I-Minerals (IMAHF) 10-Q 19 Sep 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Jul. 31, 2022	Sep. 19, 2022
Entity Addresses [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jul. 31, 2022
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--04-30
Entity File Number	000-55321
Entity Registrant Name	I-MINERALS INC.
Entity Central Index Key	0001405663
Entity Tax Identification Number	20-4644299
Entity Incorporation, State or Country Code	Z4
Entity Address, Address Line One	Suite 1100
Entity Address, Address Line Two	1199 West Hastings Street
Entity Address, City or Town	Vancouver
Entity Address, State or Province	BC
Entity Address, Country	CA
Entity Address, Postal Zip Code	V6E 3T5
City Area Code	(877)
Local Phone Number	303-6573
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		93,730,212
Former Address [Member]
Entity Addresses [Line Items]
Entity Address, Address Line One	880
Entity Address, Address Line Two	580 Hornby Street
Entity Address, City or Town	Vancouver
Entity Address, State or Province	BC
Entity Address, Postal Zip Code	V6C 3B6

Condensed Interim Consolidated

Condensed Interim Consolidated Balance Sheets - USD ($)	Jul. 31, 2022	Apr. 30, 2022
Current assets
Cash and cash equivalents	$ 164,675	$ 20,456
Receivables	23,756	19,584
Prepaids	22,574	28,804
	211,005	68,844
Equipment and right-of-use asset	11,633	18,242
Mineral property interest and deferred development costs	1,892,410	1,892,410
Deposits	29,208	29,208
TOTAL ASSETS	2,144,256	2,008,704
Current liabilities
Accounts payable and accrued liabilities	1,560,518	1,389,577
Lease liability – current	6,847	13,475
Promissory notes due to related party	35,224,376	34,776,937
TOTAL LIABILITIES	36,791,741	36,179,989
CAPITAL DEFICIT
Issued and fully paid: 93,730,212 (April 30, 2022 – 93,730,212)	19,225,087	19,225,087
Additional paid-in capital	1,865,342	1,865,342
Deficit	(55,737,914)	(55,261,714)
TOTAL CAPITAL DEFICIT	(34,647,485)	(34,171,285)
TOTAL LIABILITIES AND CAPITAL DEFICIT	$ 2,144,256	$ 2,008,704

Condensed Interim Consolidate_2

Condensed Interim Consolidated Balance Sheets (Parenthetical) - $ / shares	Jul. 31, 2022	Apr. 30, 2022
Statement of Financial Position [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0	$ 0
Common Stock, Shares, Issued	93,730,212	93,730,212
Common Stock, Shares Authorized	93,730,212	93,730,212

Condensed Interim Consolidate_3

Condensed Interim Consolidated Statements of Loss - USD ($)	3 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
OPERATING EXPENSES
Amortization	$ 444	$ 633
Management and consulting fees	50,462	52,114
Mineral property expenditures	131,045	136,091
General and miscellaneous	30,880	52,524
Professional fees	59,027	99,320
	(271,858)	(340,682)
OTHER (EXPENSE) INCOME
Foreign exchange (loss) gain	(68)	821
Interest and penalty expense	(204,274)	(70,709)
LOSS FOR THE PERIOD	$ (476,200)	$ (410,570)
Loss per share – basic and diluted	$ (0.01)	$ 0
Weighted average number of shares outstanding	93,730,212	93,730,212

Condensed Interim Consolidate_4

Condensed Interim Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
OPERATING ACTIVITIES
Net loss for the period	$ (476,200)	$ (410,570)
Items not involving cash:
Amortization	444	633
Change in non-cash operating working capital items:
Receivables	(4,172)	(2,947)
Prepaids	6,230	23,017
Accounts payable and accrued liabilities	192,917	89,129
Cash flows used in operating activities	(280,781)	(300,738)
FINANCING ACTIVITIES
Proceeds from promissory notes received	425,000	250,000
Cash flows from financing activities	425,000	250,000
CHANGE IN CASH EQUIVALENTS	144,219	(50,738)
CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD	20,456	110,684
CASH AND CASH EQUIVALENTS, END OF THE PERIOD	164,675	59,946
SUPPLEMENTAL CASH FLOW INFORMATION (Note 10)
Interest paid
Taxes paid

Condensed Interim Consolidate_5

Condensed Interim Consolidated Statements of Capital Deficit - USD ($)	3 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Balance at April 30, 2022	$ (34,171,285)	$ (32,816,361)
Loss for the period	(476,200)	(410,570)
Balance at July 31, 2022	(34,647,485)	(33,226,931)
Common Stock [Member]
Balance at April 30, 2022	$ 19,225,087	$ 19,225,087
Common Stock, Shares, Outstanding, Beginning Balance	93,730,212	93,730,212
Loss for the period
Balance at July 31, 2022	$ 19,225,087	$ 19,225,087
Common Stock, Shares, Outstanding, Ending Balance	93,730,212	93,730,212
Additional Paid-in Capital [Member]
Balance at April 30, 2022	$ 1,865,342	$ 1,865,342
Loss for the period
Balance at July 31, 2022	1,865,342	1,865,342
Retained Earnings [Member]
Balance at April 30, 2022	(55,261,714)	(53,906,790)
Loss for the period	(476,200)	(410,570)
Balance at July 31, 2022	$ (55,737,914)	$ (54,317,360)

