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## Financial Instruments 

Commander is exposed to liquidity risk as it may have difficulty in obtaining funds to meet financial obligations as they become due. As at December 31, 2012, Commander had cash and cash equivalents in the amount of $523,110. Accounts payable and accrued liabilities as at December 31, 2012 amounted to $46,723. 

Commander is exposed to credit risk with respect to its cash and cash equivalents, receivables and due from related parties. This risk is minimized as the cash and cash equivalents have been placed with major Canadian financial institutions. Commander performs on-going credit evaluations of its receivables. The maximum exposure to loss arising from receivables is equal to their carrying amounts. Credit risk with respect to amounts due from related parties has been assessed as low by management as Commander has strong working relationships with the parties involved. 

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. As at December 31, 2012, if the market prices of the marketable securities had decreased 44% with all other variables held constant, the comprehensive income for the period would have been $78,165 lower. Conversely, if the market prices of the marketable securities had increased 44% with all other variables held constant, the comprehensive income for the period would have been $78,165 higher. 

Foreign currency risk arises primarily as a result of the Company having US dollar denominated cash balances. The financial position of the Company may vary at the time that a change in foreign currency rate occurs. For the year ended December 31, 2012, if the Canadian dollar strengthened/weakened by 2% against the US dollar with all other variables held constant, the Company's income would have been approximately $5,429 higher/lower as a result of foreign exchange losses/gains on translation of USD dollar denominated bank account. 

The following table illustrates the classification of the Commander’s financial instruments carried at fair value within the fair value hierarchy at December 31, 2012. Please refer to the financial statements (note 4(a)). 

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Additional information relating to Commander, including Commander’s most recent Annual Information Form, is available on SEDAR at www.sedar.com and Commander’s website, www.commanderresources.com. 

Additional information on Maritime is available on the Internet at the SEDAR website, www.sedar.com and Maritime’s website, www.maritimeresourcescorp.com. 

## Outstanding Share Data 

As at the Report Date, the Company had: 

• 100,042,521 issued common shares outstanding. 

• Incentive stock options allowing for the purchase of shares in the capital of the Company, as follows: 

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