<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, 2000
                                       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: 11,627,241 shares of the
Company's Common Stock were outstanding as of August 1, 2000.

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

<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, 1999.

<TABLE>
<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 7-15


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
         CONDITION AND RESULTS OF OPERATIONS...........................Page 16-20

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
         MARKET RISK...................................................Page 21-22
</TABLE>



                                       2

<PAGE>   3

CANYON RESOURCES CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)

<TABLE>
<CAPTION>
                                                                     June 30,        December 31,
ASSETS                                                                 2000              1999
                                                                   ------------      ------------
<S>                                                                <C>               <C>
Cash and cash equivalents                                          $  2,152,400      $    681,600
Restricted cash                                                       2,161,500         2,211,900
Accounts receivable                                                      21,100            18,800
Inventories                                                           6,507,000         7,818,900
Prepaid and other assets                                              1,067,700         1,168,700
                                                                   ------------      ------------
    Total current assets                                             11,909,700        11,899,900
                                                                   ------------      ------------

Property and equipment, at cost
   Mining claims and leases                                          22,811,000        21,136,400
   Producing properties                                              51,828,600        51,521,400
   Other                                                                841,600           841,600
                                                                   ------------      ------------
                                                                     75,481,200        73,499,400
Accumulated depreciation and depletion                              (23,483,500)      (18,582,400)
                                                                   ------------      ------------
   Net property and equipment                                        51,997,700        54,917,000
                                                                   ------------      ------------

Other assets                                                          2,948,700         4,414,300
                                                                   ------------      ------------

   Total Assets                                                    $ 66,856,100      $ 71,231,200
                                                                   ============      ============

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable                                                   $  1,898,300      $  2,499,700
Notes payable - current                                               1,350,100            30,700
Accrued taxes, other than payroll and income                              7,800            36,400
Accrued reclamation costs                                             1,830,400         1,830,400
Deferred income                                                       5,354,400         8,421,200
Other current liabilities                                             1,826,400           840,500
                                                                   ------------      ------------
   Total current liabilities                                         12,267,400        13,658,900

Notes payable - long term                                             4,000,700         5,336,900
Accrued reclamation costs                                             2,294,200         2,386,100
Deferred income                                                       1,896,000         2,769,200
Other noncurrent liabilities                                          1,425,800         1,445,500
                                                                   ------------      ------------
   Total Liabilities                                                 21,884,100        25,596,600
                                                                   ------------      ------------

Commitments and contingencies (Note 7)

Common stock ($.01 par value) 100,000,000 shares authorized
   and 46,497,500 issued and outstanding at December 31, 1999;
   50,000,000 shares authorized and 11,627,200 issued and
   outstanding at June 30, 2000                                         116,300           465,000
Capital in excess of par value                                       95,773,300        95,422,100
Deficit                                                             (50,917,600)      (50,252,500)
                                                                   ------------      ------------
   Total Stockholders' Equity                                        44,972,000        45,634,600
                                                                   ------------      ------------
   Total Liabilities and Stockholders' Equity                      $ 66,856,100      $ 71,231,200
                                                                   ============      ============
</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,
                                                      2000              1999              2000              1999
                                                  ------------      ------------      ------------      ------------
<S>                                               <C>               <C>               <C>               <C>
   REVENUE
Sales                                             $  8,541,500      $  7,362,700      $ 17,387,800      $ 14,698,400
                                                  ------------      ------------      ------------      ------------

   EXPENSES
Cost of sales                                        5,733,200         6,173,500        12,347,200        12,054,100
Depreciation, depletion, and amortization            2,260,300         1,683,500         4,885,500         3,301,000
Selling, general and administrative                    232,400           314,300           542,800           666,700
Exploration costs                                        9,800            39,400            16,500            72,300
                                                  ------------      ------------      ------------      ------------
                                                     8,235,700         8,210,700        17,792,000        16,094,100
                                                  ------------      ------------      ------------      ------------

   OTHER INCOME (EXPENSE)
Interest income                                         34,500            32,300            75,400            77,600
Interest expense                                      (191,600)         (156,500)         (380,800)         (351,000)
Gain on restructuring of gold loan                          --         2,768,900                --         3,108,200
Gain (loss) on asset disposals                              --           (12,600)           44,200           (39,400)
Other                                                     (900)          (10,500)              300            (7,000)
                                                  ------------      ------------      ------------      ------------
                                                      (158,000)        2,621,600          (260,900)        2,788,400
                                                  ------------      ------------      ------------      ------------

Net income (loss)                                 $    147,800      $  1,773,600      $   (665,100)     $  1,392,700
                                                  ============      ============      ============      ============

Basic and diluted income (loss) per share(1)      $       0.01      $       0.15      $      (0.06)     $       0.12
                                                  ============      ============      ============      ============


Weighted average shares outstanding:(1)
     Basic eps                                      11,627,200        11,563,600        11,626,800        11,549,600
     Diluted eps                                    11,726,100        11,567,400        11,626,800        11,565,600
</TABLE>

----------
(1) Adjusted for the Company's 1/4 reverse split of common stock.

