UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

T        Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended March 31, 2007

£        Transition Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from _____ to _____

Commission File Number: 000-51203

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes T No £

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes £ No T

State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date. 36,398,176 shares of common stock as of May 15, 2007.

Transitional Small Business Disclosure Format (check one): Yes £ No T

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The following unaudited interim consolidated financial statements of FinMetal Mining Ltd. are included in this Quarterly Report on Form 10-QSB:

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On November 30, 2006 the Company granted 1,950,000 restricted shares at a deemed price of $1.24 per share to officers of the company. Fifty percent of these shares vest on January 1, 2008 and the balance on January 1, 2009. Related stock based compensation in the amount of $290,160 was charged to operations during the three months ended March 31, 2007 (2006: $NIL), $96,720 was charged to operations during the fiscal year ended December 31, 2006, the balance in the amount of $ 2,031,120 is deferred and shall be amortized and charged to operations over the vesting period. The deemed price is equal to the market price of the Company's stock on the date of the transaction.

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As at March 31, 2007, the Company had 5,599,000 warrants outstanding, exercisable at $1.00 per share on or before December 7, 2007 (March 31, 2006: Nil).

Related party transactions not disclosed elsewhere in these financial statements are as follows:

During the three months ended March 31, 2007 the Company:

• paid $Nil (2006: $12,000) for consulting and management fees to former directors and officers of the Company.
• paid $86,996 (2006: $nil) for consulting and management fees and management salaries to current officers and directors of the Company.
• signed an option agreement to acquire a 100% interest in five mineral concessions Note 4(i). The agreement was signed with a company which is controlled by the Company's president.

These transactions were in the normal course of operations and were measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties.

• See Notes 4(i) and 9.

• The Company is committed for one year, commencing November 1, 2006, for monthly consulting services in the amount of $ 2,500 each to two parties who provide investment banking, business development strategies and corporate marketing.
• The Company committed for a one year period commencing January 1,2007, to a consulting firm for monthly services in the amount of $1,500, for website maintenance.
• The Company is further committed, commencing May 1, 2007, for monthly consulting services in the amount of $ 17,000 to its Vice President of Exploration.

Subsequent to March 31, 2007 the Company:

• Completed a $3,045,000 private equity financing consisting of the issuance of 2,436,000 units at $ 1.25 per unit. Each unit consists of one share of common stock, par value $0.00001, and one-half warrant with each full warrant enabling the purchase of one share of common stock, exercisable for twelve months at the exercise price of $ 1.75.
• On May 4, 2007 the Company issued 400,000 shares as a finders' fee pursuant to the acquisition of mineral property interests (Note 4 (i)).
• On April 17, 2007 the Company granted 925,000 restricted shares at a deemed price of $1.45 per share to officers, directors and consultants of the Company. Fifty percent of these shares vest on April 17, 2008 and the balance on April 17, 2009.
• On April 17, 2007 the Company granted 3,350,000 incentive stock options to officers, directors and consultants of the Company to purchase common stock of the Company at a price of $1.25 per common share on or before April 17, 2017 and vesting as to one-quarter of the common shares under the stock option on April 17, 2007 and one-quarter every six months thereafter in accordance with the terms and conditions of the Company's Stock Incentive Plan.

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Prior to the operations of acquisition and exploration of mineral properties, the Company's areas of operations were primarily in Canada. Since the commencement of acquisition and exploration of mineral properties, the Company's principal operations are in Finland. As at March 31, 2007, the Company does not have any material assets outside of Canada except net long-lived assets of $4,925.

Certain prior year amounts have been reclassified to conform to the current year presentation.

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The following discussion of our plan of operations, results of operations and financial condition as at and for the three months ended March 31, 2007 should be read in conjunction with our unaudited interim consolidated financial statements and related notes for the three months ended March 31, 2007 included in this Quarterly Report and our Annual Report on Form 10-KSB for the year ended December 31, 2006, including our annual audited financial statements included therein.