NATURE OF BUSINESS AND BASIS OF

NATURE OF BUSINESS AND BASIS OF PRESENTATION AND LIQUIDITY	3 Months Ended
	Jul. 31, 2022
Accounting Policies [Abstract]
NATURE OF BUSINESS AND BASIS OF PRESENTATION AND LIQUIDITY	1. NATURE OF BUSINESS AND BASIS OF PRESENTATION AND LIQUIDITY: I-Minerals Inc. (the “Company”) was incorporated under the laws of British Columbia, Canada, in 1984. The Company is listed for trading on the TSX Venture Exchange under the symbol “IMA” and the OTCQB marketplace under the symbol “IMAHF”. The Company’s principal business is the development of the Helmer-Bovill industrial mineral property (“the Property”) located in Latah County, Idaho. Since inception, the Company has been in the exploration and evaluation stage but moved into the development stage in fiscal 2018. In fiscal 2019, the Company reverted back to the evaluation stage as management determined that the Feasibility Study on the property should be considered non-current. The Helmer-Bovill property is comprised of eleven mineral leases that host potentially economic deposits of feldspar, quartz and kaolinitic clays, primarily kaolinite and halloysite. Basis of Presentation and Going Concern The accompanying unaudited condensed interim consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) Article 10 of Regulation S-X on the basis that the Company will continue as a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for the next year. Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. At July 31, 2022, the Company had not yet achieved profitable operations, had an accumulated deficit of $55,737,914 since inception and expects to incur further losses in the development of its business, all of which casts substantial doubt upon the Company’s ability to continue as a going concern and, therefore, that it may be unable to realize its assets and discharge its liabilities in the normal course of business. The Company’s ability to continue as a going concern is dependent upon its ability to obtain the necessary financing to develop the Property and to meet its obligations and repay its liabilities arising from normal business operations when they come due. Although the Company has been successful in the past in obtaining financing, there is no assurance that it will be able to obtain adequate financing in the future or that such financing will be on terms advantageous to the Company. The Company has been receiving funds from a company controlled by a former director of the Company through promissory notes (Note 6). Management considers that the Company will be able to obtain additional funds by promissory notes; however, there is no assurance of additional funding being available. The Company has historically satisfied its capital needs primarily by issuing equity securities and/or promissory notes. Management plans to continue to provide for its capital needs by issuing promissory notes.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Jul. 31, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of Presentation and Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries, i-Minerals USA, Inc. and CKD Ventures Ltd. All inter-company accounts and transactions have been eliminated. The Company’s fiscal year-end is April 30 th Financial Instruments and Fair Value Measures The book value of cash, receivables, accounts payable and accrued liabilities approximate their fair values due to the immediate or short-term maturity of those instruments. The fair value hierarchy under US GAAP is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 - observable inputs other than Level I, quoted prices for similar assets or liabilities in active prices whose inputs are observable or whose significant value drivers are observable; and Level 3 - assets and liabilities whose significant value drivers are unobservable by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s promissory notes are carried at amortized cost. Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). There were no assets or liabilities measured at fair value on a nonrecurring basis as at July 31, 2022 and April 30, 2022. Loss Per Share The basic loss per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding. Diluted loss per common share is computed similar to basic loss per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. For the three months ended July 31, 2022, loss per share excludes 1,250,000 (2021 – 2,450,000) potentially dilutive common shares (related to outstanding options and warrants) as their effect was anti-dilutive. Recently Issued Accounting Pronouncements Financial Instruments - Credit Losses In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 replaced the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 requires use of a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. In October 2019, the FASB issued ASU No. 2019-10, “Financial Instruments-Credit Losses (Topic 326): Effective Dates”, to finalize the effective date delays for private companies, not-for-profits, and smaller reporting companies applying the CECL standards. The ASU is effective for reporting periods beginning after December 15, 2022 and interim periods within those fiscal years. Early adoption is permitted. The Company has not early adopted this update and it will become effective on April 1, 2023 assuming the Company will remain an emerging growth company. The Company is currently assessing the impact of adopting this standard on its consolidated financial statements.

