# EDGAR Filing Document

**Accession Number:** 0001405663
**File Stem:** 0001393905-23-000032
**Filing Date:** 2023-1
**Character Count:** 96777
**Document Hash:** 9c1e0a26730971e4c2f89c60d98d0f92
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001393905-23-000032.hdr.sgml**: 20230119

**ACCESSION NUMBER**: 0001393905-23-000032

**CONFORMED SUBMISSION TYPE**: SC 13D/A

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230119

**DATE AS OF CHANGE**: 20230119

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** I-Minerals Inc
- **CENTRAL INDEX KEY:** 0001405663
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **IRS NUMBER:** 204644299
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** SC 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-89452
- **FILM NUMBER:** 23537323

**BUSINESS ADDRESS:**
- **STREET 1:** 880-580 HORNBY STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6C 3B6
- **BUSINESS PHONE:** 877-303-6573

**MAIL ADDRESS:**
- **STREET 1:** 880-580 HORNBY STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6C 3B6

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** i minerals inc
- **DATE OF NAME CHANGE:** 20070705
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BALL ALLEN L
- **CENTRAL INDEX KEY:** 0001635988

**FILING VALUES:**
- **FORM TYPE:** SC 13D/A

**MAIL ADDRESS:**
- **STREET 1:** 5465 SOUTH 5TH W
- **CITY:** IDAHO FALLS
- **STATE:** ID
- **ZIP:** 83404

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| |
|:---|
| **SECURITIES AND EXCHANGE COMMISSION**<br> **WASHINGTON, D.C. 20549**<br>|
| **SCHEDULE 13D**<br>**UNDER THE SECURITIES EXCHANGE ACT OF 1934**<br> **(Amendment No. 2)\***<br>|
| **I-MINERALS INC.** |
| (Name of Issuer) |
| **Common Shares, without par value** |
| (Title of Class of Securities) |
| **44973V** |
| (CUSIP Number) |
| **BV NATURAL RESOURCES LLC** |
| (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) |
| **September 14, 2022** |
| (Date of Event Which Requires Filing of this Statement) |

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If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-l(e), 240.13d-l(f) or 240.13d-l (g), check the following box. ☐

\*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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| &nbsp;&nbsp;CUSIP No. 44973V | &nbsp;&nbsp;Schedule 13D | &nbsp;&nbsp;Page **2** of **11** |

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|:---|:---|:---|:---|:---|
| **1.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Names of Reporting Persons**<br>BV NATURAL RESOURCES LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Names of Reporting Persons**<br>BV NATURAL RESOURCES LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Names of Reporting Persons**<br>BV NATURAL RESOURCES LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Names of Reporting Persons**<br>BV NATURAL RESOURCES LLC |
| **2.** | **Check the Appropriate Box if a Member of a Group**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)☐ <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)☐  | **Check the Appropriate Box if a Member of a Group**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)☐ <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)☐  | **Check the Appropriate Box if a Member of a Group**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)☐ <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)☐  | **Check the Appropriate Box if a Member of a Group**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)☐ <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)☐  |
| **3.** | **Sec Use Only** | **Sec Use Only** | **Sec Use Only** | **Sec Use Only** |
| **4.** | **Source of Funds** WC & CO | **Source of Funds** WC & CO | **Source of Funds** WC & CO | **Source of Funds** WC & CO |
| **5.** | **Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)** ☐ | **Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)** ☐ | **Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)** ☐ | **Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)** ☐ |
| **6.** | **Citizenship or Place of Organization** Idaho | **Citizenship or Place of Organization** Idaho | **Citizenship or Place of Organization** Idaho | **Citizenship or Place of Organization** Idaho |
|  |  |  | **7.** | **Sole Voting Power**<br>N/A |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY EACH<br> REPORTING<br> PERSON WITH: | &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY EACH<br> REPORTING<br> PERSON WITH: | &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY EACH<br> REPORTING<br> PERSON WITH: |  |  |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY EACH<br> REPORTING<br> PERSON WITH: | &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY EACH<br> REPORTING<br> PERSON WITH: | &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY EACH<br> REPORTING<br> PERSON WITH: | **8.** | **Shared Voting Power**<br>36,803,890 common shares |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY EACH<br> REPORTING<br> PERSON WITH: | &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY EACH<br> REPORTING<br> PERSON WITH: | &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY EACH<br> REPORTING<br> PERSON WITH: |  |  |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY EACH<br> REPORTING<br> PERSON WITH: | &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY EACH<br> REPORTING<br> PERSON WITH: | &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY EACH<br> REPORTING<br> PERSON WITH: | **9.** | **Sole Dispositive Power**<br>N/A |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY EACH<br> REPORTING<br> PERSON WITH: | &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY EACH<br> REPORTING<br> PERSON WITH: | &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY EACH<br> REPORTING<br> PERSON WITH: |  |  |
|  |  |  | **10.** | **Shared Dispositive Power**<br>36,803,890 common shares |
| **11.** | **11.** | **Aggregate Amount Beneficially Owned by Each Reporting Person** 36,803,890 common shares | **Aggregate Amount Beneficially Owned by Each Reporting Person** 36,803,890 common shares | **Aggregate Amount Beneficially Owned by Each Reporting Person** 36,803,890 common shares |
| **12.** | **12.** | **Check if the Aggregate Amount in Row (11) Excludes Certain Shares** ☐ | **Check if the Aggregate Amount in Row (11) Excludes Certain Shares** ☐ | **Check if the Aggregate Amount in Row (11) Excludes Certain Shares** ☐ |
| **13.** | **13.** | **Percent of Class Represented by Amount in Row (11)** 39.3% | **Percent of Class Represented by Amount in Row (11)** 39.3% | **Percent of Class Represented by Amount in Row (11)** 39.3% |
| **14.** | **14.** | **Type of Reporting Person (See Instructions)**<br>OO | **Type of Reporting Person (See Instructions)**<br>OO | **Type of Reporting Person (See Instructions)**<br>OO |

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| &nbsp;&nbsp;CUSIP No. 44973V | &nbsp;&nbsp;Schedule 13D | &nbsp;&nbsp;Page **3** of **11** |

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**Amendment No. 2 to Schedule 13D**

This Amendment No. 2 (the "Amendment") amends and supplements the Schedule 13D originally filed with the Securities and Exchange Commission (the "SEC") by the undersigned on February 27, 2015, as amended on September 9, 2022 (as further amended hereby, the "Schedule 13D"). This Amendment reflects (a) that Allen L. Ball, a former director of I-MINERALS INC. ("I-Minerals" or the "Issuer"), is, as of September 30, 2022, no longer the beneficial owner of shares of the Issuer held by BV Natural Resources, LLC, an Idaho limited liability corporation ("BVNR" or "Reporting Person"), and (b) that BV Lending, LLC, an Idaho limited liability company and an affiliate of BVNR ("BV Lending"), has entered into a stock purchase agreement with Issuer dated September 14, 2022.

