share distributionfiles.ctctcdn.com/dcc34a47201/df598302-3f0e-4878-8218-b7...table 1. resources from...

Project Overview 2

Risk Assessment 2

Upcoming Catalysts 3

Geology 5

Resources and PFS 6

Clays and Sands 101 8

Market Analysis 10

Valuation 14

Warrants & Option Details 15

Management Team 15

About the Author 17

Risk Rating Guidelines 17

Content Disclaimer 18

Inside this Report:

Volume 15-4

IMA Initiating Report

Published March 19th, 2015

Site Visit: NA

Capital Structure At Mar 18th, 2015

Market Capitalization $15.06 million

Shares Outstanding 79,255,728

Warrants 23,875,610

Options 5,135,000

Fully Diluted 108,266,338

Working Capital $500,000

Debt $5 million

Enterprise Value $10.5 million

Industrial minerals are not sexy like gold or silver but the right

project can make a fist-full of cash.

Thomas Conway, President & CEO of I-Minerals, previously

managed a number of Newmont’s gold mines. After recognizing a

golden opportunity in high-value sands and clays he took the

reins at I-Minerals.

The company’s Bovill Kaolin project in Idaho is a development-

stage open-pit mining operation which plans to produce quartz

sand, potassium feldspar sand, kaolinite clay, metakaolin clay

and hallosite clay.

The project has access to excellent infrastructure and has

eyebrow-raising economics with an after-tax NPV(6%) of US$212

million and a 30.5% IRR. Bovill has a minimum 25 year mine life

with a potential average EBITDA of $34 million/yr.

Clean and cheap mining and processing make the project easy to

permit. Total cost/ton of product is estimated to be about US$70.

I-Minerals reports that has a number of end users who are very

interested in in purchasing its product streams.

Turning sand & clay into a proverbial gold mine

The Bottom Line I believe I-Minerals’ management will be able to secure a number of

end-use contracts to fund a very profitable operation. A project like

this could attract the attention of the big players in the industrial

minerals sector. A recent takeover in the sector yielded an EV/EBITDA

ratio of 9.3. Even if you multiply a fraction of that ratio with I-Minerals

estimated EBITDA it indicates an impressive potential future EV value.

For more information or

additional reports contact:

Thomas Schuster

[email protected]

www.rockstoriches.ca

I-Minerals Inc. TSX-V: IMA

www.imineralsinc.com

Trading Summary At March 18th, 2015

Year Low/High $0.18 / $0.38

Avg 3 Month Volume 15,753

Recent Share Price $0.19

Other Exchanges: OTCQX:IMAHF

67%

33%

Share Distribution

Management & Insiders (33%)

Retail (67%)

http://www.imineralsinc.com



-2- www.rockstoriches.ca 3/10/15 | IMA.V

Table of Contents...

Helmer-Bovill Poject Overview — A Closer Look

Risk Assessment

Arranging a number of end-user contracts will

be important in order to guarantee profitability

over the first few years of production. Until I-

Minerals has proven it can deliver consistent

quality of mineral product, longer-term

contracts are unlikely until year two of

production.

I-Minerals is $5 million in debt to a company

controlled by one of its directors, Allen Ball, the

company’s largest shareholder. The interest

accrues at 12% per year and must be paid in

cash or shares semi-annually at the lenders

election.

There is still a commercial contract agreement

lawsuit outstanding but it looks like the courts

will rule in favour of I-Minerals. Delays in court

proceedings may delay progress.

Market conditions are unpredictable and factors

out of the control of the company can

unexpectedly affect mine viability. While there

are currently no anticipated environmental,

permitting and/or social problems, these issues

can present themselves at any time.

Pre-Production: At this stage a Pre-Feasibility

Study has been completed and the project is

being advanced towards production. The overall

risk has decreased but now the company must

work on the details; mining feasibility,

permitting, metallurgy and financing to name a

few.

Click for a full description of Risk Stages

Location Access and Infrastructure

The 20.8 square km Bovill Kaolin project is located in Latah County, Idaho, about 110 miles south of

Spokane Washington. The property has easy access to highway, rail and barge-to-seaport

infrastructure. This is a very important checkmark to make when considering potential profitability of

industrial mineral projects. Mining efforts by previous operators brought commercial distribution

networks of both electricity and natural gas to within a few miles of the currently proposed mine site.

