Document:

Exhibit 10.1

 

	EDUARDO AVELLO CONCHA	 
	    NOTARIO PÚBLICO	 
	  Orrego Luco 0153 – Providencia	 

 

 

	OD/.	Digest No. 1562-2016.	      Copies: 3.

 

* * * * * *

 

COMPENSATION, DEBT RECOGNITION, CANCELATION
OF DEBT AND INCORPORATION OF LIEN WITHOUT DISPLACEMENT

 

* * * * * *

 

“MINERA SALAR BLANCO SpA”

 

TO

 

“LI3 ENERGY INC.”

 

* * * * * *

 

In Santiago, Chile, on January 19, 2016,
appear before me, EDUARDO AVELLO CONCHA, Attorney, Notary Public, title holder of the Twenty-Seventh Public Notary of Santiago,
with trade offices at Orrego Luco No. 0153, District of Providencia, appear before me: One) “MINERA SALAR BLANCO SpA”,
before “BBL SpA”, company incorporated in Chile, of the investment business, Single Taxing No. 76.319.337-3, represented
according to what will be credited by MARTÍN JOSÉ BORDA MINGO, Chilean, married, business administration mayor, National
Identification No. 7.100.555-1, both with residence for these purposes at Calle Rosario Norte No. 100, Office 403, District of
Las Condes, Santiago, Chile, hereinafter indistinctly called “MSB” or the “Creditor”; and
Two) “LI3 ENERGY INC.”, company incorporated under the laws of the State of Nevada of the United States
of America, of the mineral production and commercialization trade activity, Single Taxing No. 59.176.370-9, represented according
to how it will be credited by PATRICK ALBERTO CUSSEN MACKENNA, Chilean, married, and with total separation of property, civil industrial
engineer, National Identification No. 4.779.235-5, both with residence for these purposes at Américo Vespucio Sur 80, piso
once, District of Las Condes,

 

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Santiago, Chile, hereinafter indistinctly
called as “Li3” or the “Debtor”. MSB and Li3 hereinafter jointly called the “Parties”.
The people appearing before me, all of legal age, whom I know, since they credited their identity with the aforementioned identification
cards and thereby expound as follows: TITLE ONE. CLAUSE ONE: Background Information. One) The Parties are
the current and only shareholders of Minera Li Energy SpA, company dealing in the business of its trade name, single taxing No.
76,102,972- K, whose equity is divided into 100 regular shares, nominative, of a single class or series and without a nominal value,
being its current shareholding structure as follows: a) MSB is shareholder and title holder of 51 shares; and b)
Li3 is shareholder and title holder of the remaining 49 shares. Two) January 27, 2014, the Parties acting as shareholders
of Minera Li Energy SpA subscribed a shareholders’ agreement, hereinafter, the “Shareholders’ Agreement”,
in which it was agreed, among other matters, the following: a) In Clause 11, 11.1, letter b) MSB’s obligation of granting
Li3 a credit for the sum of $1,800,000 Dollars of the United States of America was established, for which MSB will open a financing
account for the referred to sum in favor of Li3; that the Parties will subscribe in separate instruments, constituting liens without
displacement over one share of Li3 in Minera Li Energy SpA, for each 100,000 Dollars of the United States of America that MSB gives
to Li3; and, that the amount delivered by MSB will be paid by Li3 to MSB within the time period of 18 months starting from the
subscription of the instrument that the respective mutual agreement contract contains; and, b) In Clause 11 No. 11.2.1,
MSB was forced to pay Li3 a sum of one million Dollars of the United States of America for taking control of Minera Li SpA, already
individualized herein. This obligation will be accrued once some of the conditions established in the Shareholders’ Agreement
is complied with or no later than on January 27, 2016. Three) In compliance with Clause 11 No. 11.1 letter b) of the Shareholders’
Agreement, the Parties subscribed the following Mutual Agreement

 

