SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C.  20549

                                   FORM 10-QSB

               QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)OF
                       THE SECURITIES EXCHANGE ACT OF 1934

                FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2001

                           COMMISSION FILE NO. 0-31159

                              TREND MINING COMPANY

        (Exact Name of Small Business Issuer as Specified in its Charter)

 DELAWARE                                        81-0304651
(State or other jurisdiction of                 I.R.S. Employer I.D. No.)
 incorporation or organization)


                                401 FRONT AVENUE
                              SUITE 1, SECOND FLOOR
                              COEUR D'ALENE, IDAHO
                                      83814
                    (Address of principal executive offices)

                                 (208) 664-8095
                           (Issuer's telephone number)

Check whether the issuer  (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.

Yes  /X/          No  / /

Transitional Small Business Disclosure: Yes  / /  No /X/

There were 18,793,506 shares of the Registrant's $.01 par value common stock
outstanding as of December 31, 2001.


<PAGE>
================================================================================




                              TREND MINING COMPANY
                     (FORMERLY SILVER TREND MINING COMPANY)
                         (AN EXPLORATION STAGE COMPANY)
                              FINANCIAL STATEMENTS
                                DECEMBER 31, 2001






                            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
                     (FORMERLY SILVER TREND MINING COMPANY)




ACCOUNTANT'S REVIEW REPORT                                                   1


FINANCIAL STATEMENTS

     Balance Sheets                                                          2

     Statements of Operations and Comprehensive Loss                         3

     Statement of Stockholders' Equity (Deficit)                             4

     Statements of Cash Flows                                                6


NOTES TO THE FINANCIAL STATEMENTS                                            7


<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 (an
exploration  stage  company) as of December 31, 2001, and the related statements
of  operations  and comprehensive loss, stockholders' equity (deficit), and cash
flows  for  the three months ended December 31, 2001 and 2000 and for the period
from October 1, 1996 (inception of exploration stage) to December 31, 2001.  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, 2001 were audited by
us  and we expressed an unqualified opinion on them in our report dated December
19, 2001, except for Note 12, as to which the date is February 1, 2002.  We have
not  performed  any  auditing  procedures  since  those  dates.

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 1, 2002


                                        1
<PAGE>
<TABLE>
<CAPTION>
                                 TREND MINING COMPANY
                        (FORMERLY SILVER TREND MINING COMPANY)
                            (AN EXPLORATION STAGE COMPANY)
                                    BALANCE SHEETS


                                                             December 31,   September 30,
                                                                 2001            2001
                                                              (unaudited)     (restated)
                                                             -------------  --------------
<S>                                                          <C>            <C>
ASSETS

CURRENT ASSETS
  Cash                                                                593          24,954
  Equipment held for resale                                         4,000           4,000
                                                             -------------  --------------
    Total Current Assets                                            4,593          28,954
                                                             -------------  --------------

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

PROPERTY AND EQUIPMENT, net of depreciation                        21,751          22,362
                                                             -------------  --------------

OTHER ASSETS
  Investments                                                         500               -
                                                             -------------  --------------

TOTAL ASSETS                                                       26,844          51,316
                                                             =============  ==============

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

CURRENT LIABILITIES
  Accounts payable                                              1,176,223       1,125,646
  Accounts payable to directors and officers                        5,061           8,122
  Accrued expenses                                                  7,968           5,312
  Interest payable                                                 38,112          29,143
  Notes payable to stockholders                                   773,445         669,000
  Current portion of long-term debt                                 3,589           3,564
                                                             -------------  --------------
    Total Current Liabilities                                   2,004,398       1,840,787
                                                             -------------  --------------

LONG-TERM DEBT, net of current portion                              6,315           7,072
                                                             -------------  --------------

COMMITMENTS AND CONTINGENCIES                                           -               -
                                                             -------------  --------------

STOCKHOLDERS' EQUITY (DEFICIT)
  Preferred stock,  $0.01 par value, 20,000,000
    shares authorized; 1 share issued and outstanding                   -               -
  Common stock,  $0.01 par value, 100,000,000
    shares authorized; 18,793,506 and
    18,755,970 shares issued and outstanding, respectively        187,935         187,559
  Additional paid-in capital                                    3,804,376       3,772,857
  Stock options and warrants                                    1,399,852       1,389,976
  Pre-exploration stage accumulated deficit                      (558,504)       (558,504)
  Accumulated deficit during exploration stage                 (6,817,528)     (6,588,431)
                                                             -------------  --------------
    TOTAL STOCKHOLDERS' EQUITY (DEFICIT)                       (1,983,869)     (1,796,543)
                                                             -------------  --------------

TOTAL LIABILITIES AND
  STOCKHOLDERS' EQUITY (DEFICIT)                                   26,844          51,316
                                                             =============  ==============
</TABLE>

             See accompanying notes and accountant's review report.


                                        2
<PAGE>
<TABLE>
<CAPTION>
                              TREND MINING COMPANY
                     (FORMERLY SILVER TREND MINING COMPANY)
                         (AN EXPLORATION STAGE COMPANY)
                 STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

                                                                                       Period from
                                                                                     October 1, 1996
                                                                                      (Inception of
                                                                Three Months Ended      Exploration
                                                           ----------------------------  Stage) to
                                                           December 31,   December 31,  December 31,
                                                               2001           2000          2001
                                                           (unaudited)    (unaudited)   (unaudited)
                                                          -------------  -------------  -----------
<S>                                                       <C>            <C>            <C>
REVENUES                                                             -              -            -
                                                          -------------  -------------  -----------

EXPENSES
    Exploration expense                                          4,070        104,044    1,894,437
    General and administrative                                 134,937        403,294    1,560,360
    Officers and directors compensation                         22,250         73,020    1,156,355
    Legal and professional                                      21,884        157,675    1,038,465
    Depreciation                                                   611          4,487       29,537
                                                          -------------  -------------  -----------
        Total Expenses                                         183,752        742,520    5,679,154
                                                          -------------  -------------  -----------

OPERATING LOSS                                                (183,752)      (742,520)  (5,679,154)
                                                          -------------  -------------  -----------

OTHER INCOME (EXPENSE)
    Dividend and interest income                                     -            108        6,398
    Gain (loss) on disposition and impairment of assets            500              -     (187,726)
    Loss on investment sales                                         -         (3,500)     (53,772)
    Financing expense                                           (9,876)             -     (829,845)
    Interest expense                                           (35,969)        (1,958)     (82,688)
    Miscellaneous income                                             -              -        9,259
                                                          -------------  -------------  -----------
        Total Other Income (Expense)                           (45,345)        (5,350)  (1,138,374)
                                                          -------------  -------------  -----------

LOSS BEFORE INCOME TAXES                                      (229,097)      (747,870)  (6,817,528)

INCOME TAXES                                                         -              -            -
                                                          -------------  -------------  -----------
NET LOSS                                                      (229,097)      (747,870)  (6,817,528)
                                                          -------------  -------------  -----------

OTHER COMPREHENSIVE LOSS
    Change in market value of investments                            -        (10,275)           -
                                                          -------------  -------------  -----------

NET COMPREHENSIVE LOSS                                        (229,097)      (758,145)  (6,817,528)
                                                          =============  =============  ===========

BASIC AND DILUTED NET LOSS PER SHARE                             (0.01)         (0.04)       (0.63)
                                                          =============  =============  ===========

WEIGHTED AVERAGE NUMBER OF
    COMMON SHARES OUTSTANDING                               18,787,746     18,288,419   10,827,286
                                                          =============  =============  ===========
</TABLE>

             See accompanying notes and accountant's review report.


