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THIS SETTLEMENT AGREEMENT is effective as of the 31st day of December, 2014.    
    BETWEEN:   LITHIUM EXPLORATION GROUP, INC., with an office at 3800
North Central Avenue, Suite 820, Phoenix, Arizona, 85012.      

(the “Company”)

    AND:     ALEXANDER R. WALSH with an address at 320 East Fairmont Drive,  
Tempe, Arizona 85282.       (the “Shareholder”)

WHEREAS the Company has informed the Shareholder that the Shareholder is liable
to the Company for an aggregate amount of $80,523.58 (the “Short Swing Profit”)
under Section 16(b) of the Securities Exchange Act of 1934, as amended (the
“Act”) for the profit realized from transactions in the Company’s common stock
as set forth in Schedule “A” attached hereto.

NOW THEREFORE THIS SETTLEMENT AGREEMENT WITNESSETH that in consideration for the
premises and mutual covenants and agreements herein contained, and for other
good and valuable consideration, the receipt and sufficiency of which is also
hereby acknowledged by each of the parties hereto, the parties hereto hereby
agree as follows:

1.

Disgorgement. In exchange for the forbearance of legal action by the Company
pursuant to Section 16(b) of the Act, the Shareholder agrees to disgorge the
Short Swing Profit to the Company as of the effective date of this Settlement
Agreement.

    2.

Governing Law. This agreement and the other documents issued pursuant to this
Agreement shall be governed by the internal laws of the State of Arizona.

    3.

Counterparts; Headings. This Agreement may be executed in several counterparts,
each of which shall be deemed an original, but such counterparts shall together
constitute but one and the same agreement. The Article and Section headings in
this Agreement are inserted for convenience of reference only and shall not
constitute a part hereof.

    4.

Entire Agreement. This Agreement and the other documents referred to herein
contain the entire understanding of the parties with respect to the subject
matter hereof. There are no restrictions, promises, warranties, covenants or
undertakings concerning such subject matter other than those expressly set forth
in this Agreement. This Agreement supersedes all prior negotiations, agreements
and undertakings between the parties with respect to such subject matter.

    5.

Notices. All communications or notices required or permitted by this Agreement
shall be in writing and shall be deemed to have been given at the earlier of the
date when actually delivered to an individual party or to an officer of a
corporate party by personal delivery or telephonic facsimile transmission or
three (3) business days after being deposited in the United States mail,
certified or registered mail, postage prepaid, and addressed as set forth on the
signature pages hereto, unless and until any of such parties notifies the others
in accordance with this Section of a change of address.

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6.

Amendments. This Agreement may be amended if such amendment is in writing and is
signed by the all of the parties hereto.

    7.

Severability. Any provision of this Agreement which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions of this Agreement or affecting the validity or
enforceability of such provision in any other jurisdiction.

    8.

Interpretation. Unless the context requires otherwise, all words used in this
Agreement in the singular number shall extend to and include the plural, all
words in the plural number shall extend to and include the singular, and all
words in any gender shall extend to and include all genders.

    9.

Assignability; Successors. Each party’s right and liabilities under this
Agreement are not assignable or delegable, in whole or in part, without the
prior written consent of the other party. The provisions of this Agreement shall
inure to the benefit of and be binding upon the successors and permitted assigns
of the parties.

IN WITNESS WHEREOF, the parties hereto have executed this Amending Agreement as
of the day and year first above written.

LITHIUM EXPLORATION GROUP, INC.                     Per: /s/ Alexander Walsh    
  Name: Alexander Walsh       Title: President and Director                    
Signed, sealed and delivered by )   ALEXANDER WALSH in the presence of: )      
)   /s/ Shanon Chilson )   Signature of Witness )  /s/Alexander Walsh     )
 ALEXANDER WALSH Shanon Chilson ) Name of Witness )     )

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Schedule “A”

Date of
Trade:

Type:

Number of
Shares:

Price per
share:

Aggregate
transaction
amount:
  Aggregate
transaction
amount at price
on Oct. 22/14

Short swing
profit:

4/29/2014 Sale 121,100 $0.0450 $5,449.50   $460.18 $4,989.32 5/1/2014 Sale 6,400
$0.0380 $243.20   $24.32 $218.88 7/8/2014 Sale 229,800 $0.0400 $9,192.00  
$873.24 $8,318.76 7/9/2014 Sale 114,000 $0.0390 $4,446.00   $433.20 $4,012.80
7/10/2014 Sale 52,000 $0.03900 $2,028.00   $197.60 $1,830.40 7/11/2014 Sale
60,000 $0.0390 $2,340.00   $228.00 $2,112.00 7/14/2014 Sale 45,000 $0.0390
$1,755. 00   $171.00 $1,584.00 7/15/2014 Sale 392,180 $0.0370 $14,510.66  
$1,490.284 $13,020.376 7/16/2014 Sale 70,000 $0.0360 $2,520.00   $266.00
$2,254.00 7/17/2014 Sale 80,000 $0.0370 $2,960.00   $304.00 $2,656.00 7/18/2014
Sale 120,000 $0.0360 $4,320.00   $456.00 $3,864.00 7/21/2014 Sale 160,000
$0.0360 $5,760.00   $608.00 $5,152.00 7/22/2014 Sale 300,000 $0.0350 $10,500.00
  $1,140.00 $9,360.00 7/23/2014 Sale 88,000 $0.0360 $3,168.00   $334.40
$2,833.60 7/24/2014 Sale 39,020 $0.0360 $1,404.72   $148.276 $1,256.444
8/11/2014 Sale 70,000 $0.0360 $2,520.00   $266.00 $2,254.00 8/19/2014 Sale
552,500 $0.0306 $16,906.50   $2,099.50 $14,807.00 Total:   2,500,000  
$90,023.58   $9,500.00 $80,523.58
10/22/2014 Purchase  2,500,000 $0.0038 $9,500  

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