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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 10-QSB



|[X]    | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 
|------ | ----------------------------------------------------------------------------------------
|       | FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2005                                            
|       |                                                                                         
|       | OR                                                                                      
|       |                                                                                         
|[    ] | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|       | For the transition period from to                                                       

Commission file number 333-116229

METALEX RESOURCES, INC. (Exact name of registrant as specified in its charter)



|NevadaState or other jurisdiction of incorporation or organization | 98-0422451(IRS Employer Identification No.)
|------------------------------------------------------------------ | -------------------------------------------

1811 East 17th Avenue
Spokane, Washington 99203(Address of principal executive offices, including zip code.)

(509) 535-4662 (Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [    ]



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PART I. FINANCIAL INFORMATION

ITEM 1.     INTERIM FINANCIAL STATEMENTS



|METALEX RESOURCES, INC.                              
|-----------------------------------------------------
|(AN EXPLORATION STAGE COMPANY)                       
|BALANCE SHEETS                                       
|                                                     
|                                                     
|                                                     
|                                                     
|ASSETS                                               
|CURRENT ASSETS                                       
|                                                     
|Cash and cash equivalents                            
|Accounts receivable - related party                  
|Total Current Assets                                 
|                                                     
|EQUIPMENT, net                                       
|                                                     
|OTHER ASSETS                                         
|Software, net                                        
|                                                     
|TOTAL ASSETS                                         
|                                                     
|LIABILITIES AND STOCKHOLDER'S DEFICIT                
|                                                     
|CURRENT LIABILITIES                                  
|Accounts payable                                     
|Payroll taxes payable                                
|Advances from officers                               
|Total Current Liabilities                            
|                                                     
|COMMITMENTS AND CONTINGENCIES                        
|                                                     
|STOCKHOLDER'S DEFICIT                                
|Common stock, 100,000,000 shares authorized, $0.00001
|par value, 5,000,000 shares issued and outstanding   
|Additional paid-in capital                           
|Accumulated deficit during exploration stage         
|TOTAL STOCKHOLDER'S DEFICIT                          
|                                                     
|TOTAL LIABILITIES AND STOCKHOLDER'S DEFICIT          



See accompanying condensed notes to interim financial statements.
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|METALEX RESOURCES, INC.                  
|-----------------------------------------
|(AN EXPLORATION STAGE COMPANY)           
|STATEMENTS OF OPERATIONS                 
|                                         
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|                                         
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|REVENUE                                  
|                                         
|OPERATING EXPENSES                       
|Legal and accounting fees                
|Mining exploration expense               
|Consulting fees                          
|Depreciation                             
|Other general and administrative expenses
|TOTAL EXPENSES                           
|                                         
|LOSS FROM OPERATIONS                     
|                                         
|INCOME TAXES                             
|                                         
|NET LOSS                                 
|                                         
|BASIC AND DILUTED                        
|NET LOSS PER SHARE                       
|                                         
|WEIGHTED AVERAGE SHARES                  
|OUTSTANDING USED IN BASIC AND            
|DILUTED PER-SHARE CALCULATION            







See accompanying condensed notes to interim financial statements.
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|METALEX RESOURCES, INC.                           
|--------------------------------------------------
|(AN EXPLORATION STAGE COMPANY)                    
|STATEMENTS OF CASH FLOWS                          
|(Unaudited)                                       
|                                                  
|                                                  
|                                                  
|                                                  
|                                                  
|CASH FLOWS FROM OPERATING ACTIVITIES:             
|Net loss                                          
|Adjustments to reconcile net loss to net cash used
|by operating activities:                          
|Expenses paid by shareholder                      
|Common stock issued for services                  
|Depreciation                                      
|Increase in accounts receivable - related party   
|Increase (decrease) in accounts payable           
|Net cash provided (used) by operating activities  
|                                                  
|CASH FLOWS FROM INVESTING ACTIVITIES:             
|Purchase of equipment                             
|Net cash used by investing activities             
|                                                  
|CASH FLOWS FROM FINANCING ACTIVITIES:             
|Proceeds from sale of common stock                
|Payment of shareholder loan                       
|Proceeds from shareholder loan                    
|Net cash provided by financing activities         
|                                                  
|INCREASE IN CASH AND CASH EQUIVALENTS             
|CASH AND CASH EQUIVALENTS                         
|Beginning of period                               
|                                                  
|End of period                                     
|                                                  
|SUPPLEMENTAL CASH FLOW DISCLOSURE:                
|Interest paid                                     
|Income taxes paid                                 
|                                                  
|NON-CASH INVESTING AND FINANCING TRANSACTIONS     
|Common stock issued for services                  
|Common stock issued for expenses paid by          
|shareholder                                       