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Contracts and constituting liens: a)
Through deed dated May 27, 2014, digest number 12.969-2014, MSB delivered to Li3 the sum of $100,000 Dollars of the United States
of America, LI3 being forced to return such sum in Dollars on November 27, 2015, accruing an interest rate of 8.5% annually. In
addition, in the same instrument, and in conformance to Law 20,190 and its regulation, Li3 constituted in favor of MSB a lien without
displacement over one share that Minera Li Energy SpA is title holder of, such lien was constituted with a general guarantee clause
with faithful, integral and timely compliance of all and each one of the obligations of Li3 in favor of MSB and that are directly
or indirectly are related with the mutual agreement contract subscribed. Similarly, a prohibition to levy and transfer the share
pledged in lien was agreed to and registered, unless MSB authorizes LI3 in writing to do so; b) Through deed dated June
11, 2014, digest number 14.597-2014, MSB delivered to Li3 the sum of $140,000 Dollars of the United States of America, LI3 being
forced to return such sum in Dollars on December 10, 2015, accruing an interest rate of 8.5% annually. In addition, in the same
instrument, and in conformance to Law 20,190 and its regulation, Li3 constituted in favor of MSB a lien without displacement over
two shares that Li3 is title holder in Minera Li Energy SpA, such lien was constituted with a general guarantee clause with faithful,
integral and timely compliance of all and each one of the obligations of Li3 in favor of MSB and that are directly or indirectly
are related with the mutual agreement contract subscribed. The lien referred to herein above was inscribed on July 3, 2014 under
digest number 137,737-14, of the register of liens without displacement of the Civil Register. Similarly, it was agreed and registered
a prohibition to give in lien and transfer the shares given in lien, unless MSB authorizes LI3 in writing to do so; c) Through
deed dated July 23, 2014, digest number 18,798-2014, MSB delivered to Li3 the sum of $200,000 Dollars of the United States of America,
LI3 being forced to return such sum in Dollars on January 23, 2016, accruing an interest rate of 8.5%

 

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annually. In addition, in the same instrument,
and in conformance to Law 20,190 and its regulation, Li3 constituted in favor of MSB a lien without displacement over two shares
that Li3 is title holder in Minera Li Energy SpA, such lien was constituted with a general guarantee clause with faithful, integral
and timely compliance of all and each one of the obligations of Li3 in favor of MSB and that are directly or indirectly are related
with the mutual agreement contract subscribed. The lien referred to herein above was inscribed September 3, 2014 under digest number
181,540-14 of the register of liens without displacement of the Civil Register. Similarly, it was agreed and registered a prohibition
to give in lien and transfer the shares given in lien, unless MSB authorizes LI3 in writing to do so; d) Through deed dated
August 27, 2014, digest number 22,464-2014, MSB delivered to Li3 the sum of $200,000 Dollars of the United States of America, LI3
being forced to return such sum in Dollars on February 27, 2016, accruing an interest rate of 8.5% annually. In addition, in the
same instrument, and in conformance to Law 20,190 and its regulation, Li3 constituted in favor of MSB a lien without displacement
over two shares that Li3 is title holder in Minera Li Energy SpA, such lien was constituted with a general guarantee clause with
faithful, integral and timely compliance of all and each one of the obligations of Li3 in favor of MSB and that are directly or
indirectly are related with the mutual agreement contract subscribed. The lien referred to herein above was inscribed on October
27, 2014 under digest number 220,097-14 of the register of liens without displacement of the Civil Register. Similarly, it was
agreed and registered a prohibition to give in lien and transfer the shares given in lien, unless MSB authorizes LI3 in writing
to do so; e) Through deed dated October 21, 2014, digest number 27,893- 2014, MSB delivered to Li3 the sum of $200,000 Dollars
of the United States of America, LI3 being forced to return such sum in Dollars on April 15, 2016, accruing an interest rate of
8.5% annually. In addition, in the same instrument, and in conformance to Law 20,190 and its regulation, Li3 constituted in favor

 