Refer to Figure 1 below.

Infrastructure Highlights:

Rail access to stations serviced by both the Union Pacific and Burlington Northern Railways.

Access to the Pacific Rim through Portland by barge via the port of Lewiston, Idaho (50 miles

away), or via truck to the port of Seattle (350 miles from project).

The state highway is about five miles from the project mill site which links up with Interstate

routes.

Both power and gas access within four miles of the project mill site.

Figure 1. Location Map of Bovill Project



I-Minerals has awarded contracts for its

Feasibility study to a number of

engineering firms. The Feasibility study is

expected to be completed at the end of

the third quarter of 2015.

Final results of metakaolin and halloysite

product studies are nearing completion.

End user contracts for specific sand and

clay products will be arranged as the

feasibility study progresses.

All permitting should be completed by the

end of 2015.

Upcoming Catalysts

Ownership and Royalties

I-Minerals has acquired a 100% interest in the property in return for 1.75 million shares of common

stock (completed). The property is subject to a 5% gross production royalty to the State of Idaho

upon commencement of commercial production.

The State has two broad categories of land endowments: “Fee Simple” (FS) and “Minerals

Only” (MO) The FS lands occur where the State owns both mineral and surface rights. The MO lands

occur where the State owns the mineral rights but the surface rights are owned by someone else.

All of I-Mineral resources are located on FS lands. By way of its mineral leases, I-Minerals has

surface rights and legal access to the Project provided it meets all permitting and bonding

requirements.

“We have secured the services of a top notch

engineering team to complete the feasibility

study on the Bovill Kaolin project. Our timing for

bringing the project forward is favorable since

the demand for our mineral products is increasing in

parallel with the recovery in the US economy."

Thomas Conway, President and CEO

I-Minerals Inc.

Figure 2. Bovill Project and local infrastructure



Brief History

The area was first explored by the USGS and USBM for a possible source of alumina during

WW2 for a substitute for foreign bauxite ores. They identified over three million tonnes of clay

with alumina greater than 20%. About 90% of this tonnage was found in four deposits: Olson,

Cranfield-Rogers, Benson and Bovill.

In 1953 the USBM continued their search for viable clay and silica deposits and drill tested and

sampled the Benson and Olsen clay deposits and then moved on to the Bovill deposits.

In 1956, the J.R. Simplot company acquired leases covering the Bovill deposits. In a

cooperative program Simplot and USBM drilled 240 holes and conducted mineralogical and

beneficiation tests. By 1962, Simplot had built a clay plant for the production of paper fillers

and specialty ceramics.

Production initially came from the Bovill deposit and then moved on to the WBL north and south

pits and then the Moose Creek Clay Mine and the Stanford pit. The property was operated until

1974 and then was sub leased to Clayburn Industries. Clayburn only operated for a few more

years before shutting down. In 1994 the plant was dismantled and the property was partially

reclaimed.

During the mid-1980’s a number of companies explored the Helmer-Bovill area to identify clays

suitable for use as paper fillers and coaters. Unfortunately the introduction of precipitated

calcium carbonate fillers for paper reduced the demand for kaolin fillers and work ceased.

I-Minerals acquired the project in 2001 and over the following 13 years drilled 322 holes

(35,909 ft.) and produced a NI-43-101 compliant resource based on the drill results.

During that period I-Minerals also performed numerous quality and beneficiation tests and sent

numerous samples of primary clay and K-Spar tailings for Pilot Plant testing.

In 2014 I-Minerals published an updated prefeasibility study on the Bovill Kaolin project and in

January 2015 kicked off a feasibility study.

“With a proven reserve defined as

part of our June 2014

prefeasibility study we have

drilled off the geological risk

associated with our Bovill Kaolin

deposits on the Helmer Bovill

project,"

Thomas Conway,

President and CEO

I-Minerals

Figure 3. Excavation of bulk sample for pilot pant



Precambrian-aged meta-sediments are the oldest rocks in the area and form the basement for the

region. Cretaceous-aged granitoid intrusive rocks underlie a large portion of the Helmer-Bovill area

and form part of the body referred to as the Thatuna batholith which is the source of the resource.

