Commander Resources : Third Quarter FS & MD&A 2021

Condensed Consolidated Interim Financial Statements

FOR THE NINE MONTHS ENDED

SEPTEMBER 30, 2021

(Unaudited)

(Expressed in Canadian Dollars)

Notice of No Auditor Review

In accordance with National Instrument 51‐102, the Company discloses that the accompanying condensed consolidated interim financial statements have been prepared by and are the responsibility of the Company's management. They have been reviewed and approved by the Company's Audit Committee and the Board of Directors.

The Company's independent auditor has not performed a review of these condensed consolidated interim financial statements in accordance with standards established by the Canadian Professional Accountants of Canada.

COMMANDER RESOURCES LTD.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (EXPRESSED IN CANADIAN DOLLARS)

AS AT

		September 30,	December 31,
		2021	2020
	Note	$	$
ASSETS
Current assets
Cash and cash equivalents		832,978	600,854
Receivables		28,784	41,555
Prepaid expenses		35,598	41,719
Marketable securities	3	894,940	1,025,380
		1,792,300	1,709,508
Non‐current assets
Reclamation bond	4	28,000	18,000
Exploration and evaluation assets	4	154,106	146,006
Property and equipment	5	79,477	112,447
		261,583	276,453
TOTAL ASSETS		2,053,883	1,985,961
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities		215,871	33,154
Lease liability	5	32,274	32,807
Advance from optionee	4(d)	39,830	6,631
		287,975	72,592
Lease liability	5	‐	23,795
Loan payable	6	40,000	40,000
		327,975	136,387
SHAREHOLDERS' EQUITY
Share capital	7	41,770,554	41,143,735
Reserves	7	249,973	378,084
Accumulated other comprehensive loss		(2,273,044)	(2,187,114)
Deficit		(38,021,575)	(37,485,131)
		1,725,908	1,849,574
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		2,053,883	1,985,961
Nature of operations and going concern	1

Approved on behalf of the Board of Directors on November 29, 2021:

"Eric Norton"	Director	"Brandon Macdonald"	Director

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

Page 3 of 19

COMMANDER RESOURCES LTD.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (EXPRESSED IN CANADIAN DOLLARS)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020

		Three months ended	Nine months ended
		September 30,	September 30,
		2021	2020	2021	2020
	Note	$	$	$	$
Expenses
Accounting and audit	8	15,345	13,824	43,883	48,434
Administration		6,496	16,860	15,835	32,147
Amortization	5	10,990	9,918	32,970	37,059
Consulting	8	17,100	17,100	51,300	51,300
Exploration and evaluation expenditures	4	239,410	234,182	319,131	275,893
Filing fees and transfer agent		1,296	1,026	12,133	11,035
Finance costs	5	851	3,720	3,100	4,835
Investor and shareholder relations		31,721	33,054	103,956	179,964
Legal		1,972	466	4,802	8,024
Project evaluation		2,942	23,057	16,228	67,442
Salary and benefits	8	37,501	37,500	116,912	106,682
Share‐based compensation	7	1,247	‐	3,741	3,220
Loss from operating expenses		(366,871)	(390,707)	(723,991)	(826,035)
Cost recoveries on exploration and evaluation assets	4	50,000	35,833	50,000	35,833
Foreign exchange gain (loss)		113	267	95	(2,041)
Interest and management fee income	4(d)	677	1,063	1,600	2,363
Sale of net smelter return royalty	4(h)	‐	750,000	‐	750,000
Loss for the period		(316,081)	396,456	(672,296)	(39,880)
Other comprehensive income (loss)
Item that will not be reclassified to profit or loss
Change in fair value of marketable securities at FVOCI	3	(190,200)	(345,230)	(85,930)	19,460
Loss and comprehensive loss for the period		(506,281)	51,226	(758,226)	(20,420)
Weighted average number of common shares outstanding
Basic and diluted #		36,423,224	35,650,772	35,911,085	35,650,772
Basic and diluted loss per common share $		(0.01)	0.01	(0.02)	(0.00)

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

Page 4 of 19

COMMANDER RESOURCES LTD.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (EXPRESSED IN CANADIAN DOLLARS)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020

					Accumulated other		Total
		Number	Share		comprehensive		shareholders'
		of Shares	capital	Reserves	income (loss)	Deficit	equity
	Note	#	$	$	$	$	$
January 1, 2020		35,650,772	41,143,735	868,981	(2,170,604)	(37,662,142)	2,179,970
Share‐based compensation		‐	‐	3,220	‐	‐	3,220
Reclassification on expiry of warrants		‐	‐	(524,974)	‐	524,974	‐
Reclassification on expiry of options				(30,246)		30,246	‐
Fair value adjustment on maketable securities		‐	‐	‐	19,460	‐	19,460
Loss for the period		‐	‐	‐	‐	(39,880)	(39,880)
September 30, 2020		35,650,772	41,143,735	316,981	(2,151,144)	(37,146,802)	2,162,770
January 1, 2021		35,650,772	41,143,735	378,084	(2,187,114)	(37,485,131)	1,849,574
Shares issued	7	3,803,124	658,540	4,000	‐	‐	662,540
Share issuance costs	7	‐	(31,721)	‐	‐	‐	(31,721)
Share‐based compensation		‐	‐	3,741	‐	‐	3,741
Reclassification on expiry of options		‐	‐	(135,852)	‐	135,852	‐
Fair value adjustment on maketable securities	3	‐	‐	‐	(85,930)	‐	(85,930)
Loss for the period		‐	‐	‐	‐	(672,296)	(672,296)
September 30, 2021		39,453,896	41,770,554	249,973	(2,273,044)	(38,021,575)	1,725,908

The accompanying notes are an integral part of the condensed consolidated interim financial statements.

Page 5 of 19