<PAGE>   1
===============================================================================


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

                                    FORM 10-Q

                   QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

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

              [X] Quarterly Report Pursuant to Section 13 or 15(d)
                     of the Securities Exchange Act of 1934
                       For the period ended March 31, 2001
                                       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 1-11887

                          CANYON RESOURCES CORPORATION

                            (a Delaware Corporation)


                I.R.S. Employer Identification Number 84-0800747


                      14142 Denver West Parkway, Suite 250
                                Golden, CO 80401
                                 (303) 278-8464



       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
                                                                    ---   ---

       Indicate the number of shares outstanding of each of the issuers classes
       of common stock, as of the latest practicable date: 13,351,850 shares of
       the Company's Common Stock were outstanding as of May 1, 2001.

==============================================================================



<PAGE>   2





                          PART I FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

         The following consolidated financial statements have been prepared by
Canyon Resources Corporation ("the Company") pursuant to the rules and
regulations of the Securities and Exchange Commission ("SEC"). Certain
information and footnote disclosures normally included in financial statements
prepared in accordance with generally accepted accounting principles have been
condensed or omitted pursuant to such SEC rules and regulations.

         These consolidated financial statements should be read in conjunction
with the financial statements and accompanying notes included in the Company's
Form 10-K for the year ended December 31, 2000.

<TABLE>
<S>                                                                                       <C>
     Consolidated Balance Sheets.............................................................Page 3

     Consolidated Statements of Operations ..................................................Page 4

     Consolidated Statements of Cash Flows...................................................Page 5-6

     Consolidated Statement of Changes in Stockholders' Equity...............................Page 7

     Notes to Interim Consolidated Financial Statements......................................Page 8-14


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
         CONDITION AND RESULTS OF OPERATIONS ................................................Page 15

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
         MARKET RISK.........................................................................Page 18
</TABLE>






                                       2
<PAGE>   3




CANYON RESOURCES CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)

<TABLE>
<CAPTION>
                                                                                     March 31,        December 31,
                                                                                       2001              2000
                                                                                  --------------   ----------------
<S>                                                                              <C>               <C>
ASSETS

Cash and cash equivalents                                                         $   1,108,000     $    1,061,200
Restricted cash                                                                       1,570,100          1,379,800
Accounts receivable                                                                     642,800            768,100
Inventories                                                                           5,153,100          6,600,500
Prepaid and other assets                                                                158,900            195,300
                                                                                  -------------     --------------
  Total current assets                                                                8,632,900         10,004,900
                                                                                  -------------     --------------
Property and equipment, at cost
   Mining claims and leases                                                          23,108,400         23,025,800
   Producing properties                                                              46,306,400         44,508,600
   Other                                                                                964,600            839,600
                                                                                  -------------     --------------
                                                                                     70,379,400         68,374,000
   Accumulated depreciation and depletion                                           (29,945,400)       (28,274,700)
                                                                                  -------------     --------------
     Net property and equipment                                                      40,434,000         40,099,300
                                                                                  -------------     --------------

Other Assets                                                                          1,600,900          1,417,300
                                                                                  -------------     --------------

     Total Assets                                                                 $  50,667,800     $   51,521,500
                                                                                  =============     ==============
LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable                                                                  $   3,313,900     $    3,261,700
Notes payable - current                                                               3,237,700          2,669,800
Accrued reclamation costs                                                             1,509,000          1,509,000
Deferred income                                                                               -          1,505,200
Other accrued liabilities                                                               895,200            978,000
                                                                                  -------------     --------------
   Total current liabilities                                                          8,955,800          9,923,700


Notes payable - long term                                                             2,099,200          2,667,100
Accrued reclamation costs                                                             2,562,300          2,575,300
Deferred income                                                                               -          1,264,000
Other noncurrent liabilities                                                            741,800            775,600
                                                                                  -------------     --------------
     Total Liabilities                                                               14,359,100         17,205,700
                                                                                  -------------     --------------

Commitments and contingencies (Note 8)

Common stock ($.01 par value) 50,000,000 shares authorized;  issued and
outstanding: 13,351,900 at March 31, 2001, and   12,499,200 at December
31, 2000                                                                                133,500            125,000
Capital in excess of par value                                                       97,164,400         96,516,100
Deficit                                                                             (63,201,100)       (62,325,300)
Accumulated other comprehensive income                                                2,211,900                  -
                                                                                  -------------     --------------
     Total Stockholders' Equity                                                      36,308,700         34,315,800
                                                                                  -------------     --------------

     Total Liabilities and Stockholders' Equity                                   $  50,667,800     $   51,521,500
                                                                                  =============     ==============
</TABLE>


        The accompanying notes are an integral part of these consolidated
                             financial statements.

