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

                                   FORM 10-Q

COMMISSION FILE NO. 1-2714

(Mark One)

(X) Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
    Act of 1934
                 For the quarterly period ended  March 31, 1997
                                                ---------------

                                or

( ) Transition Report Pursuant to Section 13 or 15(d) of the Securities
    Exchange Act of 1934


            For the transition period from ________________________
                                       to  ________________________

                               ATLAS CORPORATION
                   ------------------------------------------
                     (Exact name of registrant as specified
                                in its charter)

           DELAWARE                                        13-5503312
-------------------------------                       -------------------
(State or other jurisdiction of                        (I. R. S. Employer
incorporation or organization)                         Identification No.)


             370 Seventeenth Street, Suite 3050, Denver, CO  80202
             -----------------------------------------------------
                    (Address of principal executive offices)
                                   (Zip Code)

                                 303-629-2440
                        -------------------------------
                        (Registrant's telephone number,
                             including area code)


    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 
                                    -----    -----

     As of May 9, 1997, 24,219,963 shares of Common Stock, par value $1 per
share, were issued and outstanding.  

                                                                    Page 1 of 13
<PAGE>
 
                        PART I.  FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS.
         ---------------------
                               ATLAS CORPORATION
                          CONSOLIDATED BALANCE SHEETS
                                 (in Thousands)
<TABLE>
<CAPTION>
 
                                                        March 31,   December 31,
                                                          1997          1996
--------------------------------------------------------------------------------
                                                       (Unaudited)
ASSETS
Current Assets:
<S>                                                    <C>          <C>
         Cash and cash equivalents                       $    188       $  1,099
         Accounts receivable - Trade                          338            270
         Accounts receivable - Other                          557            469
         Inventories                                          957            848
         Prepaid expenses and other current assets            122            195
                                                     ------------   ------------
           Total current assets                             2,162          2,881
                                                     ------------   ------------
Property, plant and equipment                              65,027         64,166
Less, accumulated depreciation, depletion,
         amortization and impairment                      (45,027)       (44,779)
                                                     ------------   ------------
                                                           20,000         19,387
 
Investment in Vista Gold Corp. (Note 5)                     7,346         11,542
Restricted cash and securities                              6,258          6,266
Other assets                                                1,522          1,605
                                                     ------------   ------------
                                                         $ 37,288       $ 41,681
                                                     ============   ============
 
LIABILITIES
Current liabilities:
         Trade accounts payable                          $  2,147       $  1,544
         Accrued liabilities                                2,365          2,136
         Short-term debt                                    2,228          2,129
                                                     ------------   ------------
           Total current liabilities                        6,740          5,809
 
Long-term debt                                             13,310         13,310
Other liabilities, long-term                                9,950          9,505
 
Minority Interest                                             649            685
 
Commitments and contingencies (Note 4)
 
STOCKHOLDERS' EQUITY
Common stock                                               24,220         24,180
Capital in excess of par value                             68,504         68,514
Deficit                                                   (79,433)       (77,867)
Currency translation adjustment                              (133)          (133)
Unrealized loss on investments in equity securities        (6,519)        (2,322)
                                                     ------------   ------------
           Total stockholders' equity                       6,639         12,372
                                                     ------------   ------------
                                                         $ 37,288       $ 41,681
                                                     ============   ============

See notes to consolidated financial statements.

</TABLE>

                                                                    Page 2 of 13
<PAGE>
 
                               ATLAS CORPORATION
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                (In Thousands, Except Per Share Data, Unaudited)
<TABLE>
<CAPTION>
 
                                                        Three Months Ended
                                                            March 31,
                                                  ----------------------------
                                                       1997           1996
------------------------------------------------------------------------------
 
<S>                                                 <C>               <C>
Mining revenue                                      $   654           $    --
Costs and expenses:
 Production costs                                       614                --
 Depreciation, depletion and amortization               250                --
 Shutdown and standby costs                             107               282
 General and administrative  expenses                   639             1,211
 Exploration and  prospecting costs                     557                89
                                                  ---------          --------
   Gross Operating Loss                              (1,513)           (1,582)
                                                  ---------          --------
 
Other (income) and expense:
 Interest expense                                       310               423
 Interest income                                       (117)             (161)
 Equity in loss of unconsolidated
  subsidiary (Note 5)                                    --               696
 Gain on sale of marketable securities                   --            (1,333)
 Other                                                 (103)               (6)
                                                  ---------          --------
   Loss from continuing operations before income
    taxes and minority interest                      (1,603)           (1,201)
 
