<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 September 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 November 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>

                                                                                           September 30,            December 31,
ASSETS                                                                                         2000                     1999
                                                                                          --------------           --------------
<S>                                                                                       <C>                      <C>
Cash and cash equivalents                                                                 $      673,200           $      681,600
Restricted cash                                                                                2,262,700                2,211,900
Accounts receivable                                                                               22,200                   18,800
Inventories                                                                                    6,604,800                7,818,900
Prepaid and other assets                                                                       1,206,400                1,168,700
                                                                                          --------------           --------------
    Total current assets                                                                      10,769,300               11,899,900
                                                                                          --------------           --------------

Property and equipment, at cost
   Producing properties                                                                       52,371,200               51,521,400
   Non-producing properties                                                                   22,952,200               21,136,400
   Other                                                                                         839,600                  841,600
                                                                                          --------------           --------------
                                                                                              76,163,000               73,499,400
Accumulated depreciation and depletion                                                       (25,887,100)             (18,582,400)
                                                                                          --------------           --------------
   Net property and equipment                                                                 50,275,900               54,917,000
                                                                                          --------------           --------------

Other assets                                                                                   2,875,900                4,414,300
                                                                                          --------------           --------------

   Total Assets                                                                           $   63,921,100           $   71,231,200
                                                                                          ==============           ==============
LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable                                                                          $    2,270,900           $    2,499,700
Notes payable - current                                                                        2,009,100                   30,700
Accrued reclamation costs                                                                      1,830,400                1,830,400
Deferred income                                                                                3,225,100                8,421,200
Other current liabilities                                                                        869,700                  876,900
                                                                                          --------------           --------------
   Total current liabilities                                                                  10,205,200               13,658,900

Notes payable - long term                                                                      3,333,900                5,336,900
Accrued reclamation costs                                                                      2,238,500                2,386,100
Deferred income                                                                                1,579,900                2,769,200
Other noncurrent liabilities                                                                   1,366,800                1,445,500
                                                                                          --------------           --------------
   Total Liabilities                                                                          18,724,300               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 September 30, 2000                                       116,300                  465,000
Capital in excess of par value                                                                95,773,300               95,422,100
Deficit                                                                                      (50,692,800)             (50,252,500)
                                                                                          --------------           --------------
   Total Stockholders' Equity                                                                 45,196,800               45,634,600
                                                                                          --------------           --------------

   Total Liabilities and Stockholders' Equity                                             $   63,921,100           $   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 SEPTEMBER 30,     NINE MONTHS ENDED SEPTEMBER 30,
                                                       2000               1999               2000              1999
                                                   ------------       ------------       ------------       ------------
   REVENUE
<S>                                                <C>                <C>                <C>                <C>
Sales                                              $  9,060,600       $  8,168,200       $ 26,448,400       $ 22,866,600
                                                   ------------       ------------       ------------       ------------

   EXPENSES
Cost of sales                                         6,128,400          6,106,000         18,475,600         18,160,100
Depreciation, depletion, and amortization             2,397,900          1,793,400          7,283,400          5,094,400
Selling, general and administrative                     215,900            208,300            758,700            875,000
Exploration costs                                        48,900             92,000             65,400            164,300
                                                   ------------       ------------       ------------       ------------
                                                      8,791,100          8,199,700         26,583,100         24,293,800
                                                   ------------       ------------       ------------       ------------

   OTHER INCOME (EXPENSE)
Interest income                                         105,800             29,000            181,200            106,600
Interest expense                                       (195,700)          (162,600)          (576,500)          (513,600)
Gain on restructuring of gold loan                           --                 --                 --          3,108,200
Gain (loss) on asset disposals                           44,900             20,400             89,100            (19,000)
Other                                                       300                 --                600             (7,000)
                                                   ------------       ------------       ------------       ------------
                                                        (44,700)          (113,200)          (305,600)         2,675,200
                                                   ------------       ------------       ------------       ------------

Net income (loss)                                  $    224,800       $   (144,700)      $   (440,300)      $  1,248,000
                                                   ============       ============       ============       ============

Basic and diluted income (loss) per share(1)       $       0.02       $      (0.01)      $      (0.04)      $       0.11
                                                   ============       ============       ============       ============


Weighted average shares outstanding:(1)
     Basic eps                                       11,627,200         11,624,400         11,626,900         11,574,500
     Diluted eps                                     11,640,900         11,624,400         11,626,900         11,575,800
</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>

