<PAGE>

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

                                  FORM 10-QSB


COMMISSION FILE NO. 1-2714

(Mark One)

(X) Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of
    1934
    For the quarterly period ended September 30, 1999 or
                                   ------------------
( ) Transition Report Under Section 13 or 15(d) of the Securities Exchange
    Act of 1934
    For the transition period from _________  to  ________

                               ATLAS CORPORATION
                         -----------------------------
               (Exact name of small business issuer 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 3010, Denver, CO  80202
             -----------------------------------------------------
                   (Address of principal executive offices)
                                  (Zip Code)

                                 303-629-2440
                        -------------------------------
                          (Issuer's telephone number)

Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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
                                     -----    -----

Check whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by a court.

                                 Yes   X   No
                                     -----    -----

As of November 10, 1999, 27,884,707 shares of Common Stock, par value $0.01 per
share, were issued and outstanding.

Transitional Small Business Disclosure Format (Check one):
Yes       No   X
    -----    ------

                                 Page 1 of 13
<PAGE>

  PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements.
         --------------------
                               Atlas Corporation
                          Consolidated Balance Sheets
                                (in Thousands)

<TABLE>
<CAPTION>
                                                                 September 30,          December 31,
                                                                     1999                   1998
------------------------------------------------------------------------------------------------------
                                                                  (Unaudited)
<S>                                                            <C>                    <C>
ASSETS
Current Assets:
   Cash and cash equivalents                                          $     464              $       4
   Accounts receivable - trade                                            1,286                    892
   Title X receivable (Note 4)                                               --                    675
   Accounts receivable - other                                              151                    352
   Asset held for sale                                                       --                  2,643
   Inventories                                                              758                    914
   Prepaid expenses and other current assets                                109                     13
                                                             ------------------     ------------------
     Total current assets                                                 2,768                  5,493
                                                             ------------------     ------------------
Property, plant and equipment                                            59,262                 59,205
Less: accumulated depreciation, amortization and impairment             (47,499)               (47,032)
                                                             ------------------     ------------------
                                                                         11,763                 12,173
Restricted cash and securities (Note 4)                                   6,241                  6,181
Title X receivable (Note 4)                                              14,232                 14,109
Other assets                                                                166                     82
                                                             ------------------     ------------------
                                                                      $  35,170              $  38,038
                                                             ==================     ==================

LIABILITIES
Liabilities not subject to compromise:
  Current liabilities:
   Trade accounts payable                                             $     546              $     980
   Accrued liabilities                                                    1,167                  1,161
   Short-term debt                                                        3,485                  3,233
                                                             ------------------     ------------------
     Total current liabilities                                            5,198                  5,374
                                                             ------------------     ------------------

  Long-term debt                                                             --                  1,216
  Other liabilities, long-term                                              452                  3,512
                                                             ------------------     ------------------
     Total long-term liabilities                                            452                  4,728
Liabilities subject to compromise (Notes 4 and 5)                        33,717                 30,089
                                                             ------------------     ------------------
     Total liabilities                                                   39,367                 40,191
                                                             ------------------     ------------------

Commitments and contingencies (Note 4)

STOCKHOLDERS' DEFICIT
   Common stock                                                             279                    275
   Capital in excess of par value                                        93,797                 93,788
   Deficit                                                              (98,273)               (96,216)
                                                             ------------------     ------------------
     Total stockholders' deficit                                         (4,197)                (2,153)
                                                             ------------------     ------------------
                                                                      $  35,170              $  38,038
                                                             ==================     ==================
</TABLE>
See notes to consolidated financial statements.


                                 Page 2 of 13
<PAGE>

                               Atlas Corporation
                     Consolidated Statements of Operations
               (In Thousands, Except Per Share Data, Unaudited)

<TABLE>
<CAPTION>
                                                             Three Months Ended                         Nine Months Ended
                                                                September 30,                             September 30,
                                                   ------------------------------------      ------------------------------------
                                                          1999                 1998                 1999                 1998
---------------------------------------------------------------------------------------------------------------------------------