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

                                                    Common Stock                Stock
                                                 -----------------  Additional Options                     Other
                                                  Number             Paid-in     and     Accumulated   Comprehensive
                                                 of Shares  Amount   Capital   Warrants    Deficit         Income        Total
                                                 ---------  ------  ---------  --------  ------------  --------------  ---------
<S>                                              <C>        <C>     <C>        <C>       <C>           <C>             <C>
Balance, October 1, 1996                         1,754,242  17,542    663,218         -     (558,504)              -    122,256

Common stock issuances as follows:
   - for cash at $0.50 per share                   200,000   2,000     98,000         -            -               -    100,000
   - for payment of liabilities and
        expenses at $0.50 per share                 45,511     455     22,301         -            -               -     22,756

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

Balance, September 30, 1997                      1,999,753  19,997    783,519         -     (687,118)              -    116,398

Issuance of common stock as follows:
   - for mineral property at $0.50 per share       150,000   1,500     73,500         -            -               -     75,000
   - for lease termination at $0.50 per share       12,000     120      5,880         -            -               -      6,000
   - for debt at $0.50 per share                    80,000     800     39,200         -            -               -     40,000
   - for cash at $0.20 per share                     7,500      75      1,425         -            -               -      1,500
   - for compensation at $0.50 per share             9,000      90      4,410         -            -               -      4,500

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

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

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

Balance, September 30, 1998                      2,258,253  22,582    907,934     2,659     (806,281)        117,080    243,974

Common stock issuances as follows:
   - for cash at an average of $0.07 per share     555,000   5,550     35,450         -            -               -     41,000
   - for prepaid expenses at $0.33 per share        50,000     500     16,000         -            -               -     16,500
   - for consulting services at an average
      of $0.20 per share                           839,122   8,391    158,761         -            -               -    167,152
   - for mineral property at $0.13 per share       715,996   7,160     82,470         -            -               -     89,630
   - for officers' compensation at an
        average of $0.24 per share                 300,430   3,004     70,522         -            -               -     73,526
   - for debt,  investment and expenses              9,210      92      2,671         -            -               -      2,763
      at $0.30 per share
   - for directors' compensation at an
     average of $0.25 per share                     16,500     165      3,960         -            -               -      4,125
   - for rent at $0.25 per share                     1,000      10        240         -            -               -        250
   - for equipment at $0.30 per share              600,000   6,000    174,000         -            -               -    180,000

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

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

Balance, September 30, 1999                      5,345,511  53,454  1,452,007     2,659   (1,523,040)         37,901     22,982
                                                 ---------  ------  ---------  --------  ------------  --------------  ---------
</TABLE>

             See accompanying notes and accountant's review report.


                                        4
<PAGE>
<TABLE>
<CAPTION>
                                                      TREND MINING COMPANY
                                              (FORMERLY SILVER TREND MINING COMPANY)
                                                  (AN EXPLORATION STAGE COMPANY)
                                     STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) (CONTINUED)

                                                   Common Stock                 Stock
                                             --------------------  Additional  Options                     Other
                                                Number              Paid-in      and       Accumulated Comprehensive
                                              of Shares    Amount   Capital    Warrants      Deficit       Income        Total
                                             -----------  -------  ---------  ----------  ------------  ------------  -----------
<S>                                          <C>          <C>      <C>        <C>         <C>           <C>           <C>
Balance, September 30, 1999                   5,345,511    53,454  1,452,008      2,659    (1,523,040)       37,901       22,982

Common stock and option issuances as
follows:
   - for employee, officer and director
     compensation at an average of
     $0.61 per share                            231,361     2,314    140,446     15,820             -             -      158,580
   - for officers' and directors'
     compensation at an average                  11,500       115     13,615          -             -             -       13,730
      of $1.19 per share
   - for services at an average                 530,177     5,302    246,333          -             -             -      251,635
     of $0.47 per share
   - for mineral property at $0.89            1,000,000     1,000     88,000          -             -             -       89,000
     per share
   - for investments at $0.33                   200,000     2,000     64,000          -             -             -       66,000
     per share
   - for cash at $0.08 per share                456,247     4,562     28,969                                              33,531
   - for cash, options and warrants             100,000    10,000      2,414     87,586                                  100,000
   - for incentive fees at $0.33 per share       65,285       653     20,891          -             -             -       21,544
   - for deferred mineral property
     acquisition costs at $0.13                 129,938     1,299     14,943          -             -             -       16,242
     per share
   - for modification of stockholder
     agreement at $0.60 per share               200,000     2,000    118,000     30,000             -             -      150,000
   - for modification of stockholder                  -         -      4,262     10,379             -             -       14,641
     agreement
   - from exercise of options at              9,962,762    99,628  1,103,016    (37,524)            -             -    1,165,120
     $0.12 per share

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

Miscellaneous common stock adjustments               (5)        -          -          -             -             -            -

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

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

                                             -----------  -------  ---------  ----------  ------------  ------------  -----------
Balance, September 30, 2000                  18,232,776   182,327  3,296,897    118,920    (3,709,581)         (413)    (111,850)

Common stock and option issuances
 as follows:
   - for cash of $1.00 per share                192,000     1,920    190,080          -             -             -      192,000
   - for cash and consulting services from
     options for $0.39 per share                 33,333       333     12,737     (3,070)            -             -       10,000
   - for services at an average                  13,700       137     12,463          -             -             -       12,600
     of $0.92 per share
   - for officer and employee compensation
      at $1.13 per share                          5,200        52      5,828          -             -             -        5,880
   - for payment of accrued officer's
     compensation at $1.35 per share             10,000       100     13,400          -             -             -       13,500
   - for consulting services at an average       45,461       455     34,247          -             -             -       34,702
     of $0.77 per share
   - for directors' compensation                 75,000       750     63,000          -             -             -       63,750
     at $0.85 per share
   - for modification of contract                 3,000        30      2,310          -             -             -        2,340
     at $0.78 per share
   - for interest payment on contract            10,000       100      7,900          -             -             -        8,000
     at an average of $0.80 per share
   - for mineral property expenses at             1,000        10        840          -             -             -          850
      $0.85 per share
   - for debt at $1.00 per share                134,500     1,345    133,155          -             -             -      134,500

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

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

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

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

Balance, September 30, 2001 (restated)       18,755,970   187,559  3,772,857  1,389,976    (7,146,935)            -   (1,796,543)

Common stock issuances as follows:
   - for a note payable at $1.00 per share       25,000       250     24,750          -             -             -       25,000
   - for consuting fees payable at               12,536       126      6,769          -             -             -        6,895
      $0.55 per share

Warrants issued as follows:
   - for loan agreements                              -         -          -      9,876             -             -        9,876

Net loss for the three months ended
December 31, 2001 (unaudited)                         -         -          -          -      (229,097)            -     (229,097)
                                             -----------  -------  ---------  ----------  ------------  ------------  -----------

Balance, December 31, 2001 (unaudited)       18,793,506   187,935  3,804,376  1,399,852    (7,376,032)            -   (1,983,869)
                                             ===========  =======  =========  ==========  ============  ============  ===========
</TABLE>

             See accompanying notes and accountant's review report.


                                        5
<PAGE>
<TABLE>
<CAPTION>
                                                     TREND MINING COMPANY
                                            (FORMERLY SILVER TREND MINING COMPANY)
                                                (AN EXPLORATION STAGE COMPANY)
                                                   STATEMENTS OF CASH FLOWS

                                                                                                               Period from
                                                                                                                 October
                                                                                                              (Inception of
                                                                                                            Exploration Stage)
                                                                              Three Months   Three Months           to
                                                                                  Ended          Ended         December 31,
                                                                              December 31,   December 31,          2001
                                                                                  2001           2000          (unaudited)
                                                                               (unaudited)    (unaudited)       (restated)
                                                                              -------------  -------------  ------------------
<S>                                                                           <C>            <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
 Net loss                                                                         (229,097)      (747,870)         (6,817,528)
 Adjustments to reconcile net loss to net cash used by operating activities:
   Depreciation                                                                        611          4,487              29,537
   Loss on investment sales                                                              -          3,500              58,928
   Loss on disposition and impairment of assets                                          -              -             188,226
   Gain on sale of mineral property claims for securities                             (500)             -                (500)
   Common stock issued for services
   and expenses                                                                          -         11,500             542,606
   Common stock issued for payables                                                  6,895              -               6,895
   Common stock and options issued as compensation                                       -          5,880             691,591
   Stock options and warrants issued for financing activities                        9,876              -             776,781
   Common stock and warrants issued to acquire mineral
   property options                                                                      -              -             344,873
   Warrants issued for consulting fees                                                   -        107,700             170,521
   Common stock issued for incentive fees                                                -              -              21,544
   Investment traded for services                                                        -              -              22,539
 Changes in assets and liabilities:
  Inventory                                                                              -              -               3,805
  Prepaid expenses                                                                       -         (1,699)                  -
  Accounts payable                                                                  47,516        163,001           1,171,021
  Accrued expenses                                                                  11,625        (11,808)             46,079
                                                                              -------------  -------------  ------------------
 Net cash used in operating activities                                            (153,074)      (465,309)         (2,743,082)
                                                                              -------------  -------------  ------------------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Payment of deposit                                                                     -              -              (1,000)
  Return of deposit                                                                      -              -               1,000
  Proceeds from sale of equipment                                                        -              -              33,926
  Proceeds from sale of mineral property                                                 -              -              20,000
  Purchase of furniture and equipment                                                    -              -             (37,195)
  Proceeds from investments sold                                                         -          2,992             101,430
                                                                              -------------  -------------  ------------------
Net cash provided by investing activities                                                -          2,992             118,161
                                                                              -------------  -------------  ------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Payments on notes payable and short term borrowings                                 (732)          (744)             (6,189)
  Sale of warrants for common stock                                                      -              -              10,000
  Proceeds from short-term borrowings                                              129,445        285,000             974,945
  Sale of common stock, subscriptions
  and exercise of options                                                                -        110,000           1,643,151
                                                                              -------------  -------------  ------------------
  Net cash provided by financing activities                                        128,713        394,256           2,621,907
                                                                              -------------  -------------  ------------------

