Filed by Avantafile.com - I-Minerals Inc. - Exhibit 10.25





THIS AGREEMENT is dated June 4, 2020.






BETWEEN:






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:






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 SECOND PART






WHEREAS:






	A. 	       Pursuant to an agreement among the parties dated June l, 2016, as amended by
an amending agreement dated October 25, 2017 (hereinafter called the "First Amending Agreement"), as further amended by
an amending agreement dated January 19, 2018 (hereinafter called the "Second Amending Agreement"), as further amended by
an amending agreement dated March 20, 2018 (hereinafter called the “Third Amending Agreement”), as further amended by an
amending agreement dated March 27, 2019 (hereinafter called the “Fourth Amending Agreement”), as further amended by an
amending agreement dated June 28, 2019 (hereinafter called the “Fifth Amending Agreement”), with the loan agreement
dated June 1, 2016, as amended by the First Amending Agreement, the Second Amending Agreement, the Third Amending
Agreement, the Fourth Amending Agreement and the Fifth Amending Agreement hereinafter collectively 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. 	       Pursuant to an agreement among the parties dated September 11, 2018
(hereinafter called the “2018 Loan Agreement”), BV agreed to advance an additional $2,500,000 to the Company to further
advance its Bovill Kaolin Project located in the State of Idaho, U.S.A.;





 


	C. 	       The Loan Agreement and the 2018 Loan Agreement are hereinafter collectively
referred to as the “Loan Agreements”; 





 


	D. 	       The Loan Agreements were previously amended by an amending agreement dated
October 25, 2019;





 


	E. 	        The parties have agreed to extend the repayment date by which the principal
and interest outstanding pursuant to the Loan Agreements is to be made, as provided for herein;














NOW THEREFORE THIS 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. 	        Extension for the repayment of the Indebtedness





 





	1.01 	    Notwithstanding the provisions for the repayment of the cash advances made
pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, as provided for in the Loan
Agreements and pursuant to certain related promissory notes issued pursuant to the Loan Agreements, the date for the
repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest
thereon is hereby extended until December 15, 2020.






	2. 	        Notices






	2.01 	    All notices, payments and other communications given in connection with this
Agreement shall be in writing, and the respective addresses of the parties for the service of any notice, payment or
other communication shall be as follows:






	 	(a) 	       if to the Company:





 


I-Minerals Inc.
Suite 880 – 580 Hornby Street
Vancouver, British
Columbia, Canada
V6C 3B6 


Attention:  Barry
Girling, Director
Email: wbg@imineralsinc.com




	 	(b) 	      if to BV:





 


BV Lending, LLC
Suite 201 – 901 Pier View Drive
Idaho Falls, Idaho,
U.S.A.
83402 


Attention:  Cortney
Liddiard, Chief Executive Officer
Email: flyfish@ballventures.com


with a copy to:







Thel W.
Casper, Esq.
General Counsel to Ball Ventures, LLC
P. O. Box 51298
Idaho Falls, Idaho,
U.S.A.
83402 


Email: tcasper@ballventures.com


Any notice, payment or other communication
shall be sufficiently given if delivered by email or by hand or by reputable courier service, or, absent postal
disruption, if sent by registered mail, postage prepaid, posted within either Canada or the United States of America, to
the parties at their respective addresses for service as set forth above.  Any notice, payment or other
communication shall be deemed to have been given and received on the first business day on which it is presented during
normal business hours at the address for service of the addressee.  Any party may change its address for service by
notice in writing to the other parties.




	3. 	        Time of the Essence





 


	3.01 	    Time shall be of the essence of this Agreement.





 


	4. 	        U.S. Dollars





 


	4.01 	    All references herein to dollar amounts are to lawful currency of the United
States of America, unless otherwise specifically provided for herein.





 


	5. 	        Headings





 


	5.01 	    The headings contained herein are for convenience only and shall not affect the
meaning or interpretation hereof.





 


	6. 	        Singular and Plural, etc.





 


	6.01 	    Where the context so requires, words importing the singular number include the
plural and vice versa, and words importing gender shall include the masculine, feminine and neuter genders.





 


	7. 	        Entire Agreement





 


	7.01 	    This Agreement constitutes the only agreement among the parties with respect to
the subject matter hereof and shall supersede any and all prior negotiations and understandings.  This Agreement may be
amended or modified in any respect by written instrument only.









	8. 	        Severability





 


	8.01 	    The invalidity or unenforceability of any particular provision of this
Agreement shall not effect or limit the validity or enforceability of the remaining provisions of this Agreement.





 


	9. 	        Governing Law





 


	9.01 	    This Agreement shall be governed by and construed in accordance with the laws
of the Province of British Columbia and the laws of Canada applicable therein.  The parties irrevocably attorn to the
jurisdiction of the courts of British Columbia, which will have non-exclusive jurisdiction over any matter arising out
of this Agreement.