<S>                                                  <C>                  <C>                  <C>                  <C>
Mining revenue                                             $ 1,297              $ 1,394              $ 2,999              $ 3,493
Costs and expenses:
 Production costs                                            1,178                1,257                2,883                3,061
 Depreciation, depletion and amortization                      272                  275                  834                  702
 Impairment of mineral property                                 --                   --                   --                   34
 Shutdown and standby costs                                     92                  108                  270                  271
 General and administrative expenses                           169                  291                  610                  943
 Geological and land holding costs                              36                   18                   86                   60
                                                   ---------------      ---------------      ---------------      ---------------

  Gross operating loss                                        (450)                (555)              (1,684)              (1,582)

Other (income) and expense:
 Interest expense                                               88                  144                  252                  440
 Interest income                                               (10)                 (84)                (113)                (238)
 Gain from joint venture agreement                              --                 (188)                  --                 (563)
 Loss on asset held for sale                                    --                  563                   --                1,037
 Other                                                         (27)                 (15)                 (64)                (119)
                                                   ---------------      ---------------      ---------------      ---------------
  Loss from continuing operations before
  reorganization items and income taxes                       (501)                (975)              (1,759)              (2,139)

Reorganization items:
 Legal fees                                                    (88)                 (43)                (283)                 (43)
 Other                                                          (6)                  --                  (15)                  --
                                                   ---------------      ---------------      ---------------      ---------------

  Loss before income taxes                                    (595)              (1,018)              (2,057)              (2,182)

Provision for income taxes                                      --                   --                   --                   --
                                                   ---------------      ---------------      ---------------      ---------------

 Net loss                                                  $  (595)             $(1,018)             $(2,057)             $(2,182)
                                                   ===============      ===============      ===============      ===============

Basic and diluted earnings per share of common stock:
 Net loss                                                  $ (0.02)             $ (0.04)             $ (0.07)             $ (0.08)
                                                   ===============      ===============      ===============      ===============

Average number of common
 shares outstanding                                         27,659               27,512               27,589               27,406
                                                   ===============      ===============      ===============      ===============

</TABLE>
See notes to consolidated financial statements


                                 Page 3 of 13
<PAGE>

                               Atlas Corporation
                     Consolidated Statements of Cash Flows
                           (In Thousands, Unaudited)

<TABLE>
<CAPTION>
                                                                               Nine Months Ended
                                                                                 September 30,
                                                                 ------------------------------------------
                                                                         1999                     1998
-----------------------------------------------------------------------------------------------------------
<S>                                                                <C>                      <C>
Operating activities:
   Net loss                                                                $(2,057)                 $(2,182)
   Add (deduct) non-cash items:
       Depreciation, depletion, amortization                                   834                      741
       Gain on joint venture agreement                                          --                     (563)
       Loss on asset held for sale                                              --                    1,037
       Other                                                                    --                       34
   Net change in non-cash items
       related to operations (Note 3)                                           16                     (542)
                                                                 -----------------       ------------------
       Cash used in continuing operations                                   (1,207)                  (1,497)
                                                                 -----------------       ------------------
From discontinued operations:
   Change in estimated uranium reclamation costs                               162                      563
                                                                 -----------------       ------------------
       Cash used in operating activities before reorganization              (1,045)                    (934)
       items
                                                                 -----------------       ------------------

Investing activities:
   Additions to property, plant and equipment                                 (494)                    (379)
   Proceeds from sale of equipment                                              70                    1,674
   Additions to restricted cash                                               (250)                      --
   Investment in asset held for sale                                            --                     (512)
   Proceeds from sale of asset held for sale                                 2,643                       --
                                                                 -----------------       ------------------
       Cash provided by investing activities                                 1,969                      783
                                                                 -----------------       ------------------

Financing activities:
   Net repayment of short-term debt                                         (1,005)                    (295)
   Borrowings on short-term debt                                               541                      250
                                                                 -----------------       ------------------
       Cash used in financing activities                                      (464)                     (45)
                                                                 -----------------       ------------------

Increase (decrease) in cash and cash equivalents                               460                     (196)

Cash and cash equivalents:
   Beginning of period                                                           4                      583
                                                                 -----------------       ------------------

   End of period                                                           $   464                  $   387
                                                                 =================       ==================
</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-QSB and Item
   310(b) of Regulation S-B.  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 and its
   subsidiaries (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 on Form 10-K for the fiscal year ended December 31,
   1998.

