<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 June 30, 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 August 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>
<CAPTION>
<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 Stockholder's Equity ............. Page 7

        Notes to Interim Consolidated Financial Statements..................... Page 8-15


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
        CONDITION AND RESULTS OF OPERATIONS ................................... Page 16

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK ............ Page 20
</TABLE>


                                       2
<PAGE>   3


CANYON RESOURCES CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)

<TABLE>
<CAPTION>
                                                                   June 30,         December 31,
ASSETS                                                               2001                2000
                                                                 ------------       ------------
<S>                                                              <C>                <C>
Cash and cash equivalents                                        $    727,100       $  1,061,200
Restricted cash                                                     1,341,700          1,379,800
Accounts receivable                                                   753,100            768,100
Inventories                                                         6,224,200          6,600,500
Prepaid and other assets                                              126,100            195,300
                                                                 ------------       ------------
    Total current assets                                            9,172,200         10,004,900
                                                                 ------------       ------------

Property and equipment, at cost
   Mining claims and leases                                        22,826,800         23,025,800
   Producing properties                                            47,951,900         44,508,600
   Other                                                              967,000            839,600
                                                                 ------------       ------------
                                                                   71,745,700         68,374,000
Accumulated depreciation and depletion                            (31,922,400)       (28,274,700)
                                                                 ------------       ------------
   Net property and equipment                                      39,823,300         40,099,300
                                                                 ------------       ------------

Other assets                                                        1,578,400          1,417,300
                                                                 ------------       ------------

   Total Assets                                                  $ 50,573,900       $ 51,521,500
                                                                 ============       ============

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable                                                 $  5,611,000       $  3,261,700
Notes payable - current                                             3,402,400          2,669,800
Accrued reclamation costs                                           1,509,000          1,509,000
Deferred income                                                             -          1,505,200
Other current liabilities                                           1,282,500            978,000
                                                                 ------------       ------------
   Total current liabilities                                       11,804,900          9,923,700

Notes payable - long term                                           1,294,100          2,667,100
Accrued reclamation costs                                           2,533,300          2,575,300
Deferred income                                                             -          1,264,000
Other noncurrent liabilities                                          756,200            775,600
                                                                 ------------       ------------
   Total Liabilities                                               16,388,500         17,205,700
                                                                 ------------       ------------

Commitments (Note 8)

Common stock ($.01 par value) 50,000,000 shares authorized;
   issued and outstanding: 13,351,900 at June 30, 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                                                           (65,008,400)       (62,325,300)
Accumulated other comprehensive income                              1,895,900                  -
                                                                 ------------       ------------
   Total Stockholders' Equity                                      34,185,400         34,315,800
                                                                 ------------       ------------

   Total Liabilities and Stockholders' Equity                    $ 50,573,900       $ 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 June 30,             Six months ended June 30,
                                                   2001               2000              2001                2000
                                               ------------       ------------       ------------       ------------
<S>                                            <C>                <C>                <C>                <C>
   REVENUE
Sales                                          $  6,168.000       $  8,541,500       $ 13,493,100       $ 17,387,800
                                               ------------       ------------       ------------       ------------

   EXPENSES
Cost of sales                                     5,097,400          5,733,200         11,392,600         12,347,200
Depreciation, depletion, and amortization         1,969,400          2,260,300          3,632,500          4,885,500
Selling, general and administrative                 304,900            232,400            603,200            542,800
Exploration costs                                    24,100              9,800             39,000             16,500
(Gain) loss on asset disposals                            -                  -            (45,700)           (44,200)
                                               ------------       ------------       ------------       ------------
                                                  7,395,800          8,235,700         15,621,600         17,747,800
                                               ------------       ------------       ------------       ------------

   OTHER INCOME (EXPENSE)
Interest income                                      34,100             34,500             81,900             75,400
Interest expense                                   (158,700)          (191,600)          (346,200)          (380,800)
Unrealized loss on derivative instruments          (454,900)                 -           (454,900)                 -
Other                                                     -               (900)           164,600                300
                                               ------------       ------------       ------------       ------------
                                                   (579,500)          (158,000)          (554,600)          (305,100)
                                               ------------       ------------       ------------       ------------


Net income (loss)                              $ (1,807,300)      $    147,800       $ (2,683,100)      $   (665,100)
                                               ============       ------------       ============       ============

Basic and diluted income (loss) per share      $      (0.14)      $       0.01       $      (0.20)      $      (0.06)
                                               ============       ============       ============       ============


