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FIRST LOON PROPERTY

First Loon, Ontario

In February 2020, Commander acquired by staking three gold properties in Ontario. The First Loon property (8,892 ha) is in the Pickle Lake Gold Belt and is located south and east of the main concentration of past producing mines that include the Pickle Crow, Central Patricia and Dona Lake mines with total reported historical production of 2,300,000 ounces (reference: 2015 Institute on Lake Superior Geology, Fieldtrip Guidebook).

The First Loon propertyis underlain by the Confederation and Pickle Crow assemblage (intercalated mafic to intermediate volcanic rocks with iron formation. Bedrock exposure in this region is extremely limited and detailed airborne geophysical surveys were necessary prior to a first pass evaluation of this property. There are at least 20 historical drill holes on the property from UMEX, Placer Dome and Kerr Addison. Analytical results from this drilling are limited but may reflect historical bias whereby only rocks that fit the geological model of the day were analyzed. The central axis of the property is cored by an intermediate volcanic package within mafic volcanic rocks. The intermediate volcanic rocks are inter-layered with chert, iron formation, felsic volcanic rocks and local massive pyrite and pyrrhotite lenses and minor chalcopyrite.

In September 2020, the Company conducted an airborne 800 line-kilometre magnetic and electromagnetic survey (“MES”) over First Loon. The MES was completed in October 2020.

In addition to the MES program, in September 2020, a field program of geological mapping, rock sampling and till sampling was also conducted on the northeast end of the property. Bedrock exposure is limited as the property is covered by an extensive continuous sheet of till.

In January 2021, the Company completed an initial geological and structural interpretation of the airborne magnetic and electromagnetic survey on First Loon. The interpretation successfully identified three principal target areas based on magnetic and resistivity features and similarities extrapolated from nearby gold mining operations. As a result of this

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Commander Resources Ltd.

Management’s Discussion and Analysis

For the three months ended March 31, 2021 May 14, 2021

study, the Company increased the property by 60% (from 5,507 to 8,892 hectares) by staking additional claims to cover potential extensions of the new targets.

Highlights of the 2021 Study:

Pickle Crow Assemblage rocks