The principal minerals that makeup the granodiorite are quartz, plagioclase feldspar, potassium

feldspar and biotite with minor amounts of muscovite (mica), garnet and epidote.

The exposed Thatuna batholith was subjected to intense weathering in a tropical or near-tropical

climate during the Miocene epoch. In response to this strong weathering much of the feldspar and at

least some of the mica minerals were altered to one or more varieties of clay minerals.

The remaining unaltered feldspars and quartz remain as free grains in the weathered material. The

depth of weathering depends on topography and varies from in excess of 100 ft. to less than 3 ft. in

some areas.

Figure 4. Geologic map with outline of I-Minerals property leases

The project hosts four different deposit

types:

1. Sodium Feldspar deposits

These are hosted in granitic border

phases of the Thatuna granodiorite

2. Residual Potassium feldspar-quartz-

kaolinite (plus or minus) halloysite

deposits

These are derived from saprolitic

weathering of the Thatuna granodiorite.

3. Transported clay deposits

These clays were derived from the

weathered granitoid rocks in the region

and deposited primarily in shallow lakes.

4. Potassium feldspar–quartz tailings

deposits

The result of previous mining and

washing of the residual clay deposits. The

majority of the clay has been removed

and the tailings are composed primarily

of potassium, feldspar and quartz.

Local Geology and Mineralization



Total quartz and k-spar sand recovery is 77% (from initial 77%-33% sand to clay split) Total clay recovery from

initial sand/clay split is 95%.

Table 1. Resources from Kelly’s Hump, WBL Pit & Middle Ridge Areas. (April 2014)

Resource Million

Tons

Qtz & K-Spar

Sand

Grade

Kaolin

Grade

Halloysite

Grade

Tons

Qtz & K-Spar

Sand

Tons

Kaolinite

Tons

Halloysite

Measured &

Indicated 11.2 74.9% 14.8% 3.2% 8,407,000 1,656,000 362,000

Pre-Feasibility Highlights

In May 2014 I-Minerals tabled a Prefeasibility

Study completed by SRK Consulting based on

measured and indicated resources of 11.2 million

tons of kaolin-halloysite-quartz-potassium

feldspar bearing primary clay.

Highlights include:

US$330 million pre-tax NPV(6%) with a

38.2% IRR

US$212 million after Tax NPV(6%) with a

30.5% IRR

Initial Capital Costs of US$72.7 million and

a total life of mine Capital costs of US$90.8

million

In excess of a 25 year mine life with a low

0.69:1 strip ratio

3 year estimated after tax payback

Total cost per ton of product: US$70.68

The resources shown in Tables 1, 2 were

calculated by Dr. Bart Stryhas, a Qualified Person

(QP) and is independent of the issuer applying all

of the tests in Section 1.4 of NI 43-101. Valerie

0bie (QP) completed the reserve estimate and

was responsible for the economic assessment.

Reserves are based on 100% mine recovery and

0% dilution. This is due to the use of small

equipment and a selective mining process.

Table 2. Reserves from Kelly’s Hump, WBL Pit & Middle Ridge Area (April 2014)

Reserves Million

Tons

Halloysite

Grade

Kaolin

Grade

Qtz &K-spar

Sand grade

Halloysite

Tons

Kaolinite

Tons

Qtz & K-Spar

Tons

Kelly’s Hump

Proven

Probable

1.7

1.0

4.8%

6.0%

13.5%

15.4%

81.7%

78.6%

82,000

60,000

229,000

154,000

1,389,000

782,000

Kelly’s Hump S.

Proven

Probable

0

1.3

0

1.6%

0

23.2%

0

75.3%

0

20,000

0

296,000

0

959,000

Middle Ridge

Proven

Probable

0.7

1.4

6.9%

4.6%

12.8%

13.1%

80.3%

82.3%

48,000

66,000

90,000

187,000

563,000

1,179,000

WBL

Proven

Probable

0

0.8

0

2.4%

0

16.5%

0

81.1%

0

18,000

0

128,000

0

629,000

Table 3. Estimated Recovery and Price of Products for Life of Mine (LOM)

Halloysite Kaolin Metakaolin Quartz Sand K-Spar Sand

Estimated recovery per

ton of mill feed 7.2% 14.4%

Manufactured

from Kaolin 42.4% 16.9%

Estimated LOM Product

price (US$/ton) US$940/ton $95/ton US$225/ton US$223/ton US$248/ton

Resources



The deposits and surrounding areas have historically been open-pit mined for clay products. There are

still extensive reserves of clay remaining, some of which lie under a shallow cover of overburden

generally less than 20 ft.