**ITEM 1.** **SECURITY AND ISSUER**

The class of equity securities to which this Schedule 13D Statement relates is common shares, without par value, of the Issuer. The principal executive office of the Issuer is Suite 880, 580 Hornby Street, Vancouver, BC V6C 3B6.

**ITEM 2.** **IDENTITY AND BACKGROUND**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Schedule 13D is being filed by: BVNR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The principal business address for each of the Reporting Persons is 2194 Snake River Parkway, Suite 300, Idaho Falls, ID 83402.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The principal business of BVNR is investing in businesses and securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Reporting Person has not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Reporting Person has not, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction where, as a result of such proceeding, the Reporting Person was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)BVNR was formed under the laws of the State of Idaho.

**ITEM 3.** **SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION**

Open Market Share Purchases

The Reporting Persons purchased approximately 826,500 common shares of the Issuer on the open market at an approximate cost of 137,699 USD.

Private Placements

The Reporting Persons acquired a total of 14,770,870 common shares of the Issuer for total proceeds of approximately 2,783,782 USD under private placement transactions with the Issuer.

Loan Agreements

The Issuer entered into loan agreements with BV Lending, LLC, an affiliate of BVNR, dating from September 2012 through the present day, and three of the loan agreements are currently outstanding. Under the terms of the loan agreements, the Reporting Person was issued the following securities of the Issuer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)9,417,924 common shares of the Issuer to settle accrued interest;

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| &nbsp;&nbsp;CUSIP No. 44973V | &nbsp;&nbsp;Schedule 13D | &nbsp;&nbsp;Page **4** of **11** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)3,066,900 common shares of the Issuer to settle outstanding indebtedness; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)7,247,112 common shares of the Issuer as bonuses for cash advances under certain loan agreements.

Exercise of Share Purchase Warrants

The Reporting Persons acquired 1,455,084 common shares of the Issuer for proceeds of 202,875 USD in connection with the exercise of previously granted share purchase warrants.

**ITEM 4.** **PURPOSE OF TRANSACTION**

Item 4 of Schedule 13D is supplemented and superseded as follows:

On September 14, 2022, I-Minerals entered into a stock purchase agreement (the "Stock Purchase Agreement") with BV Lending and the I-Mineral's subsidiary, i-minerals USA, Inc. ("i-minerals USA"), an Idaho company that owns the leases that comprise the Helmer-Bovill Property. Under the terms of the Stock Purchase Agreement, I-Minerals has agreed to sell all of the issued and outstanding common shares of i-minerals USA to BV Lending (the "Transaction").

In consideration of all of the issued and outstanding shares of i-minerals USA, each of I-Minerals and BV Lending agreed that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Immediately prior to closing of the Transaction, I-Minerals will contribute to i-minerals USA an intercompany debt owed by i-minerals USA to I-Minerals in the amount of approximately US$25.7 million, resulting in the cancellation of the outstanding indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·At the closing of the Transaction, I-Minerals will sell all of the shares of i-minerals USA to BV Lending for an amount equal to $3,000,000 (the "Share Value").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Share Value will be satisfied by BV Lending on a non-cash basis by the set off of an equal amount of debt owed by I-Minerals to BV Lending (the "Set Off").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Immediately following the Set Off, BV Lending will transfer to I-Minerals the balance of the debt owed by I-Minerals to BV Lending (which debt was approximately US$35.4 million before the Set Off).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Previously entered into loan agreements dated June 1, 2016, September 11, 2018 and October 25, 2019 among I-Minerals, BV Lending and i-minerals USA, including all security granted thereunder, will be terminated and/or discharged

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·I-Minerals will be subject to non-competition and non-solicitation covenants in favor of BV Lending for a period of five years commencing on closing of the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Transaction is subject to the approval of the Transaction by shareholders of I-Minerals (the "Shareholders") and the TSX Venture Exchange.

As part of the Transaction, BV Lending has agreed to pay taxes that will become payable by I-Minerals as a result of the Transaction (approximately US$450,000). In consideration for such payment by BV Lending, I-Minerals will issue a promissory note in favor of BV Lending for the amount of the taxes so paid. The promissory note will be repaid out of any refund received by I-Minerals from the applicable government agency.

Following the completion of the Transaction, I-Minerals will not have any mineral properties due to the sale of i-minerals USA, which owns the Helmer-Bovill Property. Accordingly, I-Minerals will need to identify and, if successful, acquire a new business.

Closing of the Transaction is subject to a number of key conditions including shareholder approval, TSX Venture Exchange approval, no more than 5% of the shareholders exercising their dissenting rights and other such other conditions that are customary for this type of Transaction.

BV Lending was founded by Mr. Allen L. Ball, a former director of I-Minerals, and is an affiliate of BVNR.

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| &nbsp;&nbsp;CUSIP No. 44973V | &nbsp;&nbsp;Schedule 13D | &nbsp;&nbsp;Page **5** of **11** |

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**ITEM 5.** **INTEREST IN SECURITIES OF THE ISSUER**

(a)Aggregate Beneficial Ownership:

As of the date of this Report, the Reporting Persons beneficially owned the following securities of the Issuer:

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|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Title of Security** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Percentage of Shares of**<br> **Common Stock<sup>\*</sup>** |
| &nbsp;&nbsp;BV Natural Resources LLC | &nbsp;&nbsp;Common Shares | &nbsp;&nbsp;**36803890** | &nbsp;&nbsp;39.3% |

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\*As of September 19, 2022, the Issuer had 93,730,212 shares of common stock issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Power to Vote and Dispose of the Issuer Shares:

BVNR has voting and dispositive power with respect to all of the securities of the Issuer beneficially owned by the Reporting Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Transactions Effected During the Past 60 Days:

The information required by this Item 5(c) is provided in Items 3 and 4 of this information statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Right of Others to Receive Dividends or Proceeds of Sale:

No person has the right to receive or the power to direct the receipt of dividends or the proceeds from the sale of the Shares other than the Reporting Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Date Ceased to be the Beneficial Owner of More Than Five Percent:

Not Applicable.