MINERAL PROPERTY INTEREST AND D

MINERAL PROPERTY INTEREST AND DEFERRED DEVELOPMENT COSTS	3 Months Ended
	Jul. 31, 2022
Extractive Industries [Abstract]
MINERAL PROPERTY INTEREST AND DEFERRED DEVELOPMENT COSTS	3. MINERAL PROPERTY INTEREST AND DEFERRED DEVELOPMENT COSTS: Helmer-Bovill Property – Latah County, Idaho The Company previously had an undivided 100% interest in 11 State of Idaho mineral leases. The State of Idaho mineral leases are subject to a 5% production royalty on gross sales. In March 2022, the Company amended the terms of the State of Idaho mineral leases through the Idaho Department of Lands (the “IDL”) and acquired these amended leases at an auction. Of the 11 mineral leases that the Company held previously, 8 mineral leases were amended and acquired at auction and the Company elected to relinquish 3 of the mineral leases. The amended leases now expire in March 2042 and, upon commercial production on one lease, other leases can be held through mine development or exploration work. In May 2017, the Idaho Department of Lands accepted the Company’s operation and reclamation plan. Together with a water rights permit from the Idaho Department of Water Resources, the Company was able to proceed with development and construction of the mine, subject to obtaining sufficient financing. As a result, management made the decision to begin capitalizing all development expenditures directly related to the Helmer-Bovill Property. In February 2019, the Company determined that the Feasibility Study should be considered non-current and accordingly, the Company has returned to the evaluation stage for accounting purposes.

ACCOUNTS PAYABLE AND ACCRUED LI

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	3 Months Ended
	Jul. 31, 2022
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	4. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES: Schedule of Accounts Payable And Accrued Liabilities July 31, 2022 $ April 30, 2022 $ Trade payables 178,728 189,615 Amounts due to related parties (Note 8) 224,619 224,627 Withholding tax on deemed dividends (Note 6) 896,756 896,756 Interest and penalties payable on promissory notes (Note 6) 260,415 78,579 Total accounts payable and accrued liabilities 1,560,518 1,389,577

LEASE LIABILITY

LEASE LIABILITY	3 Months Ended
	Jul. 31, 2022
Leases [Abstract]
LEASE LIABILITY	5. LEASE LIABILITY: The Company entered into a property lease in October 2020 and the Company recognized a lease obligation with respect to the operating lease. The terms and the outstanding balances as at July 31, 2022 and April 30, 2022 are as follows: Schedule of Leases July 31, 2022 $ April 30, 2022 $ Right-of-use asset from property lease repayable in monthly instalments of $2,332 and an interest rate of 13% per annum and an end date of October 15, 2022 6,847 13,475 Less: current portion (6,847) (13,475) Non-current portion - - The following is a schedule of the Company’s future minimum lease payments related to the office lease obligation: Schedule of Future Minimum Lease Payments July 31, 2022 $ 2023 6,995 Total minimum lease payments 6,995 Less: imputed interest (148) Total present value of minimum lease payments 6,847 Less: current portion (6,847) Non-current portion -