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of MSB a lien without displacement over
two shares that Li3 is title holder in Minera Li Energy SpA, such lien was constituted with a general guarantee clause with faithful,
integral and timely compliance of all and each one of the obligations of Li3 in favor of MSB and that are directly or indirectly
are related with the mutual agreement contract subscribed. The lien referred to herein above was inscribed on November 13, 2014
under digest number 232,448-14 of the register of liens without displacement of the Civil Register. Similarly, it was agreed and
registered a prohibition to give in lien and transfer the shares given in lien, unless MSB authorizes LI3 in writing to do so;
f) Through deed dated November 25, 2014, digest number 31,491-2014, MSB delivered to Li3 the sum of $180,000 Dollars of
the United States of America, LI3 being forced to return such sum in Dollars on May 25, 2016, accruing an interest rate of 8.5%
annually. In addition, in the same instrument, and in conformance to Law 20,190 and its regulation, Li3 constituted in favor of
MSB a lien without displacement over two shares that Li3 is title holder in Minera Li Energy SpA, such lien was constituted with
a general guarantee clause with faithful, integral and timely compliance of all and each one of the obligations of Li3 in favor
of MSB and that are directly or indirectly are related with the mutual agreement contract subscribed. The lien referred to herein
above was inscribed on December 19, 2014 under digest number 247,890-14 of the register of liens without displacement of the Civil
Register. Similarly, it was agreed and registered a prohibition to give in lien and transfer the shares given in lien, unless MSB
authorizes LI3 in writing to do so; y, g) Through deed dated February 3, 2015, digest number 3,442-2015, MSB delivered to
Li3 the sum of $200,000 Dollars of the United States of America, LI3 being forced to return such sum in Dollars on August 3, 2016,
accruing an interest rate of 8.5% annually. In addition, in the same instrument, and in conformance to Law 20,190 and its regulation,
Li3 constituted in favor of MSB a lien without displacement over two shares that Li3 is title holder in Minera Li Energy SpA, such
lien was

 

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constituted with a general guarantee clause
with faithful, integral and timely compliance of all and each one of the obligations of Li3 in favor of MSB and that are directly
or indirectly are related with the mutual agreement contract subscribed. The lien referred to herein above was inscribed on April
13, 2015 under digest number 73,282-15 of the register of liens without displacement of the Civil Register. Similarly, a prohibition
to levy and transfer the share pledged in lien was agreed to and registered, unless MSB authorizes LI3 in writing to do so; All
the deeds singularized in No. 3) of this Clause were subscribed in the Pubic Notary of Santiago of Eduardo Avello Concha, hereinafter
the “Mutual Agreement Contracts”. TITLE TWO. Conventional Compensation. CLAUSE TWO:
One) According to what is indicated in Clause One above, and specially according to the Mutual Agreement Contracts, Li3 owes
MSB the amount of $1,220,000 Dollars of the United States of America. Compliance of the obligation considered in the contract individualized
in letter a) of No. Three) of Clause One above is demandable on November 27, 2015 in reference to the obligations considered in
the contracts singularized in letters b) to g) of the same number and clause already mentioned herein above, the Parties leave
evidence that these will be demandable in the dates considered in each one of the respective contracts. Two) In turn, MSB
owes Li3 the sum of $1,000,000 Dollars of the United States of America, according to what is evident in letter b) number Dos) of
Clause One above. Compliance of this obligation will be demandable starting January 27, 2016. Three) In this act, the Parties
waive the pending time periods, mentioned herein above. Due to the aforementioned waiving, the obligations of Li3 and MSB, indicated
in numbers One) and Two) prior to this Clause, go on to be currently demandable. Four) In conformance with Articles 1655
and those that follow of the Civil Code and whereas that both Parties are Debtors in a reciprocal manner that such debts are liquid
and currently demandable and without detriment of deeming that, in conformance with what is provided for in Article 1656 of the
aforementioned legal

 

