ---------  ----------
CS for Cash from options                               (650,000)                (4,355)
---------------------------------------------------  -----------  ---------  ----------
CS for Officers' compensation
---------------------------------------------------  -----------  ---------  ----------
CS for Cash from options                                (50,000)
---------------------------------------------------  -----------  ---------  ----------
CS for Cash from options                                (50,000)
---------------------------------------------------  -----------  ---------  ----------
CS for Cash from options                                (90,000)                  (603)
---------------------------------------------------  -----------  ---------  ----------
CS for Cash from options                             (1,000,000)                (6,700)
---------------------------------------------------  -----------  ---------  ----------
CS for Directors' compensation
---------------------------------------------------  -----------  ---------  ----------
CS for Cash from options                                (15,000)
---------------------------------------------------  -----------  ---------  ----------
CS for Officers' compensation
---------------------------------------------------  -----------  ---------  ----------
CS for Cash from options                             (1,200,174)                (8,702)
---------------------------------------------------  -----------  ---------  ----------
CS for Consulting services
---------------------------------------------------  -----------  ---------  ----------
CS for Officers' compensation
---------------------------------------------------  -----------  ---------  ----------
Cash for Warrants                                                               10,000
---------------------------------------------------  -----------  ---------  ----------
CS/ WAR Adjustment
---------------------------------------------------  -----------  ---------  ----------

BALANCE SEPTEMBER 30, 2000                              127,833   8,179,761    118,920
---------------------------------------------------  -----------  ---------  ----------
</TABLE>


                                       16
<PAGE>
<TABLE>
<CAPTION>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2002


NOTE  4  -  CAPITAL  STOCK  (CONTINUED)

                                                                                          COMMON
                                                                 NUMBER OF   PRICE PER    STOCK       ADDITIONAL       TOTAL
                                                     ISSUE DATE    SHARES      SHARE      AMOUNT   PAID-IN CAPITAL     AMOUNT
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
<S>                                                  <C>         <C>         <C>         <C>       <C>               <C>
BALANCE SEPTEMBER 30, 2000                                       18,232,776  $        -  $182,328  $      3,296,897  $3,479,225
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------

CS for Cash from options                             10/10/2000      33,333        0.39       333            12,737      13,070
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
CS for Consulting services                           10/15/2000      10,000        1.15       100            11,400      11,500
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
CS for Officers' compensation                        10/31/2000       3,000        1.30        30             3,870       3,900
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
WAR for Consulting services                          11/01/2000
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
CS for Employees' compensation                       12/06/2000       2,200        0.90        22             1,958       1,980
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
CS for Cash                                          12/20/2000     100,000        1.00     1,000            99,000     100,000
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
WAR for Consulting services                          12/31/2000
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
CS for Consulting services                           01/02/2001      10,000        1.35       100            13,400      13,500
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
CS for Cash                                          01/11/2001      47,000        1.00       470            46,530      47,000
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
CS for Consulting services                           01/11/2001       3,407        1.00        34             3,373       3,407
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
CS for Consulting services                           01/23/2001         604        1.10         6               658         664
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
CS for Cash                                          01/24/2001      25,000        1.00       250            24,750      25,000
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
WAR for Loan agreements                              02/01/2001
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
CS for Cash                                          02/06/2001      20,000        1.00       200            19,800      20,000
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
CS for Consulting services                           02/06/2001         483        1.00         5               478         483
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
CS for Directors' compensation                       02/23/2001      75,000        0.85       750            63,000      63,750
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
OPT for Director, officer and employee compensation  02/23/2001
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
WAR for Loan agreements                              03/12/2001
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
WAR Extension of exercise period                     03/12/2001
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
CS for Modification of contract                      03/22/2001       3,000        0.78        30             2,310       2,340
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
CS for Interest payments                               04/03/01       5,000        0.83        50             4,100       4,150
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
CS for Consulting Services                             04/13/01         967        0.98        10               938         948
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
CS for Mineral Property Expense                        05/11/01       1,000        0.85        10               840         850
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
WAR for Loan agreement                                 07/01/01
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
CS for Services                                        07/31/01      40,000        0.73       400            28,800      29,200
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
CS for Interest payments                               08/08/01       5,000        0.77        50             3,800       3,850
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
WAR Attached to note                                   08/16/01
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
CS for Services                                        08/28/01       3,700        0.30        37             1,063       1,100
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
CS for Loans Payable                                   08/31/01      92,000        1.00       920            91,080      92,000
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
CS for Loans Payable                                   09/28/01      42,500        1.00       425            42,075      42,500
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
Options Expired
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------

BALANCE SEPTEMBER 30, 2001                                       18,755,970               187,559         3,772,857   3,960,416
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------

CS for Note Payable                                    10/08/01      25,000        1.00       250            24,750      25,000
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
CS for Payable                                         10/24/01      12,536        0.55       126             6,769       6,895
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
WAR for Loan agreements                                11/01/01
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
WAR Cancelled                                          11/15/01                                               2,750       2,750
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
CS for Financing expense                                1/25/02      64,429        0.45       644            28,349      28,993
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
Interest Expense forgiven by shareholders               1/30/02                                              42,950      42,950
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
WAR Issued                                              1/30/02
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
CS for Financing expense                                 2/8/02      18,000        0.40       180             7,020       7,200
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
CS for Services                                          2/8/02      60,000        0.40       600            23,400      24,000
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
CS for Services                                         2/22/02      20,000        0.40       200             7,800       8,000
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
OPT for Director, officer and employee compensation     3/12/02
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
Options Expired                                         3/12/02                                              59,063      59,063
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
CS for Mineral properties                               3/20/02   1,100,000        0.70    11,000           759,000     770,000
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
CS for Services                                         5/12/02      32,500        0.70       325            22,425      22,750
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
WAR for Loan agreements                                 6/30/02
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
WAR Expired                                             6/30/02                                              30,001      30,001
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
Options Expired                                         7/19/02
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------
CS for Cash                                             9/30/02   2,500,000        0.10    25,000           225,000     250,000
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------

BALANCE SEPTEMBER 30, 2002                                       22,588,435              $225,884  $      5,012,134  $5,238,018
---------------------------------------------------  ----------  ----------  ----------  --------  ----------------  ----------