NET DECREASE IN CASH                                                               (24,361)       (68,061)             (3,014)

CASH, BEGINNING OF PERIOD                                                           24,954        102,155               3,607
                                                                              -------------  -------------  ------------------

CASH, END OF PERIOD                                                                    593         34,094                 593
                                                                              =============  =============  ==================

SUPPLEMENTAL CASH FLOW INFORMATION:
  Interest paid                                                                        132            369               2,210
  Income taxes paid                                                                      -              -                   -

NON-CASH FINANCING ACTIVITIES:
  Common stock and warrants issued to acquire
mineral properties                                                                       -              -             344,873
  Common stock issued to acquire mineral property                                        -              -              75,000
  Common stock issued for acquisition of
mining equipment                                                                         -              -             180,000
  Common stock issued for services and expenses                                          -         11,500             543,756
  Common stock issued for investment                                                     -              -              67,000
  Common stock issued for debt                                                      31,895              -             207,237
  Deferred acquisition costs on mining property                                          -              -              46,242
  Stock options  and warrants issued for financing activities                        9,876              -             776,781
  Warrants issued for consulting fees                                                    -        107,700             170,521
  Common stock issued for incentive fees                                                 -              -              21,544
  Common stock and options issued as compensation                                        -          5,880             691,591
  Purchase of equipment with financing agreement                                         -              -              14,093
  Investments received for mineral property                                            500              -               5,500
  Investments traded for services                                                        -              -              22,539
</TABLE>

             See accompanying notes and accountant's review report.


                                        6
<PAGE>
                              TREND MINING COMPANY
                         (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2001

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
offices  in Coeur d'Alene, Idaho.  The Company has elected a September 30 fiscal
year-end.

In  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  authorized  preferred  stock  with  a  par  value  of $0.01, with rights and
preferences  to be determined by the Company's board of directors.  One share of
Series A preferred stock has been created and issued to Mr. Thomas S. Kaplan and
requires  the holder's approval for all stock and equity issuances.  See Note 4.

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 10,049,006 and 8,704,261 shares as
of  December  31,  2001  and  2000,  respectively,  have  been excluded from the
calculation  of  diluted  loss  per  share  as  they  would  be  anti-dilutive.

Cash  and  Cash  Equivalents
----------------------------
For  purposes  of  the  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.


                                        7
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2001

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, 2001 and
2000.  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."  Accordingly,  accumulated  other  comprehensive  income  or  loss  is
included in the stockholders' equity section of the balance sheets.  Amounts are
reported net of tax and include unrealized gains or losses on available for sale
securities.

Derivative  Instruments
-----------------------
The  Financial  Accounting  Standards Board issued SFAS No. 133, "Accounting for
Derivative  Instruments  and  Hedging  Activities" in June 1998 and SFAS No. 138
"Accounting  for  Derivative Instruments and Certain Hedging Activities" in June
2000.  This  standard  establishes  accounting  and  reporting  standards  for
derivative  instruments,  including  certain  derivative instruments embedded in
other  contracts,  and  for  hedging  activities.  It  requires  that  an entity
recognize  all  derivatives as either assets or liabilities on the balance sheet
and  measure  those  instruments  at  fair  value,  at  the  appropriate  date.

At December 31, 2001, the Company had 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 other than 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 and the first following day on
which  the  Company's  stock  was  traded.

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, 2001 and 2000 were $4,070
and  $104,044,  respectively.  As  of  December  31, 2001, the exploration costs
expensed  during  the  Company's  exploration  stage  were  $1,894,437.


                                        8
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2001

NOTE  2  -  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES  (CONTINUED)

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, notes payable and accrued
liabilities  approximate  their  fair  value.

Going  Concern
--------------
As  shown in the accompanying financial statements, the Company has no revenues,
has  incurred  a net loss of $229,097 for the period ended December 31, 2001 and
has  an  accumulated  deficit during the exploration stage of $6,817,528.  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 Financial Accounting Standards Board 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.  Although 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 the recorded fair
value  has  declined,  such  costs  will  be reviewed and any impairment 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.


                                        9
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2001


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,  as  per  SFAS  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 1999, 2000 and
2001  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.

Reclassifications
-----------------
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  total  accumulated  deficit  or  net  losses  presented.

Reverse  Stock  Split
---------------------
The  Company's  board  of directors 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.

Segment  Reporting
------------------
The  Company  adopted SFAS No. 131, "Disclosures about Segments of an Enterprise
and Related Information," in the fiscal year ended September 30, 1999.  SFAS No.
131 requires disclosures about products and services, geographic areas and major
customers.  The adoption of SFAS No. 131 did not affect the Company's results of
operations  or  financial  position.  The  Company's  mining properties were not
engaged  in  any  business  activity.  The  Company  had  no segments engaged in
business activities at December 31, 2001 and, therefore, no segment reporting is
required.


                                       10
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2001

NOTE  2  -  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES  (CONTINUED)

Accounting  Pronouncements
--------------------------
In  September  2000,  the FASB issued SFAS No. 140 "Accounting for Transfers and
Servicing  of  Financial  Assets  and  Extinguishment  of  Liabilities."  This
statement  provides  accounting  and  reporting  standards  for  transfers  and
servicing  of  financial  assets  and  extinguishment  of  liabilities  and also
provides  consistent  standards for distinguishing transfers of financial assets
that  are  sales  from  transfers  that are secured borrowings.  SFAS No. 140 is
effective for recognition and reclassification of collateral and for disclosures
relating  to  securitization transactions and collateral for fiscal years ending
after  December  15,  2000,  and  is  effective  for  transfers and servicing of
financial  assets  and  extinguishments of liabilities occurring after March 31,
2001.  The  Company  believes that the adoption of this standard will not have a
material  effect  on  the Company's results of operations or financial position.

In June 2001, the FASB issued SFAS No. 141, "Business Combinations" and SFAS No.
142,  "Goodwill  and  Other  Intangible  Assets".  SFAS No. 141 provides for the
elimination  of  the  pooling-of-interests  method  of  accounting  for business
combinations  with  an  acquisition  date of July 1, 2001 or later. SFAS No. 142
prohibits  the  amortization  of  goodwill  and  other  intangible  assets  with
indefinite  lives  and requires periodic reassessment of the underlying value of
such assets for impairment. SFAS No. 142 is effective for fiscal years beginning
after  December  15, 2001. An early adoption provision exists for companies with
fiscal  years  beginning after March 15, 2001. On September 1, 2001, the Company
adopted  SFAS  No. 142. Application of the nonamortization provision of SFAS No.
142  will  have  no  effect on the Company's financial statements as the Company
does  not  currently  have  amortizable  assets.

In  October  2001,  the Financial Accounting Standards Board issued Statement of
Financial  Accounting  Standards  No.  143,  "Accounting  for  Asset  Retirement
Obligations" (SFAS No. 143).  SFAS No. 143 establishes guidelines related to the
retirement  of  tangible  long-lived  assets  of  the Company and the associated
retirement  costs.  This  statement  requires that the fair value of a liability
for  an  asset  retirement obligation be recognized in the period in which it is
incurred  if  a  reasonable  estimate of fair value can be made.  The associated
asset  retirement  costs  are  capitalized as part of the carrying amount of the
long -lived assets.  This statement is effective for financial statements issued
for  the fiscal years beginning after June 15, 2002 and with earlier application
encouraged.  The  Company  adopted  SFAS  No.  143 and does not believe that the
adoption  will have a material impact on the financial statements of the Company
at  December  31,  2001.

In  October  2001,  the Financial Accounting Standards Board issued Statement of
Financial  Accounting  Standards  No.  144,  "Accounting  for  the Impairment or
Disposal  of  Long-Lived  Assets"  (SFAS  No. 144).  SFAS 144 replaces SFAS 121,
"Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to
Be  Disposed  Of."  This  new standard establishes a single accounting model for
long-lived  assets to be disposed of by sale, including discontinued operations.
Statement  144 requires that these long-lived assets be measured at the lower of
carrying  amount or fair value less cost to sell, whether reported in continuing
operations  or  discontinued  operations.  This statement is effective beginning
for  fiscal  years after December 15, 2001, with earlier application encouraged.
The  Company adopted SFAS 144 and does not believe that the adoption will have a
material impact on the financial statements of the Company at December 31, 2001.