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body,
debts are demandable, up to the one of less occurrence, by compensation that operated by the sole ministry of the law, in this
act the Parties expressly agree to a conventional compensation of the credits stated in numbers One) and Two) prior to this Clause,
in accordance with what is provided for in the already mentioned articles of the Civil Code. Five)
In virtue of the conventional compensation agreed to by the Parties in the prior number, the referred to debt of MSB in favor of
Li3 have been totally paid for. Six) In turn, the debt that LI3 had in favor of MSB has been partially paid off up to the
sum of $1,000,000 Dollars of the United States of America. Seven) As a result of the compensation that has operated among
the Parties, these declare that Li3 owes to MSB the sum of $220,000 Dollars, plus accrued interests up to this date and agreed
to in the Mutual Agreement Contracts, which amount to the sum of $134,901 Dollars of the United States of America. Therefore, the
Parties declare that Li3 owes MSB the amount of $354,901 Dollars of the United States of America, sum that will be paid in conformance
with what is provided for in the following clause. TITLE THREE. Debt recognition. CLAUSE FOUR: One) Recognition of debt
by Li3. In this act, Li3 recognizes owing MSB, the amount equal to $354,901 Dollars of the United States of America, sum that
is broken down in the following amounts: i) $354,901 Dollars of the United States of America, due to the partial compensation
that is accounted for in the prior Clause; and, ii) $100,000 Dollars of the United States of America, that MSB delivers
in this act to Li3, the later declaring that they have received such sum to their entire satisfaction. Two) Payment.
Li3 declares that it will fully pay to MSB, or to whomever legally succeeds it, the sum of $484,901 Dollars of the United States
of America, the “Owed Sum” corresponding to what is indicated in numbers One) and Two) above, in their equivalent
in Pesos at the value of the observed dollar on the prior day informed by the Central Bank of Chile, in the checking account No.
847-01321-09 of Banco de Chile, on behalf of MSB or at the residence established in the 

 

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above appearance. Three) Enforceability.
The Owed Sum will be enforceable on January 19, 2018. Four) Interests. Between the subscription date of this instrument
and the effective payment day of the Owed Sum, the same will accrue interests at an annual rate equal to 8.5% annually. Therefore,
as of January 19, 2018 – date in which it will be demandable – the interests will be equal to $77,439 Dollars of the
United States of America. TITLE FOUR. Cancellation of the debt of a lien without displacement. CLAUSE FIVE: One)
According to what is evident in the Mutual Agreement Contracts and in number Three) of Clause One of this instrument, Li3
constituted in favor of MSB liens without displacement over a total of thirteen shares that Li3 is title holder of, in Minera Li
Energy SpA, already individualized. Such liens were constituted with a general guarantee clause with faithful, integral and timely
compliance of all and each one of the obligations of Li3 in favor of MSB and that are directly or indirectly related to the Mutual
Agreement Contracts. The inscription data of the liens constituted are evident in number Three) of Clause one of this instrument.
Two) Through this act, MSB duly represented herein, eliminates debt and cancels all the liens without displacement and prohibitions
constituted in the Mutual Agreement Contracts, cancels its respective inscriptions, already individualized in number Three) of
Clause One of this deed, in such a way that the thirteen shares are released from such encumbrances and prohibitions, and declares
that Li3 has complied with the overall total of the obligations guaranteed by the Mutual Agreement Contracts to date at its entire
satisfaction, consequently considering them as fully and totally paid. Three) In virtue of the aforementioned and the compensation
agreed to in Clause Two of this instrument, MSB grants Li3 the most extensive, total and complete termination of all the obligations
derived from the Mutual Agreement Contracts and waives all the actions that could be derived from the same. TITLE FIVE.
Line. CLAUSE SIX: One) Background Information on Debt Recognition. According to what is provided for
in Clause Four above,

 

