I-Minerals Updates Bankable Feasibility Study Progress - Seite 2

Metallurgical Testing: Ginn Mineral Technologies ("GMT") has completed all testing of the pilot plant production of the halloysite and metakaolin products to FS levels including the production of a +90% purity halloysite product using a proprietary differential flotation processing techniques plus color improvement technology. Confirmation testwork of the pozzolan characteristics of the metakaolin product are ongoing at CTL Laboratories. Confirmation pilot plant work at Minerals Research Laboratory ("MRL") of NCSU is nearing completion. Flotation separation of the K-spar and TrueQ1 quartz products is complete and pilot plant production of the TrueQ3 products is ongoing. Once the TrueQ3 work is complete, all products will undergo final drying and magnetic separation of residual contaminants.

Process Plant: The process plant design to FS level has been largely completed, subject to any updates required by the current optimization studies. Review of tender documentation and determination of appropriate rates for the supply and installation of earthworks, civil, structural, piping, platework, electrical and instrumentation packages experienced some delays. The delays are a result of limited contractor responses requiring additional follow up and extended durations to return pricing. Competitive tenders from local contractors for earthworks, concrete, steel, buildings, piping, electrical and platework have now been received and are being used for design optimization. 

Tailings: Tetra Tech has completed hydrotechnical and geotechnical analyses and received geotechnical tails testing results, which has allowed for advancement of FS stack design, including draft FS drawings and construction quantities. The Company is evaluating the option to shift from a geomembrane liner to a compacted clay liner, considering that the tailings are drystacked and contain no acid-generating minerals or deleterious metals.

Permitting/Hydrology/Roads: HDR has finished pump tests for new water supply wells and initiated reporting. HDR has also completed a survey and conceptual design and costs for delivering water from Section 16 Reservoir. An updated Stormwater Pollution Prevention Plan (SWPPP) to meet the 2015 Multi-Sector General Permit (MSGP) requirements, the annual report for stormwater, and the water rights application have been completed. Preliminary air quality modeling has indicated that the controls currently designed into the plant are sufficient.