PROMISSORY NOTES DUE TO RELATED

PROMISSORY NOTES DUE TO RELATED PARTY	3 Months Ended
	Jul. 31, 2022
Debt Disclosure [Abstract]
PROMISSORY NOTES DUE TO RELATED PARTY	6. PROMISSORY NOTES DUE TO RELATED PARTY: Schedule of Promissory Notes July 31, 2022 $ April 30, 2022 $ Third promissory notes 27,754,581 27,736,602 Fifth promissory notes 3,389,869 3,387,673 Sixth promissory notes 4,079,926 3,652,662 Total promissory notes 35,224,376 34,776,937 The Company has Third Promissory Notes, Fifth Promissory Notes and Sixth Promissory Notes due to a company controlled by a former director of the Company (the “Lender”). The Third Promissory Notes were due on March 31, 2019. 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 Company entered into an amending agreement with the Lender further extending this maturity date to October 31, 2019 for no consideration. The Fifth Promissory Notes were due on December 31, 2019. On October 25, 2019, the Company 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. The Sixth Promissory Notes have the same maturity date. On June 4, 2020, all three promissory notes were extended to December 15, 2020 for no consideration. On December 3, 2020, the maturity date was extended to March 15, 2021 for no consideration. On March 9, 2021 the maturity date was extended to April 15, 2021 for no consideration. On April 15, 2021 the maturity date was extended to May 15, 2021 for no consideration. On May 10, 2021 the maturity date was extended to June 15, 2021 for no consideration. On June 15, 2021 the maturity date was extended to July 15, 2021 for no consideration. On July 15, 2021 the maturity date was extended to August 15, 2021 for no consideration. In addition, the interest rate was decreased to 0.13% per annum effective May 1, 2021 from 12% to 14%. On August 13, 2021 the maturity date was extended to September 15, 2021 for no consideration. On September 13, 2021 the maturity date was extended to October 15, 2021 for no consideration. On October 13, 2021, the maturity date was extended to November 15, 2021 for no consideration. On November 15, 2021, the maturity date was extended to December 15, 2021 for no consideration. On December 15, 2021, the maturity date was extended to January 15, 2022 for no consideration. On January 13, 2022, the maturity date was extended to February 15, 2022 for no consideration. On February 15, 2022, the maturity date was extended to April 15, 2022 for no consideration. On April 14, 2022, the maturity date was extended to June 15, 2022 for no consideration. On June 14, 2022, the maturity date was extended to September 15, 2022 for no consideration. On September 15, 2022, the maturity date was extended to December 31, 2022 for no consideration. In accordance with the guidance of ASC 470-50 and ASC 470-60, the Company determined that the March 27, 2019, June 28, 2019, October 25, 2019, June 4, 2020, December 3, 2020, March 9, 2021, April 15, 2021, May 10, 2021, June 15, 2021, July 15, 2021, August 13, 2021, September 13, 2021, October 13, 2021, November 15, 2021, December 15, 2021, January 13, 2022, February 15, 2022 and April 14, 2022 extension agreements qualified as troubled debt restructurings. However, as the Company did not transfer assets or grant an equity interest to the Lender and since the carrying amount of the promissory notes at the time of the restructurings did not exceed the total future cash payments specified by the new terms, this change was accounted for prospectively using the effective interest rate that equates the carrying amount to the expected future cash flows. Certain conditions may result in early repayment including immediate repayment in the event a person currently not related to the Company acquires more than 40% of the outstanding common shares of the Company. The Company determined that accrued interest on the promissory notes are subject to withholding taxes as the Lender controls over 25% of the common shares of the Company and the Company’s debt to equity ratio exceeded certain statutory limits that caused interest expense deductibility to be partially restricted. The withholding taxes are payable based on the amount of restricted interest, when such interest is paid or at the end of a fiscal year and are accounted for as a deemed dividend in accordance with ASC 740-10-15-4. As at July 31, 2022, the Company had recorded $896,756 of withholding tax on the deemed dividends (April 30, 2022 - $896,756) and penalties and interest of $252,801 (April 30, 2022 - $60,000) for the unpaid withholding tax. As at July 31, 2022, accrued interest on the promissory notes was $7,614 (April 30, 2022 – $18,579). During the three months ended July 31, 2022, the Company recorded accrued interest of $103,125 (2021 - $60,000) and an estimate of penalties in the amount of $89,676 (2021- $nil) with respect to the accrued withholding tax payable (Note 4). Third Promissory Notes The Third Promissory Notes bear interest at the rate of 0.13% per annum and during the three months ended July 31, 2022, the Company recorded interest of $9,102 (2021 - $8,789). Interest is payable semi-annually as calculated on May 31 st th Fifth Promissory Notes On September 11, 2018, the Company entered into a Loan Agreement with the Lender pursuant to which up to $2,500,000 will be advanced to the Company in tranches (the “Fifth Promissory Notes”). As at July 31, 2022, the Company had received $2,500,000 (April 30, 2022 - $2,500,000) in advances pursuant to the Fifth Promissory Notes. The Fifth Promissory Notes bear interest at the rate of 0.13% per annum and during the three months ended July 31, 2022, the Company recorded interest of $1,111 (2021 - $1,071). Interest is payable semi-annually as calculated on May 31 st th Sixth Promissory Notes On October 25, 2019, the Company entered into a Loan Agreement with the Lender pursuant to which up to $700,000 will be advanced to the Company in tranches (the “Sixth Promissory Notes”). On January 20, 2020 and July 8, 2020, the Company 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 July 31, 2022, the Company had received $3,775,000 in advances pursuant to the Sixth Promissory Notes (April 30, 2022 - $3,350,000). On November 15, 2021, the Company entered into an amending agreement whereby the Lender agreed to advance an additional $500,000, under the same terms as the Sixth Promissory Notes. On March 21, 2022, the Company entered into an amending agreement whereby the Lender agreed to advance an additional $250,000, under the same terms as the Sixth Promissory Notes. On June 14, 2022, the Company entered into an amending agreement whereby the Lender agreed to advance an additional $450,000, under the same terms as the Sixth Promissory Notes. On September 15, 2022, the Company entered into an amending agreement whereby the Lender agreed to advance an additional $450,000, under the same terms as the Sixth Promissory Notes. The Sixth Promissory Notes bear interest at the rate of 0.13% per annum and during the three months ended July 31, 2022, the Company recorded interest of $1,261 (2021 - $849). Interest is payable semi-annually as calculated on May 31 st th The Third Promissory Notes, the Fifth Promissory Notes and the Sixth Promissory Notes are collateralized by the Company’s Helmer-Bovill Property. The following table outlines the estimated cash payments required, by calendar year, in order to repay the principal balance of the Third Promissory Notes, the Fifth Promissory Notes and the Sixth Promissory Notes: Schedule of Payments To Repay Principal Balance 2023 $ 2024 $ 2025 $ 2026 $ 2027 $ Total $ 35,224,376 - - - - 35,224,376

