<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, 1998

                                       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: 46,107,074
         shares of the Company's Common Stock were outstanding as of May 1,
         1998.


================================================================================
<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, 1997.

<TABLE>
<CAPTION>

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

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

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

      Notes to Interim Consolidated Financial Statements...............................Page 7-12


ITEM 2.          MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                 CONDITION AND RESULTS OF OPERATIONS ..................................Page 13

</TABLE>

                                       2

<PAGE>   3


CANYON RESOURCES CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)

<TABLE>
<CAPTION>

                                                                                   March 31,            December 31,
                                                                                     1998                   1997
                                                                             ------------------      ----------------
<S>                                                                          <C>                     <C>             
ASSETS

Cash and cash equivalents                                                    $        1,784,100      $      3,111,000
Restricted cash                                                                       2,808,800             2,316,300
Accounts receivable                                                                   1,045,800               746,700
Inventories                                                                           6,856,600             6,051,800
Prepaid and other assets                                                              1,109,500             1,288,500
                                                                             ------------------      ----------------
   Total current assets                                                              13,604,800            13,514,300
                                                                             ------------------      ----------------

Property and equipment, at cost
   Mining claims and leases                                                          27,862,600            26,463,800
   Producing properties                                                              60,721,500            60,616,800
   Other                                                                              1,146,600             1,144,500
                                                                             ------------------      ----------------
                                                                                     89,730,700            88,225,100
   Accumulated depreciation and depletion                                            (8,685,000)           (7,269,100)
                                                                             ------------------      ----------------
      Net property and equipment                                                     81,045,700            80,956,000
                                                                             ------------------      ----------------

Other assets                                                                          3,229,100             2,811,800
                                                                             ------------------      ----------------

      Total Assets                                                           $       97,879,600      $     97,282,100
                                                                             ==================      ================

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable                                                             $        3,466,000      $      3,829,600
Notes payable - current                                                               4,431,600             4,554,300
Accrued taxes, other than payroll and income                                             42,900               151,400
Accrued reclamation costs                                                             1,284,000             1,441,200
Other accrued liabilities                                                             1,193,000               956,600
                                                                             ------------------      ----------------
   Total current liabilities                                                         10,417,500            10,933,100

Notes payable - long term                                                            26,895,000            28,055,000
Accrued reclamation costs                                                             2,940,900             2,857,500
Other noncurrent liabilities                                                            398,100               398,000
                                                                             ------------------      ----------------
   Total Liabilities                                                                 40,651,500            42,243,600
                                                                             ------------------      ----------------

Commitments (Notes 8 and 9)

Common stock ($.01 par value) 100,000,000 shares authorized;
   issued and outstanding: 46,107,100 at March 31, 1998, and
   43,617,100 at December 31, 1997                                                      461,100               436,200
Capital in excess of par value                                                       95,278,900            92,999,400
Deficit                                                                             (38,511,900)          (38,397,100)
                                                                             ------------------      ----------------
   Total Stockholders' Equity                                                        57,228,100            55,038,500
                                                                             ------------------      ----------------

   Total Liabilities and Stockholders' Equity                                $       97,879,600      $     97,282,100
                                                                             ==================      ================
</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,
                                                                                      1998                  1997
                                                                                 --------------      ----------------
<S>                                                                              <C>                 <C>
     REVENUE
Sales                                                                            $    7,391,600      $      3,439,600
                                                                                 --------------      ----------------

     EXPENSES
Cost of sales                                                                         4,885,600              2,240,500
Depreciation, depletion, and amortization                                             1,401,500                571,500
Selling, general and administrative                                                     753,400                781,500
Exploration costs                                                                        28,200                 70,600
                                                                                 --------------      -----------------

                                                                                      7,068,700              3,664,100
                                                                                 --------------      -----------------
     OTHER INCOME (EXPENSE)
Interest income                                                                          53,800                 64,400
Interest expense                                                                       (533,700)              (146,600)
Gain on asset sales                                                                      59,800                  -
Other                                                                                   (17,600)                (3,600)
                                                                                 --------------      -----------------