                                       3

<PAGE>   4



CANYON RESOURCES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)


<TABLE>
<CAPTION>
                                                                                         Three months ended March 31,
                                                                                         2001                 2000
                                                                                     -------------         ------------
<S>                                                                                 <C>                  <C>
     REVENUE

Sales                                                                                $   7,325,100       $    8,846,300
                                                                                     -------------       --------------
     EXPENSES
Cost of sales                                                                            6,295,200            6,614,000
Depreciation, depletion, and amortization                                                1,663,100            2,625,200
Selling, general and administrative                                                        298,300              310,400
Exploration costs                                                                           14,900                6,700
Gain on asset disposals                                                                    (45,700)             (44,200)
                                                                                     -------------       --------------
                                                                                         8,225,800            9,512,100
                                                                                     -------------       --------------
     OTHER INCOME (EXPENSE)
Interest income                                                                             47,800               40,900
Interest expense                                                                          (187,500)            (189,200)
Other income                                                                               164,600                1,200
                                                                                     -------------       --------------
                                                                                            24,900             (147,100)
                                                                                     -------------       --------------

Net loss                                                                             $    (875,800)      $     (812,900)
                                                                                     =============       ==============

Basic and diluted loss per share                                                     $       (0.07)      $        (0.07)
                                                                                     =============       ==============


   Weighted average shares outstanding                                                  13,229,800           11,626,400
                                                                                     =============       ==============
</TABLE>


        The accompanying notes are an integral part of these consolidated
                             financial statements.


                                       4
<PAGE>   5



CANYON RESOURCES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

<TABLE>
<CAPTION>
                                                                                     Three months ended March 31,
                                                                                      2001                 2000
                                                                                    -----------         -----------

<S>                                                                               <C>               <C>
Cash flows from operating activities:
  Net loss                                                                        $    (875,800)      $    (812,900)
                                                                                  -------------       -------------
  Adjustments to reconcile net loss to net cash provided by
    operating activities:
    Depreciation and depletion                                                        1,663,100           2,625,200
    Amortization of financing costs                                                      50,600              44,800
    Gain on asset dispositions                                                          (45,700)            (44,200)
    Reclassification adjustment of other comprehensive income                          (557,300)                  -
  Changes in operating assets and liabilities:
    Decrease in accounts receivable                                                     125,300                 300
    Decrease in inventories                                                           1,447,400             821,400
    (Increase) decrease in prepaid and other assets                                      36,400            (351,700)
    Increase in accounts payable and accrued liabilities                                 36,200             158,700
    Decrease in deferred income                                                               -          (2,048,200)
    Decrease in other liabilities                                                       (13,000)            (22,200)
    Increase in restricted cash                                                        (224,500)           (254,100)
                                                                                  -------------       -------------

    Total adjustments                                                                 2,518,500             930,000
                                                                                  -------------       -------------

    Net cash provided by operating activities                                         1,642,700             117,100
                                                                                  -------------       -------------

Cash flows from investing activities:
  Purchases and development of property and equipment                                (2,010,400)           (695,600)
  Proceeds from asset sales                                                              45,700              44,200
  Decrease in restricted cash                                                                 -             550,100
                                                                                  -------------       -------------

   Net cash used in investing activities                                             (1,964,700)           (101,300)
                                                                                  -------------       -------------

Cash flows from financing activities:
  Issuance of stock, net                                                                456,800               2,500
  Payments on debt                                                                            -              (7,400)
  Payments on capital lease obligations                                                 (88,000)           (107,500)
                                                                                  -------------       -------------

    Net cash provided by (used in) financing activities                                 368,800            (112,400)
                                                                                  -------------       -------------

Net increase (decrease) in cash and cash equivalents                                     46,800             (96,600)
Cash and cash equivalents, beginning of year                                          1,061,200             681,600
                                                                                  -------------       -------------

Cash and cash equivalents, end of period                                          $   1,108,000       $     585,000
                                                                                  =============       =============
</TABLE>


        The accompanying notes are an integral part of these consolidated
                             financial statements.



                                       5
<PAGE>   6



CANYON RESOURCES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS, CONTINUED
(Unaudited)


Supplemental disclosures of cash flow information:

1.     The Company paid $136,900 of interest during the first three months of
       2001, and $147,000 during the corresponding period of 2000.

2.     The Company paid no income taxes during the first three months of 2001
       nor the corresponding period of 2000.

Supplemental schedule of noncash investing and financing activities:

1.     The Company acquired certain real property during the first three months
       of 2001 by issuing 200,000 shares of its common stock with a fair market
       value of $200,000.




        The accompanying notes are an integral part of these consolidated
                             financial statements.



                                       6
<PAGE>   7



CANYON RESOURCES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
(Unaudited)


<TABLE>
<CAPTION>
                                                                                                   Accumulated
                                         Common Stock               Capital in       Retained         Other             Common
                                     Number of       At Par       Excess of Par      Earnings     Comprehensive      Shareholders'
                                       Shares        Value            Value          (Deficit)     Income (Loss)        Equity
                                     -----------     -----       ---------------     ---------    ---------------   --------------
<S>                                   <C>           <C>            <C>             <C>             <C>             <C>
Balances, December 31, 2000           12,499,200     $125,000      $96,516,100     ($62,325,300)              -     $34,315,800

Issuance of stock                        852,700        8,500          648,300                                          656,800

Comprehensive income
    Net loss                                                                           (875,800)                       (875,800)
    Other comprehensive income
      Transition adjustment (1)                                                                       3,084,300       3,084,300
      Reclassification adjustments (2)                                                                 (872,400)       (872,400)
                                                                                                     -----------    ------------
        Other comprehensive income                                                                    2,211,900       2,211,900
                                                                                                     -----------     -----------

    Comprehensive income                                                                                              1,336,100
                                      ----------     --------      -----------     -------------     -----------    ------------
Balances, March 31, 2001              13,351,900     $133,500      $97,164,400     ($63,201,100)     $2,211,900     $36,308,700
                                      ==========     ========      ===========     =============     ===========    ============
</TABLE>


       (1)    Fair market value of the Company's forward gold contracts and
              deferred hedging gains derecognized as liabilities upon adoption
              of Financial Accounting Standards No. 133, Accounting for
              Derivative Instruments and Hedging Activities. See Note 2.