**ITEM 6.** **CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER**

The information provided in Item 4 is incorporated by this reference.

The Issuer had three loan agreements with $34,855,516 in indebtedness as of April 30, 2022, with BV Lending (the "Lender"). All outstanding indebtedness is due and payable on December 31, 2022. The Lender may negotiate additional loan repayment extensions with the Issuer but has no obligation to do so.

All three loan agreements accrue any interest due as an advance, unless the Lender elects with due notice to have the interest paid in cash or shares of the Issuer. The 2016 Loan Agreement ("First, Second and Third Promissory Notes"), the 2018 Loan Agreement ("Fifth Promissory Notes"), and the 2019 Loan Agreement ("Sixth Promissory Notes") accrue interest at annual rates of 12%, 14%, and 14%, respectively. On July 15, 2021, the interest rate was decreased to 0.13% per annum effective May 1, 2021 for no consideration.

The 2016 and 2018 loan agreements awarded finance fees in the form of shares and/or warrants of the Issuer to an affiliate of the Lender at a specified rate for each cash advance.

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| &nbsp;&nbsp;CUSIP No. 44973V | &nbsp;&nbsp;Schedule 13D | &nbsp;&nbsp;Page **6** of **11** |

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*First, Second and Third Promissory Notes*

On September 13, 2013, January 27, 2014 and December 4, 2014, I-Minerals entered into agreements with BV Lending LLC, a company controlled by Allen L. Ball, a director of our Company (the "Lender") pursuant to which $5,787,280 was advanced to I-Minerals in tranches (the "First Promissory Notes"). On February 18, 2015 and December 1, 2015, I-Minerals entered into agreements with the Lender pursuant to which $5,457,000 was advanced to I-Minerals in tranches (the "Second Promissory Notes"). On June 1, 2016, October 25, 2017, January 19, 2018 and March 30, 2018, I-Minerals entered into agreements with the Lender pursuant to which $4,045,000 was advanced to I-Minerals in tranches (the "Third Promissory Notes"). In addition, the First Promissory Notes and the Second Promissory Notes were amended and combined with the Third Promissory Notes with a modified maturity date of March 31, 2019.

On October 25, 2017, I-Minerals entered into an amending agreement with the Lender to extend the maturity date of the outstanding Promissory Notes from December 2, 2017 to March 31, 2019. In consideration for the extension, I-Minerals agreed to pay a 1% extension fee in the amount of $168,152 with the fee deemed as advances (not subject to bonus shares or bonus warrants). On March 27, 2019, an amending agreement was entered into extending the maturity date of the Promissory Notes from March 31, 2019 to June 30, 2019 for no consideration. On June 28, 2019, the Third Promissory Notes maturity date was extended to October 31, 2019. On October 25, 2019, I-Minerals entered into an amending agreement with the Lender extending the maturity date of the Third Promissory Notes, for no consideration to the earlier of (i) June 30, 2020 and (ii) 60 days after a pre-feasibility study has been filed on SEDAR. Through a series of amendments, the maturity date was extended to February 15, 2023. In addition, the interest rate was decreased to 0.13% per annum effective May 1, 2021 from 12% to 14%.

Certain conditions may result in early repayment including immediate repayment in the event a person currently not related to I-Minerals acquires more than 40% of the outstanding common shares of I-Minerals.

The Third Promissory Notes bear interest at the rate of 0.13% per annum and during the year ended April 30, 2022, I-Minerals recorded interest of $32,880 (2021 - $3,048,758). Interest is payable semi-annually as calculated on May 31st and November 30th of each year. Interest is to be paid either in cash, in common shares or deemed an advance of principal at the option of the Lender. A 5% late payment penalty may apply if payment is not paid within ten days after the due date. During the year ended April 30, 2022, the Lender elected to have interest payable from December 1, 2020 to November 30, 2021 of $1,331,675 deemed as advances.

*Fifth Promissory Notes*

On September 11, 2018, I-Minerals entered into a Loan Agreement the Lender pursuant to which up to $2,500,000 will be advanced to I-Minerals in tranches (the "Fifth Promissory Notes"). As at April 30, 2020, I-Minerals had received $2,500,000 in advances pursuant to the Fifth Promissory Notes. The Fifth Promissory Notes were due on December 31, 2019. On October 25, 2019, I-Minerals entered into an amending agreement with the Lender extending the maturity date for both notes, for no consideration, to the earlier of (i) June 30, 2020 and (ii) 60 days after a pre-feasibility study has been filed on SEDAR. In addition, the interest rate was decreased to 0.13% per annum effective May 1, 2021 from 12% to 14%.

The Fifth Promissory Notes bear interest at the rate of 0.13% per annum payable semi-annually as calculated on May 31st and November 30th of each year. Interest is to be paid either in cash, in common shares or deemed an advance of principal at the option of the Lender. During the year ended April 30, 2022 I-Minerals recorded interest of $4,017 (2021 - $428,415). The lender elected to have interest payable of $187,867 from December 1, 2020 to November 30, 2021 deemed as advances.

I-Minerals and the Lender agreed that the Lender is to receive bonus shares equal to 6% of each loan tranche advanced under the Fifth Promissory Notes divided by I-Minerals' common share market price up to a maximum of 1,054,097 bonus shares. During the year ended April 30, 2020, I-Minerals issued 1,054,097 bonus shares to the Lender at the fair value of $106,858. The fair value of the bonus shares was determined by reference to the trading price of I-Minerals' common shares on the date the advances were received.

The aggregate finance fees (bonus shares) are recorded against the promissory notes balance and are being

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| &nbsp;&nbsp;CUSIP No. 44973V | &nbsp;&nbsp;Schedule 13D | &nbsp;&nbsp;Page **7** of **11** |

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amortized to the Statement of Loss over the life of the promissory notes using the effective interest method. The accretion expense in respect of the debt discount recorded on the issuance of bonus shares totaled $nil for the year ended April 30, 2021 (2021 - $nil). The unamortized debt discount as at April 30, 2022 is $nil (2021 – $nil).

