COMMANDER RESOURCES LTD.  Statements of Changes in Equity (An Exploration Stage Company) (Expressed in Canadian dollars) See Accompanying Notes to the Financial Statements  - 6 -  Total Share-Based Shareholders' Shares Amount Warrants Payments Deficit Equity Balance at December 31, 2010 90,942,489 37,450,106 $ - $ 1,653,818 $ (17,226,160) $ (167,969) $ 499,128 $ 22,208,923 $ Net loss for the year (3,944,877) (29,936) (3,974,813) Unrealized loss on available-for-sale marketable securities (186,410) (186,410) Transfer to income on sale of marketable securities (13,712) (13,712) Transfer of share-based payments expired (233,936) 233,936 - Share-based payments 385,400 39,721 425,121 Shares issued for cash Private placement 8,500,032 1,818,922 221,086 2,040,008 Share issuance cost (76,048) (9,243) (85,291) Other liability on flow-through share premium (345,299) (345,299) Shares issued on acquisition of exploration and evaluation assets 450,000 69,000 69,000 Balance at December 31, 2011 99,892,521 38,916,681 211,843 1,805,282 (20,937,101) (368,091) 508,913 20,137,527 Net income for the year 924,471 924,471 Unrealized loss on available-for-sale securities (120,101) (120,101) Transfer of impairment loss on available-for-sale marketable securities 471,486 471,486 Share-based payments 100,002 100,002 Transfer of share-based payments expired (627,918) 627,918 - Elimination of non-controlling interest on derecognition (Note 10) (142,317) (508,913) (651,230) Shares issued on acquisition of exploration and evaluation assets (Note 14(b)) 150,000 12,750 12,750 Balance at December 31, 2012 100,042,521 38,929,431 $ 211,843 $ 1,135,049 $ (19,384,712) $ (16,706) $ - $ 20,874,905 $ Share Capital Non-Controlling Accumulated Other Reserves Comprehensive Loss Interest