                                                                                       (437,700)               (86,200)
                                                                                 --------------      -----------------

Net loss                                                                         $     (114,800)     $        (310,700)
                                                                                 ==============      =================

Basic and diluted loss per share:
Net loss                                                                         $         --        $           (0.01)
                                                                                 ==============      =================

Weighted average shares outstanding                                                  46,107,100             37,538,400
                                                                                 ==============      =================
</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,
                                                                                       1998                 1997
                                                                                 --------------       ---------------
<S>                                                                              <C>                  <C>
Cash flows from operating activities:
  Net loss                                                                       $     (114,800)      $      (310,700)
                                                                                 --------------       ---------------
  Adjustments to reconcile net loss to net cash used in operating
  activities:
    Depreciation and depletion                                                        1,401,500               571,500
    Amortization of financing costs                                                      74,300                17,700
    (Gain) on asset sales                                                               (59,800)                  --
    Other                                                                                13,700                 3,500
 Changes in assets and liabilities,
    Increase in receivables                                                            (303,000)             (388,200)
    Increase in inventories                                                            (804,800)             (317,700)
    (Increase) decrease in prepaid and other assets                                    (312,600)               77,400
    Increase in accounts payable and accrued liabilities                                407,800             1,444,900
    (Decrease) increase in other liabilities                                             83,500                  (100)
    Increase in restricted cash                                                        (492,500)           (1,486,300)
                                                                                 --------------       ---------------

    Total adjustments                                                                     8,100               (77,300)
                                                                                 --------------       ---------------

    Net cash used in operating activities                                              (106,700)             (388,000)
                                                                                 --------------       ---------------

Cash flows from investing activities:
  Purchases of property and equipment                                                (2,188,700)           (6,827,000)
  Proceeds from asset sales                                                              69,800                   500
  Proceeds from gold sales and restricted cash                                              --              3,894,100
                                                                                 --------------       ---------------

    Net cash used in investing activities                                            (2,118,900)           (2,932,400)
                                                                                 --------------       ---------------

Cash flows from financing activities:
  Issuance of stock, net                                                              2,228,600               139,000
  Proceeds from loans and restricted cash, net                                              --              1,770,400
  Payments on debt                                                                   (1,292,500)              (57,400)
  Payments for debt issuance costs                                                          --                (13,300)
  Payments on capital lease obligations                                                 (37,400)              (38,000)
                                                                                 --------------       ---------------

    Net cash provided by financing activities                                           898,700             1,800,700
                                                                                 --------------       ---------------

Net decrease in cash and cash equivalents                                            (1,326,900)           (1,519,700)
Cash and cash equivalents, beginning of year                                          3,111,000             4,181,100
                                                                                 --------------       ---------------

Cash and cash equivalents, end of period                                         $    1,784,100       $     2,661,400
                                                                                 ==============       ===============
</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 $434,100 of interest during the first three months of
     1998, and $374,500 during the corresponding period of 1997. Of the total
     payments, capitalized interest during the first three months of 1998 and
     1997 was $0 and $258,700, respectively.

2.   The Company paid no income taxes during the first three months of 1998 and
     the corresponding period of 1997.



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


                                        6

<PAGE>   7


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

1.       BASIS OF PRESENTATION:

         During interim periods, Canyon Resources 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.

         Effective January 1, 1998, the Company adopted Statement of Financial
         Accounting Standards No. 130 (SFAS 130), Reporting Comprehensive
         Income. SFAS 130 is designed to report a measure of all changes in
         equity of an enterprise that result from recognized transactions and
         other economic events of the period other than transactions with owners
         in their capacity as owners. Besides net income, other comprehensive
         income includes foreign currency items, minimum pension liability
         adjustments, and unrealized gains and losses on certain investments in
         debt and equity securities. The Company has no items of other
         comprehensive income in any period presented in the accompanying
         interim financial statements.