SHARE CAPITAL

SHARE CAPITAL	3 Months Ended
	Jul. 31, 2022
Equity [Abstract]
SHARE CAPITAL	7. SHARE CAPITAL: Common shares a) Authorized: Unlimited number of common shares, without par value. The holders of common shares are entitled to receive dividends which are declared from time to time, and are entitled to one vote per share at meetings of the Company. All shares are ranked equally with regards to the Company’s residual assets. b) Stock transactions: During the three months ended July 31, 2022 and 2021, the Company did not complete any stock transactions. c) Stock options: The Company has granted stock options under the terms of its Stock Option Plan (the “Plan”). The Plan provides that the directors of the Company may grant options to purchase common shares to directors, officers, employees and service providers of the Company on terms that the directors of the Company may determine are within the limitations set forth in the Plan. The maximum number of shares available under the Plan is limited to 10% of the issued common shares. The maximum term of stock options is ten years. All stock options vest on the date of grant, unless otherwise stated. As at July 31, 2022, the Company had 8,123,021 stock options available for grant pursuant to the Plan (April 30, 2022 – 8,123,021). The Company’s stock options outstanding as at July 31, 2022 and the changes for the period then ended are as follows: Stock Options Outstanding Number Outstanding Weighted Average Exercise Price (in CAD$) Balance outstanding at April 30, 2021 2,750,000 0.26 Expired (1,500,000) 0.26 Balance outstanding at April 30, 2022 1,250,000 0.25 Balance outstanding at July 31, 2022 1,250,000 0.25 Balance exercisable at July 31, 2022 - - Summary of stock options outstanding at July 31, 2022 Summary of stock options outstanding Security Number Outstanding Number Exercisable Exercise Price (CAD$) Expiry Date Remaining Contractual Life (years) Stock options 1,250,000 (1) - (1) 0.25 August 9, 2023 1.02 Notes: (1) As at July 31, 2022, the unamortized compensation cost of options is $93,382 and the intrinsic value of options expected to vest is $nil.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Jul. 31, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	8. RELATED PARTY TRANSACTIONS: During the three months ended July 31, 2022, management and consulting fees of $24,000 (2021 - $24,000) were charged by RJG Capital Corporation, a wholly-owned company of W. Barry Girling, Director. Wayne Moorhouse, Director, charged $4,211 (2021 - $5,706) in management and consulting fees. Gary Childress, Director, charged $3,501 (2021 - $3,657) in management and consulting fees. $5,950 (2021 - $7,440) was charged by Malaspina Consultants Inc. for the services of Matt Anderson, CFO, and are included in professional fees. Included in accounts payable and accrued liabilities are amounts owed to directors or officers or companies controlled by them. As at July 31, 2022, the amount was $224,619 (April 30, 2022 – $224,627). All amounts are non-interest bearing, unsecured, and due on demand. The promissory notes received from a company controlled by a director (Note 6) are related party transactions.

SEGMENT DISCLOSURES

SEGMENT DISCLOSURES	3 Months Ended
	Jul. 31, 2022
Segment Reporting [Abstract]
SEGMENT DISCLOSURES	9. SEGMENT DISCLOSURES: The Company considers its business to comprise a single operating segment being the exploration and development of its resource property. Substantially all of the Company’s long-term assets and operations are located in Latah County, Idaho.

NON-CASH TRANSACTIONS

NON-CASH TRANSACTIONS	3 Months Ended
	Jul. 31, 2022
Supplemental Cash Flow Elements [Abstract]
NON-CASH TRANSACTIONS	10. NON-CASH TRANSACTIONS: Investing and financing activities that affect recognized assets or liabilities but that do not result in cash receipts or cash payments are excluded from the consolidated statements of cash flows. During the three months ended July 31, 2022 , the following transactions were excluded from the consolidated statement of cash flows: a) The transfer of $22,439 of interest payable on the Third, Fifth and Sixth Promissory Notes from accounts payable and accrued liabilities to promissory notes; and, b) Deferred mineral property expenditures of $40,062 included in accounts payable and accrued liabilities at July 31, 2022, less $40,062 included in accounts payable at April 30, 2022 (net inclusion of $nil). During the three months ended July 31, 2021, the following transactions were excluded from the consolidated statement of cash flows: a) The transfer of $1,625,421 of interest payable on the Third, Fifth and Sixth Promissory Notes from accounts payable and accrued liabilities to promissory notes; and, b) Deferred mineral property expenditures of $40,062 included in accounts payable and accrued liabilities at July 31, 2021, less $40,062 included in accounts payable at April 30, 2021 (net inclusion of $nil).