Provision for income taxes                               --                --
                                                  ---------          --------
 
   Loss from continuing operations before minority
    interest                                         (1,603)           (1,201)
 
Minority interest in net loss of subsidiary              37                89
                                                  ---------          --------
 
   Net Loss                                         $(1,566)          $(1,112)
                                                  =========          ========
 
Per share of common stock:
   Net Loss                                         $ (0.06)          $ (0.06)
                                                  =========          ========
 
Average number of common shares outstanding          24,193            20,050
                                                  =========          ========
</TABLE> 

See notes to consolidated financial statements.

                                                                    Page 3 of 13
<PAGE>
 
                               ATLAS CORPORATION
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                           (In Thousands, Unaudited)
<TABLE>
<CAPTION>
 
                                                        Three Months Ended
                                                            March 31,
                                                  ----------------------------
                                                       1997           1996
------------------------------------------------------------------------------
 
<S>                                                 <C>               <C> 
Operating activities:
 Net loss                                          $(1,566)           $(1,112)
 Add (deduct) non-cash items:
   Depreciation, depletion, amortization               261                  8
   Equity in loss of unconsolidated subsidiary          --                696
   Gain on sale of marketable securities                --             (1,333)
   Other                                                (6)                (3)
 Net change in non-cash items related to 
  operations (Note 3)                                  853             (1,535)
                                                  ---------          --------
   Cash used in continuing operations                 (458)            (3,279)
                                                  ---------          --------
From discontinued operations:
 Change in estimated uranium reclamation costs         366               (785)
                                                  ---------          --------
   Cash provided by (used in) discontinued 
    operations                                         366               (785)
                                                  ---------          --------
   Cash used in operating activities                   (92)            (4,064)
                                                  ---------          --------
 
Investing activities:
  Additions to property, plant and equipment          (918)              (422)
  Proceeds from issuance of debt released from 
   escrow                                               --             10,000
  Proceeds from sale of marketable securities           --              4,520
                                                  ---------          --------
   Cash provided by (used in) investing activities    (918)            14,098
                                                  ---------          --------
Financing activities:
  Net increase (repayment) of short-term note           99             (2,000)
  Costs associated with issuance of debt                --               (283)
                                                  ---------          --------
   Cash provided by (used in) financing activities      99             (2,283)
                                                  ---------          --------
Increase (decrease) in cash and cash equivalents      (911)             7,751
 
Cash and cash equivalents:
 Beginning of period                                 1,099              1,607
                                                  ---------          --------
 End of period                                     $   188            $ 9,358
                                                  =========          ========
</TABLE> 
 
 
See notes to consolidated financial statements.

                                                                    Page 4 of 13
<PAGE>
 
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. The accompanying consolidated financial statements have been prepared in
   accordance with generally accepted accounting principles for interim
   financial information and with the instructions to Form 10-Q and Article 10
   of Regulation S-X.  Accordingly, they do not include all of the information
   and footnotes required by generally accepted accounting principles for
   complete financial statements.  There has not been any change in the
   significant accounting policies of Atlas Corporation (the "Company") for the
   periods presented.

   In the opinion of Management, all adjustments (consisting of normal recurring
   accruals) considered necessary for a fair presentation have been included.
   The results for these interim periods are not necessarily indicative of
   results for the entire year. These statements should be read in conjunction
   with the consolidated financial statements and notes thereto included in the
   Company's Annual Report of Form 10-K for the fiscal year ended December 31,
   1996.

   Certain of the comparative figures have been reclassified to conform with the
   current year's presentation.

2. In February 1997, the Financial Accounting Standards Board issued Statement
   No. 128, Earnings per Share, which is required to be adopted on December 31,
   1997.  At that time, the Company will be required to change the method
   currently used to compute earnings per share and to restate all prior
   periods.  Under the new requirements for calculating primary earnings per
   share, the dilutive effect of stock options will be excluded.  The impact of
   Statement 128 on the calculation of primary and fully diluted earnings per
   share for the quarters ended March 31, 1997 and March 31, 1996 is not
   expected to be material.

   There has been no dilution of earnings per share as a result of the exercise
   of Option Warrants to Purchase Common Stock or stock options during the
   periods presented.