                                       11
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2001


NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

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, 2001, the Company had net deferred tax assets of approximately
$1,800,000, 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,  2001.

At  December  31,  2001,  the  Company  has  net operating loss carryforwards of
approximately  $5,430,000, 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 $1,340,000
attributable  to  options and warrants issued to employees and consultants.  The
Company  also  owes  to  the  Internal  Revenue  Service  employment  taxes  of
approximately  $100,000  as  of  December  31,  2001.

Interim  Financial  Statements
------------------------------
The  interim  financial statements as of and for the three months ended December
31, 2001 included herein have been prepared for the Company without audit.  They
reflect  all  adjustments  that  are, in the opinion of management, necessary to
present  fairly  the  results  of  operations  for  these  periods.  All  such
adjustments are normal recurring adjustments.  The results of operations for the
periods  presented  are 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


                                       12
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2001

NOTE  3  -  MINERAL  PROPERTIES  (CONTINUED)

Wyoming  Properties  (continued)
--------------------------------
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  Company has located an additional 497 unpatented mining claims in an agreed
area  of  interest  near  the  Lake  Owen  Project.

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  also  staked  and claimed 42 unpatented mining claims known as the
Spruce  Mountain claims and 159 unpatented mining claims known as the Centennial
West  claims.  These  claims  are  also  located  in  Albany  County,  Wyoming.

As  of  December  31,  2001,  the  Company has located and staked 155 unpatented
mining claims in Albany County, Wyoming, including 34 and 121 claims, which were
staked  at  the  Douglas  Creek  and  Keystone  properties,  respectively.

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 exploration expenditures
of  not  less  than  $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,  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.


                                       13
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2001

NOTE  3  -  MINERAL  PROPERTIES  (CONTINUED)

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 have been completed and
the  Company  has  acquired  title  to  these  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 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.

In  1979,  the  Company  acquired  the  Pyramid  Mine,  which  consists  of five
unpatented  lode  mining claims near Fallon, Nevada.  This property is scheduled
for  disposal  pursuant  to  the  Company's  new focus on platinum and palladium
related  metals exploration. The claims are within the Walker Indian Reservation
and  located  on  the site of a U.S. Department of Defense bombing range.  As of
the  date  of  these  financial  statements,  no clean up has commenced on these
claims.  The  Company  is  not aware of any pending requirements for clean up of
hazardous  materials.  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.  This
write-off  resulted  in a corresponding increase in accumulated deficit prior to
the  Company's  entering  the  exploration  stage.

The Pyramid Mine claims were sold by the Company on November 12, 2001 to Calumet
Mining  Company  for  50,000 shares of common stock of Calumet Mining Company, a
related  party.  The  Company  retained  a  1.5%  net  smelter return production
royalty  interest  in  the  Pyramid  Mines.  See  Notes  6  and  8.

California Properties
---------------------
In  mid-2000, the Company located 79 unpatented mining claims, known as the Pole
Corral  property,  in Tehema County, California.  In September 2000, the Company
located  33 unpatented mining claims known as the Cisco Butte property in Placer
County, California.  By September 30, 2001, the Company had abandoned all of its
interests  in  the  Cisco  Butte  property.

Canadian  Property
------------------
In August 2000, the Company entered into an agreement whereby Spectra Management
Corporation  would explore and stake five claims representing about 67,000 acres
for  the  Company  in  northern Saskatchewan.  This property is now known as the
Peter  Lake  Claims.  The  Company is obligated to complete work requirements of
$212,000  U.S.  by  June  1,  2002.


                                       14
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2001

NOTE  3  -  MINERAL  PROPERTIES  (CONTINUED)

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.

The  Company  wrote off the $104,753 book value of the property, effective prior
to  the  inception  of  its  exploration  stage.  This  write-off  resulted in a
corresponding  increase  in  accumulated deficit prior to the exploration stage.
The  Company  also  expensed  $19,000 in previously capitalized costs as mineral
property  expenses  in  1997.  The  value  of  the  securities  received  upon
disposition  of  the property was $5,000, which the Company recognized as a gain
on  disposition  in  the  year  ended  September  30,  2000.


NOTE  4  -  CAPITAL  STOCK

Common  Stock
-------------
On March 28, 2001, the Company completed its reincorporation 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.

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.

The  Company  from time to time issues common stock in exchange for services, as
compensation  or  for  the acquisition of assets.  Such stock is recorded at the
fair  market  value  on, or as near as possible to, the date of the transaction.

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, 92,000 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.

During  the  period ended December 31, 2001, the Company issued 25,000 shares of
common  stock  valued at $25,000 for a note payable, and 12,536 shares of common
stock  valued  at  $6,895  for  accounts  payable.

See  Note  6  regarding  future  loan  repayments  in units of Trend securities.


                                       15
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2001

NOTE  4  -  CAPITAL  STOCK  (CONTINUED)

Preferred  Stock
----------------
Under  its  amended  Delaware certificate of incorporation, Trend has 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.

One  share of Series A preferred stock has been created and issued to Mr. Thomas
S.  Kaplan  under an agreement which requires the holder's approval of all stock
and  equity  issuances  until  such time as Mr. Kaplan, Electrum LLC or 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.  If  the  Series  A  preferred  stock is not continued, the outstanding
share  of  Series  A  preferred stock will convert to one share of common stock.

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.

<TABLE>
<CAPTION>
                                                                                                               VALUE
                                            NUMBER    PRICE   COMMON  ADDITIONAL            NUMBER   NUMBER      OF
                                              OF       PER    STOCK    PAID-IN    TOTAL       OF       OF      OPTIONS/
                               ISSUE DATE   SHARES    SHARE   AMOUNT   CAPITAL    AMOUNT    OPTIONS  WARRANTS  WARRANTS
-----------------------------  ----------  ---------  ------  -------  --------  ---------  -------  --------  --------
<S>                            <C>         <C>        <C>     <C>      <C>       <C>        <C>      <C>       <C>
BALANCE, OCTOBER 1, 1996                   1,754,242          $17,542  $663,218  $ 680,760
-----------------------------  ----------  ---------  ------  -------  --------  ---------  -------  --------  ---------

Common stock, options and
-------------------------
warrants activity as follows:
-----------------------------
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                             -
-----------------------------  ----------  ---------  ------  -------  --------  ---------  -------  --------  ---------

Common stock, options and
-------------------------
warrants activity as follows:
-----------------------------
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            $   2,659
-----------------------------  ----------  ---------  ------  -------  --------  ---------  -------  --------  ---------
CS for Compensation            09/30/1998      9,000    0.50       90     4,410  $4,500.00
-----------------------------  ----------  ---------  ------  -------  --------  ---------  -------  --------  ---------

BALANCE SEPTEMBER 30, 1998                 2,258,253          $22,583  $907,933  $ 930,516  180,000         -  $   2,659
-----------------------------  ----------  ---------  ------  -------  --------  ---------  -------  --------  ---------
</TABLE>


                                       16
<PAGE>
<TABLE>
<CAPTION>
                              TREND MINING COMPANY
                     (FORMERLY SILVER TREND MINING COMPANY)
                         (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2001

NOTE  4  -  CAPITAL  STOCK  (CONTINUED)

                                                                                                                   VALUE
                                                       PRICE   COMMON   ADDITIONAL             NUMBER    NUMBER      OF
                                  ISSUE     NUMBER      PER    STOCK     PAID-IN     TOTAL       OF        OF     OPTIONS/
                                  DATE     OF SHARES   SHARE   AMOUNT    CAPITAL     AMOUNT    OPTIONS  WARRANTS  WARRANTS
-----------------------------  ----------  ---------  ------  -------  ----------  ----------  -------  --------  --------
<S>                            <C>         <C>        <C>     <C>      <C>         <C>         <C>      <C>       <C>
BALANCE SEPTEMBER 30, 1998                 2,258,253          $22,583  $  907,933  $  930,516  180,000         -  $  2,659
-----------------------------  ----------  ---------  ------  -------  ----------  ----------  -------  --------  --------

Common stock, options and
-------------------------
warrants activity as follows:
-----------------------------
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  300,000         -  $  2,659
-----------------------------  ----------  ---------  ------  -------  ----------  ----------  -------  --------  --------
</TABLE>


                                       17
<PAGE>
<TABLE>
<CAPTION>
                              TREND MINING COMPANY
                     (FORMERLY SILVER TREND MINING COMPANY)
                         (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2001

NOTE  4  -  CAPITAL  STOCK  (CONTINUED)

