|   | (a) | Lacus      and LI3 have entered into a certain Master Option Agreement dated as of      Mach 12th,      2010 (the “Master      Option Agreement”), pursuant to which Lacus granted to LI3 three      options to acquire up to an aggregate of eighty five per cent (85%)      interest in certain mining Properties (as defined under the Master Option      Agreement). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Section      12 of the Master Option Agreement sets forth that closing      thereunder shall take place, upon completion of the closing conditions      foreseen thereto, no later than 90 calendar days following the Effective      Date (as defined under the Master Option Agreement), subject to any      extensions that may be granted in by LI3 or as the Parties may otherwise      agree in writing. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | LI3 and the shareholders of Lacus (“Lacus      Shareholders”) have entered as of July 29th, 2010 into a certain Letter of Intent      (the “LOI”), whereby LI3 and Lacus      Shareholders have set forth their preliminary and non-binding      understanding of certain commercial terms and conditions of a proposed      transaction that includes the acquisition by Li3 of one hundred      percent (100%) of the issued and outstanding shares of Lacus (collectively, the "New      Transaction") that      they intend to address in final definitive agreements (collectively the      "Definitive      Agreements") to be      agreed by LI3 and Lacus Shareholders, subject to legal, technical and      financial due diligence. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | In the light of the foregoing,      Lacus Shareholders have agreed under the LOI, to cause Lacus to      execute this Addendum, in order to postpone Closing Date of the Master      Option Agreement, until there is a definition in regards with the New      Transaction. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | In      addition to the amendment referred to in Recital      (d), Lacus Shareholders have agreed under the LOI to cause Lacus to      execute this Addendum, in order to foresee: (i) the disclosure by Lacus to LI3 of the available results on new samples taken; and      (ii) a split of the current “Services Agreement II” into two      services agreements. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 1.1 | Postponement      and Suspension of Closing. The Parties hereto agree to postpone and      suspend the closing under the Master Option Agreement, and thus Closing      Date thereof, until the earlier of: |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Delivery      of written notice to the Parties hereto by any of the parties to the New      Transaction, notifying that the term of the LOI has expired; with the      parties thereto failing to reach an agreement  thereunder. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Delivery      of written notice to the Parties hereto by any of the parties to the New      Transaction, notifying that the LOI has been terminated; with the parties      thereto failing to reach an agreement  thereunder. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Delivery      of written notice to the Parties hereto by any of the parties to the New      Transaction, notifying that the parties thereto have entered into      Definitive Agreements. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.2 | Term      to Close. Upon receipt by the Parties hereto of written notice in      the terms and conditions established in Section      1.1 hereof, the commercial relationship between the Parties under      the Master Option Agreement will be reassumed, and closing thereunder      shall be completed on the terms and conditions set forth thereto, no later      than fifteen (15) calendar days following the day of receipt of such      written notice, subject to any extensions that the Parties may otherwise      agree in writing. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 3.1 | Section      4(c) of the Master      Option Agreement is deleted in its entirety and replaced with the      following: |
|-----|------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Complete      a minimum of US$3,700,000.00, VAT      included, in Work Commitments in respect to the Properties through duly      incurring Expenditures in accordance with the Services Agreement I, II and      III (the "Work      Commitments"), to be incurred asfollows: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | US$388,000.00, VAT      included, as of Effective Date, in line with the terms and conditions set      forth in the Services Agreement I;and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | US$312,000.00, VAT      included, on      or before one month from Effective Date, in line with the terms and      conditions set forth in the Services Agreement I;  and |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | US$237,000.00, VAT      included, on or before July 30th,      2010, in line with the terms and conditions set forth in the Services      Agreement II; and |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | US$1,079,000.00, VAT      included, on or before August 15th,      2010, in line with the terms and conditions set forth in the Services      Agreement II; and |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | US$372,000.00, VAT      included, on or before August 31st,      2010, in line with the terms and conditions set forth in the Services      Agreement II, and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | US$1,312,000.00, VAT included, as      from the Closing Date until the anniversary of the Closing Date, as      requested by the Executive Committee, in line with the terms and      conditions set forth in the Services Agreement  III. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 3.2 | Section      10.1(c) of the Master Option Agreement is      deleted in its entirety and replaced with the      following: |
|-----|---------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Services      Agreements. For purpose of performing the exploration, the Parties      herby agree to enter into the Services Agreements detailed hereinbelow,      pursuant to which Lacus will perform certain exploration works in the      Properties during the First Exploration Phase, provided that no products      will be taken from the Properties during the First Exploration Phase      without LI3 consent, which consent is at the sole discretion of      LI3: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Service Agreement      I: (1) Term: to be      entered as of Effective Date, and for a period of 6 months thereon; (2)      Price:      payment of the amounts set forth in Section      4(c)(i) and 4(c)(ii)      (or any other amount that LI3 may fund at LI3’s sole option, within such      time-frame) will be made under the Service Agreement  I. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | Service Agreement      II: (1) Term: to be      entered as of July 30th,      2010, and for a period of six (6) months thereon; (2) Price: payment      of the amounts set forth in Section      4(c)(iii), 4(c)(iv)      and 4(c)(v)      (or any other amount that LI3 may fund at LI3’s sole option, within such      time-frame) will be made under the Service Agreement  II. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | Service Agreement      III: (1) Term: to be      entered as of Closing Date, and to terminate on the earlier of the: (A)      the expiry of the First Option Period, with the First Option not having      been duly exercised, (B) the other termination of this Agreement with the      First Option not having been duly exercised, and (C) in the event the      First Option is exercised by LI3; (2) Price: payment      of the amount set forth in Section      4(c)(vi) (or any other amount that LI3 may fund at LI3’s sole      option, within such time-frame) will be made under the Service Agreement      III. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.3 | General      Amendment. As a result of the amendment to the Master Option      Agreement pursuant to Section      3 hereof: |
|-----|-----------------------------------------------------------------------------------------------------------------------------|

