FSE: 6IM | OTCQB: IMAHF | TSX.V: IMA CORPORATE PRESENTATION September 7, 2017 www.imineralsinc.com 1 FSE:61M | OTCQB: IMAHF | TSX.V: IMA Forward Looking Statements This presentation may contain forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of I-Minerals to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements may include statements regarding exploration results and budgets, resource estimates, work programs, strategic plans, market price of industrial minerals or other statements that are not statements of fact. Although I-Minerals believes the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Various factors that may affect future results include, but are not limited to, fluctuations in market prices of minerals, foreign currency exchange fluctuations, risks relating to exploration, including resource estimation and costs and timing of commercial production, requirements for additional financing, political and regulatory risks, and other risks described in I-Minerals’ management discussions and analyses as filed on SEDAR and EDGAR. Accordingly, undue reliance should not be placed on forward-looking statements 2 FSE:61M | OTCQB: IMAHF | TSX.V: IMA Permitted Deposit, Robust Feasibility Study, Strong Management • One ore, four minerals that are inputs into manufacturing of products consumed in housing and infrastructure o K-spar: World class: glazes, tiles and sanitaryware o Quartz: North American class: high end glass and lighting o Kaolin: North American class: metakaolin = pozzolan o Halloysite: World class; plastics, polymers, life sciences • Robust Feasibility Study (“FS”): US$108.3m initial CAPEX; Pretax US$386m NPV (6%) & 31.8% IRR; After tax US$250m NPV(6%); 25.8% IRR • Easy mine to build: “off the shelf” equipment; 1.5 year build after FS funded • Permitted for Mining– State of Idaho Operations and Reclamation Plan approved and Idaho Department of Water Resources permit received. • Experienced Management: Thomas Conway (Newmont): John Theobald (Sibelco) working with international experts in all minerals • Large insider ownership of ~40% led by Allen Ball ~38% • Opaque mineral pricing=difficult valuation US$250m NPV; C$34m market cap 3 FSE:61M | OTCQB: IMAHF | TSX.V: IMA Helmer-Bovill Project – Great Location with Strong Support Location: 110 miles South of Spokane Brownfield project: mined - logged; Excellent Infrastructure : Power/gas: 5 miles from mill site; State highway on property boundary; less than 100 miles to Interstate; Rail: 50 miles to Lewiston (BN& UP); trunk lines to Spokane (UP); Tidewater Access at Seattle via I-90. Supportive community - depressed resource based county keen to see quality jobs created. Secure Land Tenure: Idaho Dept. of Land Mineral leases; held by production (tailings sales). 5% royalty paid into State Education Fund; State directly benefits from production and sales. 4 FSE:61M | OTCQB: IMAHF | TSX.V: IMA FOUR MINERALS – Multiple markets linked by economic growth Economic growth creates demand for industrial minerals that are Quartz part of our everyday lives: iPhones, lighting, cosmetics, Halloysite clean energy, nanotechnology, home renovations, infrastructure rebuild….. K-Spar MetaKaolin 5 FSE:61M | OTCQB: IMAHF | TSX.V: IMA Life of Mine Average Material Balances (Halloysite varies year to year up to 6%) Glass (solar, flat 312 tons $75-$600/t LCD), lighting, Quartz paint, ceramics 1000 tons of 140 tons $220-400/t Ceramics primary clay K-spar (glaze / body) (ORE) 118 tons Cement $175-250/t metakaolin (pozzolan) Plastics, 388 tons 42 tons $500-+4,000/t polymers, life Waste Halloysite sciences 6 FSE:61M | OTCQB: IMAHF | TSX.V: IMA Quartz • Chemistry: SiO2 ® • Products: TrueQ 1 ®– 99.86% SiO2 various ® particle sizes; TrueQ 3 - 99.97% SiO2 • Value: driven by purity (high SiO2%; low Fe2O3), particle size and melt characteristics. • I-Minerals Advantage: ✓ Highest purity quartz in the Western US; significant glass production along Interstate 5 corridor. ✓ Transportation costs limit competition. ✓ TrueQ1 purity reduces need for expensive de- colorants in basic glass applications ✓ TrueQ3 high purity quartz - only 300 ppm of impurities; Niche product in developing markets as alternate products are much more expensive ultra HPQ or lower purity “commodity grade quartz”. 