                                                                                                                        VALUE
                                            NUMBER    PRICE    COMMON   ADDITIONAL               NUMBER     NUMBER        OF
                                  ISSUE       OF       PER     STOCK     PAID-IN     TOTAL         OF         OF        OPTIONS/
                                  DATE      SHARES    SHARE    AMOUNT    CAPITAL     AMOUNT      OPTIONS    WARRANTS    WARRANTS
-----------------------------  ----------  ---------  ------  -------  ----------  ----------  -----------  ---------  ----------
BALANCE SEPTEMBER 30, 1999                 5,345,511          $53,455  $1,452,009  $1,505,464     330,000           -  $   2,659
-----------------------------  ----------  ---------  ------  -------  ----------  ----------  -----------  ---------  ----------
<S>                            <C>         <C>        <C>     <C>      <C>         <C>         <C>          <C>        <C>
Common stock, options and
-------------------------
warrants activity as follows:
-----------------------------
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   8,108,000   6,250,000     87,586
-----------------------------  ----------  ---------  ------  -------  ----------  ----------  -----------  ---------  ----------
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                                                         (50,000)                     -
-----------------------------  ----------  ---------  ------  -------  ----------  ----------  -----------  ---------  ----------
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  (1,000,000)                (1,900)
-----------------------------  ----------  ---------  ------  -------  ----------  ----------  -----------  ---------  ----------
CS & OPT for Employees'
compensation                   02/25/2000     16,667    0.66      167      10,833      11,000      33,333                  3,070
-----------------------------  ----------  ---------  ------  -------  ----------  ----------  -----------  ---------  ----------
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  (2,500,000)                (4,750)
-----------------------------  ----------  ---------  ------  -------  ----------  ----------  -----------  ---------  ----------
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      67,000                 12,750
-----------------------------  ----------  ---------  ------  -------  ----------  ----------  -----------  ---------  ----------
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                 200,000     30,000
-----------------------------  ----------  ---------  ------  -------  ----------  ----------  -----------  ---------  ----------
OPT & WAR for
Modification of stockholder
agreement                      06/27/2000                                                       1,729,762   1,729,761     14,641
-----------------------------  ----------  ---------  ------  -------  ----------  ----------  -----------  ---------  ----------
CS for Cash from options       06/29/2000  1,597,588   0.064   15,976      86,740     102,716  (1,597,588)                (2,716)
-----------------------------  ----------  ---------  ------  -------  ----------  ----------  -----------  ---------  ----------
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                                                        (127,500)                     -
-----------------------------  ----------  ---------  ------  -------  ----------  ----------  -----------  ---------  ----------
CS for Cash from options       07/14/2000     10,000    0.30      100       2,900       3,000     (10,000)
-----------------------------  ----------  ---------  ------  -------  ----------  ----------  -----------  ---------  ----------
CS for Cash from options       07/21/2000  1,800,000   0.122   18,000     201,060     219,060  (1,800,000)               (12,060)
-----------------------------  ----------  ---------  ------  -------  ----------  ----------  -----------  ---------  ----------
CS for Cash from options       07/26/2000    650,000   0.122    6,500      72,605      79,105    (650,000)                (4,355)
-----------------------------  ----------  ---------  ------  -------  ----------  ----------  -----------  ---------  ----------
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     (50,000)
-----------------------------  ----------  ---------  ------  -------  ----------  ----------  -----------  ---------  ----------
CS for Cash from options       08/01/2000     50,000    0.30      500      14,500      15,000     (50,000)
-----------------------------  ----------  ---------  ------  -------  ----------  ----------  -----------  ---------  ----------
CS for Cash from options       08/14/2000     90,000   0.122      900      10,053      10,953     (90,000)                  (603)
-----------------------------  ----------  ---------  ------  -------  ----------  ----------  -----------  ---------  ----------
CS for Cash from options       08/24/2000  1,000,000   0.122   10,000     111,700     121,700  (1,000,000)                (6,700)
-----------------------------  ----------  ---------  ------  -------  ----------  ----------  -----------  ---------  ----------
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     (15,000)
-----------------------------  ----------  ---------  ------  -------  ----------  ----------  -----------  ---------  ----------
CS for Officers' compensation  08/31/2000      1,000    1.13       10       1,120       1,130
-----------------------------  ----------  ---------  ------  -------  ----------  ----------  -----------  ---------  ----------
</TABLE>


                                       18
<PAGE>
<TABLE>
<CAPTION>
                              TREND MINING COMPANY
                     (FORMERLY SILVER TREND MINING COMPANY)
                         (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2001

NOTE  4  -  CAPITAL  STOCK  (CONTINUED)

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

CS for Cash from options         09/22/2000   1,200,174   $0.122  $ 12,002  $  134,720  $  146,722  (1,200,174)
-------------------------------  ----------  -----------  ------  --------  ----------  ----------  -----------  ----------
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     127,833   8,179,761
-------------------------------  ----------  -----------  ------  --------  ----------  ----------  -----------  ----------

Common stock, options and
-------------------------
warrants activity as follows:
-----------------------------
CS for Cash from options         10/10/2000      33,333   $ 0.39       333      12,737      13,070     (33,333)
-------------------------------  ----------  -----------  ------  --------  ----------  ----------  -----------  ----------
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                                                                        250,000
-------------------------------  ----------  -----------  ------  --------  ----------  ----------  -----------  ----------
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                                                                        180,000
-------------------------------  ----------  -----------  ------  --------  ----------  ----------  -----------  ----------
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                                                                        285,000
-------------------------------  ----------  -----------  ------  --------  ----------  ----------  -----------  ----------
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                                                          1,200,000
-------------------------------  ----------  -----------  ------  --------  ----------  ----------  -----------  ----------
WAR for Loan agreements          03/12/2001                                                                         50,000
-------------------------------  ----------  -----------  ------  --------  ----------  ----------  -----------  ----------
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                                                                         185,000
-------------------------------  ----------  -----------  ------  --------  ----------  ----------  -----------  ----------
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                                                                         90,000
-------------------------------  ----------  -----------  ------  --------  ----------  ----------  -----------  ----------
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                                                                                       (319,700)
-------------------------------  ----------  -----------  ------  --------  ----------  ----------  -----------  ----------
BALANCE SEPTEMBER 30, 2001                   18,755,970           $187,559  $3,772,857  $3,960,416     974,800   9,219,761
-------------------------------  ----------  -----------  ------  --------  ----------  ----------  -----------  ----------
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                                                                        129,445
-------------------------------  ----------  -----------  ------  --------  ----------  ----------  -----------  ----------
WAR cancelled                      11/15/01                                                                       (275,000)
-------------------------------  ----------  -----------  ------  --------  ----------  ----------  -----------  ----------
BALANCE DECEMBER 31, 2001                    18,793,506           $187,935  $3,804,376  $3,992,311     974,800   9,074,206
-------------------------------  ----------  -----------  ------  --------  ----------  ----------  -----------  ----------

                                  VALUE OF
                                  OPTIONS/
                                  WARRANTS
                                 -----------
<S>                              <C>
CS for Cash from options         $   (8,702)
-------------------------------  -----------
CS for Consulting services
-------------------------------  -----------
CS for Officers' compensation
-------------------------------  -----------
Cash for Warrants                    10,000
-------------------------------  -----------
CS/ WAR Adjustment
-------------------------------  -----------

BALANCE SEPTEMBER 30, 2000       $  118,920
-------------------------------  -----------

Common stock, options and
-------------------------
warrants activity as follows:
-----------------------------
CS for Cash from options             (3,070)
-------------------------------  -----------
CS for Consulting services
-------------------------------  -----------
CS for Officers' compensation
-------------------------------  -----------
WAR for Consulting services         123,775
-------------------------------  -----------
CS for Employees'
compensation
-------------------------------  -----------
CS for Cash
-------------------------------  -----------
WAR for Consulting services          46,746
-------------------------------  -----------
CS for Consulting services
-------------------------------  -----------
CS for Cash
-------------------------------  -----------
CS for Consulting services
-------------------------------  -----------
CS for Consulting services
-------------------------------  -----------
CS for Cash
-------------------------------  -----------
WAR for Loan agreements              76,551
-------------------------------  -----------
CS for Cash
-------------------------------  -----------
CS for Consulting services
-------------------------------  -----------
CS for Directors'
compensation
-------------------------------  -----------
OPT for Director, officer and
employee compensation               354,000
-------------------------------  -----------
WAR for Loan agreements              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               45,079
-------------------------------  -----------
CS for services
-------------------------------  -----------
CS for interest payments
-------------------------------  -----------
WAR attached to note                  6,487
-------------------------------  -----------
CS for services
-------------------------------  -----------
CS for loans payable
-------------------------------  -----------
CS for loans payable
-------------------------------  -----------
Options expired
-------------------------------  -----------
BALANCE SEPTEMBER 30, 2001       $1,389,976
-------------------------------  -----------
CS for note payable
-------------------------------  -----------
CS for payable
-------------------------------  -----------
WAR for loan agreements               9,876
-------------------------------  -----------
WAR cancelled
-------------------------------  -----------
BALANCE DECEMBER 31, 2001         1,399,852
-------------------------------  -----------
</TABLE>


                                       19
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2001

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 (including officers),
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  term,  vesting  schedule,  transfer  restrictions and
termination  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  30.0%  in 1998, 55.12% in 1999, 48.05% in 2000, 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.

