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THIS AMENDING AGREEMENT is made as of December 1, 2015.

AMONG:

  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")

OF THE FIRST PART

AND:

  i-minerals USA Inc., an Idaho limited liability company, having an office c/o
the Company, at Suite 880 - 580 Hornby Street, Vancouver, British Columbia,
Canada V6C 3B6

  (hereinafter called the "Subsidiary'')

OF THE SECOND PART

AND:

  BV Lending, LLC, an Idaho limited liability company, having its head office at
Suite 201 - 901 Pier View Drive, Idaho Falls, Idaho, U.S.A. 83402

  (hereinafter called "BV")

OF THE THIRD PART

WHEREAS:

A. Pursuant to an agreement among the parties dated February 18, 2015
(hereinafter called the "Loan Agreement"), BV agreed to advance certain funds to
the Company to advance its Bovill Kaolin Project located in the State of Idaho,
U.S.A.;

B. The Company continues to require additional funding to advance its Bovill
Kaolin Project;

C. BV has agreed to provide additional funding to the Company in the amount of
$1,000,000 pursuant to the terms and conditions of this Amending Agreement; and

D. 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;

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NOW THEREFORE THIS AMENDING AGREEMENT WITNESSETH that in consideration of these
presents and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged by each of the parties, the parties
hereby agree as follows:

1. The reference to $4,463,000 in paragraph 2.01 of the Loan Agreement is
amended to read $5,463,000, with the additional $1,000,000 to be considered
Advances under the Loan Agreement pursuant to the amended Schedule A provided
for in paragraph 2 hereof.

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

"SCHEDULE  A

  2015       February March April May June                   Budget  
$617,000(1) $500,000 $500,000 $500,000 $500,000                     July August
September October November December                   Budget $500,000 $500,000
$300,000 $300,000 $100,000 $146,000   2016       January February March April
May                   Budget   $200,000 $200,000 $200,000 $200,000 $200,000

  (1) The parties acknowledge and agree that this $617,000 had been advanced to
the Company by BV prior to the date of this Agreement, and that this $617,000
shall be considered an "Advance" as defined in this Agreement."

3. Capitalized terms used herein and not otherwise defined have the same
meanings as contained in the Loan Agreement.

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

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

6. This 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 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 Amending
Agreement or any other writing by any

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  party hereto will not become effective until each party hereto has executed a
counterpart of this Amending Agreement or any other writing, as the case may be.

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

8. This 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.

IN WITNESS WHEREOF this Amending Agreement has been executed as of the day and
year first above written.

Executed by
I-Minerals Inc.
in the presence of:

/s/ Thomas Conway
_____________________________
Authorized Signatory

Executed by
i-minerals USA Inc.
in the presence of:

/s/ Thomas Conway
_____________________________
Authorized Signatory

Executed by
BV Lending, LLC

By: Ball Ventures, LLC, an Idaho
limited liability company, the Member

  /s/ Cortney Liddiard

  Per: _____________________________

  Cortney Liddiard, CEO

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DATED:         December 1, 2015

 

Among:

I-Minerals Inc.                                                   OF THE FIRST
PART

And:

i-minerals  USA Inc.                                         OF THE SECOND PART

And:

BV Lending, LLC                                           OF THE THIRD PART

 

AMENDING AGREEMENT (TO LOAN AGREEMENT
DATED FEBRUARY 18, 2015)

 

Tupper Jonsson & Yeadon
1710 - 1177 West Hastings Street
Vancouver, B. C. V6E2L3

Telephone: (604) 640-6355

 

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