              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,
                                                                               2000              1999
                                                                           -----------      ------------
<S>                                                                        <C>              <C>
Cash flows from operating activities:
  Net income (loss)                                                        $  (665,100)     $  1,392,700
                                                                           -----------      ------------
  Adjustments to reconcile net income (loss) to net cash provided
     by operating activities:
    Depreciation and depletion                                               4,885,500         3,301,000
    Amortization of financing costs                                             91,000            89,000
    (Gain) loss on asset dispositions                                          (44,200)           39,400
    Changes in operating assets and liabilities:
      (Increase) decrease in accounts receivable                                (2,300)          142,900
      (Increase) decrease in inventories                                     1,311,900        (1,030,400)
      (Increase) decrease in prepaid and other assets                       (1,027,300)          805,600
      Decrease in accounts payable and accrued liabilities                    (596,000)         (712,500)
      (Decrease) increase in deferred income                                (3,940,000)        3,363,400
      Decrease in other liabilities                                            (91,900)         (216,600)
      Decrease in restricted cash                                              207,500           106,700
                                                                           -----------      ------------
      Total adjustments                                                        794,200         5,888,500
                                                                           -----------      ------------

    Net cash provided by operating activities                                  129,100         7,281,200
                                                                           -----------      ------------

Cash flows from investing activities:

  Purchases of property and equipment                                         (828,100)         (200,200)
  Proceeds from asset sales                                                     44,200            22,200
  Decrease in restricted cash                                                2,345,800                --
                                                                           -----------      ------------

    Net cash provided by (used in) investing activities                      1,561,900          (178,000)
                                                                           -----------      ------------

Cash flows from financing activities:

  Issuance of stock, net                                                         2,500            56,200
  Restricted cash utilized for debt payments                                        --         2,400,000
  Payments on debt                                                             (16,800)      (10,992,700)
  Payments on capital lease obligations                                       (205,900)         (138,500)
                                                                           -----------      ------------

    Net cash used in financing activities                                     (220,200)       (8,675,000)
                                                                           -----------      ------------

Net increase (decrease) in cash and cash equivalents                         1,470,800        (1,571,800)
Cash and cash equivalents, beginning of year                                   681,600         1,985,700
                                                                           -----------      ------------

Cash and cash equivalents, end of period                                   $ 2,152,400      $    413,900
                                                                           ===========      ============
</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 $232,900 of interest during the first half of 2000, and
     $263,600 during the corresponding period of 1999. There was no capitalized
     interest for either period.

2.   The Company paid no income taxes during the first half of 2000 nor the
     corresponding period of 1999.

Supplemental schedule of noncash investing and financing activities:

1.   Capital lease obligations of $147,500 were incurred for equipment during
     the first half of 2000.

2.   The Company converted a commodity based loan with a carrying amount of
     $7,727,200 to a cash loan during the first half of 1999. The carrying
     amount was reduced by $2,528,000 at the time of conversion to adjust the
     monetized amount of the loan to fair market value.

3.   The Company financed an equipment lease buy-out in the amount of $59,200
     during the first half of 1999.

4.   The Company acquired equipment with a fair market value of $53,000 by
     exchange of certain assets during the first half of 1999.

5.   The Company issued 307,200 shares of common stock with a fair market value
     of $67,600 to certain creditors as payment for accounts payable during the
     first half of 1999.

              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 (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.

         On March 9, 2000, the Board of Directors approved a resolution to
         implement a 1/4 reverse split of the Company's common stock, reduce the
         Company's authorized shares of common stock from 100 million to 50
         million, eliminate the Company's authorized preferred stock, and modify
         the numbers of outstanding warrants and options and their exercise
         price in accord with the 1/4 reverse split. These actions were
         effective on March 24, 2000. An amount equal to the $0.01 par value of
         the shares no longer outstanding has been transferred from common stock
         to additional paid-in capital.

         In June 1998, the Financial Accounting Standards Board (FASB) issued
         Statement of Financial Accounting Standards No. 133, Accounting for
         Derivative Instruments and Hedging Activities (SFAS 133). SFAS 133
         requires 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 hedging 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. SFAS 133 is
         effective for the Company beginning on January 1, 2001 but earlier
         adoption is permitted. In June 2000, the FASB issued SFAS 138, which
         amends the accounting and reporting standards of SFAS 133 for certain
         derivative instruments and hedging activities. There are many
         complexities to these new standards and the Company is currently
         evaluating their impact on its reported operating results and financial
         position and has not yet determined whether it will adopt the standards
         earlier than January 1, 2001.