       (2)    Reclassification adjustments:

<TABLE>
             <S>                                                                              <C>
              Deferred hedging gains recognized in net income for the period.                    ($557,300)
              Net gain on forward gold contracts recognized in net income for the period.        ( 315,100)
                                                                                                -----------
                                                                                                 ($872,400)
                                                                                                ===========
</TABLE>





                                       7
<PAGE>   8



                          CANYON RESOURCES CORPORATION
               NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


1.       BASIS OF PRESENTATION AND LIQUIDITY:

         During interim periods, Canyon Resources (the Company) follows the
         accounting policies set forth in its Annual Report to Stockholders and
         its Report on Form 10-K filed with the Securities and Exchange
         Commission. Users of financial information produced for interim periods
         are encouraged to refer to the footnotes contained in the Annual Report
         to Stockholders when reviewing interim financial results.

         In the opinion of management, the accompanying interim financial
         statements contain all material adjustments, consisting only of normal
         recurring adjustments necessary to present fairly the financial
         position, the results of operations, and the cash flows of Canyon
         Resources and its consolidated subsidiaries for interim periods.

         The Company believes its cash requirements in 2001 can be funded
         through a combination of existing cash and cash flows from operations.
         During April 2001, in order to limit its market exposure from the sale
         of gold from the Briggs Mine, the Company established a bank required
         price protection program by entering into floating rate forward
         contracts on 72,000 ounces of gold at an average price of $264 per
         ounce. In addition, the Company is (i) continuing to examine its
         operations for ways to increase efficiencies and lower costs, and (ii)
         deferring to the extent possible, capital and maintenance expenditures.
         If management's plans are not successful, operations and liquidity may
         be adversely impacted.

2.       CHANGE IN ACCOUNTING PRINCIPLE:

         On January 1, 2001, the Company became subject to the accounting and
         reporting requirements of Financial Accounting Standards No. 133,
         Accounting for Derivative Instruments and Hedging Activities (SFAS No.
         133), as subsequently amended for certain derivative instruments and
         hedging activities with the issuance of SFAS No. 138. These standards
         require that all derivatives be recognized as assets or liabilities and
         be measured at fair value. Gains or losses resulting from changes in
         the values of those derivatives would be accounted for depending on the
         use of the derivatives and whether they qualify for hedge accounting as
         either a fair value hedge or a cash flow hedge. The key criterion for
         hedge accounting is that the hedging relationship must be highly
         effective in achieving offsetting changes in fair value or cash flows
         of the hedging instruments and the hedged items. The fair market value
         of the Company's gold hedges as of the adoption date of $315,100 was
         recognized as a cumulative effect adjustment of accumulated other
         comprehensive income. In addition, the Company derecognized $2,769,200
         of deferred income as a liability on its statement of financial
         position which was also recognized as a cumulative effect adjustment of
         accumulated other comprehensive income.




                                       8
<PAGE>   9

                          CANYON RESOURCES CORPORATION
               NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)



3.       INTERIM RESULTS:

         The foregoing interim results are not necessarily indicative of the
         results of operations for the full year ending December 31, 2001.

4.       USE OF ESTIMATES:

         The preparation of financial statements in conformity with 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 could differ
         from those estimates.

5.       RESTRICTED CASH:

         Restricted cash consisted of the following at:

<TABLE>
<CAPTION>
         -----------------------------------------------------------------------------------------------------------
                                                                                     MARCH 31,          DECEMBER 31,
                                                                                       2001                 2000
         -----------------------------------------------------------------------------------------------------------
        <S>                                                                        <C>                 <C>
         Collateral for Letter of Credit (a)                                        $  249,000          $   249,000
         Collateral for reclamation bonds and other
         contingent events (b)                                                         138,300            1,987,100

         Kendall Mine reclamation (c)                                                1,883,000                    -
         Unexpended proceeds from gold sales (d)                                       240,100               49,800
                                                                                    ----------         ------------
         Current portion                                                             2,510,400            2,285,900
         Noncurrent portion*                                                         1,570,000            1,379,800
                                                                                    ----------         ------------
            *Included in other assets                                               $  940,400         $    906,100
                                                                                    ==========         ============
         -----------------------------------------------------------------------------------------------------------
</TABLE>


         (a)      In connection with the issuance of certain bonds for the
                  performance of reclamation obligations and other contingent
                  events at the Briggs Mine, a bank Letter of Credit was
                  provided in favor of the Surety as partial collateral for such
                  bond obligations. The Letter of Credit is fully collateralized
                  with cash and will expire no earlier than December 31, 2001,
                  and at the bank's option, may be renewed for successive
                  one-year periods.

