Commander Resources : Third Quarter FS & MD&A 2022

Condensed Consolidated Interim Financial Statements

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 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 interim consolidated 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,
		2022	2021
	Note	$	$
ASSETS
Current assets
Cash and cash equivalents		155,301	595,840
Receivables		216,127	112,923
Prepaid expenses		26,435	34,258
Marketable securities	3	368,825	1,070,220
		766,688	1,813,241
Non‐current assets
Reclamation bonds	4	28,000	28,000
Exploration and evaluation assets	4	114,782	113,642
Property and equipment	5	97,562	68,488
		240,344	210,130
TOTAL ASSETS		1,007,032	2,023,371
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities		125,274	33,543
Advances from optionees	4(b),(j)	8,479	59,536
Flow through share premium liability	7	864	8,193
Lease liability	5	31,120	23,794
Loan payable	6	40,000	40,000
		205,737	165,066
Lease liability	5	28,250	‐
		233,987	165,066
SHAREHOLDERS' EQUITY
Share capital	8	41,746,545	41,746,545
Reserves	8	473,169	448,582
Accumulated other comprehensive loss		(2,652,457)	(2,105,234)
Deficit		(38,794,212)	(38,231,588)
		773,045	1,858,305
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		1,007,032	2,023,371
Nature of operations and going concern	1
Subsequent event	14

Approved on behalf of the Board of Directors on October 21, 2022:

"Eric Norton"	Director	"Brandon Macdonald"	Director

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

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COMMANDER RESOURCES LTD.

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

		Three months ended	Nine months ended
		September 30,	September 30,
		2022	2021	2022	2021
	Note	$	$	$	$
Expenses
Administration		8,611	6,496	21,645	15,835
Consulting fees	9	27,000	31,950	81,000	95,850
Salary and benefits	9	37,501	37,501	117,334	116,912
Professional fees		1,059	2,467	16,991	4,135
Filing fees and transfer agent		1,053	1,296	11,886	12,133
Investor and shareholder relations		33,919	31,721	113,079	103,956
Exploration and evaluation expenditures	4	151,704	239,410	231,674	319,131
Project evaluation		2,816	2,942	14,789	16,228
Amortization	5	10,765	10,990	32,726	32,970
Finance costs	5	458	851	1,203	3,100
Share‐based compensation	8	21,229	1,247	24,587	3,741
Loss from operating activities		(296,115)	(366,871)	(666,914)	(723,991)
other expenses (income)
Cost recoveries on exploration and evaluation assets	4(b),(j)	50,000	50,000	89,500	50,000
Foreign exchange gain		170	113	293	95
Interest and management fee income	4(b)	5,435	677	7,168	1,600
Other income	7	5,335	‐	7,329	‐
Loss for the period		(235,175)	(316,081)	(562,624)	(672,296)
Other comprehensive income (loss)
Item that will not be reclassified to profit or loss
Change in fair value of marketable securities at FVOCI	3	74,927	(190,200)	(547,223)	(85,930)
Loss and comprehensive loss for the period		(160,248)	(506,281)	(1,109,847)	(758,226)
Weighted average number of common shares outstanding
Basic and diluted #		39,453,896	36,423,224	39,453,896	35,911,085
Basic and diluted loss per common share $		(0.01)	(0.01)	(0.01)	(0.02)

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

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COMMANDER RESOURCES LTD.

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

		Accumulated other		Total
Number	Share		comprehensive		shareholders'
of Shares	capital	Reserves	Loss	Deficit	equity
#	$	$	$	$	$

December 31, 2020

Shares issued for cash Shares issued costs Share‐based compensation Reclassification on expiry of options Fair value adjustment on

maketable securities Loss for the period

35,650,772	41,143,735	378,084	(2,187,114)	(37,485,131)	1,849,574
3,803,124	650,540	12,000	‐	‐	662,540
‐	(31,721)				(31,721)
‐	‐	3,741	‐	‐	3,741
‐	‐	(135,852)	‐	135,852	‐
‐	‐	‐	(85,930)	‐	(85,930)
‐	‐	‐	‐	(672,296)	(672,296)

September 30, 2021	39,453,896	41,762,554	257,973	(2,273,044)	(38,021,575)	1,725,908
December 31, 2021	39,453,896	41,746,545	448,582	(2,105,234)	(38,231,588)	1,858,305
Share‐based compensation	‐	‐	24,587	‐	‐	24,587
Fair value adjustment on	‐	‐	‐	(547,223)	‐	(547,223)
maketable securities
Loss for the period	‐	‐	‐	‐	(562,624)	(562,624)
September 30, 2022	39,453,896	41,746,545	473,169	(2,652,457)	(38,794,212)	773,045

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

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