Commander Resources Ltd.  Management Discussion and Analysis  For the Year Ended December 31, 2012  Financial Instruments  Outstanding Share Data  - 10 -  Number of Options Exercise Price Expiry Date N 210,000 $0.100  October 17, 2013 700,000 $0.100  February 20, 2014 1,201,000 $0.100  May 12, 2014 200,000 $0.390  January 19, 2015 1,643,500 $0.350  January 27, 2015 * 137,500 March 30, 2013 500,000 $0.270  May 25, 2015 100,000 $0.180  October 6, 2015 1,915,000 $0.185  February 11, 2016 * 80,000 March 30, 2013 400,000 $0.170  April 6, 2016 1,630,000 $0.100  June 12, 2017 * 120,000 March 30, 2013 400,000 $0.100  November 14, 2017 8,899,500 Outstanding 337,500 8,662,000 Exercisable 337,500 * Number of Options with AcceleratedExpiry Date Commander is exposed to liquidity risk as it may have difficulty in obtaining funds to meet financial obligations as they become  due. As at December 31, 2012, Commander had cash and cash equivalents in the amount of $523,110. Accounts payable and  accrued liabilities as at December 31, 2012 amounted to $46,723. Commander is exposed to credit risk with respect to its cash and cash equivalents, receivables and due from related parties. This risk  is minimized as the cash and cash equivalents have been placed with major Canadian financial institutions. Commander performs  on-going credit evaluations of its receivables. The maximum exposure to loss arising from receivables is equal to their carrying  amounts. Credit risk with respect to amounts due from related parties has been assessed as low by management as Commander has  strong working relationships with the parties involved.  Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market  prices. As at December 31, 2012, if the market prices of the marketable securities had decreased 44% with all other variables held  constant, the comprehensive income for the period would have been $78,165 lower. Conversely, if the market prices of the  marketable securities had increased 44% with all other variables held constant, the comprehensive income for the period would have  been $78,165 higher. Foreign currency risk arises primarily as a result of the Company having US dollar denominated cash balances. The financial  position of the Company may vary at the time that a change in foreign currency rate occurs. For the year ended December 31, 2012,  if the Canadian dollar strengthened/weakened by 2% against the US dollar with all other variables held constant, the Company's  income would have been approximately $5,429 higher/lower as a result of foreign exchange losses/gains on translation of USD  dollar denominated bank account.  The following table illustrates the classification of the Commander’s financial instruments carried at fair value within the fair value  hierarchy at December 31, 2012. Please refer to the financial statements (note 4(a)).  Additional information relating to Commander, including Commander’s most recent Annual Information Form, is available on  SEDAR at www.sedar.com and Commander’s website, www.commanderresources.com. Additional information on Maritime is available on the Internet at the SEDAR website, www.sedar.com and Maritime’s website,  www.maritimeresourcescorp.com.  As at the Report Date, the Company had:  • 100,042,521 issued common shares outstanding.  • Incentive stock options allowing for the purchase of shares in the capital of the Company, as follows:  Other MD&A Requirements  Total Level 1 Level 2 Level 3 Investment in securities $ 177,647  $ 177,647  $ - $ - Investment in securities $ 268,207  $ 268,207  $ - $ - December 31, 2012 December 31, 2011