See accompanying condensed notes to interim financial statements.

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|METALEX RESOURCES INC.                     
|-------------------------------------------
|(AN EXPLORATION STAGE COMPANY)             
|CONDENSED NOTES TO THE FINANCIAL STATEMENTS
|June 30, 2005                              

NOTE 1 - BASIS OF PRESENTATION

The foregoing unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-QSB and Regulation S-B as promulgated by the Securities and Exchange Commission ("SEC"). Accordingly, these financial statements do not include all of the disclosures required by generally accepted accounting principles in the United States of America for complete financial statements. These unaudited interim financial statements should be read in conjunction with the Company's audited financial statements for the year ended March 31, 2005. In the opinion of management, the unaudited interim financial statements furnished herein include all adjustments, all of which are of a normal recurring nature, necessary for a fair statement of the results for the interim period presented. Operating results for the three month period ended June 30, 2005 are not necessarily indicative of the results that may be expected for the year ending March 31, 2006.

The preparation of financial statements in accordance with generally accepted accounting principles in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and the reported amounts of revenues and expenses during the reporting period. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of the Company's financial statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions and could have a material effect on the reported amounts of the Company's financial position and results of operations.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

This summary of significant accounting policies of the Company is presented to assist in understanding the financial statements. The financial statements and notes are representations of the Company's management which is responsible for their integrity and objectivity. 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.

Going ConcernAs shown in the accompanying financial statements, the Company has no revenues, has limited cash and has incurred a net loss of approximately $21,000 for the three month period ending June 30, 2005and has an accumulated deficit of $423,423. These factors indicate that the Company may be unable to continue in existence. The financial statements do not include any adjustments related to the recoverability and classification





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|METALEX RESOURCES INC.                     
|-------------------------------------------
|(AN EXPLORATION STAGE COMPANY)             
|CONDENSED NOTES TO THE FINANCIAL STATEMENTS
|June 30, 2005                              

Going Concern (continued)of recorded assets, or the amounts and classification of liabilities that might be necessary in the event the Company cannot continue in existence.

Management believes that its receipt of funds from the public offering of its stock will generate sufficient cash for the Company to continue to operate based on current expense projections. The Company anticipates it will require approximately $175,000 to continue operations in the fiscal year 2005.

NOTE 3 - COMMON STOCK

The Company is authorized to issue 100,000,000 shares of $0.00001 par value common stock. All shares have equal voting rights, are non-assessable and have one vote per share. Voting rights are not cumulative and, therefore, the holders of more than 50% of the common stock could, if they choose to do so, elect all of the directors of the Company.

On February 5, 2004, a total of 5,000,000 shares of restricted common stock were issued to the Company's president. There was no public offering of any securities. The aforementioned shares were issued in payment of legal fees of $10,000, consulting fees of $363,096 and $1,904 for purchase of mining claims. These shares were issued pursuant to exemption from registration contained in Section 4 (2) of the Securities Act of 1933.

During the three months ended June 30, 2005 the Company issued 2,000,000 shares of common stock for cash in the amount of $0.10 per share, or $200,000 before offering costs.

NOTE 4 - RELATED PARTY TRANSACTIONS

The Company occupies office space provided by its executive administrator at no charge. The value of this space is not considered materially significant for financial reporting purposes. Additionally, the Company's president has advanced funds to the Company to pay $11,904 of initial legal fees and mining claims. The funds advanced were repaid as part of the original stock issuance transaction. See Note 3.