         In December 1999, the Securities and Exchange Commission (SEC) released
         Staff Accounting Bulletin (SAB) No. 101, Revenue Recognition in
         Financial Statements. The objective of this SAB is to provide further
         guidance on revenue recognition issues in the absence of authoritative
         literature addressing a specific arrangement or a specific industry. In
         June 2000, the SEC released SAB No. 101B, which delays the
         implementation date of SAB 101 for registrants with fiscal years that
         begin between December 16, 1999 and March 15, 2000 until the fourth
         fiscal quarter of the first fiscal year beginning after December 15,
         1999. The Company is currently assessing the impact of the SAB. Its
         effect on the Company's financial position or results of operations has
         not yet been determined.



                                       7

<PAGE>   8

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

1.       BASIS OF PRESENTATION: (CONTINUED)

         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.

         Certain prior period items have been reclassified to conform with the
         current period presentation.

2.       INTERIM RESULTS:

         The foregoing interim results are not necessarily indicative of the
         results of operations for the full year ending December 31, 2000.

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 at:

<TABLE>
<CAPTION>
                                                    JUNE 30,     DECEMBER 31,
                                                     2000           1999
                                                  ----------     -----------
<S>                                               <C>            <C>
Collateral for Letter of Credit(a)                $  249,000     $  249,000
Collateral for reclamation bond(b)                 1,869,000      1,869,000
Seven-Up Pete Venture funds(c)                            --      2,502,900
Unexpended proceeds from gold sales(d)                43,500         93,900
                                                  ----------     ----------
                                                   2,161,500      4,714,800
Current portion                                    2,161,500      2,211,900
                                                  ----------     ----------
Noncurrent portion*                               $       --     $2,502,900
                                                  ==========     ==========
</TABLE>

----------
*    Included in other assets

(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



                                       8
<PAGE>   9

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

4.       RESTRICTED CASH: (CONTINUED)

                  was provided in favor of the Sureties as partial collateral
                  for such bond obligations. The Letter of Credit is fully
                  collateralized with cash and will expire no earlier than
                  December 31, 2000, and at the bank's option, may be renewed
                  for successive one-year periods.

         (b)      Held directly by the Sureties as full collateral for the
                  Kendall Mine reclamation bond.

         (c)      At December 31, 1999, $2.5 million remained from a September
                  1999 Financing Agreement with Franco-Nevada Mining Corporation
                  (Franco-Nevada) in which the Seven-Up Pete Venture initially
                  received $3.0 million solely for the purposes of maintaining
                  its property rights in the McDonald and Seven-Up Pete gold
                  deposits and to undertake a lawsuit against the State of
                  Montana as a result of the passage of the anti-cyanide
                  initiative, I-137. On June 14, 2000, Franco-Nevada filed a
                  Complaint in the District Court, City and County of Denver,
                  Colorado, which sought to have the Financing Agreement
                  cancelled, a return of all funds provided by Franco-Nevada,
                  and the imposition of additional unspecified damages,
                  including punitive damages, to be determined at trial, and the
                  recovery of interest, costs, and attorney fees. On June 30,
                  2000, the Company and Franco-Nevada reached a Settlement
                  Agreement (Settlement Agreement) in connection with the
                  Complaint, the terms of which provided for i) termination of
                  the Financing Agreement; ii) the return of $1.0 million of the
                  $3.0 million originally paid by Franco-Nevada in exchange for
                  all of Franco-Nevada's interest in the Seven-Up Pete Venture;
                  iii) the continuance until October 20, 2002 of a $0.5 million
                  reclamation bond supported by Franco-Nevada; and iv) dismissal
                  of the Complaint. On July 11, 2000, all assignments and
                  transfers were completed and the Complaint was dismissed. In
                  connection with the terms of the Settlement Agreement, the
                  Company has designated the remaining funds of $1.7 million as
                  cash and cash equivalents, recorded a $1.0 million current
                  liability, and restored $1.0 million of carrying value to
                  mining claims and leases on its June 30, 2000 balance sheet.

         (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.