3. The components of the net change in items other than cash related to
   operating activities as reflected in the Consolidated Statements of Cash
   Flows are as follows:
<TABLE>
<CAPTION>
 
                                              Three Months Ended
                                                    March 31,
                                              -------------------
                                                 1997      1996
-----------------------------------------------------------------
Add (deduct) items other than cash:
<S>                                             <C>      <C>
     Accounts receivable                         $(156)   $    64
     Inventories                                  (109)        --
     Prepaid expenses and other current assets      73        (10)
     Other assets                                   79         20
     Trade accounts payable                        603     (1,423)
     Accrued liabilities                           229        268
     Other liabilities, long-term                  134       (454)
                                              --------    -------
                                                 $ 853    $(1,535)
                                              ========    =======
 
</TABLE>
4. The Company is obligated to decommission and reclaim its uranium mill site
   located near Moab, Utah.  The Company discontinued its uranium operations and
   permanently shut down its uranium operations in 1987 and accrued estimated
   shut-down and reclamation costs of  $17,406,000.  The balance of this accrual
   at March 31, 1997 was $3,071,000.  Title X of The Comprehensive National
   Energy Policy Act ("Title X"), enacted in October 1992, provides 

                                                                    Page 5 of 13
<PAGE>
 
   for the reimbursement of decommissioning and reclamation expenses related to
   uranium sites with tailings generated by Atomic Energy Commission ("AEC")
   contracts. The Company's uranium reclamation costs will be reduced by this
   government cost sharing program as 56% of its tailings were generated under
   AEC contracts. The Company believes the accrual, when combined with
   anticipated reimbursements under the Title X program, is sufficient to cover
   future reclamation costs.

   The Company has submitted four claims to the Department of Energy ("DOE")
   under Title X for reclamation costs incurred from the fiscal year ended June
   30, 1980 through March 31, 1997. As of May 1, 1997, the status of the four
   claims is as follows:
<TABLE>
<CAPTION>
 
                                                                         Anticipated              Actual
                             Gross Claim            Gross Amount        Reimbursement          Reimbursement         Anticipated
Claim Date                     Amount                 Approved            Receivable             Payments            Balance Due
------------------------------------------------------------------------------------------------------------------------------------

<S>                          <C>                 <C>                 <C>                   <C>                    <C>
July 7, 1994                 $4,999,000         $ 4,510,000            $ 2,530,000             $1,988,000          $  542,000
June 16, 1995                 3,638,000           2,591,000              1,454,000                990,000             464,000
May 1, 1996                   3,998,000           2,987,000/1/           1,676,000                368,000           1,308,000
May 1, 1997                   2,054,000                  --/2/           1,152,000                     --           1,152,000
------------------------------------------------------------------------------------------------------------------------------------

Totals                                                                  $6,812,000             $3,346,000          $3,466,000
====================================================================================================================================

</TABLE>

  /1/  Preliminary approval as of 3/31/97.
  /2/  Pending.

   Timing of the actual payments for approved reimbursements is a function of
   Congressional appropriation of Title X funding.

5. With respect to the quarter ended March 31, 1996, the Company reported the
   financial results of Granges Inc. ("Granges"), a Canadian mining company in
   which it held a 27.5% ownership interest as of March 31, 1996, under the
   equity method.  A summarized Statement of Operations (Unaudited, US dollars,
   Canadian GAAP, in thousands) of Granges, as reported by Granges, for the
   three month period ending March 31, 1996 is set forth below:
<TABLE>
<CAPTION>
 
                                                  March 31,
                                                     1996
                                                  ---------
<S>                                               <C>
        Revenue                                     $ 6,669
        Cost of sales                                 5,616
        Depreciation, depletion & amortization        1,114
                                                    -------
             Gross margin                               (61)
 
        Net income (loss)                           $(1,966)
                                                    =======
 
</TABLE>

                                                                    Page 6 of 13
<PAGE>
 
   Under the equity method, the Company reported a net loss of $696,000 for the
   three month period ended March 31, 1996. Cost in excess of Atlas's share of
   Granges' net assets were allocated based upon their relative market value.
   Excess costs related to producing properties were amortized on a unit of
   production (gold ounces) basis and were included in the reported loss.
 