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Li3 owes MSB $454,9001 Dollars of the United
States of America plus corresponding interests at an annual rate equal to 8.5%, which will accrue from the date of subscription
of this instrument up to the effective payment date of the Owed Sum. On January 19, 2018 the Owed Sum will be enforceable. Two)
Background Information on Minera Li Energy SpA. Through public deed dated June 16, 2010, subscribed in the Public Notary
of Santiago of Mr. Patricio Zaldívar Mackenna, the stock company was incorporated called Minera Li Energy SpA, already individualized
herein. An extract of such deed was inscribed on page 31,260, No. 21,535 of the Trade Register of Santiago corresponding to 2010
and published in the Official Gazette on June 25, 2010. Three) Shares of Li3. To this date, Li3 is owner and title
holder of 49 shares of Minera Li Energy SpA. Four) Constitution of Lien. In order to assure the full, complete and
timely compliance of all and each one of the obligations contracted by Li3 in favor of MSB in Clause 4 above of the hereby instrument,
through this act Li3 comes to constitute a lien without displacement over five shares of Minera Li Energy SpA, in conformance with
the provisions contained in Article 14, of Law 20,190 and its regulation, in favor of MSB and up to the amount of the obligations
indicated in Clause 4, above, i.e., $454,901 Dollars of the United States of America plus interests of an annual rate equal to
8.5%. Five) Prohibition. Similarly, while this lien without displacement is effective, Li3 is forced not to provide, lease,
levy or transfer at any deed the five shares given in lien, unless MSB authorizes LI3 in writing to do so. Six) Agreement. The
Parties agree that while this lien without displacement is effective, the five shares given in lien will not be able to be replaced,
transformed or transferred, in all or a part without MSB’s prior written consent. Seven) Acceptance of the Lien.
Li3 declares that it accepts all the contract terms contained in this Clause and come to accept the lien and prohibitions referred
to in the same, for all the effects that were to proceed. In turn, MSB declares that it accepts the lien and prohibitions

 

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constituted by Li3 in the hereby instrument.
Eight) Declaration of the Debtor. Li3 declares that the five shares that constitute the lien in favor of MSB belongs to
the same as the only and exclusive owner that are not affected to resolution shares, price balances, embargos, litigations, prohibitions,
encumbrances or other limitations to the ownership that limit or encumber the faculties of use, enjoyment and disposition; that
there are no privileges or rights of third parties that could be executed with preference to the guarantee constituted by this
deed. Nine) Notification. Li3 is forced to notify MSB, through a certified letter addressed to its residence stated
in the appearance, all embargo, seizure, significant loss or significant impairment or detriment that the shares in lien have suffered,
within the five banking working days following the occurrence of the fact; Similarly, Li3 is forced to inform on the existence
of the lien that is accounted for in this instrument, the Creditor that were to file a later embargo over the good in lien, according
to the same procedure and within the same time period referred to in this number. Ten) Enforceability of the Lien. The Parties
agree that non-timely payment of any of the obligations guaranteed with this lien that Li3 has with MSB, as well as the bankruptcy
or insolvency of Li3, or non-compliance of the obligations taken on by the party constituting the lien in the hereby instrument
or rater if the constituting party has incurred in falsehood or omission regarding any of the data or background information contained
in this deed, or if the constituting company does not have or loses the property of any of the shares constituted in lien, grants
MSB the faculty to make demandable all the obligations that are covered by this guarantee, consequently MSB being able to make
effective all credits over the constituted lien. In case that any of the shares that are in lien through this act were embargoed
at any time by a third party and the Creditor is called upon for the purpose of exercising its right, the Creditor will be granted
the faculty to request the immediate anticipated payment of an amount equal to the commercial value of the

 

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appraisal of the pledged share affected
with the embargo. This payment must be made by the company constituting the lien within ten days following the requirement that
the Creditor makes in writing. In case that the Debtor does not make anticipated payment to the Creditor’s full satisfaction,
within the time period stated herein above, the same is granted the faculty to make demandable all the obligations that back this
guarantee, whatever their origin, maturity date and amount, consequently, the Creditor will be able to make effective all credits
over the constituted lien, matured or pending effectiveness that the Debtor company has for the Creditor. Eleven) Exercise of
rights. This pledge and prohibition will benefit the Creditor and the rights that are granted could be exercised by the same,
or by those that have the quality of successors or assignees of ones or the others, who legally or conventionally subrogate in
their rights. Such successors or assignees and those that subrogate legally or conventionally in the rights, will have against
Li3 the same rights and benefits that this deed grants the Creditor, considering as such for all legal and contractual purposes
those that are effective. The Creditor will be able to assign to third parties, the credits that this lien guarantees, jointly
with such guarantee providing it has the express and written authorization of the Debtor. Twelve) Transference of shares offered
as lien. Li3 will not be able to have available the shares constituted as lien to be traded in the Stock Exchange, factory,
fair, auction house, store, outlet or other analogue facility in which such property is sold of the same class, without the Creditor’s
prior and written authorization. If it is carried out without this authorization, the Creditor could make demandable all the obligations
that the constituting company had in favor of the Creditor, which will be understood to be of a matured time period for legal purposes
and will be accrued from this moment on at the maximum interest allowed by the Law, in conformance with Article 17, of Article
14 of the Law 20,190. Thirteen) Payment of the lien. MSB is forced to declare as paid and cancel respectively the lien without
displacement

