Filed by Avantafile.com - I-Minerals Inc. - Exhibit 10.21





THIS AGREEMENT is dated October 25, 2019.


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 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;







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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 the earlier of:





 


	 	(a) 	       June 30, 2020; and





 


	 	(b) 	       60 days after a Pre-Feasibility Study in respect of the Bovill
Kaolin Project has been prepared in accordance with National Instrument 43-101 and has been duly filed on SEDAR.





 


	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:





 




3






	 	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.





 




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	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.





 




5





	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:
	
	  ___________________________________________________	 
	
        Authorized   Signatory
	






	
        Executed by
BV Lending, LLC

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

                   
Per:                           
                         
                        Cortney
Liddiard, CEO
	











	DATED:         October 25, 2019
	 
	 
	
        Between:

        I-Minerals Inc.

        OF THE FIRST PART

        And:

        BV Lending, LLC

        OF THE SECOND PART 

	 
	 
	                     AGREEMENT     
	 
	 
	 
	Tupper Jonsson & Yeadon
1710 - 1177
West Hastings Street
Vancouver, B. C.
V6E
2L3   
	 
	Telephone: (604) 640-6355