*Sixth Promissory Notes*

On October 25, 2019, I-Minerals entered into a Loan Agreement with the Lender pursuant to which up to $700,000 will be advanced to I-Minerals in tranches (the "Sixth Promissory Notes"). On January 20, 2020 and July 8, 2020, I-Minerals entered into amending agreements whereby the Lender agreed to advance an additional $600,000 and $1,200,000, respectively, under the same terms as the Sixth Promissory Notes. As at April 30, 2022, I-Minerals had received $3,350,000 in advances pursuant to the Sixth Promissory Notes. Subsequent to April 30, 2022, I-Minerals received $125,000 pursuant to the Sixth Promissory Notes.

The Sixth Promissory Notes were due on the earlier of (i) June 30, 2020 and (ii) 60 days after a pre-feasibility study has been filed on SEDAR. On June 4, 2020, the promissory notes were extended to December 15, 2020 for no consideration. The interest rate was decreased to 0.13% per annum effective May 1, 2021 from 12% to 14%; on June 14, 2022, the Lender agreed to advance an additional $450,000, under the same terms as the Sixth Promissory Notes; and through a series of amendments, the maturity date was extended to February 15, 2023.

The Sixth Promissory Notes bear interest at the rate of 0.13% per annum and during the year ended April 30, 2022, I-Minerals recorded interest of $3,725 (2021 - $248,064). Interest is payable semi-annually as calculated on May 31st and November 30th of each year. Interest is to be paid either in cash, in common shares or deemed an advance of principal at the option of the Lender. A 5% late payment penalty may apply if payment is not paid within ten days after the due date. During the year ended April 30, 2022, the Lender elected to have interest payable from December 1, 2020 to November 30, 2021 of $127,921 deemed as advances.

The Third Promissory Notes, the Fifth Promissory Notes and the Sixth Promissory Notes are collateralized by I-Minerals' Helmer-Bovill Property.

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| &nbsp;&nbsp;CUSIP No. 44973V | &nbsp;&nbsp;Schedule 13D | &nbsp;&nbsp;Page **8** of **11** |

