Mr. Robert Cameron reports

COMMANDER ANNOUNCES 4,000 M DRILL PROGRAM AT ITS BURN COPPER-GOLD DISCOVERY, BRITISH COLUMBIA

Commander Resources Ltd. will follow up its successful inaugural drill program at the Burn copper and gold porphyry project with 4,000 metres of drilling, scheduled to begin on July 15, 2023. The Burn project is located 100 kilometres north of Smithers, B.C. Freeport-McMoRan Mineral Properties Canada Inc. is earning up to a 75-per-cent interest in the Burn property and Commander is the operator. Commander completed an inaugural drill test of the project comprising four drill holes totalling 1,513 metres from three drill sites in October, 2022.

Highlights:

• Burn represents a new greenfield porphyry copper and gold discovery;
• 4,000-metre fully financed drill program to begin July 15, 2023;
• Targeting a large nine-square-kilometre partially exposed porphyry system drill tested for the first time in 2022;
• Successful drilling in 2022 discovered a central porphyry zone in hole BU22-01, which returned 50 metres of 0.24 per cent copper equivalent, and a separate gold-rich zone in hole BU22-02, which returned 83.5 metres grading 1.08 grams per tonne gold;
• Targets to be tested comprise stepouts from 2022 holes and drilling of widespread magnetic and soil geochemical targets.

The Burn property, which covers 17,675 hectares, was acquired directly by Commander in 2018 to cover prominent gossans exposed along ridges and has seen limited historical exploration. The 2022 program was the first time the property has been drilled. The Burn property is located within the Babine porphyry belt 70 kilometres north of two past-producing mines at Bell and Granisle. Initial work at Burn in 2018 identified widespread phyllic-style alteration with trace amounts of chalcopyrite. There is no record of previous geophysical surveys or drilling. Past work by Commander, financed by Freeport, included a propertywide airborne magnetic survey, which outlined two prominent circular magnetic rings and several linear magnetic highs that coincide with stocks and dikes of Eocene age. A propertywide program of stream sediment sampling, soil and rock sampling, and geological mapping outlined four alteration zones, of which the largest is referred to as the Central zone, the focus of the current drill program. It is underlain by numerous phases of feldspar-biotite-hornblende porphyry dikes and stocks exhibiting alteration from chlorite to chlorite-magnetite and moderate quartz-sericite-pyrite (QSP) to intense QSP with local quartz veinlets.

Robert Cameron, president and chief executive officer, stated: "Our successful initial program of drilling in 2022 confirms Commander's view of the high potential of the Burn project, with two of the three sites tested returning highly mineralized intervals from within a large nine-square-kilometre target area. This year's program will continue to test additional targets as well as complete stepout drilling from last year's holes. This grassroots copper and gold discovery represents a northerly extension of the well-established porphyry copper and gold Babine district and was acquired directly by Commander following a regional data compilation and a single day of ground prospecting, which is a testament to the strength and expertise of our technical team. Our partner, Freeport-McMoRan, recognized the potential and partnered with us at an early stage, funding the systematic evaluation of this large tenure package that culminated in this drill discovery."

Drill results from 2022 are presented in the attached table.

Summary of Freeport earn-in agreement terms

Freeport has been granted the right to earn up to a 75-per-cent interest in the Burn property through staged option payments and work expenditures totalling $2.5-million in exploration expenditures and $560,000 in payments to Commander following which the companies would enter a 75-per-cent Freeport/25-per-cent Commander joint venture. On Oct. 6, 2022, the Burn property was expanded by optioning a 100-per-cent interest in seven mineral tenure cells (127 hectares) from private vendors for aggregate payments of $290,000. Separately from Commander, Freeport has partnered with Itochu Corp. to co-finance its portion of expenditures. Freeport will be fully vested at the conclusion of this program.

2022 drill program quality assurance/quality control

Commander's 2022 exploration program was supervised by Stephen Wetherup, PGeo, Commander's vice-president of exploration. The drill contractor was ITL Drilling of Smithers, B.C. Half-core NQ (47.6 millimetres) sawed samples from continuous intervals throughout the reported drill holes were sealed on site and shipped to Bureau Veritas (BV) labs in Vancouver, B.C., where fire assay and multielement analyses were completed. Drill core was crushed, pulverized and analyzed for 48 elements using a four-acid dissolution followed by ICP-MS (MA250) with a 30-gram sample analyzed for gold by fire assay and fusion gold by ICP-ES (FA330-Au) with overlimit gold analyzed by lead collection fire assay 30-gram fusion with gravimetric finish (FA530). Blanks and commercially certified reference materials were inserted blind into the sample stream with an overall insertion rate of 10 per cent. Field duplicates representing a quarter-core split of the original sample are inserted at 2.5 per cent. In addition, pulp and crush duplicates are inserted by the laboratory. The QA/QC results were reviewed and the QA/QC results for the reported drill holes are acceptable.

Qualified person

Robert Cameron, PGeo, is a qualified person within the context of National Instrument 43-101 and has read and takes responsibility for the technical aspects of this release. All fieldwork completed to date and on-site supervision of the drill program was by Mr. Wetherup.

About Commander Resources Ltd.

Commander Resources is a Canadian-focused exploration company that has leveraged its success in exploration through a combination of partnerships and sole-financed exploration. Commander has a portfolio of base metal and precious metal projects across Canada. Commander also retains royalties from properties that have been partnered, optioned or sold.

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