Weighted average shares outstanding:
     Basic eps                                   13,351,900         11,627,200         13,290,800         11,626,800
     Diluted eps                                 13,351,900         11,726,200         13,290,800         11,626,800
</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>
                                                                             Six months ended June 30,
                                                                              2001              2000
                                                                           -----------       -----------
<S>                                                                        <C>               <C>
Cash flows from operating activities:
  Net loss                                                                 $(2,683,100)      $  (665,100)
                                                                           -----------       -----------
  Adjustments to reconcile net loss to net cash provided by
   operating activities:
    Depreciation and depletion                                               3,632,500         4,885,500
    Amortization of financing costs                                             95,400            91,000
    Gain on asset dispositions                                                 (45,700)          (44,200)
    Unrealized loss on derivative instruments                                  454,900                 -
    Reclassification adjustment of other comprehensive income                 (873,300)                -
    Changes in operating assets and liabilities:
      (Increase) decrease in accounts receivable                                15,000            (2,300)
      Decrease in inventories                                                  376,300         1,311,900
      (Increase) decrease in prepaid and other assets                           69,200        (1,027,300)
      Increase (decrease) in accounts payable and accrued liabilities        1,041,000          (596,000)
      Decrease in deferred income                                                    -        (3,940,000)
      Decrease in other liabilities                                            (42,000)          (91,900)
      (Increase) decrease in restricted cash                                   (18,400)          207,500
                                                                           -----------       -----------
      Total adjustments                                                      4,704,900           794,200
                                                                           -----------       -----------

    Net cash provided by operating activities                                2,021,800           129,100
                                                                           -----------       -----------

Cash flows from investing activities:
  Purchases and development of property and equipment                       (2,268,000)         (828,100)
  Proceeds from asset sales                                                    459,000            44,200
  Decrease in restricted cash                                                        -         2,345,800
                                                                           -----------       -----------

    Net cash provided by (used in) investing activities                     (1,809,000)        1,561,900
                                                                           -----------       -----------

Cash flows from financing activities:
  Issuance of stock, net                                                       456,800             2,500
  Payments on debt                                                            (807,800)          (16,800)
  Payments on capital lease obligations                                       (195,900)         (205,900)
                                                                           -----------       -----------

    Net cash used in financing activities                                     (546,900)         (220,200)
                                                                           -----------       -----------

Net increase (decrease) in cash and cash equivalents                          (334,100)        1,470,800
Cash and cash equivalents, beginning of year                                 1,061,200           681,600
                                                                           -----------       -----------

Cash and cash equivalents, end of period                                   $   727,100       $ 2,152,400
                                                                           ===========       ===========
</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 $250,800 of interest during the first half of 2001, and
        $232,900 during the corresponding period of 2000.

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

Supplemental schedule of noncash investing and financing activities:

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

2.      Capital lease obligations of $125,000 were incurred during the first
        half of 2001, and $147,500 during the corresponding period of 2000.

3.      The Company financed an equipment lease buy-out in the amount of
        $167,400 during the first half of 2001.



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       Retained         Other          Common
                                            Number of       At Par        in Excess      Earnings     Comprehensive   Shareholders'
                                             Shares          Value       of Par 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                                                                             (2,683,100)                     (2,683,100)
    Other comprehensive income
       Transition adjustment (1)                                                                          3,084,300       3,084,300
       Reclassification adjustments (2)                                                                  (1,188,400)     (1,188,400)
                                                                                                        -----------     -----------
         Other comprehensive income                                                                       1,895,900       1,895,900
                                                                                                        -----------     -----------

    Comprehensive income                                                                                                   (787,200)
                                           -----------    -----------    -----------    -----------     -----------     -----------

Balances, June 30, 2001                     13,351,900    $   133,500    $97,164,400    $(65,008,400)   $ 1,895,900     $34,185,400
                                           ===========    ===========    ===========    ===========     ===========     ===========
</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.