                                       9

<PAGE>   10

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

5.       INVENTORIES:

         Inventories consisted of the following at:

<TABLE>
<CAPTION>
                                    JUNE 30,     DECEMBER 31,
                                      2000           1999
                                   ----------    ------------
<S>                                <C>            <C>
Gold-in-process(a)                 $6,087,200     $7,314,200
Materials and supplies                419,800        504,700
                                   ----------     ----------
                                   $6,507,000     $7,818,900
                                   ==========     ==========
</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>
                                    JUNE 30,     DECEMBER 31,
                                      2000           1999
                                   ----------    ------------
<S>                                <C>            <C>
Briggs Facility(a)
  o Cash Loan                      $5,199,200     $5,199,200
  o Credit Line                       135,000        135,000
Caterpillar Finance(b)                 16,600         33,400
                                   ----------     ----------
                                   $5,350,800     $5,367,600
Current portion                     1,350,100         30,700
                                   ----------     ----------
Notes Payable - Noncurrent         $4,000,700     $5,336,900
                                   ==========     ==========
</TABLE>

----------
(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 included $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. The dollar loans were paid-off during the
         second quarter of 1998 and the gold loan was converted to a cash loan
         on June 30, 1999. During the second quarter of 1999, a $0.6 million
         credit line was established for capital expenditures and working
         capital needs.



                                       10

<PAGE>   11

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

6.       NOTES PAYABLE: (CONTINUED)

         The following table summarizes principal and interest payments and
         weighted average rates on the loan facility.

<TABLE>
<CAPTION>
                                 Three Months Ended              Six Months Ended
                                       June 30,                       June 30,
                               ------------------------      --------------------------
                                 2000           1999           2000             1999
                               --------      ----------      ---------      -----------
<S>                            <C>           <C>             <C>            <C>
Principal payments
  Gold loan
    o  Ounces                        --          23,172             --           26,623
    o  Monetized amt                 --      $8,991,900             --      $10,331,200
  Cash loans                         --              --             --      $   650,000

Interest payments
  Gold loan
    o  Ounces                        --             308             --              715
    o  Market value                  --      $   80,500             --      $   194,800
  Cash loans                   $114,400              --      $ 232,900      $     2,000

Weighted avg int rate
  Gold loans                         --             2.3%            --              2.5%
  Cash loans                        8.8%             --            8.7%             8.0%
</TABLE>

----------
(b)      In March 1999, the Company arranged to finance an equipment lease
         buy-out with Caterpillar Finance in the amount of $59,200. Terms of the
         financing require equal money payments over two years at an interest
         rate of 8.5%.

7.       COMMITMENTS AND CONTINGENCIES:

         (a)      Site Restoration Costs

                  Reclamation spending at the Kendall Mine for the second
                  quarter of 2000 was $190,600. For the comparable period of
                  1999, spending totaled $264,200. For the six months ended June
                  30, 2000, spending totaled $351,800 as compared to $456,300
                  for the prior period.

                  The Kendall Mine operates under permits granted by the Montana
                  Department of Environmental Quality (DEQ) and the Company
                  currently maintains a $1,869,000 Reclamation Bond in favor of
                  the DEQ to ensure appropriate reclamation. In



                                       11

<PAGE>   12

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

7.       COMMITMENTS AND CONTINGENCIES: (CONTINUED)

                  October 1999, the Company received a determination notice from
                  the DEQ for an increase in the bond amount to approximately
                  $8.1 million. The Company believes the DEQ bond request amount
                  greatly exceeds the cost of remaining work and has filed an
                  administrative appeal to the DEQ's actions.

         (b)      Surety Bonds - Collateral Commitment

                  During 1999, in response to a demand for an increase in
                  collateral by the Sureties who issued certain bonds for the
                  performance of reclamation obligations and other contingent
                  matters, the Company has (i) agreed to make cash deposits with
                  the Sureties totaling $1.5 million over a three year period at
                  the rate of $0.5 million per year, commencing June 30, 2001
                  and (ii) granted a security interest in favor of the Sureties
                  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 (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.

                  The Company made an initial payment of $5 million as part of a
                  total purchase price which was to 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, $30 per mineable reserve ounce
                  attributable to the Phelps Dodge ownership was to be paid
                  after all permits for mine development were obtained. In
                  September 1999, the Company and Phelps Dodge restructured the
                  agreement to provide for a 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.

         (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



                                       12

<PAGE>   13

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

7.       COMMITMENTS AND CONTINGENCIES: (CONTINUED)

                  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 has appealed the action of the DNRC in an
                  administrative hearing process under the state's
                  Administrative Procedures Act, and believes that it will
                  prevail. The leases continue in effect during this appeal. 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.

                  In September 1998, the DEQ issued a Notice of Violation and
                  Administrative Order alleging certain violations of Montana
                  water quality laws related to the Kendall minesite. DEQ
                  proposed a penalty of $330,000 (since modified to $302,000) in
                  connection with the alleged violations. The Company believes
                  (i) that many of the allegations are unfounded, and (ii) the
                  proposed fine does not comport with Montana statutes because
                  it fails to consider certain mandatory mitigating factors. The
                  Company is negotiating the proposed fine with the DEQ and will
                  defend itself in court if a satisfactory resolution cannot be
                  reached with the administrative agency.