2. On September 22, 1998, Atlas Corporation ("Atlas") filed a petition for
   relief under Chapter 11 of the federal bankruptcy laws in the United States
   Bankruptcy Court for the District of Colorado. Under Chapter 11, certain
   claims against Atlas in existence prior to the filing of the petition for
   relief under the federal bankruptcy laws are stayed while Atlas continues
   business operations as debtor-in-possession. These claims are reflected in
   the September 30, 1999 and December 31, 1998 balance sheets as "Liabilities
   subject to compromise." Additional claims (Liabilities subject to compromise)
   may arise subsequent to the filing date resulting from rejection of executory
   contracts, including leases, and from the determination by the Court (or
   agreed to by parties in interest) of allowed claims for contingencies and
   other disputed amounts. Claims secured against Atlas' assets also are stayed,
   although the holders of such claims have the right to move the Court for
   relief from stay. Secured claims are secured primarily by restricted cash of
   the Company and by performance bonds issued by insurance companies.

   Two of the Company's subsidiaries, Atlas Precious Metals Inc. ("APMI") and
   Atlas Gold Mining Inc. ("AGMI"), also filed for relief under Chapter 11 on
   January 26, 1999. Accordingly, liabilities associated with these subsidiaries
   have also been classified as Liabilities subject to compromise in the
   September 30, 1999 balance sheet.

   The Company's other subsidiaries, Arisur Inc. ("Arisur") and Suramco Metals,
   Inc. ("Suramco") have not filed for protection under Chapter 11 and there is
   no intention to do so. Accordingly, liabilities associated with these
   subsidiaries are included in "Liabilities not subject to compromise" along
   with secured and post-petition liabilities of the Company.

                                 Page 5 of 13
<PAGE>

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>
                                                                           Nine Months Ended
                                                                             September 30,
                                                             -------------------------------------------
                                                                     1999                      1998
--------------------------------------------------------------------------------------------------------
<S>                                                            <C>                       <C>
Add (deduct) items other than cash:
   Accounts receivable                                                    $(193)                   $ 195
   Inventories                                                              156                       10
   Prepaid expenses and other current assets                                (96)                     (43)
   Restricted cash                                                          190                       --
   Other assets                                                             (84)                      77
   Trade accounts payable                                                  (194)                     (37)
   Accrued liabilities                                                      233                     (130)
   Other liabilities, long-term                                               4                     (614)
                                                             ------------------        -----------------
                                                                          $  16                    $(542)
                                                             ==================        =================
</TABLE>

4.  The Company was obligated to decommission and reclaim its uranium millsite
    (the "Millsite") located near Moab, Utah, which was permanently shut down in
    1987 and estimated shutdown expenses and reclamation costs were accrued.
    Title X of The Comprehensive National Energy Policy Act ("Title X"), enacted
    in October 1992, provides for the reimbursement of past and future
    reclamation expenses related to uranium sites operated under Atomic Energy
    Commission contracts. The Company's uranium reclamation costs are subsidized
    by this government cost sharing program since 56% of its tailings were
    generated under government contracts. The total estimated reclamation
    liability ($20,720,000) and current and future Title X receivables
    ($14,232,000) are shown separately in the accompanying consolidated balance
    sheets leaving a net liability to the Company of $6,488,000 as of September
    30, 1999.

    On April 28, 1999, the Company, along with the U.S. Nuclear Regulatory
    Commission ("NRC"), the State of Utah, ACSTAR (surety provider for Atlas)
    and others, executed the Moab Utah Millsite Transfer Agreement ("MUMTA"),
    which absolved the Company from all future liability with respect to the
    Millsite. The agreement, approved by the Bankruptcy Court on June 22, 1999,
    was reached to avoid lengthy and expensive litigation over the future of the
    Millsite. As consideration for this release, Atlas has agreed to contribute
    certain Millsite related assets to a Reclamation Trust to be controlled by
    the government. The assets include the remaining Title X receivable as of
    May 1, 1999, all future Title X receivables, Atlas' water rights and land at
    the Millsite and $5,250,000 of restricted cash. Elimination of the liability
    should coincide with confirmation of Atlas' plan of reorganization, but not
    later than December 31, 1999.

    Upon completion of MUMTA, management estimates that the Company will
    recognize a gain from the transaction of approximately $1.2 million.