(2)     Reclassification adjustments:

<TABLE>
<CAPTION>
<S>                                                                                                         <C>
    Deferred hedging gains recognized in net income for the period                                    $   (873,300)
    Net gain on forward gold contracts recognized in net income for the period                            (315,100)
                                                                                                       ------------
                                                                                                      $ (1,188,400)
                                                                                                       ============
</TABLE>


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


                                       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. 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 during
        the second quarter of 2001 by entering into floating rate forward
        contracts on 73,100 ounces of gold at an average price of approximately
        $265 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>
                                                         JUNE 30,       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)                     1,905,300               -
        Unexpended proceeds from gold sales (d)             11,700          49,800
                                                        ----------      ----------
                                                         2,304,300       2,285,900
        Current portion                                  1,341,700       1,379,800
                                                        ----------      ----------
        Noncurrent portion*                             $  962,600      $  906,100
                                                        ==========      ==========
           *Included in other assets
</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>
                                      JUNE 30,        DECEMBER 31,
                                        2001              2000
                                    ------------      ------------
<S>                                 <C>               <C>
        Gold-in-process (a)         $  5,881,100      $  6,158,400
        Materials and supplies           343,100           442,100
                                    ------------      ------------
                                    $  6,224,200      $  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>
                                          JUNE 30,        DECEMBER 31,
                                            2001              2000
                                        ------------      ------------
<S>                                     <C>               <C>
        Briggs Loan Facility (a)        $  4,574,200      $  5,334,200
        Other (b)                            122,300             2,700
                                        ------------      ------------
                                           4,696,500         5,336,900

        Current portion                    3,402,400         2,669,800
                                        ------------      ------------
        Notes Payable - Noncurrent      $  1,294,100      $  2,667,100
                                        ============      ============
</TABLE>



                                       10
<PAGE>   11


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


7.      NOTES PAYABLE, CONTINUED:


        (a)    During the second quarter of 2001, the weighted average interest
               rate on the loan facility was 7.0 %. For the comparable period in
               2000, the weighted average interest rate was 8.8%. For the six
               months ended June 30, 2001, the weighted average interest rate
               was 7.7%. For the comparable period in 2000, the weighted average
               interest rate was 8.7%.

        (b)    During the second quarter of 2001, the Company arranged to
               finance certain equipment lease buy-outs with Caterpillar
               Finance. Terms of the financing required equal monthly payments
               over eighteen months at an interest rate of 9.9%.

8.      COMMITMENTS AND CONTINGENCIES:

        a.     Kendall Mine Reclamation Costs

               Reclamation spending at the Kendall Mine for the second quarter
               of 2001 was $156,900. For the comparable period of 2000, spending
               totaled $190,600. For the six months ended June 30, 2001,
               spending totaled $311,600 as compared to $351,800 for the prior
               period.

               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


                                       11
<PAGE>   12


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


8.      COMMITMENTS AND CONTINGENCIES, CONTINUED:

               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. The Company has not made
               the $0.5 million deposit due on June 30, 2001, and is in
               discussions with the Surety to reschedule the deposit
               requirement. 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 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



                                       12
<PAGE>   13


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


8.      COMMITMENTS AND CONTINGENCIES, CONTINUED:

               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 $161,000) 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 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
               date of October 11, 2001 for submission of documents for its
               deliberations on the lawsuit. The Company's legal counsel
               believes that it is likely that the SPV will prevail in the
               lawsuit.



                                       13
<PAGE>   14


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


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. Inclusion of common
        stock equivalents would have an antidilutive effect on per share amounts
        for the periods presented with net losses. Inclusion of common stock
        equivalents had no effect on per share amounts for the period presented
        with net income. Accordingly, the Company's basic and diluted EPS
        computations are the same for all periods presented. At June 30, 2001,
        and 2000, there were outstanding common stock equivalents of 776,400 and
        555,400, 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 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.

        During the second quarter of 2001, the Company entered into additional
        floating rate forward contracts on 73,100 ounces of gold at an average
        price of approximately $265 per ounce. At June 30, 2001, the fair market
        value of the forward contracts was $454,900 less than contractual
        amounts. The unrealized mark-to-market loss on the forward contracts is
        included in other expense on the Statement of Operations.

        At June 30, 2001, the Company had accumulated other comprehensive income
        of approximately $1.9 million relating to a 1999 gain on the conversion
        of a gold loan to a cash loan. During the remainder of 2001,
        approximately $0.6 million of the gain will be recognized in operations.
        The balance of $1.3 million will be recognized in 2002.



                                       14
<PAGE>   15


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


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.

