This report has been prepared for INV Metals Inc. ('INV Metals') in order to provide an update, to be filed on SEDAR, of INV Metals' exploration activities at the Kaoko, Namibia copper-silver project as at March 21, 2012. The Kaoko property consists of 10 Exclusive Prospecting Licenses ('EPL') encompassing approximately 7,360 km2 that a Namibian subsidiary of Teck Resources Limited (collectively 'Teck') acquired by the staking of open ground, and seven EPLs, totalling 1,367 km2, acquired by the staking of open ground by the Namibian subsidiary of INV Metals, in the Kunene region of northwest Namibia.