                                                                   Nine months ended September 30,
                                                                       2000               1999
                                                                  -------------      -------------
<S>                                                               <C>                <C>
Cash flows from operating activities:
  Net income (loss)                                               $    (440,300)     $   1,248,000
                                                                  -------------      -------------
Adjustments to reconcile net income (loss) to net cash
   provided by operating activities:
   Depreciation and depletion                                         7,283,400          5,094,400
   Amortization of financing costs                                      138,600            116,400
   (Gain) loss on asset dispositions                                    (89,100)            19,000
   Changes in operating assets and liabilities:
        (Increase) decrease in accounts receivable                       (3,400)           138,000
        (Increase) decrease in inventories                            1,214,100         (2,006,000)
        (Increase) decrease in prepaid and other assets              (1,140,800)         1,399,200
        Decrease in accounts payable and accrued liabilities           (181,900)          (558,800)
        (Decrease) increase in deferred income                       (6,385,400)         2,055,700
        Decrease in other liabilities                                  (147,600)          (279,900)
        Decrease in restricted cash                                     106,300            339,200
                                                                  -------------      -------------
        Total adjustments                                               794,200          6,317,200
                                                                  -------------      -------------

    Net cash provided by operating activities                           353,900          7,565,200
                                                                  -------------      -------------

Cash flows from investing activities:
  Purchases of property and equipment                                (1,502,300)          (184,300)
  Proceeds from asset sales                                              89,200             64,800
  Decrease in restricted cash                                         1,345,800                 --
                                                                  -------------      -------------

    Net cash used in investing activities                               (67,300)          (119,500)
                                                                  -------------      -------------

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                                                      (24,600)       (11,002,200)
  Payments on capital lease obligations                                (272,900)          (211,100)
                                                                  -------------      -------------

    Net cash used in financing activities                              (295,000)        (8,757,100)
                                                                  -------------      -------------

Net decrease in cash and cash equivalents                                (8,400)        (1,311,400)
Cash and cash equivalents, beginning of year                            681,600          1,985,700
                                                                  -------------      -------------

Cash and cash equivalents, end of period                          $     673,200      $     674,300
                                                                  =============      =============
</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 $440,500 of interest during the first nine months of
         2000, and $398,600 during the corresponding period of 1999. There was
         no capitalized interest for either period.

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

Supplemental schedule of noncash investing and financing activities:

1.       The Company acquired $147,500 in equipment through capital leases
         during the first nine months of 2000 and $12,300 in equipment through
         capital leases during the corresponding period of 1999.

2.       The Company converted a commodity based loan with a carrying amount of
         $7,727,200 to a cash loan during the first nine months 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 nine months of 1999.

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

5.       The Company issued 345,400 shares of common stock with a fair market
         value of $76,000 to certain creditors as payment for accounts payable
         during the first nine months 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 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 does not anticipate a material impact on its
         financial statements upon adoption of the SAB.

         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.





                                       7

<PAGE>   8



          NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED
                                   (Unaudited)

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>

                                                 SEPTEMBER 30,     DECEMBER 31,
                                                     2000             1999
                                                ------------      ------------
<S>                                             <C>               <C>
Collateral for Letter of Credit(a)              $    249,000      $    249,000
Collateral for reclamation bonds and other
   contingent events(b)                            1,956,500         1,869,000
Seven-Up Pete Venture funds(c)                            --         2,502,900
Unexpended proceeds from gold sales(d)                57,200            93,900
                                                ------------      ------------
                                                   2,262,700         4,714,800
Current portion                                    2,262,700         2,211,900
                                                ------------      ------------
Noncurrent portion*                             $         --      $  2,502,900
                                                ============      ============
   *Included in other assets
</TABLE>

         (a)      In connection with the issuance of certain bonds for the
                  performance of reclamation obligations and other contingent
                  events at the Briggs Mine, a bank Letter of Credit was
                  provided in favor of the 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 ($1,869,000) and as partial
                  collateral ($87,000) for reclamation and other contingent
                  events at the Briggs Mine.

         (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

                                       8

<PAGE>   9



          NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED
                                   (Unaudited)


4.       RESTRICTED CASH: (CONTINUED)

                  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.

         (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.