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Jul. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	11. SUBSEQUENT EVENTS: Subsequent to July 31, 2022: i) On August 31, 2022, the Company received $150,000 pursuant to the Sixth Promissory Notes. ii) On September 15, 2022, the maturity date of the promissory notes was extended to December 31, 2022 for no consideration. In addition, the Lender agreed to advance an additional $450,000, under the same terms as the Sixth Promissory Notes. iii) On September 13, 2022, the Company entered into a Stock Purchase Agreement with BV Lending, LLC, an Idaho limited liability company ("BV Lending") and the Company's subsidiary, i-minerals USA, Inc. ("i-minerals USA"), an Idaho company that owns the leases that comprise the Helmer-Bovill Property, (the "Stock Purchase Agreement"), pursuant to which the Company has agreed to sell all of the issued and outstanding common shares of i-minerals USA to BV Lending (the "Transaction"). BV Lending is a non-arm's length party to the Company as it is a company controlled by a former director of the Company. Key Terms of the Transaction: - Immediately prior to closing of the Transaction, the Company will contribute an intercompany debt owed by i-minerals USA to the Company in the amount of approximately $25.7 million, resulting in the cancellation of the outstanding indebtedness. - the closing of the Transaction, the Company will sell all of the shares of i-minerals USA to BV Lending for an amount equal to C$3,000,000 (the "Share Value"). - 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 the Company to BV Lending (the "Set Off"). - Immediately following the Set Off, BV Lending will transfer to the Company the balance of the debt owed by the Company owed by BV Lending (which debt was approximately $35.4 million before the Set Off). - Previously entered into loan agreements dated June 1, 2016, September 11, 2018 and October 25, 2019 among the Company, BV Lending and i-minerals USA, including all security granted thereunder, will be terminated and/or discharged. - he Company will be subject to non-competition and non-solicitation covenants in favour of BV Lending for a period of five years commencing on closing of the Transaction. - The Transaction is subject to the approval of the Transaction by shareholders of the Company (the "Shareholders") and the TSX Venture Exchange. - As part of the Transaction, BV Lending has agreed to pay taxes that will become payable by the Company as a result of the Transaction (approximately $450,000). In consideration for such payment by BV Lending, the Company 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 the Company from the applicable government agency.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Jul. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries, i-Minerals USA, Inc. and CKD Ventures Ltd. All inter-company accounts and transactions have been eliminated. The Company’s fiscal year-end is April 30 th
Financial Instruments and Fair Value Measures	Financial Instruments and Fair Value Measures The book value of cash, receivables, accounts payable and accrued liabilities approximate their fair values due to the immediate or short-term maturity of those instruments. The fair value hierarchy under US GAAP is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 - observable inputs other than Level I, quoted prices for similar assets or liabilities in active prices whose inputs are observable or whose significant value drivers are observable; and Level 3 - assets and liabilities whose significant value drivers are unobservable by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s promissory notes are carried at amortized cost. Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). There were no assets or liabilities measured at fair value on a nonrecurring basis as at July 31, 2022 and April 30, 2022.
Loss Per Share	Loss Per Share The basic loss per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding. Diluted loss per common share is computed similar to basic loss per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. For the three months ended July 31, 2022, loss per share excludes 1,250,000 (2021 – 2,450,000) potentially dilutive common shares (related to outstanding options and warrants) as their effect was anti-dilutive.
Financial Instruments - Credit Losses	Recently Issued Accounting Pronouncements Financial Instruments - Credit Losses In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 replaced the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 requires use of a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. In October 2019, the FASB issued ASU No. 2019-10, “Financial Instruments-Credit Losses (Topic 326): Effective Dates”, to finalize the effective date delays for private companies, not-for-profits, and smaller reporting companies applying the CECL standards. The ASU is effective for reporting periods beginning after December 15, 2022 and interim periods within those fiscal years. Early adoption is permitted. The Company has not early adopted this update and it will become effective on April 1, 2023 assuming the Company will remain an emerging growth company. The Company is currently assessing the impact of adopting this standard on its consolidated financial statements.

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	3 Months Ended
	Jul. 31, 2022
Payables and Accruals [Abstract]
Schedule of Accounts Payable And Accrued Liabilities	Schedule of Accounts Payable And Accrued Liabilities July 31, 2022 $ April 30, 2022 $ Trade payables 178,728 189,615 Amounts due to related parties (Note 8) 224,619 224,627 Withholding tax on deemed dividends (Note 6) 896,756 896,756 Interest and penalties payable on promissory notes (Note 6) 260,415 78,579 Total accounts payable and accrued liabilities 1,560,518 1,389,577

LEASE LIABILITY (Tables)

LEASE LIABILITY (Tables)	3 Months Ended
	Jul. 31, 2022
Leases [Abstract]
Schedule of Leases	Schedule of Leases July 31, 2022 $ April 30, 2022 $ Right-of-use asset from property lease repayable in monthly instalments of $2,332 and an interest rate of 13% per annum and an end date of October 15, 2022 6,847 13,475 Less: current portion (6,847) (13,475) Non-current portion - -
Schedule of Future Minimum Lease Payments	Schedule of Future Minimum Lease Payments July 31, 2022 $ 2023 6,995 Total minimum lease payments 6,995 Less: imputed interest (148) Total present value of minimum lease payments 6,847 Less: current portion (6,847) Non-current portion -