                                                                              VALUE OF
                                                     NUMBER OF   NUMBER OF    OPTIONS/
                                                      OPTIONS     WARRANTS    WARRANTS
---------------------------------------------------  ----------  ----------  -----------
<S>                                                  <C>         <C>         <C>
BALANCE SEPTEMBER 30, 2000                             127,833   8,179,761   $  118,920
---------------------------------------------------  ----------  ----------  -----------

CS for Cash from options                               (33,333)                  (3,070)
---------------------------------------------------  ----------  ----------  -----------
CS for Consulting services
---------------------------------------------------  ----------  ----------  -----------
CS for Officers' compensation
---------------------------------------------------  ----------  ----------  -----------
WAR for Consulting services                                        250,000      123,775
---------------------------------------------------  ----------  ----------  -----------
CS for Employees' compensation
---------------------------------------------------  ----------  ----------  -----------
CS for Cash
---------------------------------------------------  ----------  ----------  -----------
WAR for Consulting services                                        180,000       46,746
---------------------------------------------------  ----------  ----------  -----------
CS for Consulting services
---------------------------------------------------  ----------  ----------  -----------
CS for Cash
---------------------------------------------------  ----------  ----------  -----------
CS for Consulting services
---------------------------------------------------  ----------  ----------  -----------
CS for Consulting services
---------------------------------------------------  ----------  ----------  -----------
CS for Cash
---------------------------------------------------  ----------  ----------  -----------
WAR for Loan agreements                                            285,000       76,551
---------------------------------------------------  ----------  ----------  -----------
CS for Cash
---------------------------------------------------  ----------  ----------  -----------
CS for Consulting services
---------------------------------------------------  ----------  ----------  -----------
CS for Directors' compensation
---------------------------------------------------  ----------  ----------  -----------
OPT for Director, officer and employee compensation  1,200,000                  354,000
---------------------------------------------------  ----------  ----------  -----------
WAR for Loan agreements                                             50,000       13,430
---------------------------------------------------  ----------  ----------  -----------
WAR Extension of exercise period                                                608,058
---------------------------------------------------  ----------  ----------  -----------
CS for Modification of contract
---------------------------------------------------  ----------  ----------  -----------
CS for Interest payments
---------------------------------------------------  ----------  ----------  -----------
CS for Consulting Services
---------------------------------------------------  ----------  ----------  -----------
CS for Mineral Property Expense
---------------------------------------------------  ----------  ----------  -----------
WAR for Loan agreement                                             185,000       45,079
---------------------------------------------------  ----------  ----------  -----------
CS for Services
---------------------------------------------------  ----------  ----------  -----------
CS for Interest payments
---------------------------------------------------  ----------  ----------  -----------
WAR Attached to note                                                90,000        6,487
---------------------------------------------------  ----------  ----------  -----------
CS for Services
---------------------------------------------------  ----------  ----------  -----------
CS for Loans Payable
---------------------------------------------------  ----------  ----------  -----------
CS for Loans Payable
---------------------------------------------------  ----------  ----------  -----------
Options Expired                                       (319,700)
---------------------------------------------------  ----------  ----------  -----------

BALANCE SEPTEMBER 30, 2001                             974,800   9,219,761    1,389,976
---------------------------------------------------  ----------  ----------  -----------

CS for Note Payable
---------------------------------------------------  ----------  ----------  -----------
CS for Payable
---------------------------------------------------  ----------  ----------  -----------
WAR for Loan agreements                                            129,445        9,876
---------------------------------------------------  ----------  ----------  -----------
WAR Cancelled                                                     (275,000)      (2,750)
---------------------------------------------------  ----------  ----------  -----------
CS for Financing expense
---------------------------------------------------  ----------  ----------  -----------
Interest Expense forgiven by shareholders
---------------------------------------------------  ----------  ----------  -----------
WAR Issued                                                         180,000       21,660
---------------------------------------------------  ----------  ----------  -----------
CS for Financing expense
---------------------------------------------------  ----------  ----------  -----------
CS for Services
---------------------------------------------------  ----------  ----------  -----------
CS for Services
---------------------------------------------------  ----------  ----------  -----------
OPT for Director, officer and employee compensation    307,800                   29,528
---------------------------------------------------  ----------  ----------  -----------
Options Expired                                       (196,863)                 (59,063)
---------------------------------------------------  ----------  ----------  -----------
CS for Mineral properties
---------------------------------------------------  ----------  ----------  -----------
CS for Services
---------------------------------------------------  ----------  ----------  -----------
WAR for Loan agreements                                            113,413       23,816
---------------------------------------------------  ----------  ----------  -----------
WAR Expired                                                       (200,000)     (30,001)
---------------------------------------------------  ----------  ----------  -----------
Options Expired                                        (12,500)
---------------------------------------------------  ----------  ----------  -----------
CS for Cash
---------------------------------------------------  ----------  ----------  -----------

BALANCE SEPTEMBER 30, 2002                           1,073,237   9,167,619   $1,383,042
---------------------------------------------------  ----------  ----------  -----------
</TABLE>


                                       17
<PAGE>
<TABLE>
<CAPTION>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2002

NOTE 4 - CAPITAL STOCK (CONTINUED)

                                                                COMMON
                                        NUMBER OF   PRICE PER   STOCK      ADDITIONAL                     NUMBER OF  NUMBER OF
                            ISSUE DATE    SHARES      SHARE     AMOUNT   PAID-IN CAPITAL   TOTAL AMOUNT    OPTIONS   WARRANTS
--------------------------  ----------  ----------  ---------  --------  ----------------  -------------  ---------  ---------
<S>                         <C>         <C>         <C>        <C>       <C>               <C>            <C>        <C>
BALANCE SEPTEMBER 30, 2002              22,588,435             $225,884  $      5,012,134  $   5,238,018  1,073,237  9,167,619
--------------------------  ----------  ----------  ---------  --------  ----------------  -------------  ---------  ---------

CS for Cash                   12/31/02   5,250,000       0.10    52,500           472,500        525,000
--------------------------  ----------  ----------  ---------  --------  ----------------  -------------  ---------  ---------
CS for Services               12/31/02     926,187       0.17     9,261           104,858        114,119
--------------------------  ----------  ----------  ---------  --------  ----------------  -------------  ---------  ---------
CS for Loan Payable           12/31/02     169,160       0.06     1,692             7,808          9,500
--------------------------  ----------  ----------  ---------  --------  ----------------  -------------  ---------  ---------