|   | (a) | References      made in Section      1.1; 1.8(i);      and 12.4(a)      of the Master Option Agreement and Schedule      IX thereto, to “Services Agreement II” shall be deemed made to      “Services Agreement III”; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Cross-reference      made in Section      1.1 – “Services Agreement II” to Section      10.1(c)(ii) shall be deemed made to Section      10.1(c)(iii). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.4 | Section      1.1 of the Master Option Agreement is amended by adding the      following new paragraph between the definitions of “Services Agreement I”      and “Services Agreement III” of the Master Option    Agreement: |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 4.1 | Section      8 of the Master Option Agreement is deleted in its entirety and      replaced with the following: |
|-----|----------------------------------------------------------------------------------------------------------------|

|   | (a) | US$1,312,000.00 to secure payments      set forth in Section      4(c)(vi) of this Agreement. |
|--------|-----|-----------------------------------------------------------------------------------------------|

|   | (b) | US$500,000.00 to secure      payments set forth in Section      4(b) of this Agreement. |
|--------|-----|-----------------------------------------------------------------------------------------|

| 4.2 | Sample      of Escrow Agreement II |
|-----|------------------------------------|

|   | (a) | Section      1.1 of the sample of Escrow Agreement II attached as Schedule XII      to the Master Option Agreement is deleted in its entirety and replaced      with the following: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | General      Amendment: |
|--------|-----|-------------------------|

|   | (i) | References      made in Recital      (b) and (c)      and Section      9.7 of      the sample of Escrow Agreement II attached as Schedule XII to the Master      Option Agreement, to “Services Agreement II” shall be deemed made to      “Services Agreement III”; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | Cross-reference      made in Recital      (c) of      the sample of Escrow Agreement II attached as Schedule XII to the Master      Option Agreement, shall be deemed made to Section      4(c)(vi). |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | LI3      ENERGY, INC.     |                                                           |
|--------|---------------------------|----------------------------------------------------------------|
|   |                      |                                                           |   |
|   | By:                       | /s/ Luis      Saenz                                       |   |
|   |                      | Luis Saenz Chief Executive Officer      (Legal Representative) |   |
|   |                      |                                                           |   |
|   |                      |                                                           |   |
|   | LACUS      MINERALS S.A.. |                                                           |
|   |                      |                                                           |   |
|   | By:                       | /s/      Beatriz S. Vazquez Nistico                            |   |
|   | Name:                | Beatriz      S. Vazquez Nistico                                |   |
|   | Title:                    | President                                                      |   |

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