Technical Report on the Kaoko Copper-Silver Property in Northwest Namibia for INV Metals Inc. Robert C. Bell, B. Sc., P. Geo Effective Date: March 21, 2012 Table of Contents 1. SUMMARY ..................................................................................................................................... 9 2. INTRODUCTION ......................................................................................................................... 10 2.1. TERMS OF REFERENCE .............................................................................................. 10 2.2. SOURCES OF INFORMATION ..................................................................................... 10 2.3. UNITS OF MEASURE ..................................................................................................... 11 3. RELIANCE ON OTHER EXPERTS .......................................................................................... 11 4. PROPERTY LOCATION AND DESCRIPTION ...................................................................... 11 4.1. PROPERTY LOCATION ................................................................................................. 11 Figure 4-1: Location Map of Namibia and Kaoko .................................................................. 12 Figure 4-2: Location Map of Kaoko Property ......................................................................... 12 4.2. PROPERTY DESCRIPTION .......................................................................................... 13 Table 4-1: Property Details ....................................................................................................... 14 4.3. AGREEMENT WITH TECK RESOURCES LIMITED ................................................. 15 4.4. NAMIBIA OVERVIEW...................................................................................................... 15 4.5. NAMIBIAN MINING ACT ................................................................................................. 16 5. ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY ....................................................................................................................... 18 5.1 ACCESS ............................................................................................................................ 18 5.2 CLIMATE ............................................................................................................................ 18 5.3 LOCAL RESOURCES AND INFRASTRUCTURE ....................................................... 18 Figure 5-1: Property Access ..................................................................................................... 19 5.4. PHYSIOGRAPHY ............................................................................................................. 20 Figure 5-2: Shuttle Radar Image of Kaoko Property Area ................................................... 20 6. HISTORY ...................................................................................................................................... 21 7. GEOLOGICAL SETTING and MINERALIZATION ................................................................. 22 7.1. REGIONAL GEOLOGY ................................................................................................... 22 Figure 7-1: Gondwana Supercontinent ................................................................................... 22 7.2. LOCAL and PROPERTY GEOLOGY ............................................................................ 23 Figure 7-2: Kaoko Belt Stratigraphic Column ........................................................................ 24 7.3. COMPARISONS TO THE AFRICAN COPPERBELT ................................................ 25 Figure 7-3: Comparison of Zambian Copperbelt to Kaoko Property .................................. 25 Figure 7-4: Comparison of Zambian Copperbelt Stratigraphy with EKZ Stratigraphy..... 26 7.4. EXPLORATION IMPLICATIONS ................................................................................... 27 7.5. MINERALIZATION ........................................................................................................... 28 7.5.1. OKOHONGO HORIZON - HOSTED MINERALIZATION ...................................... 29 7.5.1.1. OKOHONGO DEPOSIT .......................................................................................... 29 Table 7-1: Total Copper vs. Soluble Copper ......................................................................... 29 Figure 7-5: Interpretation of Okohongo Mineralization ......................................................... 30 Figure 7-6: Mystery Trench ...................................................................................................... 31 Figure 7-7: Location of Drilling at the Okohongo Deposit .................................................... 32 Figure 7-8: Regional Drilling Around the Okohongo Deposit .............................................. 33 Table 7-2: Teck Drill Results at Okohongo ............................................................................ 34 Table 7-3: INV Metals Drill Results at Okohongo and Surrounding Region ..................... 34 Table 7-4: Okohongo Deposit Metallurgical Test Samples ................................................. 38 Figure 7-9: Copper vs. Depth for Metallurgical Test Samples ............................................ 38 Figure 7-10: Copper vs. Silver for Metallurgical Test Samples ........................................... 38 Figure 7-11: Location of Metallurgical Test Samples (White Ovals) .................................. 39 7.5.1.2. NS ............................................................................................................................... 39 Figure 7-12: Rock Sampling Plotted on Copper in Soil Geochemistry at NS ................... 40 Table 7-5: NS showing rock sample assays and locations .................................................. 41 7.5.1.3. OKOZONDUNO ........................................................................................................ 41 Figure 7-13: Drillholes and Geology at Okozonduno ........................................................... 42 Table 7-6: INV Metals Drill Results at Okozonduno ............................................................. 43 7.5.1.4. OTJIHORONGO ....................................................................................................... 43 Figure 7-14: Drillholes and Geology at Otjihorongo ............................................................. 44 7.5.1.5. OKARIVIZO ............................................................................................................... 44 Table 7-7: INV Metals Drill Results at Okarivizo ................................................................... 44 Figure 7-15: Drillholes and Geology at Okarivizo ................................................................. 45 7.1.5.6. OKAKUYU-OKAKUYU SOUTH-OKAKUYU FAR SOUTH ................................ 45 Table 7-8: INV Metals Drill Results at Okakuyu and Okakuyu South ................................ 46 Figure 7-16: Drillholes and Geology at Okakuyu and Okakuyu South .............................. 47 6.5.1.7. OKAPANDA .............................................................................................................. 47 Table 7-9: INV Metals Drill Results at Okapanda ................................................................. 48 Figure 7-17: Drillholes and Geology at Okapanda ................................................................ 48 6.1.5.8. OTJOZONGOMBE EAST AND WEST ................................................................. 48 Figure 7-18: Otjozongombe East Target Area....................................................................... 49 Figure 7-19: Drillholes and Geology at Otjozongombe East ............................................... 50 Table 7-10: INV Metals Drill Results at Otjozongombe East ............................................... 51 Table 7-11: Teck Drill Results at Otjozongombe West ........................................................ 51 Figure 7-20: Drillholes and Geology at Otjozongombe West .............................................. 52 7.5.1.9. ONDERA EAST AND WEST .................................................................................. 52 Figure 7-21: Drillholes and Geology at Ondera East ............................................................ 53 Table 7-12: Teck Drill Results at Ondera West ..................................................................... 54 Figure 7-22: Drillholes and Geology at Ondera West ........................................................... 55 7.5.1.10. OKATUMBA .............................................................................................................. 55 Table 7-13: Teck Drill Results at Okatumba .......................................................................... 56 Figure 7-23: Okatumba Target Area ....................................................................................... 57 7.5.1.11. HORSESHOE .......................................................................................................... 57 Table 7-14: Teck Drill Results at Horseshoe ......................................................................... 58 Figure 7-24: Teck Drillholes and Geology at Horseshoe ..................................................... 59 Figure 7-25: Cross Section through the Horseshoe Syncline Looking NW .....................