         The provisions of Statement of Financial Accounting Standards No. 131
         (SFAS 131), Disclosures about Segments of an Enterprise and Related
         Information, will be effective for the Company's 1998 fiscal year. SFAS
         131 establishes standards for the way that public business enterprises
         determine operating segments and report information about those
         segments in annual financial statements. SFAS 131 also requires those
         enterprises to report selected information about operating segments in
         interim financial reports issued to shareholders. SFAS 131 further
         establishes standards for related disclosures about products and
         services, geographic areas, and major customers. As the provisions need
         not be applied to interim financial statements in the initial year of
         application, the accompanying interim financial statements do not
         include the disclosures required by SFAS 131. Upon adoption, the
         Company anticipates a material impact on its reported disclosures.

         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.



                                        7

<PAGE>   8


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


2.       INTERIM RESULTS:

         The foregoing interim results are not necessarily indicative of the
         results of operations for the full year ending December 31, 1998.

3.       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.

4.       RESTRICTED CASH:

         Restricted cash consisted of the following:

<TABLE>
<CAPTION>

-------------------------------------------------------------------------------------------------------------
                                                                        MARCH 31,            DECEMBER 31,
                                                                          1998                    1997
<S>                                                               <C>                   <C>                  
-------------------------------------------------------------------------------------------------------------
Collateral for Letter of Credit (a)                               $          1,953,000  $           1,953,000
Unexpended proceeds from loan drawing (b)                                       54,400                 54,000
Unexpended proceeds from gold sales (c)                                        801,200                309,100
Contingency account (d)                                                            200                    200
                                                                  --------------------  ---------------------
                                                                  $          2,808,800  $           2,316,300
                                                                  ====================  =====================
-------------------------------------------------------------------------------------------------------------
</TABLE>

         (a)      In connection with the issuance of certain bonds for the
                  performance of reclamation obligations at the Kendall and
                  Briggs Mines, a bank Letter of Credit has been 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, 1998. At the
                  bank's option, the Letter of Credit may be renewed for
                  successive one-year periods.

         (b)      Loan proceeds are restricted solely for the development of the
                  Briggs Mine.

         (c)      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.



                                        8

<PAGE>   9


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


4.       RESTRICTED CASH: (Continued)

         (d)      As a condition precedent to securing the Briggs loan facility,
                  the Company transferred $2.0 million to an escrow account to
                  be held in reserve against construction cost overruns at the
                  Briggs Mine. These funds were utilized in 1996 due to higher
                  than anticipated construction costs and working capital needs.

5.       INVENTORIES:

         Inventories consisted of the following at:

<TABLE>
<CAPTION>

-------------------------------------------------------------------------------------------
                                                        MARCH 31,           DECEMBER 31,
                                                          1998                 1997
-------------------------------------------------------------------------------------------
<S>                                              <C>                      <C>              
Gold-in-process (a)                              $          5,851,200     $       4,997,900
Industrial minerals - in process (a)                          378,200               413,200
Materials and supplies                                        627,200               640,700
                                                 --------------------     -----------------
                                                 $          6,856,600     $       6,051,800
                                                 ====================     =================
-------------------------------------------------------------------------------------------
</TABLE>

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

6.       NOTES PAYABLE:

         Notes payable consisted of the following at:

<TABLE>
<CAPTION>

-------------------------------------------------------------------------------------------
                                                       MARCH 31,            DECEMBER 31,
                                                         1998                  1997
-------------------------------------------------------------------------------------------
<S>                                                <C>                  <C>                
Briggs Loan (a)                                    $      30,882,500    $        31,825,000
Norwest Revolver (b)                                          -                     350,000
Western Mobile Note (c)                                      444,100                434,300
                                                   -----------------    -------------------
                                                   $      31,326,600    $        32,609,300
Current portion                                            4,431,600              4,554,300
                                                   -----------------    -------------------
Notes Payable - Long Term                          $      26,895,000    $        28,055,000
                                                   =================    ===================
-------------------------------------------------------------------------------------------

