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

                                   FORM 10-K/A
                                (Amendment No. 1)

(Mark One)
      [X]            ANNUAL REPORT PURSUANT TO SECTION 13 OR
                  15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

                   For the fiscal year ended December 31, 1997

                                       or

                  TRANSACTION REPORT PURSUANT TO SECTION 13 OR
                  15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

     For the transition period from _________________ to __________________

                        Commission File Number: 000-25132

                                ICHOR CORPORATION
             (Exact name of Registrant as specified in its charter)

                               Delaware 25-1741849
                (State or other jurisdiction of (I.R.S. Employer
               incorporation or organization) Identification No.)

                   Suite 1250, 400 Burrard Street, Vancouver,
                        British Columbia, Canada V6C 3A6
             (Address of principal executive offices) (Postal Code)

       Registrant's telephone number, including area code: (604) 683-5767

        Securities registered pursuant to Section 12(b) of the Act: None
           Securities registered pursuant to Section 12(g) of the Act:

                          Common Stock, $0.01 par value
                                (Title of Class)

                      DOCUMENTS INCORPORATED BY REFERENCE

                                      None

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 by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K is not contained  herein,  and will not be contained,  to the
best  of  the  Registrant's   knowledge,  in  definitive  proxy  or  information
statements  incorporated  by  reference  to Part III of this Form  10-K/A or any
amendment to this Form 10-K/A. |X|

The  aggregate  market value of the voting stock held by  non-affiliates  of the
Registrant was  approximately  $1,405,725 as of March 24, 1998,  computed on the
basis of the average of the bid and ask prices on such date.

As of March 24, 1998,  there were 4,907,520  shares of the  Registrant's  Common
Stock outstanding.

<PAGE>

FORWARD-LOOKING STATEMENTS

Statements  in this  report,  to the  extent  they are not  based on  historical
events,  constitute  forward-looking   statements.   Forward-looking  statements
include,  without  limitation,  statements  regarding  the  outlook  for  future
operations,  forecasts of future costs and  expenditures,  evaluation  of market
conditions, the outcome of legal proceedings, the adequacy of reserves, or other
business  plans.  Investors are cautioned  that  forward-looking  statements are
subject to an inherent risk that actual results may vary  materially  from those
described herein. Factors that may result in such variance, in addition to those
accompanying the forward-looking statements,  include changes in interest rates,
prices,  and  other  economic  conditions;   actions  by  competitors;   natural
phenomena;  actions by government  authorities;  uncertainties  associated  with
legal proceedings;  technological development; future decisions by management in
response to changing  conditions;  and  misjudgments  in the course of preparing
forward-looking statements.

<PAGE>

This  Amendment  No. 1 on Form 10-K/A amends the  Registrant's  Annual Report on
Form 10/K filed March 31, 1998.

                                    PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

     The  following  table sets forth  information  regarding  each  nominee for
election as a Director,  each Director  whose term of office will continue after
the Company's  Annual  Meeting of  Shareholders  to be held on July 9, 1998, and
each of the Company's executive officers.

<TABLE>
<CAPTION>
                                                                                  Expiration of
Name                       Current Position with the Company           Age      Term as a Director
<S>                        <C>                                         <C>            <C>
Michael J. Smith           President, Chief Financial Officer,
                            Treasurer and Director                     50             1998
Roy Zanatta                Secretary and Director                      33             1998
John Musacchio             Chief Operating Officer
                            and Director                               50             1999
Young-Soo Ko               Director                                    41             1999
Leonard Petersen           Director                                    44             2000
Jae-Sun Lee                Director                                    71             2000
</TABLE>

     Michael J. Smith became a director of the Company during 1996 and President
and Chief Financial Officer of the Company on January 10, 1997. Mr. Smith is the
President,  Chief Executive  Officer and a director of MFC Bancorp Ltd. ("MFC").
He was Chief Financial Officer of Mercer  International Inc. from May 1988 until
1996.  Mr.  Smith is Chief  Executive  Officer,  Chief  Financial  Officer and a
director  of Logan  International  Corp.  ("Logan")  and of  Drummond  Financial
Corporation ("Drummond").