5.       INVENTORIES:

         Inventories consisted of the following at:

<TABLE>
<CAPTION>

                                 SEPTEMBER 30,           DECEMBER 31,
                                     2000                     1999
                                --------------          --------------
<S>                             <C>                     <C>
Gold-in-process(a)              $    6,165,600          $    7,314,200
Materials and supplies                 439,200                 504,700
                                --------------          --------------
                                $    6,604,800          $    7,818,900
                                ==============          ==============
</TABLE>


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


                                       9

<PAGE>   10



          NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED
                                   (Unaudited)

6.       NOTES PAYABLE:

                  Notes payable consisted of the following at:

<TABLE>
<CAPTION>

                                     SEPTEMBER 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)                      8,800                 33,400
                                    -------------          -------------
                                    $   5,343,000          $   5,367,600
Current portion                         2,009,100                 30,700
                                    -------------          -------------
Notes Payable - Noncurrent          $   3,333,900          $   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



          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                        Nine Months Ended
                                             September 30,                            September 30,

                                      2000                  1999               2000                 1999
                                      ----                  ----               ----                 ----
<S>                                <C>                   <C>                   <C>                   <C>
Principal payments
  Gold loan
    o  Ounces                           --                    --                    --                26,623
    o  Monetized amt                    --                    --                    --           $10,331,200
  Cash loans                            --                    --                    --           $   650,000

Interest payments
  Gold loan
    o  Ounces                           --                    --                    --                   715
    o  Market value                     --                    --                    --           $   194,800
  Cash loans                   $   121,900           $   101,500           $   354,800           $   103,500

Weighted avg int rate
  Gold loans                            --                    --                    --                   2.5%
  Cash loans                           9.2%                  7.6%                  8.9%                  7.8%

</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 monthly 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 third quarter
                  of 2000 was $183,100. For the comparable period of 1999,
                  spending totaled $209,900. For the nine months ended September
                  30, 2000, spending totaled $534,900 as compared to $666,200
                  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 October 1999,
                  the Company received a determination notice from the DEQ for
                  an increase in the bond amount to approximately $8.1 million.
                  In August 2000, the DEQ further revised the bond amount to
                  approximately $14.2 million. The


                                       11

<PAGE>   12



          NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED
                                   (Unaudited)

7.       COMMITMENTS AND CONTINGENCIES: (CONTINUED)

                  Company believes the DEQ bond amount 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:


                  In connection with the purchase of a participating interest
                  and underlying assets in the Seven-Up Pete Venture, the
                  Company is subject to a contingent payment of $10 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.

         (d)      Other Contingent Matters:

                  On September 24, 1998, the Montana Department of Natural
                  Resources (DNRC), the entity that administers state mineral
                  leases, unilaterally decided to cancel the permitting
                  extension of the 10-year lease term of the state leases that
                  pertain to the McDonald Gold Project which would require the
                  Company, after a period of approximately seventeen months, to
                  commence paying a delay rental of $150,000 per month in order
                  to maintain the leases. In February 2000, pursuant to its
                  September 1998 decision, the DNRC determined that the primary
                  terms of the mineral leases had expired. The Company appealed
                  the action of the DNRC in an administrative hearing process
                  and the DNRC Hearing Examiner affirmed the DNRC action. The
                  Company intends to proceed with a lawsuit against the DNRC for
                  breach of contract. The Company will seek the court's order
                  that the DNRC violated its clear contract obligations,
                  affirming that the leases are still in effect, and awarding
                  the Company damages for the DNRC's illegal conduct. 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 removed.

                  In September 1998, the DEQ issued a Notice of Violation and
                  Administrative Order alleging certain violations of Montana
                  water quality laws related to the

                                       12

<PAGE>   13



          NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED
                                   (Unaudited)

7.       COMMITMENTS AND CONTINGENCIES: (CONTINUED)

                  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", a ruling that was upheld, in September
                  2000, by the U.S. Ninth Circuit Court of Appeals. The Seven-Up
                  Pete Venture filed a lawsuit in April 2000 against the State
                  of Montana seeking to have I-137 declared unconstitutional or,
                  alternatively, to obtain a "takings" or damage award for the
                  lost value of the McDonald, Seven-Up Pete and Keep Cool
                  mineral properties. The lawsuit is based on, amongst others,
                  (i) the right not to be deprived of property without due
                  process of law, (ii) the right to equal protection under the
                  laws, and (iii) the right to be protected against laws which
                  impair the obligations of existing contracts. The 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.

8.       PRICE PROTECTION ARRANGEMENTS:

         At September 30, 2000, 26,200 ounces of the Briggs Mine production was
         hedged with floating rate forward contracts at an average price of
         approximately $296 per ounce. The mark to market value of the Company's
         forward contracts at September 30, 2000, was approximately $0.5
         million.

         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 hedge accounting is that the hedging relationship


                                       13

<PAGE>   14



          NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED
                                   (Unaudited)

8.       PRICE PROTECTION ARRANGEMENTS: (CONTINUED)

         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. 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.

