Commander Resources Ltd.  Management Discussion and Analysis  Investment in Maritime Selected Annual Information  Results of Operations Fourth Quarter Results Year Ended December 31, 2012 Compared with the Year Ended December 31, 2011  During the quarter ended December 31, 2012, Commander incurred acquisition and exploration costs of $91,500 on various  properties, net of recoveries ($724,112 for year ended December 31, 2012). Total general and administrative expenses incurred  during the quarter were $144,447 of which $21,315 was non-cash share-based payments. During the same period of 2011, the total  general and administrative expenses were $308,773 and share-based payments were $82,648.  During the year ended December 31, 2012, Commander’s activities focused primarily on the exploration of the Omineca copper-gold  project in central British Columbia, Sabin copper-gold project in Ontario, and the Glenmorangie gold project in southeast Yukon. The  Company also completed a drill program on the Stump Lake gold project in British Columbia and reached settlement with AngloGold  for discontinuing the JV program on Baffin Island, Nunavut. - 5 -  As at December 31, 2012, Commander’s interest of Maritime decreased further, to approximately 41%, after Maritime’s completion  of a private placement financing and loan arrangements. The value of investment in Maritime as at December 31, 2012 was  $2,610,148, which was determined by the fair value of Maritime’s 12.5 million common shares on the date of deconsolidation, after  adjustment for Commander’s share of loss of Maritime for the year ended December 31, 2012 after the deconsolidation and dilution  losses recognized for the reduction in equity interest in Maritime. As a result, Commander derecognized the carrying amounts of assets, liabilities and non-controlling interest and recognized its  retained investment in Maritime at its fair value as at the date of deconsolidation of Maritime. Commander recorded a gain on  deconsolidation of Maritime of $3,186,676 in the statement of operations and a cash decrease of $202,486 from deconsolidation of  Maritime in investing activities of its statement of cash flows for the year ended December 31, 2012. Please refer to the financial  statements for the year ended December 31, 2012 for further details. Commander reviewed the elements of control over Maritime and determined that it ceased control of Maritime as it held less than  50% interest as at February 15, 2012. On February 15, 2012, Commander sold 4.5 million common shares of Maritime through a private transaction at a price of $0.23 per  share for gross cash proceeds of $1,035,000. After the sale, the Company held 12.5 million shares of Maritime, representing 47% of  Maritime’s issued and outstanding common shares. The Company also retains a 2% NSR on future production from portions of the  Green Bay Property, with the exception of production from the Orion deposit. On January 31, 2012, Commander sold its remaining 50% interest in the Green Bay Property to its option partner, Maritime, in  exchange for 5 million common shares of Maritime, as provided in the agreement between the parties dated June 14, 2010. For the Year Ended December 31, 2012  2012 2011 2010 Total revenues  $ Nil $ Nil $ Nil Loss before other items (809,681) (1,391,059) (1,609,344) Deferred income recovery 195,938 1,462,492 20,865 Income (loss) for the year 924,471 (3,974,813) (2,344,265) Income (loss) for the year attributable to owners of the parent 944,426 (3,944,877) (2,241,861) Basic and diluted earnings (loss) per share 0.009 (0.041) (0.026) Total assets $ 21,383,154 $ 21,168,452 $ 24,438,848 Total long-term liabilities 461,526 677,972 1,475,859 Cash dividends per share $ Nil $ Nil $ Nil