The mining operation will produce quartz sand, K-feldspar sand, kaolinite clay, some of which will be

processed into metakaolin and halloysite clay from four separate deposits: the WBL Pit, Middle Ridge,

Kelly Hump South and Kelly’s Hump. The initial mine plan is limited to depths of about 75 ft. No

drilling or blasting is required since the ore is soft due to extensive weathering.

I-Minerals envisages an average annual throughput rate of 800 tons of ore per day with a low strip

ratio of 0.69:1. Life of Mine operations would produce annual averages of 10,560 tons/year of

Halloysite clay, 39,000 tons/year of Kaolinite clay, 45,680 tons/year of K-feldspar and 104,200 tons/

year of quartz products. Based on the current pricing in the K-Spar Market (US$250/ton) the K-Spar

sand sales would account for over 80% of all operating costs including G&A expenses.

The recovery process flow sheet is simple:

A wet screw classification and screen separation process separates the clays from the quartz

and K-Spar sands. Tests have shown that 77% of the ore is separated as sand and 23% as

clays. Wet screw classification involves a slow rotating and gently elevating spiral screw in a tub

with an inclined trough.

K-Spar and quartz sands are then separated via basic floatation process. About 55% of the this

material is quartz and 22% K-Spar. The remaining 23% of this material reports as tailings.

The quartz fraction is ground finer and then re-floated up to three more times to make high

purity quartz product.

Halloysite clay is separated from kaolinite clay using a hydrocyclone and centrifuge. Tests

indicate the ratio of Halloysite to Kaolinite is about 1/3 to 2/3 respectively. About 5% of this

material reports as tailings.

Differential floatation used to make a +90% pure halloysite product which is slow dried to

preserve tubular shape.

Kaolin is heated to 700 degrees Celsius to make Metakaolin (an additive to cement to make it

stronger). The amount of Metakaolin produced will depend on end-use demand.

The waste material from the pits is forecast to be benign and all mining waste material is planned to

be dumped at external waste dumps within the boundaries of the mining lease. The tailings will be put

into a new tailings storage facility which will be built to hold about 2.4 million tons of thickened

tailings.

“The ability to separate the

minerals and create high purity

mineral products based on the

minerals’ physical properties

with very limited use of

chemicals results in a

streamlined permitting process.”

Thomas Conway

President and CEO I-Minerals

Figure 5. Pilot Plant –Floatation Circuit

Production Plan



Clay and Sands 101

What is Kaolin and how is it used?

Kaolin is part of a very important group of clay minerals (The Kaolinite Group) that are derived from

the chemical weathering of feldspar (a common mineral in granitic rocks). Its chemical formula is

Al2Si2O5(OH)4 It is typically white, greenish or yellow.

Kaolinite shares the same chemistry as the minerals, Halloysite, Dickite and Nacrite but are

polymorphs; meaning they have different structures. Kaolinite is by far the most common form of

this clay and is important to the production of ceramics and porcelain. It is also used as a filler for

paint, rubber and plastics since it is relatively inert and long lasting. The largest demand for

Kaolinite is in the paper industry to produce a glossy paper such as is used in most magazines.

Metakaolin clay is a high-value refined kaolin product that is used as a pozzolan in concrete.

Pozzolans are silicate based materials that react with and consume calcium hydroxide in cement to

increase strength and durability of concrete.

What is Halloysite Clay and how is it used?

Halloysite is a polymorph of kaolinite (different structure) and historically been used in the

manufacture of porcelain, bone china and fine china due to the purity of the clay and its low iron

and titanium content. This results in ceramic ware with exceptional whiteness and translucency.