BALANCE DECEMBER 31, 2002               28,933,782             $289,337  $      5,597,300  $   5,886,637  1,073,237  9,167,619
--------------------------  ----------  ----------  ---------  --------  ----------------  -------------  ---------  ---------


                             VALUE OF
                             OPTIONS/
                             WARRANTS
--------------------------  ----------
<S>                         <C>
BALANCE SEPTEMBER 30, 2002  $1,383,042
--------------------------  ----------

CS for Cash
--------------------------  ----------
CS for Services
--------------------------  ----------
CS for Loan Payable
--------------------------  ----------

BALANCE DECEMBER 31, 2002   $1,383,042
--------------------------  ----------
</TABLE>


NOTE  5  -  COMMON  STOCK  OPTIONS  AND  WARRANTS

On  February  23,  2001, the Company's shareholders approved the adoption of the
2000  Equity  Incentive  Plan  and the reservation of 5,000,000 shares of common
stock  for  distribution  under  the  plan.  These shares and options to acquire
those  shares  may  be  granted  to  the  Company's  employees,  directors  and
consultants.  The plan will terminate on January 4, 2011.  The exercise price of
options  granted  under this plan will not be less than the fair market price on
the date of grant and in some cases not less than 110% of the fair market price.
The  terms,  vesting schedule, transfer restrictions and expiration dates are to
be  determined  by  the  Company's  board  of  directors.

In  the  Black-Scholes  Option  Price  Calculations  below, the Company used the
following  assumptions  to  estimate fair value: the risk-free interest rate was
5.5%, volatility was 46.4% in 2001 and 50% in 2002, and the expected life of the
options  and  warrants  varied  from  one  week  to 5.5 years.  The Company also
assumed  that  no  dividends  would  be  paid  on  common  stock.

During  2002,  for  purposes  of  compensation,  the  Company granted an officer
107,800  options  which  expire  February  23,  2004 and granted to a consultant
200,000  options  which  expire March 3, 2006.  These options, all with exercise
prices  of  $0.80  per  share,  were  estimated  on  the  grant  date  using the
Black-Scholes  Option  Price  Calculation  and  had  a  fair  value  of $29,528.

On  January  8, 2002, a stockholder loaned the Company $30,000.  This loan bears
interest  at  8% per annum and is due upon the Company's completion of a private
equity  placement and concurrently and proportionally with any amounts repaid to
Electrum  LLC  or  any  others  having  provided  similar  loans to the Company.
Attached  to  each  dollar  of  debt  is a warrant with a strike price of $1.50,
exercisable  through  January  9,  2004.  The lender may also elect to be repaid
partially  or completely in "units" of Trend securities, at the rate of one unit
per each $1.25 owed.  Each unit would consist of one share of common stock and a
warrant  to  purchase  one  share of common stock at $1.50 per share, originally
exercisable through September 30, 2006.  On January 30, 2002, the aforementioned
stockholder  forgave  interest  due  in  the  amount of $138 in exchange for the
adjustment  to  the  conversion  feature, such as Electrum was granted, which is
explained  later  in  this  Note.

During  2002,  LCM Holdings, LLC loaned the Company $113,413.  This debt has the
warrants  and  conversion  feature attached to them, as described in The January
30,  2002  Financing  Agreement,  which  is  explained  later  in  this  Note.

On February 23, 2001, the Company issued under the 2000 Equity Incentive Plan to
its  five  non-employee  directors an aggregate of 75,000 shares of common stock
and  options  to acquire 75,000 shares with an exercise price of $0.80 per share
exercisable  until February 23, 2004.  The Company also issued under the plan to
certain  employees options to acquire 1,125,000 shares with an exercise price of
$0.80  per  share  exercisable until February 23, 2004.  The total fair value of
the options issued to directors and employees, estimated on the grant date using
the  Black-Scholes  Option  Price  Calculation  was  $354,000.


                                       18
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2002

NOTE 5 - COMMON STOCK OPTIONS AND WARRANTS (CONTINUED)

On August 16, 2001, a stockholder loaned the Company $90,000 and received a note
and  one  warrant  for  each  dollar  of  debt,  with  a  strike price of $1.50,
exercisable  through  June 9, 2004.  The fair value of these warrants, estimated
on  the grant date using the Black-Scholes Option Price Calculation, was $6,487.
This  same  stockholder,  on  October  2, 2001, loaned the Company an additional
$10,000  under the same terms as the $90,000 loan.  The warrants attached to the
October  loan  are  exercisable  until January 9, 2004.  The fair value of these
warrants,  estimated  on  the  grant  date  using the Black-Scholes Option Price
Calculation,  was  $840.  See  Note  6.  On  January  30, 2002, this stockholder
forgave  interest due her in the amount of $3,299 in exchange for the adjustment
to  the  conversion  feature,  such  as Electrum was granted, which is explained
later  in  this  Note.

LCM Holdings, LLC loaned the Company $119,445 on October 22, 2001 and received a
note  and  one  warrant  for  each dollar of debt, with a strike price of $1.50,
exercisable  through  January  9,  2004.  The  fair  value  of  these  warrants,
estimated  on  the  grant date using the Black-Scholes Option Price Calculation,
was  $9,036.  On January 30, 2002, LCM Holdings, LLC forgave interest due in the
amount  of $2,129 for the adjustment to the conversion feature, such as Electrum
was  granted,  which  is  explained  later  in  this  Note.

On  November  8,  2000,  effective  November 1, 2000, the Company entered into a
24-month agreement with Eurofinance Inc. under which the entity would assist the
Company with certain investment community matters in return for a monthly fee of
$5,000,  plus  expenses, and warrants to purchase 820,000 shares of common stock
at  $1.50  per  share.  The warrants were exercisable until November 1, 2005. In
early  January  2001,  this agreement was terminated, with the Company no longer
obligated for the remaining monthly fees, and with only the warrants for 250,000
shares that vested on November 1, 2000 remaining outstanding.  The fair value of
these warrants, estimated on the grant date using the Black-Scholes Option Price
Calculation,  was  $123,775.

On November 17, 2000, the Company entered into a consulting agreement with R. H.
Barsom  Company, Inc., under which the consultant would perform certain services
for  the Company until June 30, 2001, for an advance fee of $100,000 and 180,000
shares  of  common stock.  In early January 2001, the Company and the consultant
agreed  to  terminate  the  agreement.  In  connection with the termination, the
consultant  surrendered the 180,000 shares of common stock and received warrants
to  purchase  180,000  shares  of the Company's common stock at $1.50 per share,
exercisable  until January 12, 2003.  The fair value of these warrants estimated
on  the grant date using the Black-Scholes Option Price Calculation was $46,746,
which was included in consulting expenses for the year ended September 30, 2001.