                  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". 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 Company's legal counsel believes that it is
                  likely that the Venture will prevail in this lawsuit with
                  respect to the claim that I-137 is unconstitutional.



                                       13
<PAGE>   14

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

8.       PRICE PROTECTION ARRANGEMENTS:

         At June 30, 2000, 47,200 ounces of the Briggs Mine production was
         hedged with floating rate forward contracts at an average price of
         approximately $297 per ounce.

9.       DEFERRED INCOME:

         The Company's overall deferred income balance at June 30, 2000 was $7.3
         million and will be recognized in operations as follows:

<TABLE>
<CAPTION>
                                         $ MM
                       ------------------------------------------
                       Balance of      Year      Year
                          2000         2001      2002       Total
                       ----------      ----      ----       -----
<S>                                    <C>       <C>        <C>
                          $4.5         $1.5      $1.3        $7.3
</TABLE>

10.      INCOME TAXES:

         No current provision was recorded as the Company does not expect
         taxable income for the year. No deferred tax benefit was recorded as
         the Company applies a full valuation allowance to its gross deferred
         tax assets, except to the extent of offsetting reversals of expected
         deferred tax liabilities.

11.      EARNINGS PER SHARE (EPS):

         The Company computes EPS by applying the provisions of Financial
         Accounting Standards No. 128, Earnings per Share. The following table
         provides a reconciliation of the amounts used in the calculation of the
         Company's basic and diluted EPS.



                                       14

<PAGE>   15

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

11.      EARNINGS PER SHARE (EPS): (CONTINUED)

<TABLE>
<CAPTION>
                                              THREE MONTHS ENDED                 SIX MONTHS ENDED
                                                   JUNE 30,                           JUNE 30,
                                             2000            1999              2000              1999
                                          -----------     -----------     -------------      -----------
<S>                                       <C>             <C>             <C>                <C>
BASIC EPS
 Net income (loss)                        $   147,800     $ 1,773,600     $  (665,100)     $ 1,392,700
                                          ===========     ===========     ===========      ===========
 Weighted average shares
       outstanding                         11,627,200      11,563,600      11,626,800       11,549,600
                                          ===========     ===========     ===========      ===========
  Per share amount                        $      0.01     $      0.15     $     (0.06)     $      0.12
                                          ===========     ===========     ===========      ===========

DILUTED EPS
 Net income (loss)                        $   147,800     $ 1,773,600     $  (665,100)     $ 1,392,700
                                          ===========     ===========     ===========      ===========
 Weighted average shares
      outstanding                          11,627,200      11,563,600      11,626,800       11,549,600
 Add: effect of dilutive options               98,900           3,800          (A)              16,000
                                          -----------     -----------     -----------      -----------
 Weighted average shares
      outstanding, as adjusted             11,726,100      11,567,400      11,626,800       11,565,600
                                          ===========     ===========     ===========      ===========

  Per share amount                        $      0.01     $      0.15     $     (0.06)     $      0.12
                                          ===========     ===========     ===========      ===========
</TABLE>

----------
(A) Effect would be antidilutive due to a net loss.

         At June 30, 2000, options to purchase 241,900 shares of common stock
         were outstanding that were not included in the current period
         calculations of EPS because their exercise price was greater than the
         average market price of the Company's common shares. At June 30, 1999,
         options and warrants to purchase 537,600 shares of common stock were
         outstanding that were not included in the prior period calculations of
         EPS because their exercise price was greater than the average market
         price of the Company's common shares.



                                       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 net income of $147,800, or $0.01 per share on
revenues of $8,541,500 for the second quarter of 2000. For the six months ended
June 30, 2000, the Company recorded a net loss of $665,100, or $0.06 per share
on revenues of $17,387,800. This compares to net income of $1,773,600, or $0.15
per share for the second quarter of 1999 and net income of $1,392,700, or $0.12
per share on revenues of $14,698,400 during the first six months of 1999. The
prior period results included gains of $2,768,900 and $3,108,200 for the three
and six months ended June 30, 1999, respectively, in connection with certain
restructurings of the Company's gold loan.

         For the three months ended June 30, 2000, the Company sold 20,557
ounces of gold and 5,000 ounces of silver at an average price of $416 per
equivalent gold ounce. For the comparable period of 1999, the Company sold
20,864 ounces of gold at an average realized price of $353 per equivalent gold
ounce. The New York Commodity Exchange (COMEX) gold price averaged $280 and $274
per ounce for the three months ended June 30, 2000 and 1999, respectively.