Halloysite nanotubes (HNT’s) are considered a high-value product The high aspect ratio (tube

length to diameter) of the tubes allows the tubes to be filled or coated with substances to achieve a

wide variety of electrical, chemical and physical properties. The halloysite nanotubes are used in

cosmetics, household and personal care products, pesticides, paint, pharmaceuticals and the life

sciences market.

What is Feldspar and how is it used?

Feldspar refers to a group of Aluminum Silicate minerals that contain either Potassium, Sodium or

Calcium in their chemical formula (KAlSi3O8, NaAlSi3O8, CaAl2Si2O8, respectively). I-Minerals is

focusing on production of potassium feldspar (K-spar). Deposits of high quality K-spar that can be

economically extracted are rare. This rarity has resulted in K-spar selling at higher prices than

sodium feldspar. These products are offered in a variety of grinds to meet the requirements of a

given industry.

K-Spar primarily used in ceramic bodies and glazes, such as tableware, tiles and sanitary ware. The

Figure 8. Potassium Feldspar : KAlsi3O8

Figure 6. Kaolin in Nature

Al2Si2O5(OH)4

Figure 7. Halloysite Nanotube Crystals



product is also used in the coating industry as functional filler. K-Spar is valued for the physical

properties of dispersability, weatherability, scrubability and mildew resistance in industrial and marine

coatings.

What is Quartz and how is it used?

The mineral Quartz is a crystalline silica with the chemical formula SiO2. It is the second most

common mineral in the crust of the earth. It is used in a variety of applications based on its purity. I-

minerals is looking to produce quartz products that will include three levels of purity in excess of

99%. The highest grade quartz will exceed 99.97% SiO2 purity.

These products are highly valuable to the glass industry especially in the high end markets: LCD

glass, solar glass, sodium silicate and lighting manufacturers. High end quartz product of 99.97%

commands an attractive price within the specialty quartz market .

Figure 9. High Purity Quartz Sand (SiO2)

Fig 10. Some End Uses for Quartz Fig 11. Some End Uses for K-Spar Fig 12. Some End Uses for Kaolin



"Kelly's Hump has returned

some of the highest

concentrations of high aspect

ratio halloysite, excellent K-

spar product and results show

that the quartz easily cleans up

to a high purity product.”

Thomas Conway,

President and CEO

I-Minerals

Charles River Associates (CRA) provided I-Minerals with an extensive market assessment for the 10 year period

ending in 2020. The firm specifically looked at the potential end-use markets for the company’s products by value

and volume as well as competition factors. In addition they looked at possible technical and supply issues that might

affect the future of the products. What follows are some key insights outlined in that study.

Silica Market Opportunities

All silica products I-Minerals produces may serve the western North America market since there are limited

suppliers in the west.

High quality silica may be exported to China, the Pacific Rim and coastal Latin American countries since there

is currently a lack of high quality silica in many countries.

High quality silica is a high-end market ($50-$500/tonne) and low tonnage demand is growing in China, the

Pacific Rim and Latin America.

Lower-value applications are important for generating upfront revenue and establishing client relationships.

Figure 13. Summer drilling at Kelly’s Basin.

Market Assessment Analysis Summary



Kaolin Market Opportunities

Since Kaolin is currently supplied by mines in the east, I-Minerals has the potential to be the

main supplier for the Western North American Market.

Western North America market is currently limited to 250,000 tonnes and the primary

opportunities are focused on serving the growing Portland cement market as well as the Clay

Blender market (Clay blenders mix together several minerals and market the finished blend).

There is a lack of metakaolin production in Western North America and the product

consumption may increase as nearby supply becomes available. Direct contact with western

states’ Departments of Transportation and concrete companies reveal a market for metakaolin

both in paving and bridge cap repairs. I-Minerals geographic location will afford significant

transportation savings for these markets.

“The potential for sales beyond

those included in the PFS is

strong as we are bringing a

quality product into an

underserviced market given

transportation costs have

priced metakaolin out of many

market opportunities."

Thomas Conway,

President and CEO

I-Minerals

Figure 14. Extracting bulk sample

for Pilot Plant



Feldspar Market Opportunities

There are several competitors in the western US but they have high transportation costs and only one

produces a Potassium feldspar product.

Supplying feldspar for specialty fillers may allow access to more markets, specifically eastern North

America and Pacific Rim markets.