9.       DEFERRED INCOME:

         The Company's deferred income balance at September 30, 2000 was $4.8
         million which will be recognized in operations as follows:

<TABLE>
<CAPTION>

                                      $ MM
--------------------------------------------------------------------------------
 Balance of               Year                  Year
   2000                   2001                  2002                 Total
   ----                   ----                  ----                 -----
<S>                       <C>                   <C>                   <C>
   $2.0                   $1.5                  $1.3                  $4.8
</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



          NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED
                                   (Unaudited)

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

<TABLE>
<CAPTION>

                                                   THREE MONTHS ENDED                             NINE MONTHS ENDED
                                                       SEPTEMBER 30,                                 SEPTEMBER 30,
                                              2000                    1999                  2000                     1999
                                          -------------          -------------           -------------           -------------
<S>                                       <C>                    <C>                     <C>                     <C>
BASIC EPS
 Net income (loss)                        $     224,800          $    (144,700)          $    (440,300)          $   1,248,000
                                          =============          =============           =============           =============
 Weighted average shares
       outstanding                           11,627,200             11,624,400              11,626,900              11,574,500
                                          =============          =============           =============           =============

  Per share amount                        $        0.02          ($       0.01)          ($       0.04)          $        0.11
                                          =============          =============           =============           =============

DILUTED EPS
 Net income (loss)                        $     224,800          $    (144,700)          $    (440,300)          $   1,248,000
                                          =============          =============           =============           =============
 Weighted average shares
      outstanding                            11,627,200             11,624,400              11,626,900              11,574,500
 Add: effect of dilutive options                 13,700                    (A)                     (A)                   1,300
                                          -------------          -------------           -------------           -------------
 Weighted average shares
      outstanding, as adjusted               11,640,900             11,624,400              11,626,900              11,575,800
                                          =============          =============           =============           =============

  Per share amount                        $        0.02          $       (0.01)          $       (0.04)          $        0.11
                                          =============          =============           =============           =============
</TABLE>


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

At September 30, 2000, options to purchase 515,400 shares of common stock were
outstanding that were not included in the calculation of diluted EPS for three
months ended September 30, 2000, because their exercise price was greater than
the average market price of the Company's common shares. At September 30, 1999,
options and warrants to purchase 511,400 shares of common stock were outstanding
that were not included in the calculation of diluted EPS for three months ended
September 30, 1999 as the effect would be antidilutive.


                                       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 $224,800, or $0.02 per share on
revenues of $9,060,600 for the third quarter of 2000. For the nine months ended
September 30, 2000, the Company recorded a net loss of $440,300, or $0.04 per
share on revenues of $26,448,400. This compares to a net loss of $144,700, or
$0.01 per share for the third quarter of 1999 and net income of $1,248,000, or
$0.11 per share on revenues of $22,866,600 during the first nine months of 1999.
The results for the first nine months of 1999 included a gain of $3,108,200 in
connection with restructurings of the Company's gold loan.

         For the three months ended September 30, 2000, the Company sold 21,661
ounces of gold and 5,000 ounces of silver at an average price of $418 per
equivalent gold ounce. For the comparable period of 1999, the Company sold
22,253 ounces of gold at an average realized price of $367 per equivalent gold
ounce. The New York Commodity Exchange (COMEX) gold price averaged $276 and $260
per ounce for the three months ended September 30, 2000 and 1999, respectively.

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

<TABLE>
<CAPTION>

                                                      THREE MONTHS ENDED                       THREE MONTHS ENDED
                                                      SEPTEMBER 30, 2000                       SEPTEMBER 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                                   12,800     $      324     $    4,144         19,100     $      312     $    5,950
   Spot sales                                  8,861     $      276          2,447          3,153     $      289            910
   Deferred income                                --             --          2,445             --             --          1,308
                                              ------                    ----------     ----------                    ----------
                                              21,661     $      417          9,036         22,253     $      367          8,168
Other transactions
   Silver proceeds                                --             --             25             --             --             --
                                              ------                    ----------     ----------                    ----------
                                              21,661     $      418     $    9,061         22,253     $      367     $    8,168
</TABLE>


                                       16

<PAGE>   17


         For the nine months ended September 30, 2000, the Company sold 65,970
ounces of gold and 15,000 ounces of silver at an average price of $401 per
equivalent gold ounce. For the comparable period of 1999, the Company sold
63,017 ounces of gold and 3,900 ounces of silver at an average realized price of
$363 per equivalent gold ounce. The New York Commodity Exchange (COMEX) gold
price averaged $282 and $273 per ounce for the nine months ended September 30,
2000 and 1999, respectively.