 

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and the prohibition constituted in virtue
of this instrument, once Li3 has complied with all the obligations considered in Clause 4, above. TITLE SIX. Common clauses.
CLAUSE SEVEN: Expenses. Li3 will be in charge of all expenses pertaining to the custody, preservation and maintenance
of the lien, as well as expenses, taxes notary and inscription rights and fees in the registers that correspond and those that
are derived from supplementary public deeds that could be necessary to grant in order to clarify, rectify or modify this instrument.
CLAUSE EIGHT: Residence. For all purposes of this contract, the Parties establish their residence in the District
of Santiago and are submitted to the jurisdiction and competence of its courts of law. CLAUSE NINE: The Parties confer
special power of attorney to: i) Sebastián Quijada, María Loreto Villalón and Karol Oyanader Bernal; and ii)
Francisco Bartucevic Sanchez and Andrés Lafuente Domínguez, in such a way that any one of the persons listed in number
i) acting jointly with any of the persons stated in number ii) of this Clause on behalf and representing the parties, can execute
any act that is necessary to rectify and clarify this instrument, being duly authorized to grant and subscribe the public or private
deeds that could be required for such purpose. CLAUSE TEN: Faculty to the Bearer. The bearer of an authorized copy
of this deed is granted the faculty to require and subscribe annotations, inscriptions and sub-inscriptions that proceed. Granting
this faculty is, from this point on, irrevocable and will persist although the death or incapacity of any of the contractors or
of both were to occur. CLAUSE ELEVEN: Li3 comes in this act to grant irrevocable power of attorney to Mr. Patrick
Alberto Cussen Mackenna, National Identification Number 4.779,235-5, with residence at Avenida Américo Vespucio Sur ochenta,
Piso once, Las Condes, Santiago, for the purposes that he can be legally notified on the execution of this debt and lien constituted
in favor of the Creditor up to the definite sentence that is decreed in the respective cause, not being able to alter the name
and faculties of this mandate without the Creditor’s prior

 

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acceptance. Legal capacities. The
legal capacity of Mr. Patrick Alberto Cussen Mackenna to represent Li3 Energy Inc., is evident in the private instrument
granted on January 8, 2016 in the city of Nueva York, United States of America and authorized with equal date before the Notary
Public of Nueva York, which is duly legalized and authenticated in this same public notary, under digest number 1542-2016. The
legal capacity of Mr. Martín José Borda Mingo to represent MSB SpA is evident in public deed dated May 16, 2013,
subscribed in the Public Notary of Santiago of Mr. Eduardo Avello Concha. In evidence and prior to reading, the parties subscribe.
A copy is granted and noted in the Digest Ledger with the number stated herein. In witness thereof.

 

 

MARTÍN JOSÉ BORDA MINGO

ON BEHALF OF “MINERA SALAR BLANCO
SpA”

 

 

 

PATRICK CUSSEN MACKENNA

ON BEHALF OF “Li3 ENERGY INC.”

 

    13Exhibit 10.2

 

MODIFICATION OF THE SHAREHOLDERS’
AGREEMENT 

 

MINERA LI ENERGYSpA

  