I-Minerals believes the strongest market potential for its K-feldspar is in the Western North American

markets, however Midwest and Eastern North American ceramic, tableware, tile and sanitary ware

manufacturers have expressed an interest in the low iron, high alumina chemical composition of the

company’s K-Feldspar product.

Applications that use Potassium-feldspar are generally high-value with price ranges of $60-to-$300 per

tonne.

“The markets that I-Minerals

can potentially serve are

estimated to be worth at least

$500 million in 2020”

CRA Charles River Associates

Market Study Report

Figure 15. Zamek Buttons: Test work comparing IMA

200 mesh K-feldspar (centre) with Nepheline Syenite

(left) and lower quality feldspar product with iron

spots (right).



Halloysite Market Opportunities

Halloysite nanotubes is a high-value market but currently has limited commercial market.

I-Minerals could refine halloysite to enter existing markets for high-value ceramics which exist primarily in

the Pacific Rim and Europe. Currently high-value halloysite is supplied largely from New Zealand. I-

Minerals’ halloysite is differentiated from those known halloysite deposits because of its high aspect ratio

and minimal trace elements. In addition, I-Minerals’ halloysite does not contain Crystobalite silica, which is

considered deleterious in life science applications.

I-Minerals has received inquiries from the following industries: personal care products, Nanocomposites,

fire retardants, biocides, plastic fillers, animal feed, paint, ceramics, two undisclosed R & D projects and

several universities.

Prices for halloysite nanotubes could potentially reach US$1,000 to US$3,000 per metric tonne.

“Halloysite Nanotubes (HNTs)

sourced from the Helmer Bovill

district of Idaho are characterized by

longer and bigger diameter tubes

than similar commercial products,

free of dioxins, furans and PCB’s and

low in heavy metals. “

I-Minerals Product Data sheet

Targeting of cancer cells

“Halloysite hasn’t just found

itself an important niche in the

cosmetics industry but has also

helped medical research make

strides forward in

using halloysite to target

circulating tumour cells within

the body.”

Article by John Ollett

Industrial Minerals

Global non-metallic minerals

intelligence



Unfortunately there are very few comparable public companies in the industrial minerals sector and

fewer still that produce a similar range of sand and clay products. Most producers are part of larger

conglomerates like Unimin, the North American arm of the Sibelco Group (a leading producer of non-

metallic industrial minerals globally). This in itself is a promising end game for potential investors in I

-Minerals. A potentially profitable operation like Bovill could easily be swallowed up by a large

conglomerate like Sibelco.

Recently Imerys, a world leader in mineral-based specialty solutions with EU$3.7 billion in revenue

and 15,800 employees, announced a strategic combination with S&B, another major player in the

Industrial Minerals Sector. S&B had a yearly EBITDA of about EU$81.8 million. The Equity value of the

S&B takeover was EU$525 million. Imerys also acquired S&B’s EU$235 million debt making the EV/

EBITDA ratio EU$760/EU$81.8 or 9.3 times.

To get a basic feel for the potential value of I-Minerals stock, let’s apply this Industry EV/EBITDA ratio

to the Bovill operation. According to the PFS, mining operations could produce an EBITDA of about

$34 million per year. A 9X EV/EBITDA ratio would value I-Minerals at over $300 million.

We should also take into consideration that a large company like S&B has a significant balance sheet

as well as an established history and stable clients. I-Minerals has no of these. If the Helmer-Bovill

operation goes into production as anticipated, I would expect a lower EV/EBITDA multiple applied to

its operations, at least initially.

To be conservative let’s apply a 1/3 to 1/2 factor to the Industry EV/EBITDA ratio. This values I-

Minerals at US$100-to-US$153 million which is still a healthy 6-to-10 times its current market

capitalization. Naturally this does not take into account further stock dilution in order to raise the

capital necessary to put the project into production.

In my opinion, the key to success for I-Minerals will be to secure a number of favourable end-user

contracts that will secure cash flow for the first few years of production.

The bottom line is that there are a number of factors that attract me to a project like this:

1. Excellent infrastructure and easy to mine (Truck and shovel, no blasting) with straight forward

processing.