 


	10. 	      Dispute Resolution





 


	10.01 	  If any dispute arises between any of the Parties (the Parties in dispute being
the “Participants”) concerning this Agreement or its interpretation or the respective rights, duties or liabilities of
the Parties, then a Participant may give to the other Participants notice in writing of the existence of such dispute,
specifying its nature and the point at issue and the Participants agree:





 


	 	(a) 	        to try to resolve the
dispute by participating in a structured negotiation with a mediator under the Commercial Mediation Rules of British
Columbia International Commercial Arbitration Centre (“BCICAC”);





 


	 	(b) 	       where a dispute is not
resolved by mediation within a period of 30 days after the appointment of a mediator or within such further period of
time to which the Participants agree, any Participant may refer the dispute to be finally resolved by arbitration under
the BCICAC Rules.  The appointing authority will be the BCICAC, the case shall be administered by the BCICAC in
accordance with its “Procedures for Cases under the BCICAC Rules” and the place of arbitration shall be Vancouver,
British Columbia. The appointment by the BCICAC is binding upon all of the Participants;





 


	 	(c) 	       the arbitrator will give his decision in writing within three weeks of his
being appointed and the decision, both on the dispute and on the costs of the arbitration will be final and binding upon
the Participants;





 


	 	(d) 	      the arbitrator will have full authority to rule on any question of law in the
same manner as any Judge in any Court of the Province of British Columbia and the ruling of the arbitrator on any
question of law will be final and binding upon the Participants; and





 


	 	(e) 	       the failure of any Participant to abide by the decision of the arbitrator is
considered a material breach of this Agreement.





 


	 	This paragraph shall survive any termination of this Agreement and continues in
full force and effect notwithstanding any determination by a court or the Parties that one or more other provisions of
this Agreement are invalid, contrary to law or unenforceable.











	11. 	      Successors and
Assigns





 


	11.01 	  The terms and provisions of this Agreement shall be binding upon and enure to the
benefit of each of the parties and their respective successors and permitted assigns; provided that this
Agreement shall not be assignable by any party without the written consent of each of the other parties hereto.





 


	12. 	      Further Assurances





 


	12.01 	  Each of the parties hereto shall do or cause to be done all such acts and things
and execute or cause to be executed all such documents, agreements and other instruments as may reasonably be necessary
or desirable for the purpose of carrying out the provisions and intent of this Agreement.





 


	13. 	      Effective Date





 


	13.01 	  This Agreement is intended to and shall take effect as of the date first set
forth above, notwithstanding its actual date of execution or delivery.





 


	14. 	      Counterparts and Facsimile





 


	14.01 	  This Agreement may be executed in any number of counterparts by original,
facsimile or other form of electronic signature, each of which so executed shall constitute an original and all of which
taken together shall form one and the same agreement.






IN WITNESS WHEREOF the parties have executed and delivered this Agreement as of the day and
year first above written.


 


	
        Executed by

        I-Minerals Inc.

        in   the presence of:
	
         
	
         

	

        Signed
“Barry Girling”                   
             

        Authorized   Signatory

         
	
         
	
         






	
        Executed by

        BV Lending, LLC

         

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

         

                    Per:     
Signed “Cortney Liddiard”    

                               
Cortney   Liddiard, CEO
	
         
	
         








THIS THIRD AMENDING AGREEMENT is made as of June 4, 2020.


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 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”), with the agreement
dated October 25, 2019, as amended by the First Amending Agreement and the Second 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.;





 


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





 


	C. 	       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;





 


NOW THEREFORE THIS THIRD 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 parties agree that the Loan Agreement is hereby amended as
follows.





 




Paragraph 6.01 is replaced in its entirety
with the following:


“6.01   The parties agree that
the Company will repay the Indebtedness on December 15, 2020.”


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





 


	3. 	        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 Third Amending Agreement.





 


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





 


	5. 	        Each of the parties hereto will be entitled to rely upon delivery by
facsimile or by email of executed copies of this Third 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 Third Amending Agreement.





 


	6. 	        This Third 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 the parties have executed and delivered this Third Amending Agreement as of the day
and year first above written.







 


	
         

        Executed by

        I-Minerals Inc.

        in the
presence of:
	
         
	
         

	

        Signed   “Barry Girling”       
                                 
  

        Authorized   Signatory

         
	
         
	
         

	
         

        Executed by

        i-minerals USA Inc.

        in the
presence of:
	
         
	
         

	

        Signed   “Barry Girling”       
                                 
  

        Authorized   Signatory

         
	
         
	
         






 


	
        Executed by

        BV
Lending, LLC

         

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

         

         
        Per:      Signed “Cortney
Liddiard”                


         
                    Cortney Liddiard, CEO