</TABLE>

                                        9

<PAGE>   10


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


6.       NOTES PAYABLE: (Continued)

         (a)      On December 6, 1995, the Company's wholly owned subsidiary, CR
                  Briggs Corporation, obtained a $34.0 million loan facility to
                  finance the capital requirements of mine construction and
                  working capital for its Briggs Mine in California. Drawings on
                  the facility include $25.0 million principal in the form of a
                  gold loan and $9.0 million principal as dollar loans. The gold
                  loan portion was monetized at $388.05 per ounce, or 64,425
                  ounces. Outstanding ounces on the gold loan at March 31, 1998
                  and December 31, 1997, were 57,499 ounces and 59,593 ounces,
                  respectively. Weighted average interest rates on the loans
                  during the first three months of 1998 were (i) 3.8% on the
                  gold loan and (ii) 10.6% on the cash loans. For the comparable
                  period in 1997, weighted average interest rates on the gold
                  loan and dollar loans were 3.5% and 9.9%, respectively.
                  Interest payments of $421,400 and $344,500 were made during
                  the first three months of 1998 and 1997, respectively.

         (b)      In October, 1997, the Company's wholly owned subsidiary, CR
                  Minerals Corporation (CR Minerals), obtained a one-year
                  revolving credit line (Revolver) with Norwest Bank Colorado,
                  N.A. in an amount not to exceed the lesser of a borrowing base
                  or $600,000. The borrowing base is calculated on 70% of CR
                  Minerals' domestic accounts receivables not more than 90 days
                  in age from date of invoice. During the first three months of
                  1998, the Revolver was completely paid down. The average
                  interest rate for the period was 9.0% and interest payments of
                  $2,700 were made. At March 31, 1998, the amount available
                  under the Revolver, which was equal to the borrowing base, was
                  $522,000.

         (c)      On December 31, 1997, CR Minerals purchased the pumice mine
                  which supplies the raw ore for its New Mexico processing
                  facility from Western Mobile Santa Fe, Inc. Total purchase
                  price was $950,000, of which $475,000 was paid at closing with
                  the balance of $475,000 due one year later. As the promissory
                  note issued for the remaining consideration did not contain a
                  stated interest rate, an imputed rate of 9% was used to
                  establish the note's present value, resulting in a discount of
                  $40,700. The amount amortized to interest expense during the
                  first three months of 1998 was $9,800.

7.       SITE RESTORATION COSTS:

         Reclamation spending at the Kendall Mine for the first three months of
         1998 was $202,100. For the comparable period of 1997, spending totaled
         $411,300.


                                       10

<PAGE>   11


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


8.       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 (Venture) from CR Montana's partner in the Venture, Phelps
         Dodge Corporation (Phelps Dodge). The Company and its wholly owned
         subsidiary now own 100% of the Venture. The Venture includes the
         McDonald Gold Project near Lincoln, Montana, which is currently in the
         permitting stage.

         The Company made an initial payment of $5 million as part of a total
         purchase price which will be no less than $100 million and no more than
         $150 million, assuming all applicable permits for the McDonald Gold
         Project are obtained. The largest part of the purchase price, $20 to
         $30 per mineable reserve ounce attributable to the Phelps Dodge
         ownership as determined by a final feasibility study, is to be paid
         after all permits for mine development are obtained. Due to the
         contingent nature of the transaction, the Company has only recorded the
         initial payment of $5 million as additions to mining claims and leases.

