Commander Resources Ltd.  Management Discussion and Analysis  For the Year Ended December 31, 2012  Sabin Copper-Gold Property, Ontario Houghton Lake Gold Property, Ontario  The property is located in the Sturgeon Lake Greenstone belt of Archean metavolcanic and metasedimentary rocks in the Wabigoon  Sub-Province of the Superior Province, 400 km northwest of Thunder Bay, Ontario. The property is known to host a VMS base- precious metal deposit called the Marchington Zone. Four other zones have been identified but have not been drill tested. The intent of the 2012 soil sampling program was to correlate soil geochemistry with the known Marchington VMS deposit, and to  determine if this method could be useful for detecting anomalous levels of metals on other zones. Approximately 650 samples were  collected on a north-south grid at 50m spacing with lines 100m apart.  Conclusions from the 2012 geochemical program are as follows:  The table below summarizes some of the mineralized sections from previous drill programs. In total, 53 holes for a combined  8,748 m have been completed, with 22 holes intersecting significant mineralization.  Historical Drill Results - Sabin 1977 to 1995  • The method was successful in outlining the existing zones as well as identifying additional zones to the west and north that have  not been drill tested.  • Numerous anomalous gold samples are irregularly distributed, likely due to overburden variation, however there is a co- incidence of gold values with the Marchington zone. • The program indicates that the area has potential for further discoveries. Previous work did not close off the existing known  mineralized zones, with potential to depth and along strike, and additional new zones have been identified. • The detailed plot showing the combined results of base metals in soils across the area, as well as anomalous values (>10ppb) for  gold is posted on the Company’s website at www.commanderresources.com.  The new claims, collectively named the Houghton Lake Property were acquired by a syndicate led by Commander. A syndicate of  private individuals was assembled by Commander to fund the staking program in order to minimize cost to shareholders while  maintaining significant exposure to the upside potential of this opportunity. Under this structure, Commander will own 40% of  Houghton Lake and will manage all future work programs. The syndicate has no ownership rights to Commander’s adjacent Sabin  Property.  The acquisition allows Commander to add a strategic land package in an area of increasing exploration activity and adjacent to its  existing Sabin holdings - becomes the dominant land holder in the greenstone belt. Recent research of private and public  exploration records by Commander has shown that a number of drill hole intersections and grab samples located on the Savant Lake  Greenstone belt assayed from 2 to 6 g/t gold. Gold mineralization located to date is hosted in both the local volcanic sequences as well as smaller granitic bodies situated within  the Greenstone belt. Structurally, gold appears to be associated with northeasterly trending shear zones which occur throughout the  newly acquired property. One of the strongest N-E structures forms the axis on the Sabin property where the volcanic stratigraphy  flexes from trending north-south to east-west. The property has year-round access and is in close proximity to paved roads and  power in an area of historic mined operations.  - 3 -  Drill hole  From  (m)  To  (m)  Intersected  Width (m)  Cu  (%)  Zn  (%)  Pb  (%)  Ag  (g/t)  Au  (g/t)  SA-5  46.52  49.88  3.35  1.92  5.71  2.03  102.00  Tr  SA-42  134.91  137.20  2.29  0.13  4.48  1.51  27.00  2.11  SA-50  89.94  93.84  3.90  3.14  1.43  0.59  88.00  0.53  SA-52  110.40  110.98  0.58  5.26  1.18  0.93  222.00  3.42  SA-63  17.38  20.88  3.50  1.67  7.71  2.21  160.00  0.33  SA-68A  6.55  11.43  4.88  1.47  5.15  1.46  83.00  0.83  SA-68B  19.21  22.94  3.73  1.53  3.21  0.93  109.00  0.68  SA-69  5.79  8.99  3.20  4.28  4.75  1.62  161.00  1.07  SAB 95-1  120.25  123.00  2.75  1.86  1.62  NA  97.00  1.41  Tr = Trace NA= not assayed 