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**ITEM 7.** **MATERIAL TO BE FILED AS EXHIBITS**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Exhibit** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;[2.1](http://www.sec.gov/Archives/edgar/data/1405663/000139390522000352/imahf_ex1021.htm) | &nbsp;&nbsp;Stock Purchase Agreement dated September 14, 2022<sup>(21)</sup> |
| &nbsp;&nbsp;[10.1](http://www.sec.gov/Archives/edgar/data/1405663/000147237514000367/exhibit10-7.htm) | &nbsp;&nbsp;Loan Agreement dated September 13, 2013 between the Company and BV Lending LLC.<sup>(1)</sup> |
| &nbsp;&nbsp;[10.2](http://www.sec.gov/Archives/edgar/data/1405663/000147237515000066/exhibit10-1.htm) | &nbsp;&nbsp;Loan Agreement dated February 18, 2015 between the Company and BV Lending LLC.<sup>(2)</sup> |
| &nbsp;&nbsp;[10.3](http://www.sec.gov/Archives/edgar/data/1405663/000147237515000260/exhibit10-1.htm) | &nbsp;&nbsp;Amendment Agreement dated December 1, 2015 between the Company and BV Lending LLC.<sup>(3)</sup> |
| &nbsp;&nbsp;[10.4](http://www.sec.gov/Archives/edgar/data/1405663/000147237516000418/exhibit10-12.htm) | &nbsp;&nbsp;Loan Agreement dated June 1, 2016 between the Company and BV Lending LLC.<sup>(4)</sup> |
| &nbsp;&nbsp;[10.5](http://www.sec.gov/Archives/edgar/data/1405663/000147237517000133/exhibit10-13.htm) | &nbsp;&nbsp;Amending Agreement dated October 25, 2017 between the Company and BV Lending LLC.<sup>(5)</sup> |
| &nbsp;&nbsp;10.6 | &nbsp;&nbsp;Amending Agreement dated January 18, 2018 between the Company and BV Lending LLC.<sup>(6)</sup> |
| &nbsp;&nbsp;[10.7](http://www.sec.gov/Archives/edgar/data/1405663/000147237518000093/exhibit10-15.htm) | &nbsp;&nbsp;Amending Agreement dated March 20, 2018 between the Company and BV Lending LLC.<sup>(7)</sup> |
| &nbsp;&nbsp;[10.8](http://www.sec.gov/Archives/edgar/data/1405663/000147237518000116/exhibit10-18.htm) | &nbsp;&nbsp;Loan Agreement dated September 11, 2018 between the Company and BV Lending LLC.<sup>(8)</sup> |
| &nbsp;&nbsp;[10.9](http://www.sec.gov/Archives/edgar/data/1405663/000147237519000040/exhibit10-19.htm) | &nbsp;&nbsp;Amending Agreement dated March 27, 2019 between the Company and BV Lending LLC<sup>(9)</sup> |
| &nbsp;&nbsp;[10.10](http://www.sec.gov/Archives/edgar/data/1405663/000147237519000040/exhibit10-20.htm) | &nbsp;&nbsp;Amending Agreement dated June 28, 2019 between the Company and BV Lending LLC<sup>(9)</sup> |
| &nbsp;&nbsp;[10.11](http://www.sec.gov/Archives/edgar/data/1405663/000147237519000061/exhibit10-1.htm) | &nbsp;&nbsp;Loan Agreement dated October 25, 2019 between the Company and BV Lending LLC.<sup>(10)</sup> |
| &nbsp;&nbsp;[10.12](http://www.sec.gov/Archives/edgar/data/1405663/000147237519000072/exhibit10-21.htm) | &nbsp;&nbsp;Amending Agreement dated October 25, 2019 between the Company and BV Lending LLC.<sup>(11)</sup> |
| &nbsp;&nbsp;[10.13](http://www.sec.gov/Archives/edgar/data/1405663/000147237519000072/exhibit10-22.htm) | &nbsp;&nbsp;Amending Agreement dated October 25, 2019 between the Company and BV Lending LLC.<sup>(11)</sup> |
| &nbsp;&nbsp;[10.14](http://www.sec.gov/Archives/edgar/data/1405663/000147237520000011/exhibit10-24.htm) | &nbsp;&nbsp;Amending Agreement dated January 20, 2020 between the Company and BV Lending LLC.<sup>(12)</sup> |
| &nbsp;&nbsp;[10.15](http://www.sec.gov/Archives/edgar/data/1405663/000147237520000037/exhibit10-25.htm) | &nbsp;&nbsp;Amending Agreements dated June 4, 2020 between the Company and BV Lending LLC.<sup>(13)</sup> |
| &nbsp;&nbsp;[10.16](http://www.sec.gov/Archives/edgar/data/1405663/000147237520000037/exhibit10-26.htm) | &nbsp;&nbsp;Amending Agreement dated July 8, 2020 between the Company and BV Lending LLC.<sup>(13)</sup> |
| &nbsp;&nbsp;[10.17](http://www.sec.gov/Archives/edgar/data/1405663/000147237520000070/exhibit10-27.htm) | &nbsp;&nbsp;Amending Agreements dated December 3, 2020 between the Company and BV Lending LLC.<sup>(14)</sup> |
| &nbsp;&nbsp;[10.18](http://www.sec.gov/Archives/edgar/data/1405663/000147237521000015/exhibit10-28.htm) | &nbsp;&nbsp;Amending Agreements dated March 9, 2021 between the Company and BV Lending LLC.<sup>(15)</sup> |
| &nbsp;&nbsp;[10.19](http://www.sec.gov/Archives/edgar/data/1405663/000147237521000073/exhibit10-29.htm) | &nbsp;&nbsp;Amending Agreements dated July 15, 2021 between the Company and BV Lending LLC.<sup>(16)</sup> |
| &nbsp;&nbsp;[10.20](http://www.sec.gov/Archives/edgar/data/1405663/000139390522000352/imahf_ex1020.htm) | &nbsp;&nbsp;Amending Agreements Dated August 13, 2021 between the Company and BV Lending LLC.<sup>(19)</sup> |
| &nbsp;&nbsp;[10.21](http://www.sec.gov/Archives/edgar/data/1405663/000139390522000352/imahf_ex1021.htm) | &nbsp;&nbsp;Amending Agreements Dated September 13, 2021 between the Company and BV Lending LLC.<sup>(19)</sup> |
| &nbsp;&nbsp;[10.22](http://www.sec.gov/Archives/edgar/data/1405663/000139390522000352/imahf_ex1022.htm) | &nbsp;&nbsp;Amending Agreements Dated October 13, 2021 between the Company and BV Lending LLC.<sup>(19)</sup> |
| &nbsp;&nbsp;[10.23](http://www.sec.gov/Archives/edgar/data/1405663/000147237521000155/exhibit10-30.htm) | &nbsp;&nbsp;Amending Agreements dated November 15, 2021 between the Company and BV Lending LLC.<sup>(17)</sup> |
| &nbsp;&nbsp;[10.24](http://www.sec.gov/Archives/edgar/data/1405663/000139390522000352/imahf_ex1024.htm) | &nbsp;&nbsp;Amending Agreements Dated December 15, 2021 between the Company and BV Lending LLC.<sup>(19)</sup> |
| &nbsp;&nbsp;[10.25](http://www.sec.gov/Archives/edgar/data/1405663/000139390522000352/imahf_ex1025.htm) | &nbsp;&nbsp;Amending Agreements Dated January 13, 2022 between the Company and BV Lending LLC.<sup>(19)</sup> |
| &nbsp;&nbsp;[10.26](http://www.sec.gov/Archives/edgar/data/1405663/000139390522000352/imahf_ex1026.htm) | &nbsp;&nbsp;Amending Agreements Dated February 15, 2022 between the Company and BV Lending LLC.<sup>(19)</sup> |
| &nbsp;&nbsp;[10.27](http://www.sec.gov/Archives/edgar/data/1405663/000147237522000031/exhibit10-31.htm) | &nbsp;&nbsp;Amending Agreements dated March 21, 2022 between the Company and BV Lending LLC.<sup>(18)</sup> |
| &nbsp;&nbsp;[10.28](http://www.sec.gov/Archives/edgar/data/1405663/000139390522000352/imahf_ex1028.htm) | &nbsp;&nbsp;Amending Agreements dated April 14, 2022 between the Company and BV Lending LLC.<sup>(19)</sup> |
| &nbsp;&nbsp;[10.29](http://www.sec.gov/Archives/edgar/data/1405663/000139390522000352/imahf_ex1029.htm) | &nbsp;&nbsp;Amending Agreements dated June 14, 2022 between the Company and BV Lending LLC.<sup>(19)</sup> |
| &nbsp;&nbsp;[10.30](imahf_ex1030.htm) | &nbsp;&nbsp;Amending Agreements dated September 15, 2022 between the Company and BV Lending LLC. |
| &nbsp;&nbsp;[10.31](imahf_ex1031.htm) | &nbsp;&nbsp;Amending Agreements dated December 31, 2022 between the Company and BV Lending LLC. |
| &nbsp;&nbsp;[99.1](http://www.sec.gov/Archives/edgar/data/1405663/000147237516000330/sched13d.htm) | &nbsp;&nbsp;Joint Filing Agreement dated as of March 9, 2016 among Allen Ball and BV Natural Resources LLC.<sup>(20)</sup> |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Filed as an exhibit to Issuer's Registration Statement on Form 10/A filed with the SEC on December 24, 2014.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Filed as an exhibit to Issuer's Current Report on Form 8-K filed with the SEC on March 11, 2015.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Filed as an exhibit to Issuer's Current Report on Form 8-K filed with the SEC on December 7, 2015.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Filed as an exhibit to Issuer's Form 10-Q filed with the SEC on September 14, 2016.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Filed as an exhibit to Issuer's Form 10-Q filed with the SEC on December 15, 2017.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Filed as an exhibit to Issuer's Form 10-Q filed with the SEC on March 14, 2018.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)Filed as an exhibit to Issuer's Form 10-K filed with the SEC on August 3, 2018.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)Filed as an exhibit to Issuer's Form 10-Q filed with the SEC on September 14, 2018.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)Filed as an exhibit to Issuer's Form 10-K filed with the SEC on July 19, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)Filed as an exhibit to Issuer's Current Report on Form 8-K filed with the SEC on November 8, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)Filed as an exhibit to Issuer's Form 10-Q filed with the SEC on December 16, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)Filed as an exhibit to Issuer's Form 10-Q filed with the SEC on March 13, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)Filed as an exhibit to Issuer's Form 10-K filed with the SEC on July 28, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14)Filed as an exhibit to Issuer's Form 10-Q filed with the SEC on December 14, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15)Filed as an exhibit to Issuer's Form 10-Q filed with the SEC on March 16, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16)Filed as an exhibit to Issuer's Form 10-K filed with the SEC on August 11, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17)Filed as an exhibit to Issuer's Form 10-Q filed with the SEC on December 15, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18)Filed as an exhibit to Issuer's Form 10-Q filed with the SEC on March 24, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19)Filed as an exhibit to the Schedule D/A filed with the SEC on September 9, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20)Filed as an exhibit to the Schedule D filed April 12, 2016