         The following table summarizes the Company's gold deliveries and
revenues for the three months ended June 30, 2000 and the comparable period for
1999:

<TABLE>
<CAPTION>
                                         THREE MONTHS ENDED                          THREE MONTHS ENDED
                                           JUNE 30, 2000                               JUNE 30, 1999
                                -----------------------------------        ------------------------------------
                                              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                     18,800        $  326        $ 6,134         20,200        $  310        $6,267
   Spot sales                    1,757        $  279            491            664        $  274           182
   Deferred income                  --            --          1,892             --            --           914
                                ------                      -------         ------                      ------
                                20,557        $  414          8,517         20,864        $  353         7,363
Other transactions

   Silver proceeds                  --            --             25             --            --            --
                                ------                      -------         ------                      ------
                                20,557        $  416        $ 8,542         20,864        $  353        $7,363
</TABLE>



                                       16
<PAGE>   17

         For the six months ended June 30, 2000, the Company sold 44,309 ounces
of gold and 10,000 ounces of silver at an average price of $392 per equivalent
gold ounce. For the comparable period of 1999, the Company sold 40,764 ounces of
gold and 3,900 ounces of silver at an average realized price of $361 per
equivalent gold ounce. The New York Commodity Exchange (COMEX) gold price
averaged $285 and $280 per ounce for the six months ended June 30, 2000 and
1999, respectively.

         The following table summarizes the Company's gold deliveries and
revenues for the six months ended June 30, 2000 and the comparable period for
1999.

<TABLE>
<CAPTION>
                                        SIX MONTHS ENDED                             SIX MONTHS ENDED
                                         JUNE 30, 2000                                JUNE 30, 1999
                               ------------------------------------         ------------------------------------
                                                            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                    21,800        $   318        $ 6,930         40,100        $   309        $12,385
   Spot sales                  22,509        $   287          6,468            664        $   274            182
   Deferred income                 --             --          3,940             --             --          2,110
                               ------                       -------         ------                       -------
                               44,309        $   391         17,338         40,764        $   360         14,677
Other transactions

   Silver proceeds                 --             --             50             --             --             22
                               ------                       -------         ------                       -------
                               44,309        $   392        $17,388         40,764        $   361        $14,699
</TABLE>

         Cost of sales was $5.7 million for the three months ended June 30,
2000, as compared to $6.2 million in the prior period. For the six months ended
June 30, 2000, cost of sales was $12.3 million as compared to $12.1 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,
                                      2000        1999               2000        1999
                                      ----        ----               ----        ----
<S>                                   <C>         <C>                <C>         <C>
Cash operating (1)                    $267        $284               $267        $284
Total cash costs (2)                  $273        $290               $273        $290
Total production costs (3)            $388        $376               $388        $376
</TABLE>

----------

(1)      All direct and indirect costs of the operation, excluding royalties and
         accruals for site restoration. Includes inventory changes and
         adjustments for deferred stripping.

(2)      Cash operating costs plus royalties.

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



                                       17

<PAGE>   18

         Depreciation, depletion and amortization was higher in the current
period due to a greater number of ounces sold and to a lower reserve base.
Selling, general, and administrative expense was lower in the current period due
to reduced corporate office expenses. Exploration costs were lower in the
current period due to curtailment of all discretionary expenditures.

         As a result of certain restructurings of the Briggs Mine gold loan, the
Company recorded gains of $2.8 million and $3.1 million, respectively, for the
three and six months ended June 30, 1999. There was no comparable activity in
the current period.

LIQUIDITY & CAPITAL RESOURCES

         For the six months ended June 30, 2000, operating activities provided
$0.1 million of cash, investing activities provided $1.6 million of cash, and
financing activities used $0.2 million of cash, resulting in a net increase in
cash of $1.5 million. Cash and cash equivalents at June 30, 2000 was $2.2
million.

         During the first six months of 2000, the Company spent $0.7 million on
efforts associated with maintaining its property rights in the Seven-Up Pete
Venture and commencing a lawsuit against the State of Montana seeking to
overturn the anti-cyanide mining initiative, I-137. Funding for this activity
was provided from a September 1999 Financing Agreement with Franco- Nevada
Mining Corporation. (See "Other Matters - Seven-Up Pete Venture and McDonald
Gold Project - Financing Agreement"). The Company also spent $0.1 million on
capital improvements at the Briggs Mine during the first six months of 2000.

OTHER MATTERS

Seven-Up Pete Venture and McDonald Gold Project

Anti-Cyanide Mining 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". The Seven-Up Pete
Venture (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



                                       18

<PAGE>   19

contracts. The Company's legal counsel believes that it is likely that the
Venture will prevail in this lawsuit with respect to the claim that I-137 is
unconstitutional.