9.       YEAR 2000 ISSUE:

         Many computer programs utilize a two digit format to identify the
         applicable year. Without modification, any date sensitive software
         beyond December 31, 1999 could fail, as the date would be reset to year
         1900. This could result in, amongst other things, disruptions to
         operations and the inability to process financial transactions. The
         Company has not yet made an assessment of the impact of the year 2000
         issue. The Company expects to initiate communications in 1998 with all
         of its equipment suppliers in which a computer is utilized and with its
         computer manufacturers (hardware and software) for the processing of
         financial information to determine the extent to which the issue may
         impact the Company. In addition, the Company will inquire of other
         entities who are significant suppliers of consumables used in its
         operations and of others it currently interacts with electronically
         (financial institutions, etc.) to determine the extent to which it may
         be vulnerable to those third parties' failure to remediate their own
         Year 2000 Issue.

10.      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.

                                       11

<PAGE>   12


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


11.      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 and warrants) 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.

12.      SUBSEQUENT EVENT:

         In May, 1998, as part of a restructuring of the Briggs Mine loan
         facility, the Company liquidated its hedge position for all forward
         contracts with settlement dates beyond June 30, 1998. The liquidation
         resulted in proceeds of $11.1 million which were used to prepay in full
         the cash loans outstanding of $8.6 million. The balance of the proceeds
         ($2.5 million) will be held in an escrow account for the use by the
         lenders at their discretion. The Company is working with the lenders to
         implement a new long-term hedging program. The gain of $11.1 million
         resulting from the liquidation will be deferred and recognized in
         operations over the original terms of the forward contracts.

         In addition, the restructuring included the modification of certain
         coverage ratios (as defined) and a revision to the amortization
         schedule for the gold loan. The revised amortization schedule follows:
<TABLE>
<CAPTION>

--------------------------------------------------------------------------------
PAYMENT PERIOD                              OUNCES          $ MONETIZED AMOUNT
--------------------------------------------------------------------------------
<S>                                         <C>             <C>
Balance of 1998                              2,738            $   1,062,500
1999                                         3,060                1,187,400
2000                                         2,738                1,062,500
2001                                        14,174                5,500,200
2002                                        34,789               13,499,900
                                            ------            -------------
                                            57,499            $  22,312,500
--------------------------------------------------------------------------------

</TABLE>

                                       12

<PAGE>   13


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 $0.1 million on revenues of $7.4
million for the three months ended March 31, 1998, compared to a net loss of
$0.3 million on revenues of $3.4 million for the comparable period in 1997. The
lower loss in the current period was principally a result of improved
performance in the industrial minerals segment, lower general and administrative
costs, lower exploration expenses, and a gain on the sale of an exploration
property.

         For the three months ended March 31, 1998, the Company sold 14,179
ounces of gold and 3,500 ounces of silver at an average price of $423 per
equivalent gold ounce. For the comparable period of 1997, the Company sold
13,750 ounces of gold at an average realized price of $403 per ounce. The prior
period includes the sale of 8,150 ounces of gold which was credited against
capitalized development costs at the Briggs Mine. The New York Commodity
Exchange (COMEX) gold price averaged $295 and $353 per ounce for the three
months ended March 31, 1998 and 1997, respectively. Revenue from the sales of
industrial minerals products increased 17% in the current period.

         Cost of sales was $4.9 million for the three months ended March 31,
1998, as compared to $2.2 million in the prior period. The prior period includes
only one month of commercial production at the Briggs Mine. Per ounce cost of
gold sold at the Briggs Mine, as computed under the Gold Institute's Production
Cost Standard, was as follows:



                                       13

<PAGE>   14


                                 CR BRIGGS MINE
                           COST PER OUNCE OF GOLD SOLD
<TABLE>
<CAPTION>

--------------------------------------------------------------------------------
                                             Three months ended March 31,
                                                 1998         1997(1)
--------------------------------------------------------------------------------
<S>                                          <C>              <C> 
Cash operating (2)                              $272            $237
Total cash costs (3)                            $278            $244
Total production costs (4)                      $374            $337
--------------------------------------------------------------------------------
</TABLE>

         (1)    March, 1997, only.
         (2)    All direct and indirect costs of the operation, excluding
                royalties and accruals for site restoration. Includes inventory
                changes and adjustments for deferred stripping.
         (3)    Cash operating costs plus royalties
         (4)    Total cash costs plus depreciation, depletion, amortization and
                accruals for site restoration.