On February 23, 2001, the Company issued under the 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 its employees
(including  officers) 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.  The fair value was
charged  as  a  compensation  expense.

During 1999, the Company granted various stockholders options to acquire 150,000
shares  of  common  stock  at  prices  varying  from $0.15 to $0.35 per share as
additional  incentives  for  various  stock  purchases.  At the respective grant
dates,  these  options  were  each  determined to have no appreciable fair value
using  the  Black-Scholes  Option  Price  Calculation.

In  February  2000,  the  Company granted an employee options until February 25,
2002  to acquire 33,333 shares of common stock at an exercise price of $0.30 per
share  as  compensation.  The fair value of these options estimated on the grant
date  using the Black-Scholes Option Price Calculation was $3,070.  The employee
exercised  these  options  in  October  2000.

During  the  fiscal  year  ended  September  30,  2000,  the  Company's board of
directors  issued options to purchase 67,000 shares of its common stock at $0.50
per  share  to  six retired directors.  The options issued to each director were
based  on  years of service and are exercisable from April 15, 2000 to April 15,
2003.  The  fair  value  of  these options estimated on the grant date using the
Black-Scholes  Option  Price  Calculation  was  $12,750.

As  partial  consideration  for  an  amendment  to the GMC option agreement, the
Company  granted  to  GMC  in June 2000 a warrant to purchase 200,000 shares for
$0.70 per share exercisable until June 12, 2002.  The fair value of this warrant
estimated  on  the  date  of  issuance  using  the  Black-Scholes  Options Price
Calculation  was  $30,000.


                                       20
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2001

NOTE 5  -  COMMON  STOCK  OPTIONS  AND  WARRANTS  (CONTINUED)

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 quarter ended December 31,
2000.

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 only the warrants for 250,000
shares  that vested on November 1, 2000 remained outstanding.  The fair value of
these  warrants  were estimated on the grant date using the Black-Scholes Option
Price  Calculation, which was $123,775.  This amount was included in general and
administrative  expenses  for  the  year  ended  September  30,  2001.

In  a note dated August 16, 2001, a stockholder loaned the Company $90,000.  One
warrant  is  attached  to  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.

LCM  Holdings, LLC loaned the Company $119,445 in a note dated October 22, 2001.
One  warrant  is  attached to 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.

Tigris  Financial  Group  Ltd./Electrum  LLC
--------------------------------------------
On  December  29, 1999, the Company entered into a stock purchase agreement with
Tigris Financial Group Ltd. 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,  an  affiliate.


                                       21
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2001

NOTE  5  -  COMMON  STOCK  OPTIONS  AND  WARRANTS  (CONTINUED)

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,  upon  exercise  in  full  of this first option, Electrum's
option until September 25, 2000 to purchase up to an additional 4,608,000 shares
of  common  stock  at  an  exercise price of $0.14 per share, or $645,120 in the
aggregate,  became  exercisable.

On  June  27,  2000,  the  Company and Electrum entered into an amendment to the
stock purchase agreement under which the option to purchase 4,608,000 shares was
modified.  As  modified, Electrum had an option until July 5, 2000 to acquire up
to  an  additional  1,597,588  shares  at  $0.062  per  share or $100,000 in the
aggregate  and,  upon  exercise  in  full  of  this  option,  an  option  became
exercisable  until  September  25,  2000 to acquire up to 4,740,174 shares at an
exercise  price of $0.115 per share, or $545,120 in the aggregate.  In addition,
the  option  to purchase warrants was modified and, as modified, Electrum had an
option  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 warrant.  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  loan  agreements between the Company and Electrum LLC, the Company
issued  warrants  to acquire 285,000 shares at $1.50 per share in February 2001,
exercisable through September 30, 2003, and 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 newly issued 285,000 warrants
and  50,000 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 and $13,430, 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.

As  of  December  31,  2001,  Tigris  and  Electrum own approximately 29% 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 nearly 50%
of  the  Company's  then  outstanding  common  stock.

Electrum  had  certain preemptive rights, which were not exercised and have been
subsequently  terminated.  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 this agreement held by them.

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, who in turn assigned them to a
third  party  who  was  the  holder  at  the  time  of  cancellation.


                                       22
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2001

NOTE  5  -  COMMON  STOCK  OPTIONS  AND  WARRANTS  (CONTINUED)

Following  is  a  summary  of  the  status  of the options during the year ended
September  30,  2001  and  the  period  ended  December  31,  2001:

<TABLE>
<CAPTION>
                                                             Weighted Average
                                           Number of Shares   Exercise Price
                                           -----------------  ---------------
<S>                                        <C>                <C>
Outstanding at October 1, 2000                      127,833   $          0.51
Granted                                           1,200,000              0.80
Exercised                                           (33,333)             0.30
Expired                                            (319,700)             0.79
                                           -----------------  ---------------
Outstanding at September 30, 2001                   974,800   $          0.86
                                           =================  ===============
Options exercisable at September 30, 2001           974,800   $          0.86
                                           =================  ===============


Outstanding at October 1, 2001                      974,800   $          0.86
Granted                                                   -                 -
Exercised                                                 -                 -
Expired                                                   -                 -
                                           -----------------  ---------------
Outstanding at December 31, 2001                    974,800   $          0.86
                                           =================  ===============
Options exercisable at December 31, 2001            974,800   $          0.86
                                           =================  ===============

Options exercisable:
    -On or before July 19, 2002                      12,500   $          1.00
    -On or before April 15, 2003                     67,000   $          0.50
    -On or before February 23, 2004                 895,300   $          0.80
</TABLE>


NOTE  6  -  RELATED  PARTY  TRANSACTIONS

The  Company  has  accrued director and officer fees in the amounts of $5,061 at
December  31, 2001.  As of December 31, 2000, the Company owed fees to directors
and  officers  and  in  the  amount  of  $30,795.

In  June  2000,  the  Company  and  GMC  amended the Lake Owen option agreement.
Pursuant to the amendment, the Company issued 416,961 shares at an average price
of  $0.06  per share to GMC in connection with the exercise by GMC of preemptive
rights.  In  addition,  the  Company  agreed to perform an additional $15,000 of
geophysical  survey  work  on  the Lake Owen project prior to December 31, 2000,
issued  200,000  additional  shares  of common stock to GMC and granted to GMC a
warrant  to  purchase  200,000 shares for $0.70 per share exercisable until June
12,  2002  in  exchange  for  GMC's  agreement to terminate its antidilution and
preemptive  rights  as provided in the original Lake Owen option agreement.  The
geophysical  survey  work  period  has  not been performed and has been extended
beyond  December  31,  2000.

The Pyramid Mine claims were sold by the Company on November 12, 2001 to Calumet
Mining  Company  for  50,000 shares of common stock of Calumet Mining Company, a
related  party.  The  CFO  of  the Trend Mining Company is also the president of
Calumet  Mining  Company.  See  Notes  3  and  8.


                                       23
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2001

NOTE  6  -  RELATED  PARTY  TRANSACTIONS  (CONTINUED)

Related  Party  Loans
---------------------
In  November  2000, the Company borrowed $135,000 from Electrum.  The loan bears
interest  at  an  annual  rate  of  5% and is due upon the earlier of either the
Company's completion of a public or private debt or equity financing or December
1,  2005.

In December 2000, the Company entered into an agreement with Electrum to provide
the  right  to borrow additional funds.  The funds obtained under this agreement
bear  interest  at  8%,  and repayment is due upon the Company's completion of a
public  or private debt or equity financing. The Company borrowed $200,000 under
this  agreement,  and  no  additional  funds are available under this agreement.

The  Electrum  loan  agreement  provides  that  if  these  loans are not paid by
February 1, 2001, the Company is required to grant Electrum warrants to purchase
285,000  shares  of  the  Company's  common stock at $1.50 per share exercisable
through  September 30, 2003.  The loans were not repaid by February 1, 2001, and
the  warrants  have been issued.  Electrum may also elect to be repaid partially
or  completely  in regards to the total principal and interest outstanding under
both  loans  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, 2003.  Electrum has agreed that at least $100,000 of the
November  2000  loan will be repaid in units.  This conversion of debt to equity
has  not been accomplished, and was not reflected in the financial statements as
of  December  31,  2001.

