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Dear Fellow Shareholders: 

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Fiscal 2012 was a year of both challenges and significant progress. All through the year, we faced arduous economic headwinds. Our junior "high risk" investment market experienced uncertain times, to say the least. I want to remind you of some of the ways that Commander's leveraging strategies and strategic partnerships have helped us weather the storm we are seeing now. 

## OUR UNIQUE BUSINESS MODEL IN ACTION: 

To move Commander forward we continued to capitalize on our commitment to leveraging existing properties and realizing profit from equity holdings. We started the year by selling the remaining 50% interest in the Green Bay Property in Newfoundland to Maritime Resources (MAE-TSX), in exchange for 5 million shares of Maritime. After completing the transaction and transfer of the property to Maritime, Commander held 17 million shares of MAE and retained a 2% NSR royalty on any future production from most of the property. These 17 million shares represented 64.15% of the 26.5 million common shares of Maritime Resources that were issued and outstanding at that time. One month later, we entered into an agreement to sell 4.5 million shares of MAE through a private transaction with the cash proceeds netting us over $1million. With this sale, Commander realized immediate and significant value, providing cash to the treasury without any shareholder dilution. Maritime spent over $600,000 working on the Newfoundland gold deposits in 2012 and is now in the process of obtaining a NI-43-101 Resources Estimate. Commander continues to be exposed to the future upside of Maritime through its remaining equity stake and a royalty on future production from the Green Bay Property. 

On our Storm Copper/Zinc Property in Nunavut, Aston Bay signed an Option Agreement in November, 2011 under which Aston Bay (a private company) has the option to earn an initial 50.1% interest in the Storm Property by spending $6 million over four years, including a minimum of $1-million expended in each of the first two years, and by completing a public listing on a recognized stock exchange. Aston Bay has concluded an Arrangement Agreement with a Capital pool company for a listing anticipated to occur in the second quarter of 2013, and Commander has received payments totaling $150,000 and three million shares of Aston Bay under the terms of the Option Agreement. In 2012, Aston Bay completed an exploration program which included staking of an additional 75,000 acres (30,000 Ha), rock sampling of the main copper showings, geological mapping and regional prospecting. Historical drill core was examined and selectively re-sampled over extensive, previously un-sampled intersections. A condition of the agreement is that work programs be conducted on the property in 2013 and 2014. Commander shareholders will continue to see the benefit of work being done on our property at no cost to Commander during these difficult market conditions. 

For the first time in 16 years our Sabin property in Ontario underwent a soil sampling program. The intent was to correlate soil geochemistry with the known Marchington VMS deposit, and to determine if this method could be useful for detecting anomalous levels of metals on other zones. Approximately 650 samples were collected and the method was successful in outlining the existing zones as well as identifying additional zones that have not been drill tested. Several gold showings along strong structures highlight the gold potential of this property and following the receipt of these encouraging results, we acquired, by staking, a large area of land covering the strike extent of rock formation hosting geochemical anomalies. The newly staked area covers an approximate 26 km x 6 km W-E trend of the Savant Lake Greenstone belt, which forms the northern limb of the prolific Sturgeon Lake greenstone belt, host to past producers of base and precious metals deposits. A syndicate of private individuals was assembled by Commander to fund the staking program in order to minimize cost to shareholders while maintaining significant exposure to the upside potential of this opportunity. Under this structure, Commander will own 40% of the new Houghton Lake property and will manage all future work programs. The syndicate has no ownership rights to Commander’s adjacent Sabin Property. 

Unlike many other junior resource companies, Commander is in the fortunate position of holding marketable equities and having partners who are continuing to develop properties in which we have an interest. Our focus for this year will be to continue marketing and leveraging our property portfolio while minimizing corporate overhead expenses. 

We appreciate your continued patience and support. 

Eric Norton President & CEO April 2013 