2. Clean tailings and waste disposal making permitting faster and simpler.

3. Multiple high-end products with numerous potential end-users looking for supply.

4. Robust financial model with potential to significantly expand mine life.

5. Experienced Management team geared for success.

Valuation

Environmental and Permitting

Status

The EPA has ruled the Bovill

project to be a non-metal mine.

I-Minerals’ mine plan envisions

open pits not impacting wetlands,

a zero discharge mill and dry

stack tailings. This means there is

no impact on US waters.

The Department of Environmental

Quality (DEQ) and the USACE

have completed site visits and

studies show that there were no

jurisdictional water issues.

The company is currently selling

limited tailings material to local

cement company under a similar

permit. Precedents are set and

relationships with regulators

established.

As a result, I-Minerals believes a

Mine permit can be attained

within six months of application.



Directors and Officers

Warrants Exercise

Price Expiry Date

1,550,000 $0.40 Jan 31st 2016

200,000 $0.25 Jan 31st 2016

20,000,000 $0.40 Apr 29th 2016

2,125,610 $0.20 Dec 1st 2016

Total Weighted

Avg

23,875,610 $0.38

Warrant and Option Details

Options Exercise

Price Expiry Date

5,135,000 $0.22 NA

Total Weighted

Avg

5,135,000 $0.22

Thomas M. Conway – President & CEO

Mr. Conway (B.S. Mining Engineering) has significant expertise in permitting, feasibility and

mining with over 20 years of diverse experience.

A good portion of his career was spent at Newmont Mining Corp and included managing

operations at Carlin in Nevada and Yanacocha in Peru.

His experience covers domestic and international assignments in open pit and underground

operations where he has a record of successfully implementing plans to enhance operations

through improved cost control and productivity innovations.

Allen L. Ball - Director

Mr. Ball is a successful Idaho business man and has been involved in many business ventures

but he is best known for his involvement in forming Melaleuca Inc with his brother Roger.

In 1983 the brothers started a business formulated around “tea tree oil” which is obtained

from the melaleuca plant. This evolved into the privately held company which is now known as

Melaleuca Inc where Allen continues as a major shareholder and Chairman of the Board.

J. Gary Childress, – Director

Mr. Childress has a B.Sc. In Ceramic Engineering from Clemson University and spent much of

the last 40 years in the industrial Minerals or related industries.

He currently serves as GM of Edward Orton Ceramic Foundation which provides products to

assist and enhance high temperature processing of ceramics and other materials.

He has also served as VP of Hecla Mining Company from 1994 to 2001 where he was

responsible for Heclas’ industrial mineral division, including acquisitions and project

development.

W. Barry Girling, – Director

Mr. Girling has a B.Com. (Finance) degree and provides consulting services to a number of

TSX Venture Exchange companies.

He was the founder of Foundation Resources and Search Minerals and completed the re-

organization of Roxgold Inc and the acquisition of its Burkina Faso gold properties.

Mr. Girling was President and CEO of Birch Hill Gold corp and a Director of BRS Ventures Ltd



Wayne Moorhouse, – Director

Mr. Moorhouse has extensive experience with public companies and has acted as the CFO,

Corporate Secretary or President of a number of TSX and TSX Venture Listed resource

companies and their subsidiaries including Roxgold Inc, Silvermex Ltd, Genco Resources Ltd,

Andover Ventures Inc. and Stealth Energy Inc.

His background includes public company reporting, mine development, operations, mine

finance, contract negotiations, community and government relations, corporate governance

and mergers and acquisitions. Mr. Moorhouse is currently the CFO of the Midnight Sun Mining

Corporation and a Director of Source Exploration.

Matt Anderson, – CFO

Mr. Anderson holds a Bachelor of Commerce degree from McGill University and obtained his

Chartered Accountant designation in 2008 while articling at a large accounting firm

Matt is a Senior Consultant with Malaspina Consultants Inc., a private company that provides

accounting and administrative infrastructure to junior public companies. He serves or has

served as a CFO for several junior public companies.

A. Lamar Long, - Exploration Manager

Mr. Lamar Long spent 13 years as the Exploration Manager of industrial Minerals for Hecla

Mining Corp where he developed, planned and managed all exploration programs.