7 FSE:61M | OTCQB: IMAHF | TSX.V: IMA . Potassium-Feldspar or “K-spar” • Chemistry: KAlSi3O8 • Products: Fortispar® various particle sizes • Value: driven by high K2O%, low Fe2O3, alkali content and particle size. • I-Minerals Advantage: • Sole North American competitor is offering a Shiny glaze <10% K2O +0.10% Fe2O3 product as on ceramics compared with Fortispar’s >14% K2O is K-spar <0.05% Fe2O3 ✓40% more K2O; 50% less Fe2O3 comparatively priced ✓K-spar market in short supply ✓Customers needing +13% K2O K-spar must source out of Europe or farther 8 FSE:61M | OTCQB: IMAHF | TSX.V: IMA Halloysite • Chemistry: Al2Si2O5(OH)4·2H2O Halloysite Halloysite is a biodegradable nanotube nanotubes • Products: ULTRA HalloPure® (+90% halloysite, - 10% kaolinite) and HalloPure® (+70% halloysite, - 30% kaolinite) • Value: driven by aspect ratio and purity in life science markets where hollow core of the tubes can be filled and used as a delivery vector HNTs on • I-Minerals Advantage: IDK wound ✓ Scarcity: Globally only 12 halloysite deposits with cloth economic potential known. ✓ Quality: best in class combination of high aspect ratio; low heavy metals and no cristobalite - a crystalline silica listed as a carcinogen. No other known deposit can produce the combination of quality and volume and meet the stringent specifications of the life science markets. 9 FSE:61M | OTCQB: IMAHF | TSX.V: IMA Kaolin - Metakaolin • Chemistry: Al2Si2O5(OH)4 Kaolin is calcined at 850o – 900oC to create Metakaolin • Product: Bovill Metakaolin • Value: a pozzolan, reduces ASR, strengthens and extends concrete life (especially in cold and marine environments) • I-Minerals Advantage: ✓ Sole source of metakaolin in Pacific Northwest; other pozzolans inconsistent, expensive, scarce ✓ Georgia metakaolin +$200/t transport to Western US ✓ silica fume 1.5x price of metakaolin ASR ✓ Unprocessed pumice yields inconsistent results damage ✓ Fly ash (ash from burning coal for electricity) linked to greenhouse gas; dirty coal makes undesirable fly ash => increasing scarcity ✓ Ph of aggregate drives need for a pozzolan 10 FSE:61M | OTCQB: IMAHF | TSX.V: IMA MINING & METALLURGY 11 FSE:61M | OTCQB: IMAHF | TSX.V: IMA Simple, Low Cost Mining “Ore” is a fine white clay-like sand created by the weathering of a granodiorite body. Weathering takes place to depths of 75 to 200 feet; little overburden, shallow pits. Ore is excavated without drilling or blasting using contract miners utilizing 3 yd3 excavator and 30 ton trucks. Short haul to process facility -10 minute cycle time; mining during daylight hours only. Mining Costs $14.50 / ton product $9.00 per ton of “ore” 12 FSE:61M | OTCQB: IMAHF | TSX.V: IMA Separation Techniques proven at Ginn and MRL Pilot Plants 1. Wet Screen separation clay washed from Sand * 2. Quartz K-Spar Sand Fraction • K-spar is floated; quartz sunk via basic flotation • Quartz fraction is ground finer and then re-floated TrueQ1 product, re-floated up to 2 more times to remove residual K- spar to make high purity quartz products (TrueQ3) 3. Kaolinite Halloysite Clay Fraction • Halloysite is separated from kaolinite with hydro-cyclones and centrifuge • Proprietary flotation +90% halloysite product • Halloysite slow dried to preserve tubular shape • Kaolin calcined (heated to 8500C - 9000C) to make Metakaolin Processing costs $58.50/t product; $36/t “ore” * recent testing of hydro-cyclones for initial cut improves results see August 23, 2017 news release 13 FSE:61M | OTCQB: IMAHF | TSX.V: IMA Permitting • Water use permit approved by IDWR • The Idaho Department of Lands, the lead permitting agency has approved the Company’s Operation and Reclamation Plan. Subject to placing of required bonding, I-Minerals is authorized to commence mining operations. • Good environmental stewardship was incorporated into the project layout including dry stacking of the tailings and a zero water discharge operation. • Minor additional permitting required such as air discharge requires identification of specific calciner. • Bonding needs to be in place to begin construction. I-Minerals evaluating land swap where in it would ultimately own the surface rights as a means to reduce bonding requirements. 14 FSE:61M | OTCQB: IMAHF | TSX.V: IMA ECONOMIC VALUATION 15 FSE:61M | OTCQB: IMAHF | TSX.V: IMA Robust Feasibility by Leading Engineering Firms GBM Engineers LLC, (overall project management, process plant and infrastructure design; OPEX and CAPEX) and HDR Engineering, Inc. (environmental; hydrology; road design); Tetra Tech, Inc. (tailings storage facility design); Mine Development Associates (mine modelling; ore scheduling; mineral reserve estimation); SRK Consulting (U.S.) Inc. (mineral resource estimation). INITIAL CAPEX US$ 108.3 million, LoM US$125 million Before Tax After Tax NPV (6%) US$m $385.8 $249.8 IRR 31.6% 25.8% Payback 3.7 years OPEX $92/t product = $14.50/t mining + 58.50/t processing + $19/t G&A inc. public company expenses Avg. LoM EBITDA