During the year ended March 31, 2005, an officer advanced money to the Company in the amount of $30,000 to pay accounting fees and to provide operating capital. This amount is considered an unsecured advance from the officer, with no set repayment date, and no interest being charged. During the three months ended June 30, 2005, the Company repaid the entire amount.

During the three months ended June 30, 2005, the Company repaid to the officer $32,112, which included and overpayment of $1,904 for the cost of the initial staking fees at the mining site that had already been repaid to the officer. (See Note 3.)  The Company discovered this oversight subsequent to the date of the financials and has since made arrangements for the officer to repay the amount back to the Company.









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ITEM 2.     MANAGEMENT DISCUSSION AND ANALYSIS

This section of this report includes a number of forward- looking statements that reflect our current views with respect to future events and financial performance. Forward-looking statements are often identified by words like: believe, expect, estimate, anticipate, intend, project and similar expressions, or words which, by their nature, refer to future events. You should not place undue certainty on these forward-looking statements, which apply only as of the date of this report. These forward-looking states are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or out predictions.

We are a start-up, exploration stage corporation and have not yet generated or realized any revenues from our business operations. An exploration stage corporation is one engaged in the search for mineral deposits or reserves which are not in either the development or production stage.

Our auditors have issued a going concern opinion. This means that there is substantial doubt that we can continue as an on-going business for the next twelve months unless we obtain additional capital to pay our bills. This is because we have not generated any revenues and no revenues are anticipated until we begin removing and selling minerals. We have enough money to allow us to operate for at least one year. Our success or failure will be determined by what we find under the ground. The more core samples we take, the more thorough our exploration will be conducted. Since we do not know what we will find under the ground, we cannot tell you if we will be successful even if we raise the maximum amount of this offering.

We will be conducting research in the form of exploration of the property. Our exploration program is explained in as much detail as possible in the business section of this report. We are not going to buy or sell any plant or significant equipment during the next twelve months. We will not buy any equipment until have located a body of ore and we have determined it is economical to extract the ore from the land.

We do not intend to interest other companies in the property if we find mineralized materials. We intend to try to develop the reserves through the use of mining engineers.

We do not intend to hire additional employees at this time. All of the work on the property will be conduct by unaffiliated independent contractors that we will hire. The independent contractors will be responsible for surveying, geology, engineering, exploration, and excavation. The geologists will evaluate the information derived from the exploration and excavation and the engineers will advise us on the economic feasibility of removing the mineralized material.

In the event we complete our exploration program prior to the end of one year, and it is anticipated we will do so as reflected in the milestones that follow, if we find mineralized material we will spend the balance of the year creating a program for development of the property. If we do not find mineralized material at the conclusion of our exploration program, we will cease operations.



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Milestones

The following are our milestones:

| | 1. | In the next 60 days- Retain our consultant to manage the exploration of the property. - Cost $15,000. Time of retention 0-90 days.                                                                                                                                                                                              
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                 
| | 2. | In the next 90-180 days - Core drilling will cost $20.00 per foot. The number of holes to be drilled will be dependent upon the amount raised from the offering. Core drilling we be subcontracted to non-affiliated third parties. Time to conduct the core drilling - 90 days.                                                
| |    |                                                                                                                                                                                                                                                                                                                                 
| | 3. | In the next 180-210 days - Have an independent third party analyze the samples from the core drilling. Determine if mineralized material is below the ground. If mineralized material is found, we will attempt to define the ore body. We estimate that it will cost $10,000 to analyze the core samples and will take 30 days.

Limited Operating History; Need for Additional Capital

There is no historical financial information about us upon which to base an evaluation of our performance. We are an exploration stage corporation and have not generated any revenues from operations. We cannot guarantee we will be successful in our business operations. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources, possible delays in the exploration of the property, and possible cost overruns due to price and cost increases in services.

To become profitable and competitive, we must conduct the research and exploration of the property before we start production of any minerals we may find. We are seeking equity financing to provide for the capital required to implement our research and exploration phases.