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21)Filed as Exhibit 10.1 to the Issuer's Form 8-K filed with the SEC on September 19, 2022

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;CUSIP No. 44973V | &nbsp;&nbsp;Schedule 13D | &nbsp;&nbsp;Page **9** of **11** |

---

------

**SIGNATURE**

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**BV NATURAL RESOURCES LLC** |
| &nbsp;&nbsp;Dated: January 18, 2023 |  |
|  | &nbsp;&nbsp;By: Ball Ventures, LLC, an Idaho limited liability company, the Member |
|  | &nbsp;&nbsp;By: BV Management Services, Inc., an Idaho corporation, the Manager |
|  | &nbsp;&nbsp;By: */s/ Cortney Liddiard* |
|  | &nbsp;&nbsp;Cortney Liddiard, President |
| &nbsp;&nbsp;Dated: January 18, 2023 | &nbsp;&nbsp;*/s/ Allen L. Ball* |
|  | &nbsp;&nbsp;Allen L. Ball |

---

## Exhibit 10.30

------

THIS TWENTY-FIRST AMENDING AGREEMENT is made as of September 15, 2022.

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 300, 2194 Snake River Parkway, 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"), 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"), as amended by an amending agreement dated June 15, 2021 (hereinafter called the "Ninth Amending Agreement"), as amended by an amending agreement dated July 15, 2021 (hereinafter called the "Tenth Amending Agreement"), as amended by an amending agreement dated August 13, 2021 (hereinafter called the "Eleventh Amending Agreement"), as amended by an amending agreement dated September 13, 2021 (hereinafter called the "Twelfth Amending Agreement"), as amended by an amending agreement dated October 13, 2021 (hereinafter called the "Thirteenth Amending Agreement"), as amended by an amending agreement dated November 15, 2021 (hereinafter called the "Fourteenth Amending Agreement"), as amended by an amending agreement dated December 15, 2021 (hereinafter called the

------

"Fifteenth Amending Agreement"), as amended by an amending agreement dated January 13, 2022 (hereinafter called the "Sixteenth Amending Agreement"), as amended by an amending agreement dated February 15, 2022 (hereinafter called the "Seventeenth Amending Agreement"), as amended by an amending agreement dated March 21, 2022 (hereinafter called the "Eighteenth Amending Agreement"), as amended by an amending agreement dated April 14, 2022 (hereinafter called the "Nineteenth Amending Agreement"), and as amended by an amending agreement dated June 14, 2022 (hereinafter called the "Twentieth 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, the Ninth Amending Agreement, the Tenth Amending Agreement, the Eleventh Amending Agreement, the Twelfth Amending Agreement, the Thirteenth Amending Agreement, the Fourteenth Amending Agreement, the Fifteenth Amending Agreement, the Sixteenth Amending Agreement, the Seventeenth Amending Agreement, the Eighteenth Amending Agreement, the Nineteenth Amending Agreement, and the Twentieth 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 further amend certain of the provisions of the Loan Agreement on the terms and conditions hereinafter set forth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 TWENTY-FIRST 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Paragraph 2.01 is hereby amended by deleting the amount "$3,925,000" and replacing such amount with "$4,375,000".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Paragraph 2.08(g) is hereby amended to read as follows:

"(g)With respect to each of the Sixteenth Advance, Seventeenth Advance, Eighteenth Advance, Nineteenth Advance, Twentieth Advance, Twenty-First Advance, Twenty-Second Advance, Twenty-Third Advance, Twenty-Fourth Advance, Twenty-Fifth Advance, Twenty-Sixth Advance and Twenty-Seventh Advance as set forth on Schedule A, the Company shall have requested each such Advance in writing and BV shall have expressly consented in writing to making such Advance in its sole and absolute discretion."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Paragraph 6.01 is replaced in its entirety with the following:

------

"6.01The parties agree that the Company will repay the Indebtedness on December 31, 2022."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Schedule A to the Loan Agreement is hereby amended to read as follows:

**SCHEDULE A**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;2019 | &nbsp;&nbsp;2019 | &nbsp;&nbsp;2019 | &nbsp;&nbsp;2019 | &nbsp;&nbsp;2019 | &nbsp;&nbsp;2019 |
|  |  |  | &nbsp;&nbsp;October<br> (First Advance) | &nbsp;&nbsp;November<br> (Second Advance | &nbsp;&nbsp;December<br> Third Advance) |
|  |  |  | &nbsp;&nbsp;$250000 | &nbsp;&nbsp;$250000 | &nbsp;&nbsp;$200000 |
| &nbsp;&nbsp;2020 | &nbsp;&nbsp;2020 | &nbsp;&nbsp;2020 | &nbsp;&nbsp;2020 | &nbsp;&nbsp;2020 | &nbsp;&nbsp;2020 |
| &nbsp;&nbsp;February<br> (Fourth Advance) | &nbsp;&nbsp;March<br> (Fifth Advance) | &nbsp;&nbsp;April<br> (Sixth Advance) | &nbsp;&nbsp;July<br> (Seventh Advance) | &nbsp;&nbsp;August<br> (Eighth Advance) | &nbsp;&nbsp;September<br> (Ninth Advance) |
| &nbsp;&nbsp;up to $200,000 | &nbsp;&nbsp;up to $200,000 | &nbsp;&nbsp;up to $200,000 | &nbsp;&nbsp;up to $150,000 | &nbsp;&nbsp;up to $200,000 | &nbsp;&nbsp;up to $200,000 |
| &nbsp;&nbsp;October<br> (Tenth Advance) | &nbsp;&nbsp;November<br> (Eleventh Advance) | &nbsp;&nbsp;December<br> (Twelfth Advance) |  |  |  |
| &nbsp;&nbsp;up to $200,000 | &nbsp;&nbsp;up to $200,000 | &nbsp;&nbsp;up to $250,000 |  |  |  |
| &nbsp;&nbsp;2021 | &nbsp;&nbsp;2021 | &nbsp;&nbsp;2021 | &nbsp;&nbsp;2021 | &nbsp;&nbsp;2021 | &nbsp;&nbsp;2021 |
| &nbsp;&nbsp;July<br> (Thirteenth Advance) | &nbsp;&nbsp;August<br> (Fourteenth Advance) | &nbsp;&nbsp;November<br> (Fifteenth Advance) | &nbsp;&nbsp;December<br> (Sixteenth Advance) |  |  |
| &nbsp;&nbsp;up to $112,500 | &nbsp;&nbsp;up to $112,500 | &nbsp;&nbsp;up to $125,000 | &nbsp;&nbsp;up to $125,000 |  |  |
| &nbsp;&nbsp;2022 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2022 |
| &nbsp;&nbsp;January<br> (Seventeenth Advance) | &nbsp;&nbsp;February<br> (Eighteenth Advance) | &nbsp;&nbsp;March<br> (Nineteenth Advance) | &nbsp;&nbsp;April<br> (Twentieth Advance) | &nbsp;&nbsp;June (Twenty-First Advance) | &nbsp;&nbsp;July (Twenty-Second Advance) |
| &nbsp;&nbsp;up to $125,000 | &nbsp;&nbsp;up to $125,000 | &nbsp;&nbsp;up to $125,000 | &nbsp;&nbsp;up to $125,000 | &nbsp;&nbsp;up to $150,000 | &nbsp;&nbsp;up to $150,000 |
| &nbsp;&nbsp;August (Twenty-Third Advance) | &nbsp;&nbsp;September (Twenty-Fourth Advance) | &nbsp;&nbsp;October (Twenty-Fifth Advance) | &nbsp;&nbsp;November (Twenty-Sixth Advance) | &nbsp;&nbsp;December<br> (Twenty-Seventh Advance) |  |
| &nbsp;&nbsp;up to $150,000 | &nbsp;&nbsp;up to $120,000 | &nbsp;&nbsp;up to $120,000 | &nbsp;&nbsp;up to $120,000 | &nbsp;&nbsp;up to $90,000 |  |

---

2. Except as amended by this Twenty-First 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 Twenty-First Amending Agreement.

------

4. This Twenty-First 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 Twenty-First 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 Twenty-First Amending Agreement or any other writing by any party hereto will not become effective until each party hereto has executed a counterpart of this Twenty-First 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 Twenty-First 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 Twenty-First Amending Agreement.

6. This Twenty-First 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 Twenty-First Amending Agreement as of the day and year first above written.

**Executed by**

**I-Minerals Inc.**

in the presence of:

*/s/ John Theobald*

Authorized Signatory

**Executed by**

**i-minerals USA Inc.**

in the presence of:

*/s/ John Theobald* 

Authorized Signatory

**Executed by**

**BV Lending, LLC**

By: Ball Ventures, LLC, an Idaho limited

liability company, the Member

By: BV Management Services, Inc., an Idaho

corporation, the Manager

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per: */s/ Cortney Liddiard*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cortney Liddiard, President

------

DATED:September 15, 2022

**Between:**

**I-Minerals Inc.**

**OF THE FIRST PART**

**And:**

**i-minerals USA Inc.**

**OF THE SECOND PART**

**And:**

**BV Lending, LLC**

**OF THE THIRD PART**

**TWENTY-FIRST AMENDING AGREEMENT**

**Tupper Jonsson & Yeadon**

**1710 - 1177 West Hastings Street**

**Vancouver, B. C.**

**V6E 2L3**

**Telephone: (604) 640-6355**

------

**THIS AGREEMENT** is dated September 15, 2022.

**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 300, 2194 Snake River Parkway, Idaho Falls, Idaho, U.S.A. 83402

(hereinafter called "BV")

**OF THE SECOND PART**

**WHEREAS:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.The Loan Agreement and the 2018 Loan Agreement are hereinafter collectively referred to as the "Loan Agreements";

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated June 4, 2020, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until December 15, 2020;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated December 3, 2020, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until March 15, 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated March 9, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until April 15, 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated April 15, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until May 15, 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated May 10, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until June 15, 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated June 15, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until July 15, 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated July 15, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until August 15, 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated August 13, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until September 15, 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated September 13, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until October 15, 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated October 13, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until November 15, 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated November 15, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until December 15, 2021;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated December 15, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until January 15, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated January 13, 2022, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until February 15, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated February 15, 2022, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until April 15, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated April 14, 2022, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until June 15, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated June 14, 2022, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until September 15, 2022; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.The parties have agreed to further 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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01Notwithstanding 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 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Notices**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01All 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:

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**I-Minerals Inc.**

Suite 880 – 580 Hornby Street

Vancouver, British Columbia, Canada

V6C 3B6

**Attention: Barry Girling, Director**

Email: wbg@imineralsinc.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)if to BV:

**BV Lending, LLC**

P.O. Box 51298

Idaho Falls, ID 83405

2194 Snake River Parkway

Suite 300

Idaho Falls, ID 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, ID 83405

2194 Snake River Parkway

Suite 300

Idaho Falls, ID 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Time of the Essence**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01Time shall be of the essence of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **U.S. Dollars**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Headings**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Singular and Plural, etc.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.01Where 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Entire Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.01This 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Severability**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.01The 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Governing Law**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.01This 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Dispute Resolution**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.01If 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

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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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.01The 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Further Assurances**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.01Each 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Effective Date**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Counterparts and Facsimile**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.01This 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:

*/s/ John Theobald*

Authorized Signatory

**Executed by**

**BV Lending, LLC**

By: Ball Ventures, LLC, an Idaho limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;liability company, the Member

By: BV Management Services, Inc., an

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho corporation, the Manager

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per: */s/ Cortney Liddiard*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cortney Liddiard, President

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DATED:September 15, 2022

**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**

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## Exhibit 10.31

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THIS TWENTY-SECOND AMENDING AGREEMENT is made as of December 31, 2022.