         (b)      At December 31, 2000, held directly by the Surety as full
                  collateral for the Kendall Mine reclamation bond ($1,869,000)
                  and as partial collateral ($118,100) for reclamation and other
                  contingent events at the Briggs Mine. See also footnote (c)
                  below.



                                       9
<PAGE>   10

                          CANYON RESOURCES CORPORATION
               NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)



5.       RESTRICTED CASH, (CONTINUED):

         (c)      In February 2001, the Company transferred the underlying cash
                  of $1,869,000 held as collateral for the Kendall Mine
                  reclamation bond to an interest-bearing account at the Montana
                  Department of Environmental Quality (DEQ) for use in
                  continuing reclamation at the Kendall minesite.

         (d)      The Briggs Mine loan facility requires all proceeds from gold
                  sales to be held in trust and disbursed from the collected
                  credit balance in certain orders of priority.

6.       INVENTORIES:

         Inventories consisted of the following at:

<TABLE>
<CAPTION>
               ------------------------------------------------------------------------------------------------
                                                                           MARCH 31,          DECEMBER 31,
                                                                             2001                2000
               ------------------------------------------------------------------------------------------------
                 <S>                                                      <C>                  <C>
                  Gold-in-process (a)                                      $4,760,200           $6,158,400
                  Materials and supplies                                      392,900              442,100
                                                                           ----------           ----------
                                                                           $5,153,100           $6,600,500
                                                                           ==========           ==========
               ------------------------------------------------------------------------------------------------
</TABLE>


         (a)      Includes all direct and indirect costs of mining, crushing,
                  processing, and site overhead expenses.

7.       NOTES PAYABLE:

         Notes payable consisted of the following at:

<TABLE>
<CAPTION>
                  ------------------------------------------------------------------------------------------
                                                                          MARCH 31,           DECEMBER 31,
                                                                             2001                  2000
                  ------------------------------------------------------------------------------------------
                  <S>                                                    <C>                    <C>
                  Briggs Loan Facility (a)                                $5,334,200            $5,334,200
                  Other                                                        2,700                 2,700
                                                                          ----------            ----------
                                                                           5,336,900             5,336,900
                                                                          ----------            ----------
                  Current portion                                          3,237,700             2,669,800
                                                                          ----------            ----------
                  Notes Payable - Noncurrent                              $2,099,200            $2,667,100
                                                                          ==========            ==========
                  ------------------------------------------------------------------------------------------
</TABLE>



         (a)      During the first quarter of 2001, the weighted average
                  interest rate on the loan facility was 8.4 %. For the
                  comparable period in 2000, the weighted average interest rate
                  was 8.6%.




                                       10
<PAGE>   11

                          CANYON RESOURCES CORPORATION
               NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)



8.       COMMITMENTS AND CONTINGENCIES:

         (a)      Kendall Mine Reclamation Costs

                  Reclamation spending at the Kendall Mine for the first three
                  months of 2001 was $154,700. For the comparable period of
                  2000, spending totaled $161,200.

                  The Kendall Mine operates under permits granted by the Montana
                  Department of Environmental Quality (DEQ). In February 2001,
                  the Company entered into an agreement with the DEQ under which
                  cash of $1,869,000 supporting a reclamation bond was
                  transferred to an interest-bearing account at the DEQ for use
                  in continuing reclamation at the Kendall minesite. The Company
                  has submitted a proposed closure plan to the DEQ and believes
                  the $1.9 million will substantially complete the work
                  necessary to achieve mine closure.

         (b)      Surety Bonds - Collateral Commitment

                  The Briggs Mine operates under permits granted by various
                  agencies including the U. S. Bureau of Land Management (BLM),
                  Inyo County, the California Department of Conservation, and
                  the Lahontan Regional Water Quality Control Board (Lahontan).
                  These agencies have jointly required the Company to post a
                  reclamation bond in the amount of $3,030,000 to ensure
                  appropriate reclamation. Additionally, the Company was
                  required by Lahontan to post a $1,010,000 bond to ensure
                  adequate funds to mitigate any "foreseeable release", as
                  defined, of pollutants to state waters. Both bonds are subject
                  to annual review and adjustment. In connection with these
                  bonds, the Company is required to make cash deposits with its
                  Surety totaling $1.5 million over a three year period at the
                  rate of $0.5 million per year, commencing June 30, 2001 as
                  partial collateral for the bond amounts. As additional
                  collateral, the Company also granted a security interest in
                  favor of the Surety in 28,000 acres of real property mineral
                  interests in Montana.

         (c)      Contingent Liability:


                  On September 25, 1997, the Company, together with its
                  wholly-owned subsidiary, CR Montana Corporation (CR Montana),
                  purchased a 72.25% participating interest and underlying
                  assets in the Seven-Up Pete Venture (SPV) from CR Montana's
                  partner in the SPV, Phelps Dodge Corporation (Phelps Dodge).
                  The Company and its wholly-owned subsidiary now own 100% of
                  the SPV. The SPV includes the McDonald Gold Project near
                  Lincoln, Montana.