         Operating costs at the Briggs Mine during the first quarter of 1998
were lower than budgeted, however, gold production levels were also lower than
expected, resulting in higher unit costs. The lower production levels were
mainly attributable to a build-up of carbon in the process plant and to an
unfavorable reaction in the strip circuit to a chemical provided by a new
supplier. These problems have been subsequently resolved and production is
approaching expected levels.

         Depreciation, depletion and amortization was higher in the current
period, as the prior period included only one month of commercial production at
the Briggs Mine. Interest expense was higher in the current period for the same
reason.

LIQUIDITY & CAPITAL RESOURCES

         Net cash used in operating activities during the three months ended
March 31, 1998, was $0.1 million as compared to $0.4 million used in operating
activities for the same period in 1997. Cash and cash equivalents at March 31, 
1998 was $1.8 million.

         The Company spent $2.2 million on capital programs for the three months
ended March 31, 1998, principally on advancing the permitting effort at the
McDonald Gold Project, improvements to the industrial minerals business, and
costs associated with the Company's exploration property in Brazil.

         During the first quarter of 1998, the Company raised $2.5 million ($2.3
million net of expenses) through the sale of 2,490,000 shares of common stock,
repaid $0.9 million of principal on the Briggs Mine loan facility and paid down
the CR Minerals Revolver ($0.3 million).

         In May, 1998, as part of a restructuring of the Briggs Mine loan
facility, the Company liquidated its hedge position for all forward contracts
with settlement dates beyond June 30, 1998. The liquidation resulted in proceeds
of $11.1 million which were used to prepay in full the cash

                                       14

<PAGE>   15


loans outstanding of $8.6 million. The balance of the proceeds ($2.5 million)
will be held in an escrow account for the use by the lenders at their
discretion. The Company is working with the lenders to implement a new long-term
hedging program. The gain of $11.1 million resulting from the liquidation will
be deferred and recognized in operations over the original terms of the forward
contracts.

         In addition, the restructuring included the modification of certain
coverage ratios (as defined) and a revision to the amortization schedule for the
gold loan. The revised amortization schedule follows:
<TABLE>
<CAPTION>

--------------------------------------------------------------------------------
PAYMENT PERIOD                              OUNCES          $ MONETIZED AMOUNT
--------------------------------------------------------------------------------
<S>                                         <C>            <C>             
Balance of 1998                              2,738             $  1,062,500
1999                                         3,060                1,187,400
2000                                         2,738                1,062,500
2001                                        14,174                5,500,200
2002                                        34,789               13,499,900
                                            ------             ------------
                                            57,499             $ 22,312,500
--------------------------------------------------------------------------------
</TABLE>

         The McDonald Gold Project is expected to require between $10 million
and $12 million over the next eighteen months for the permitting process. The
Company is currently examining several options with respect to project funding,
however, there can be no assurances of such arrangements being finalized. Should
the Company not be able to obtain funding, the schedule for completing the
permitting process could be affected.



                                       15

<PAGE>   16


                            PART II OTHER INFORMATION
<TABLE>
<CAPTION>


<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:

                  No. 27 - Financial Data Schedule

ITEM 6(b)         REPORTS ON FORM 8-K:...............................................................   None

</TABLE>




                                       16

<PAGE>   17


                                   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 13, 1998                           /s/ Richard T. Phillips
                                                --------------------------------
                                                Richard T. Phillips
                                                Treasurer



Date:   May 13, 1998                            /s/ Gary C. Huber
                                                --------------------------------
                                                Gary C. Huber
                                                Chief Financial Officer



                                       17

<PAGE>   18


                                  EXHIBIT INDEX

EXHIBIT NO.              EXHIBIT DESCRIPTION                         PAGE

   27                    Financial Data Schedule




                                       18