Electrum  LLC/Tigris  Financial  Group  Ltd.
--------------------------------------------
On  December  29, 1999, the Company entered into a stock purchase agreement with
Tigris  Financial  Group  Ltd. ("Tigris") under which Tigris purchased 1,000,000
shares  of  the Company's common stock for $100,000, was granted an option until
March  28,  2000 to acquire up to an additional 3,500,000 shares of common stock
for  an  exercise  price of $0.14 per share, (or $490,000 in the aggregate), and
was  granted  an  option  to  purchase,  for  $10,000,  warrants  to purchase an
additional  6,250,000  shares of the Company's common stock at an exercise price
of $0.40 per share.  The Company used the Black-Scholes Option Price Calculation
effective as of the transaction date and estimated the fair values to be $37,524
for  the option and $50,062 for the warrants.  On March 8, 2000, Tigris assigned
its  rights  under the stock purchase agreement to Electrum LLC ("Electrum"), an
affiliate.

Electrum  exercised  its  option  and acquired 3,500,000 shares of the Company's
common  stock in February and March of 2000.  Pursuant to the terms of the stock
purchase  agreement, Electrum received an option to purchase up to an additional
4,608,000  shares  of  common  stock.  This  agreement  was  subsequently


                                       19
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2002

NOTE 5 - COMMON STOCK OPTIONS AND WARRANTS (CONTINUED)

Electrum LLC/Tigris Financial Group Ltd. (continued)
----------------------------------------------------
modified  to  enable Electrum to acquire up to an additional 1,597,588 shares at
$0.062  per  share and to acquire up to 4,740,174 shares at an exercise price of
$0.115  per share.  In addition, the option to purchase warrants was modified to
enable Electrum to purchase, for $10,000, warrants to buy up to 7,979,761 shares
at  an  exercise price of $0.40 per share until September 20, 2003.  The Company
utilized  the  Black-Scholes Option Price Calculation to estimate the fair value
of  the  modifications  as of the grant date and recorded $4,262 for the options
and  $10,379  for  the  warrants.  The  $14,641  total  amount  was charged as a
financing  expense.

Electrum has exercised all of its options to purchase the Company's common stock
and  its option to purchase the warrants.  In connection with its acquisition of
those  shares,  Electrum has assigned 5,530,174 shares and 1,000,000 warrants to
third  parties.

Pursuant  to certain loan agreements, the Company issued warrants to Electrum to
acquire  285,000 shares at $1.50 per share in February 2001, exercisable through
September  30,  2003,  warrants  to  acquire 50,000 shares at $1.50 per share in
March  2001,  exercisable  through  September  30, 2006, and warrants to acquire
185,000  shares  at  $1.50 per share in July 2001, exercisable through September
30,  2006.  The  Company also extended through September 30, 2006 the expiration
dates  of  the 285,000 warrants, together with the warrants to acquire 7,979,761
shares.  The  fair  values  of  the  285,000  warrants, 50,000 warrants, and the
185,000  warrants estimated on their respective grant dates, as modified for the
expiration  date  extension  in  the  case  of  the  285,000 warrants, using the
Black-Scholes  Option  Price  Calculation,  were  $76,551,  $13,430 and $45,079,
respectively.  The fair value of the modification to extend the expiration date,
estimated  as  of the date of the modification for the 7,979,761 warrants, using
the  Black-Scholes  Option Price Calculation, was $608,058, which was charged to
financing  expense.

Pursuant  to  a  2002  agreement ("The January 30, 2002 Financing Agreement") to
readjust certain terms of loans and warrants, the Company borrowed an additional
$150,000  from Electrum and Electrum waived accrued interest owed by the Company
as  of  January  29,  2002 totaling $37,384.  In consideration of the additional
loan  and waiver, the Company issued to Electrum additional warrants to purchase
150,000  shares  of  common  stock for $1.00 per share through January 30, 2007.
Electrum  may,  in  its sole discretion, elect to be repaid the $150,000 loan by
converting the amount outstanding into units of the Company's securities, at the
rate of one unit per $0.50 of loans converted.   Each unit consists of one share
of  common  stock and a warrant to purchase one share of common stock at a price
of  $0.50  per  share,  exercisable  though  January 30, 2007.  In addition, the
Company  and  Electrum  agreed  to amend the prior loan agreements to reduce the
conversion  rate  of  the  existing  units, previously at a rate of one unit per
$1.25  of loans converted to a rate of one unit per $0.50 of loans converted and
to reduce the exercise price of the warrants included in the units from $1.50 to
$1.00  per  share.  In  addition, the exercise price of warrants included in the
units  to purchase a total of 520,000 shares of common stock, owned by Electrum,
was  reduced from a price of $1.50 per share to $1.00 per share and the exercise
term  of  each  such  warrant  was  extended  for  a  period  of  one  year.

As  of  December  31,  2002,  Tigris  and  Electrum own approximately 41% of the
Company's  outstanding  common  stock  and, assuming that Electrum exercises its
warrants  and  that  the  Company  has  issued  no  other  shares,  would  own
approximately  61% of the Company's resultant (fully diluted) outstanding common
stock.

Tigris  and  Electrum  have  the  right  to  proportional  representation on the
Company's  board  of  directors and registration rights for all of the Company's
common  stock  acquired  through  the  agreement  held  by  them.


                                       20
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2002

NOTE 5 - COMMON STOCK OPTIONS AND WARRANTS (CONTINUED)

Electrum LLC/Tigris Financial Group Ltd. (continued)
----------------------------------------------------
Warrants  for  250,000  shares  of common stock with a strike price of $1.50 and
warrants  for  25,000  shares  of common stock with a strike price of $0.40 were
cancelled in a letter dated November 15, 2001.  Prior to cancellation, these had
been assigned by Electrum LLC to Eurofinance, which in turn had assigned them to
a  third  party  holder  at  the  time  of  cancellation.