                  The Company made an initial payment of $5 million and is
                  required to make a final payment of $10.0 million upon
                  issuance of all permits required for



                                       11
<PAGE>   12


                          CANYON RESOURCES CORPORATION
               NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


8.       COMMITMENTS AND CONTINGENCIES, (CONTINUED):

                  construction of the McDonald Gold Project, or alternatively,
                  one-third of any proceeds received from a takings lawsuit. Due
                  to the contingent nature of the transaction, the Company
                  recorded only the initial payment of $5 million as additions
                  to mining claims and leases.

                  The purchase payments are collateralized only by the 72.25%
                  participating interest and underlying assets in the SPV
                  transferred from Phelps Dodge to the Company and CR Montana in
                  this transaction, and the 50% co-tenancy interest in certain
                  real property also transferred to the Company and CR Montana.

         (d)      Other Contingent Matters:

                  On September 24, 1998, the Montana Department of Natural
                  Resources (DNRC), the entity that administers state mineral
                  leases, unilaterally decided to cancel the permitting
                  extension of the 10-year lease term of the state leases that
                  pertain to the McDonald Gold Project which would require the
                  Company, after a period of approximately seventeen months, to
                  commence paying a delay rental of $150,000 per month in order
                  to maintain the leases. In February 2000, pursuant to its
                  September 1998 decision, the DNRC determined that the primary
                  terms of the mineral leases had expired. The Company appealed
                  the action of the DNRC in an administrative hearing process
                  and the DNRC Hearing Examiner affirmed the DNRC action. It is
                  the Company's position that the permitting process has been
                  interrupted by the threat and passage of I-137 (as discussed
                  below) and, thus, the permit extension is continued until the
                  governmental impediment is resolved. As part of the I-137
                  lawsuit filed in April 2000 against the State of Montana, the
                  Company has asked the court to review and invalidate the
                  DNRC's action.

                  In September 1998, the DEQ issued a Notice of Violation and
                  Administrative Order alleging certain violations of Montana
                  water quality laws. DEQ proposed a penalty of $330,000 (since
                  modified to $302,000) in connection with the alleged
                  violations. The agency subsequently filed a legal action to
                  recover a civil penalty. The Company believes (i) that many of
                  the allegations are unfounded, and (ii) the proposed fine is
                  in violation with Montana statutes because it fails to
                  consider certain mandatory mitigating factors. The Company is
                  vigorously defending itself in the legal action.

                  In November 1998, the Montana electorate passed an
                  anti-cyanide mining initiative (I-137) by a vote of 52% to
                  48%. I-137, as modified by the State Legislature in April
                  1999, bans development of new gold and silver mines which use
                  open-pit



                                       12
<PAGE>   13

                          CANYON RESOURCES CORPORATION
               NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)



8.       COMMITMENTS AND CONTINGENCIES, (CONTINUED):

                  mining methods and cyanide in the treatment and recovery
                  process. For most of the campaign period, mining companies
                  were prevented from campaigning due to a previously passed
                  initiative (I-125) which prohibited campaign-expenditures by
                  "for-profit" entities. Ten days prior to the election, a
                  federal judge declared the prohibition "unconstitutional", a
                  ruling that was upheld, in September 2000, by the U.S. Ninth
                  Circuit Court of Appeals. The Seven-Up Pete Venture filed a
                  lawsuit in April 2000 against the State of Montana seeking to
                  have I-137 declared unconstitutional or, alternatively, to
                  obtain a "takings" or damage award for the lost value of the
                  McDonald, Seven-Up Pete and Keep Cool mineral properties. The
                  lawsuit is based on, amongst others, (i) the right not to be
                  deprived of property without due process of law; (ii) the
                  right to equal protection under the laws; and (iii) the right
                  to be protected against laws which impair the obligations of
                  existing contracts. The Montana State District Court has set a
                  trial date of October 11, 2001 for the lawsuit. The Company's
                  legal counsel believes that it is likely that the SPV will
                  prevail in its lawsuit.

9.       INCOME TAXES:

         The Company has not recorded a tax benefit for the current period as
         the benefit is not expected to be realized during the year. The benefit
         is also not expected to be realizable as a deferred tax asset at year
         end as the Company anticipates recording a full valuation allowance for
         all deferred tax assets, except to the extent of offsetting reversals
         of expected deferred tax liabilities.

10.      EARNINGS PER SHARE (EPS):

         The Company computes EPS by applying the provisions of Financial
         Accounting Standards No. 128, Earnings per Share. As the Company
         reported net losses for the periods presented, inclusion of potential
         common shares (options) would have an antidilutive effect on per share
         amounts. Accordingly, the Company's basic and diluted EPS computations
         are the same for the periods presented. At March 31, 2001, and 2000,
         there were potential common shares outstanding of 748,900 and 574,500,
         respectively.

