Commander Resources Ltd. (“Commander” or “the Company”) is a company engaged in the acquisition and exploration of prospective  gold, base metal, and uranium properties primarily in Canada. Commander is a reporting issuer in British Columbia and Alberta, and  trades on the TSX Venture Exchange under the symbol “CMD”. This Management Discussion and Analysis (“MD&A”) may contain forward-looking statements that involve risks and uncertainties.  When used in this MD&A, the words “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify  such forward-looking statements. Readers are cautioned that these statements, which describe Commander’s proposed plans,  objectives, and budgets, may differ materially from actual results.  The following discussion and analysis of the financial position and results of operations for Commander is dated February 26, 2013 (the  “Report Date”) and should be read in conjunction with the financial statements and the notes thereto for the year ended December 31,  2012 prepared in accordance with International Financial Reporting Standards (“IFRS”).  Commander completed its 2012 field programs at several of its 100% owned gold and base metal properties. This year’s work programs  focused on the Omineca copper-gold project in central British Columbia, Sabin copper-gold project in Ontario, and the Glenmorangie  gold project in southeast Yukon.  The focus for 2012 was to advance projects in Commander’s portfolio through ground work and geophysics to prepare drill targets for  next year. A total of 1,418 soils, 47 rock samples, 29 silt samples and 12 heavy metal concentrate samples were collected from the three  project areas. In Nunavut, Commander’s Joint Venture (“JV”) partnership with Aston Bay Ventures Ltd. (“Aston Bay”) on the Storm  Cu-Zn property became active this summer. In New Brunswick, Commander’s JV partner, Stratabound Minerals Corp. (“Stratabound”)  completed gravity survey on the Nepisiguit property and started drilling the Stewart copper zone. Efforts are continuing to obtain a JV partner for the Baffin Island gold project in order to test drill targets that were defined during the  2011 field season. Commander will not incur further expenditures on the Stump Lake gold property in central BC, having reviewed this  year’s drill results and decided that it does not meet the Company’s objectives. Accordingly, the Company has written down the carrying  value of this property.  1. On January 31, 2012, Commander sold its remaining 50% interest in the Green Bay Property to its option partner, Maritime  Resources Corp. (“Maritime”) in exchange for 5 million common shares of Maritime, as provided in the agreement between  the parties dated June 14, 2010. After completing the transaction and transfer of the property to Maritime, Commander held 17  million common shares of Maritime and retained a 2% net smelter return royalty (“NSR”) royalty on any future production  from the property, with the exception of production from the Orion deposit. 2. On February 15, 2012, Commander sold 4.5 million common shares of Maritime to Rambler Metals and Mining Canada Ltd.  (“Rambler”) through a private transaction at a price of $0.23 per share for gross cash proceeds of $1,035,000. Commander  currently holds 12.5 million shares of Maritime, representing approximately 41% of Maritime’s current issued and outstanding  common shares. 3. In March 2012, Commander’s joint venture partner, AngloGold Ashanti ("Anglo") withdrew from the Farm-in and JV  agreement as they did not intend to put forward a 2012 exploration program on Baffin Island. Under the agreement, Anglo had  the option of earning an initial 51% in the Baffin Island property by spending $20 million. Anglo did not complete the  expenditures required to vest their initial interest and therefore retains no participating interest. Commander has retained 100%  interest in the property.  4. In March 2012, Commander completed a ten-hole 2,000 metre drill program at the Stump Lake gold property to evaluate  continuity and depth extent of a prospective north to northwest striking gold bearing quartz-carbonate epithermal brecciated  vein system. The Company in total invested $888,119 of exploration expenditure into the property through prospecting, chip  sampling, soil sampling, an IP survey, ground magnetic survey and a drill program. Commander will not incur further  expenditures on the Stump Lake gold property in central BC, having reviewed the drill results and decided that it does not meet the  Company’s objectives. - 1 -  Highlights  Summary of Activities and Results Forward-Looking Information and Report Date  Description of Business Commander Resources Ltd.  Management Discussion and Analysis  For the Year Ended December 31, 2012 