Following  is a summary of stock options for the periods ended December 31, 2002
and  September  30,  2002:

<TABLE>
<CAPTION>
                                                              Weighted Average
                                           Number of Shares    Exercise Price
                                           -----------------  -----------------
<S>                                        <C>                <C>
Outstanding at October 1, 2001                      974,800   $            0.86
Granted                                             307,800                0.80
Exercised                                                 -                   -
Expired                                            (209,363)               0.86
                                           -----------------  -----------------
Outstanding at September 30, 2002                 1,073,237   $            0.85
                                           =================  =================
Options exercisable at September 30, 2002         1,073,237   $            0.85
                                           =================  =================

Outstanding at October 1, 2002                    1,073,237   $            0.85
Granted                                                   -                   -
Exercised                                                 -                   -
Expired                                                   -                   -
                                           -----------------  -----------------
Outstanding at December 31, 2002                  1,073,237   $            0.85
                                           =================  =================
Options exercisable at December 31, 2002          1,073,237   $            0.85
                                           =================  =================

Options exercisable:
    -On or before April 15, 2003                     67,000   $            0.50
    -On or before February 23, 2004                 806,237   $            0.80
    -On or before March 3, 2006                     200,000   $            0.80
</TABLE>


<TABLE>
<CAPTION>
                              Shares Issuable
Equity Compensation Plans    Upon Exercise of    Weighted Average    Available
Approved by Shareholders    Outstanding Options   Exercise Price    for Issuance
--------------------------  -------------------  -----------------  ------------
<S>                         <C>                  <C>                <C>

2000 Equity Incentive Plan            1,073,237  $            0.85     3,926,763
                            -------------------                     ------------
Total                                 1,073,237                        3,926,763
                            ===================                     ============
</TABLE>


                                       21
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2002

NOTE  6  -  RELATED  PARTY  TRANSACTIONS

Calumet Mining Company and Western Goldfields, Inc.
---------------------------------------------------
The  Company sold its Pyramid Mine claims on November 12, 2001 to Calumet Mining
Company  for 50,000 shares of common stock of Calumet Mining Company, which were
valued  at  $500.  This  company's  stock  was  subsequently acquired by Western
Goldfields,  Inc. on a 1 for 2 basis.  As a result, the Company now holds 25,000
shares  of Western Goldfields, Inc.  The chief financial officer of Trend Mining
Company  is  also  the  president of Calumet Mining Company.  See Notes 3 and 8.
Subsequent  to  December  31,  2002,  the  Company acquired an additional 35,000
shares  of  common  stock  in  Western  Goldfields,  Inc.,  as  described in the
following  paragraph.

Cadence  Resources  Corporation
-------------------------------
Subsequent to this reporting period, the Company exchanged 450,000 shares of its
common  stock for 18,334 shares of common stock in Cadence Resources Corporation
and  35,000  shares  of  common  stock  in  Western  Goldfields, Inc.  The chief
financial  officer  of  Trend  Mining  Company  is  also  the vice president and
secretary  of  Cadence  Resources  Corporation.


                                       22
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2002

NOTE 6 - RELATED PARTY TRANSACTIONS (CONTINUED)

Shareholder  Loans  Payable
---------------------------
The  following is a listing of shareholder loan amounts and the dates that these
loans  were  made  to  the  Company:

<TABLE>
<CAPTION>
Shareholder                           Date       Amount
---------------------------------  ----------  ----------
<S>                                <C>         <C>
Electrum LLC                          11/6/00  $   35,000
                                      12/4/00     100,000
                                     12/18/00      50,000
                                      1/26/01      50,000
                                      3/15/01      50,000
                                      4/10/01      50,000
                                       5/4/01      50,000
                                       6/4/01      50,000
                                       7/3/01      85,000
                                      1/31/02     150,000
                                               ----------
                                                  670,000
                                               ----------
LCM Holdings, LLC 10/26/01 50,000
                                    11/1/2001      10,000
                                   11/15/2001      30,000
                                   11/28/2001      29,445
                                     5/7/2002      60,000
                                    5/22/2002      35,000
                                    6/14/2002      18,413
                                               ----------
                                                  232,858
                                               ----------
Berger                                8/28/01      90,000
                                      10/2/01      10,000
                                               ----------
                                                  100,000
                                               ----------
Buchanan                             1/8/2002      30,000
                                               ----------
Crosby                              8/14/2001      20,000
                                               ----------
Total shareholder loans payable                $1,052,858
                                               ==========
</TABLE>

The loans from Electrum, LCM Holdings, LLC, Berger and Buchanan bear interest at
8%  per  annum  and  are  due  upon the Company's completion of a private equity
placement  and  concurrently  and  proportionally  with  any  amounts  repaid to
Electrum  LLC  or  any others having provided similar loans to the Company.  The
Crosby  loan  is non-interest bearing and payable upon demand.  In January 2003,
the  Crosby  loan was fully converted into 200,000 shares of common stock in the
Company.


                                       23
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2002

NOTE 6 - RELATED PARTY TRANSACTIONS (CONTINUED)

Employment  Agreement
---------------------
In  July  2000, the Company entered into an employment agreement with John Ryan,
then  the chief financial officer, secretary and treasurer of the Company, under
which  Mr.  Ryan  was to receive 3,000 shares per month of Trend common stock as
compensation  for  his  services.  When Mr. Ryan resigned in December 2000, this
agreement  was  terminated.  In  July 2001, Mr. Ryan was again designated as the
Company's  chief  financial  officer,  secretary  and  treasurer.  A  revised
employment  agreement was reached under which Mr. Ryan received 7,500 shares per
month  of  the  Company's  common  stock, and such agreement was in effect until
August  2002.  Beginning  in September 2002, Mr. Ryan's agreement was revised to
$3,000  cash per month.  As of December 31, 2002, 37,500 shares were owed to Mr.
Ryan  under  the  previous  terms of the agreement.  These shares were issued in
January  2003.

NOTE  7  -  PROPERTY  AND  EQUIPMENT

Property  and  equipment are recorded at cost.  Major additions and improvements
are  capitalized.  Minor  replacements,  maintenance  and  repairs  that  do not
increase  the useful lives of the assets are expensed as incurred.  Depreciation
of  property  and  equipment,  including vehicles, is being calculated using the
double-declining balance method over the expected useful lives of three to seven
years.

The following is a summary of property, equipment, and accumulated depreciation.