     Roy  Zanatta is  currently  an  employee  and  director of MFC and has been
associated  with MFC in  various  capacities  since  1993.  Mr.  Zanatta  joined
Drummond as  Secretary  in March 1995 and became a  Vice-President  in May 1995.
During 1992 and 1993, he was employed as a management  consultant by the British
Columbia Hydro and Power Authority, a major electric utility. From 1991 to 1992,
Mr.  Zanatta  was  employed as a project  manager  with the  Canadian  Standards
Association.  Mr. Zanatta  earned a B.Sc.  Degree in 1987 from the University of
British Columbia and an M.B.A. from McGill University in 1991.

     Leonard Petersen has been a director of the Company since 1996. Since 1990,
he has served as a director and a senior officer of Pemcorp Management,  Inc. He
was a  chartered  accountant  with  Davidson  & Company  from 1987 to 1990.  Mr.
Petersen is a director of Logan.

     John  Musacchio  was  President of the Company from July 1994 until January
10, 1997. Mr.  Musacchio  served as Vice  President - Technical  Services of PDG
Environmental,  Inc.  ("PDGE")  from  November  1992 until  July  1994.  In this
position he was responsible  for PDGE's  remediation  business.  From 1984 until
November 1992, Mr. Musacchio was a partner at Paul C. Rizzo Associates, Inc., an
environmental consulting firm. During that period he served as Director,  Senior
Vice President and Chief Operating Officer of that corporation.

<PAGE>

     Young-Soo Ko became a director of the Company in February 1998. Since 1991,
he has been the Managing Director of Sung Sim Services Ltd., and from 1984 until
1991 he was the Manager of Kolon  Trading Co.,  Ltd. of Seoul,  Korea,  and Hong
Kong. Mr. Ko earned a B.A. Degree in International Commerce in 1984 from Dankook
University in Seoul.

     Jae-Sun Lee became a director of the Company in February 1998.  Since 1990,
he has been the Chairman of EE-Chin Industrial Co. Ltd., Seoul, Korea. He earned
a Masters  Degree in Economics in 1962 from Sung  Kyun-Kwan  Graduate  School in
Korea and he graduated in 1960 from the National Defense College in Korea.

Section 16(a) Beneficial Ownership Reporting Compliance

     Section 16(a) of the  Securities  and Exchange Act of 1934, as amended (the
"Exchange Act") requires that the Company's officers and directors,  and persons
who own more than 10% of a registered class of the Company's equity  securities,
file  reports of  ownership  and changes of ownership  with the  Securities  and
Exchange  Commission  (the  "SEC").  Officers,  directors  and greater  than 10%
shareholders  are required by SEC  regulation to furnish the Company with copies
of all such reports they file.

     Based  solely on the review of the copies of such  reports  received by the
Company,  the  Company  believes  that,  with  respect to its fiscal  year ended
December 31, 1997, all of its executive officers, directors and 10% shareholders
filed all required reports under Section 16(a) in a timely manner.

ITEM 11. EXECUTIVE COMPENSATION

     The following table sets forth for the last three fiscal years  information
on the annual  compensation  for the  Company's  chief  executive  officer ( the
"CEO") and the Company's only executive officer other than the CEO that received
aggregate annual  remuneration from the Company in excess of $100,000 during the
fiscal year ended  December  31, 1997  (collectively,  with the CEO,  the "Named
Executive Officers").

                                            Summary Compensation Table
<TABLE>
<CAPTION>
                                                                                             Long Term
                                                 Annual Compensation                       Compensation
                              ---------------------------------------------------------    ------------
                                                                                            Securities
                                                                          Other             Underlying
       Name and Principal                                                 Annual             Options/            All Other
            Position            Year       Salary($)     Bonus($)    Compensation($)          SARs(#)         Compensation($)
            --------            ----       ---------     --------    ---------------          -------         ---------------
     <S>                      <C>          <C>           <C>          <C>                     <C>              <C>
     Michael J. Smith,        1997            0            0                0                    0                   0
     President and Chief      1996(1)         0            0                0                 10,000                 0
     Financial Officer        1996(2)         0            0                0                    0                   0

     John M. Musacchio,       1997         170,250         0                0                 120,000                0
     Chief Operating          1996(1)      114,960         0                0                    0                   0
     Officer(3)               1996(2)      115,842         0                0                 100,000                0
-----------------------

(1)      Represents the eleven-month period from February 1 through December 31,
         1996.  Effective  February 1, 1996, the Company changed its fiscal year
         to a calendar  year.  Prior to that,  the  Company's  fiscal year ended
         January 31.