We were incorporated on September 5, 1997 under the laws of the State of Nevada. On January 7, 2005, we completed a one new for six old reverse stock split of our shares of common stock. On March 9, 2006, we completed a one new for 100 old reverse stock split of our shares of common stock. On June 13, 2006, we completed an eight new for one old forward stock split of our shares of common stock. These reverse and forward stock splits are reflected in this Quarterly Report. On November 27, 2006, we acquired FinMetal OY. Our authorized capital is 100,000,000 common shares with a par value of $0.00001 per share and our shares trade on the OTC Bulletin Board and the Pink Sheets.

During the next 12 months we anticipate that we will not generate any revenue. We had cash of $3,812,920 and working capital of $3,777,305 at March 31, 2007. We anticipate that we have sufficient funds to enable us to pay our planned expenses for the next 12 months.

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However, we will be required to obtain additional financing in order to pursue our plan of operations going forward. We believe that debt financing will not be an alternative for funding additional phases of exploration as we do not have tangible assets to secure any debt financing. We anticipate that additional funding will be in the form of equity financing from the sale of our common stock. However, we cannot provide investors with any assurance that we will be able to raise sufficient funding from the sale of our common stock to fund our exploration program going forward. In the absence of such financing, we will not be able to continue exploration of our mineral claims and our business plan will fail. Even if we are successful in obtaining equity financing to fund our exploration program, there is no assurance that we will obtain the funding necessary to pursue any advanced exploration of our mineral claims. If we do not continue to obtain additional financing, we will be forced to abandon our mineral claims and our plan of operations.

During the past three years we have had limited operations. During the fiscal year ended December 31, 2006, we changed our operational focus to the acquisition and exploration of mineral properties. We have not earned any revenues from operations to date. We currently have limited property interests and none of our properties have any known reserves. We have used cash primarily in connection with the acquisition of property interests and organizational activities.

We have incurred significant losses since inception. As at March 31, 2007, we had cash of $3,812,920 and working capital of $3,777,305. We anticipate that we have sufficient working capital to pursue our business plans for the next 12 months.

Cash on hand is currently our only source of liquidity. We do not have any lending arrangements in place with banking or financial institutions and we do not anticipate that we will be able to secure these funding arrangements in the near future.

Our plan of operations for the next twelve months relates primarily to the FinMetal OY Properties in respect of which we plan to:

• develop our 2007-2008 exploration program on these properties. We intend to use modern geophysics to better define drill targets on our FinMetal OY Properties. Techniques used will likely include detailed magnetometry, airborne and down-hole electromagnetometry and high-quality interpretation with a large amount of emphasis on structural geology;
• our proposed exploration program will be based upon the expectation that exploration at deeper levels, to depths of up to 1000m, may lead to the discovery of extensions to the known nickel mineralization in several of the prospects;
• review and utilize technical information on the FinMetal Properties including data obtained largely from the Government run Finnish Geological Society and from claim reports filed by Outokumpu Oy; and
• seek other potential mining opportunities, mainly in Finland, for acquisition and/or development.

If we are successful in securing exploration interests we will be obligated to complete proposed work programs to maintain our interests in good standing. There can be no certainty as to the costs of the future work programs, however, and we will require additional funds to discharge our exploration obligations. We do not have sufficient capital to satisfy all of our proposed future expenditures and we will rely principally on the issuance of common stock to raise funds to finance the expenditures that we expect to incur should we secure exploration interests. Failure to raise additional funds will result in our failure to meet our obligations and we may be required to relinquish our interest in any permit acquired. We have relied principally on the issuance of common stock in private placements to raise funds to support our business but there can be no assurance that we will be successful in raising additional funds through the issuance of additional equity.

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We propose to raise additional financing through the sale of equity securities during the next fiscal year, although there can be no assurance that such funding will be available. In the event that future equity financing cannot be raised or negotiations for joint venture funding are not successful, our activities may be curtailed and this may adversely affect our ability to carry out any acquisitions of suitable mineral property interests.

We believe our existing cash balances are sufficient to carry out our normal operations for the next 12 months. To the extent that we require additional funds to support our operations or the expansion of our business, we may sell additional equity or issue debt. Any sale of additional equity securities will result in dilution to our stockholders. There can be no assurance that additional financing, when required, will be available to our company or on acceptable terms.