Financing Agreement

         In September 1999, the Company received $3.0 million from Franco-Nevada
Mining Corporation (Franco-Nevada) through the sale of a 4% net smelter return
royalty from the mineral properties of the Venture. Should the Company not be
able to develop the mineral properties if I-137 is not overturned, Franco-Nevada
was entitled to one-third of any proceeds received resulting from a successful
takings lawsuit. On June 14, 2000, Franco-Nevada filed a Complaint in the
District Court, City and County of Denver, Colorado, which sought to have the
Financing Agreement cancelled, a return of all funds provided by Franco-Nevada,
and the imposition of additional unspecified damages, including punitive
damages, to be determined at trial, and the recovery of interest, costs, and
attorney fees. On June 30, 2000, the Company and Franco- Nevada reached a
Settlement Agreement (Settlement Agreement) in connection with the Complaint,
the terms of which provided for i) termination of the Financing Agreement; ii)
the return of $1.0 million of the $3.0 million originally paid by Franco-Nevada
in exchange for all of Franco-Nevada's interest in the Venture; iii) the
continuance until October 20, 2002 of a $0.5 million reclamation bond supported
by Franco-Nevada; and iv) dismissal of the Complaint. On July 11, 2000, all
assignments and transfers were completed and the Complaint was dismissed.

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 has appealed the action of the DNRC
in an administrative hearing process under the state's Administrative Procedures
Act, and believes that it will prevail. The leases continue in effect during
this appeal. 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.

Environmental Regulation

         In September 1998, the Montana Department of Environmental Quality
(DEQ) issued a Notice of Violation and Administrative Order alleging certain
violations of Montana water quality laws relating to the Kendall minesite. DEQ
proposed a penalty of $330,000 (since modified to $302,000) in connection with
the alleged violations. The Company believes (i) that many of the allegations
are unfounded, and (ii) the proposed fine does not comport with Montana statutes



                                       19

<PAGE>   20

because it fails to consider certain mandatory mitigating factors. The Company
is negotiating the proposed fine with the DEQ and will defend itself in court if
a satisfactory resolution cannot be reached with the administrative agency.

         The Kendall Mine operates under permits granted by the DEQ and the
Company currently maintains a $1,869,000 Reclamation Bond in favor of the DEQ to
ensure appropriate reclamation. In October 1999, the Company received a
determination notice from the DEQ for an increase in the bond amount to
approximately $8.1 million. The Company believes the DEQ bond request amount
greatly exceeds the cost of remaining work and has filed an administrative
appeal to the DEQ's actions.



                                       20

<PAGE>   21

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, and producer hedging. During the last five years, the
average annual market price has fluctuated between $279 per ounce and $388 per
ounce. Moreover, during 1999, gold prices declined to 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, 2000, had entered
into floating rate forward gold contracts on 47,200 ounces (approximately 44% of
estimated production for the ensuing twelve months) at an average price of $297
per ounce. A floating rate 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 44% of its estimated production
for the ensuing twelve months was delivered against the forward contracts, a $10
change in the spot price of gold would have an impact of approximately $0.6
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
floating forward commitments, the Company would have to purchase the shortfall
in the open market at prevailing prices. In addition, the Company could be
subject to cash margin calls by its counterparties if the market price of gold
significantly exceeds the forward contract price.

         In May 1998, the Company liquidated a forward position that was
originally established in December, 1995, resulting in proceeds of $11.1
million. As of December 31, 1999, $4.5 million of the gain had not been
recognized in operations. During the first six months of 2000, $2.2 million of
the gain was recognized based on the original expected settlement dates of the
forward contracts. The remaining gain of $2.3 million will be recognized during
the balance of 2000.

         In June 1999, the Company liquidated a gold hedge position consisting
of forward contracts on 125,000 ounces which resulted in proceeds of $5.5
million. As of December 31, 1999, $4.2 million of the gain had not be recognized
in operations. During the first six months of 2000, $1.8 million of the gain was
recognized based on the original expected settlement date



                                       21

<PAGE>   22

of the forward contracts. The remaining gain will be recognized as follows: i)
$2.1 million during the balance of 2000 and ii) $0.3 million in 2001.

         On June 30, 1999, the Company converted a commodity based loan to a
cash loan. In connection with the conversion, the Company reduced the monetized
amount of the debt to fair value, resulting in a gain of $2.5 million which will
be recognized in operations over the original scheduled gold loan repayment
dates in 2001 and 2002.

         At June 30, 2000, the mark to market value of the Company's forward
gold contracts was approximately $0.3 million.