Appear before me:“MINERA SALAR
BLANCO SPA” (previously called “BBLSpA”), company incorporated in Chile, of the investments trade
activity, Single Taxing No. 76.319.337-3, which is duly concurred upon represented by MARTÍN JOSÉ BORDA MINGO,
Chilean, married, business administration mayor, National Identification No. 7.010.555-1, both with residence for these purposes
at calle Rosario Norte No. 100, oficina 403, District of Las Condes, Santiago, Chile, (hereinafter, “MSB”);
on the one hand; and, on the other, “Li3ENERGY INC.”, company incorporated under the laws of the State of Nevada
of the United States of America, of the minerals production and commercialization trade activity, Single Taxing No. 59.176.370-9,
which appears duly represented by Mr. PATRICK ALBERTO CUSSEN MACKENNA, Chilean, married, and with total separation of property,
civil industrial engineer, National Identification No. 4.779.235-5, both with residence for these purposes at Américo Vespucio
Sur 80, piso once, District of Las Condes, Santiago, (hereinafter, “Li3”) and thereby expound as follows:

 

ONE: Li3 and MSB in their capacity
as single shareholders of Minera Li Energy SpA (hereinafter the “Company”) entered through public deed into a private
instrument dated January 27, 2014 authorized by the Public Notary of Santiago of Ms. Antonieta Mendoza Escalas a Shareholders’
Agreement, hereinafter the “Agreement”.

 

TWO: Li3 and MSB wish to develop
a Lithium and/or Potassium Project in the Salar of Maricunga, for which they are analyzing the possibility of becoming associated
with a Third Party (according to the manner in which such term is defined in the Agreement). The Parties deem necessary for the
purposes expressed herein above, the Parties deem necessary to carry out certain modifications to the Agreement with the exclusive
objective of allowing MSB, in its capacity as majority shareholder and principal of the Company to lead and carry out the negotiations
with the Third Party to decide and execute in an individual manner, regarding those matters that currently need special quorum
for their approval according to how it is established in the Agreement.

The Parties leave evidence that this modification
is carried out according to the best Company interests and those of its shareholders and in the understanding that the interest
of both parties is to carry out the Project (according to how such term is defined later on below) in the most favorable and beneficial
conditions for the same.

 

     

     

    

 

THREE: Through the hereby act MSB
and Li3 come to modify the Agreement in the terms that are stated herein below:

 

1°. The following definitions are added
to Clause Two:

 

r) “Project”: means
the exploitation of Lithium and/or Potassium in the Salar de Maricunga by Minera Li SpA, whether directly, through another company,
or in association with Codelco and/or other government entities and/or another qualified investor, hereinafter the “Third
Party”, being able for such purpose to form with the Third Party a new juridical vehicle or to act through a company
currently incorporated (hereinafter “Newco”). The “Newco” must be a closely held company and to
comply with effective regulations for such companies.

 

s) “Third Party”: has
the meaning assigned in the “Project” definition.

 

t) “Newco”: has the
meaning assigned in the “Project” definition.

 

2°. A new section is added with No.
4.5 after section 4.4 having the following tenor: “4.5 Right to Drag Along or “Drag Along”
in favor of MSB: In case that the preferred purchase right that is accounted for in Section 4.3 above does not prosper and MSB
decides to accept the Third Party Offer received whether totally or partially for its Shares, MSB will have the right, at all times,
to require in writing from Li3 so that it can also sell its Shares, at the same price, terms and conditions included in the Preferred
Offer, hereinafter the “Drag Along”. In case that MSB decides to exercise the Drag Along right, Li3 is
forced to transfer to the Third Offering Party its Shares in a proportional manner to those offered to be purchased in the Third
Party Offer, jointly with MSB, on the date that the latter set to do so”. In all, the exercise of this right will be conditional
to the fact that, the Third Offering Party is not a related person understanding as such those defined in Article 100 of Law No.
18.045 of the Securities Market. Without detriment to the aforementioned, related persons for these purposes will not be considered
to be any of the Newco shareholders.

 

The current Sections 4.5, 4.6 and 4.7 go
on to be numbered as 4.6, 4.7 and 4.8, respectively.

 

     

     

    

 

3°. Letter a) of Section 5.1 is substituted
for the following: “a) The company Board of Directors will be formed by 5 title members, of which (i) 3 will always be appointed
by the votes of the owner shareholder (s) of 51% of Minera Li EnergySpA, today the company MSB, from among whose title holders
the Chairman of the Board of Directors will be elected and who will also be the Company Chairman; and (ii) 2 of them will always
be appointed by the votes of the owner Shareholder (s) of 49%, today Li3. The aforementioned, without detriment that in the future
these participation percentages change, having in such case to appoint the directors according to the shareholding ownership percentage
of each shareholder”

 

4°. Letter b) of Section 5.1 is substituted
for the following: “The Board of Directors will legally hold sessions with a minimum of three (3) Directors from among which
there must always be at least one (1) director appointed by Li3. The Board of Directors will have to hold sessions in a quarterly
manner unless extraordinary circumstances deserve holding session with less frequency”.