   On October 16, 1996, the Company sold 4,240,324 Granges Common Shares at
   $1.32 per share. On October 31, 1996, Granges amalgamated with Da Capo
   Resources Ltd. to form Vista Gold Corp. ("Vista"), further reducing the
   Company's ownership interest to 9.6%. The Company continues to hold 8,393,826
   Vista Common Shares, which have been pledged as security for the Company's
   $9.81 million Exchangeable Debentures due October 25, 2000. As a consequence
   of these changes, the Company changed its method of accounting for the Vista
   investment from an equity basis to a fair value basis with unrealized gains
   and losses reported as a separate component of stockholders' equity.

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

"SAFE HARBOR" STATEMENT UNDER THE UNITED STATES PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995.

   Statements which are not historical facts contained in this Form 10-Q are
   forward looking statements that involve risks and uncertainties that could
   cause actual results to differ from projected results. Factors that could
   cause actual results to differ materially include, among others: general
   economic conditions, metal and mineral prices, political events in foreign
   countries, the risks associated with foreign operations generally, the timing
   of receipt of necessary governmental permits, climatic conditions, labor
   relations, availability and cost of material and equipment, the actual
   configuration of ore bodies, delays in anticipated start-up dates,
   environmental risks, the results of financing efforts and other risk factors
   detailed in the Company's Form 10-K and 8-K filed with the Securities and
   Exchange Commission.

RECENT EVENTS

   On April 24, 1997, the Company signed a binding letter agreement with Barrick
   Gold Exploration Inc. ("Barrick"), a subsidiary of Barrick Gold Corporation
   of Toronto, Ontario, Canada, with respect to the purchase from the Company of
   its Gold Bar property. Under the terms of the letter agreement, subject to
   satisfactory due diligence, Barrick will purchase from the Company more than
   90% of the Gold Bar properties with an option to acquire the balance within
   two years. The letter agreement provides for completion of definitive
   purchase agreements on or before June 3, 1997. Upon execution of the
   definitive purchase agreements, the Company will receive from Barrick
   $1,000,000 in cash and Barrick will purchase 1,000,000 Atlas Common Shares at
   $1 per share. During the following two year period Barrick is required to
   expend $3,000,000 on the Gold Bar property, inclusive of holding costs.
   Unless Barrick elects to reconvey the property to the Company at the end of
   the two year period, upon the transfer of the balance of the property to
   Barrick, the Company will have the option to receive $15,000,000 and retain a
   2% net smelter royalty, or to participate with Barrick in the further
   exploration and development of the property as a 25% carried joint venture
   participant. If the Company elects the joint venture alternative, Barrick
   will be obligated to expend a

                                                                    Page 7 of 13
<PAGE>
 
  minimum of $15,000,000 on the project. If Barrick elects to reconvey the
  properties purchased at the end of the initial two year period, then all of
  Barrick's interest in Gold Bar will be reconveyed to the Company.

  In April 1997, the Company completed a $500,000 short-term financing from
  CaribGold Resources Inc. of Toronto, secured by the Doby George property. The
  note is repayable on or before October 16, 1997 at Prime Rate plus 2%.

  In May 1997, Arisur Inc. ("Arisur"), the Company's wholly owned Bolivian
  subsidiary, completed a financing agreement with the Corporacion Andina de
  Fomento ("CAF") for $3 million. CAF is a multilateral financial institution
  that supports sustainable development and integration efforts within the
  Andean region of South America. The proceeds of the loan will pay for certain
  equipment and expansion programs of the Bolivian operations including $560,000
  previously advanced by the Company for said purposes.


CAPITAL RESOURCE REQUIREMENTS

  Bolivian operations

  Late in 1996, the Company began an underground mine development program at the
  Andacaba and Don Francisco mines and a mill expansion program at the Don Roy
  mill in order to increase both mine production and milling capacity from these
  operations. The mill expansion was completed in April 1997, increasing
  capacity to more than 500 metric tonnes per day. The mine expansion is
  expected to be completed by the end of 1997. Upon completion, operations at
  Andacaba will be expanded from 220 tonnes per day ("tpd") to 400 tpd and at
  Don Francisco from 80 tpd to 200 tpd. Total remaining capital costs for the
  development program are expected to be funded from the CAF loan noted above
  and from cash from continuing operations.

  The Company anticipates funding the acquisition of additional Bolivian
  operations through cash flow from operations, project financing, placement of
  additional equity or debt and/or the sale of assets.