<TABLE>
<CAPTION>
                                          December 31,    September 30,
                                              2002            2002
                                         --------------  ---------------
<S>                                      <C>             <C>
     Furniture, Equipment, and Vehicles  $      52,251   $       52,251
     Less: Accumulated Depreciation            (29,050)         (26,322)
                                         --------------  ---------------
                                         $      23,201   $       25,929
                                         ==============  ===============
</TABLE>


NOTE  8  -  INVESTMENTS

The  Company's  securities  investments  are  classified  as  available-for-sale
securities  and are recorded at fair value as investments in other assets on the
balance  sheet,  with  the  change in fair value during the period excluded from
earnings  and  recorded net of tax as a component of other comprehensive income.
The  Company  has  no  securities  that  are  classified  as trading securities.

In the year ended September 30, 2001, the Company recognized income of $413 from
the  change  in  the  market  value of investments.  An investment in New Jersey
Mining  Company  stock was liquidated during the period ended March 31, 2001 and
the  Company  realized  a  loss  of  $78,033.

The  Company  disposed  of  its  last 50,000 shares of New Jersey Mining Company
stock  to  Mine  Systems  Design,  Inc. in settlement of a consulting invoice of
$22,539.  The  Company  realized  a  gain  of  $22,539  on  this  transaction.

The  Company sold the Pyramid Mine claims on November 12, 2001 to Calumet Mining
Company  for  50,000 shares of common stock of Calumet Mining Company, a related
party.  Calumet  Mining  Company  stock  was  subsequently  acquired  by Western
Goldfields,  Inc. on a 1 for 2 basis.  As a result, the Company now holds 25,000
shares  of  Western  Goldfields,  Inc.  The  Company retained a 1.5% net smelter
return  production  royalty  interest  in  the  Pyramid  Mine.  See  Note  6.

In  January  2003,  the  Company  acquired  shares  of  common  stock in Cadence
Resources  Corporation  and  Western  Goldfields,  Inc.  See  Note  13.


                                       24
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2002

NOTE  9  -  LONG-TERM  DEBT

<TABLE>
<CAPTION>
                                                              December 31,      September 30,
                                                                  2002              2002
                                                            -----------------  ---------------
<S>                                                         <C>                <C>
Note payable to Wells Fargo
    Interest at 14.99%, secured by vehicle, payable in
    monthly installments of $179 through February 28, 2003  $            577   $        1,080

Note payable to Sterling Savings
    Interest at 8.37%, secured by vehicle, payable in
    monthly installments of $257 through June 30, 2008                13,496           13,978
                                                            -----------------  ---------------

Total notes payable                                                   14,073           15,058

Less: Current maturities included in current liabilities     (2,608)  (3,709)          (2,897)
                                                            -----------------  ---------------

                                                            $         11,465   $       12,161
                                                            =================  ===============
</TABLE>

Following are the expected maturities of long-term debt:

          2004           $  2,207
          2005              2,400
          2006              2,609
          2007              2,835
          2008              1,414
                         --------
                         $ 11,465
                         ========


NOTE  10  -  FORGIVENESS  OF  DEBT

In  September  2002,  two vendors agreed to settle outstanding invoices with the
Company  totaling  $534,221  in  exchange for $92,147 in cash.  This resulted in
forgiveness  of  debt  of  $442,074.

In December 2002, the Company and a vendor settled outstanding invoices totaling
$272,354 in exchange for $150,000 in cash.  This resulted in forgiveness of debt
of  $122,354,  which  is  recorded  as  other  income.

NOTE  11  -  COMMITMENTS  AND  CONTINGENCIES

Lease  Agreements
-----------------
During the period ended December 31, 2000, the Company entered into a three-year
lease  for  its executive offices in Coeur d'Alene, Idaho.  In January 2002, the
Company  decreased  its  occupancy  space  and  effectively  lowered its monthly
payment  from  $2,656 to $1,422.  As of September 1, 2002, the Company no longer
occupied  this  office  space.

In  July  2000, the Company entered into a lease agreement for additional office
facilities  in  Reno,  Nevada.  As  of September 30, 2001, the Company no longer
occupied these facilities in Nevada and stopped payment under the lease.  On May
23,  2002,  a  Nevada court entered a judgment by default against the Company in
the  total  amount of $18,574 that bears interest at 18% per annum until paid in
full.  This  amount  has  been  recorded  in  accounts  payable on the Company's
balance  sheet.


                                       25
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2002

NOTE  11  -  COMMITMENTS  AND  CONTINGENCIES  (CONTINUED)

Lease  Agreements  (continued)
------------------------------
On  August  2,  2001,  the  Company signed a month-to-month rental agreement for
storage  and  office  space in Dalton Gardens, ID.  The monthly payment is $425.

Consulting  Agreements
----------------------
On  October  31,  2000, the Company entered into a consulting agreement with Mr.
Brian  Miller  who  performed  certain  services  for  the  Company.  Under this
agreement,  Mr. Miller was to have received cash for his consulting services and
was  granted  10,000  shares  of  common  stock  effective  January 2, 2001.  On
February  23,  2001,  Mr.  Miller was also granted an option to purchase 107,800
shares  at  $0.80.  On  July  20, 2001, Mr. Miller was informed that the Company
would  no longer require his services. The Company is currently negotiating with
Mr.  Miller regarding outstanding invoices due to him.  The 107,800 options have
expired  because  they  were  not exercised within 90 days of termination of his
consulting  agreement.

Mr. Ryan has an agreement with the Company, as discussed in Note 6.

In  October  2002,  the  Company  reached a consulting agreement with Mr. Howard
Schraub.  Under  the  agreement,  the  Company  will  issue  50,000  shares  of
restricted  common  stock  per month plus additional shares of restricted common
stock  totaling  $10,000  in  value  per month for one year to the consultant in
exchange  for  services  rendered.

Mineral  Properties
-------------------
In  order  to  retain the Peter Lake Claims in Saskatchewan, Canada, the Company
must  fulfill  exploration  commitments  totaling  $268,000  by  December  2004.

NOTE  12  -  CONCENTRATION

The Company has significantly relied on Mr. Thomas Kaplan and various associated
entities  of  Mr.  Kaplan  for  operating  capital.

NOTE  13  -  SUBSEQUENT  EVENTS

Common  Stock  Issuances
------------------------
In  January  2003,  the  Company  issued  250,000 shares of its common stock for
$25,000  cash,  200,000 shares of its common stock for loans payable of $20,000,
37,500 shares of its common stock for consulting fees owed Mr. Ryan, and 450,000
shares  of  its  common  stock  for  18,334  shares  of  common stock in Cadence
Resources  Corporation  and 35,000 shares of common stock in Western Goldfields,
Inc.