Earlier in his career Mr. Lamar Long was project Geologist for J.M. Huber Corp where he

managed industrial minerals projects in Georgia and South Carolina.

Gary L. Nelson, - Manager Metallurgical Operations

Mr. Nelson has over 30 years of diverse expertise with and emphasis on industrial minerals

including economic modeling, project/process development, operations start-up, marketing

and market development and environmental reporting.

Linda A. Koep, - Market Development Manager

Ms. Koep, has 18 years of experience in the mining industry including markets and mergers

and acquisitions.

She is also a member of the Gonzaga University faculty in Spokane Washington.

Project Development Team

Industrial Mineral operations differ from

most mainstream metals deposits since their

product must be sold directly to the end user.

In order to be successful, Management must:

prove that the operation can produce a

high-quality product,

market their product to potential

clients,

ultimately develop long-term contracts

to finance and sustain the operation.

I believe that I-Minerals has a well

suited management team that can

effectively tackle these challenges.



With a degree in Geological Sciences from the

University of Toronto, Thomas started his career

in the early 1990s as an exploration geologist in

the famous Timmins mining camp in Northern

Ontario. He then moved to Vancouver and took

a position as staff Journalist at the well-known

mining publication, The Northern Miner,

reporting the merits and shortcomings of

Canadian exploration and mining projects

worldwide. This built a foundation for his later

work as a Mining Analyst for the Toronto-based

institutional investment firm, Fraser Mackenzie.

Thomas is currently based in Vancouver working

as an independent consulting mining analyst for

Jordan Capital Markets Inc.

Risk Rating Guidelines

About The Author

Decreasin

g R

isk

Speculative Exploration: This is the highest risk stage. There is

potential for spectacular capital gains if a discovery is made or

through market volatility related to the speculative nature of these

companies.

Defining a Resource: A discovery has been made and value is

being created by delineating the size and grade of the resources, or

expanding them. However, there is still significant risk because there

is no guarantee the deposit will be large or high-grade enough to

warrant production.

Pre-Production: At this stage a Preliminary Economic Assessment

has been completed and the project is being advanced towards

production. The overall risk has decreased but now the company

must work on the details; mining feasibility, permitting, metallurgy

and financing to name a few.

Producer: The Company has commenced production and has cash

flow providing gains for investors. Additional gains are associated

with efforts to increase profitability and/or expand resources through

exploration or acquisition.


Table of Contents... ...

Content Disclaimer

All references to material contained in this Rocks To Riches report is public information sourced from the company’s

website, press releases, personal communication with Management. Thomas Schuster, the author of the Rocks To Riches

Report, and principal of TMS Enterprises, was only compensated for his time to write this report about I-Minerals Inc.

Thomas currently holds no securities in IMA.

Information contained in this Rocks To Riches Report - and referenced links - (the “Material”) are obtained from third

party sources believed to be reliable, but the accuracy and completeness of this information are not guaranteed, nor in

providing such information does TMS Enterprises assume any responsibility or liability for the accuracy and completeness

of the information contained in the Material. The information in this Material is current as of the date appearing on

specific reports or links within this Material and TMS Enterprises assumes no obligation to update the information or

advice on further developments relating to any securities or matters contained on this Material. Furthermore, TMS

Enterprises assumes no liability for any inaccuracies that the information may contain in the links provided.

The information contained herein is for information purposes only and is not to be construed as an offer or solicitation for

the sale or purchase of securities. This Material is not intended to provide legal, accounting or tax advice and should not

be relied upon in that regard.

This Material may contain content which may include or constitute forward-looking statements related to the operations

of certain third party companies or entities, and which are based on TMS Enterprises research, estimates, forecasts and

projections. Such statements are not guarantees of future performance, and involve risks and uncertainties which are

difficult to predict, and which are beyond TMS Enterprises control. Such statements relate to the date on which they are

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expressions will constitute such forward-looking statements. TMS Enterprises expressly disclaims any obligation to

update, amend or revise such statements, whether as a result of new information, ongoing developments, or events

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Copyright (c) Thomas Schuster, TMS Enterprises 2015. All rights reserved. None of the Material, or its content, or any

copy of it, may be altered in any way, reposted online or reprinted without the prior express written permission of TMS

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