13.     RECENTLY ISSUED FINANCIAL ACCOUNTING STANDARDS:

        In July 2001, the Financial Accounting Standards Board issued Statement
        of Financial Accounting Standards No. 143, Accounting for Asset
        Retirement Obligations (SFAS No. 143). SFAS No. 143 is effective for
        fiscal years beginning after June 15, 2002 (January 1, 2003 for the
        Company), and establishes an accounting standard requiring the recording
        of the fair value of liabilities associated with the retirement of
        long-lived assets in the period in which they are incurred. The Company
        is in the process of determining the future impact that the adoption of
        SFAS No. 143 may have on its earnings or financial position.


                                       15
<PAGE>   16


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 $1.8 million, or $0.14 per share, on
revenues of $6.2 million for the second quarter of 2001. For the six months
ended June 30, 2001, the Company recorded a net loss of $2.7 million, or $0.20
per share, on revenues of $13.5 million. This compares to net income of $0.1
million, or $0.01 per share, on revenues of $8.5 million for the second quarter
of 2000 and a net loss of $0.7 million, or $0.06 per share, on revenues of $17.4
million during the first six months of 2000.

        For the three months ended June 30, 2001, the Company sold 21,746 ounces
of gold and 5,000 ounces of silver at an average price of $284 per equivalent
gold ounce. For the comparable period of 2000, the Company sold 20,557 ounces of
gold and 5,000 ounces of silver at an average realized price of $416 per
equivalent gold ounce. The New York Commodity Exchange (COMEX) gold price
averaged $268 and $280 per ounce for the three months ended June 30, 2001 and
2000, respectively.

        The following table summarizes the Company's gold deliveries and
revenues for the three months ended June 30, 2001 and the comparable period for
2000:


<TABLE>
<CAPTION>
                                  Three Months Ended                            Three Months Ended
                                    June 30, 2001                                 June 30, 2000
                        ---------------------------------------      ---------------------------------------
                                        Average                                     Average
                           Gold          Price         Revenue         Gold           Price         Revenue
                          Ounces        Per Oz.        $000's         Ounces         Per Oz.         $000's
                        ---------      ---------      ---------      ---------      ---------      ---------
<S>                     <C>            <C>            <C>            <C>            <C>            <C>
Deliveries
   Forwards                 1,600      $     271      $     434         18,800      $     326      $   6,134
   Spot sales              20,146      $     268          5,396          1,757      $     279            491
   Deferred income              -              -            316              -              -          1,892
                        ---------                     ---------      ---------                     ---------
                           21,746      $     283          6,146         20,557      $     414          8,517
Other transactions
   Silver proceeds              -              -             22              -              -             25
                        ---------                     ---------      ---------                     ---------
                           21,746      $     284      $   6,168         20,557      $     416      $   8,542
</TABLE>


                                       16
<PAGE>   17

        For the six months ended June 30, 2001, the Company sold 45,843 ounces
of gold and 9,400 ounces of silver at an average price of $294 per equivalent
gold ounce. For the comparable period of 2000, the Company sold 44,309 ounces of
gold and 10,000 ounces of silver at an average realized price of $392 per
equivalent gold ounce. The COMEX gold price averaged $266 and $285 per ounce for
the six months ended June 30, 2001 and 2000, respectively.

        The following table summarizes the Company's gold deliveries and
revenues for the six months ended June 30, 2001 and the comparable period for
2000.


<TABLE>
<CAPTION>
                                  Six Months Ended                              Six Months Ended
                                    June 30, 2001                                 June 30, 2000
                        ---------------------------------------      ---------------------------------------
                                        Average                                     Average
                          Gold           Price         Revenue         Gold           Price        Revenue
                         Ounces         Per Oz.        $000's         Ounces         Per Oz.        $000's
                        ---------      ---------      ---------      ---------      ---------      ---------
<S>                     <C>            <C>            <C>            <C>            <C>            <C>
Deliveries
   Forwards                 8,600      $     311      $   2,673         21,800      $     318      $   6,930
   Spot sales              37,243      $     266          9,905         22,509      $     287          6,468
   Deferred income              -              -            873              -              -          3,940
                        ---------                     ---------      ---------                     ---------
                           45,843      $     293         13,451         44,309      $     391         17,338
Other transactions
   Silver proceeds              -              -             42              -              -             50
                        ---------                     ---------      ---------                     ---------
                           45,843      $     294      $  13,493         44,309      $     392      $  17,388
</TABLE>


        Cost of sales was $5.1 million for the three months ended June 30, 2001,
as compared to $5.7 million in the prior period. For the six months ended June
30, 2001, cost of sales was $11.4 million as compared to $12.3 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:

                                 CR BRIGGS MINE
                           COST PER OUNCE OF GOLD SOLD


<TABLE>
<CAPTION>
                              Three months ended June 30,   Six months ended June 30,
                                  2001          2000          2001          2000
                                --------      --------      --------      --------
<S>                           <C>             <C>           <C>           <C>
Cash operating (1)                $223          $267          $237          $267
Total cash costs (2)              $229          $273          $243          $273
Total production costs (3)        $323          $388          $327          $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 reclamation.