                                       26
<PAGE>
ITEM  2.     MANAGEMENT'S  DISCUSSION  AND  ANALYSIS  OR  PLAN  OF  OPERATIONS

     Our  losses  for  the  three-month  period  ended  December  31, 2002, were
$91,924.  These  losses increased our accumulated deficit since inception of the
current  exploration  stage to $7,848,526. Our total loss since inception of the
company  is  $8,407,030.  Our  third  quarter  loss  is due primarily to general
operating expenses of $192,615. We had a one-time gain on forgiveness of debt of
$122,354  which  reduced  our  net  quarterly  loss  to  $91,924

     Our  operating  cash  at  the  end of the quarter totaled $153,172. We have
inadequate  cash  to fund our planned acquisition and exploration activities and
other  operations  during  the  next  12 months. Such funding uncertainty raises
substantial  doubts  about  our  ability  to continue as a going concern without
raising  significant  additional  capital.

     Since  February  2001,  we  have  borrowed funds principally from the major
shareholder  of the Company to fund the minimum activities of the Company. As of
December  31,  2002,  we have borrowed approximately $670,000 from Electrum LLC,
Our  largest  stockholder  pursuant  to  certain  financial  arrangements.  LCM
Holdings,  LDC,  also  a  major stockholder of the Company has loaned a total of
$232,858  to  the  Company.  In  total  the Company has borrowed $1,032,858 from
parties  affiliated  with  Tom  Kaplan,  our  major  shareholder.

     Pursuant to an agreement made as of January 30, 2002, the Company agreed to
adjust  the  conversion  terms  of the loans provided by Electrum and affiliated
parties.  This  adjustment  also  included  redefining the terms of the warrants
previously  granted  to  Electrum  and  others. The loans from Electrum LLC, LCM
Holdings,  and  several  other  affiliated  shareholders,  as  a  result of this
Agreement,  are now convertible into "units" of the Company at $0.50 per unit. A
unit  is comprised of one share of our common stock and a warrant to acquire one
share  of  common  stock  at  an  exercise  price  of $1.00, exercisable through
September  30,  2006.  In  connection  with  such  loan agreements, we have also
granted  1,032,858  warrants to purchase shares of our common stock at $1.00 per
share  that  begin  to expire September 30, 2006, and we have extended for three
years  through  September 30, 2006 the expiration date of additional warrants to
acquire  7,979,761  shares.

     We must seek additional financing from the public or private debt or equity
markets  to  continue our business activities. Under our Delaware certificate of
incorporation,  we  have  100,000,000  authorized shares of common stock and are
authorized  to  issue 20,000,000 shares of preferred stock. We currently have no
preferred  shares  issued  and  outstanding.

     There  can be no assurance that Electrum or others will continue to advance
funds  to  us  or  that  our  efforts  to  obtain  additional  financing will be
successful. Further, there can be no assurance that additional financing will be
available  on  terms  acceptable  to  the  Company.

     IF  WE  ARE  UNABLE  TO RAISE ADDITIONAL CAPITAL, WE MAY HAVE TO SUSPEND OR
     ---------------------------------------------------------------------------
CEASE  OPERATIONS.
------------------


                                       27
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                                DECEMBER 31, 2002


     During July and August 2001, we implemented plans to close the Reno, Nevada
office  and  reduce  staff. Since then we have continued to review the Company's
mineral  properties  and the expenses associated with holding such properties as
well  as  their  exploration  and development. We have implemented plans towards
further  cost-cutting  and  a  focus  on the mineral properties which we view as
having  the  greatest  potential  to  host  economic  mineralization.

     If we are able to raise additional capital on acceptable terms, our primary
business  objective  for  2003 will be to focus on the evaluation of the mineral
properties  we  now  control. During the remainder of 2003 we plan to spend from
$90,000  to  $100,000  on  land  payments.  We  plan  to  spend  other monies on
exploration work but can not specify the amount, if any, until we are successful
at raising additional capital. We have allocated approximately $25,000 per month
to  cover our general and administrative expenses, accounting and legal fees, as
well  as  payments  made  to creditors pursuant to payment arrangement plans. WE
HAVE  INSUFFICIENT  CAPITAL  TO  REMAIN IN BUSINESS THROUGH 2003 UNLESS WE RAISE
ADDITIONAL  CAPITAL.

     As of December 31, 2002, we had a net operating loss for federal income tax
purposes  of  approximately  $3,950,000.  A  significant  portion  of  this  net
operating  loss  may  expire  without its being utilized, as we may be unable to
begin  profitable  operations,  which  would  involve  moving  from  being  an
exploration  stage  company  to  a  development  stage  company  and  finally an
operating  entity,  before its expiration. The net operating loss may be further
limited  under  Internal  Revenue  Service  rules  concerning  limitations  from
ownership  changes.  Our  management  believes there is no current basis for the
recognition  of  the  value  of  the  deferred  tax  assets derived from the net
operating  loss.  The net operating loss carry forward does not include expenses
that are generally not tax deductible for federal tax purposes, such as employee
compensation  expenses,  or  the  cost  of issuances of options or warrants. Our
accountants  have  recently adjusted down the amount available as operating loss
carry-forwards  to  reflect  the  non-deductibility of certain expense items. At
such  time that our management believes that profitable operations are imminent,
the value of any net operating loss then available will be used to determine the
net  deferred  tax  asset,  if  any,  to  be  recognized.

FORWARD-LOOKING  STATEMENTS
---------------------------

     This  Form  10-QSB  contains  forward-looking  statements  that  involve
substantial  risks and uncertainties. Investors and prospective investors in our
common  stock  can  identify  these  statements by forward-looking words such as
"may,"  "will,"  "expect,"  "intend,"  "anticipate,"  believe,"  "estimate,"
"continue"  and  other similar words. Statements that contain these words should
be read carefully because they discuss our future expectations, make projections
of our future results of operations or of our financial condition or state other
"forward-looking"  information.