The following table sets out our loss for the periods indicated:

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In the three months ended March 31, 2007, our net loss was $727,169, which reflected the ramp-up of our operations due to the acquisition of FinMetal OY and the option in respect of the Apofas Properties. We paid consulting and management fees of $377,156 in the three months ended March 31, 2007, compared to $12,000 in the prior period of 2006. In the three months ended March 31, 2007, we incurred investor communication and promotion expenses of $140,074 and travel and accommodation expenses of $143,624 and professional fees of $29,316 resulting from the acquisition of our current operations.

During the 12 month period following the date of this Quarterly Report, we anticipate that we will not generate any revenue. We had cash of $3,812,920 as at March 31, 2007 and working capital of $3,777,305. We anticipate that we have sufficient working capital to pursue our business plan for the next twelve months.

However, we will be required to obtain additional financing in order to pursue our plan of operations going forward. We believe that debt financing will not be an alternative for funding additional phases of exploration as we do not have tangible assets to secure any debt financing. We anticipate that additional funding will be in the form of equity financing from the sale of our common stock. However, we cannot provide investors with any assurance that we will be able to raise sufficient funding from the sale of our common stock to fund our exploration program going forward. In the absence of such financing, we will not be able to continue exploration of our mineral claims and our business plan will fail. Even if we are successful in obtaining equity financing to fund our exploration program, there is no assurance that we will obtain the funding necessary to pursue any advanced exploration of our mineral claims. If we do not continue to obtain additional financing, we will be forced to abandon our mineral claims and our plan of operations.

Cash used in operating activities in the three months ended March 31, 2007 was $470,488, which reflected our net loss, compared to $9,678 in the prior period of 2006. Operating activities used cash primarily relating to the payment of amounts due to certain related parties and the payment of accounts payable and accrued liabilities. We anticipate that cash used in operating activities will increase in 2007 as we pursue our plan of operations.

In the three months ended March 31, 2007, investing activities used cash of $35,406 as a result of the purchase of equipment. There were no investing activities in the three months ended March 31, 2006.

We have funded our business to date primarily from sales of our common stock. In the three months ended March 31, 2007, we raised proceeds of $2,670,000, compared to $7,500 in the prior period of 2006, from the sale of our common stock.

We have incurred net losses for the period from inception on September 5, 1997 to March 31, 2007 and have no source of revenue. The continuity of our future operations is dependent on our ability to obtain financing and upon future acquisition, exploration and development of profitable operations from our mineral properties. These conditions raise substantial doubt about our ability to continue as a going concern.

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We anticipate continuing to rely on equity sales of our common shares in order to continue to fund our business operations. Issuances of additional shares will result in dilution to our existing shareholders. There is no assurance that we will achieve any additional sales of our equity securities or arrange for debt or other financing to fund our planned exploration activities.

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to stockholders.

Our financial statements and accompanying notes have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis. The preparation of financial statements in conformity with U.S. generally accepted accounting principles 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 may differ from those estimates.

The Company expenses all costs related to the acquisition, maintenance and exploration costs relating to unproven mineral properties, to which it has secured exploration rights. When proven and probable reserves are determined for a property based on a feasibility study prepared with respect to the property, then subsequent exploration and development costs of the property will be capitalized. To date, the Company has not established the commercial feasibility of its exploration prospects. Therefore, all costs have been expensed.

During the year, the Company adopted SFAS No. 123(revised), "Share-Based Payment", to account for its stock options and similar equity instruments issued. Accordingly, compensation costs attributable to stock options or similar equity instruments granted are measured at the fair value at the grant date, and expensed over the expected vesting period. Transactions in which goods or services are received from non-employees in exchange for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. SFAS 123(revised) requires excess tax benefits be reported as a financing cash inflow rather than as a reduction of taxes paid.

The Company's functional currency is U.S. dollars. Accordingly, foreign currency balances are translated into US dollars as follows:

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Foreign exchange gains and losses in the year are included in operations.