                                 Page 6 of 13
<PAGE>

5.  Liabilities subject to compromise consisted of the following at September
    30, 1999 and December 31, 1998:

<TABLE>
<CAPTION>
(in thousands)                                                     September 30, 1999        December 31, 1998
                                                                 --------------------     ---------------------
<S>                                                              <C>                      <C>
Accounts payable                                                              $ 1,724                   $ 1,486
Accrued liabilities                                                             1,717                     1,671
Convertible debenture                                                           3,500                     3,500
Estimated uranium reclamation costs                                            20,720 /1/                21,110 /1/
Mine reclamation accruals                                                       3,264 /2/                   --  /2/
Other liabilities                                                               2,792                     2,322
                                                                 --------------------     ---------------------
                                                                              $33,717                   $30,089
                                                                 ====================     =====================
</TABLE>

/1/ See Note 4 above.
/2/ Fully secured by reclamation bonds of $3.264 million, which is in turn
    secured by approximately $1 million of restricted cash.

                                 Page 7 of 13
<PAGE>

  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-QSB 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 September 22, 1998, Atlas filed a petition for relief under Chapter 11 of
  the federal bankruptcy laws in the United States Bankruptcy Court for the
  District of Colorado.  On January 26, 1999, APMI and AGMI also filed petitions
  for relief under Chapter 11.  Under Chapter 11, certain claims against Atlas
  in existence prior to the filing of the petition are stayed while Atlas
  continues business operations as debtor-in-possession. Additional claims may
  arise subsequent to the filing date resulting from rejection of executory
  contracts, including leases, and from the determination by the court (or
  agreed to by parties in interest) of allowed claims for contingencies and
  other disputed amounts.  Claims secured against Atlas' assets also are stayed,
  although the holders of such claims have the right to move the Court for
  relief from stay.  Secured claims are secured primarily by restricted cash of
  the Company and by performance bonds issued by insurance companies.

  Atlas does not intend to seek protection under any applicable bankruptcy laws
  for Arisur Inc., its wholly owned subsidiary.

  As discussed in footnote 4 to the Consolidated Financial Statements, the
  Company has reached an agreement with the NRC, the State of Utah, ACSTAR and
  others that absolves it from all future liability with respect to the
  Millsite.  As consideration for this release, Atlas has agreed to contribute
  certain Millsite related assets to a Reclamation Trust to be controlled by the
  government.  Elimination of this liability should coincide with confirmation
  of Atlas' plan of reorganization, but not later than December 31, 1999.

  On May 9, 1999, Arisur defaulted on a loan payment of $478,000 due under its
  loan agreement with Corporacion Andina de Fomento ("CAF").  Subsequently, by
  letter dated July 28, 1999 and revised on October 26, 1999, CAF has agreed to
  restructure the remaining balance of the debt under the condition that the
  Company, by June 30, 2000, can demonstrate that it has a minimum of four years
  of proven reserves at a production rate of 400 tonnes per day at the Andacaba
  mine.  In the event that the above condition is met, CAF would be willing to
  restructure the existing debt over a 4 year period, which would include a
  principal grace period of 18 months.

                                 Page 8 of 13
<PAGE>

  In August 1999, the Company reached an agreement with Vengold, Inc.
  ("Vengold") giving Vengold the option to acquire 100% of 603 unpatented lode
  claims and 6 patented lode claims at the Gold Bar property.  Vengold is
  obligated under the agreement to incur $200,000 in exploration costs on the
  property by December 31, 2001.  The Company will retain a 2% net smelter
  royalty interest in the property if the option is exercised.  Of the remaining
  mining claims at Gold Bar, the Company has retained 53 unpatented claims as
  well as the remaining patented land at the Gold Bar site for its own use.  The
  remaining claims on the Gold Bar property, comprising approximately 80% of the
  entire claim block, were dropped on August 31, 1999 in order to avoid paying
  the annual holding fees on the claims of approximately $260,000.