        Cash costs per ounce are lower in the current periods due to higher gold
production from higher grades of ore mined.


                                       17
<PAGE>   18


        Depreciation, depletion and amortization was lower in the current
periods 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
second quarter of 2001, the Company entered into additional floating rate
forward contracts on 73,100 ounces of gold. At June 30, 2001, the fair market
value of the forward contracts was $454,900 less than contractual amounts. The
unrealized mark-to-market loss on the forward contracts is included in other
expense 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.

LIQUIDITY & CAPITAL RESOURCES

        For the six months ended June 30, 2001, operating activities provided
$2.0 million of cash, investing activities used $1.8 million of cash, and
financing activities used $0.5 million of cash, resulting in a net decrease in
cash of $0.3 million. Cash and cash equivalents at June 30, 2001 were $0.7
million.

        During the first half of 2001, the Company spent $2.1 million at the
Briggs Mine, principally to develop the North Briggs deposit and $0.2 million on
the McDonald Gold Project. In addition, the Company realized proceeds of
approximately $0.4 million through the sale of certain non-mineralized lands
from the McDonald Gold Project.

        During the first half of 2001, the Company raised approximately $0.5
million through a private placement of stock, payed down debt by approximately
$0.8 million, and made capital lease payments of approximately $0.2 million.

        The Company believes its cash requirements in 2001 can be funded through
a combination of existing cash and cash flows from operations. In order to limit
its market exposure from the


                                       18
<PAGE>   19


sale of gold from the Briggs Mine, the Company established a bank required price
protection program during the second quarter of 2001 by entering into floating
rate forward contracts on 73,100 ounces of gold at an average price of
approximately $265 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 date of October 11, 2001 for submission of
documents for its deliberation on the lawsuit. The Company's legal counsel
believes that it is likely that the Venture will prevail in the 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 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.



                                       19
<PAGE>   20

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 $161,000) 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.

Recently Issued Financial Accounting Standards

        In July 2001, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards No. 143, Accounting for Asset Retirement
Obligations (SFAS No. 143). SFAS No. 143 is effective for fiscal years beginning
after June 15, 2002 (January 1, 2003 for the Company), and establishes an
accounting standard requiring the recording of the fair value of liabilities
associated with the retirement of long-lived assets in the period in which they
are incurred. The Company is in the process of determining the future impact
that the adoption of SFAS No. 143 may have on its earnings or financial
position.

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 June 30, 2001, had entered
into floating rate forward gold contracts on 73,100 ounces at an average price
of approximately $265 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
approximately $0.6


                                       20
<PAGE>   21

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.

        At June 30, 2001, the fair market value of the Company's floating rate
forward contracts (73,100 ounces at an average price of approximately $265 per
ounce) was approximately $0.5 million lower than contractual amounts.

Interest Rates

        At June 30, 2001, the Company's debt was approximately $4.7 million,
primarily 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 $4.6 million
at June 30, 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.




                                       21
<PAGE>   22

                            PART II OTHER INFORMATION


<TABLE>
<CAPTION>
<S>                                                                              <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:

        On June 7, 2001, the Company held its Annual Meeting of Shareholders.
        The following item of business was voted upon by shareholders at the
        meeting:

        Proposal I was the election of one Director of the Company, Richard H.
        De Voto. The proposal electing Mr. De Voto passed with votes of
        10,373,491 shares "For" and 565,202 "Withheld".

        The following individuals continued in their capacity as Directors of
        the Company subsequent to the Annual Meeting of Shareholders: Gary C.
        Huber, Leland O. Erdahl, David K. Fagin, and Richard F. Mauro.

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

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

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


                                       22
<PAGE>   23

                                   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: August 13, 2001                               /s/ Gary C. Huber
                                                    ----------------------------
                                                    Gary C. Huber
                                                    Chief Financial Officer




Date: August 13, 2001                               /s/ Richard T. Phillips
                                                    ----------------------------
                                                    Richard T. Phillips
                                                    Treasurer



                                       23