In June 2006, the FASB issued FASB Interpretation No. 48, "Accounting for Uncertainty in Income Taxes, an interpretation of FASB Statements No. 109" ("FIN 48"). FIN 48 clarifies the accounting for uncertainty in income taxes by prescribing a two-step method of first evaluating whether a tax position has met a more likely than not recognition threshold and second, measuring that tax position to determine the amount of benefit to be recognized in the financial statements. FIN 48 provides guidance on the presentation of such positions within a classified statement of financial position as well as on derecognition, interest and penalties, accounting in interim periods, disclosure, and transition. FIN 48 is effective for fiscal years beginning after December 15, 2006. The adoption of this statement is not expected to have a material effect on the Company's future reported financial position or results of operations.

In September 2006, the FASB issued SFAS No. 157, "Fair Value Measures". This Statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), expands disclosures about fair value measurements, and applies under other accounting pronouncements that require or permit fair value measurements. SFAS No. 157 does not require any new fair value measurements. However, the FASB anticipates that for some entities, the application of SFAS No. 157 will change current practice. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, which for the Company would be the fiscal year beginning November 1, 2008. The Company is currently evaluating the impact of SFAS No. 157 but does not expect that it will have a material impact on its financial statements.

In February 2007, the FASB issued SFAS No. 159, "The Fair Value Option for Financial Assets and Financial Liabilities". This Statement permits entities to choose to measure many financial assets and financial liabilities at fair value. Unrealized gains and losses on items for which the fair value option has been elected are reported in earnings. SFAS No. 159 is effective for fiscal years beginning after November 15, 2007. Providence is currently assessing the impact of SFAS No. 159 on its financial position and results of operations.

We evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2007. This evaluation was conducted with the participation of our chief executive officer and our chief financial officer.

Disclosure controls are controls and other procedures that are designed to ensure that information that we are required to disclose in the reports we file pursuant to the Securities Exchange Act of 1934 is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms.

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Our management does not expect that our disclosure controls or our internal controls over financial reporting will prevent all error and fraud. A control system, no matter how well conceived and operated, can provide only reasonable, but no absolute, assurance that the objectives of a control system are met. Further, any control system reflects limitations on resources, and the benefits of a control system must be considered relative to its costs. These limitations also include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by management override of a control. A design of a control system is also based upon certain assumptions about potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and may not be detected.

Based upon their evaluation of our controls, our chief executive officer and chief financial officer have concluded that, subject to the limitations noted above, our disclosure controls are effective in providing reasonable assurance that material information relating to us is made known to management on a timely basis during the period when our reports are being prepared. There were no changes in our internal controls that occurred during the fiscal quarter ended March 31, 2007 that have materially affected, or are reasonably likely to materially affect, our internal controls.

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Item 1.            Legal Proceedings

We currently are not a party to any material legal proceedings and, to our knowledge, no such proceedings are threatened or contemplated.

Item 2.            Unregistered Sales of Equity Securities

On December 7, 2006, we completed a private placement of 5,090,000 units at a price of $0.50 per unit for total proceeds of $2,545,000. Each unit consisted of one share of our common stock and one share purchase warrant entitling the holder to acquire one additional share of our common stock at a price of $1.00 per share exercisable on or before December 7, 2007.

On April 17, 2007, we completed a private placement of 2,436,000 units at a price of $1.25 per unit for total proceeds of $3,045,000. Each unit consists of one share of our common stock and one-half of one share purchase warrant, with each full warrant entitling the holder to purchase one share of our common stock at an exercise price of $1.75 per share for a period of 12 months from the date of issuance.

The private placement transactions were completed in reliance on Rule 506 of Regulation D of the United States Securities Act of 1933, as amended, with respect to investors in the United States, and their reliance on Rule 903 of Regulation S of the Securities Act, with respect to those investors who are not "U.S. Persons" within the meaning of Regulation S, and who were otherwise outside of the United States. Sales to United States investors pursuant to Rule 506 of Regulation D were limited to investors who qualified as "accredited investors" within the meaning of Rule 501(a) of Regulation D.

Item 3.            Defaults Upon Senior Securities

None.

Item 4.            Submission of Matters to a Vote of Securities Holders

None.

Item 5.            Other Information

None.

Item 6.            Exhibits

The following exhibits are included with this Quarterly Report on Form 10-QSB:

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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.

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