 

5°. In accordance with the reduction
of the number of directors, it was agreed to reduce the qualified quorum to adopt certain agreements from 5 to 4 favorable votes,
therefore, the first part of letter c) is substituted for the following: “c) The agreements of the Board of Directors will
be adopted for the majority of the Directors attending to the respective Session, whether Regular or Extraordinary, except for
the agreements related to the following matters, which will be of a qualified quorum, since they will also require the vote according
to the affirmative vote of at least four (4) Directors given in a Session, whether Regular or Extraordinary”

 

6°. Number (ii) of letter c) of Section
5.1 is eliminated and is number (iv) of the same section is substituted for the following: “(iv) Granting of guarantees whether
actual or personal to guarantee third party obligations, not directly related to the Project”.

 

7°. Number (i), (xii) and (xvi) of
letter b) of number 5.2 of Article Five is eliminated. In reference to Number (xi) of the same section, the parties agree that
the mining concessions contributions to the Newco for its formation will be valued according to how it is indicated in Number 12
of this document, without applying such contribution to the qualified quorum of 60% established in the Agreement but rather the
simple majority.

 

     

     

    

 

8°. The following sentence is added
at the end of Article Seven: “The aforementioned will not be applicable while there are unpaid credits in favor of the Project
financiers, being enough that the agreements regarding the manner are adopted by the absolute majority of the shares issued by
the Company”.

 

9°. Clause 11 is eliminated.

 

10°. The following sentence is added
to the end of the first paragraph of Article 13: “The aforementioned will not be applicable to the contributions that MSB
decides to carry out from its own mining properties to the Newco that is constituted with the Third Party for the Project Development”.

 

11°. A new Article 13, bis is added
after Article 13 with the following tenor: “The Parties are forced to constitute Encumbrances over their shares in the Company
in case that it is required by the Project financiers”.

 

12o. °. A new Article 13 Ter
is added after Article 13 bis, with the following tenor: “Looking towards a possible association with the Third Party, Minera
Li and MSB are analyzing the possibility of contributing to the Newco other mining concessions of their respective property that
will be considered useful for the Project development. Express evidence is left that both parties can contribute to the NewCo
concessions and options over mining concessions covered under the Mining Code of 1932 and, therefore, mining properties under
the Code of 1983 are excluded. The only exception to the prior point are the mining properties called Litio 1 to 6. In this respect,
those appearing agree that, in case that such contributions are materialized, the valuation of the respective mining concessions
will depend on the participation or non-participation of Codelco in the Project, in such a way that (i) in case that Codelco participates,
those appearing (Minera Li and MSB) will be at the valuation method that Codelco has available for such purposes; and (ii) in
case that Codelco does not participate and the Project is exclusively developed by the parties and/or with the participation or
financing of a third party different to Codelco, all concessions that MSB and Minera Li contributes to the Newco will be valued
in an objective manner, equal by an expert defined between the Parties. In this act the parties appoint Mr. Frits Reidel as expert.

 

     

     

    

 

13o. Article Nine is replaced by the
following: a) A consulting Technical Committee will be created that will hold sessions at least in a bi-monthly manner unless the
circumstances require a greater frequency. The existence of a Committee will be during all the Project development period. Li3
will be able to appoint one of its members; and, b) The Project development will consider all the technologies and production processes
available evaluating them in an equal and grounded manner. The Project will consider among the alternatives the use of the Posco
technology.

 

The current Articles 19 and 20 go on to
become Article 20 and Article 21, respectively.

 

Santiago, January 19, 2016

 

	 	 	 
	On behalf of Minera Salar BlancoSpA	 	On behalf of Li3 Energy Inc.

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