(2)      Represents the twelve-month period from February 1, 1995 through
         January 31, 1996.  See Note 1 above.

(3)      Effective  January  10,  1997,  Mr. Musacchio ceased to be President
         of the  Company  and became  Chief Operating Officer.
</TABLE>

<PAGE>

Stock Options

     The following  table sets forth  information  concerning the award of stock
options to the Named Executive Officers during fiscal 1997:

                                       Option/SAR Grants in Last Fiscal Year
<TABLE>
<CAPTION>
                               Number of         % of Total                                     Potential Realizable Value
                               Securities       Options/SARs                                    at Assumed Annual Rates of
                               Underlying        Granted to      Exercise or                       Stock Price Appreciation
                              Options/SARs      Employees in      Based Price    Expiration            for Option Term
Name                          Granted (#)        Fiscal Year      ($/Sh)           Date               5% ($)     10% ($)
<S>                           <C>                <C>               <C>
John M. Musacchio               120,000             82.8%            2.00        11/5/2007           150,934    382,498

</TABLE>

     The options granted to Mr.  Musacchio in 1997 were granted  pursuant to the
Company's  1994  Amended  Stock  Option  Plan (the "1994  Plan").  Half of those
options  becomes  exercisable  on May 5, 1999,  and the  remaining  half becomes
exercisable on May 5, 2000.

Option Exercises; Outstanding Options

     The table below provides information on exercises of options during 1997 by
the Named Executive Officers and information with respect to unexercised options
held by the Named Executive Officers at December 31, 1997.

             Aggregated Option/SAR Exercises in Last Fiscal Year and
                        Fiscal Year-End Option/SAR Values
<TABLE>
<CAPTION>
                                                                       Number of Securities   Value of Unexercised
                                                                            Underlying            In-The-Money
                                                                            Unexercised          Options/SARs at
                                Common Shares                            Options/SARs at      Fiscal Year-End ($)
                                Acquired on                            Fiscal Year-End (#)       Exercisable/
           Name                 Exercise (#)      Value Realized ($)      Exercisable/           Unexercisable
                                                                           Unexercisable
<S>                                 <C>                   <C>             <C>                        <C>
Michael J. Smith                     0                     0                 10,000/0                1,325/0
John M. Musacchio                    0                     0              120,000/120,000              0/0

</TABLE>
<PAGE>

Employment Agreement

     Under the terms of an  employment  agreement  dated  November 30, 1995,  as
amended  February 1, 1997,  Mr.  Musacchio's  annual  salary is $165,000 or such
greater  amount as may be set from time to time by the President or the Board of
Directors. Mr. Musacchio's 1997 salary was $170,250. While he is employed by the
Company,  Mr.  Musacchio  is entitled  to  participate  in all Company  employee
benefit plans generally available to the Company's executives and to participate
equitably in bonuses and/or additional  incentive  compensation as determined in
the  discretion of the  Compensation  Committee of the Board of  Directors.  Mr.
Musacchio is employed "at will" by the Company and may be terminated at any time
without cause. If the Company  terminates him without cause, Mr. Musacchio shall
be  entitled  to a  severance  benefit  equivalent  to one  year's  salary  (the
"Severance  Benefit").  Mr. Musacchio may terminate his employment  agreement on
six months' written notice to the Company.  Subject to certain  exceptions,  Mr.
Musacchio may not,  during the term of his employment  agreement,  for two years
after he retires or at any time when he is  receiving  his annual  salary or the
Severance Benefit, engage in any business that is substantially competitive with
any business then actively conducted by the Company or any of its subsidiaries.

Compensation of Directors

     Employee  directors are not  compensated  in their role as  directors.  The
outside  directors of the Company receive $500 for each meeting they attend plus
reimbursement for their actual expenses incurred in attending such meetings.  In
addition, the Company has established the 1994 Plan which provides for grants of
options to employee and non-employee directors.

     Pursuant  to the  1994  Plan,  each  non-employee  director  ordinarily  is
automatically  granted  an option to  purchase  10,000  shares  upon  becoming a
director.  Each director who has served for at least 12 months  ordinarily  will
automatically  be granted an additional  option to purchase  1,250 shares on the
fifth  business day  following  the Company's  Annual  Meeting of  Shareholders.
Options granted to non-employee directors are exercisable immediately upon grant
and for a period  of ten  years  thereafter.  No  non-employee  director  may be
awarded more than 15,000 options.