11.      DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES:

         The Company utilizes forward gold sales contracts to limit or reduce
         market exposure from the sale of gold from its Briggs Mine. During the
         first quarter of 2001, the Company closed out all forward contracts
         that existed at December 31, 2000 at scheduled delivery dates with its
         counterparties. The net gain of $315,100 associated with these



                                       13
<PAGE>   14




                          CANYON RESOURCES CORPORATION
               NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

11.      DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES, (CONTINUED):

         contracts is included in revenues on the Statement of Operations. In
         addition, the Company entered into a forward position on 20,000 ounces
         and financially settled the contract with its counterparty, which
         resulted in a gain of $164,600. This amount is shown as other income on
         the Statement of Operations.

         At March 31, 2001, the Company had accumulated other comprehensive
         income of approximately $2.2 million relating to a 1999 gain on the
         conversion of a gold loan to a cash loan. During the remainder of 2001,
         approximately $0.9 million of the gain will be recognized in
         operations. The balance of $1.3 million will be recognized in 2002.

12.      PRIVATE PLACEMENT OF STOCK:

         During the first quarter of 2001, the Company completed a private
         placement that initially commenced in December 2000. Aggregate net
         proceeds of approximately $1.2 million ($0.5 million in the first
         quarter of 2001) were realized through the sale of 1,473,052 shares of
         common stock.




                                       14
<PAGE>   15



ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS

CAUTIONARY STATEMENT FOR PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995.

      The matters discussed in this report on Form 10-Q, when not historical
matters, are forward-looking statements that involve a number of risks and
uncertainties that could cause actual results to differ materially from
projected results. Such factors include, among others, the speculative nature of
mineral exploration, commodity prices, production and reserve estimates,
environmental and government regulations, availability of financing, force
majeure events, and other risk factors as described from time to time in the
Company's filings with the Securities and Exchange Commission. Many of these
factors are beyond the Company's ability to control or predict. The Company
disclaims any intent or obligation to update its forward-looking statements,
whether as a result of receiving new information, the occurrence of future
events, or otherwise.

RESULTS OF OPERATIONS

      The Company recorded a net loss of $0.9 million, or $0.07 per share, on
revenues of $7.0 million for the three months ended March 31, 2001. For the
comparable period of 2000, the Company recorded a net loss of $0.8 million, or
$0.07 per share, on revenues of $8.8 million.

      For the three months ended March 31, 2001, the Company sold 24,097 ounces
of gold and 4,400 ounces of silver at an average price of $304 per equivalent
gold ounce. For the comparable period of 2000, the Company sold 23,753 ounces of
gold and 5,000 ounces of silver at an average realized price of $372 per
equivalent gold ounce. The New York Commodity Exchange (COMEX) gold price
averaged $263 and $290 per ounce for the three months ended March 31, 2001 and
2000, respectively.

      The following table summarizes the Company's gold deliveries and revenues:

<TABLE>
<CAPTION>
      =====================================================================================================================
                                               THREE MONTHS ENDED                          THREE MONTHS ENDED
                                                 MARCH 31, 2001                              MARCH 31, 2000
      ---------------------------------------------------------------------------------------------------------------------
                                                      AVERAGE                                    AVERAGE
                                        GOLD         PRICE PER      REVENUE                     PRICE PER      REVENUE
                                       OUNCES           OZ.          $000'S      GOLD OUNCES       OZ.          $000'S
      ---------------------------------------------------------------------------------------------------------------------
     <S>                             <C>             <C>           <C>           <C>             <C>           <C>
      Deliveries
         Forwards                        7,000          $320         $2,239          3,000         $265         $  796
         Spot sales                     17,097          $264          4,509         20,753         $288          5,977
         Deferred income                    -                           557              -                       2,048
                                        ------                       ------         ------                      ------
                                        24,097          $303          7,305         23,753         $371          8,821

      Other transactions
         Silver proceeds                     -                           20              -                          25
                                        ------                       ------         ------                      ------
                                        24,097          $304         $7,325         23,753         $372         $8,846
      =====================================================================================================================
</TABLE>




                                       15
<PAGE>   16



      Cost of sales was $6.3 million for the three months ended March 31, 2001,
as compared to $6.6 million in the prior period. Per ounce cost of gold sold at
the Briggs Mine, as computed under the Gold Institute's Production Cost
Standard, was as follows:

<TABLE>
<CAPTION>
                    ======================================================================================
                                                                      Three months ended March 31,
                                                               -------------------------------------------
                                                                       2001                  2000
                                                               --------------------- ---------------------
                    <S>                                               <C>                    <C>
                     Cash operating (1)                                $250                  $267
                     Total cash costs (2)                              $255                  $273
                     Total production costs (3)                        $329                  $388

                    ======================================================================================
</TABLE>



         (1)    All direct and indirect costs of the operation, excluding
                royalties and accruals for site reclamation.

         (2)    Cash operating costs plus royalties.

         (3)    Total cash costs plus depreciation, depletion, amortization and
                accruals for site restoration.

         Depreciation, depletion and amortization was lower in the current
period due to a writedown of the carrying value of the Briggs Mine assets at
December 31, 2000. Selling, general and administrative expense and exploration
costs were not materially different for the periods presented.