On  March  12,  2001,  the Company entered into an agreement with Electrum under
which the Company borrowed an additional $50,000 to fund its operating costs, on
the  same interest and repayment terms as the loans under the December 2000 loan
agreement.  Under this agreement, in March 2001, the Company granted to Electrum
warrants  to  purchase  an additional 50,000 shares of its common stock at $1.50
per  share,  exercisable through September 30, 2006.  The Company also agreed to
extend  through  September  30,  2006,  the  expiration dates of the warrants to
acquire  7,979,761  shares  issued  under  the  stock purchase agreement and the
warrants  to  acquire  285,000  shares issued under the December 2000 agreement.

In  the quarter ended March 31, 2001, the Company recorded a financing charge of
$608,058  related  to  the extension of the 7,979,761 warrants granted under the
stock  purchase  agreement  and recorded a financing charge totaling $89,981 for
the  grant  and extension of the 285,000 warrants issued under the December 2000
loan  agreement and the grant of the 50,000 warrants issued under the March 2001
loan  agreement.  These  financing  costs represent the fair value of the equity
issuances  under  the  Company's  Black-Scholes  Option  Price  Calculation.

On  April  11,  2001,  the Company entered into an agreement with Electrum under
which  the  Company may borrow additional funds from Electrum under the terms of
December  2000 loan agreement to fund its operating costs if Electrum elects, in
its  sole  discretion, to lend such funds. During the period from April 10, 2001
through  September 30, 2001, the Company borrowed $135,000 under this agreement.
The  funds  borrowed  under this agreement bear interest at 8%, and repayment is
due  upon  the  Company's  completion  of  a  private  or  public debt or equity
financing.  At  Electrum's  option,  the  Company  may  repay part or all of the
principal  and  interest outstanding under the loan in units as described above.

On  July  1, 2001, the Company issued 185,000 warrants to Electrum, strike price
$1.50, exercisable through September 30, 2006.  These were issued per Electrum's
request,  and  the  board  of  director's  approval,  that  Electrum


                                       24
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2001

NOTE  6  -  RELATED  PARTY  TRANSACTIONS  (CONTINUED)

Related  Party  Loans  (continued)
----------------------------------
should  possess  one warrant for every dollar of debt outstanding.  This brought
the  total warrants issued related to notes payable to Electrum to 520,000 as of
September  30,  2001.  See  Note  12.

A  stockholder loaned the Company $90,000 in a note dated August 16, 2001.  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 loan facilities of this
type  to  the  Company.  This  same  stockholder, on October 2, 2001, loaned the
Company  an  additional $10,000 under the same terms as the $90,000 loan.  These
notes  carry  the  same  conversion  feature  as Electrum's, exercisable through
September  30,  2006.  See  Note  5.

During  the  quarter  ended  September  30,  2001, various other related parties
loaned  the Company a total of $193,500.  Of this amount, $134,500 was converted
to  equity  by  September  30, 2001 at $1 per share.  See Note 5.  The remaining
amount  of  $59,000  has  been  recorded  as short-term, uncollateralized loans,
bearing  no  interest  and having no specific due date.  Of the $59,000, $25,000
was  converted  to  common  stock  shares  in  the  Company  on October 8, 2001.

LCM  Holdings, LLC loaned the Company $119,390 in a note dated October 22, 2001.
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 loan
facilities of this type to the Company.  One warrant is attached to every dollar
of  this  debt, with a strike price of $1.50, exercisable until January 9, 2004.
LCM's  note  carries  the  same  conversion  feature  as Electrum's, exercisable
through  September  30,  2006.

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  received  3,000  shares  per  month  of  Trend common stock as
compensation  for  his  services.  Mr.  Ryan resigned in December 2000, and this
agreement  was  terminated.  In  July 2001, Mr. Ryan was again designated as the
Company's  chief  financial  officer,  secretary and treasurer. As of the end of
this  reporting  period,  compensation  arrangements  for  Mr. Ryan had not been
finalized.


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.  Depreciation  expense  for the periods ending December 31, 2001 and 2000
was  $611  and  $4,487,  respectively.


                                       25
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2001

NOTE  7  -  PROPERTY  AND  EQUIPMENT  (CONTINUED)

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

<TABLE>
<CAPTION>
                                        December 31,    December 31,
                                            2001            2000
                                       --------------  --------------
<S>                                    <C>             <C>
       Furniture and Equipment         $      51,288   $      51,258
       Less: Accumulated Depreciation        (29,537)        (15,568)
                                       --------------  --------------
                                       $      21,751   $      35,690
                                       ==============  ==============
</TABLE>

NOTE  8  -  INVESTMENTS

The  Company's  securities  investments  are  classified  as  available-for-sale
securities  which  are recorded at fair value in investments and 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,  which are classified, as trading securities.

The  Company recognized a charge for other comprehensive loss of $38,314 for the
year  ended  September  30,  2000.  In  the  year  ended September 30, 2001, the
Company  recognized  income  of  $413  for  the  change  in  the market value of
investments.  The  investment in New Jersey Mining Company 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,  a  related  party, for 50,000 shares of Calumet Mining Company's $0.01
par value common stock.  These shares are currently being carried at $500.  They
will  be  reevaluated  at each reporting period and adjustments, if appropriate,
will  be  made  to  the  carrying  value  of  these  securities.


                                       26
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2001

NOTE  9  -  NOTES  PAYABLE

Following is a summary of long-term debt as of December 31, 2001 and 2000:

<TABLE>
<CAPTION>
                                                                    December 31,
                                                                 ------------------
                                                                   2001      2000
                                                                 --------  --------
<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              $ 2,487   $ 3,954

Note payable to Wells Fargo
     Interest at 14.99%, secured by vehicle, payable in monthly
     installments of $231 through April 7, 2005                    7,417     8,683
                                                                 --------  --------

     Total notes payable                                           9,904    12,637

     Less:  Current maturities included in current liabilities    (3,589)   (3,166)
                                                                 --------  --------

                                                                 $ 6,315   $ 9,471
                                                                 ========  ========
</TABLE>

Following  are  the  maturities  of  long-term  debt  for  the next three years:

          2003                 $2,881
          2004                  2,419
          2005                  1,015
                               ------
                               $6,315
                               ======


NOTE  10  -  COMMITMENTS  AND  CONTINGENCIES

Lake  Owen  Option  Agreement
-----------------------------
In  July  1999,  the  Company executed an option agreement with General Minerals
Corporation  ("GMC")  wherein  the Company may earn a 100% interest in a mineral
property  in  Albany  County, Wyoming in exchange for its payment of exploration
expenditures  during  the  three-year option period, which commenced on July 27,
1999.  Under  the  agreement,  the  Company  is  obligated  to spend $750,000 on
exploration  expenditures  for  this  project,  commonly  known as the Lake Owen
property,  during  the  option
period,  with  no  less than $150,000 of such expenditures to be made within the
first  year.  The  agreement  was  amended  in  June  2000 to include $15,000 of
geophysical  survey  work.

In  consideration for the aforementioned option, the Company paid GMC $40,000 in
cash  and  issued to GMC 715,996 shares in 1999 and 129,938 shares in 2000.  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.


                                       27
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2001

NOTE  10  -  COMMITMENTS  AND  CONTINGENCIES  (CONTINUED)

Canadian  Property
------------------
In August 2000, the Company entered into an agreement whereby Spectra Management
Corporation  would explore and stake five claims representing about 67,000 acres
for  the  Company  in  northern Saskatchewan.  This property is now known as the
Peter  Lake  Claims.  The  Company is obligated to complete work requirements of
$212,000  U.S.  by  June  1,  2002.

Lease  Agreements
-----------------
During  the period ended December 31, 2000, the Company entered into a lease for
its  executive offices in Coeur d'Alene, Idaho.  The lease has a three-year term
with  monthly  rent  of  $2,656  in  addition to a $2,656 security deposit.  The
Company  has  the  option  to  extend the lease for an additional two years at a
monthly  rent  of  $2,921.  The  Company's rent expense reflects a reduction for
payments  for  improvements that were considered to be in lieu of lease expense.
Total  rent  expense,  relating to this lease, for the period ended December 31,
2001 was $7,968.  Of this amount, $7,968 was outstanding as of December 31, 2001
and  paid  in  January  2002.