     Options granted to  non-employee  directors have a per share exercise price
equal  to at least  the fair  market  value of a share of the  Company's  Common
Shares at the time the  option  is  granted.  Options  granted  to  non-employee
directors  terminate ten years from grant,  unless the termination is due to the
director's  death,  in which  event the  exercise  period is one year  following
death,  but not beyond the  original  FFmaximum  term of the option.  During the
fiscal year ended  December  31, 1997,  no options were granted to  non-employee
directors.



<PAGE>



     The   following   Report  of  the   Compensation   Committee  on  Executive
Compensation  and the  Peformance  Graph included in this Amendment No. 1 to the
Company's Report on Form 10-K for the year ended December 31, 1998, shall not be
deemed to be  incorporated by reference by any general  statement  incorporating
for  reference the  Company's  Form 10-K, as amended,  into any filing under the
Securities  Act of 1933 or the  Securities  Exchange Act of 1934,  except to the
extent the Company specifically  incorporates this information by reference, and
shall not otherwise be deemed filed under the Acts.

Report of the Compensation Committee on Executive Compensation

     The Company's  approach to executive  compensation is designed to enable it
to recruit,  retain and motivate executives to achieve the Company's performance
objectives and to increase  shareholder value. The Company currently  determines
executive  compensation  using a number of different  criteria.  Each  executive
officer's  individual  performance and area of responsibility is evaluated on an
annual basis in relation to base salary,  comparative compensation surveys which
include benefits and the Company's long-term incentive compensation plans.

     Performance management reviews are conducted periodically for all employees
of the Company and executive officers.  Individual goals are established at that
time,  incorporating  the overall strategic plans and objectives of the Company.
The  performance  review  focuses on an  executive  officer's  specific  area of
responsibility,  accomplishments  and  contributions  as  they  relate  to  both
personal performance and the Company's overall performance.

     The  basic   benefits   offered  to  executive   officers,   which  include
participation in the Company's 401(k) Plan, group health  insurance,  group term
life insurance and disability insurance, are the same as those provided to other
employees  of the  Corporation.  Additionally,  certain  executive  officers are
provided with automobile allowances and club memberships which are used for both
business and personal purposes.

     Executive  officers  of the  Company are  eligible  to  participate  in the
Company's 1994 Plan and the Company's 1995 Qualified Incentive Stock Option Plan
(the "1995  Plan").  The  Compensation  Committee  approves  periodic  grants of
options to executive  officers  under the 1994 Plan and the 1995 Plan as part of
the performance review process.

     The 1997 compensation of the Company's President, Mr. Smith, was maintained
at the level  specified in his employment  agreement.  No bonus or stock options
were awarded to Mr. Smith in 1997.

     This report was approved by the Compensation Committee.

                                   /s/ Roy Zanatta            /s/ Michael Smith

Performance Graph

     The information set forth in the table below and the graph on the following
page  compares the value of the Common  Shares to the NASDAQ Market Index and an
industry index  representing  peer issuers.  Each of the total  cumulative total
returns presented assumes a $100.00  investment on February 9, 1995, the date of
the Company's  initial  public  offering,  and  reinvestment  of dividends.  The
industry  index of peer  issuers is comprised of the  following  securities:  EA
Engineering  Science  &  Technology;  EMCON;  Fluor  Daniel  GTI Inc.  (formerly
Groundwater  Technology,   Inc.);  GZA  Geoenvironmental   Technologies,   Inc.;
International  Technology  Corp.;New Horizons Worldwide (formerly Handex Corp.);
OHM Corp;  Sevenson  Environmental;  and Roy F.  Weston  Inc.  (Class A).  Omega
Environmental, Inc., which previously was included in the group of peer issuers,
was omitted  from this year's  group,  because it was  delisted  from the Nasdaq
Stock Market in September 1997.