Interest Rates

         At June 30, 2000, the Company's debt was approximately $5.4 million,
$5.3 million of which relates to the Briggs Mine. The Company is required to
periodically reset the rate on the debt associated with the Briggs Mine for
periods that the Company may choose which range in duration from one to six
months. A 100 basis point change in the rate would have an impact on annual
earnings and cash flow of less than $0.1 million, based on the outstanding loan
amount of $5.3 million at June 30, 2000.

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.



                                       22

<PAGE>   23

                            PART II OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS:

         On June 14, 2000, Franco-Nevada Mining Corporation, Inc., d.b.a. 7-Up
         Nevada Joint Venture, filed a Complaint against the Seven-Up Pete Joint
         Venture, an Arizona general partnership, Canyon Resources Corporation,
         CR Montana Corporation, and Perkins Coie, LLP, a Washington limited
         liability partnership, in the District Court, City and County of
         Denver, Colorado. The Complaint relates to the May 26, 1999 Financial
         Support Agreement for the Seven-Up Pete Joint Venture which was funded
         on September 28, 1999, between Franco-Nevada and the Seven-Up Pete
         Joint Venture, whose partners are Canyon Resources Corporation and CR
         Montana Corporation, a wholly owned subsidiary of Canyon Resources.
         Perkins Coie is counsel to Canyon Resources and has held the funds
         provided by Franco-Nevada in a client trust account and has released
         funds from that account as instructed by the Seven-Up Pete Joint
         Venture.

         After Franco-Nevada completed extensive due diligence work the
         Agreement required Franco-Nevada to provide $3.0 million to the
         Seven-Up Pete Joint Venture to enable the Venture to maintain its
         mineral and other property rights near Lincoln, Montana, and to
         undertake legal actions necessary to overturn the anti-mining
         initiative, I-137, or receive recompense for the loss of the property
         rights. In addition Franco-Nevada secured a $500,000 reclamation bond
         for the properties. In exchange for the financing provided under the
         Agreement, Seven-Up Pete Joint Venture conveyed to Franco- Nevada a
         four percent net smelter returns royalty from all minerals produced
         from the properties if I-137 were overturned and the properties were
         mined, or the right to receive one third of any property takings award.

         The Complaint alleged that the Defendants misrepresented or concealed
         material facts concerning the properties, the Venture, and Canyon
         Resources prior to the date of closing, September 28, 1999, and had
         breached obligations of the Agreement since then. In the Complaint,
         Franco-Nevada sought to have the Agreement cancelled, a return of all
         funds provided by Franco-Nevada, and the imposition of additional
         unspecified damages, including punitive damages, to be determined at
         trial, and the recovery of interest, costs, and attorney fees.

         On June 30, 2000, the Company and Franco-Nevada reached a Settlement
         Agreement in connection with the Complaint, the terms of which provided
         for i) termination of the Financial Support Agreement; ii) the return
         of $1.0 million of the $3.0 million originally paid by Franco-Nevada in
         exchange for all of Franco-Nevada's interest in the Seven-Up Pete
         Venture; iii) the continuance until October 20, 2002 of the $0.5
         million reclamation bond supported by Franco-Nevada; and iv) dismissal
         of the



                                       23

<PAGE>   24

          Complaint. On July 11, 2000, all assignments and transfers were
          completed and the Complaint was dismissed.

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 8, 2000, the Company held its Annual Meeting of Shareholders.
          The following two items of business were voted upon by shareholders at
          the meeting:

          Proposal I was the election of two Directors of the Company: Leland O.
          Erdahl and Gary C. Huber. The proposal electing Mr. Erdahl passed with
          votes of 8,824,022 shares "For" and 198,337 "Withheld". The proposal
          electing Mr. Huber passed with votes of 8,837,522 shares "For" and
          184,837 "Withheld".

          Proposal II was to ratify the appointment of PricewaterhouseCoopers
          LLP as the Company's independent public accountants for 1999. The
          proposal passed with votes of 8,941,831 "For"; 19,569 "Against"; and
          60,959 "Abstaining".

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

ITEM 6(a) EXHIBITS:

          No. 27 - Financial Data Schedule

ITEM 6(b) REPORTS ON FORM 8-K:

          A report on Form 8-K was filed on June 20, 2000, in connection with
          the Complaint described in Item 1 - Legal Proceedings.



                                       24

<PAGE>   25

                                   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 11, 2000                        /s/ Gary C. Huber
                                               ---------------------------------
                                               Gary C. Huber
                                               Chief Financial Officer



Date:    August 11, 2000                       /s/ Richard T. Phillips
                                               ---------------------------------
                                               Richard T. Phillips
                                               Treasurer



                                       25

<PAGE>   26

                                  EXHIBIT INDEX

EXHIBIT NO.                    DESCRIPTION
-----------                    -----------

    27                    Financial Data Schedule