  The Company continues to focus on implementation of its plan of reorganization
  of the Company.  The primary focus of the plan is a release from any future
  liability associated with the Millsite (see above) and to expand production at
  its Andacaba Mine in order to increase operating cash flows (see above).  The
  Company is also pursuing claims for recovery of costs incurred at Moab from
  the commercial general liability policies that it had during the years of
  operation at the Millsite.  Additionally, the Company is seeking to divest of
  its Gold Bar and Grassy Mountain properties and other non-core assets to
  generate additional cash for operations, and as partial satisfaction of its
  pre-petition liabilities.

  On September 27, 1999, the Company mailed to the creditors and shareholders
  ("Parties in Interest") of the Company a proposed plan of reorganization (the
  "Plan") and disclosure statement which, amongst other things, incorporated the
  elements described above.  The Parties in Interest had until October 22, 1999
  to submit their vote to either accept or reject the Plan as proposed.

  Concurrent with this process, the Company was negotiating with the Pension
  Benefit Guaranty Corporation ("PBGC") to terminate its defined benefit pension
  plan and for the PBGC to assume control of the pension plan. Since the
  aforementioned negotiations were not yet complete at October 22, 1999, the
  PBGC voted to reject the plan. As a substantial creditor of the Company, the
  PBGC's vote is sufficient to block acceptance of the Plan. Subsequently, the
  Company has entered into an agreement with the PBGC to terminate the pension
  plan and to change the PBGC's vote to accept the Plan. The agreement is
  subject to court approval, which is anticipated to coincide with the hearing
  on confirmation of the Plan scheduled for December 1, 1999. The Company
  anticipates that with this acceptance, the Plan will be confirmed by the
  Bankruptcy Court at the hearing on December 1, 1999 and the Company will be
  out of bankruptcy by January 2000.

  There is no guarantee that the Company will be successful in completing the
  reorganization process.  Management believes that successful completion of the
  aforementioned goals is necessary for the Company to avoid a Chapter 7
  liquidation of all of the assets of the Company.

  CAPITAL RESOURCE REQUIREMENTS

  Bolivian operations

  The Company has developed an operating plan to expand its Andacaba mine to a
  production level of 400 tonnes per day.  This is expected to return the head
  grades to

                                 Page 9 of 13
<PAGE>

  historical levels. The Company also continues to evaluate the feasibility of
  the start-up of its Comali mill, which would require from $200,000 to $300,000
  in capital improvements.

  The Company anticipates that funding for the expansion will be financed
  through a combination of internally generated funds and deferral of current
  loan payments.

  Liquidity

  As of September 30, 1999, the Company's working capital deficit was
  $2,430,000, which compares to positive working capital of $119,000 as of
  December 31, 1998. The Company's current ratio at September 30, 1999 was .53
  to 1, compared to 1.02 to 1 at December 31, 1998. The decrease during the
  period is a result of the operating loss during the period, the
  reclassification of the CAF loan to short-term debt due to the default noted
  above, and capital expenditures of $494,000 during the nine months ended
  September 30, 1999.

  The proceeds from the sale of Cornerstone have given the Company sufficient
  cash to fund its immediate operating needs.  Longer-term capital requirements
  will be satisfied from future operating cash flows, from the sale of Company
  assets such as the Gold Bar and Grassy Mountain properties, recoveries of
  insurance claims for costs incurred at Moab, and placement of additional
  equity or debt as necessary.

  Results of operations

  The following is a summary of operating statistics at the Andacaba Mill for
  the three months and nine months ended September 30, 1999 and 1998:

<TABLE>
<CAPTION>
                                              Three Months ended September        Nine Months ended September
                                                          30,                                 30,
                                          --------------------------------     -------------------------------
                                                 1999              1998              1999              1998
                                          --------------     -------------     -------------     -------------
<S>                                          <C>               <C>               <C>               <C>
Tonnes milled                                     32,252            30,347            92,622            85,436

Tonnes of lead concentrate produced                  488               658             1,387             1,722
Tonnes of lead concentrate sold                      612               790             1,665             1,842
Grade of lead concentrate produced:
        Lead                                       63.25%            64.46%            63.66%            64.84%
        Silver (ounces per tonne)                 107.59            136.32            120.99            137.64

Tonnes of zinc concentrate produced                3,153             3,258             9,245             8,766
Tonnes of zinc concentrate sold                    3,895             3,627             8,422             8,540
Grade of zinc concentrate produced:
        Zinc                                       46.52%            46.64%            45.69%            46.42%
        Silver (ounces per tonne)                  19.29             21.98             22.56             24.32