<PAGE>

<TABLE>
<CAPTION>
                                                                        Fiscal Year Ended December 31
Company or Index                     February 9, 1995      --------------------------------------------------------
----------------                     ----------------              1995                  1996                  1997
                                                                   ----                  ----                  ----
<S>                                         <C>                   <C>                   <C>                   <C>
ICHOR Corporation                           100.00                13.89                 37.50                 33.33
Peer Group Index                            100.00                95.04                 93.38                 97.77
Nasdaq Market Index                         100.00                128.69                159.91                195.61

</TABLE>

<PAGE>

ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

     The following table sets forth certain information regarding the beneficial
ownership of the Company's  Common Shares as of May 8, 1998, by: (i) all persons
known by the  Company to own more than five  percent of the  outstanding  Common
Shares;  (ii)  each of the  Company's  executive  officers  and  directors  that
beneficially  owns any  Common  Shares;  and (iii) all  executive  officers  and
directors as a group. The following is based solely on statements filed with the
Securities and Exchange  Commission or other information the Company believes to
be reliable.

<TABLE>
<CAPTION>
Name and Address of                                    Amount and Nature of
Beneficial Owner                                      Beneficial Ownership(1)                   Percent of Class
<S>                                                           <C>                                     <C>
MFC Bancorp Ltd.                                              6,951,802(2)                            88.1%
6 Rue Charles-Bonnet
1206 Geneva, Switzerland

Michael J. Smith                                                 10,000(3)                              *
6 Rue Charles-Bonnet
1206 Geneva, Switzerland

Roy Zanatta                                                      10,000(3)                              *
2 Stratford Place
London, England
United Kingdom, W1N 9AE

John M. Musacchio                                               120,050(4)                            2.4%
507 Lakewood Drive
Monroeville,PA  15146

Leonard Petersen                                                 10,000(3)                              *
Suite 1270, Granville Street
Vancouver, B.C.
Canada V7Y 1G6

All executive officers and directors                            150,050(5)                            3.1%
as a group (6 persons)

-----------------
*        Less than 1%.

(1)      To the extent set forth in the footnotes below,  includes Common Shares
         issuable  in  exchange  for  the  Company's  5%  Cumulative  Redeemable
         Convertible  Preferred  Shares,  Series  1  ("Preferred  Shares").  The
         conversion  price is 90% of the 20-day average closing trading price of
         the Common  Shares on the stock  exchange or quotation  system  through
         which the  largest  number of Common  Shares  traded  during the period
         immediately  preceding  the date that notice of conversion is delivered
         to the Company.  For the purposes of this table,  the conversion  price
         and amount of Common Shares  underlying  the Preferred  Shares has been
         calculated as of May 8, 1998,  based on a conversion price of $1.35 per
         Common Share.
<PAGE>

(2)       Represents  3,970,320  outstanding  Common  Shares  and the  2,981,482
          Common  Shares into which the 402,500  Preferred  Shares  beneficially
          owned by MFC Bancorp Ltd. ("MFC") were convertible at May 8, 1998. MFC
          shares  voting and  dispositive  power over  these  Common  Shares and
          Preferred Shares with Logan  International Corp.  ("Logan"),  Drummond
          Financial  Corporation  ("Drummond"),  Sutton Park  International Ltd.
          ("Sutton Park") and Constable  Investments  Ltd.  ("Constable") as set
          forth below. MFC beneficially  owns 71.1% of the voting  securities of
          Logan,  including  60,000 shares of Logan's Series B Preferred  Shares
          over which MFC shares voting and  dispositive  control with  Drummond.
          MFC beneficially  owns 47.9% of the outstanding  voting  securities of
          Drummond, comprised of Common Shares of Drummond over which MFC shares
          voting  and  dispositive  power  with  its  wholly-owned   subsidiary,
          Ballinger  Corporation,  and all of  Drummond's  Series  1,  Preferred
          Stock. Sutton Park and Constable are wholly-owned  operating companies
          of MFC.

          Logan owns 2,500,000 Common Shares and 142,500 Preferred Shares,  over
          which it shares voting and dispositive power with MFC. At May 8, 1998,
          the 142,500  Preferred  Shares were  convertible into 1,055,556 Common
          Shares.  Drummond owns  1,470,320  Common  Shares over which  Drummond
          shares voting and dispositive power with MFC. Sutton Park owns 175,000
          Preferred  Shares over which it shares  voting and  dispositive  power
          with  MFC.  At  May  8,  1998,  the  175,000   Preferred  Shares  were
          convertible  into  1,296,296  Common  Shares.  Constable  owns  85,000
          Preferred  Shares over which it shares  voting and  dispositive  power
          with MFC. At May 8, 1998, the 85,000 Preferred Shares were convertible
          into 629,630 Common Shares.