We have no assurance that future financing will be available to us on acceptable terms. If financing is not available on satisfactory terms, we may be unable to continue, develop or expand our operations. Equity financing could result in additional dilution to existing shareholders.

In the event we create a wholly owned subsidiary corporation, we estimate the costs to be approximately $10,000. $2,500 for incorporation; $5,000 for an audit; $100 to transfer title to the property; $500 for the registered agent fee; and, up to $1,900 for potential taxes. These expenses are predicated upon the discovery of mineralized material. There is no assurance mineralized material will ever be discovered.

Results of Operations

From Inception on February 4, 2004

We will be exploring one property containing four claims. The property has been staked and will begin our exploration plan upon completion of this offering.



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Since inception, Andrei Stytsenko, our sole officer and director has paid all our expenses to stake the property, to incorporate us, and for legal and accounting expenses. Net cash provided by Mr. Stytsenko from inception on February 4, 2004 to June 30, 2005 was $41,904. Of the monies advanced by Mr. Stytsenko, we repaid $11,904 by the issuance of 158,720 shares of common stock and the remaining $30,000 was repaid in cash.

Liquidity and Capital Resources

As of the date of this report, we have yet to generate any revenues from our business operations.

We issued 5,000,000 shares of common stock through a private placement pursuant to section 4(2) of the Securities Act of 1933 exemption from registration contained in March 2004. This was accounted for as a purchase of shares of common stock.

As of June 30, 2005, our total assets were $148,772 and our total liabilities were $1,101.

We issued 2,000,000 shares of common stock through our public offering declared effective on April 22, 2005 and raised $200,000. This was accounted for as a purchase of shares of common stock.

At June 30, 2005, we had working capital of $147,034 compared to a working capital deficit of $27,154 at March 31, 2004.

At June 30, 2005, our total assets of 148,135 consisted of cash of $147,498 and equipment and software of $637.

At June 30, 2005, our total liabilities were $1,101.

We have no long-term debt and does not regard long-term borrowing as a good, prospective source of financing.



ITEM 3.     CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Andrei Stytsenko, our Chief Executive Officer and Chief Financial Officer has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15 and 15d-15 under the Securities Exchange Act of 1934, as amended (the Exchange Act )) as of the end of the period covered by this quarterly report (the Evaluation Date ). Based on such evaluation, he has concluded that, as of the Evaluation Date, our disclosure controls and procedures are effective in alerting us on a timely basis to material information required to be included in our reports filed or submitted under the Exchange Act.



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Changes in Internal Controls

There were no significant changes in our internal controls or, to the Company's knowledge, in other factors that could significantly affect the Company's disclosure controls and procedures subsequent to the date the Company carried out this evaluation.

PART II - OTHER INFORMATION

ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS.

On April 22, 2005, we completed our public offering and sold 2,000,000 shares of common stock and raised $200,000. There was no underwriter involved in our public offering. The proceeds from the offering were partially used during the quarter ended June 30, 2005 to repay loans in the amount of $30,000 to our president, who financed the Company's incorporation and operational expenses during the registration process.

The proceeds remaining are available to cover future exploration and working capital expenses of the Company.

ITEM 6. 	EXHIBITS.

The following Exhibits are attached hereto:

| | Exhibit No. | Document Description                                                                                                                                                                          
| | ----------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |             |                                                                                                                                                                                               
| | 31.1        | Certification of Principal Executive Officer and Principal Financial Officer pursuant to Rule 13a-15(a) and Rule 15d-15(a), promulgated under the Securities Exchange Act of 1934, as amended.
|
| | 32.1        | Certification of Chief Executive Officer and Chief Financial Officer Pursuant To 18 U.S.C. Section 1350, as adopted pursuant to Section 302 Of The Sarbanes-Oxley Act of 2002.                









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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 on this 22nd day of August, 2005.



| | METALEX RESOURCES, INC.
| | -----------------------
| | (Registrant)           
| |                        
| | BY:                    
| |                        
| |                        



















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