         On January 1, 2001, the Company became subject to the accounting and
reporting requirements of Financial Accounting Standards No. 133, Accounting for
Derivative Instruments and Hedging Activities (SFAS No. 133), as subsequently
amended for certain derivative instruments and hedging activities with the
issuance of SFAS No. 138. These standards require that all derivatives be
recognized as assets or liabilities and be measured at fair value. Gains or
losses resulting from changes in the values of those derivatives would be
accounted for depending on the use of the derivatives and whether they qualify
for hedge accounting as either a fair value hedge or a cash flow hedge. The key
criterion for hedge accounting is that the hedging relationship must be highly
effective in achieving offsetting changes in fair value or cash flows of the
hedging instruments and the hedged items. The fair market value of the Company's
gold hedges as of the adoption date of approximately $0.3 million was recognized
as a cumulative effect adjustment of accumulated other comprehensive income.
During the first quarter of 2001, the Company closed out all forward contracts
that existed on the adoption date at scheduled delivery dates with its
counterparties. The net gain of approximately $0.3 million associated with the
contracts was subsequently reclassified from accumulated other comprehensive
income and included in revenues on the Statement of Operations.

         During the first quarter of 2001, the Company entered into a 20,000
ounce forward position and financially settled the contract with its
counterparty, which resulted in a gain of $164,600. This amount is shown as
other income on the Statement of Operations.






                                       16
<PAGE>   17




LIQUIDITY & CAPITAL RESOURCES

         For the three months ended March 31, 2001, operating activities
provided $1.7 million of cash, investing activities used $2.0 million and
financing activities provided $0.4 million resulting in a net increase in cash
of $0.1 million. Cash and cash equivalents at March 31, 2001 was $1.1 million.

         During the first quarter of 2001, the Company spent $1.9 million at the
Briggs Mine, principally to develop the North Briggs deposit and $0.1 million on
the McDonald Gold Project.

         During the first quarter of 2001, the Company raised approximately $0.5
million through a private placement of stock.

         The Company believes its cash requirements in 2001 can be funded
through a combination of existing cash and cash flows from operations. During
April 2001, in order to limit its market exposure from the sale of gold from the
Briggs Mine, the Company established a bank required price protection program by
entering into floating rate forward contracts on 72,000 ounces of gold at an
average price of $264 per ounce. In addition, the Company is (i) continuing to
examine its operations for ways to increase efficiencies and lower costs and
(ii) deferring to the extent possible, capital and maintenance expenditures. If
management's plans are not successful, operations and liquidity may be adversely
impacted.

OTHER MATTERS

McDonald Gold Project - Anti-Cyanide Initiative

         In November 1998, the Montana electorate passed an anti-cyanide mining
initiative (I-137) by a vote of 52% to 48%. I-137, as modified by the State
Legislature in April 1999, bans development of new gold and silver mines which
use open-pit mining methods and cyanide in the treatment and recovery process.
For most of the campaign period, mining companies were prevented from
campaigning due to a previously passed initiative (I-125) which prohibited
campaign-expenditures by "for-profit" entities. Ten days prior to the election,
a federal judge declared the prohibition "unconstitutional", a ruling that was
upheld, in September 2000, by the U.S. Ninth Circuit Court of Appeals. The
Seven-Up Pete Venture filed a lawsuit in April 2000 against the State of Montana
seeking to have I-137 declared unconstitutional or, alternatively, to obtain a
"takings" or damage award for the lost value of the McDonald, Seven-Up Pete and
Keep Cool mineral properties. The lawsuit is based on, amongst others, (i) the
right not to be deprived of property without due process of law; (ii) the right
to equal protection under the laws; and (iii) the right to be protected against
laws which impair the obligations of existing contracts. The Montana State
District Court has scheduled a trial date of October 11, 2001 for the lawsuit.
The Company's legal counsel believes that it is likely that the Venture will
prevail in its lawsuit.

McDonald Gold Project -  State Leases

         On September 24, 1998, the Montana Department of Natural Resources
(DNRC), the entity that administers state mineral leases, unilaterally decided
to cancel the permitting extension of the 10-year lease term of the state leases
that pertain to the McDonald Gold Project which would require the


                                       17
<PAGE>   18


Company, after a period of approximately seventeen months, to commence paying a
delay rental of $150,000 per month in order to maintain the leases. In February
2000, pursuant to its September 1998 decision, the DNRC determined that the
primary terms of the mineral leases had expired. The Company appealed the action
of the DNRC in an administrative hearing process and the DNRC Hearing Examiner
affirmed the DNRC action. As part of the I-137 lawsuit filed in April 2000
against the State of Montana, the Company has asked the court to review and
invalidate the DNRC's action. It is the Company's position that the permitting
process has been interrupted by the threat and passage of I-137 and, thus, the
permit extension is continued until the governmental impediment is resolved.

Kendall Mine - Environmental Regulation

         In September 1998, the DEQ issued a Notice of Violation and
Administrative Order with respect to the Kendall Mine alleging certain
violations of Montana water quality laws. DEQ proposed a penalty of $330,000
(since modified to $302,000) in connection with the alleged violations. The
agency subsequently filed a legal action to recover a civil penalty. The Company
believes (i) that many of the allegations are unfounded, and (ii) the proposed
fine is in violation of Montana statutes because it fails to consider certain
mandatory mitigating factors. The Company is vigorously defending itself in the
legal action.