(3)      Represents Common Shares underlying options exercisable within 60 days.

(4)      Includes 120,000 Common Shares underlying options exercisable within
         60 days.

(5)      Includes 150,000 Common Shares underlying options exercisable within
         60 days.
</TABLE>

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

Certain Relationships and Related Transactions

     In February  1998,  Conqueror  Holdings  Ltd.  ("Conqueror")  completed the
acquisition of 30,000 Preferred Shares for $300,000.  Mr. Smith is President and
a director of Conqueror.

     On March 6, 1998,  Logan  completed the  acquisition  of 142,500  Preferred
Shares in  consideration  of debt  forgiveness  in the amounts of  $600,000  and
$825,000  effective,  respectively,  September 30 and  December  31,  1997.  The
indebtedness  had been  represented  by the Company's 8% note due December 1999,
payable monthly to Logan and  collateralized  by certain assets of the Company's
subsidiaries.  Logan  waived  interest of $114,000  due for 1997.  Logan  shares
voting and dispositive  power with MFC over 59.6% of the Company's Common Shares
as of May 8, 1998, including 1,055,556 Common Shares issuable upon conversion of
the  142,500  Preferred  Shares  calculated  as of May  8,  1998,  based  upon a
conversion price of $1.35 per Common Share. Michael J. Smith,  President,  Chief
Financial Officer,  Treasurer and a director of the Company, is President, Chief
Financial Officer and a director of Logan and President, Chief Executive Officer
and a director of MFC. Roy Zanatta,  Secretary  and a director of the Company is
Secretary and a director of MFC.

     On March 6, 1998,  the Company issued  175,000  Preferred  Shares to Sutton
Park in  consideration  of $1,000,000 cash and Sutton Park's release,  effective
December 31, 1997, of the  Company's  guarantee of a $750,000 loan to Ortek Inc.
("Ortek") due January 1, 1999. Interest on the loan accrued at 11% per annum and
was secured by all of Ortek's personal  property.  Sutton Park is a wholly-owned
operating  subsidiary  of MFC and shared voting and  dispositive  power with MFC
over 20.9% of the Company's Common Shares as of May 8, 1998, including 1,296,296
Common  Shares  issuable  upon  conversion  of  the  175,000   Preferred  Shares
calculated as of May 8, 1998,  based upon a conversion price of $1.35 per Common
Share. Mr. Smith is a director of Sutton Park.

<PAGE>

     On March 6, 1998,  Constable  completed the acquisition of 85,000 Preferred
Shares for $850,000. Constable is a wholly-owned operating subsidiary of MFC and
shared voting and dispositive  power with MFC over 11.4% of the Company's Common
Shares  as of May  8,  1998,  including  629,630  Common  Shares  issuable  upon
conversion of the 85,000  Preferred  Shares  calculated as of May 8, 1998, based
upon a conversion  price of $1.35 per Common  Share.  Mr. Smith is a director of
Constable.

     Drummond  established  a $750,000  credit  facility for the Company and its
wholly-owned  subsidiary,  ICHOR  Services,  Inc.,  pursuant to a loan agreement
effective  January 15, 1997, as amended effective June 30, 1997. The demand loan
is secured by all of the  personal  property of the  Company and ICHOR  Services
Inc.  and  accrues  interest  at 10% per annum.  After June 30,  1997,  Drummond
increased the credit facility on the same terms to $780,000. That amount was the
principal  balance  outstanding  at December  31, 1997 and the amount  currently
outstanding. Drummond shares voting and dispositive power with MFC over 30.0% of
the  Company's  Common Shares as of May 8, 1998.  Mr. Smith is President,  Chief
Executive  Officer,  Chief  Financial  Officer and a director of  Drummond.  Mr.
Zanatta is Vice President and a director of Drummond.

     At December 31, 1997, the Company had an intercompany receivable from Logan
in the amount of $270,000. See "Indebtedness of Management."

Indebtedness of Management

     At December 31, 1997, the Company had an intercompany receivable from Logan
in the amount of $270,000,  which is not yet paid. The receivable  represents an
amount that Logan  collected  on the  Company's  behalf in  connection  with the
Company's sale of a subsidiary in 1997 to an unrelated third party.