  Perlite
 
  The Tucker Hill perlite project which is owned by Atlas's majority owned
  subsidiary, Cornerstone Industrial Minerals Corporation, is currently in the
  initial start-up phase. Mining of perlite ore, which is stockpiled for
  processing at the Tucker Hill plant, commenced in December 1996. The first
  shipment of crushed and sized perlite was delivered in February 1997.
  Subsequently, modifications identified in the initial operating phase of
  processing were begun at the facility, and equipment upgrades commenced at the
  same time. Production is expected to recommence by mid-1997. The Company
  anticipates that the remaining plant modifications will be funded from
  existing cash reserves and from cash flow from operations.

 

                                                                    Page 8 of 13
<PAGE>
 
  Gold Properties

  On March 21, 1997, the Company closed on the sale of its Musgrove Creek
  property to Meridian Gold Company ("Meridian") for a total sales price of
  $125,000, including $25,000 received in 1996. In addition, Meridian has agreed
  to assume a reclamation obligation of $55,000, to convey to Atlas a 1% net
  smelter return on claims previously owned by Atlas. In the event Meridian
  places minerals at Musgrove Creek into production, Atlas will receive an
  additional $100,000.

  Exploration and development expenditures on the Gold Bar claim block will be
  funded by Barrick as described above. With the completion of the letter
  agreement, and with other cost cutting measures recently implemented, the
  Company's holding costs on the property will decrease significantly in 1997 to
  an estimated $350,000. These costs will be funded from cash flow from
  operations, debt and equity financing and the Gold Bar sales proceeds as
  described above.

  The Company is currently assessing development strategies and alternatives for
  the Grassy Mountain and Doby George gold properties. While the Company has
  made the expansion of the Bolivian operations its immediate focus, its long
  term strategy is to grow its Bolivian operations, and to develop and expand
  the Company's interests in gold properties.

  Reclamation Activities

  The Company is obligated to decommission and reclaim its uranium mill site
  near Moab, Utah. Final reclamation will commence following the issuance of a
  final Environmental Impact Statement on Atlas's reclamation plan. See below,
  "Results of Operations -- Reclamation Activities". The total estimated cost of
  Atlas's proposed reclamation plan is $12-$17 million. As the Department of
  Energy will reimburse 56% of all reclamation costs under Title X, Atlas will
  be reimbursed for approximately $6.7-$9.5 million in reclamation costs,
  leaving Atlas to fund $5.3-$7.5 million. The Company has filed claims of $6.8
  million for reimbursement of Title X reclamation costs incurred through March
  1997 and has received payments of $3.3 million, leaving $3.5 million in Title
  X reimbursements due Atlas. Atlas also has $4.2 million in restricted cash
  securing a Nuclear Regulatory Commission ("NRC") reclamation performance bond.
  Based upon the amounts due the Company under Title X, and the restricted cash
  supporting the performance bond, the Company is confident that it will be able
  to fund and/or finance the anticipated costs for reclamation of its uranium
  mill and tailings site.

LIQUIDITY

  From the suspension of milling operations at the Gold Bar property in
  September 1994 until the acquisition of Arisur in October of 1996, the Company
  had no mining revenue and has funded its operating losses, capital and working
  capital requirements through a combination of the issuance of debt and equity
  instruments and the sale of assets.

  As of March 31, 1997, the working capital deficit was $4,558,000, which
  compares to working capital of $7,299,000 as of March 31, 1996. The Company's
  current ratio at March 31, 1997 was .32 to 1, compared to 3.59 to 1 at March
  31, 1996. The decrease during the year is primarily a result of the Company's
  cash investment in Arisur totaling $4.8 million, 

                                                                    Page 9 of 13
<PAGE>
 
  development and construction costs of $3,316,000 at the Tucker Hill perlite
  property in Lakeview, Oregon and ongoing general and administrative costs.

  In order to fund near term capital requirements, the Company has
  entered into the letter agreement with Barrick, the CAF loan and the short-
  term loan all discussed above.  Longer term capital requirements will be
  satisfied from project financing, future operating cash flows, placement of
  additional equity or debt and/or from the sale of other assets.