         The Kendall Mine operates under permits granted by the Montana
Department of Environmental Quality (DEQ). In February 2001, the Company entered
into an agreement with the DEQ under which cash of $1,869,000 supporting a
reclamation bond was transferred to an interest-bearing account at the DEQ for
use in continuing reclamation at the Kendall minesite. The Company has submitted
a proposed closure plan to the DEQ and believes the $1.9 million will
substantially complete the work necessary to achieve mine closure.

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Commodity Prices

         The Company's earnings and cash flow are significantly impacted by
changes in the market price of gold. Gold prices can fluctuate widely and are
affected by numerous factors, such as demand, production levels, economic
policies of central banks, producer hedging, and the strength of the US dollar
relative to other currencies. During the last five years, the average annual
market price has fluctuated between $279 per ounce and $388 per ounce. Moreover,
gold prices are currently near their lowest level in over two decades.

         In order to protect the selling price of a portion of its anticipated
production from the Briggs Mine, the Company, as of April 30, 2001, had entered
into floating rate forward gold contracts on 72,000 ounces (100% of estimated
production for the next six months) at an average price of $264 per ounce. A
floating forward contract allows the Company the flexibility to (i) deliver gold
and receive the contract price if the market price is below the contract price
or (ii) extend the maturity date of the forward contract and sell at the market
price if the contract price is below the market price. For purposes of
illustrating the potential impact of a change in gold price on the Company's
annual profitability and cash flow, if 50% of its estimated production for the
next twelve months was delivered against forward contracts, a $10 change in the
price of gold would have an impact of


                                       18


<PAGE>   19


approximately $0.6 million. Similarly, a hedge position of only 10% of estimated
production with a $10 change in the price of gold would impact the Company's
annual profitability and cash flow by approximately $1.1 million.

                There are certain market risks associated with commodity
instruments. If the Company's counterparties fail to honor their contractual
obligation to purchase gold at agreed-upon prices, the Company may be exposed to
market price risk by having to sell gold in the open market at prevailing
prices. Similarly, if the Company fails to produce sufficient quantities of gold
to meet its forward commitments, the Company would have to purchase the
shortfall in the open market at prevailing prices. In addition, the Company
could be subject to cash margin calls by its counterparties if the market price
of gold significantly exceeds the forward contract price.

         In June 1999, the Company liquidated a gold hedge position consisting
of forward contracts on 125,000 ounces which resulted in proceeds of $5.5
million. As of December 31, 2000, $5.2 million of the gain had been recognized
in operations. During the first quarter of 2001, the remaining $0.3 million was
recognized.

         On June 30, 1999, the Company converted a commodity based loan to a
cash loan. In connection with the conversion, the Company reduced the monetized
amount of the debt to fair value, resulting in a gain of $2.5 million. During
the first quarter of 2001, $0.3 million of the gain was recognized in
operations. The remaining gain will be recognized as follows: (i) $0.9 million
in 2001 and (ii) $1.3 million in 2002.

         The Company had no outstanding derivative instruments at March 31,
2001. During April 2001, the Company entered into floating rate forward
contracts on 72,000 ounces of gold at an average price of $264 per ounce. At
April 30, 2001, the fair market value of the contracts was nil.

Interest Rates

         At March 31, 2001, the Company's debt was approximately $5.3 million,
essentially relating to the Briggs Mine. The Company is required to periodically
reset the rate on the debt associated with the Briggs Mine for periods that the
Company may choose which range in duration from one to six months. A 100 basis
point change in the rate would have an impact on annual earnings and cash flow
of less than $0.1 million, based on the outstanding loan amount of $5.3 million
at March 31, 2001.

Foreign Currency

         The price of gold is denominated in US dollars, and the Company's gold
production operations are in the United States. The Company conducts only a
minor amount of exploration activity in foreign countries and has minimal
foreign currency exposure.




                                       19
<PAGE>   20



                            PART II OTHER INFORMATION

<TABLE>
<S>           <C>                                                                                         <C>
ITEM 1.        LEGAL PROCEEDINGS:   .......................................................................None

ITEM 2.        CHANGES IN SECURITIES:......................................................................None

ITEM 3.        DEFAULTS UPON SENIOR SECURITIES:............................................................None

ITEM 4.        SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS:..........................................None

ITEM 5.        OTHER INFORMATION:  ........................................................................None

ITEM 6(a)      EXHIBITS:...................................................................................None

ITEM 6(b)      REPORTS ON FORM 8-K:........................................................................None
</TABLE>






                                       20
<PAGE>   21



                                   SIGNATURES



Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.



                                        CANYON RESOURCES CORPORATION




Date:   May 14, 2001                    /s/ Gary C. Huber
                                        ----------------------------------------
                                        Gary C. Huber
                                        Chief Financial Officer





Date:    May 14, 2001                   /s/ Richard T. Phillips
                                        ----------------------------------------
                                        Richard T. Phillips
                                        Treasurer





                                       21