                                     PART IV

ITEM 14.EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

(a)  (1)      Index to Financial Statements

     Independent   Auditors'   Report*  Report  of   Independent   Auditors*
     Consolidated Balance Sheets* Consolidated Statements of Operations*
     Consolidated   Statements   of   Changes   in   Shareholders'   Equity*
     Consolidated Statements of Cash Flows* Notes to Financial Statements*

*Incorporated by reference to the Registrant's Form 10-K dated March 31, 1998.

     (2)      Financial Statement Schedules

     Independent Auditors' Report*
     Schedule II - Valuation and Qualifying Amounts*

     All other  schedules have been omitted  because they are not applicable
     or the required  information  is shown in the  financial  statements or
     notes thereto.

*Incorporated by reference to the Registrant's Form 10-K dated March 31, 1998.
<PAGE>
<TABLE>
<CAPTION>
     (3)      List of Exhibits
             <S>      <C>
             2.1      Agreement  and Plan of Merger  dated  October  1, 1996
                      between ICHOR  Corporation and PDG  Remediation,  Inc.
                      Incorporated   by  reference   to  the   Corporation's
                      Schedule 14C dated September 17, 1996.

             3.1      Articles of Incorporation(1)

             3.2      Certificate of Designations. Incorporated by reference to the Corporation's Form 8-K
                      dated March 12, 1998.

             3.3      Bylaws.(1)

             10.1     Amended 1994 Stock Option Plan.(2)

             10.2     1995 Qualified Incentive Stock Option Plan.(2)

             10.3     Amended and Restated Employment Agreement for John M. Musacchio dated February 1,
                      1997.(3)

             10.4     Purchase Agreement dated as of January 31, 1996 between Specialty Environmental, Inc.
                      and the Corporation.(1)

             10.5     Purchase Agreement dated December 13, 1996 between the Corporation and Logan
                      International Corp.(4)

             10.6     Order of Court of the Honorable Jack B. Schmeitterer of the United States Bankruptcy
                      Court of the Northern District of Illinois, Eastern Division approving the sale of
                      assets of Enviropur Waste Refining and Technology, Inc. to Ortek Inc. (formerly
                      BC Ventures Limited).(4)

             10.7     Loan Agreement dated January 15, 1997 between Ortek Inc. and Volendam Investments Limited.(5)

             10.8     Loan Agreement dated January 15, 1997 among Drummond Financial Corporation, the
                      Corporation and ICHOR Services, Inc.(5)

             10.9     Amendment to Loan Agreement dated June 30, 1997 among Drummond Financial Corporation,
                      the Corporation and ICHOR Services, Inc.(3)

             10.10    Stock Purchase Agreement between the Corporation and Evergreen Holding, Inc. dated
                      December 23, 1997.  Incorporated by reference to the Corporation's Form 8-K dated
                      January 7, 1998.

             10.11    Debt Settlement Agreement between Logan International Corp. and the Corporation dated
                      September 30, 1997.(6)

             10.12    Debt Settlement Agreement between Logan International Corp. and the Corporation dated
                      February 20, 1998.(6)

             10.13    Debt Settlement Agreement between Sutton Park International Ltd. and the Corporation
                      dated February 20, 1998.(6)

             10.14    Subscription Agreement between Constable Investments Ltd. and the Corporation dated
                      February 26, 1998.(6)

             10.15    Subscription Agreement between Conqueror Holdings Ltd. and the Corporation dated
                      February 26, 1998.(3)

             10.16    Subscription Agreement between Sutton Park International Ltd. and the Corporation dated
                      February 26, 1998.(6)

             10.17    Subscription Agreement between Zellstoff-und Papierfabrik Rosenthal GmbH and the
                      Corporation dated February 26, 1998.(3)

             21       List of subsidiaries of the Registrant.(3)

             23       Consent of Independent Auditors.(3)

             27       Article 5 - Financial Data Schedule for the year ended December 31, 1997.(1)

         -----------------------------

         (1)Incorporated by reference to the Corporation's Form 10-K dated January 31, 1996.
         (2)Incorporated by reference to the Corporation's Definitive Schedule 14A dated July 8, 1996.
         (3)Incorporated by reference to the Corporation's Form 10-K dated March 31, 1998.
         (4)Incorporated by reference to the Corporation's Form 8-K dated December 17, 1996.
         (5)Incorporated by reference to the Corporation's Form 10-K dated December 31, 1996.
         (6)Incorporated by reference to a Schedule 13D\A dated March 13, 1998.
</TABLE>

(b)      Reports on Form 8-K

         None.