Future  minimum  lease  payments  under  this  operating lease are as follows at
December  31,  2001:

           Year Ending:

           September 30, 2002             $31,872
           September 30, 2003             $29,216

In  July  2000, the Company entered into a lease agreement for additional office
facilities  in  Reno,  Nevada.  The  agreement is a two year lease and calls for
monthly  payments  of  $1,725 during the first year and $1,775 during the second
year  in  addition  to  a  $350  security deposit.  Prior to the signing of this
lease,  the  Company  had  occupied the facilities on a month-to-month basis for
$1,714  per  month.  As  of  September  30, 2001, the Company no longer occupied
these  facilities  in  Nevada.  Management is currently carrying on negotiations
with  the  lessor  as  to  subleasing or terminating the remainder of the lease.

On  August  2,  2001,  the  Company signed a month-to-month rental agreement for
storage  space  in  Coeur d'Alene, ID.  The monthly payment is $425.  Delinquent
rental  payments  are  subject to a 12% per annum interest charge.  The space is
being  used  by  the  Company  to  store  and  evaluate  core from the Lake Owen
property.

Consulting  Agreement
---------------------
On  October 31, 2000, the Company entered into a consulting agreement with Brian
Miller under which Mr. Miller 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  $.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.


                                       28
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2001

NOTE  11  -  DISPOSAL  AND  IMPAIRMENT  OF  ASSETS

In  late  1998,  the  Company  acquired  mining  equipment valued at $180,000 in
exchange  for  600,000  shares  of common stock with a value of $0.30 per share.
Most  of  this  equipment was sold during the year ending September 30, 1999 for
$32,300,  resulting  in a realized loss of $129,700.  In addition, an impairment
of  $14,000,  representing  the  excess  of  the  $18,000  carrying value of the
remaining  equipment  over its fair value of $4,000, was included in the loss on
disposition  and  impairment  of  assets charged to operations in the year ended
September  30,  1999.  The Company also recognized a loss of $55,000 on the sale
of  the  Rae  Wallace  Mine,  which had been acquired during 1998 for $75,000 in
common  stock  and  was sold in 1999 for $20,000.  In addition, the Company sold
miscellaneous  equipment  in  1999, recognizing $7,026 in additional gains.  See
Note  3.

During  the  year  ended  September  30,  2000, the Company recognized a gain of
$5,000  on  the sale of the Silver Strand Mine, for which it received New Jersey
Mining Company stock valued at $5,000 and retained a royalty.  The mine had been
acquired  for  common  stock  in  1984. This New Jersey Mining Company stock was
transferred  to a consultant in settlement of outstanding invoices.  See Notes 3
and  8.

In  November 2002, the Company sold its interest in Pyramid Mine in exchange for
stock  in  Calumet  Mining  Company.  See  Note  8.


NOTE  12  -  CORRECTION  OF  AN  ERROR

     Subsequent  to  the Company's year-end, it was determined that loans to the
Company  were  overstated  by  $85,000  at  September  30, 2001 and that 185,000
warrants  valued  at $45,079 were understated at the same date.  In addition, it
was  also  determined  that  5,000  shares  of common stock, valued at $0.77 per
share,  were  issued but not recorded in the year ended September 30, 2001.  The
aforementioned  corrections  resulted in a decrease of $36,071 to the previously
reported  accumulated  deficit  and  loss for the year ended September 30, 2001.


NOTE  13  -  SUBSEQUENT  EVENTS

     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 loan facilities of this
type  to  the  Company.  One  warrant is attached to each dollar of debt, with a
strike price of $1.50, exercisable through January 9, 2004.  The lender may also
elect to be repaid partially or completely in regards to the total principal and
interest  outstanding under the loan 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.

     Pursuant  to  an  agreement to readjust certain terms of loans and warrants
dated  January  30,  2002,  the  Company  borrowed  an  additional $150,000 from
Electrum  and Electrum waived accrued interest owed by the Company as of January
29,  2002 totaling $42,950.  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  in  Units  of  the  Company's  securities,  at  the  rate  of


                                       29
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2001

NOTE  13  -  SUBSEQUENT  EVENTS  (CONTINUED)

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.


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

     Our losses for the quarter ended December 31, 2001, were $229,097. These
losses increased our accumulated deficit as of December 31, 2001 to  $6,772,449.
Our third quarter loss is due primarily to professional services fees of
$21,884, and general operating expenses of  $134,937.

     Our operating cash deficit totaled  $2,008,805 during the quarter. 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, 2001, we have borrowed approximately $520,000 from Electrum LLC,
our largest stockholder pursuant to certain financial arrangements. Subsequent
to the end of the reporting period but prior to the date of this report,
Electrum LLC loaned an additional $150,000 to the Company.  Electrum has agreed
to convert at least $100,000 of the debt to "units," at $1.25 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 $1.50, exercisable
through September 30, 2006.  In connection with such loan agreements with
Electrum, we have granted Electrum warrants to purchase 520,000 shares of our
common stock at $1.50 per share, exercisable through 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.

     Subsequent to the end of this reporting period but prior to the filing of
this report, 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
(see note 13 above).

     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.  The holder of the one
issued share of our Series A preferred stock, currently Mr. Kaplan, has the


                                       30
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2001

right to approve or disapprove all issuances of equity securities.  There can be
no assurance that Electrum 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 and/or Mr. Kaplan.

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

     During July and August 2001, we have 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 2002 will be to focus on the evaluation of the mineral
properties we now control.  We will focus on satisfying the work commitments
that are required on the Lake Owen property pursuant to the Lake Owen option
agreement as well as commitments on our Peter Lake property.

     During the remainder of 2002 we plan to spend from  $700,000 to  $900,000
on land payments, scientific analyses of existing geologic data, and general
exploration activities on the Lake Owen and Peter Lake properties.  In addition,
depending on the timing of raising additional funds, we may spend from  $50,000
to $100,000 on a selected basis on our other existing properties  for
reconnaissance  and  other  exploration work, which may include geological
mapping,  geo-chemical sampling, and/or geophysical surveys.  During the quarter
ended December 31, 2001, our exploration expenditures totaled $4,070.

     As of December 31, 2001, we had a net operating loss for federal income tax
purposes of approximately  $5.4 million.  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.  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


                                       31
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2001

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.



PART  II

ITEM  1.  LEGAL PROCEEDINGS.

     Several vendors of the Company have threatened to take legal action to
recover sums owed to them. As of the date of this report, to the best knowledge
of the Company officers, no legal actions have been filed.

ITEM  2.  CHANGES IN SECURITIES AND USE OF PROCEEDS.

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

     We had 18,793,506 shares of common stock issued and outstanding as of
December 31, 2001. 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
following 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.

               Common  Stock
               -------------
     During the period ended December 31, 2001, the Company issued 25,000 shares
of common stock valued at $25,000 for a note payable, and 12,536 shares of
common stock valued at $6,895 for accounts payable.

               Options
               -------

     No additional options were  issued  during the quarter ended December 31,
2001 or subsequent  to  that  date  and  the  date  of  this  report.


                                       32
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2001

     Warrants
     --------

     On October 2, 2001, a stockholder loaned the Company $10,000 which resulted
in  the  issuance  of an additional 10,000 warrants with a strike price of $1.50
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.
The lender may also elect to be repaid partially or completely in regards to the
total  principal  and  interest  outstanding  under the loan 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.

     LCM  Holdings,  LLC loaned the Company $119,445 in a note dated October 22,
2001.  One  warrant  is  attached to 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.  The  lender may also elect to be repaid partially or completely in
regards  to  the  total  principal  and  interest  outstanding under the loan 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.

     Subsequent  to  the  end  of  the  reporting  period, on January 8, 2002, a
stockholder  loaned the Company $30,000.  One warrant is attached to each dollar
of debt, with a strike price of $1.50, exercisable through January 9, 2004.  The
lender  may  also  elect  to be repaid partially or completely in regards to the
total  principal  and  interest  outstanding  under the loan 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.

     Also  subsequent  to  the  end  of  the reporting period and pursuant to an
agreement  to  readjust  certain  terms  of loans and warrants dated January 30,
2002,  the  Company  borrowed  an additional $150,000 from Electrum and Electrum
waived  accrued  interest  owed  by  the Company as of January 29, 2002 totaling
$42,950.  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 in
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.


ITEM  3.  DEFAULTS  UPON  SENIOR  SECURITIES.

          None.

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

          None.


                                       33
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                DECEMBER 31, 2001

ITEM  5.  OTHER  INFORMATION.

          None.

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

          (a)  Exhibits

          None.

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

          (b)  Reports  on  Form  8-K.

               None

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:  February 14, 2002
By:     /s/ Kurt J. Hoffman
        -------------------------
        Kurt J. Hoffman
        President and Chief Executive Officer
        (Principal Executive Officer)


Dated:  February 14, 2001
By:     /s/ John  P.  Ryan
        ----------------------
        John P. Ryan
        Chief Financial Officer


                                       34
<PAGE>