Amending Agreements dated July 15, 2021 between the Company and BV Lending LLC

I-Minerals Inc., a body corporate, continued under the laws of Canada, having its head office at Suite 880 – 580 Hornby Street, Vancouver, British Columbia, Canada V6C 3B6

(hereinafter called the “Company”)

BV Lending, LLC, an Idaho limited liability company, having its head office at Suite 300, 2194 Snake River Parkway, Idaho Falls, Idaho, U.S.A. 83402

(hereinafter called “BV”)

Ball Ventures, LLC, an

Idaho limited liability company, the Member

BV Management Services, Inc., 

an Idaho corporation, the Manager

Pursuant to an agreement among the parties dated October 25, 2019, as amended by an amending agreement dated November 25, 2019 (hereinafter called the “First Amending Agreement”), as amended by an amending agreement dated January 20, 2020 (hereinafter called the “Second Amending Agreement”), as amended by an amending agreement dated June 4, 2020 (hereinafter called the “Third Amending Agreement”), as amended by an amending agreement dated July 8, 2020 (hereinafter called the “Fourth Amending Agreement”), as amended by an amending agreement dated December 3, 2020 (hereinafter called the “Fifth Amending Agreement”), as amended by an amending agreement dated March 9, 2021 (hereinafter called the “Sixth Amending Agreement”), as amended by an amending agreement dated April 15, 2021 (hereinafter called the "Seventh Amending Agreement"), as amended by an amending agreement dated May 10, 2021 (hereinafter called the “Eighth Amending Agreement”), and as amended by an amending agreement dated June 15, 2021 (hereinafter called the “Ninth Amending Agreement”), with the agreement dated October 25, 2019, as amended by the First Amending Agreement, the Second Amending Agreement, the Third Amending Agreement, the Fourth Amending Agreement, the Fifth Amending Agreement, the Sixth Amending Agreement, the Seventh Amending Agreement, the Eighth Amending Agreement and the Ninth Amending Agreement hereinafter collectively called the “Loan Agreement”, B.V. agreed to advance certain funds to the Company to advance its Bovill Kaolin Project located in the State of Idaho, U.S.A.;

The parties wish to further amend certain of the provisions of the Loan Agreement on the terms and conditions hereinafter set forth;

The Subsidiary is a wholly-owned subsidiary of the Company and is the legal owner of the Helmer Bovill Property hosting the Bovill Kaolin Project in the State of Idaho, U.S.A., as referred to in Recital A. herein;

The parties agree that the Loan Agreement is hereby amended as follows.

Paragraph 2.01 is replaced in its entirety with the following:

BV hereby agrees to advance up to an additional $2,725,000 in cash to the Company in separate tranches in accordance with Schedule A attached hereto (individually an “Advance” and collectively “Advances”), with each Advance to be considered a secured loan accruing interest at the rate of (i) fourteen percent (14%) per annum, with respect to periods prior to May 1, 2021, and (ii) 13 hundredths percent (0.13%) per annum, with respect to periods from and after May 1, 2021, calculated from the date of each Advance as at May 31 and as at November 30 of each year in which such interest is payable hereunder, such interest also to be considered Advances hereunder over and above the amounts set forth in Schedule A, unless BV elects otherwise, as provided for in paragraph 2.02 herein.  If applicable this interest will be considered an Advance received on the date such interest is payable as provided for in paragraph 2.02 herein.  BV’s obligation to make the Advances is subject to satisfaction of the conditions set forth in paragraph 2.08 below.

The Company will repay to BV the principal amount of each Advance as provided for in paragraph 6.01 herein.  Advances hereunder, other than interest when considered an Advance hereunder, will be made in accordance with Schedule A attached hereto.  Advances are to be made on the first business day of each month in which Advances are to be made.

Paragraph 6.01 is replaced in its entirety with the following:

“6.01   The parties agree that the Company will repay the Indebtedness on August 15, 2021.”

Schedule A to the Loan Agreement is amended to read as follows:

Except as amended by this Tenth Amending Agreement, all of the other terms and conditions of the Loan Agreement remain in full force and effect.

Each of the parties agrees to do and/or execute all such further and other acts, deeds, things, devices, documents and assurances that may be required in order to carry out the true intent and meaning of this Tenth Amending Agreement.

This Tenth Amending Agreement and any certificate or other writing delivered in connection herewith may be executed in any number of counterparts and any party hereto may execute any counterpart, each of which when executed and delivered will be deemed to be an original and all of which counterparts of this Tenth Amending Agreement or such other writing, as the case may be, taken together, will be deemed to be one and the same instrument. The execution of this Tenth Amending Agreement or any other writing by any party hereto will not become effective until each party hereto has executed a counterpart of this Tenth Amending Agreement or any other writing, as the case may be.

Each of the parties hereto will be entitled to rely upon delivery by facsimile or by email of executed copies of this Tenth Amending Agreement and any certificates or other writings delivered in connection herewith, and such facsimile or emailed copies will be legally effective to create a valid and binding agreement among the parties in accordance with the terms and conditions of this Tenth Amending Agreement.

This Tenth Amending Agreement shall enure to the benefit of and be binding upon the parties hereto and each of their successors and permitted assigns, as the case may be.