     We  believe  that it is important to communicate our future expectations to
our  investors.  However, there may be events in the future that we are not able
to  predict  accurately  or control. The factors listed in the section captioned
"Management's  Discussion  and  Analysis  or  Plan of Operation," as well as any
cautionary  language  in  this  Form  10-QSB,  provide  examples  of  risks,
uncertainties  and events that may cause our actual results to differ materially
from  the  expectations we describe in our forward-looking statements. Investors
and  prospective  investors  in  our  common  stock  should  be  aware  that the
occurrence  of the events described in the "Management's Discussion and Analysis
or  Plan  of  Operation"  section and elsewhere in this Form 10-QSB could have a
material  adverse  effect  on  our  business,  operating  results  and financial
condition.


                                       28
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                                DECEMBER 31, 2002


PART II

ITEM 1.   LEGAL PROCEEDINGS.

     Several  vendors  of  the  Company  have threatened to take legal action to
recover  sums  owed  to  them.  Additionally,  one  vendor,  Nevada  Southwest
Investments  LLC,  dba Reno Business Park, filed and obtained a judgment against
the  Company  in  the Second Judicial District, Washoe County, Nevada to collect
the amount of $17,608.29 due under a rental lease agreement for office space the
Company chose to vacate. The Company did not contest this action since it had no
basis to do so. This court judgment, unless paid, may ultimately result in liens
against  the  Company  bank  account,  other  Company  assets,  or  the  mineral
properties  held  by the Company. Such liens may have the impact of reducing the
capability of the Company to remain as a going concern. The Company is currently
negotiating  with  the  counsel  of  the  creditor  to  make  Suitable  payment
arrangements  to  pay  this  judgment  over  time.

     Additionally, both the State of Idaho and the Internal Revenue Service have
threatened  to  impose  liens against the Company bank account, other assets, or
the  Company mineral properties unless the Company adheres to a rigorous payment
schedule  imposed  by  these  entities  to repay past due withholding taxes. The
Company has to date complied with such payment arrangements but may be unable to
comply  with  such  schedules in the future due to funding constraints, in which
case,  actions  by these entities may severely hamper the ability of the Company
to  maintain  itself  as  a  going  concern.


ITEM 2.   CHANGES  IN  SECURITIES  AND  USE  OF  PROCEEDS.

RECENT SALES OF UNREGISTERED SECURITIES
---------------------------------------

     We  had  28,933,782  shares  of  common  stock issued and outstanding as of
December  31, 2002. The issuances discussed under this section are exempted from
registration  under  Rule 506 of the Securities Act ("Rule 504") or Section 4(2)
of  the  Securities  Act  ("Section  4(2)"),  as provided. All purchasers of the
issued securities acquired the shares for investment purposes only and all stock
certificates  reflect  the appropriate legends. No underwriters were involved in
connection  with  the  sales  of  securities  referred  to  in  this  section.

     In  general,  under  Rule  144,  a person who has beneficially owned shares
privately acquired directly or indirectly from us or from one of our affiliates,
for  at  least one year, or who is an affiliate, is entitled to sell, within any
three-month  period,  a number of shares that do not exceed the greater of 1% of
the  then  outstanding shares or the average weekly trading volume in our shares
during  the  four  calendar  weeks immediately preceding such sale.  Sales under
Rule  144  are  also  subject  to  certain  manner  of  sale  provisions, notice
requirements  and  the  availability  of current public information about us.  A
person  who  is  not  deemed to have been an affiliate at any time during the 90
days  preceding  a sale, and who has beneficially owned restricted shares for at
least  two  years,  is  entitled  to sell all such shares under Rule 144 without
regard  to  the  volume  limitations,  current  public information requirements,
manner  of  sale  provisions  or  notice  requirements.


                                       29
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                                DECEMBER 31, 2002


     Common Stock
     ------------

     During  the  period  ended  December 31, 2002, the Company issued 5,250,000
shares  of common stock for $525,000 cash, 926,187 shares of common stock valued
at  $114,119  for  consulting services, and 169,160 shares of common stock for a
loan  payable  of  $9,500.

     Options
     -------

     None  issued  during  the  reporting  period.  See  Note 5 of the "Notes to
Financial  Statements  for  a  further discussion and explanation of the options
outstanding.

     Warrants
     --------

     None  issued  during  the  reporting  period.  See  Note 5 of the "Notes to
Financial  Statements  for  a further discussion and explanation of the warrants
outstanding.


                                       30
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                                DECEMBER 31, 2002


ITEM  3.  DEFAULTS  UPON  SENIOR  SECURITIES.

          None.

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

          None.

ITEM  5.  OTHER  INFORMATION.

          None.

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

          (a)     Exhibits

          None.

          -------------

          (b)     Reports  on  Form  8-K.

               None


                                       31
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                                DECEMBER 31, 2002


SIGNATURES

     In  accordance  with  the  requirements of the Exchange Act, the Registrant
caused this Report to be signed on its behalf by the undersigned, thereunto duly
authorized.

TREND  MINING  COMPANY

Dated:  January 18, 2003
By:     /s/ Kurt J. Hoffman
        -------------------------
        Kurt J. Hoffman
        President and Chief Executive Officer
        (Principal Executive Officer)


Dated:  January 18, 2003
By:     /s/ John P. Ryan
        -------------------------
        John P. Ryan
        Chief Financial Officer


                                       32
<PAGE>
         CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED
          PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


In  connection  with  the  accompanying  10-QSB  of Trend Mining Company for the
period beginning October 01, 2002 and ending December 31, 2002, Kurt J. Hoffman,
Chief  Executive  Officer,  and  John  P. Ryan, Chief Financial Officer of Trend
Mining  Company,  hereby  certify pursuant to 18 U.S.C. Section 1350, as adopted
pursuant  to  Section  906  of  the Sarbanes-Oxley Act of 2002, to my knowledge,
that:

     (1)  such  Form  10-QSB  of  Trend Mining Company, for the period beginning
          October 01, 2002 and ending December 31, 2002, fully complies with the
          requirements  of section 13(a) or 15(d) of the Securities Exchange Act
          of  1934;  and

     (2)  the  information contained in such Form 10-QSB of Trend Mining Company
          for  the  period  beginning  October  01, 2002 and ending December 31,
          2002,  fairly  presents,  in  all  material  respects,  the  financial
          condition  and  results  of  operations  of  Trend  Mining  Company



                                               /s/Kurt J. Hoffman
                                               -------------------------
                                               Kurt J. Hoffman
                                               Chief Executive Officer


                                               /s/John P. Ryan
                                               -------------------------
                                               John P. Ryan
                                               Chief Financial Officer


                                       33
<PAGE>