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 300, 2194 Snake River Parkway, 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"), 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"), as amended by an amending agreement dated June 15, 2021 (hereinafter called the "Ninth Amending Agreement"), as amended by an amending agreement dated July 15, 2021 (hereinafter called the "Tenth Amending Agreement"), as amended by an amending agreement dated August 13, 2021 (hereinafter called the "Eleventh Amending Agreement"), as amended by an amending agreement dated September 13, 2021 (hereinafter called the "Twelfth Amending Agreement"), as amended by an amending agreement dated October 13, 2021 (hereinafter called the "Thirteenth Amending Agreement"), as amended by an amending agreement dated November 15, 2021 (hereinafter called the "Fourteenth Amending Agreement"), as amended by an amending agreement dated December 15, 2021 (hereinafter called the

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"Fifteenth Amending Agreement"), as amended by an amending agreement dated January 13, 2022 (hereinafter called the "Sixteenth Amending Agreement"), as amended by an amending agreement dated February 15, 2022 (hereinafter called the "Seventeenth Amending Agreement"), as amended by an amending agreement dated March 21, 2022 (hereinafter called the "Eighteenth Amending Agreement"), as amended by an amending agreement dated April 14, 2022 (hereinafter called the "Nineteenth Amending Agreement"), as amended by an amending agreement dated June 14, 2022 (hereinafter called the "Twentieth Amending Agreement"), and as amended by an amending agreement dated September 15, 2022 (hereinafter called the "Twenty-First 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, the Ninth Amending Agreement, the Tenth Amending Agreement, the Eleventh Amending Agreement, the Twelfth Amending Agreement, the Thirteenth Amending Agreement, the Fourteenth Amending Agreement, the Fifteenth Amending Agreement, the Sixteenth Amending Agreement, the Seventeenth Amending Agreement, the Eighteenth Amending Agreement, the Nineteenth Amending Agreement, the Twentieth Amending Agreement, and the Twenty-First 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 further amend certain of the provisions of the Loan Agreement on the terms and conditions hereinafter set forth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 TWENTY-SECOND 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Paragraph 6.01 is replaced in its entirety with the following:

"6.01The parties agree that the Company will repay the Indebtedness on February 15, 2023."

2. Except as amended by this Twenty-Second 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 Twenty-Second Amending Agreement.

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4. This Twenty-Second 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 Twenty-Second 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 Twenty-Second Amending Agreement or any other writing by any party hereto will not become effective until each party hereto has executed a counterpart of this Twenty-Second 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 Twenty-Second 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 Twenty-Second Amending Agreement.

6. This Twenty-Second 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.

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**IN WITNESS WHEREOF** the parties have executed and delivered this Twenty-Second Amending Agreement as of the day and year first above written.

**Executed by**

**I-Minerals Inc.**

in the presence of:

*/s/ John Theobald*

Authorized Signatory

**Executed by**

**i-minerals USA Inc.**

in the presence of:

*/s/ John Theobald*

Authorized Signatory

**Executed by**

**BV Lending, LLC**

By: Ball Ventures, LLC, an Idaho limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;liability company, the Member

By: BV Management Services, Inc., an Idaho

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;corporation, the Manager

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per: */s/ Cortney Liddiard*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cortney Liddiard, President

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DATED:December 31, 2022

**Between:**

**I-Minerals Inc.**

**OF THE FIRST PART**

**And:**

**i-minerals USA Inc.**

**OF THE SECOND PART**

**And:**

**BV Lending, LLC**

**OF THE THIRD PART**

**TWENTY-SECOND AMENDING AGREEMENT**

**Tupper Jonsson & Yeadon**

**1710 - 1177 West Hastings Street**

**Vancouver, B. C.**

**V6E 2L3**

**Telephone: (604) 640-6355**

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**THIS AGREEMENT** is dated December 31, 2022.

**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 300, 2194 Snake River Parkway, Idaho Falls, Idaho, U.S.A. 83402

(hereinafter called "BV")

**OF THE SECOND PART**

**WHEREAS:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.The Loan Agreement and the 2018 Loan Agreement are hereinafter collectively referred to as the "Loan Agreements";

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated June 4, 2020, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until December 15, 2020;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated December 3, 2020, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until March 15, 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated March 9, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until April 15, 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated April 15, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until May 15, 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated May 10, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until June 15, 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated June 15, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until July 15, 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated July 15, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until August 15, 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated August 13, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until September 15, 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated September 13, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until October 15, 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated October 13, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until November 15, 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated November 15, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until December 15, 2021;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated December 15, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until January 15, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated January 13, 2022, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until February 15, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated February 15, 2022, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until April 15, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated April 14, 2022, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until June 15, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated June 14, 2022, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until September 15, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.Pursuant to paragraph 1.01 of an agreement between the Company and BV dated September 15, 2022, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until December 31, 2022; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V.The parties have agreed to further 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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01Notwithstanding 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 February 15, 2023.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Notices**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01All 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)if to BV:

**BV Lending, LLC**

P.O. Box 51298

Idaho Falls, ID 83405

2194 Snake River Parkway

Suite 300

Idaho Falls, ID 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, ID 83405

2194 Snake River Parkway

Suite 300

Idaho Falls, ID 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

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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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Time of the Essence**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01Time shall be of the essence of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **U.S. Dollars**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Headings**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Singular and Plural, etc.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.01Where 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Entire Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.01This 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Severability**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.01The 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Governing Law**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.01This 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Dispute Resolution**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.01If 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:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.01The 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Further Assurances**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.01Each 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Effective Date**

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Counterparts and Facsimile**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.01This 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:

*/s/ John Theobald* 

Authorized Signatory

**Executed by**

**BV Lending, LLC**

By: Ball Ventures, LLC, an Idaho limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;liability company, the Member

By: BV Management Services, Inc., an

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho corporation, the Manager

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per: */s/ Cortney Liddiard*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cortney Liddiard, President

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DATED:December 31, 2022

**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**

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