PROMISSORY NOTES DUE TO RELAT_2

PROMISSORY NOTES DUE TO RELATED PARTY (Tables)	3 Months Ended
	Jul. 31, 2022
Debt Disclosure [Abstract]
Schedule of Promissory Notes	Schedule of Promissory Notes July 31, 2022 $ April 30, 2022 $ Third promissory notes 27,754,581 27,736,602 Fifth promissory notes 3,389,869 3,387,673 Sixth promissory notes 4,079,926 3,652,662 Total promissory notes 35,224,376 34,776,937
Schedule of Payments To Repay Principal Balance	Schedule of Payments To Repay Principal Balance 2023 $ 2024 $ 2025 $ 2026 $ 2027 $ Total $ 35,224,376 - - - - 35,224,376

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	3 Months Ended
	Jul. 31, 2022
Equity [Abstract]
Stock Options Outstanding	Stock Options Outstanding Number Outstanding Weighted Average Exercise Price (in CAD$) Balance outstanding at April 30, 2021 2,750,000 0.26 Expired (1,500,000) 0.26 Balance outstanding at April 30, 2022 1,250,000 0.25 Balance outstanding at July 31, 2022 1,250,000 0.25 Balance exercisable at July 31, 2022 - -
Summary of stock options outstanding	Summary of stock options outstanding Security Number Outstanding Number Exercisable Exercise Price (CAD$) Expiry Date Remaining Contractual Life (years) Stock options 1,250,000 (1) - (1) 0.25 August 9, 2023 1.02

NATURE OF BUSINESS AND BASIS _2

NATURE OF BUSINESS AND BASIS OF PRESENTATION AND LIQUIDITY (Details Narrative) - USD ($)	Jul. 31, 2022	Apr. 30, 2022
Accounting Policies [Abstract]
Retained Earnings (Accumulated Deficit)	$ 55,737,914	$ 55,261,714

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - shares	3 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Accounting Policies [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,250,000	2,450,000

MINERAL PROPERTY INTEREST AND_2

MINERAL PROPERTY INTEREST AND DEFERRED DEVELOPMENT COSTS (Details Narrative)	3 Months Ended
	Jul. 31, 2022
Extractive Industries [Abstract]
[custom:MineralLeasesInterest]	100%
Capital Leased Assets, Number of Units	11
[custom:MineralRoyalty]	The State of Idaho mineral leases are subject to a 5% production royalty on gross sales.

Schedule of Accounts Payable An

Schedule of Accounts Payable And Accrued Liabilities (Details) - USD ($)	Jul. 31, 2022	Apr. 30, 2022
Payables and Accruals [Abstract]
Trade payables	$ 178,728	$ 189,615
Amounts due to related parties (Note 8)	224,619	224,627
Withholding tax on deemed dividends (Note 6)	896,756	896,756
Interest and penalties payable on promissory notes (Note 6)	260,415	78,579
Total accounts payable and accrued liabilities	$ 1,560,518	$ 1,389,577

Schedule of Leases (Details)

Schedule of Leases (Details) - USD ($)	Jul. 31, 2022	Apr. 30, 2022
Leases [Abstract]
Right-of-use asset from property lease repayable in monthly instalments of $2,332 and an interest rate of 13% per annum and an end date of October 15, 2022	$ 6,847	$ 13,475
Less: current portion	(6,847)	(13,475)
Non-current portion

Schedule of Future Minimum Leas

Schedule of Future Minimum Lease Payments (Details) - USD ($)	Jul. 31, 2022	Apr. 30, 2022
Short-Term Debt [Line Items]
Total present value of minimum lease payments	$ 6,847	$ 13,475
Less: current portion	(6,847)	(13,475)
Non-current portion
Operating Leases [Member]
Short-Term Debt [Line Items]
2023	6,995
Total minimum lease payments	6,995
Less: imputed interest	(148)
Total present value of minimum lease payments	6,847
Less: current portion	(6,847)
Non-current portion

Schedule of Promissory Notes (D

Schedule of Promissory Notes (Details) - USD ($)	Jul. 31, 2022	Apr. 30, 2022
Third Promissory Note [Member]
Short-Term Debt [Line Items]
Total promissory notes	$ 27,754,581	$ 27,736,602
Fifth Promissory Note [Member]
Short-Term Debt [Line Items]
Total promissory notes	3,389,869	3,387,673
Sixth Promissory Note [Member]
Short-Term Debt [Line Items]
Total promissory notes	4,079,926	3,652,662
Total [Member]
Short-Term Debt [Line Items]
Total promissory notes	$ 35,224,376	$ 34,776,937