RESULTS OF OPERATIONS

  During the quarter ended March 31, 1997, the Company had mining revenue of
  $654,000 compared to no mining revenue in the same period of 1996. This is a
  result of the acquisition of Arisur in October 1996, which has operating lead,
  zinc and silver mines in Bolivia, South America. Mining revenue was less than
  expected during the quarter ended March 31, 1997 due to flooding which cut off
  access to Don Francisco and reduced production from Andacaba. This level of
  flooding is uncharacteristic and production from all mines has resumed.

  Cash production costs were $614,000 in the first quarter of 1997 compared to
  no costs during the same period of 1996, for the same reasons as noted above.
  Production costs were also adversely impacted by the flooding noted above
  resulting in lower than expected operating cash flow of $40,000.

  Shutdown and standby costs at Gold Bar of $107,000 were incurred in the three
  month period ended March 31, 1997 compared to $282,000 for the comparable
  period in 1996. The decrease is a result of cost cutting measures implemented
  by the Company as a result of its decision not to resume mining operations on
  the Gold Bar claim block.

  Exploration costs for the three month period ending March 31, 1997 were
  $557,000 compared to $89,000 for the comparable period in 1996. The 1997
  amount includes a $450,000 charge pursuant to the Company's joint venture
  termination agreement with Vista Gold Corp.

  General and administrative expenses for the three months ended March 31, 1997
  were $639,000 compared to $1,211,000 for the comparable period in 1996. The
  1996 amount is a result of Company bonuses paid during that quarter, an
  intensified property acquisition program and costs associated with the
  relocation of the corporate office. These costs were eliminated in 1997 in
  conjunction with an overall cost reduction program, which has resulted in the
  significant decrease in costs for the current quarter.

  Interest expense incurred during the three month period ended March 31, 1997
  was $310,000 compared to $423,000 for the three month period ended March 31,
  1996. The decrease was due to a lower overall borrowing rate in 1997 versus
  the same period in 1996.

  During the quarter ended March 31, 1997, the Company incurred $918,000 in
  capital expenditures, of which $738,000 related to the development and
  construction of the Tucker Hill process facility and $167,000 related to the
  ongoing mine and mill expansion in Bolivia.

                                                                   Page 10 of 13
<PAGE>
 
  Reclamation Activities

  On January 30, 1996, the NRC, the federal agency responsible for overseeing
  decommissioning and reclamation of Atlas's uranium site located near Moab,
  Utah, released for public comment a draft Environmental Impact Statement
  ("EIS") and draft Technical Evaluation Report ("TER") on Atlas's proposal for
  reclamation in place of the uranium tailings generated by Atlas's uranium mill
  from 1956 to 1984.  On March 7, 1997, the NRC issued the final TER which
  concluded that the Atlas plan for capping the tailings facility on-site was in
  compliance with NRC's technical requirements.  The final EIS is expected in
  the fall of 1997.

  The Company is confident that the ultimate result of the EIS review process,
  in conjunction with the supportive conclusion of the TER will be the approval
  of its reclamation plan, and that its remaining accrual, when combined with
  anticipated reimbursements of reclamation costs under the Title X program and
  restricted cash used for surety collateral, is sufficient to cover future
  reclamation costs.

                                                                   Page 11 of 13
<PAGE>
 
                          PART II.  OTHER INFORMATION

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.   Exhibits and Reports on Form 8-K
          --------------------------------

          a.  Exhibits
              None
 
          b.  Reports on Form 8-K

              Report on Form 8-K dated February 5, 1997 containing the Company's
              news release with respect to the first production results for
              Bolivian operations.

              Report on Form 8-K dated February 28, 1997 containing a combined
              news release of the Company and Cornerstone Industrial Minerals
              Corporation with respect to their announcement of the commencement
              of operations at Tucker Hill.

              Report on Form 8-K dated March 12, 1997 containing the Company's
              news release with respect to receiving a final Technical
              Evaluation Report from the Nuclear Regulatory Commission. 

                                                                   Page 12 of 13
<PAGE>
 
                                   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.


                                            ATLAS CORPORATION
                                            -----------------
                                            (Registrant)

                                      By:   /s/ James R. Jensen
                                            -------------------------------
                                            James R. Jensen
                                            Treasurer

Date: May 19, 1997                          /s/ James R. Jensen
      ------------                          -------------------------------
                                            James R. Jensen
                                            Treasurer (Principal Financial 
                                            Officer & Chief Accounting Officer)

                                                                   Page 13 of 13