<PAGE>



                                   SIGNATURES

Pursuant  to the  requirements  of the  Section  13 or 15(d)  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.


Date:   May 71, 1998                    ICHOR CORPORATION




                                    By: /s/ Michael J. Smith
                                        Michael J. Smith,  President,
                                         Chief Financial  Officer and
                                         Treasurer


<PAGE>


                                                 ICHOR CORPORATION

                                                   EXHIBIT INDEX
<TABLE>
<CAPTION>
     Exhibit No. Description

         <S>      <C>
         2.1      Agreement  and Plan of Merger  dated  October 1, 1996  between
                  ICHOR  Corporation and PDG Remediation,  Inc.  Incorporated by
                  reference to the  Corporation's  Schedule 14C dated  September
                  17, 1996.

         3.1      Articles of Incorporation(1)

         3.2      Certificate of Designations.  Incorporated by reference to the Corporation's Form 8-K dated
                  March 12, 1998.

         3.3      Bylaws.(1)

         10.1     Amended 1994 Stock Option Plan.(2)

         10.2     1995 Qualified Incentive Stock Option Plan.(2)

         10.3     Amended and Restated Employment Agreement for John M. Musacchio dated February 1, 1997.(3)

         10.4     Purchase Agreement dated as of January 31, 1996 between Specialty Environmental, Inc. and the
                  Corporation.(1)

         10.5     Purchase Agreement dated December 13, 1996 between the Corporation and Logan International
                  Corp.(4)

         10.6     Order of Court of the Honorable Jack B. Schmeitterer of the United States Bankruptcy Court of
                  the Northern District of Illinois, Eastern Division approving the sale of assets of Enviropur
                  Waste Refining and Technology, Inc. to Ortek Inc. (formerly BC Ventures Limited).(4)

         10.7     Loan Agreement dated January 15, 1997 between Ortek Inc. and Volendam Investments Limited.(5)

         10.8     Loan Agreement dated January 15, 1997 among Drummond Financial Corporation, the Corporation and
                  ICHOR Services, Inc.(5)

         10.9     Amendment to Loan Agreement dated June 30, 1997 among Drummond Financial Corporation, the
                  Corporation and ICHOR Services, Inc.(3)

         10.10    Stock Purchase Agreement between the Corporation and Evergreen Holding, Inc. dated December 23,
                  1997.  Incorporated by reference to the Corporation's Form 8-K dated January 7, 1998.

         10.11    Debt Settlement Agreement between Logan International Corp. and the Corporation dated
                  September 30, 1997.(6)

         10.12    Debt Settlement Agreement between Logan International Corp. and the Corporation dated
                  February 20, 1998.(6)

         10.13    Debt Settlement Agreement between Sutton Park International Ltd. and the Corporation dated
                  February 20, 1998.(6)

         10.14    Subscription Agreement between Constable Investments Ltd. and the Corporation dated
                  February 26, 1998.(6)

         10.15    Subscription Agreement between Conqueror Holdings Ltd. and the Corporation dated February 26,
                  1998.(3)

         10.16    Subscription Agreement between Sutton Park International Ltd. and the Corporation dated
                  February 26, 1998.(6)

         10.17    Subscription Agreement between Zellstoff-und Papierfabrik Rosenthal GmbH and the Corporation
                  dated February 26, 1998.(3)

         21       List of subsidiaries of the Registrant.(3)

         23       Consent of Independent Auditors.(3)

         27       Article 5 - Financial Data Schedule for the year ended December 31, 1997.(1)

         -----------------------------

         (1)Incorporated by reference to the Corporation's Form 10-K dated January 31, 1996.
         (2)Incorporated by reference to the Corporation's Definitive Schedule 14A dated July 8, 1996.
         (3)Incorporated by reference to the Corporation's Form 10-K dated March 31, 1998.
         (4)Incorporated by reference to the Corporation's Form 8-K dated December 17, 1996.
         (5)Incorporated by reference to the Corporation's Form 10-K dated December 31, 1996.
         (6)Incorporated by reference to a Schedule 13D\A dated March 13, 1998.
</TABLE>