COMMANDER RESOURCES LTD.  (An Exploration Stage Company)  Notes to Financial Statements  For the Years Ended December 31, 2012 and 2011  (Expressed in Canadian dollars)  9.  Exploration and Evaluation Assets (Continued)  (a) Baffin Island Properties, Nunavut  Expenditures incurred on mineral properties as at December 31, 2011 were as follows: The Baffin Island Properties consist of two separate properties named Qimmiq and Bravo Lake (collectively, the  “Baffin Properties”). The Company owns 100% of the Qimmiq property, subject to an underlying agreement with  Nunavut Tunngavik Inc. and certain future considerations to BHP Billiton. The Company owns 100% of the Bravo  Lake property subject to certain future considerations to Xstrata Nickel, a business unit of Xstrata Canada  Corporation. In 2009, the Company entered into a Farm-in and Joint Venture Agreement (the “Agreement”) with AngloGold  Ashanti Limited’s subsidiary, AngloGold Ashanti Holdings Plc (“AngloGold”), related to the Baffin Properties. Pursuant to the Agreement, AngloGold may earn a 51% participating interest in the Baffin Properties by funding  $20 million by December 31, 2014, with an additional requirement to fund $5.5 million of the $20 million in  exploration expenditures before December 31, 2010.  In March 2012, AngloGold decided not to put forward a 2012 exploration program on Baffin Island and has  withdrawn from the Agreement. For the year ended December 31, 2012, total recoveries on the Baffin Properties from AngloGold amounted to  $537,369 (2011 - $2,957,403). The recoveries included AngloGold’s final settlement for the joint venture program  as it withdrew from its Agreement with the Company and discontinued exploration program on Baffin Island in  March 2012. The Company now retains 100% interest of the property.  - 20 -  Nunavut Ontario Other  Newfoundland Qimmiq Bravo Lake Glenmorangie Storm Omineca StumpLake Sabin Properties Green Bay Total Balance at December 31, 2010 10,041,959 $ 2,590,023 $ - $ 116,144 $ 106,642 $ - $ 127,027 $ 8,133,079 $ 769,268 $ 21,884,142 $ Acquisition costs - - 60,373 - - 109,433 - 1,440 1,750 172,996 Exploration costs Drilling 568,026 71,414 63,722 1,200 - 304 450 2,203 565,516 1,272,835 Geochemistry 45,364 5,449 46,938 521 - 49,530 - - - 147,802 Geology 800,468 242,613 233,417 162,419 15,345 286,235 10,526 48,535 162,696 1,962,254 Geophysics  255,992 - 267 725,012 - 110,134 - - - 1,091,405 Property  111,828 - 970 14,829 - 3,386 3,870 7,803 3,107 145,793 Other  16,426 6,338 - 135 - 3,784 27 198 440 27,348 1,798,104 325,814 345,314 904,116 15,345 453,373 14,873 58,739 731,759 4,647,437 Less Recoveries (2,596,363) (361,040) - (90,000) - - - (12,000) (222,450) (3,281,853) Write-down  - - - - - - - (3,958,279) - (3,958,279) Net additions (798,259) (35,226) 405,687 814,116 15,345 562,806 14,873 (3,910,100) 511,059 (2,419,699) Balance at December 31, 2011 9,243,700 $ 2,554,797 $ 405,687 $ 930,260 $ 121,987 $ 562,806 $ 141,900 $ 4,222,979 $ 1,280,327 $ 19,464,443 $ Baffin, Nunavut  Yukon British Columbia