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

<TABLE>
<CAPTION>

                                                   NINE MONTHS ENDED                        NINE MONTHS ENDED
                                                   SEPTEMBER 30, 2000                       SEPTEMBER 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                                34,600     $      320     $   11,073         59,200     $      310     $   18,335
   Spot sales                              31,370     $      284          8,915          3,817     $      286          1,092
   Deferred income                             --             --          6,385             --             --          3,418
                                       ----------                    ----------     ----------                    ----------
                                           65,970     $      400         26,373         63,017     $      363         22,845
Other transactions
   Silver proceeds                             --             --             75             --             --             22
                                       ----------                    ----------     ----------                    ----------
                                           65,970     $      401     $   26,448         63,017     $      363     $   22,867
</TABLE>

         Cost of sales was $6.1 million for the third quarter 2000, and also for
the comparable period in 1999. For the nine months ended September 30, 2000,
cost of sales was $18.5 million as compared to $18.2 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 September 30,            Nine months ended September 30,
                                             2000                  1999                  2000                1999
                                          -----------        ------------             -----------        ------------
<S>                                       <C>               <C>                  <C>                   <C>
Cash operating(1)                            $271                  $263                  $269                $277
Total cash costs(2)                          $277                  $269                  $274                $282
Total production costs(3)                    $393                  $354                  $389                $386
</TABLE>

         (1)    All direct and indirect costs of the operation, excluding
                royalties and accruals for site restoration.
         (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 principally to a lower reserve base. Selling, general, and
administrative expense was not materially different for the third quarter and
was lower in the current nine month 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 a gain of approximately $3.1 million for the nine months ended
September 30, 1999. There was no comparable activity in the current period.

LIQUIDITY & CAPITAL RESOURCES

         For the nine months ended September 30, 2000, operating activities
provided $0.4 million of cash, investing activities used $0.1 million of cash,
and financing activities used $0.3 million of cash. Cash and cash equivalents at
September 30, 2000 was $0.7 million.

         During the first nine months of 2000, the Company spent $0.8 million on
development of the McDonald Gold Project. 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 $0.7 million on development of the
North Briggs deposit and other capital improvements at the Briggs Mine during
the first nine 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", a ruling that was
upheld, in September 2000, by the U.S. Ninth Circuit Court of Appeals. 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 contracts. The
Company's

                                       18

<PAGE>   19



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 appealed the action of the DNRC and
the DNRC Hearing Examiner affirmed the DNRC action. The Company intends to
proceed with a lawsuit against the DNRC for breach of contract. The Company will
seek the court's order that the DNRC violated its clear contract obligations,
affirming that the leases are still in effect, and awarding the Company damages
for the DNRC's illegal conduct. 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 removed.

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

                                       19

<PAGE>   20



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.

         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. In August 2000, the DEQ further revised its bond
amount to approximately $14.2 million. The Company believes the DEQ bond amount
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 September 30, 2000, had
entered into floating rate forward gold contracts on 26,200 ounces
(approximately 26% of estimated production for the ensuing twelve months) at an
average price of $296 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 26% 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 $0.7 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 nine months of 2000, $3.6 million of
the gain was recognized based on the original expected settlement dates of the
forward contracts. The remaining gain of $0.9 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 nine months of 2000, $2.8 million of the gain
was recognized based on the original expected settlement date of the forward
contracts. The remaining gain will be recognized as follows: i) $1.1 million
during the balance of 2000 and ii) $0.3 million in 2001.


                                       21

<PAGE>   22



         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 September 30, 2000, the mark to market value of the Company's
forward gold contracts was approximately $0.5 million.

Interest Rates

         At September 30, 2000, the Company's debt was approximately $5.3
million which relates principally 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 September 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

<TABLE>

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

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

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

ITEM 4.    SUBMISSION OF MATTERS TO A 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>





                                       23
<PAGE>   24



                                   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:   November 10, 2000                        /s/ Gary C. Huber
                                                 ------------------------------
                                                 Gary C. Huber
                                                 Chief Financial Officer



Date:   November 10, 2000                        /s/ Richard T. Phillips
                                                 ------------------------------
                                                 Richard T. Phillips
                                                 Treasurer



                                       24

<PAGE>   25


                                  EXHIBIT INDEX

<TABLE>
<CAPTION>

EXHIBIT NO.                     EXHIBIT DESCRIPTION                     PAGE
----------                      -------------------                     ----
<S>                          <C>                                      <C>
  27                         Financial Data Schedule
</TABLE>










                                       25