Average price received:
        Lead (per tonne)                         $   491           $   570           $   570           $   556
        Zinc (per tonne)                         $   950           $ 1,044           $ 1,044           $ 1,070
        Silver (per ounce)                       $  5.01           $  5.77           $  5.77           $  5.82
</TABLE>

                                 Page 10 of 13
<PAGE>

  During the nine months ended September 30, 1999, the Company had mining
  revenue of $2,999,000 compared to $3,493,000 in the same period of 1998.
  Average prices received were significantly lower in 1999 than 1998 (see
  above). This fact, combined with the lower tonnes of zinc and lead concentrate
  sold in 1999 resulted in the lower revenue for the period. During the quarter
  ended September 30, 1999 mining revenues were $1,297,000 compared to
  $1,394,000 for the same period in 1998. Higher tonnes of zinc concentrate sold
  during the period was offset by lower sales of lead concentrate. The
  significantly lower prices in 1999 were the primary reason for the decrease in
  revenue for the period.

  Cash production costs during the nine months ended September 30, 1999 were
  $2,883,000, or $286 per tonne of concentrate sold.  This compares to
  $3,061,000, or $295 per tonne of concentrate sold for the same period in 1998.
  For the quarter ended September 30, 1999, cash production costs were
  $1,178,000, or $261 per tonne of concentrate sold compared to $1,257,000, or
  $285 per tonne sold in the same period in 1998.  The lower per tonne costs are
  a result of operating cost reductions and efficiencies implemented at the end
  of 1998 and early 1999.

  Shutdown and standby costs at Gold Bar were $92,000 and $270,000 during the
  three and nine month periods ended September 30, 1999 compared to $108,000 and
  $271,000 for the comparable periods in 1998.  The Company has continued to
  reduce costs at the site resulting in the modest decrease for the three months
  ended September 30, 1999 compared to the same period in 1998.

  Geological costs for the three and nine-month periods ending September 30,
  1999 were $36,000 and $86,000 compared to $18,000 and $60,000 for the
  comparable periods in 1998.  In 1998, certain costs were charged to Barrick,
  resulting in higher costs for 1999.

  General and administrative expenses for the three and nine months ended
  September 30, 1999 were $169,000 and $610,000 compared to $291,000 and
  $943,000 for the comparable periods in 1998.  The Company has continued its
  efforts to reduce such expenses.  Legal fees were reduced from $240,000 for
  the nine-month period in 1998 to $38,000 in 1999 as several legal actions have
  been resolved or settled.  As a result of staff reductions at the Company's
  headquarters, salaries and benefits have been reduced over this same period
  from $264,000 to $227,000.  Accounting and auditing fees were also reduced in
  this time frame from $53,000 in 1998 to $36,000 in 1999.  Similar reductions
  in legal fees, accounting fees and salaries account for the lower amounts in
  the third quarter of these respective periods.

  Interest expense incurred during the three and nine month periods ended
  September 30, 1999 was $88,000 and $252,000 compared to $144,000 and $440,000
  for the same periods ended September 30, 1998.  Interest accruals on all
  outstanding loans of Atlas and APMI have ceased as a result of filing for
  Chapter 11, resulting in the decrease.

  During the nine months ended September 30, 1999 and 1998, the Company incurred
  $494,000 and $379,000 in capital expenditures, respectively, substantially all
  of which related to the mining operation in Bolivia.  These costs were
  primarily for mine development expenditures at the mine.

                                 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
             10.1  Revised second amended joint disclosure statement of Atlas
                   Corporation, Atlas Gold Mining Inc. and Atlas Precious Metals
                   Inc.
             10.2  Atlas Corporation's second amended plan of reorganization
             10.3  Atlas Precious Metals Inc.'s second amended plan of
                   reorganization
             10.4  Atlas Gold Mining Inc.'s second amended plan of
                   reorganization

        b.   Reports on Form 8-K
             None


                                 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
                                        Chief Financial Officer


Date:    November 12, 1999              /s/ James R. Jensen
                                       -----------------------------------
                                        James R. Jensen
                                        Chief Financial Officer
                                        (Principal Financial Officer
                                        & Chief Accounting Officer)

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