Schedule of Payments To Repay P

Schedule of Payments To Repay Principal Balance (Details) - Promissory Notes [Member]	Jul. 31, 2022 USD ($)
Debt Instrument [Line Items]
Long-Term Debt, Maturity, Year One	$ 35,224,376
Long-Term Debt, Maturity, Year Two
Long-Term Debt, Maturity, Year Three
Long-Term Debt, Maturity, Year Four
Long-Term Debt, Maturity, Year Five
Long-Term Debt	$ 35,224,376

PROMISSORY NOTES DUE TO RELAT_3

PROMISSORY NOTES DUE TO RELATED PARTY (Details Narrative) - USD ($)	3 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Sep. 15, 2022	Jun. 14, 2022	Apr. 30, 2022	Mar. 21, 2022
Short-Term Debt [Line Items]
Interest Costs Incurred		$ 849
Third Promissory Notes [Member]
Short-Term Debt [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	0.13%
Interest Costs Incurred	$ 9,102	8,789
Debt Instrument, Convertible, Terms of Conversion Feature	During the three months ended July 31, 2022, the Lender elected to have interest payable from December 1, 2021 to May 31, 2022 of $17,979 deemed as advances.
Fifth Promissory Notes [Member]
Short-Term Debt [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	0.13%
Interest Costs Incurred	$ 1,111	$ 1,071
Debt Instrument, Convertible, Terms of Conversion Feature	During the three months ended July 31, 2022, the Lender elected to have interest payable from December 1, 2021 to May 31, 2022 of $2,196 deemed as advances.
Loans Payable	$ 2,500,000				$ 2,500,000
Sixth Promissory Notes [Member]
Short-Term Debt [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	0.13%
Interest Costs Incurred	$ 1,261
Debt Instrument, Convertible, Terms of Conversion Feature	During the three months ended July 31, 2022, the Lender elected to have interest payable from December 1, 2021 to May 31, 2022 of $2,264 deemed as advances.
Loans Payable	$ 3,775,000		$ 450,000	$ 450,000	$ 3,350,000	$ 250,000

Stock Options Outstanding (Deta

Stock Options Outstanding (Details) - $ / shares	3 Months Ended	12 Months Ended
	Jul. 31, 2022	Apr. 30, 2021	Apr. 30, 2022
Equity [Abstract]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number	1,250,000	2,750,000	1,250,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 0.25	$ 0.26	$ 0.25
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period		(1,500,000)
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price		$ 0.26
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price

Summary of stock options outsta

Summary of stock options outstanding (Details)	3 Months Ended
	Jul. 31, 2022 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number
Set 1 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	1,250,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price | $ / shares	$ 0.25
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate1]	August 9, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	1 year 7 days

SHARE CAPITAL (Details Narrativ

SHARE CAPITAL (Details Narrative) - shares	Jul. 31, 2022	Apr. 30, 2022
Equity [Abstract]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant	8,123,021	8,123,021

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Apr. 30, 2022
Related Party Transaction [Line Items]
General and Administrative Expense	$ 50,462	$ 52,114
Professional Fees	59,027	99,320
Accounts Payable and Accrued Liabilities, Current	1,560,518		$ 1,389,577
R J G Capital Corporation [Member]
Related Party Transaction [Line Items]
General and Administrative Expense	24,000	24,000
Wayne Moorhouse Director [Member]
Related Party Transaction [Line Items]
General and Administrative Expense	4,211	5,706
Gary Childress Director [Member]
Related Party Transaction [Line Items]
General and Administrative Expense	3,501	3,657
Malaspina Consultants Inc [Member]
Related Party Transaction [Line Items]
Professional Fees	5,950	$ 7,440
Directors Or Officers Or Companies Controlled By Them [Member]
Related Party Transaction [Line Items]
Accounts Payable and Accrued Liabilities, Current	$ 224,619		$ 224,627

NON-CASH TRANSACTIONS (Details

NON-CASH TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Apr. 30, 2022	Apr. 30, 2021
Debt Conversion [Line Items]
Accounts Payable and Accrued Liabilities, Current	$ 1,560,518		$ 1,389,577
Deferred Mineral Property Expenditures [Member]
Debt Conversion [Line Items]
Accounts Payable and Accrued Liabilities, Current	40,062
Accounts Payable, Current			$ 40,062	$ 40,062
Promissory Notes [Member]
Debt Conversion [Line Items]
[custom:TransferOfInterestPayableToPromissoryNote]	$ 22,439	$ 1,625,421

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative)	1 Months Ended
	Sep. 15, 2022	Aug. 31, 2022
Subsequent Events [Abstract]
Long-Term Debt, Description	On September 15, 2022, the maturity date of the promissory notes was extended to December 31, 2022 for no consideration.  In addition, the Lender agreed to advance an additional $450,000, under the same terms as the Sixth Promissory Notes.	On August 31, 2022, the Company received $150,000 pursuant to the Sixth Promissory Notes.